Bitcoin price discussion and analysis

[jfufgiugfx]

Yes most think the bottom is in but I think the downward range will continue. I have never seen a complete 'V' in crypto markets. The 'V' would have to start at ATH, bottom at 3.3k then continue up.

 

[Ann]

Will this give Bitcoin a major competitor?....

Facebook will reportedly announce cryptocurrency this month, allowing employees to take it as salary

Facebook will announce its cryptocurrency later this month, and will allow employees working on the project to take their salary in the form of the new currency, according to a report in The Information.

About a year ago, the company appointed former PayPal executive David Marcus to begin exploring opportunities with blockchain, the technological underpinning for cryptocurrency. Since then, several outlets have reported that the company has been building its own digital currency, which users will be able to store, trade, and exchange for regular currency, in part through Facebook apps including Messenger and WhatsApp. The report adds that Facebook is also planning physical ATM-like machines where users can by the currency. More...

 

[verce]

Will this give Bitcoin a major competitor?....

Facebook will reportedly announce cryptocurrency this month, allowing employees to take it as salary

Facebook will announce its cryptocurrency later this month, and will allow employees working on the project to take their salary in the form of the new currency, according to a report in The Information.

About a year ago, the company appointed former PayPal executive David Marcus to begin exploring opportunities with blockchain, the technological underpinning for cryptocurrency. Since then, several outlets have reported that the company has been building its own digital currency, which users will be able to store, trade, and exchange for regular currency, in part through Facebook apps including Messenger and WhatsApp. The report adds that Facebook is also planning physical ATM-like machines where users can by the currency. More...

Hi @Ann

I actually take the opposite view - anything that onboards new and unbanked customers onto the blockchain and cryptocurrency is actually a big validation of Bitcoin. I expect a huge boost to BTC and ETH as a result.

 

[verce]

But I could be completely wrong, as is often the case.

 

[Ann]

I actually take the opposite view - anything that onboards new and unbanked customers onto the blockchain and cryptocurrency is actually a big validation of Bitcoin. I expect a huge boost to BTC and ETH as a result.

What an interesting comment verce, that is very thoughtful. Sort of like the currencies of different countries?

Many years ago in the early days of bitcoin my son was a 'miner' if that is the correct term. He was a bitcoin bull and was trying to convince me into buying in. I told him, if I can't chart it, I don't want it. See why I have Fool as my emblem.

But I could be completely wrong, as is often the case.

I have a massive growing respect for you verce, it started on PO3 and has been growing ever since!

 

[verce]

What an interesting comment verce, that is very thoughtful. Sort of like the currencies of different countries?

Many years ago in the early days of bitcoin my son was a 'miner' if that is the correct term. He was a bitcoin bull and was trying to convince me into buying in. I told him, if I can't chart it, I don't want it. See why I have Fool as my emblem.



I have a massive growing respect for you verce, it started on PO3 and has been growing ever since!

@Ann - all I can say is I feel the same way. I'm thankful that we had our PO3 dispute - because if it wasn't for that, I never would have got to know you!

You make me want to be a better investor.

 

[verce]

 

[verce]

 

[verce]

Welcome to the future!



What an exciting time to be alive!

 

[So_Cynical]

Welcome to the future!



What an exciting time to be alive!

FBC as a ticker?

 

[verce]

Looking positive.

 

[verce]

I would caution people not to dismiss Bitcoin lightly. Considering that it has – whether it be through accidental genius or otherwise - developed a social compact which enforces cooperation and trust between third parties unlike anything we have ever seen before.

The blockchain significantly restricts the ability of malicious actors to undermine the system and strongly promotes consensus and cooperation. The security of the protocol is determined by the longest chain, which has the greatest proof-of-work effort invested in it. The valid chain run by honest miners will grow the fastest and outpace any competing chains.

To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. This is nearly a decade of immutable work with incredible security. It's the perfect store of wealth during times of uncertainty.

Sure, there are problems. Transactions need some work to scale, but this is most likely going to be addressed over time. This is something new, unlike anything we have seen before in human history. Nobody really understands it. People are excited, and also afraid of it. Now that it has cracked 10k, there’s clearly no going back at this point. This literally came out of nowhere and has survived against all the odds and despite all the naysayers. If you don't see the value in that, that's on you.

Those comparing BTC to “Tulip mania” fail to understand that once the Tulip bubble burst, that was it. It was over. Bitcoin has gone through this crash/recover/crash cycle before, and still gone on to make new all-time highs. Is it really a bubble if the asset comes back to life, with better results than before? I would argue it is still in the price discovery and accumulation phase.

 

[ducati916]

Hi @Ann

I actually take the opposite view - anything that onboards new and unbanked customers onto the blockchain and cryptocurrency is actually a big validation of Bitcoin. I expect a huge boost to BTC and ETH as a result.

Currently crypto transactions account for a trifling value re. transactions for actual goods and services, part of the issue obviously the issue re. scaleability.


What about the issue re. 'ownership' of the wallet?

jog on
duc

 

[moXJO]

Will higher lows translate into higher highs?

 

[Ownthebitcoin]

I would caution people not to dismiss Bitcoin lightly. Considering that it has – whether it be through accidental genius or otherwise - developed a social compact which enforces cooperation and trust between third parties unlike anything we have ever seen before.

The blockchain significantly restricts the ability of malicious actors to undermine the system and strongly promotes consensus and cooperation. The security of the protocol is determined by the longest chain, which has the greatest proof-of-work effort invested in it. The valid chain run by honest miners will grow the fastest and outpace any competing chains.

To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. This is nearly a decade of immutable work with incredible security. It's the perfect store of wealth during times of uncertainty.

Sure, there are problems. Transactions need some work to scale, but this is most likely going to be addressed over time. This is something new, unlike anything we have seen before in human history. Nobody really understands it. People are excited, and also afraid of it. Now that it has cracked 10k, there’s clearly no going back at this point. This literally came out of nowhere and has survived against all the odds and despite all the naysayers. If you don't see the value in that, that's on you.

Those comparing BTC to “Tulip mania” fail to understand that once the Tulip bubble burst, that was it. It was over. Bitcoin has gone through this crash/recover/crash cycle before, and still gone on to make new all-time highs. Is it really a bubble if the asset comes back to life, with better results than before? I would argue it is still in the price discovery and accumulation phase.

I agree with your points. Bitcoin bubble has only just started in my opinion. Only a smaller percentage of the global population know about it let alone own it. When the S$%t hits the fan, people will flock to safe havens.

Gold is a store of value. But what else can you do with it besides bury it in your backyard. That's where Bitcoin has a distinction as it can be also used as a form of currency. I would choose Bitcoin any day given it's limited supply and scarcity.

Plus you can't manipulate it. No one owns it. There is no CEO. You can't summon them to court.

During the next GFC, there will be a transition of wealth from fiat to another asset class. This is why I've created a website to bring awareness to the everyday people.

Don't listen to the naysayers. Even Mr Trump has come out against BTC - what does he know? He has more to lose if BTC replaces the USD. Even more reason to accumulate IMO. You will never become financially free listening to the media. Make your own decision.

 

[StockyGuy]

Even Mr Trump has come out against BTC - what does he know? He has more to lose if BTC replaces the USD. Even more reason to accumulate IMO. You will never become financially free listening to the media. Make your own decision.

The USD is the world's reserve currency - backed by the world's greatest superpower. The USA is not only the most powerful militarily and financially, unlike the two competitors to the crown people are begging to live in the USA - foreigners rarely choose to live in China, Russia. People buy US bonds because they want to be shareholders in the greatest power in world history, despite its government debt level. That's what the USD represents currently. At this time it also has the highest central bank interest rate among major trading currencies with a floating exchange rate. While I accept no hegemony lasts forever, historically the big empires tend to stick around for a while.

Compare that to Bitcoin. BTC may well have more medium term very profitable trading opportunities, no doubt. Likewise there may be a place for cryptocurrency in the future long term but to assume that will be specifically BTC itself is rather bold. There's others that have a lot of strong points. (Maybe someone should create a crypto and call it the Bulb, as in tulip bulb, for the lulz.) Just my two AUD cents

 

[wayneL]

I agree with your points. Bitcoin bubble has only just started in my opinion. Only a smaller percentage of the global population know about it let alone own it. When the S$%t hits the fan, people will flock to safe havens.

Gold is a store of value. But what else can you do with it besides bury it in your backyard. That's where Bitcoin has a distinction as it can be also used as a form of currency. I would choose Bitcoin any day given it's limited supply and scarcity.

Plus you can't manipulate it. No one owns it. There is no CEO. You can't summon them to court.

During the next GFC, there will be a transition of wealth from fiat to another asset class. This is why I've created a website to bring awareness to the everyday people.

Don't listen to the naysayers. Even Mr Trump has come out against BTC - what does he know? He has more to lose if BTC replaces the USD. Even more reason to accumulate IMO. You will never become financially free listening to the media. Make your own decision.

Gold had it's problems... divisibility etc, but supposing the poo really hits the propeller and the internet goes down.

How do you spend bitcoin to buy some stale bread, dried pig ears and a .38 magnum and ammo?

 

[Ownthebitcoin]

Gold had it's problems... divisibility etc, but supposing the poo really hits the propeller and the internet goes down.

How do you spend bitcoin to buy some stale bread, dried pig ears and a .38 magnum and ammo?

That's an extreme case. If the internet goes down there will be much bigger problems. Not sure how a bar gold will help you buy a loaf a bread either.

 

[lusk]

I agree with your points. Bitcoin bubble has only just started in my opinion. Only a smaller percentage of the global population know about it let alone own it. When the S$%t hits the fan, people will flock to safe havens.

Gold is a store of value. But what else can you do with it besides bury it in your backyard. That's where Bitcoin has a distinction as it can be also used as a form of currency. I would choose Bitcoin any day given it's limited supply and scarcity.

Plus you can't manipulate it. No one owns it. There is no CEO. You can't summon them to court.

During the next GFC, there will be a transition of wealth from fiat to another asset class. This is why I've created a website hedgewithcrypto to bring awareness to the everyday people.

Don't listen to the naysayers. Even Mr Trump has come out against BTC - what does he know? He has more to lose if BTC replaces the USD. Even more reason to accumulate IMO. You will never become financially free listening to the media. Make your own decision.

Seriously you believe they will allow it to replace the USD?

What allows you to believe in it and hold all the way up will make you hang on all the way down.

 

[Ownthebitcoin]

The USD is the world's reserve currency - backed by the world's greatest superpower. The USA is not only the most powerful militarily and financially, unlike the two competitors to the crown people are begging to live in the USA - foreigners rarely choose to live in China, Russia. People buy US bonds because they want to be shareholders in the greatest power in world history, despite its government debt level. That's what the USD represents currently. At this time it also has the highest central bank interest rate among major trading currencies with a floating exchange rate. While I accept no hegemony lasts forever, historically the big empires tend to stick around for a while.

Compare that to Bitcoin. BTC may well have more medium term very profitable trading opportunities, no doubt. Likewise there may be a place for cryptocurrency in the future long term but to assume that will be specifically BTC itself is rather bold. There's others that have a lot of strong points. (Maybe someone should create a crypto and call it the Bulb, as in tulip bulb, for the lulz.) Just my two AUD cents

The debt riddled USA and its USD has the most to lose. Of course i cant say bitcoin will certainly replace it, but there is no denying people are starting to look for alternative means for paymemt - that is easy, safe and low fee's.
Its like a virus. You cant stop peoples desire for a better way or system. The fiat currency, does not serve the people.
Bitcoin will play its part in the USD collapse.

If it was truly worthless with no threat to the USD and will go to zero, why regulate it? There are aready multiple global companies accepting it as payment right now.