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Merged Bitcoin - Part 3

SuburbanTurkey said:
Your point about borderless transfer of money is well taken though. An international, internet based currency is probably a tremendous convenience.
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Currency exchange is easy enough already and there are MAJOR issues associated with borderless currencies if they are adopted on large scales. With a floating currency if relative efficiency favored trade in one direction this causes currency devaluation in the company doing the importing, and this currency devaluation makes their exports more desirable. Under this system, trade always helps both sides.

Under a borderless currency however, that isn’t the case. Eg under a gold standard if trade was asymmetrical gold would flow one direction possibly creating inflation in the country receiving the gold. Singe gold was never sufficiently abundant, however, the likely result would be a deflation spiral and reduced economic activity in the country that was exporting the gold. It therefor becomes important to horde gold and keep it in country to stabilize prices and economic activity, even at the cost of reduced trade. Even then, there would be regular depressions and large boom-bust cycles.

While a small amount of “borderless currency” may be ok, in general the current system of floating currencies and currency exchanges is a far superior approach.
 
SuburbanTurkey said:
Say you wanted to buy a pack of socks using bitcoin during the peak 2017, and you kept the spare change in bitcoin after the transaction, you might find that, months later, the value has evaporated. Or maybe you find it has grown, which is nice. But that kind of volatility is not what most people expect with spending money. You can't HODL when you need socks today, and if the bictoin price isn't favorable, you're either forced to realize the loss or you're not getting your socks.
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This sort of discussion has been going on for years - going on to a decade.

I have always pointed out that bitcoin is not especially useful as a currency. It wildly fluctuating price means that sometimes you will win and sometimes you will lose if you make a purchase or sale in bitcoin. (If you are only going to buy bitcoin to make a purchase and then cash in the rest immediately afterwards then you might as well not bother).

Other problems with using bitcoin as a currency is that it doesn't scale (there seems to be a hard limit of about 15,000 transactions per hour) and the deflationary nature of its design plus the need to offer transaction fees both act as a disincentive to spending the bitcoins. Unless a shop keeper is prepared to accept zero confirmations, bitcoin doesn't work well over the counter (though it is terrific for paying bills on line).
 
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The_Animus said:
Why would you want 4 homes? Are you renting out the extras? Also to make enough profit in a few months to buy a home you must already have a large amount of money to play with.

In any case, congrats on the earnings
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Real estate is also a good investment. There are many ways to profit from owning real estate.

Thank you and no, it does not take a large amount of money to get started. I purchased the majority of my BTC at $300 per years ago. On March 14th of this year the price of BTC and alt coins dropped dramatically. I know the average Joe cannot normally purchase 100 BTC even if the price drops into the 4 to 5K range. But, he or she can always purchase other alt coins that are priced less than BTC.

I will not usually share info but since it's a non-specific detail after the fact I will cite one example of one alt coin I traded. Mid March when the coin market dropped, it became possible to purchase Cardano for around .02 cents per coin. It actually went lower but I did not get in at the bargain bottom price. Cardano is now trading for just over .12 cents per coin. Do the math. Even a $1K investment is now worth $6K. Imagine you had a $100k investment at .02 and sold at .12

The Cardano was traded back to BTC and I cashed out some. With only a few exceptions, I usually won't hold anything other than BTC for the long term. Short term is a different story. And no, I would not recommend buying into Cardano now. It may be a great coin and may show further profit then again it may crash and burn tomorrow. Now if it drops to .02 cents again I'll be back in. Though with my luck it'll probably moon now that I'm out of it.

Chris B.
 
ChrisBFRPKY said:
Real estate is also a good investment. There are many ways to profit from owning real estate.

Thank you and no, it does not take a large amount of money to get started. I purchased the majority of my BTC at $300 per years ago. On March 14th of this year the price of BTC and alt coins dropped dramatically. I know the average Joe cannot normally purchase 100 BTC even if the price drops into the 4 to 5K range. But, he or she can always purchase other alt coins that are priced less than BTC.

I will not usually share info but since it's a non-specific detail after the fact I will cite one example of one alt coin I traded. Mid March when the coin market dropped, it became possible to purchase Cardano for around .02 cents per coin. It actually went lower but I did not get in at the bargain bottom price. Cardano is now trading for just over .12 cents per coin. Do the math. Even a $1K investment is now worth $6K. Imagine you had a $100k investment at .02 and sold at .12

The Cardano was traded back to BTC and I cashed out some. With only a few exceptions, I usually won't hold anything other than BTC for the long term. Short term is a different story. And no, I would not recommend buying into Cardano now. It may be a great coin and may show further profit then again it may crash and burn tomorrow. Now if it drops to .02 cents again I'll be back in. Though with my luck it'll probably moon now that I'm out of it.

Chris B.
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I thought your luck or good management seems to get a pass mark.
 
Samson said:
I thought your luck or good management seems to get a pass mark.
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Nope. Many times a coin goes up more after I sell or I miss the bottom when I buy. It's best to stick with the bird in hand philosophy IMO.

Chris B.
 
https://www.msn.com/en-us/news/poli...ist-organizations/ar-BB17VIJz?ocid=uxbndlbing

The Justice Department on Thursday announced that the federal government had seized and dismantled the cyber-enabled cryptocurrency efforts of three major terrorist groups, describing the process as the largest-ever seizure of cryptocurrency with ties to terrorist activities.

I wonder if the government plans to sell these bitcoins, and it it's enough to effect the price?
 
Mycroft said:
https://www.msn.com/en-us/news/poli...ist-organizations/ar-BB17VIJz?ocid=uxbndlbing

The Justice Department on Thursday announced that the federal government had seized and dismantled the cyber-enabled cryptocurrency efforts of three major terrorist groups, describing the process as the largest-ever seizure of cryptocurrency with ties to terrorist activities.

I wonder if the government plans to sell these bitcoins, and it it's enough to effect the price?
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Hard to say since we don't know how much is it.
 
Belz... said:
Low-hanging Fruit Fallacy.
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Chanakya said:
Not to take sides in this debate, but good one. We often see this here, and more importantly, IRL as well. If this fallacy hasn't been christened yet, this is as good a name as any.
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Apparently that does have a name, already. (Found out, just now, from another thread here.) It's the Mott and Bailey.

Pretty colorful back story to that odd name, too. No, not a pair of comedians and their comedy routine. Apparently it has to do with medieval armies laying siege to forts and all. Some professor coined that fancy name.
 
Samson said:
Meanwhile bitcoin is poised to crash below production cost of 7k.

That is why Buffet and Munger see rat poison.
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Samson said:
With bitcoin correlating nicely with Wall Street and a top nicely in place there we can expect a bear market.
Rat poison.
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The_Animus said:
It's been almost a month since your prediction of crashing below 7k and it hasn't happened. Just make a new guess each month and on the occasions you happen to be right you can once again pretend your TA is worth something.
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Samson said:
Cryptos have entered a bear market.

bitcoin 11380
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It never got anywhere close to your earlier below 7k prediction. And after your last bear market prediction the price actually increased quite a bit. It's almost as if they're no better than a flip of a (bit)coin.
 
psionl0 said:
You claimed that bitcoin had entered a bear market last week and the price rose.
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A bear market starts with the first step of the descent from the highest pinnacle.
The rally failed so the prediction is still live and valid.
 
Samson said:
A bear market starts with the first step of the descent from the highest pinnacle.
The rally failed so the prediction is still live and valid.
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The UK FTSE 100 is up 0.84% so where exactly are we talking about?
 
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