The Bitcoin (BTC) thread

bucky

Ostrich
What will happen to Bitcoin prices if we have hyperinflation in the US?
I've thought about that. Seems almost certain that BTC will hit 100k eventually, maybe a lot more. But by then, what will 100k buy you?

It's over 57k this morning. What do you guys think, is this it, is it going to the moon, or will we see another significant pull back? My opinion as a crypto newb and general midwit is the former. Thinking of grabbing another bitcent today and hopefully using it to pay off my mortgage in a year or two.
 

Cervantes

Woodpecker
Woman
I've thought about that. Seems almost certain that BTC will hit 100k eventually, maybe a lot more. But by then, what will 100k buy you?

It's over 57k this morning. What do you guys think, is this it, is it going to the moon, or will we see another significant pull back? My opinion as a crypto newb and general midwit is the former. Thinking of grabbing another bitcent today and hopefully using it to pay off my mortgage in a year or two.
Its going to keep spiking 20% and then dropping back 5-10% about once every month - until at some point it hits some level of FOMO among big money, and then it will rocket even faster than now.

Crypto is still a niche asset, but billionaires and corporations noticing that some of them are making a lot of money. Tesla has earned $1.2 billion in under a month- that is not going unnoticed. Guys like Michael Saylor and the Winklevoss twins are making literal billions right now. At some point really big money is going to start piling into bitcoin. If companies like Amazon, Apple and Microsoft decided to hold 10% of their liquid assets in bitcoin (Like Tesla) we'd see large jumps in the price.

The next massive jump will be if nations start keeping a percentage of their reserves in crypto.
 

bucky

Ostrich
Bitcoin is shorting the dollar. As the USD purchasing power declines, bitcoin's will increase.
I was just thinking about how for years I've believed that the fiat currency system can't go on like this, but also thought there's no way to go back to the gold standard because of modern realities like online purchases and transactions that you can't really do with gold and silver coins. Then just now I realized that what we're seeing is essentially a modern-day return to the gold standard, with BTC taking the place of gold.

Probably not a novel idea or realization, but it literally just came together for me in my mind right now.
 

aynrus

Pelican
Like this for example? https://www.bitcoinsuisse.com/

Let's say hypothetically that someone had an IRA through one of the "recently" established bitcoin ira places and the executive order 6012 was going to happen - would the intent be to rollover to a swiss bank to avoid relinquishing crypto assets?
If you're subject to executive order 6012, Bitcoin Swisse won't open you an account (US persons)
 

Knight.of.Logos

Robin
Orthodox Catechumen
I've thought about that. Seems almost certain that BTC will hit 100k eventually, maybe a lot more. But by then, what will 100k buy you?

It's over 57k this morning. What do you guys think, is this it, is it going to the moon, or will we see another significant pull back? My opinion as a crypto newb and general midwit is the former. Thinking of grabbing another bitcent today and hopefully using it to pay off my mortgage in a year or two.
I think we will get another pull back... maybe to 45k or so. Stay there for a couple weeks, then blast off to 60k+

I predicted BTC will top at 80k to 120k this cycle before the bull run really kicked in. I will stand by my original prediction, but seeing the recent events makes me think it can go higher. That might just be emotional hype and FOMO though.
 

Coja Petrus Uscan

Hummingbird
Orthodox Inquirer
Gold Member
What will happen to Bitcoin prices if we have hyperinflation in the US?

There are not enough dollars in the monetary base for there to be hyperinflation. If the speed at which money circulates goes up though, the USD will see big inflation. The speed of money circulation has fell enough to make all the new money printing have little effect.

They have increased the monetary base by 26% ;
And the speed of money circulation has decreased by ... 26%

Hyperinflation would occur if they get in a situation in which they keep printing money to try and paper over something that can't be papered over. They have papered over The Greatest Recession, but at some point there will likely be some inflation for that; and they have also stolen a few trillion $ from the future in stimulus.

But the amount of people now worried about the integrity of fiat is good news for crypto.

It's over 57k this morning. What do you guys think, is this it, is it going to the moon, or will we see another significant pull back?

I think it needs to have a period of consolidation. It was doing that before at the $40K level, until Elon memed it higher. And that has unlocked the long heralded big boys. I know a guy who knows the Bitfinex guys, back since they were one of the biggest exchanges. He would regularly tell me "institutional money is coming" - indirectly from them. This is going back ~7 years. There was an article in COINTEL-eGraph saying if the Fortune 500 put 1% of their books into BTC it would go to $70K. That hasn't happened and yet we are half way there from when that article was published.

When markets move fast, the amount of raw dollars/fiat that is needed to buy the price up is much lower. In 2017 it took the same amount of volume to buy the price up from $11K to $20K as from $8K to $11K; and then the actual units would have been less. The actual amount of money pushing markets is way under the total market cap. There is only about $30B in stable coins.

My target for some time has been $3-4T market cap for all coins. This is conservative compared to what others are postulating. We are pushing $1.8T today. A lot of people are looking at the past bubbled/bull-markets and modelling between about $140,000-450,000. Sometimes rounded up. These models are either just a multiplier of past bubbles from the same position, or scaled down

We are at 50% of my target, but my internal mania-o-meter says we are at about 33%. Still nowhere near the level of mania from Dec 2017, see Google Trends.

Like this for example? https://www.bitcoinsuisse.com/

Let's say hypothetically that someone had an IRA through one of the "recently" established bitcoin ira places and the executive order 6012 was going to happen - would the intent be to rollover to a swiss bank to avoid relinquishing crypto assets?

I am not a US-person (as you are called), but I would not want to hold BTC in The US in the custody of a 3rd party. Most companies outside of The US will run away from you as fast as if you say your name is Ayatollah Khameni. If I was a US-person I would be following Redbeard's high-privacy advice.
 
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aynrus

Pelican
Inflation in the US had been terrible. Even mainstream outlets now talk about it, finally.
I watch prices increase all the time, many foods just jumped up 10-30% here (after multiple earlier increases), home prices kees climbing rapidly, Amazon prices are up on all kinds of items, stocks are up without any real value increases, I nearly dropped on the ground when I saw new prices for health insurance plans, etc, etc.
Whatever tales the gubimint tells me: the real inflation is terrible - inflation as far as loss of purchasing power of dollar for average Joe and this is all I care about. They can tell me how inflation is 1.4% per year while prices went up at least 25% across broad range of things relevant to day-to-day living (not talking about yachts and luxury real estate) - complete disconnect from reality.
Not ripe for hyperinflation yet, they haven't printed enough - they have to print times more current supply and supply curve to go exponential really.

I don't think money velocity truly affects inflation, actually, in predictable way. Having personally experienced living in hyperinflation - money velocity was very low, after having dropped cold.
Here's one article discussing that too:
Key Points

  1. Prices can rise, fall, or stay the same, no matter what velocity does.
  2. Velocity does not determine prices.
  3. Velocity does not determine or even influence anything at all.
 
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Blade Runner

Pelican
Orthodox
I was just thinking about how for years I've believed that the fiat currency system can't go on like this, but also thought there's no way to go back to the gold standard because of modern realities like online purchases and transactions that you can't really do with gold and silver coins. Then just now I realized that what we're seeing is essentially a modern-day return to the gold standard, with BTC taking the place of gold.

Probably not a novel idea or realization, but it literally just came together for me in my mind right now.
And the best thing about it is that (sorta like the Trump presidency ironically taking place through information disseminated more easily via "technology") the governments of the world, which have been able to abuse people to such a high degree over the last few decades through tech, now are at the mercy of a technology they can't really, or very easily, do anything about. ;)
 

estraudi

Pelican
Gold Member
I was just thinking about how for years I've believed that the fiat currency system can't go on like this, but also thought there's no way to go back to the gold standard because of modern realities like online purchases and transactions that you can't really do with gold and silver coins. Then just now I realized that what we're seeing is essentially a modern-day return to the gold standard, with BTC taking the place of gold.

Probably not a novel idea or realization, but it literally just came together for me in my mind right now.
Great realization.
Imagine a store of reserve that is independent of (((central banks))), (((market manipulation))), (((IMF))), (((federal reserve))) shenanigans whereby the traders of this currency can continue to grow and do business regardless of (((their inventions)) to screw people over via national debt, inflation rates, yields and money velocity.

To be a space faring civilization we will need to have an alternative currency that is not based on fancy metals or printed paper subject to their intentional market parlor tricks and debt based screwing of each country and their countrymen.
Think of what we can accomplish with such a raw currency that is free from (((them))) altogether.
We are watching another vanguard movement in how humanity trades goods & services and also how they pay for such services.
 

Caractacus Potts

Woodpecker
Gold Member
Has anyone bought BTC from one of those kiosks in stores? How do they work? Do you feed it cash or do you have to use a credit card? Is there a limit on the amount you can deposit/buy per day? Is there a KYC questionnaire before you can use it? I noticed one in a gas station not that far from me the other day and am going to go back to investigate further but I thought I would ask here first.
 

Stats

Woodpecker
Has anyone bought BTC from one of those kiosks in stores? How do they work? Do you feed it cash or do you have to use a credit card? Is there a limit on the amount you can deposit/buy per day? Is there a KYC questionnaire before you can use it? I noticed one in a gas station not that far from me the other day and am going to go back to investigate further but I thought I would ask here first.
a gf of mine met a guy on sugar daddy site that would send her money to her bank account and then she had to go the btc atm and buy btc with cash and send to him and she could keep like 10% for herself. she never met the guy. I can imagine she was not the only one buying for them.
 

Caractacus Potts

Woodpecker
Gold Member
a gf of mine met a guy on sugar daddy site that would send her money to her bank account and then she had to go the btc atm and buy btc with cash and send to him and she could keep like 10% for herself. she never met the guy. I can imagine she was not the only one buying for them.
Interesting. How much cash was she depositing into the machine at a time? Does it print a receipt with a blockchain code (Q&#NSFUIEWUhudhfiuodiue67678) that she would then send to her sugar daddy? I'm sorry if this is a very basic question but I am still wrapping my head around cryptos, defi and how it all works.
 

Maciano

Kingfisher
Gold is not an investment, it’s an inflation hedge. And Schiff was one of the only ones to predict 2008. Sounds like you don’t listen to his show. Going out on a limb here.
I’ve read two of his books, heard him talk for 15 years, I know what he’s about.

The amount of dumb shit coming from Schiff on stuff I know about (like bitcoin) makes me comfortable assuming he knows not much about other stuff he talks about.

And he constantly calls gold an investment, not a hedge.
 

falafel

Pigeon
Has anyone bought BTC from one of those kiosks in stores? How do they work? Do you feed it cash or do you have to use a credit card? Is there a limit on the amount you can deposit/buy per day? Is there a KYC questionnaire before you can use it? I noticed one in a gas station not that far from me the other day and am going to go back to investigate further but I thought I would ask here first.
> Do you feed it cash or do you have to use a credit card?
Depends on the ATM. Most take cash and don't require ID up to certain amounts, so it's a fairly good option for getting bitcoin that can't be traced back to you.

> Is there a limit on the amount you can deposit/buy per day?
Depends. There is a staffed kiosk here in Warsaw that doesn't have a limit if you make an appointment with them ahead of time, but above a certain amount they do require ID. Also keep in mind that they can ID you by your vehicle or phone number if you call.

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