The Bitcoin (BTC) thread

Review: Bitcoin Heist (Vietnam, 2016)

I realize this could have gone into a film thread, but I find it fascinating how a currently third world nation, Vietnam, produced a well done film about a Bitcoin heist! The reviewer gave the movie high marks... Has anyone seen it yet?

CE_BitcoinHeist.jpg

 

JayJuanGee

Crow
Gold Member
I am new to the bitcoin train. TOTAL newbie, but liking it, and not just cause it's happening to go up right now. Honestly I wish it wasn't so expensive. But still, glad I'm in it for the long haul now.

Huh? Expensive? Nonsense.

You do not need to buy a whole bitcoin at any one time, just buy what you can on a regular basis, whether that is $10 per week or some larger amount such as $1k per week..

Do what you can in terms of making sure that you have your cashflow organized and then invest into bitcoin within reason (and maybe a bit of aggressive front-loading without doing too much that screws up your finances), and even if you invest modestly, after 6 to 10 years, you may well have built up a very decently sized bitcoin stash in terms of its dollar value, even if the amount that you had been stacking away on a regular basis had seemed to have been a modest amount while you were engaged in such accumulation of BTC.

Also newbie, do you think goes higher? if so, why?

You need to figure this out for yourself.

Many guys here have been investing in BTC for years, and I have continuously suggested that guys get their finances together and to invest into BTC at their own pace, including dollar cost averaging into it or whatever reasonably works for their finances. My recommendations are not changing, but guys do need to figure out their finances in order that they may well be able to ask more directed questions.. because no one knows with any certainty where BTC prices might be going in the short to medium term even though many of us have theories and we assign high probabilities to some outcomes over other outcomes... which can take some time to gain some confidence that is based on practicality and prudence rather than gambling tendencies.

BTC will hit 30 - 100k USD mid next year, just get in already.

Hahahahaha

Could well be.. Could well be. ;)

What do you think?

Hahahaha

Why not both?

 
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JayJuanGee

Crow
Gold Member
money printer go brrrrr

Yes, of course, money printer go brrrrrrrr actually contributes to sloppy monetary policies that undermine the value of various fiats, but it still does not guarantee bitcoin prices to go up from here.

Of course, we have various BTC price prediction models including stock to flow, four year fractal and networking dynamics based on Metcalfe principles that are all continuing to show factors that favor ongoing strong bitcoin fundamentals that puts a lot of upwards price pressures - and surely some of the dynamics involving BIG players taking large BTC price positions for themselves and on behalf of their companies also contributes to ongoing upwards price pressures and even public sentiments that it may be better to buy bitcoin at these prices rather than waiting.

Sure, if there are some guys who are still trying to figure out how to get in, or believing that they should wait, they may or may not be able to easily accomplish all of the necessary steps.. and surely, times change and on ramps and off ramps change, including requirements, so it can take a bit of time to reasonably and prudently establish a position - and surely some other methods would be to front load the investment into BTC, but NOT every guy has capital that he is able to front load, and in many respects guys who have been stacking sats for a few years are going to be much advantaged by such action - including that they might not have lump sums of money sitting around that they are trying to figure out how to allocate, but if they do, then getting started considering their situation and the avenues onto bitcoin is likely to be a good thing to get started with.
 

Arado

Pelican
Gold Member
Though BTC surged this week I'm personally a bit surprised that the election chaos hasn't led to even more appreciation as faith in the system diminishes. Then again, gold had a decent week but not a blowout.

I'm also surprised at how politically divided the BTC community is. I know they lean libertarian, but many prominent bitcoin bulls like Pomp, Raoul Pal, Peter McCormack (What Bitcoin did podcast), Preston Pysh, Chamath Palihapitiya, among others, sympathized with the BLM riots back over the summer. Even Jack Dorsey bought BTC for Square! Don't they realize that the goals of the SJWs are completely antithetical to the sound money self reliance pro responsibility characteristics that Bitcoin promotes?

Perhaps they just want to keep a target off their back for now and HODL and take their hard BTC wallets and GTFO out of the West when AOC and company take over. I could imagine newly minted BTC millionaires a ripe target for the tax man.
 

JayJuanGee

Crow
Gold Member
Though BTC surged this week I'm personally a bit surprised that the election chaos hasn't led to even more appreciation as faith in the system diminishes.

Probably no one can know for sure about what factors influence bitcoin price and momentum, yet personally, I believe that bitcoin's price performance is way less correlated to the various politics and performance of traditional systems, in part due to it's location in the early adoption s-curve exponential adoption - which is another factor that I did not mention in my previous post.

Surely BIG liquidation event, such as the one occurring on March 12, 2020.. showed a bitcoin overreaction to traditional market situations, but then it's recovery was way more pronounced, too. I personally had been downplaying and dismissing the various assertions about bitcoin's purported correlation to traditional markets, but people are going to believe what they are going to believe.

Of course, there is likely some BTC price movement that relates to the presidential elections and accompanying political situation, but I would assert that the election brought more certainty than it brought uncertainties.. and so there were likely more uncertainties just prior to the election that kept BTC in a bit more tighter consolidation pattern, even though BTC was still trending upward - but slower than what took place as the results of the election seemed to have become more clear.

I made another post earlier in regards to the likelihood that Trump would have seemed to have been more positive for bitcoin, and Biden would likely be more inclined to attempt to intermingle into bitcoin.. but in the end, bitcoin does not give any shits that some president might be less friendly to bitcoin.. as seems to be shown in the ongoing UPwards BTC price .. failing to correct...

Hey we have not really experienced any meaningful BTC correction since late August / early September when we were bouncing around the lower $10ks and upper $9ks- but the price movement has largely been UPpity, ever since then.. slowly and then a bit more rapidly once getting past the mid-$13ks..

So surely we could get some kind of BIG BTC correction from here, but I would not bet the farm on such, and like I frequently suggest, it is better to always consider the extent to which you are prepared for either price direction, even if you have inclinations (or feelings) about one direction or another being more likely.


Then again, gold had a decent week but not a blowout.

Sure there are more institutional channels into gold, so it is a bit of an easier move, but it still has way less upward potential than bitcoin, and it is even inferior to bitcoin in a whole lot of ways.

Seems to me to be a bit of a distraction to be considering the extent to which gold might be going up, because in the end bitcoin is quite likely to continue to outperform gold, just like it has for the past 10 years-ish.

Sure, some guys want to keep a bit of gold for various Armageddon like scenarios which seem more likely than they had in the past, but still I am not even clear about how likely such scenarios are... but surely each guy is entitled to his own thoughts on that, and this does not really seem to be the thread to be going over those kinds of matters.. since it likely just leads to tangents.... even if some guys choose to have some in their investment portfolios.

I'm also surprised at how politically divided the BTC community is. I know they lean libertarian, but many prominent bitcoin bulls like Pomp, Raoul Pal, Peter McCormack (What Bitcoin did podcast), Preston Pysh, Chamath Palihapitiya, among others, sympathized with the BLM riots back over the summer. Even Jack Dorsey bought BTC for Square! Don't they realize that the goals of the SJWs are completely antithetical to the sound money self reliance pro responsibility characteristics that Bitcoin promotes?

People can have whatever politics they like. I doubt that bitcoin gives much, if any shits. I would not be tailoring my BTC investment thesis around the various political thoughts that might be present from various prominent bitcoin community members...

Since you brought up the topic, you seem to believe that guys decision to invest in bitcoin might be informed by political stances of various members who might get into some of the various political matters of the day and that certain politics are more bitcoin friendly..? Maybe also you are considering that bitcoin gets rid of the state or the need for the state, and really I have difficulties getting to that conclusion, even if we understand that the soundness of money aspects of bitcoin challenges some of the irresponsible behaviors of the state in terms of money printing and how that money printing results in various unfairnesses and even inefficiencies when state actors are deciding the extent of distribution and even to whom to distribute that might not even be based on their productivity or value adds.
'

Perhaps they just want to keep a target off their back for now and HODL and take their hard BTC wallets and GTFO out of the West when AOC and company take over. I could imagine newly minted BTC millionaires a ripe target for the tax man.

I doubt that we can really speculate all of the trials and tribulations that bitcoin holders are going to have into the future, and surely there are KYC/AML pressures that are increasing, and we are likely going to have to see how some of the legal challenges involving Bitmex are going to unravel, too. So, given bitcoin's global nature, states are faced with dilemmas in terms of the extent to which they balance their attempts to keep bitcoin under wraps but then also providing custody recognition and matters like that. Surely, some bitcoin companies design around USA policies and others attempt to design to challenge such policies, and I doubt any of these ongoing challenges are going to disappear, and I am not even sure if you are suggesting them to be bearish or a reason NOT to establish a personal stake in bitcoin. Do you believe bitcoin's price is going to be suppressed in coming years due to these kinds of potential regulatory/political pressures from certain jurisdictions, such as the USA?

By the way, I am NOT really denying that any such regulatory juggling does not exist in regards to bitcoin, even if I am having doubts regarding if you are trying to suggest NOT to invest in BTC or whether investing in BTC and experiencing 2x or 10x or more price appreciation would be a bad thing - because BTC hodlers are going to have their coins removed from the HODLing little hands?
 

Arado

Pelican
Gold Member
One positive coming from the election....

Bitcoiner elected to the U.S. Senate!

A bitcoin hodler has won a U.S. Senate seat. Cynthia Lummis is a bitcoin owner who bought her first bitcoin in 2013 because she believes in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in the financial system.

Bitcoiner Wins Senate Election
Republican candidate Cynthia Lummis has been running to fill the seat of Senator Mike Enzi (R). Lummis, who served as a Wyoming conservative Republican in the U.S. House of Representatives for eight years, will become the first woman to represent Wyoming in the U.S. Senate. With the endorsement of President Donald Trump, she has been running against her Democratic opponent Merav Ben-David.

While election results are still being finalized, the Associated Press called Tuesday’s election in her favor within three minutes of polls closing in Wyoming.

Lummis recently revealed during the third annual Wyoming Blockchain Stampede that she is a bitcoin hodler after she learned about the cryptocurrency while serving in Congress. “I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system,” she said.

“Now I am a hodler and I hodl because, like gold, I want to preserve the relative value of my labor over time,” she revealed. “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply.”
 
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