Bitcoin

[Danny Hoey]

I think you’re right Danny. At a certain point, people will lose interest, the price declines, and the pyramid collapses.

Wall Street is creating the noise and excitement pulling in the retail investors looking to striking it ritch. They will be selling at the top while consumers pump money into the system. If retail investors hold for the “long term”, the insiders walk away with all of it and the retail investors are left with nothing.

At least to me, it looks like the crypto version of the classic pump and dump boiler room scam.

That's my prediction.....wall street rarely loses. I see this as no different.

 

[Mighty Mouse]

I think you’re right Danny. At a certain point, people will lose interest, the price declines, and the pyramid collapses.

Wall Street is creating the noise and excitement pulling in the retail investors looking to striking it ritch. They will be selling at the top while consumers pump money into the system. If retail investors hold for the “long term”, the insiders walk away with all of it and the retail investors are left with nothing.

At least to me, it looks like the crypto version of the classic pump and dump boiler room scam.

The same predictions of impending doom were made during the bull runs of 2017 and 2021. Are there new/different factors at play this time that make the current rally more likely to result in Bitcoin's collapse?

 

[Dos Perros]

Plot twist: because of impending federal budget cuts BTC was created by the NSA to drive illicit commerce to a place that was easier to track.

 

[fmyth]

I think you’re right Danny. At a certain point, people will lose interest, the price declines, and the pyramid collapses.

Wall Street is creating the noise and excitement pulling in the retail investors looking to striking it ritch. They will be selling at the top while consumers pump money into the system. If retail investors hold for the “long term”, the insiders walk away with all of it and the retail investors are left with nothing.

At least to me, it looks like the crypto version of the classic pump and dump boiler room scam.

You do realize that Bitcoin has been around since 2009 right? Its market cap was over a trillion dollars before wall street got involved. Do you honestly think that Blackrock, Fidelity, Franklin Templeton, Invesco and Van Eck would be involved in a "pump and dump boiler room scam"?
Do you know that there are 13 publicly traded Bitcoin Mining companies listed on the NSADQ worth billions of dollars?

 

[Dos Perros]

Unintended consequences plot twist: the NSA is back up against funding cuts, and can't secure funding from Congress to make Bitcoin quantum compliant, and in less than 4 years an AI powered Chinese supercomputer hacks the cryptographic algorithm and surreptitiously steals most everything. Don't worry, the insiders get out before main street and average Joe's picket the steps of the Capitol for their bailout.

 

[Danny Hoey]

You do realize that Bitcoin has been around since 2009 right? Its market cap was over a trillion dollars before wall street got involved. Do you honestly think that Blackrock, Fidelity, Franklin Templeton, Invesco and Van Eck would be involved in a "pump and dump boiler room scam"?
Do you know that there are 13 publicly traded Bitcoin Mining companies listed on the NSADQ worth billions of dollars?

Yes

 

[iseebucks]

In my opinion cryptocurrency is just another ponzi scheme and eventually it will be a worthless asset and a lot of people are going to lose significant amounts of money.

 

[FishfinderAK]

Bummer. I read thru 400 posts trying to re-educate myself. And this is where I ended up.

The thread slowly went downhill. But thanks to everyone that provided well thought out unbiased information.

 

[Mighty Mouse]

But what about all of the other cryptocurrencies out there: ethereum, tether, BNB, solana, XRP, USD coin, cardamom, avalanche, dodge coin, Shiba Inu, toncoin, etc, etc, etc.

One small change to the software algorithm and you now have a new currency. What makes one different from another?

There are major differences amongst various cryptocurrencies in how they were established, how new tokens are produced, how the supply is controlled, etc.

If bitcoin reaches new highs, what prevents the cryptocurrency community from leaving bitcoin and transitioning to etherereum or toncoin?

The same basic forces that have prevented society from leaving gold and transitioning to lead as a monetary metal: a combination of inertia and of the inherent properties of the thing to be replaced vs. its potential replacement. Bitcoin has a massive "first mover advantage" over its competitors, and its market cap is currently 3 times larger than its nearest competitor (Ethereum). That inertia alone is reason enough to assume it will remain the dominant form of cryptocurrency unless something significantly better comes along. Those using/mining/holding Bitcoin have a vested interest in its survival and aren't likely to abandon it en masse for an altcoin unless the alternative is much better in some regard. Anyone could copy the Bitcoin code, make a minor tweak (or leave the code unchanged), and try to launch Bitcoin 2.0 claiming it's a better mousetrap, but what incentive would Bitcoin users have to adopt it? Any new crypto starts with zero name recognition, user base, blockchain history, or mining infrastructure and has to compete against Bitcoin's ubiquity, millions of users, gigabytes-long blockchain, and megawatts of mining power. Bitcoin is conceptually quite simple, and I don't see a new cryptocurrency being able to improve upon it enough to trigger a mass voluntary transition away from Bitcoin. Competition is healthy though, so I welcome all challengers.

These are all basically the same…..right? The only difference is the tweaks in the algorithm?

They're "basically the same" like gold, silver, copper, aluminum, iron, tin, and lead are all the same. They have some basic characteristics in common, but there are major differences in the details and in what functions they're well-suited to perform.

 

[bozeman]

Save your breath @Mighty Mouse ...........some folks still clinging to their gold bars and inflated paper money.......talk about a ponzi scheme....no one wants to talk how the purchasing power of a $ has changed.....

 

[Dos Perros]

You know BTC is a scam because of the affiliate marketing model. It’s like the investor sentiment gauge: when it’s super high be wary because everyone is long and eager to tell everyone else.

 

[Mike D Texas]

I’m saying/asking this as an uneducated bitcoin or whatever other digital currency is being discussed.

What tangible is backing and valuing this currency?

I don’t need an education on the USD and lack of a gold standard. Im specifically asking what is backing and funding this stuff?

It seems like nothing more than Monopoly money without any paper that could be gone in an instant with absolutely no protection.


Sent from my iPad using Tapatalk Pro

 

[MuleDeerMike]

I'm annoyed with myself for not getting in last year when it was at 15k.

 

[bozeman]

I had quite the convo at work yesterday about this with several saying 'its a total waste of my hard-earned money' and then turning right around and saying 'I wished yall would have told me about bitcoin five years ago'............lol.......

 

[Danny Hoey]

I had quite the convo at work yesterday about this with several saying 'its a total waste of my hard-earned money' and then turning right around and saying 'I wished yall would have told me about bitcoin five years ago'............lol.......

I don't think that's the conversation here. We all know it made everyone money, but the why and for how much longer is the question. All I hear is "get in now, it's still cheap"

 

[fmyth]

You know BTC is a scam because of the affiliate marketing model. It’s like the investor sentiment gauge: when it’s super high be wary because everyone is long and eager to tell everyone else.

Please explain to me how BTC is an "affiliate marketing model". No one is trying to get you to purchase bitcoin and if you did no one would receive any reward or payment of any kind. Even if you invested 100 million dollars in bitcoin it would not effect the value of my investment at all. Someone started this thread because they wanted to discuss Bitcoin not convince anyone to invest in it.

 

[2531usmc]

Have any of you guys read about the analysis the Canadian Mounties put together? This just came out a day or so ago.

It was a secret document that basically said there could be an insurrection in Canada once the Canadian citizens realize how broke they are. This could come after a bad recession and once it sinks in that the vast majority of citizens will never be able to buy a house. The report actually spoke bout the country breaking up.

While we may or may not agree about bitcoin, we all pretty much can see this happening here

 

[ozyclint]

Save your breath @Mighty Mouse ...........some folks still clinging to their gold bars and inflated paper money.......talk about a ponzi scheme....no one wants to talk how the purchasing power of a $ has changed.....

yeah the same $ that bitcoin is priced in.

 

[Mighty Mouse]

Save your breath @Mighty Mouse ...........some folks still clinging to their gold bars and inflated paper money.......talk about a ponzi scheme....no one wants to talk how the purchasing power of a $ has changed.....

I know it's mostly a lost cause and the nocoiners posting here are unlikely to change their minds. But answering their objections is good mental exercise, and maybe these posts will spark some curiosity amongst those with a more open mind. This particular thread may be approaching the end of its useful life though...the nocoiners have mostly resorted to nonsense and non sequiturs instead of trying to continue genuine discussion.

 

[IBen]

I know it's mostly a lost cause and the nocoiners posting here are unlikely to change their minds. But answering their objections is good mental exercise, and maybe these posts will spark some curiosity amongst those with a more open mind. This particular thread may be approaching the end of its useful life though...the nocoiners have mostly resorted to nonsense and non sequiturs instead of trying to continue genuine discussion.

I will be tuning into naysayers to motivate me to sell some this time around. Hard to hit the sell button when you have Michael saylor in your ear