[str]

Another huge loss for bitcoin today. It should hit zero by Wednesday.

Ok. I have to ask and I own no bitcoin and never have for more than 30 minutes.

Why is it always Wednesday when it goes to zero in your predictions?

[ThaTopMoron]

It may not take 2 weeks to go down to 10,000. It's already at 17,500 on weekend. A ton of funds are liquidating their possessions due to margin calls.

Keep your cash handy and wait. It's nose diving.

because a couple stocks are going to "squeeze" soon... at some point... lol

they need liquidity BAD

[Ra77er]

I'd like to continue our discussion in here Chucky. Why do you think the world is going to return to tangible assets such as gold and silver? We discussed briefly the concept of history repeating itself however, in the broad landscape of time, the only constant has been change. Do you think a massive war or a great reset of sorts would lead to the return of a barter economy or people using metals to purchases goods and services? That would instantly halt any kind of long distance trade and would quickly prove to be an inefficient means of doing business. If the concern is that something like crypto holds no intrinsic value, I would disagree. It holds whatever value is agreed upon by both the buyer and the seller. I own a baseball signed by the single A Gastonia Rangers, this ball is intrinsically worth nothing (well maybe a dollar for the leather and stitches etc) however the value to me is priceless. I would take nothing for it. Paintings and things are no different. Yet they hold a storage of value for all kinds of reasons, some very much irrational.

Now you mentioned researching some economists. I read some of Ray Dalio's book, which is researched impeccably and presented in a way that even someone with a low iq such as myself can understand. I am by definition uneducated so take this as you will, but he is essentially arguing that it is inevitable that China surpasses everyone and becomes the new reserve currency. I haven't read it cover to cover but that is the gist of what he seems to be cooking up. What strikes me when I read it is that it seems to be propaganda driven by an incentivization if that prophecy were to come true. Not saying this is fact just something to consider. May also just be a warning. I would caution though because anytime America gets underestimated, surprises will happen.

Crypto has amazing potential. I can picture logging into a virtual sbr forum where I could go to Diggitys virtual house and see what he's cooking. If I wanted to pay him for supper, I'd use crypto not some tangible asset that I cannot use in a virtual world. If Chucky is hanging out on Mars and needs some money to get down on the Celtics to win the title next year then I could instantly send you some funds with crypto. Even the Fed understands the utility of a cryptocurrency. Instead of the Brinks truck sending cash to a bank, it could be done instantly. The fact that the Fed is interested in it and the proof of concept has been established via bitcoin, it seems highly unlikely that it is going to just disappear.

My concern for everyone is that because they understand this well (maybe they don't), they are going to attempt to drain the decentralized aspects of it so they can maintain control. I am violently against anyone that wants to tell me what I can and can't do with my resources. If I want to buy a signed picture of Alexis Texas or I want to send resources to Antarctica it shouldn't be anyone's business but my own. Furthermore I believe there is space here for the government to create their own crypto, call it POW coins after Jay Powell for all I care, and also to still have a lane for a decentralized currency. Government could pay out various programs in crypto and resist attempts to crush other forms because if they are truly smart, they know that the more control they want the less they will actually have in the long run. For the wealthy amongst us that are holding up Bitcoin, I truly love and appreciate you. Amazing people without a doubt.

I worry for the elderly population in all of this. I believe some posters here are in their twilight years and I certainly wouldn't want to see them on the streets. I had a neighbor in my old spot who was scared to death that Trump was going to pull Social Security. I don't know how well they can adapt to something like crypto or if they are even aware of it as an alternative.

Where I am going with this though is that the only constant is change and seeing the future looks like a digital world to me. I cannot see a return to silver and gold as the primary means of trading. Investing in it makes sense from a balance standpoint, banking on it to be the future seems backwards to me. The claim that the American people should be upset that the government robbed them are the ones that couldn't see the future imho.

Ready Player One?

[jjgold]

Gold rarely has moved in years
A trading range and that is it

USDollar breaking records

[icon]

"plunging 75% from an all time high of $67,734 in November, taking out support after support, even the most important of all: the $19,511 high from the previous bull cycle (throughout its brief, 12-year trading history, Bitcoin has never dropped below previous cycle peaks... until today)."

[Yulia74]

"plunging 75% from an all time high of $67,734 in November, taking out support after support, even the most important of all: the $19,511 high from the previous bull cycle (throughout its brief, 12-year trading history, Bitcoin has never dropped below previous cycle peaks... until today)."

small sample size

[icon]

small sample size

I suppose you gotta find hope somewhere.

[dlowilly]

./(throughout its brief, 12-year trading history, Bitcoin has never dropped below previous cycle peaks... until today)."

AM I reading this wrong? That's not even close to true is it?

[JIBBBY]

Insane to think Bitty is now at 18k!. If it drops to 15K I invest for large again and wait it out for years if need be. I refuse to lose!

This is getting serious though ..

I'm shocked..

[ChuckyTheGoat]

Razzer:

*I'll do my best to answer your questions. Of course, these are just my OPINIONS.

I'm of the opinion that Silver/Gold in financial transactions is just the natural order of things. Pres Johnson decreeing the 1965 dime to have the same numeric value as the 1962 doesn't mean it is so.

Go back through his statement and count the number of lies. According to LBJ, the 1962 dime has the same value as the 1965 dime. Appears that he was flapping his gums and that he was wrong.

Tale of the Tape:
*Face Value: 1962 Dime (10-cents) vs 1965 Dime (10-cents).

Melt Value:
*1962 Rosie Dime
https://www.coinflation.com/coins/19...ime-Value.html
...Metal Composition: 90% silver, 10% copper
...Melt Value: $1.57
...Resale value (since Silver is currently selling well over Spot)=$2.30 (based on Ebay sales today).

*1965 Rosie Dime
https://www.coinflation.com/coins/19...ime-Value.html
...Metal Composition: 92% copper, 8% nickel (Cu and Ni are BASE metals, not PRECIOUS metals).
...Melt Value: $0.024.

In round numbers, the "new" dime has a melt value = 1/100 of the "old" dime. Imagine that LBJ's nose grew to the length of a carrot. Does LBJ look a little like Pinocchio?

[JIBBBY]

I'm almost rooting for bitty to get to 15 gees now. I'm so in again.

[Orbison]

[JIBBBY]

Books are still trading with Crypto. That tells me they still believe so I believe..

A rebound will happen in time. Waiting game. Cash is king in a recession. You just have to invest big when it tanks and wait it out.

[stevex]

Makes sense. The whales want it to go down a lot so they’ll throw a ton back in.

[ChuckyTheGoat]

Good stuff, Orby. This topic of Physical vs Paper shows up often on the investing videos. It's a concept that normally references the "physical" silver market. But I think it now applies to BTC as well, after the ETFs came into play.

Would be interesting to look at the BTC price chart with a time horizon. Was BTC price trending up at a constant slope...UNTIL the BTC ETFs were started? What was the day that BTC ETFs started?

If you listen to youngster Will Clemente, he is very resistant to BTC price action. He doesn't like to speculate on price. He advocates on other things like the adoption curve.

[johnnyvegas13]

Is anyone buying below 20k

i said I might but now that it is I am just watching it fall further

[ChuckyTheGoat]

Razz:

1) As far as world exchange returning to gold/silver...who says it ever left? There's a saying that "an ounce of gold can feed a family of four for a month." IE, there's a direct exchange value between goods and services. The Coinage Act of 1965 was just a decree. The origins of the USA had strong anti-counterfeit laws. Johnson was (attempting to) pass off a counterfeit.

2) When you say "halt...trade", I think the exact opposite. When you have an item like Gold/Silver that's universally sought out, that facilitates trade across the globe. Who cares what a bureaucrat has deemed to be value?

3) Collectibles (like Fine Art) are a different animal for sure. Like you say, you need a party on the other side to transact. Collectibles sometimes don't feel like a hard asset, but the intrinsic value ties out the laws of Supply and Demand.

4) As for Dalio, I think he's bright. Can't be a bad thing to read his stuff. Just don't bow down to false gods.

5) As for crypto, yes. The elements that you mention are very nice. Transacting in Crypto can be enjoyable, b/c of the speed and verification. The de-centralized aspect is a beautiful thing. I think the adoption curve needs to continue to validate the use-case.

Lastly, you gonna make the AC bash (FRI 7/29)? Got a little gift for you.

[teecee]

I'd like to continue our discussion in here Chucky. Why do you think the world is going to return to tangible assets such as gold and silver? We discussed briefly the concept of history repeating itself however, in the broad landscape of time, the only constant has been change. Do you think a massive war or a great reset of sorts would lead to the return of a barter economy or people using metals to purchases goods and services? That would instantly halt any kind of long distance trade and would quickly prove to be an inefficient means of doing business. If the concern is that something like crypto holds no intrinsic value, I would disagree. It holds whatever value is agreed upon by both the buyer and the seller. I own a baseball signed by the single A Gastonia Rangers, this ball is intrinsically worth nothing (well maybe a dollar for the leather and stitches etc) however the value to me is priceless. I would take nothing for it. Paintings and things are no different. Yet they hold a storage of value for all kinds of reasons, some very much irrational.

Now you mentioned researching some economists. I read some of Ray Dalio's book, which is researched impeccably and presented in a way that even someone with a low iq such as myself can understand. I am by definition uneducated so take this as you will, but he is essentially arguing that it is inevitable that China surpasses everyone and becomes the new reserve currency. I haven't read it cover to cover but that is the gist of what he seems to be cooking up. What strikes me when I read it is that it seems to be propaganda driven by an incentivization if that prophecy were to come true. Not saying this is fact just something to consider. May also just be a warning. I would caution though because anytime America gets underestimated, surprises will happen.

Crypto has amazing potential. I can picture logging into a virtual sbr forum where I could go to Diggitys virtual house and see what he's cooking. If I wanted to pay him for supper, I'd use crypto not some tangible asset that I cannot use in a virtual world. If Chucky is hanging out on Mars and needs some money to get down on the Celtics to win the title next year then I could instantly send you some funds with crypto. Even the Fed understands the utility of a cryptocurrency. Instead of the Brinks truck sending cash to a bank, it could be done instantly. The fact that the Fed is interested in it and the proof of concept has been established via bitcoin, it seems highly unlikely that it is going to just disappear.

My concern for everyone is that because they understand this well (maybe they don't), they are going to attempt to drain the decentralized aspects of it so they can maintain control. I am violently against anyone that wants to tell me what I can and can't do with my resources. If I want to buy a signed picture of Alexis Texas or I want to send resources to Antarctica it shouldn't be anyone's business but my own. Furthermore I believe there is space here for the government to create their own crypto, call it POW coins after Jay Powell for all I care, and also to still have a lane for a decentralized currency. Government could pay out various programs in crypto and resist attempts to crush other forms because if they are truly smart, they know that the more control they want the less they will actually have in the long run. For the wealthy amongst us that are holding up Bitcoin, I truly love and appreciate you. Amazing people without a doubt.

I worry for the elderly population in all of this. I believe some posters here are in their twilight years and I certainly wouldn't want to see them on the streets. I had a neighbor in my old spot who was scared to death that Trump was going to pull Social Security. I don't know how well they can adapt to something like crypto or if they are even aware of it as an alternative.

Where I am going with this though is that the only constant is change and seeing the future looks like a digital world to me. I cannot see a return to silver and gold as the primary means of trading. Investing in it makes sense from a balance standpoint, banking on it to be the future seems backwards to me. The claim that the American people should be upset that the government robbed them are the ones that couldn't see the future imho.

Ready Player One?

Gold, a tangible asset? How about oil? It's actually useful and nobody has been "allowed" to invest in it. Wonder why we are where we are currently.

[raiders72001]

Razz:

1) As far as world exchange returning to gold/silver...who says it ever left? There's a saying that "an ounce of gold can feed a family of four for a month." IE, there's a direct exchange value between goods and services. The Coinage Act of 1965 was just a decree. The origins of the USA had strong anti-counterfeit laws. Johnson was (attempting to) pass off a counterfeit.

2) When you say "halt...trade", I think the exact opposite. When you have an item like Gold/Silver that's universally sought out, that facilitates trade across the globe. Who cares what a bureaucrat has deemed to be value?

3) Collectibles (like Fine Art) are a different animal for sure. Like you say, you need a party on the other side to transact. Collectibles sometimes don't feel like a hard asset, but the intrinsic value ties out the laws of Supply and Demand.

4) As for Dalio, I think he's bright. Can't be a bad thing to read his stuff. Just don't bow down to false gods.

5) As for crypto, yes. The elements that you mention are very nice. Transacting in Crypto can be enjoyable, b/c of the speed and verification. The de-centralized aspect is a beautiful thing. I think the adoption curve needs to continue to validate the use-case.

Lastly, you gonna make the AC bash (FRI 7/29)? Got a little gift for you.

3) I have no idea how people could pay $1m for a jpeg but they pay it. 5) Crypto is no longer just used as a store of value or for peer to peer transactions. Cryptos and blockchain technology are changing the world. It's being used for metaverses, finance and the supply chain. You can track where a carton of milk is at and the temperature along the whole route. All food and medicine will be tracked in this fashion in the near future.

[pavyracer]

No one is saying crypto is a bad asset. But if you have 2 cents of a brain you wouldn't want to catch a falling knife. Nothing wrong with riding it up later. But until the bottom is established stay out. I see a lot of people here who bought it as a "bargain' when it was falling at 35, 30, 28, 22, 20. Guess what it's not a bargain until the bottom is formed. No one knows where the stockmarket is going. It could fall another 20% and the bitcoin could fall another 50%. Remember a few years back it fell from 22 to 3.5 and it stayed there for a while until bottom was formed and whales picked it up.

[BeatTheJerk]

Hey “Mike” Bitcoin is recovering quick & very healthy right now. It will reach 100k in a couple weeks.

[themike78]

Hey “Mike” Bitcoin is recovering quick & very healthy right now. It will reach 100k in a couple weeks.

Biggest lie in the history of the internet. Sorry but bitcoin is dead and will never exist again after Wednesday.

[BeatTheJerk]

Biggest lie in the history of the internet. Sorry but bitcoin is dead and will never exist again after Wednesday.

You pretty much make my point for me right there every time you post in this thread.

[JIBBBY]

Bitty trying to make a come back now.. Come on you can do it!

[PD77]

Biggest lie in the history of the internet. Sorry but bitcoin is dead and will never exist again after Wednesday.

So short bitcoin, don’t be a pissed off bitch because you buy high and sell low. You can make money no matter what it does you miserable piece of shit.

[Chi_archie]

Bitty trying to make a come back now.. Come on you can do it!

if it gets to 20,900 in next 16 hrs again. sell
rebuy when it hits under 14,500 in the following 54 hrs.

rinse repeat

[themike78]

So short bitcoin, don’t be a pissed off bitch because you buy high and sell low. You can make money no matter what it does you miserable piece of shit.

Loooool. The only miserable bitch is you. I have never invested in shitcoins and never will. I am happy, unlike your miserable self. Looooool.

[asiagambler]

3) I have no idea how people could pay $1m for a jpeg but they pay it. 5) Crypto is no longer just used as a store of value or for peer to peer transactions. Cryptos and blockchain technology are changing the world. It's being used for metaverses, finance and the supply chain. You can track where a carton of milk is at and the temperature along the whole route. All food and medicine will be tracked in this fashion in the near future.

Crypto is purely for speculation. If it had an actual real world widespread non-illegal use case, we'd have seen it by now

Tracking a carton of milk ?? LMAO who cares and that can be done without a public ledger anyway

[TheLock]

Is anyone buying below 20k

I can assure you none of the squares like themike78 clown did

[themike78]

I can assure you none of the squares like themike78 clown did

Like I've said a hundred times before I have never invested anything in crypto. The only use of it for me is getting money in and out of offshore books. I will be a little upset when it doesn't exist anymore because that use for it will be gone. And I do feel bad for all of the people that believed the lies about this scam and lost money.

[themike78]

Crypto is purely for speculation. If it had an actual real world widespread non-illegal use case, we'd have seen it by now

Tracking a carton of milk ?? LMAO who cares and that can be done without a public ledger anyway

Very True. People need to understand that all of these crypto coins are useless. There really is no use for any of them other than sending money that is a little less anonymous than the other ways. And it is far from anonymous anymore with crypto transactions.

[TheLock]

Like I've said a hundred times before I have never invested anything in crypto. The only use of it for me is getting money in and out of offshore books. I will be a little upset when it doesn't exist anymore because that use for it will be gone. And I do feel bad for all of the people that believed the lies about this scam and lost money.

Do you feel bad for the people who buy dips and sell near-tops?

[JIBBBY]

if it gets to 20,900 in next 16 hrs again. sell
rebuy when it hits under 14,500 in the following 54 hrs.

rinse repeat

May not be a bad strategy perhaps..

[DwightShrute]

I said it before and I will say it again. There is no reason BTC should be worth thousands of $. But it is what it is. BTC should be trading at around $80 like Paypal.

There are so many crypto experts but let's face it, there is no such thing. There are countless YouTube "experts" who have shared their "expertise" over the years. They gets lots of "likes" when the price rises. Not so much when it goes the other way.

Its similar to sports betting in many ways. Especially when it comes to those "experts" who charge for their picks. I used to work for one of them for a few days many years ago. It was amazing how he was able to convince sports bettors to send him thousands of $ for his picks. He was no guru. No expert. He would literally throw a dart for his pick of the week selection. He raked in the cash. It was hilarious seeing it firsthand.

Anyways, back to BTC. No one knows what will happen next. It could climb up to 69K or fall to a few hundred. I sold some at 40,000 and some at 50,000 as I mentioned before. I went when I didn't sell my remaining BTC when it pushed 70,000. The "experts" [my friends mostly] told me I was crazy to sell because 6 BTC machines were being installed in the USA every single day. Maybe in the long run, I made the wrong call. Who cares. I made out like a bandit on something most people didn't understand. Including me. I don't pretend to either. Although I do find it somewhat interesting.

I am getting ready to launch a NFT site for the same reason. Blockchain technology is excellent.

At least with the Stock Market, you have a good history showing it will always go up. Actual companies who produce goods and services people use. That make total sense. The older you are, the less you should have in the market because we all know there will be dips. If you are younger, you don't care because you have time on your side. Apple will continue making over priced phones and people will continue buying them. People will always drive cars.

BTC was supposed to allow you to by a coffee in seconds at Starbucks as well as send money to someone in a flash. Now its something different. Maybe its the FOMO that made the price go nuts. Maybe the most rich and powerful know something most of us don't, which is making the price drop.

Good luck to those that are in the crypto game. I still have skin in BTC so its still interesting to see what happens. Unlike sports betting, I won't pretend to know what the outcome will be.

[Chi_archie]

I said it before and I will say it again. There is no reason BTC should be worth thousands of $. But it is what it is. BTC should be trading at around $80 like Paypal.

you got a paypal coin already, Bro?