Bitcoin, the biggest gamble?

[slotmaster]

I would say yes as well, but just read an article that this is the pullback for the rush to $100,000 price. Now multiple top people are saying it could go to $500,000 and after that, they could see 1 million per coin but this is years away.

 

[SlotMonster]

I would say yes as well, but just read an article that this is the pullback for the rush to $100,000 price. Now multiple top people are saying it could go to $500,000 and after that, they could see 1 million per coin but this is years away.

I mil I would say we will see after the next halving, at the end of 2024 - middle of 2025.

Also, if you haven't heard about Stock to Flow price model, I strongle recommend you to read about it.

 

[GordonotRamsay]

Well bitcoin is not much of a gamble but more of a win. The recent stats by the coin has really shown us that there is more to expect from each crypto out there since that they continue to put up some huge numbers.

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has been keeping track of its run for 2021 and they really did a great job of putting up some fine numbers that would keep it relevant for more than five years. This is why investing on crypto especially bitcoin is a win rather than a gamble. That proves my point from here on out.

 

[mack341]

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Well-known risk analyst and “Black Swan” author Nassim Nicholas Taleb seemingly changed his previously positive attitude toward Bitcoin, calling it a “gimmick” and an “open Ponzi scheme” during an interview with

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yesterday.

A Ponzi (pyramid) scheme, named after its creator Charles Ponzi, is a method of fraud where malicious actors are siphoning funds out of unsuspecting victims by promising them great returns. Simultaneously, crooks rely on inflows of “fresh blood” into their scheme to actually pay some amounts of cash to previous investors—in exchange for bringing in new ones.

In this light, Bitcoin can indeed be perceived as a global, decentralized Ponzi scheme that doesn’t even have any specific organizers behind it. As it stands, most people buy Bitcoin expecting its price to grow—and that is only possible when new people start buying the crypto. This creates a perpetual cycle of price appreciation where early investors essentially get rewarded when new people buy the asset at increased prices.

Speaking to CNBC, however, Taleb explained that an asset whose price can easily move by 20% or more in a month “cannot be a currency. It’s something else.”

 

[neon claws]

Yep, most people don't even try to pretend it's a currency or a way to "fight the power" anymore, it's now unashamedly the world's biggest Ponzi so you better get in while the getting's good- there's an almost unlimited supply of rubes that will keep dumping their life savings into it.
Although it's made me plenty of money I hate the damn thing.

 

[Slottery]

Yep, most people don't even try to pretend it's a currency or a way to "fight the power" anymore, it's now unashamedly the world's biggest Ponzi so you better get in while the getting's good- there's an almost unlimited supply of rubes that will keep dumping their life savings into it.
Although it's made me plenty of money I hate the damn thing.

Yeah, never really have kept it anything else.. It's minus sum game, there is no any external gain coming from anywhere but new people who wanna own it and price reflect with increased demand. I don't mind about this kind of gamble, i like to play poker as well, just hope that many as possible are aware that if there are winners, there for sure are losers as well, all can't just get profits, somebody have to also pay them.

I think that ideological thing behind of crypto to be decentralized etc... is not that big point anymore, except for these same people who been idelogically supporting new independent currency which is not controlled by anyone but itself. Sure there are many things where these chains can be used, ie. confirming transactions and creating contracts between people that i can send funds very easily to anyone i don't know beforehand and we both know that other part can't scam you. Our normal bank transfers with SWIFT just probably are not best and fastest technology what world can create...

Guess what bothers me most is that insane electric consumption, BTC consume more energy than Norway as country, factories are short of computer components as there is so huge demand for chips for mining computers and other things which have quite negative overall impact. BTC happily is not last or latest technology so many of thse problems get addressed and solutions found, it's just not really possible just to explode BTC now and start to use some less consuming solutions.

Many crypto projects have quite bad reputation, especially if you ask from AML regulators, there's quite huge amount of dirty money laundered through of these exchanges and other services where you can just deposit your cryptos and convert them to stable coins and then fiat and voila.

Bit long but quite good article about Tether stable coin and possible issues behind that, probably only quite few people know full truth about what collateral assets there exist or no exist in backing it's price etc... but for sure it's easier way to wager your money clean than online casinos ever

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[slotmaster]

New record high for doge! .60 currently sitting and big rumors that deals with Amazon for a payment option and beer company partnership.

 

[slotmaster]

.71 already for doge!

 

[flyerskyangle]

This is one I got my biggest x right now. I bet it will get more x.
It called gamble

 

[slotmaster]

Just in DOGE and Ethereum classic at the moment for an update, It quite the roller coaster, lol. Gonna sell most likely and the same with most of the stocks sadly as I really need the money, trying to hold on and not touch it and stay in for another year in the stocks.

 

[slotmaster]

Well Doge and Elon on SNL did not work out, down %50.

 

[mack341]

the carlos guy from the bitconnect promo stage show was something else, but I never knew the firm was incorporated in the uk [9.50], how many more pyramid scams can just get set up out of the uk, no questions asked until the proverbial hits the fan, just like the football index business that crumbled. To have buyer beware for these internet based propositions/products also requires/ needs robust investigative journalism, as terms and conditions can mean squat

 

[KasinoKing]

I do like rollercoasters... but NOT this sort...

All my crypto assets down by 50%+ between May-19 & May-23

KK

 

[mack341]

Bitcoin's market cap $710,563,816,587 [seven hundred & ten billion, five hundred sixty-three million dollars]

Surely this has implications for the world economy if this continues to crash, add ethereum's and you have a trillion tied up that could largely evaporate, it's all confidence and sentiment, but hard to hold on, and not sell if you'd still up by doing so. similar to slots, when after a great win the balance plummets, you're still massively ahead but you want to regain the peak.

 

[sufferinsilence]

Elon Musk tweets and China announcing to crack down on miners is what caused this. Crypto market is fickle and a minority holds the majority of coins so if they dump the "small" investor is fucked.

 

[GordonotRamsay]

Well Bitcoin is really on the rise this time and I think that it is fair for all of us to know what it can really bring for all of us. I think it is worth noting that coinbetz is a fair site for us to use and know more about the coins out there. It is not just bitcoin alone, and you have to be aware of the rest of the market if you are going to try out on crypto in the long run since it is your money that is at stake as well so take note.

 

[mack341]

Wouldn't surprise me if it falls back soon, the energy it consumes is apparently huge, you can't buy a gpu anywhere it's just not normal.

 

[interlog]

Well Bitcoin is really on the rise this time and I think that it is fair for all of us to know what it can really bring for all of us. I think it is worth noting that coinbetz is a fair site for us to use and know more about the coins out there. It is not just bitcoin alone, and you have to be aware of the rest of the market if you are going to try out on crypto in the long run since it is your money that is at stake as well so take note.

Well that all depends from when you measure it.

If you look at the performance over the past 30 days it lost its value from $39,337 to $27,148 or a drop of 69%

 

[mack341]

saw this earlier on the bbc

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"It had all the hallmarks of a cannabis cultivation set-up and I believe it is only the second such crypto mine we have encountered in the West Midlands," she said.

"Bitcoin is a form of digital money, a cryptocurrency, which was first published as an idea in 2008.
It operates on the blockchain - a digital ledger of transactions - and miners audit Bitcoin transactions in exchange for an opportunity to acquire the digital currency.
This process consumes large amounts of electricity as it requires enormous computing power.
To increase profits, people often connect large numbers of "miners" to the network - even entire warehouses full of them.
Bitcoin's electricity consumption is currently greater than The Netherlands"

How can a dodgy operation like the above be part of the auditing, who do they contact in the bitcoin world or have a contract with?

The world has gone mad, greta on the tv everyday lecturing about climate change while this diabolical waste of non-renewable energy going on daily for no productive end, just a speculation game which is going to cost some dearly when the music stops.

 

[neon claws]

Yeah it's not going back up again for at least a couple years. I've switched 20% of my portfolio to eth since it has a solution to the power usage and will probably transition to 50% soon.

 

[mack341]

Bitcoin climbs as Elon Musk says Tesla 'likely' to accept it again [bbc]​

Bitcoin has jumped past $30,000 as Elon Musk said Tesla is "most likely" to start accepting it as payment again.

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[mack341]

‘Biggest crash in world history’: Personal finance expert Robert Kiyosaki predicts economic crisis in October' [independent]

The author of bestselling Rich Dad Poor Dad predicts that a "giant" market crash coming in October has already been triggered and will bring down gold, silver and Bitcoin with it.

Evergrande, the second-largest developer in China, is on the brink of bankruptcy with more than $300bn in debt – the most indebted company in the world.

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I thought I heard china had imposed restrictions on bitcoin the other week, someone made a good point without bitcoin and the other cryptos, the price of gold/silver would be higher as some of that money would've been invested there instead.

 

[slotmaster]

Not sure about crypto, but a few are saying the cause of that for the stock market, like today for example, is not good in the stock market.

 

[Spikie]

Evergrande, the second-largest developer in China, is on the brink of bankruptcy with more than $300bn in debt – the most indebted company in the world.

Wrong thread for this , it needs to be in the Brexit thread for Chopley. Obviously down to Brexit

 

[slotmaster]

Anyone else trying to be a shiba millionaire? $50 in to get over 1.4 million shiba, LOL. Bitcoin doing good and the $100,000 price talk is in full swing.