one can only wish for such situation. A friend of mine said if Bitcoin hits 1K he is selling one of his kids to load up
Hahah, I'm already mentally preparing for it, we're already making to-do lists, I mentioned selling the Tesla as it's an easy way to raise cash to buy bitcoins at low prices. We can have a rental until we get a cheap car As crazy as it sounds, Bitcoin going below $1K each, it is not as improbable as it seems, 5 years ago, btc was below $10K but if you go one year before, 6 years ago Nov/2016 btc was below $1K This DCG financial problems, coupled with lack of liquidity and not enough lenders out there in the market may just be the catalyst to close down the GBTC and liquidate the btc's to unlock the value One can only wish...
There is truth to this... The only MOAT that BTC has, is name-brand recognition. It's the oldest lasting and was the official first-mover into the scene. Though, there have been various other 'crypto' attempts before this, they fizzled and burned, and essentially were centralized. Unfortunately, this is the only positive thing for BTC's moat. And it has lots of problems that are getting worse. The European nation already banned PoW blockchains this year, only to temporarily remove that ban. There is a strong chance the ban will return. Just about everyone else, including ETH has modernized to PoS, but BTC is still stuck on the imperial system in what is the metric world. I have moderate conviction that BTC (as we know it) will lose out to Ethereum, then rapidly fall to shit-coin status. However... I also suspect there will be a hard-fork at some point to modernize it and keep it going for another few decades. In the meantime, I'm not selling my Bitcoin ETFs. They'll collect a bunch of dust for a while, unless there is some explosive volatility, then I (may) sell covered calls again.
POS is not modern. There has already been a Bitcoin fork that is POS that has been out for more than 10 years, called Peercoin https://coinmarketcap.com/currencies/peercoin/ The goal and value prop of Bitcoin is to have the most secure, decentralized, censorship-resistant p2p money that anyone in the world can own a piece of Fuck the EU See above
What you are saying is the absolute truth sir. This is exactly what had drawn my ire towards the supreme spud "Tokenz". Idiot was running around screaming that its going back to the top - when there was absolutely nothing in the chart or news to substantiate any of these wild claims. Glad to see that at least a few on this forum sees that. Hope has no place in the trading world...many will or are already realizing this. Just to be clear here, i dont hate BTC, nor do i like it. I see it for what it is - a trading vehicle. Perhaps this is will educate the few remaining solvent crypto kiddies after this all washes out. BTC has not hit "max pain" yet.....no we still have more room for it to drop - and it will.
This is the part I have a problem with. How can an investor demand anything? If you don't like the rules of the game you're playing, don't play the game. I realize that GBTC at one point was perhaps the only way for an institution to get exposure to bitcoin because they couldn't hold it outright, and maybe this is still the case as well, but today, based on everything we see blowing up, demanding to see reserves is kind of silly since that doesn't really protect you from anything if the keys to those coins are gone or in someone else's hands. If you invested in a fund, its on you. If they don't want to publish their reserves, its your choice to either take them at their word of sell your position. But at this stage of the game, I don't see how I would sleep any better at night if I didn't have keys to those coins that I think I own through GBTC. It could be more orderly. If the fund was to wind down, you could simply let the investors withdraw their investment through the transfer of their own share of bitcoins to their address. Maybe not every investor wants bitcoins back and would prefer the cash, but I think an orderly winddown in possible. The idea of a $1000 bitcoin I can't even imagine. Just on this board alone we could probably scoop up at least 10k bitcoins. Now imagine every message board out there thinking this exact same thing. Heck, I bet there are lots of people salivating to buy in at 10k, never mind 1k. With 300 million people in the US alone, even if just 10% wanted 1 bitcoin, hence 30 million, there wouldn't be enough bitcoin to even go around. I don't know where the bottom is, but I just don't see $1k as being in any way a reasonable number for it to drop down to. Even the most cynical posters and haters of bitcoin all say now that they are waiting to load up. Drake last night shared his fancy Ledger device with all his fans. Can you imagine how much of an influence this is? There is gonna be way too much buying interest out there right now for bitcoins. I bet they are all waiting for a catalyst, for lower prices, but when everyone is waiting for lower prices, how low can they really go?
The more I think about POS vs POW, the more I like POW. POS gives too much power to few, POW is truly decentralized. as far as BTC price. Who knows. Take a look at Luna. So many bought at $1 only to see 0.0001 next day. Obviously LUNA can not be compared to BTC, but still. I will make first buy if we dip below 10k. At 1K I literately will gamble it all.
This doesn't make sense. Particularly since most crypto-miners are in the hands of just a few and very centralized.