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Poll: Bitcoin Reaches $10,000 or $100 first?

Discussion in 'Topical Discussions (In Depth)' started by goldielox1, Nov 11, 2017.



?

Does Bitcoin Move To $10,000 or $100 Next?

  1. $10,000

    79.2%
  2. $100

    20.8%
  1. goldielox1

    goldielox1 Silver Miner Seeker

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    Bitcoin went from $0 to $7900. In the last 4 days, it has dropped back to $6000. Will it touch $10,000 or $100 next?
     
  2. FthePolice

    FthePolice Seeker

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    I'm about to buy Bitcoin for the first time!
     
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  3. Jarrod32

    Jarrod32 Seeker

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    It will hit $10,000 before $100. But it may well hit the $4000 range before getting up there...
     
  4. goldielox1

    goldielox1 Silver Miner Seeker

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    Step up to the roulette table gentlemen.
     
  5. Area51

    Area51 Silver Miner Seeker

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    Tulip bulbs...baseball cards...beanie babies...this time it's different though, right?
     
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  6. goldielox1

    goldielox1 Silver Miner Seeker

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    Yes because all of the things you mentioned are tangible and at least have some sort of underlying value. The same can't be said for bitcoin which has absolutely no intrinsic value and thus has no price floor.

    e.g. If the beanie baby bubble bursts, I still have a beanie baby to give to my kid. If the tulip bubble bursts I can still give my tulip to that cute woman and earn some brownie points. Baseball card bubble bursts, I still got a cool card that shows the player that I or one of my kids likes or I can give as a gift to the kid I know that does like him. Bitcoin bubble bursts and I got .... left? ...A cool 50 digit number on my screen...?
     
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  7. FthePolice

    FthePolice Seeker

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    My thing is this. When Bitcoin was at $1,800 I thought of buying then talked myself out of it. Did it again a few times after that. Kicked myself in the butt when it was over $7,500. I'm going to spend a few hundred bucks and see what happens. I'm tired of hearing about it and not being in the game. As far as my buying and selling Strategy I'll wait a bit after my initial buy in then Go DCA on it.
     
  8. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Just know what you are buying. It is so loaded with fees that it instantly throws up a red flag to me.
     
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  9. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    My take on Bitcoin is it's totally valueless, or really less than a valueless, intrinsic value.
    I think the elite invented it to suck a little more wealth from the sheeple and to redirect that wealth from gold and silver to a worthless ploy.
    They will pull the rug out when options are traded on it, and millions of naked short contracts are dropped on it in 5 seconds. I thought they were going to regulate it out of existence by demanding all transaction records be reported to the IRS, which could happen. If that happened, the majority of users, who are engaged in nefarious business dealings, would abandon Bitcoin immediately.
    It really is Tulips, isn't it?
     
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  10. TRYNEIN

    TRYNEIN Gold Member Gold Chaser

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    I know this kid didn't create BTC, but just think about how some kid just, out of thin air, created BTC and now people think it is has value???

    Why??? .........because they limit how many coins there are?

    I have to wonder how much good BTC is doing people down in Puerto Rico where there isn't any power or cell phone service...


    .......................................................................................................................................................................................................



    [​IMG]




    Talking of tweaks, the co-founder of Ethereum, Vitalik Buterin, is mulling one for Ethereum which might happen before the end of 2017. Watching the firehose of ICOs, Buterin has been asking himself whether, with Ethereum (ether), he’s creating too much of a good thing. According to Bloomberg.



    The 23-year-old helped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later he’s witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder the previously imponderable: limiting the supply of ether.

    “I’m concerned a lot of these token models aren’t going to be sustainable,” Buterin said in a rare interview last week at the Ethereum Developers Conference in Cancun, Mexico. So what’s the problem? There’s a hard limit -- 21 million coins -- on the supply of bitcoin, the first successful cryptocurrency, that helps underpin its value. Buterin isn’t mulling a cap like that, but he’s intrigued by the idea of imposing fees on applications built atop ethereum. Those fees would destroy -- or burn, in Buterin’s parlance -- ether tokens over time.
     
  11. FthePolice

    FthePolice Seeker

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    Yeah, it kind of feels like that. I'll put money that I can dispose of into it though so it won't hurt any. There is a lot of risk but all investments have risk to some degree.
     
  12. Mujahideen

    Mujahideen Black Member Midas Member

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    As long as people use it, it has value. Supply and demand.
     
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  13. FthePolice

    FthePolice Seeker

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    True, as long as goods and services are being traded with it I feel it's legit. Personally, I would only use it for investment purposes though.
     
  14. goldielox1

    goldielox1 Silver Miner Seeker

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    Let me correct that:

    "As long as people [think it has value], it has value."

    Reminds me of another fiat we all know and love.
     
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  15. Mujahideen

    Mujahideen Black Member Midas Member

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    If your fiat doesn’t have value, ship it to me. I’ll pay for the shipping.

    No one is saying bitcoin is gold. It’s just a currency.

    Gold is a terrible currency.
     
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  16. goldielox1

    goldielox1 Silver Miner Seeker

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    No my fiat still has value because people still believe it does. That was my point.
     
  17. solarion

    solarion Gold Member Gold Chaser

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    What's weird to me is that it causes people to react so vigorously to oppose it. Nobody is making anyone use it, so what's gained by endlessly regurgitating the same concerns? EMP dude! EMP!!!

    Don't like it, don't use it. Don't trust it, kewl, then stick to fiat. I think a few guys think they're on some kind of crusade to save the world from bitcoin or something...even going so far as to call it "fiat" despite the fact that the definition clearly does not apply. Seems to me, the only thing these crusaders have accomplished thus far is to dissuade some from swapping a few debt dollars for bitcoin at significantly better exchange rates. Naturally if/when bitcoin does resume it's climb, these guys will again melt into the woodwork and you'll hear crickets from them again until the next bitcoin correction. Then they'll again show up to "save your soul" from bitcoin. It's beyond ridiculous at this point.

    It sucks that gumbymints & banksters suppress the metals, but making stuff up about bitcoin isn't going to fix it.
     
  18. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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  19. anywoundedduck

    anywoundedduck Gold Member Gold Chaser

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    Until they realize that "it" is a non-existent void.
    Too late by then.
     
  20. solarion

    solarion Gold Member Gold Chaser

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    Egads man, you've been posting the same warnings for years(and thousands of percentage points). Even chicken little took some time off from his warnings. lol
     
  21. Someone_else

    Someone_else Gold Member Gold Chaser

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    I really like the idea of Bitcoin. It was supposed to be an easy currency to use on the Internet, and make micro-transactions practical. Also, I think that alongside regular payment methods with a company or authority judging complaints, there SHOULD ALSO be a currrency with zero recourse. Once the transaction is done, it is DONE. It should be up to the players to decide on the risks and recourse of a deal outside of the currency. If you want recourse, there are plenty of options, like credit cards or Paypal.

    So where are we now? If I want to buy a pizza with Bitcoin, what is the fee to get it cleared in a reasonable time? From reading other peoples' comments in the last few months, it seems that this is not really practical anymore. I would be glad to get some fresh information on this, because to me, this is a serious problem.
     
  22. louky

    louky Silver Member Silver Miner

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    1) Anything less than 50% drop in bitcoin is nothing.
    2) Cryptos have no correlation to gold. There isn't one or ever been one noticed - imaginative
     
  23. solarion

    solarion Gold Member Gold Chaser

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    The fees have gotten out of hand at times, that's for sure...at least in fiat terms. I nearly always broadcast with fees around 210 satoshis/byte currently, unless payment has to be confirmed within the next few blocks, then I'll up that to 300 sats/byte. The thinking was that fees(satoshis/byte) would have to fall as btc rose vs fiat, but that hasn't happened. As a result the fees measured in fiat have risen in parallel to btc vs fiat...just in case that wasn't obvious. lol

    For reference, typical transactions without a bunch of bitcoin dust use around 226 bytes of block space, so 210 satoshis/byte = 47,460 satoshis(.00047460btc) = $2.94 currently.

    ...and yeah, that's too high. Some of the initiatives you may have seen have been efforts to force the miners to accept larger bitcoin block sizes or to otherwise optimize the process to bring fees down. I suspect if the miners continue to be as pig headed as they have been, then bitcoin may well be supplanted as the primary crypto...at least for micro payments. That may not be such a bad thing either as other coins are technically better equipped than bitcoin to handle micro transactions anyway...litecoin for instance.

    BTW if you're wishing to regularly use bitcoin to make purchases, like the hypothetical pizza you mentioned, a better way to go about it may be to convert a set amount of btc to dollar denominated assets such as puting them on a bitpay debit card or a gyft/gift card. This way you only pay the currency swap fees once irrespective of the number of transactions you then initiate with the assets in quesion. The downside being that if bitcoin then continues to rise vs fiat, then you'll have cashed out...at least to some degree.
     
    Last edited: Nov 12, 2017
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  24. Joe King

    Joe King Gold Member Gold Chaser

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    Yep. There is a long history of of all manner of things being used as currency. Everything from sea shells to sticks of wood or anything else people have assigned value to at one time or another in order to aid in commerce.
    ....and I learned that when I was 8 years old.


    It's just sour grapes. What else could it be?
    Edited to add: I bet they'd be way happier about it if btc was issued by the fed and worked just like the dollar. Then they'd use it without question. lol
     
    Last edited: Nov 12, 2017
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  25. #48Fan

    #48Fan Silver Member Silver Miner

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    TenX is a crypto-debit card currently in use in the EU. It is supposed to become available to the US sometime this quarter. Btw, this debit card also offers rewards for purchases.

    Check it: https://www.tenx.tech/
     
  26. solarion

    solarion Gold Member Gold Chaser

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    Seems to be the most likely motive. The thinking likely goes something like "bitcoin is hurting gold's price", which may or may not be true...I don't know, but I do know that gold was suppressed long before bitcoin even existed. I mean these banksters have now admitted to rigging PM markets, so blaming bitcoin seems rather silly.

    Perhaps instead people, even goldbugs, should be delighted to see an asset ascending vs fiat the way PMs should be and likely would be without all the manipulations. That a bitcoin is worth several ounces of gold and hundreds of ounces of silver is silly...not because bitcoin sucks, but because gold and silver should be far higher vs fiat.
     
  27. Joe King

    Joe King Gold Member Gold Chaser

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    Exactly right IMO.
    ....and PM's should be trading waaay higher than they are. btc is only thing the gov/banks can't control the price of and more and more people are figuring that out.
     
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  28. Buck

    Buck Fabian Society Gold Chaser

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    The old "keeping up with the Jones"
    If your friends were all jumping off the roof, you'd have to do that too, right?

    LOL

    and if it doesn't, we'll all have to listen to the incessant drivel of how Bitcoin will do this next, Crypto will do that in a month

    LOL


    I've always preached to do what you want but when I see greed and one-up-man-ship going on over a "nothing" that holds value that transfers to FRN's

    sound more like a bunch of girls, it'll do this when it does that, no, no don't do that just yet, here you do this and I'll do that while the markets offer up a multitude of gifts
    Soon, we'll all be rich


    LOL


    GL
    If any of us think we're invited to the game for entertainment and refreshments, we ain't
     
  29. solarion

    solarion Gold Member Gold Chaser

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    Weird how people make excuses though. I didn't see near $2k gold or $50 silver as a bubble in 2011, I saw it as a nice start to getting to where they belong vs debt "money" and the ensuing smack down and suppression that followed as the anomaly. Bitcoin's incredible performance since makes it clear...at least to me...that significant numbers of people are awake enough to recognize the dangers of storing one's wealth in dollar denominated assets. Seems like only a matter of time before even more people shift focus to non dollar denominated assets that haven't enjoyed the huge advance that cryptos have.

    Who's making you listen to anything Buck? Certainly not I. Neither did I make you post in this thread. We're all responsible for our own choices.

    If you don't like "listening" to the "girlish" talk as you put it, then don't freaking click on those threads. For chrissakes man, bitcoin is right in the thread title...you weren't deceived. Dafuq are you even talking pouting about?

    What I said has been borne out again and again...check on it. When bitcoin was going up 220+ percent over the past several months wtf were all the warnings about how skeery dangerous it is? Then, as usual, when it predictably re-traces a tiny fraction of that, the usual crowd shows up to delight in the carnage. It'd be ridiculous even had it not happened 100x prior. ZOMG! BTC crashing! BTC to $100!!! Stay away! lol How many freaking times must people be wrong before they review their own positions?
     
    Last edited: Nov 12, 2017
  30. Joe King

    Joe King Gold Member Gold Chaser

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    I notice the votes for "$10,000" keep going up. lol
     
  31. solarion

    solarion Gold Member Gold Chaser

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    $5k vs $10k would've made for a far more interesting poll. $100 is just silly and says more about the author than it does bitcoin or bitcoin users.

    BTW a pullback to $5k even would mean bitcoin had "only" risen by 413% YTD. It's so freaking easy to stack several times as much metal by utilizing cryptos as an "amplifier" of sorts, I really don't understand the hate-r-ade. Some of these guys act like once you've obtained a couple bitcoin you're locked into them till death or something. The reality is that you can trade them for something else in a matter of seconds.
     
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  32. goldielox1

    goldielox1 Silver Miner Seeker

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    So just so I understand, you're saying it's okay for incessant pumpers to pump it all day long but no one can be the voice of reason pointing out how its just a shined up turd that will be $0 soon?
     
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  33. goldielox1

    goldielox1 Silver Miner Seeker

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    Anyone that trusts something that went up 413% in 10 months is whacked. That's not a normal healthy move. Easy come easy go. It could easily drop 413% just as quickly. If you're not bright enough to realize that volatility is a two way street, then you'll find out the hard way I imagine.
     
  34. goldielox1

    goldielox1 Silver Miner Seeker

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    I think the author actually wanted to put $0 (rather than $100), however, if you watch penny stocks they basically never hit $0, even when dead they still bounce around at $0.01 and $.02 for eternity. $100 seemed like a fair number that essentially means people woke up and btc is dead.
     
  35. Area51

    Area51 Silver Miner Seeker

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    It's funny because it's so true.

    The virtual currency scam is even more frenetic than the dot.com pump and dump scam.

    Fuelled entirely by degenerate speculators desperately trying to get rich on paper.
     
  36. Area51

    Area51 Silver Miner Seeker

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    That should be an immediate red flag for anyone with the slightest understanding of a bubble scam.
     
  37. Mujahideen

    Mujahideen Black Member Midas Member

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    How is it a scam if the market determines the price?

    It operates on a free market and the number of bitcoins are always known.
     
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  38. Area51

    Area51 Silver Miner Seeker

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    WTF are you spending your bitcoins if you think the price is going to continue it's upward trajectory?
     
  39. Area51

    Area51 Silver Miner Seeker

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    The "market" is even more speculative and corrupt than the Wall Street Casino "market".
     
  40. #48Fan

    #48Fan Silver Member Silver Miner

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    I understand it can be hard to identify an actual "free" market as none us us have ever witnessed one.
     
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