Bitcoins are officially donkdown

[garrett]

And actually to me, most importantly in ways actually is this. Bitcoin was sort of 'Born' the White Paper Published in what 2008, and in 2007 we had just had begun to have the worst Economic Collapse since the Great Depression in the United States. Peoples houses flipped upside down. 401ks Vanished, stocks went from $100 a share to $3 or $4 so in a short time like wham, people got clobbered literally collectively.

So the thing to me now when I think about it and I get why maybe then could be, etc but I think why then. But that is exactly when this new crypto currency was begun. That timing to me is so telling, and Fast-Forward to where we are today. And the U.S Government is still so hands off to a point, I start to think to myself (o.k. Wait, something is actually going on here lol)

i'm really actually starting to believe that Bitcoin itself is entirely, a United States Government wholly owned and functioning Mechanism here maybe. It would check all the boxs, the whys answered, and actually makes, perfect sense. Its a little scary lol....

I think that is a step too far. But I think you are kidding yourself if you think there isn’t already a big stash of these things in a US Treasury/Fed wallet somewhere. 0% chance CIA isn’t using it.

Fed has 0% to lose with printing up a 1/4 trillion fun coupons and redeeming them in for BTC just to hold “just in case”.

fun coupons lmao is actually hilarious...

we really have and are again printing so much money. We are at the moment fully participating in our duty as the leading Monetary Policy leading Country in the World. That is for sure lol. But that is also why there has been a run to Bitcoin, or heck even Silver or commodities you can say. Its people starting to Trend toward, hedging for Inflation. Anyone with a half a brain who actually understand how a Capitalistic Money Printing leading the World Country functions, Understand o.k. wait a minute here. We probably are going to have to deal with some negative consequences now. To having printed a lot of Trillions in debt now, and lol this fuckin COVID timing. A lot of money wasn't at the moment, and Biden has to deal with it. And Inflation is coming, if not an all out full Recessionary period. Get your Mortgage now, or refinance with these all-Time low interest rates at the moment. Because Interest Rates are going up for sure. You cant print and give out as much money now as we have, without paying for it all somehow and from somewhere, right =)..

anyway im digressing now, sorry lol... =)

[Daly]

I’m personally invested for an inflationary environment. Doesn’t mean I recommend for everyone else. I’m a gold bug/inflation porn guy myself.

There is a rational devils advocate though. The markets took a multiple trillion dollar haircut last Feb/Mar. people had some 50T (I’ll let someone correct me if the have exact numbers) in stock market value in Jan and woke up one morning to it being worth ~25T. That’s a lot of fun coupons that disappeared “overnight”.

There is a reason why the fed did what they did. Deflation could have been huge.

[4BET]

That 15 bitcoin I lost playing 50/100 chip HUNL on seals is getting more and more painful as time goes on

[TheXFactor]

Back in 2014, Chamath paid $1.6 million for a vacant lot in Lake Tahoe which cost 2,739 Bitcoins.

Today 2,739 Bitcoins is worth $145 million.

Embedded Tweet

https://twitter.com/#!/x/status/1359248379377762310

[sonatine]

[Dan Druff]

This guy is the best chart traders I follow.

Wow... pretty close with the 56k thing. Went up to 58100 before falling.

[Daly]

[Walter Sobchak]

Post more please

[sonatine]

Post more please

i literally post many times every day but more importantly:

[Forum Wars]

PUBLIC SERVICE ANNOUNCEMENT:

Bitcoins are down about 20% since yesterday. If that was the stock market as a whole, that would be a bear market (since yesterday!)



Also, as a reminder, bitcoins are little digits that exist in cyberspace that ultimately represent NOTHING. Similar to FIAT currencies, but slightly better.

As you were.

P.S.: (Buy_HARD_Assets).

[FRANKRIZZO]

Big drop, almost 10k down

[Dan Druff]

Seems like 46k was the downward resistance point. Now it's hanging at 48k.

[nightmarefish]

Seems like 46k was the downward resistance point. Now it's hanging at 48k.

It's not done correcting yet.

[Daly]

PUBLIC SERVICE ANNOUNCEMENT:

Bitcoins are down about 20% since yesterday. If that was the stock market as a whole, that would be a bear market (since yesterday!)



Also, as a reminder, bitcoins are little digits that exist in cyberspace that ultimately represent NOTHING. Similar to FIAT currencies, but slightly better.

As you were.

P.S.: (Buy_HARD_Assets).

January 1 2021 - Today

Gold
1944 - 1804

Silver
27.28 - 27.72

BTC
29,374 - 48,475

[Cerveza Fria]

Gemini gave me $10 in Bitcoin yesterday! The email said it was because of a referral. I'm not aware of referring anybody to them. In fact their customer service sucks and they held my wire deposit for 11 days before putting into my account. I guess they're trying to make nice.

[Daly]

We either all going to be broke or rich in the next two weeks.

That 10 year is frightening.

[Sanlmar]

We either all going to be broke or rich in the next two weeks.

That 10 year is frightening.

Half point since January. This is a lot

Why is it frightening though?


Edit
The past year has been a frightening bubble so I’m not sure anyone has been completely surprised by this recent pop. In fact everyone initially piled into the 10 yr move.

I’ll walk that back, yeah.. things are gonna change and some folk gonna get hurt.

S&P 3800 is a fair warning.



Bitcoin is a demonstration of the public appetite for risk not a fundamental hedge. I have been fascinated to track GME vs BTC in small time frames.

[TheXFactor]

The price for one Bitcoin was $4,916.78 back on March 13, 2020.

The price increased 10X since then.

$46K and falling.

Inflation and major government spending should push cryptocurrency much higher soon.

U.S. government should pass a $1.9 Trillion stimulus next week.

[garrett]

The price for one Bitcoin was $4,916.78 back on March 13, 2020.

The price increased 10X since then.

$46K and falling.

Inflation and major government spending should push cryptocurrency much higher soon.

U.S. government should pass a $1.9 Trillion stimulus next week.

I am going to be honest here, I no longer feel Bitcoin is at all going to 100k-400k at all now, in the past 24 hours my entire position Towards the Bitcoin has changed.

When I read Coinbases S-1 Filing, I realized oh my god. They know with a doubt who created Bitcoin. And the reason it presents such a threat to them, and Bitcoin, is they know it is the U.S. Government and is wholly them. Bitcoin was created by the U.S. Government, wholly undoubtedly and Coinbase is saying that when they said there biggest 'Risk' to there Viability, and Bitcoins is. If people actually found out who created the Bitcoin, a run on the bitcoin would happen for sure. They know it and that is now, Coinbases #1 'Risk' and they know. In their filing without say that (they dont have too) they basically told us as much, indirectly. I was Flooored by this as their greatest risk, its the U.S. Government no doubt about it. And Coinbase knows. It does make total sense the U.S. Government wanted to see if a Non-Inflationary, Non-Fiat system had any Viability. And likely and to this day as a not publicized super 'Top Secret' operation of sorts, to see the Viability of people need or love for the Fiat paper currency.

Token' of sorts then, but Bitcoin as we know it is done when people realize that it is and always has been wholly U.S. Government created. When that fact gets out, people are gone. Bitcoin price is then, other than actual Market Viability maybe, but the 'Early Adopter' types. A and long holding people are gone. Once they realize and all along that Bitcoin the U.S. Government created. Bitcoin is done then, except for maybe this new Wall.St based stuff but the HODLER's are absolutely 100% gone. Short the bitcoin price and it may take some years for people to realize this fact. But I now, would be betting the DOWNside of bitcoin price, unequivocally....

Short Bitcoin imo and just relax, wait however many years for that FACT to become generally more known and accepted. Then (LOL) Bitcoin price, is gone we are talking back to 2010 levels too. Id be shorting bitcoin now myself, after i realized this and read Coinbases S-1 Filing now....

[Neverheeb]

In order for a currency to be successful it needs to satisfy three conditions. First it needs to provide a medium of exchange, which BTC has shown - it revolutionizes the game. Second, it needs to be a store of value. BTC is extremely volatile, and it is a HORRIBLE store of value. One day you have $5 of BTC, the next you have $12 of BTC, and then you have $2 of BTC, yet all the while you have the same number of BTC. That is NOT a welcome way to hold your wealth. How can you plan and save with such a volatile currency???? BTC does not satisfy this second condition. Third, the currency needs to be capable of providing a unit or measure of value. It needs to be capable of setting prices.

Picture this. A hypothetical situation in which BTC has emerged in the distant future as the dominating global currency. You have a BTC payment method on your spiffy smart phone so you saunter into the local Starbucks with the intention of purchasing yourself one of those wonderful CARAMEL FRAPPACHINO'S!!!! And of course you want the 20 oz size because you like to get the most bang for you buck. You look up at the price menu. You see a bunch of plasma screen tvs with tickers that need constant updating to establish the price of a Starbucks product in BTC. WTF SERIOUSLY?!?!?!?!

Now how about the underdeveloped countries of the world. You know those places where there aren't lots of cell towers, and not everyone has the latest new digital devices. Places like Guatemala where a lot of coffee is grown. No one has come along and mechanized coffee cultivation yet, so they are unable to invest in labor-augmenting capital equipment. Yeah I get it - hillsides, but some inventors are pretty clever. But hey, should a place like that just jump on into digital currency instead of investing where it would actually improve quality of life and consumption per worker later on? When will all those places be able to conduct commerce without fiat cash?

Here's my projection. BTC is likely to suffer some serious swings in the downward direction that are going to affect some people holding the currency in an EXTREMELY bad way. They are going to lose massive amounts of wealth chasing the "next great investment" with an urgent fear of missing out. All sorts of people are going to be extremely snake-bitten by these huge losses. More and more people are going to get hit by the negative side of BTC's volatility until people plain old think the new currency sucks. They are going to ditch out on the idea of holding any money in BTC and put it back in safe places. Look at the market cap for BTC. The dream of riding BTC to riches... that boat has sailed and passed. Sure, maybe it will double from here, but it could also go plummeting to a tenth of its value at any point in time. Oh, and don't forget about how much energy it takes to mine BTC, and if you did not know, that energy requirement is increasing - a lot.