October 31, 20205 yr Author Gonna break $14k today. Gonna be the highest monthly close in its history
October 31, 20205 yr On 10/27/2020 at 1:46 AM, mattmcginley7 said: The USD is going to INEVITABLY lose global reserve currency status. There's no doubt about it. It might not be tomorrow or a few years, but I'd bet everything I own it will happen in my lifetime. Imagine other countries choosing between each once Bitcoin is completely frictionless with instantaneous near 0 cost transactions; "Hey guys, should we be 1. reliant on USD, that prints trillions of dollars, bails out billionaires, corporations that don't deserve it, further enriching the richest of its own and debasing and ultimately stealing from its poorest citizens, that we have absolutely no control over where fallible morons like Donald Trump have control of it Or 2. Use the programmable protocol based on mathematics and not humans, impossible to sieze and control currency that we have the exact supply of to base our economy on?" Really tough decision there for all those other countries for sure. USA bans Bitcoin in this scenario and the rest of the world laughs at us for choosing to commit economic suicide on a mutually agreed upon program that the rest of the world finds superior money/sov. The USA needs to be crypto friendly and a leader in this space. It's a matter of when, not if, that USD gets eaten up by superior forms of money. That goes for every single country in the world. We are no exception I don't disagree that the USD will "eventually" lose reserve status, likely within our lifetime. Where I think you are going wrong is that countries have only two choices: BTC or USD. There is everything from simply using their own currency to the IMF's proposed SDR to going back to the gold standard. But your biggest miscalculation is in your lack of understanding of government's desire for power and control. It is precisely the ability to seize and control currency that governments want. It's exactly why they will never allow BTC or any private/decentralized currency to usurp their own. This is why every major economy is exploring this technology not to substitute BTC for USD, but as a system for their own currency. They want an entirely digital system, with a trackable leger, precisely because it allows for more control. They will never allow a significant portion of transactions to occur in BTC. And businesses will never go against the governments which can crush them. If BTC is going to be a lasting phenomenon with extreme growth, it's going to be because it becomes a legitimate financial asset held by institutions within the regulation of governments, not an anarcho means of exchange in every day life as a middle finger to government fiat currencies.
October 31, 20205 yr Cashless and crypto are not inextricably linked. A government that's still manufacturing the penny while exploring the legal framework for regulating decentralized crypto is proof of this.
November 1, 20205 yr On 10/31/2020 at 11:25 AM, we_gotta_believe said: Cashless and crypto are not inextricably linked. A government that's still manufacturing the penny while exploring the legal framework for regulating decentralized crypto is proof of this. I don't think anyone said otherwise. The issue is the argument that BTC is going to replace the dollar as currency in every day life. That's never going to happen. The regulatory trajectory places BTC as a financial asset at the institutional level. Two totally different things.
November 1, 20205 yr 13 minutes ago, TEW said: I don't think anyone said otherwise. The issue is the argument that BTC is going to replace the dollar as currency in every day life. That's never going to happen. The regulatory trajectory places BTC as a financial asset at the institutional level. Two totally different things. Agreed, that's ridiculous. At least not in our lifetimes.
November 1, 20205 yr 2 minutes ago, we_gotta_believe said: Agreed, that's ridiculous. At least not in our lifetimes. This is what we are going to see as far as everyday transactions: We’ll go cashless/digital because it provides more control for governments, not less. Probably the IMF tries to do a SDR and coordinated monetary stimulus. Maybe they even get UBI through this. BTC going the way of institutional investors is definitely bullish. I think the original dream of BTC proponents to have a decentralized currency is essentially dead because of this, but ironically, it’s what might actually get them a $100K price. Going to be interesting to see.
November 1, 20205 yr 16 minutes ago, TEW said: This is what we are going to see as far as everyday transactions: We’ll go cashless/digital because it provides more control for governments, not less. Probably the IMF tries to do a SDR and coordinated monetary stimulus. Maybe they even get UBI through this. BTC going the way of institutional investors is definitely bullish. I think the original dream of BTC proponents to have a decentralized currency is essentially dead because of this, but ironically, it’s what might actually get them a $100K price. Going to be interesting to see. I think BTC at $100K is more likely to happen first, well before we see the US convert to a completely cashless society.
November 1, 20205 yr 48 minutes ago, we_gotta_believe said: I think BTC at $100K is more likely to happen first, well before we see the US convert to a completely cashless society. I honestly have no idea on the time table for either. There are so many ideas being thrown about and with COVID as a catalyst nothing would surprise me at this point.
November 5, 20205 yr 1 minute ago, mattmcginley7 said: https://twitter.com/erikvoorhees/status/1324356623087869953?s=21 I feel like we're watching that clip on loop.
November 7, 20205 yr Author https://www.realclearmarkets.com/articles/2020/10/31/bitcoin_changed_the_world_its_time_for_washington_to_adapt_582571.html Written by a current Ohio congressman a couple days ago
November 17, 20205 yr Technically it hasn't rallied to a new all time high, but I agree with the overall sentiment. Critics who were calling crypto the next fad like beanie babies, baseball cards, etc, sure have been awfully quiet lately.
November 17, 20205 yr Author 1 hour ago, we_gotta_believe said: Technically it hasn't rallied to a new all time high, but I agree with the overall sentiment. Critics who were calling crypto the next fad like beanie babies, baseball cards, etc, sure have been awfully quiet lately. By market cap it has actually
November 17, 20205 yr 3 minutes ago, mattmcginley7 said: By market cap it has actually The rise pushes the leading cryptocurrency’s total market capitalization to over $315 billion, just short of its $335 billion record. https://www.coindesk.com/bitcoin-price-17000-market-capitalization
November 18, 20205 yr Author 26 minutes ago, we_gotta_believe said: The rise pushes the leading cryptocurrency’s total market capitalization to over $315 billion, just short of its $335 billion record. https://www.coindesk.com/bitcoin-price-17000-market-capitalization https://twitter.com/nic__carter/status/1328738530693160960?s=21
November 18, 20205 yr 4 minutes ago, mattmcginley7 said: https://twitter.com/nic__carter/status/1328738530693160960?s=21 If there's discrepancy over what constitutes the actual market cap, then that might be an indicator that it's not suitable to determine whether BTC has hit an all-time high.
November 18, 20205 yr 1 hour ago, we_gotta_believe said: Technically it hasn't rallied to a new all time high, but I agree with the overall sentiment. Critics who were calling crypto the next fad like beanie babies, baseball cards, etc, sure have been awfully quiet lately. Oh no, I fully expect it to fall again. It literally did the same exact thing at the end of the year 2 years ago. Can't wait to hear about the people who took a loan out on their house again. Deja vu.
November 18, 20205 yr Just now, Paul852 said: Oh no, I fully expect it to fall again. It literally did the same exact thing at the end of the year 2 years ago. Can't wait to hear about the people who took a loan out on their house again. Deja vu. A fool and their money are soon parted. Anyone mortgaging their house to invest in bitcoin definitely meets that definition. So does anyone who does the same but to short it instead.
November 18, 20205 yr Just now, we_gotta_believe said: A fool and their money are soon parted. Anyone mortgaging their house to invest in bitcoin definitely meets that definition. So does anyone who does the same but to short it instead. I should have shorted 2 years ago
November 18, 20205 yr 1 minute ago, Paul852 said: I should have shorted 2 years ago Despite my advice against the immense dangers of doing so, you still can this time around if you think it's groundhog day.
November 18, 20205 yr 2 minutes ago, we_gotta_believe said: Despite my advice against the immense dangers of doing so, you still can this time around if you think it's groundhog day. Nah, I respect your opinion enough not to. Don't be wrong again.
November 18, 20205 yr Author 14 minutes ago, Paul852 said: Oh no, I fully expect it to fall again. It literally did the same exact thing at the end of the year 2 years ago. Can't wait to hear about the people who took a loan out on their house again. Deja vu. Citibank has a price target of $318,000 for December 2021 You're absolutely right. It'll go on a huge run, drop, and continue this cycle... All while ultimately climbing up multiple x returns with life changing money and bringing together a new financial system that can help the world
November 18, 20205 yr 5 minutes ago, Paul852 said: Nah, I respect your opinion enough not to. Don't be wrong again. Me advising against shorting it is not an endorsement or prediction that it'll go up or down, only a prediction that BTC, and all cryptocurrencies by extension, are likely to remain very volatile.
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