Bitcoin price discussion and analysis

[Ownthebitcoin]

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.

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.

Of course governments wont allow it.
But you just cant remove bitcoin unless every single country in the world all agree to close exchanges (or the internet). Which wont happen.

The US fear it because they will lose control of the money and in return they then cant control YOU.

 

[wayneL]

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.

That was my point about divisibililty.

But just a small point that might be worthy of everyone's consideration here, the US dollar is not controlled by the US government but by the privately-owned Federal Reserve. I don't really know what that means in total but you can bet your bottom dollar that they will protect their interests.

 

[StockyGuy]

You can get the smaller gold and silver rounds. Maybe have to buy the bakery, though. I suspect even in an apocalyptic scenario the appeal of gold to humans will remain. It's pretty. I get the point about divisibility but in fact it actually is divisible in a RELATIVELY low-tech manner - very malleable.

If we were truly at the end of civilisation though, frankly weapons of any sort might be the only thing that matters. Weapons of all sorts might BE the currency.

If it gets utterly medieval, weapons can purchase anything, at a cost of zero. Hopefully we never go back to such times.

 

[moXJO]

Hopefully we never go back to such times.

Actually many countries experience this now.

As for the internet going down, Russian subs have already been mapping deep sea cables. No doubt China would do the same.

 

[qldfrog]

I wish to move my BTC from the exchange into a "paper form" idealy these lists of key words
Anyone with recommendations

 

[moXJO]

I wish to move my BTC from the exchange into a "paper form" idealy these lists of key words
Anyone with recommendations

There are hard wallets you can use.

 

[qldfrog]

Out of the usb sticks i use, i would say 20pc are dead after 3y or so
So you can understand my reluctance i to putting a bitcoin with a full loss in 20pc of cases within 3years
But keen to know about people own experience

 

[kid hustlr]

Out of the usb sticks i use, i would say 20pc are dead after 3y or so
So you can understand my reluctance i to putting a bitcoin with a full loss in 20pc of cases within 3years
But keen to know about people own experience

I bought a nano s. Cost me 100 bucks but it does the job and satisfies all the tin foil hat theories in protecting ones crypto.

I own btc only

 

[qldfrog]

I bought a nano s. Cost me 100 bucks but it does the job and satisfies all the tin foil hat theories in protecting ones crypto.

I own btc only

@kid hustlr : how long have you had it, and are you not scared of the risk of hardware failure?
I am also only considering BTC here

 

[Value Collector]

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

I totally agree.

And so do bitcoin owners even if they don’t realize it, in reality the only reason most of them are even trading bitcoin is because they want to get more US Dollars.

The real value that exists in society comes from the products and services our economy generates, and the USA generates its fair share of desirable products and services.

Sure it consumes a lot of low value goods and services from overseas, but it is exporting a lot of high value goods and services also.

There is a good reason I have a statue of Walt Disney as my avatar.

 

[Value Collector]

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.

You are delusional.

Forget about bitcoin, and focus on owning assets and companies that generate real products and services that can be sold into the market, and use the profits to generate compounded growth.

Everything else is fake, including bitcoin.

 

[qldfrog]

@kid hustlr : how long have you had it, and are you not scared of the risk of hardware failure?
I am also only considering BTC here

Reading a bit more reassured me, so order sent
Thanks

 

[moXJO]

Forget about bitcoin, and focus on owning assets and companies that generate real products and services that can be sold into the market, and use the profits to generate compounded growth.

Everything else is fake, including bitcoin.

Bitcoin is all bluesky.The profits are real enough for me though.
I say milk what you can.

 

[qldfrog]

Bitcoin is all bluesky.The profits are real enough for me though.
I say milk what you can.

Exactly, the profit ate in real dollars

 

[Value Collector]

Bitcoin is all bluesky.The profits are real enough for me though.
I say milk what you can.

Sure trade anything you can to make a profit, but don’t fall into the trap of believing the snake oil actually has value.

 

[moXJO]

Sure trade anything you can to make a profit, but don’t fall into the trap of believing the snake oil actually has value.

Absolutely.

But look for those zealot type true believers. They're your pathway to profits.

 

[Gringotts Bank]

omg.

https://www.cnbc.com/2019/11/04/stu...rket-manipulator-pushed-bitcoin-to-20000.html

 

[DB008]

Just over a month ago (Nov 24 2019), new Bitcoin Core protocol was released

Bitcoin Core 0.19.0

https://www.nasdaq.com/articles/bitcoin-core-0.19.0-released:-heres-whats-new-2019-11-24​

This one stands out for me...

Bech32 Addresses by Default in the GUI​

The “bech32” address format (BIP 173) had already been introduced in Bitcoin Core 0.16.0, released in early 2018, but is now for the first time set as the default option in the Bitcoin Core wallet Graphical User Interface (GUI).

Bech32 addresses are the addresses starting with “bc1” (as opposed to addresses starting with a 1 or a 3.) These addresses are also a bit longer, but use fewer different characters than the current address format, as there is no longer a distinction between lowercase and capital letters. (This reduces the potential for human mistakes, for example, when an address is read out loud.) Bech32 addresses are also designed to limit mistakes caused by typos.

Additionally, bech32 offers benefits in the context of SegWit. Some wallets that offer SegWit — including the Bitcoin Core wallet by default up until now — do so by “wrapping” it into P2SH outputs (with addresses starting with a “3”). To spend bitcoin from such an address, users must reveal a piece of code — the “redeem script” — to show that the bitcoin were really locked up in a SegWit output. With the new bech32 addresses, this step can be skipped, which means that spending from a SegWit output will require a little less data to be transmitted over the Bitcoin network and included in the blockchain. This makes transactions from a bech32 output even cheaper than SegWit transactions from a P2SH output.

Since not all bitcoin wallets support sending to bech32 addresses yet, Bitcoin Core 0.19.0 users will still be able to optionally generate a PS2H receiving address instead, through a toggle in the GUI.​

 

[peter2]

How's bitcoin handling this coronavirus crisis? Not well I see, -40% and still falling.

 

[matty77]

No surprise there, I would expect Bitcoin to act very similar to Gold when we are having an economic downturn. People sell out to pay off debt, that is what is happening right now. I still think it has some way to go and may test the $3500-$4000 mark or lower.

Once the dust settles Bitcoin will be back bigger and stronger I think but for the next few months it will be a wild ride so hold on, also I think when it does bounce back we will see massive growth over a very short period of time.