Bitcoin Price Prediction

[Taco]

54 minutes ago, amberleaf said:

Why on earth wouldn't you use a trusted intermediary? A typo or a hack and all that money is gone, never to be seen again. Also on the blockchain there is zero privacy, every transaction is there for everyone to see. Do you want the world to know what you spend your money on?

I doubt I’d ever have a billion dollars. If I do send bitcoin, I use the copy function. There are checks and balances in place nowadays to protect against fat finger. Bitcoin is essentially unhackable. If you get hacked, it’ll be through a third party service holding your bitcoin not through the bitcoin network or your cold storage wallet. Privacy isn’t an issue. It would take some major investigative work to find my specific wallet and follow all my transactions. While it’s possible to do so, I’m not that important. If I wanted to hide my transactions, I’d use a mixer or monero. The people who want to know where I spend money already do.

 

39 minutes ago, Hammer Smokin' said:

and when bitcoin price crashes, the ap goes bankrupt as it held all its wealth in BC, and you lose that service (sound familiar), then what happens? 

that's the challenge right now. bitcoin is so volatile that building business models around it can crash and burn overnight. 

what bitcoin needs (gasp) is help from the major banks to convert and transfer....but they don't want to associate with big bad banks. 

quite a pickle if I do say so myself.

Lol. Bitcoin just lost 70% in dollar terms and the app is functioning fine. Any nascent technology is going to have its bumps. Internet is a perfect example. Laughed off early on. Look at the dot com busts. The internet seems to be thriving now. This isn’t a straight line up. It takes time and trial and error. Bitcoin has grown tremendously over the past 13 years…without any banking help. 

Bull Gates explains internet to Letterman

[BrightonCorgi]

There is a place for crypto currencies in the world.  When in investors are in retreat; crypto is not it. 

[Ken Gargett]

might have spoken too soon. after all the comparisons with gambling and the lottery, i fly back in this morning and go via the post office/newsagents to collect deliveries (typical idiots at aust post - only one delivery sir. get home to find they have left cards for three so i will have to waste my time...).

anyway, the bloke in front wants to check his gold lotto ticket. that is $5,500 for you sir!!! whacko. mind you, as he immediately spends $60 or $760 on next week's lotto, i suspect that over time, he may be well behind. 

 

[cnov]

9 hours ago, Hammer Smokin' said:

like earlier in this thread, it is an amazing form of technology. 

as prez said, it would be great for retailers to use and accept it as a form of currency. But in order for that to happen, you need the ability to immediately transfer it to a local currency (or at least a global currency). 

once that happens, it will be interesting to see what companies do. Do you hold it in BC, potentially increasing the value, or equally potentially losing its value, or do you receive it and immediately convert it to a predictable fiat currency? 

it'll be a way for businesses to gamble their income. 

but until a business can accept bitcoin and immediately turn it into a local currency it isn't truly a viable option for retail. That time will come. It may also provide some stabilization.....maybe.

I hope you're sitting down.

We're already there. Companies like BitPay have been around for a while now and guess what, crypto can instantly be exchanged to local currency.

There are options to gamble all or a proportion bit there is a local currency value at time of sale.

 

9 hours ago, El Presidente said:

I am looking forward to that day 

BitPay have been around for years. There are companies that have been doing it for a long time.

8 hours ago, El Presidente said:

It would depend on what the situation is. 

If you have a fat bank account, then there would be little harm in holding a % in BC and trading. 

If times are tight, BC wouldn't see a cent. You would want it all in currency that the tax office accepts. 

I'd add whether or not the market is in a bull or bear market into that equation, it's pretty low right now so a good "gamble" IMO. I'd be concerned risking company money in the middle of a bull run though as it would probably end in tears if you have to sell before it goes back up.

 

8 hours ago, amberleaf said:

Why on earth wouldn't you use a trusted intermediary? A typo or a hack and all that money is gone, never to be seen again. Also on the blockchain there is zero privacy, every transaction is there for everyone to see. Do you want the world to know what you spend your money on?

Here in the UK only approx. £85k of your money in any banks coffers is covered by the financial services compensation scheme, not a problem I have to worry about 🤣 but if a bank goes tits up, anyone lucky enough to have more than £85k will lose anything above that amount in the event that the bank goes under.

Banks going under isn't likely, see 2008 government response, but one should be careful when banding around the world "trusted" as there always degrees.

[Bijan]

21 hours ago, Hammer Smokin' said:

I'm a daily reader of The Greater Fool. (Mr Garth Turner)

Is he the same Garth Turner that has been saying real estate in Toronto/Canada is a bad investment too?

...

Edit: I vaguely remember this from when I used to read:

https://torontorealtyblog.com/

 

22 hours ago, Hammer Smokin' said:

There is a 50% chance that Bitcoin will outperform whatever investment I choose and a 50% chance it will not.

There is no reason to assume 50%.

But if it is 50% then something is wrong with your argument.

You're saying Bitcoin is a coin toss and your investment is, relative to that, a sure thing.

So there's a 50% chance that Bitcoin will outperform the best investment you could think of? That's practically a bull case to put some amount of money there, depending on how much you think it'll outperform.

Edit: if you went to the casino or bought lottery tickets there wouldn't be a 50% chance you'd do better over a period of years. That chance would be practically zero.

[BrightonCorgi]

4 hours ago, Ken Gargett said:

anyway, the bloke in front wants to check his gold lotto ticket. that is $5,500 for you sir!!! whacko. mind you, as he immediately spends $60 or $760 on next week's lotto, i suspect that over time, he may be well behind.

My cousin won 1 million on scratch ticket and won 25K on a scratch ticket about 20 years ago. 

[joeypots]

My first exposure Bitcoin was many years ago when an online cigar retailer prominently displayed  "Bitcoin Taken Here" or some such on their website. I think when I looked at it the currency was trading at something like 9$. Like many speculative assets, if you got in early you would be fine right now. It’s the bubble that’s the problem. 

[Ken Gargett]

1 hour ago, BrightonCorgi said:

My cousin won 1 million on scratch ticket and won 25K on a scratch ticket about 20 years ago. 

a mate at uni won $950K way back when that was a serious amount of money. 30 plus years ago. was studying architecture. last i heard, he'd brought some properties and largely lived and invested from them.

the kicker was that the gold lotto people came to him, even though it was serious money, and apparently asked if he wouldn't mind if they upped the prize to the full million. apparently that looked so much better for their advertising etc, than someone winning $950K. he didn't mind.

someone has to win, i suppose. good luck to them. 

[Taco]

My wife and I won $500 off a scratcher once. It was exhilarating.

[joeypots]

I live in a small seaside town. A resident oyster man hit a scratch ticket for ten million at the local gas station. Coincidentally, a young friend had a date to visit said oyster guy to buy some used shellfishing gear the very next day. My friend ponied up 50 bucks for the equipment and the lottery winner took it. They day after he won a before tax prize of 10 million dollars. People.......

[Ken Gargett]

3 hours ago, therealrsr said:

Bitcoin has value due to the buyer's and seller's perception of same. 

and that is the truest thing written by anyone in the entire thread. 

we can go back into the 1600s when many dutch investors held a perception that tulip bulbs, granted some very rare, were worth way more than reality might have concluded. but there are plenty of investing examples that have gone the other way over time and still give those early investors what might crudely be deemed bragging rights. microsoft, berkshire, nike, endless examples of property, certain great wines, heaps more.

you just have to work out where crypto will fall in time. good luck with that. 

[vladdraq]

Well, you can always short bitcoin, if so sure that holds no value. There are many ETF's following his moves. 

 

 

[ha_banos]

Jeez, that's the thing for everything.

It's a definitive measure. Like gold. Only no one can dig more out of the ground. You can't fake it. It costs nothing to keep. No one can steal it.

It's an oddity right now for sure.

Money systems are broken. Inflation adjusted gold doesn't look great. Stock markets are high risk. Government borrowing is bigger than ever.

Hash rates are rising. There are BTC ETFs.

It's tough to say!

[Filyo]

On 10/6/2022 at 9:08 PM, Hammer Smokin' said:

and when bitcoin price crashes, the ap goes bankrupt as it held all its wealth in BC, and you lose that service (sound familiar), then what happens? 

that's the challenge right now. bitcoin is so volatile that building business models around it can crash and burn overnight. 

what bitcoin needs (gasp) is help from the major banks to convert and transfer....but they don't want to associate with big bad banks. 

quite a pickle if I do say so myself. 

Bitcoin isn't volatile. The individuals buying and selling it are volatile. Bitcoin code rarely changes and bitcoin held since 2009 day 1, can still be sent and used today. You cannot say the same for Ethereum, which changes at the whim of the coders. One is new gold, one is faster and more complicated fiat.

[Filyo]

As a buyer since 2013, let me tell you this.... now is the time to buy. Any price under $20k is a steal. Hold minimum 4 years to see your profit. Not a get rich quick scheme.

[PuroDiario]

For the conspiracy leaning folks and everyone looking to load up punchy facts for the next holiday dinner. A good time and hopefully a good soft discussion driving thread. 🤔

 

[BettyHumpder]

where does glen ross play into this?

[HarveyBoulevard]

He sits next to Glen Gary…

[Bigkahuna]

43 minutes ago, HarveyBoulevard said:

He sits next to Glen Gary…

Pretty sure Alec Baldwin shot em both afterwards. 

[ha_banos]

Like London buses. Nothing. Then 10 come along all at once.

https://www.sec.gov/news/statement/gensler-statement-spot-bitcoin-011023

 

Jan. 10, 2024

 

Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares.

[BrightonCorgi]

Do you think Bitcoin will break 100K in 2024?

[PuroDiario]

7 minutes ago, BrightonCorgi said:

Do you think Bitcoin will break 100K in 2024?

Yes

[BrightonCorgi]

1 hour ago, PuroDiario said:

Yes

Same. 

Next leap of faith - "Do you think Bitcoin will break 1 million in the next 5 years?"

[ha_banos]

17 minutes ago, BrightonCorgi said:

Same. 

Next leap of faith - "Do you think Bitcoin will break 1 million in the next 5 years?"

Yes.

[eaglebear29]

For a newb as myself how would one simply make small dollar amounts, on an app let's say, to purchase small amounts of said bitcoin. I've been thinking of this since my stocks have dropped like %60 in my portfolio. I'd like to diversify and get more into bitcoin since that seems to be what everyone has told me, I have a friend that went to the moon on that stuff from the get go.

Any direction would be much appreciated and most helpful. I've started a Roth IRA for my daughter, but I don't feel I'm doing the best of jobs and I would like to leave her/my family as well something to take care of them through hard times. I've sadly wish I learned more over the years commercial fishing but when you get into it so young at 7 and 10 w/ my first job in Alaska, it was easy in my younger years to blow money and make bad financial decision. I'm not expecting to get rich but I'd like to try to make up for my bad mistakes lol and learn about this stuff from some individuals in the know.