Bitcoin Thread

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Countcrypto said:
I disagree. Who uses their Gold or diamonds? Both materials actually have industrial use, but if that was their only purpose they'd diminish in value. Nobody would dangerously venture deep into the earth to gather them. Their value is that people hoard them on their fingers, ears, necks, wrists and in their safe. The more people hold btc like some precious stone the more valuable it becomes.
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I'm going to patent BTC coated optical connections for the latest in true Audio(TM) for audiophiles to enjoy everywhere. Don't say BTC has no practical value
 
Can I point out that the crypto market cap is 320 billion now. For a 2017 noob like me it's finally higher than when I first fomo'd in as I recall it breaking 300 billion while I was already invested.
 
Countcrypto said:
I disagree. Who uses their Gold or diamonds? Both materials actually have industrial use, but if that was their only purpose they'd diminish in value. Nobody would dangerously venture deep into the earth to gather them. Their value is that people hoard them on their fingers, ears, necks, wrists and in their safe. The more people hold btc like some precious stone the more valuable it becomes and more scarce.

Edit. There is around 0.0028 btc for every human being. But almost everyone, even very poor has some form of precious metal or stone.
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You're reducing it to something too simply. If all Bitcoin is is something to hoard then it's no different than the dot-com bubble. Remarkably the two have a striking resemblance and it didn't follow the same path afterwards but you expect Bitcoin to. We've been here before. You don't know what a bull market is and you don't seem to know what scarcity is.
 
Countcrypto said:
Can I point out that the crypto market cap is 320 billion now. For a 2017 noob like me it's finally higher than when I first fomo'd in as I recall it breaking 300 billion while I was already invested.
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Hectic if I think back, my first BTCs was bought at $288 and the market cap back then was less than $40 million.
 
Swa said:
You're reducing it to something too simply. If all Bitcoin is is something to hoard then it's no different than the dot-com bubble. Remarkably the two have a striking resemblance and it didn't follow the same path afterwards but you expect Bitcoin to. We've been here before. You don't know what a bull market is and you don't seen to know what scarcity is.
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Oh keep your shade. I never went into the weeds about the fact that on a long term (say yearly) chart btc never went into a bear market. It's a perfectly valid observation to note that after every bear market it never made a lower low than previous bear market and every bull made higher highs. A simple point that is entirely devoid of controversy and pointed out by many people I, and most people to be fair, consider far more credible on the subject than you. Why it irques you I don't know.

As for the dot com bubble anology, I don't see how the concept of hoarding even slighly relates. I have no issue with the fact that btc, like fiat is one massive bubble that can burst anytime people simply stop believing in it. I am cynical about human nature enough to believe greed will win over logic and that is a long way off.
 
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Thor said:
Hectic if I think back, my first BTCs was bought at $288 and the market cap back then was less than $40 million.
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I had the chance to buy bitcoin around when it first came out when a Canadian friend tried to sell me on the concept, before most had heard anything about it. I can't recall the price but I recall for a 100$ I could get a bunch. I had a decent pc and half arsed started setting it up to mine it (when it was easy) only to decide to not bother. Oh if I could go back in time....
 
Countcrypto said:
Oh keep your shade. I never went into the weeds about the fact that on a long term (say yearly) chart btc never went into a bear market, but it's a perfectly valid observation to note that after ever bear market it never made a lower low than previous bear market. A simple point that is entirely devoid of controversy and pointed out by many people I and most people to be fair, consider far more credible on the subject than you. Why it irques you I don't know.

As for the dot com bubble anology, I don't see how the concept of hoarding even slighly relates. I have no issue with the fact that btc, like fiat is one massive bubble that can burst anytime people simply stop believing in it. I am cynical about human nature enough to believe greed will win over logic and that is a long way off.
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You claimed that BTC since its inception has overall been in a bull market. Now you're claiming that BTC being used would destroy its scarcity and that fiat is just a bubble.

This tells me you have no idea of the concepts you're talking about and why people should be wary of what you say.
 
Countcrypto said:
I had the chance to buy bitcoin around when it first came out when a Canadian friend tried to sell me on the concept, before most had heard anything about it. I can't recall the price but I recall for a 100$ I could get a bunch. I had a decent pc and half arsed started setting it up to mine it (when it was easy) only to decide to not bother. Oh if I could go back in time....
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Lol I joked about putting R100k in when it was $1 a piece. Back then it was very hard to find that kind of stock though.
 
Daruk said:
Lol I joked about putting R100k in when it was $1 a piece. Back then it was very hard to find that kind of stock though.
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I wish I could have gotten in with just R10k back then. Hindsight is always twenty twenty though and there was a chance it could have tanked as well.
 
Swa said:
You claimed that BTC since its inception has overall been in a bull market. Now you're claiming that BTC being used would destroy its scarcity and that fiat is just a bubble.

This tells me you have no idea of the concepts you're talking about and why people should be wary of what you say.
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Bitcoin viewed on the long term time frame HAS never been in a bear market. Many, many, many people with much more credibility and following than you often allude to this. But it's just a argument that boils down to perspective and semantics and why it sticks in your craw so much I don't understand. If btc doesn't make a higher high on the next bull run it is no longer valid. If it makes a lower low next bear market the same thing. Until then it's technically still, by definition, in a long term bull run.

Fiat is just a bubble. Of course that's true. What backs fiat other than belief in it's value? The paper it is printed on? Is American paper such far better quality than Zimbabwean paper? Of course not. Fiat is debt and what's more of a bubble than ever expanding debt backed by nothing?
 
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I drew this on my chart yesterday but didn't expect it to reach $10400 so quickly and smash through. Have seen this sort of break of double resistance in the past. Will try to find it.

ijxXKh9z
 
SaiyanZ said:
I drew this on my chart yesterday but didn't expect it to reach $10400 so quickly and smash through. Have seen this sort of break of double resistance in the past. Will try to find it.

ijxXKh9z
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What's your thoughts on btc flying right up now given there's so little trading history/resistance above 10k?
 
Impossible to really say. Just based on the recent action the resistance should now act as support for a while as things cool down.

OXdiFn38
 
Swa said:
I wish I could have gotten in with just R10k back then. Hindsight is always twenty twenty though and there was a chance it could have tanked as well.
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I am so depressed. It was R56 000 in the beginning of the year and fell to R51 000. I put a buy order for 3 Bitcoins at R46 000 each. Price came to R47 000, and then went up. Had I just bought them at R47 000, I could have made some good cash now :crying:
 
Salmank said:
I am so depressed. It was R56 000 in the beginning of the year and fell to R51 000. I put a buy order for 3 Bitcoins at R46 000 each. Price came to R47 000, and then went up. Had I just bought them at R47 000, I could have made some good cash now :crying:
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I had a 100x long with almost a whole BTC at $4666 when we had the first pump from $4200. Sold that at $5000 for 5.5BTC profit. So about 1BTC profit per $60 move up. That would have been in about 105BTC (R17mill) profit right now if I just held it all the way.

The hardest part is getting a good entry with high leverage which I had already done. Didn't expect new bull run so soon and 5.5BTC was more than I'd ever made on a single trade so taking profit at the time seemed ok.
 
SaiyanZ said:
I had a 100x long with almost a whole BTC at $4666 when we had the first pump from $4200. Sold that at $5000 for 5.5BTC profit. So about 1BTC profit per $60 move up. That would have been in about 105BTC (R17mill) profit right now if I just held it all the way.

The hardest part is getting a good entry with high leverage which I had already done. Didn't expect new bull run so soon and 5.5BTC was more than I'd ever made on a single trade so taking profit at the time seemed ok.
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Eish, you could have retired now.

In short, profits in Bitcoin are only for those who really trust it will ultimately go up, inspite of dips....If a person doubts the future, they cannot enjoy the maximum benefits. Bitcoins wants to to be confident with him.
 
Salmank said:
Eish, you could have retired now.

In short, profits in Bitcoin are only for those who really trust it will ultimately go up, inspite of dips....If a person doubts the future, they cannot enjoy the maximum benefits. Bitcoins wants to to be confident with him.
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Yeah the profit potential is insane. R60k to R17mill in less than 3 months.... If I held.....

That's from a mere R60k trade too. Imagine the profits of people putting down millions.
 
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SaiyanZ said:
Yeah the profit potential is insane. R60k to R17mill in less than 3 months.... If I held.....

That's from a mere R60k trade too. Imagine the profits of people putting down millions.
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Ouch. Still you did rather well considering. Nobody saw this developing into what has happened. Everyone was calling for a 40% retracement. I am more and more convinced by the adage that markets move contrary to popular sentiment.

With that said it's probably a good time to sell when everyone is expecting moon now?
 
I still remember about 3 months back when everyone thought it hadn't reached the bottom yet.

Now we seem to just be steam rolling, though it doesn't make much sense.
 
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