Congrats to the hodlers…I doubt we ever witness another financial phenomenon like this in our lifetime. Mystery man creates peer-to-peer decentralized payment software named Bitcoin. Whales, corporations, countries, and billionaires start buying it up and when the price stalls out due to obvious transaction/currency issues they lobby to reposition Bitcoin as a “digital asset”. Bitcoin becomes centralized as a result. Same Whales and billionaires payoff politicians in key swing states to pave the way for a crypto-President, who just a few years ago called it a scam until he started buying and creating his own crypto. President appoints crypto-consultant to run the SEC. Watch any media outlet talking about the incredible crypto run and not one of them discusses use cases, technology, etc. mainly because nobody understands it or cares. Simply amazing. And now Putin is talking up Bitcoin. I would argue we are witnessing the largest wealth transfer and creation in the history of the world all thanks to the brilliant efforts of the crypto deep state. What could possibly stop Bitcoin at this point?
OT: Bitcoin, Altcoins, NFT's & All Things Crypto
- Thread starter bob-loblaw
- Start date
Do we think this is a clean break through?
I wonder if it will now prove to be a support level, but think it needs to run higher first. Could still see this dipping back below and hanging in the 90's for a bit. But if it runs up near $120, I think it won't drop below $100 again.
I wonder if it will now prove to be a support level, but think it needs to run higher first. Could still see this dipping back below and hanging in the 90's for a bit. But if it runs up near $120, I think it won't drop below $100 again.
“when the price stalls out due to obvious transaction/currency issues they lobby to reposition Bitcoin as a “digital asset”
When did this happen?
2021-2022…if you will recall in 2021 it was all about the currency hype and El Salvador. Remember “Bitcoin Beach”? Remember all the usual crypto suspects touting that bitcoin is now used as legal tender and just wait and see all the countries that follow. Then the Bitcoin currency disaster ensued as nobody was using Bitcoin to buy things and the Chivo wallet transactions were non-existent relative to projections. What happens next…well, nobody mentions El Salvador on CNBC ever again and the usual crypto suspects change the narrative and pump it as a “store of value” and a “digital asset like gold”. Am I wrong?
When price is up the pumpers are everywhere, when price is down the haters come back out. It’s pretty predictable. I read about El Salvador all the time. The president was all over X a week or two ago touting his PnL.
Do you know bitcoin rose by 168% in q4 of 2020, right around the last election. Was that a deep state conspiracy? Or maybe it’s something else.
All you have to do is look at the 4 year cycles. It’s so very simple. Price didn’t stall in 21-22 because of use case, it stalled because that is what it does every 4 years. Just like now is the exact time it runs every 4 years, it’s just now being aided by positive news on top of it.
It had a TON of resistance to break through to get above $100k. If it stays above this level for a while, any dips into 5-figures may be viewed as huge buying opportunities. That would help your thesis.
I think you are discounting the failed El Salvador currency experiment. Not to mention FTX didn’t help. “Store of value” and “digital gold” were spun up by those changing the narrative once it was obvious BTC as a currency or method of payment was dead. FWIW, I’m applauding the execution of the rise of BTC by insiders and people far richer and more powerful than us. The biggest joke of all is that IF the U.S. creates a strategic reserve it will completely unravel the notion that BTC is “decentralized”. I mean, come on, based on concentrated ownership it’s not “decentralized” now - but a strategic reserve goes next level and will force the U.S. to carry a “digital asset” it will never be able to sell - as in never, ever. Meaning owners/holders will never have to worry about a collapse. That’s where the crypto deep state is headed. Not to mention by securitizing crypto as collateral in transactions like mortgages it will be too deeply woven into our financial fabric that it can’t be pulled out.
El Salvador and their president won. Good for them!
I've been in bitcoin since early 2017 and from the gitgo it was considered a store of value. That's not a new or revised concept. Other uses have popped up but store of value has always been at its core.
As for "decentralized", you have the definition incorrect. Decentralized means you can buy, sell, send, store bitcoin without banks or middlemen. Anyone with money can accumulate bitcoin if they're willing to pay the price.
Correct, nations or institutions buying more of it doesn’t make it less decentralized, it limits available supply. Yet another thing we’ve been pointing to on this thread for years as a reason for its increasing value.
FTX is probably one of the best arguments against what you’re saying. They paid off everyone, gamed the system and did all types of nonsense, and yet here we are, still chugging along.
Study 4 year cycles and watch less cnbc would be my advice
I think you are missing the point of the strategic reserve - it would be for the U.S. to control BTC to provide price stability and dictate supply = that means centralization. But if you are talking about the “decentralized network” it doesn’t matter anymore because it’s not a transactional asset. The second BTC became “digital gold” and the currency idea failed the network became a side-show. The Lightning Network only matters if BTC enters mainstream finance for transactions and p2p payments - which likely will never happen.
You realize nations/corporations limiting supply = centralization…BTC was never supposed to be stockpiled by corporations and governments and in turn limiting supply. That cuts directly against the entire purpose of Satoshi creating it in the first place which was allegedly in response to the 2008 financial crises caused by…corporations and the government…imagine that…
I’m not arguing against making a fortune on BTC.
There are a lot of theories on FTX including those that believe it was actually the crypto deep state that triggered the downfall…but that’s too much Reddit BS even for me to digest.
So you think gold is centralized because countries stockpile it?
Absolutely…that’s why it was once the “gold standard”. And even now it still serves as a neutral reserve asset because of stability and value is less volatile.
Not a fan of this 4 year cycle narrative. The gov’t catalysts in 2020 and now 2024 are the clear drivers of these last 2 runs. Not “that is what it does”.
We will find out soon enough. There’s always a narrative that fits the movement
$100M usdc “minted out of thin air.” Or…$100M deposited into a sec registered fund, therefore requiring another $100M of usdc to be minted. Potato, po-tat-o
Hawk Tuah girl allegedly scored $50M in the latest rug pull. There are victims claiming they lost their life savings. On the one hand those people probably deserve it for being so stupid, on the other hand a scam is a scam.
True…so who needs laws and regulations? Just let humans be humans and destroy each other and themselves. Get rid of the drinking age, gambling laws, insider trading, seatbelts, drivers licenses, prostitution laws, etc. When Grandma thinks her bank is calling and her life savings disappears that’s what she gets for being so stupid.
Coinbase is out for blood and I’m here for it.
This is a terrible take. Due to block size and demand, L1 fees are going to go through the moon in the near term. Lightning will see adoption and use continue to grow. As always with Bitcoin, gradually, then suddenly. Also, the Trump administration is going to crush the Chokepoint 2.0 stanglehold on development in the space. Just as the price of btc has finally mooned, adoption will occur. Just takes time.
More importantly 100k was nice. Celebrated with some Blanton's. Greatly looking fwd to the next 2 years
You're so right about L1 fees. I had about 4 USDC tokens in my Ethernet Mainnet in my Metamask wallet and tried to bridge it to my Polygon Mainnet where my DIMO gets airdropped and the gas fee would have been about $35, just to move $4. Sending USDC from my Polygon Mainnet, no matter the quantity, runs about 2-5 cents!
It's pretty remarkable how well BTC and the crypto market performed over the past 4 years with such a crazy amount of headwind (from the feds). Banks, Wall Street, Feds.....everyone now rowing together to benefit all crypto users. It's going to be fun to watch!
One way or another it will be entertaining. How quickly do people forget the craziness with FTX and all the exchanges that were corrupt. There will be a lot of fraud out there. Hopefully people navigate carefully.
In terms of my investments in crypto, I have a set amount in BTC and ETH that I will HODL. I also go in and out of a lot of other products such as COIN, HOOD, MSTR, MSTX (2x leverages MSTR). Altogether, I am always under 5% of my entire portfolio invested in crypto or related stocks at any given time.
If you don't mind me asking, what percentage of your investments are crypto and related stocks?
I’m similar in less than 5% whereas most of my investments are in ETFs
I’m sure you are a much better investor than I am as I haven’t played with options or single stock in awhile
Crypto positions make up 4-5% of my entire portfolio, but I'm fine if it grows to be bigger (not currently adding in new money).
BTC via Fidelity Crypto and FBTC (in one of our rollover IRAs)
ETH also Fidelity Crypto
SOL via Coinbase
Several other SOL plays (BONK, WIF, SHDW) via Coinbase
SUI via Coinbase
Plan is to HODL BTC/FBTC and ETH long-term. My Coinbase account will eventually be converted to BTC once the Alt-season does its thing.
Also, own WULF and MSTR (both crazy up). I would love to hear how you use MSTX. You know I enjoy leverage!
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