Hell Yes, I Bitcoin

[GG1]

40 minutes ago, Jauronimo said:

I look forward to getting back in under $5k again in a few years/months.  Does anyone think this rise and fall is any different than the run up to December 2017, or December 2013? 

 

It will likely drop, but not to those levels.  There's now a broader market for cryptos, which provides a higher floor.  Cryptos are essentially replacing precious metals as the disaster assets and are far easier to own.

[Jauronimo]

3 minutes ago, GG1 said:

 

It will likely drop, but not to those levels.  There's now a broader market for cryptos, which provides a higher floor.  Cryptos are essentially replacing precious metals as the disaster assets and are far easier to own.

Thats what people said in 2017 after highs of $20k were reached.  Prices below $10k were suddenly unthinkable. 14 months later you could buy for $3,500.  This cycle has born out several times.  Spike and 80% plus retrace.  Consolidate for years, spike for 9 months.    

[Foxx]

Yelin's comments likely caused a roughly 10% plunge in price. It would seem though that people are buying the dip, as it is currently rebounding.

 

Additionally, Yelin's comments likely caused the largest liquidation of the crypto futures market in it's brief existence. At roughly $6 billion, the sell off was almost 33% more than the "Black Thursday" event.

[Foxx]

Bitcoin Climbs After Renewed Backing From Ark’s Cathie Wood

... The digital token was up 7% to about $51,000 in early U.S. trading. The rebound suggests investor confidence in cryptocurrencies is resilient after prices plummeted on Tuesday in the worst retreat in a year.

 

Both retail and institutional investors used the selloff to add to their positions, according to Simon Peters, a cryptoasset analyst at investment platform eToro.

 

Wood, the superstar head of Ark, said in a Bloomberg interview she’s “very positive on Bitcoin, very happy to see a healthy correction here.” Square said it had purchased $170 million in Bitcoin, raising its holdings to about 5% of the company’s cash and equivalents. ...

 

The article goes on to talk about investor sentiment being bolstered by comments made by FED Reserve Chair, Jerome Powell. Wherein, he stated that the central bank is not close to unwinding it's easing policy. With an additional comment about this recent rise being fueled by the monetary and stimulus packages introduced to fight economic malaise due to COVID protocols. 

 

It would be my opinion that this is true, albeit not for the reasons they are implying here. In fact, probably just the opposite of what they would like the reader to believe.

 

 

[Foxx]

What is it they say? Buy the freakin' dip.

 

MicroStrategy adds another $1.02 billion worth of bitcoin to its balance sheet

... MicroStrategy now owns just over 90,000 BTC after spending approximately $1.026 billion to purchase 19,452 BTC, according to a Wednesday announcement.

 

In a statement, MicroStrategy said that it "purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses." ...

 

https://twitter.com/michael_saylor/status/1364561973363490817

 

[Jauronimo]

Why are corporations buying BTC at or near all time highs?

 

https://www.microstrategy.com/en/investor-relations/press/microstrategy-acquires-additional-19452-bitcoins-for-1-026-billion_02-24-2021

Quote

“The company now holds over 90,000 bitcoins, reaffirming our belief that bitcoin, as the world’s most widely-adopted cryptocurrency, can serve as a dependable store of value. We will continue to pursue our strategy of acquiring bitcoin with excess cash and we may from time to time, subject to market conditions, issue debt or equity securities in capital raising transactions with the objective of using the proceeds to purchase additional bitcoin.” 

I am having trouble reconciling store of value with world's most volatile asset class.  Perhaps this is a long term play on BTC $100k next pump and crash cycle?  Otherwise I just don't get what Microwhatever and Tesla are doing with their cash.

[Foxx]

On 2/8/2021 at 9:51 AM, Foxx said:

I see analysis that says waves 1 and 2 played out nicely yesterday and we are now on to the 3rd wave with a minimum target of $55K and that it can go much, much, much higher from here. To me, that would seem to be a very optimistic projection but stranger things have happened.

 

Not trading advice in any way, just quoting material I see elsewhere.

 

On 2/19/2021 at 3:26 PM, Foxx said:

$55K minutes ago.

 

On 2/21/2021 at 5:18 PM, Foxx said:

The $64,000.00 question is, at what point does liquidity dry up?

Regarding the above analysis, if this current 'floor' holds, the next leg up *should be to somewhere within the $64K neighborhood. Then after another minor reconsolidation, $79K. Which would complete the wave count for this run.

 

The above is only a trend analysis and is probably wrong, do not take it as financial advice in any way. Do your own due diligence before making any decisions with regard to financial investing.

[Koko]

51 minutes ago, Foxx said:

The above is only a trend analysis and is probably wrong, do not take it as financial advice in any way. Do your own due diligence before making any decisions with regard to financial investing.

 

&#%$ that, place your bets and LET IT RIDE! WOOHOO!

 

[plenzmd1]

On 2/25/2021 at 9:23 AM, Jauronimo said:

Why are corporations buying BTC at or near all time highs?

 

https://www.microstrategy.com/en/investor-relations/press/microstrategy-acquires-additional-19452-bitcoins-for-1-026-billion_02-24-2021

I am having trouble reconciling store of value with world's most volatile asset class.  Perhaps this is a long term play on BTC $100k next pump and crash cycle?  Otherwise I just don't get what Microwhatever and Tesla are doing with their cash.

I don’t get it either, and of course the danger , especially with Musk, is that he continues to “ pump” btc, while he could be “dumping” btc. 
 

Saylors an interesting dude, somewhat of an icon in the DC tech sphere. I suspect he loves being the national spotlight again, as he was 20 years ago on the dot com era. 
 

I can tell you this, if I was selling BI software and competing against Microstrategy in a deal, I would certainly say obviously his # 1 focus now is BTC, and not making better software or concentrating on customer success. 
 

it’s all very weird. 

[Foxx]

https://twitter.com/infant_man/status/1364921302201597952

 

[Foxx]

Too funny not to post.

https://twitter.com/LordAshcroft/status/1365069357475389453

 

[Foxx]

For those of you who have been following along with my BTC threads, in their various iterations through the years, you should be familiar with my call, made years ago that BTC will ultimately reside as an interstate settlement vehicle. 

 

 

It is nice to see the institution is finally catching on.

 

I will reiterate. Should this occur, you are going to see BTC in the 7/11 digit range.

 

The main reason it will happen is because it will be beholden to no one nation state. And, because it is finite and therefore deflationary. As a trickle down (or up depending upon how you want to think about it) effect, this reason is also what propels nation state sponsored cryptos. 

 

Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

Bitcoin could be at the start of a “massive transformation” into the mainstream and on the path to become “the currency of choice for international trade," according to leading investment bank Citi, which noted the cryptocurrency’s meteoric rise in value in recent years and a growing interest from institutional investors as potentially setting the stage for widespread success. ...

 

If you're in the game, make sure your seatbelts are fastened because, not only is it going to be an emotional rollercoaster, you may be in for the ride of your life.

 

Not to be misconstrued as financial advice, I am not an investment advisor in any way. I am just some dumb keyboard jockey. Do your own research before making any financial decisions you intend to act upon.

 

[Foxx]

The real brilliance behind cryptos, blockchain tech is also going to change the world in many ways. It has so many real world applications that, due to it's immutability, being anti-fragile and trustless, you are going to see many functions placed upon it in the years ahead.

 

Mark Cuban along with a few other high profile personalities are on the leading edge of adoption.

 

Mark Cuban Says Dallas Mavericks Are 'Talking About' Blockchain for NBA Ticketing

... in an extensive interview with Decrypt, Mavericks team owner Mark Cuban reveals the team is considering how it might utilize blockchain for ticketing and fan identity verification.

 

"We're talking about it for ticketing," Cuban told Decrypt. "It completely changes the resale market, and if you tie it to an individual that has, let's just say their social security number, and it's been validated by multiple sources… then boom, you're good to go, and the blockchain, depending on what you use, you can just put a little picture in there. And there's your picture, and it's immutable, and it's there forever." ...

[Foxx]

47 minutes ago, Foxx said:

For those of you who have been following along with my BTC threads, in their various iterations through the years, you should be familiar with my call, made years ago that BTC will ultimately reside as an interstate settlement vehicle. 

 

 

It is nice to see the institution is finally catching on.

 

I will reiterate. Should this occur, you are going to see BTC in the 7/11 digit range.

 

The main reason it will happen is because it will be beholden to no one nation state. And, because it is finite and therefore deflationary. As a trickle down (or up depending upon how you want to think about it) effect, this reason is also what propels nation state sponsored cryptos. 

 

Bitcoin Poised For ‘Massive Transformation’ Into The Mainstream, Citi Says

Bitcoin could be at the start of a “massive transformation” into the mainstream and on the path to become “the currency of choice for international trade," according to leading investment bank Citi, which noted the cryptocurrency’s meteoric rise in value in recent years and a growing interest from institutional investors as potentially setting the stage for widespread success. ...

 

If you're in the game, make sure your seatbelts are fastened because, not only is it going to be an emotional rollercoaster, you may be in for the ride of your life.

 

Not to be misconstrued as financial advice, I am not an investment advisor in any way. I am just some dumb keyboard jockey. Do your own research before making any financial decisions you intend to act upon.

 

A slightly different article that goes a little bit more in depth and gets into more of the meat of Citi's report, along with a link to the actual report. Read the report, it is a very worthwhile read.

 

Bitcoin could become the “currency of choice for international trade”, says Citi

... The report, entitled “Bitcoin: At the Tipping Point”, charts the evolution of bitcoin from a form of payment to its current status as a store of value. The authors forecast that bitcoin’s core properties combined with its global reach and neutrality could see it morph into the “currency of choice” for international trade in around seven years.

 

“Perceptions about what makes bitcoin important continue to evolve and create new opportunities while increasing its perception towards becoming mainstream,” the report states.

 

“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.” ...

[plenzmd1]

On 3/1/2021 at 5:34 PM, Foxx said:

This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money” ...

See, that’s where I get lost... I mean foreign exchange exposure in say the dollar is infinitesimal compared to swings in Bitcoin no?  It is my biggest blind spot on crypto’s. Why do I want to pay for anything in cypto if I believe the thing is going ton1m?

 

and Mr Smarty Pants( I say that affectionally) explain NFTs to this dolt please! 

[Foxx]

1 hour ago, plenzmd1 said:

See, that’s where I get lost... I mean foreign exchange exposure in say the dollar is infinitesimal compared to swings in Bitcoin no?  It is my biggest blind spot on crypto’s. Why do I want to pay for anything in cypto if I believe the thing is going ton1m?

 

and Mr Smarty Pants( I say that affectionally) explain NFTs to this dolt please! 

Plenz, I guess I would need you to clarify your questions a bit as they are broad in scope.

 

Never forget NFT's are tokens and not coin. Tokens are relatable to specific platforms or industries. Whereas coins are spread across the spectrum and can be used to purchase tokens directly. Again though, there are many nuances here so a narrowing of the question at hand would help with an explanation and to not simply open greater confusion.

[plenzmd1]

42 minutes ago, Foxx said:

Plenz, I guess I would need you to clarify your questions a bit as they are broad in scope.

 

Never forget NFT's are tokens and not coin. Tokens are relatable to specific platforms or industries. Whereas coins are spread across the spectrum and can be used to purchase tokens directly. Again though, there are many nuances here so a narrowing of the question at hand would help with an explanation and to not simply open greater confusion.

In relation to Bitcoin..

 

let’s say I want to buy a $55k Tesla today. I can pay for that in either dollars or Bitcoin. If Bitcoin is now a store of value and a hedge against inflation as is the premise... I am expecting Bitcoin to increase in value, ala 7 digits, and dollars to continue to be worth less. Why in the world would I pay for that Tesla in Bitcoin? 
 

that is my blind spot on crypto’s, if they become a store of wealth, how will they also become a commonly used currency?

Edited March 4, 2021 by plenzmd1

[Foxx]

17 minutes ago, plenzmd1 said:

In relation to Bitcoin..

 

let’s say I want to buy a $55k Tesla today. I can pay for that in either dollars or Bitcoin. If Bitcoin is now a store of value and a hedge against inflation as is the premise... I am expecting Bitcoin to increase in value, ala 7 digits, and dollars to continue to be worth less. Why in the world would I pay for that Tesla in Bitcoin? 
 

that is my blind spot on crypto’s, if they become a store of wealth, how will they also become a commonly used currency?

You refer to a specific crypto, BTC, and cryptos in general, in the same vein. Maybe if we rephrase it slightly it will help with the possible understanding(?).
 

Quote

 

If gold is now a store of value and a hedge against inflation as is the premise... I am expecting gold to increase in value, ala 7 digits, and dollars to continue to be worth less. Why in the world would I pay for that Tesla in gold?

 

that is my blind spot on precious metals, if they become a store of wealth, how will they also become a commonly used currency?

 

 

One might not want to pay for a Tesla in gold because it is considered a store of wealth. However, they might consider using copper to buy that Tesla with.

 

Make sense?

 

NFT question? 

[GG1]

53 minutes ago, plenzmd1 said:

In relation to Bitcoin..

 

let’s say I want to buy a $55k Tesla today. I can pay for that in either dollars or Bitcoin. If Bitcoin is now a store of value and a hedge against inflation as is the premise... I am expecting Bitcoin to increase in value, ala 7 digits, and dollars to continue to be worth less. Why in the world would I pay for that Tesla in Bitcoin? 
 

that is my blind spot on crypto’s, if they become a store of wealth, how will they also become a commonly used currency?

 

Why can't it be a floor wax and a desert topping?

 

No different than any other class/currency that's highly liquid

[plenzmd1]

2 hours ago, Foxx said:

You refer to a specific crypto, BTC, and cryptos in general, in the same vein. Maybe if we rephrase it slightly it will help with the possible understanding(?).
 

 

One might not want to pay for a Tesla in gold because it is considered a store of wealth. However, they might consider using copper to buy that Tesla with.

 

Make sense?

 

NFT question? 

#1) Yes, BTC in specific.

 

2) In terms of the gold substitution, i think that's my point. No one pays in gold for anything anymore really...at least not on a mass scale. I assume the same will be said for bitcoin, so the argument of the bullish side that it becomes normalized fro commercial transactions just makes no sense to me...and its driving me nuts cause i figure i have to be missing something.