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  #1  
Old January 3, 2021, 02:04 AM
iDumb iDumb is offline
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Default Bitcoin price prediction!!

WARNING!! SPECULATIVE THREAD!!! INFO PURPOSE!! DON'T LOSE YOUR SHIRT


I am convinced this POS ponzi scheme of a coin will outperform most asset class in 2021. Any takers. I am becoming a hodlers now. Call me crzy but i am getting sucked into this web of voodoo theory.

The question is should I add to my position? And what else run with bitcoin.

Let's make this thread exclusively for crzy **** we all shoudl be doing.

BTC curently at 34K.

if it ends up reaching 100K, i will break something in my house. promise.!!
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  #2  
Old January 3, 2021, 02:27 AM
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What are some of other stocks that are associated with cryptos. Two i got from other thread.

RIOT and HIVE. I dont know why I never thougth about bitcoin miners. They seems to have done better than the actual currency itself.
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  #3  
Old January 3, 2021, 04:08 AM
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I wanted to add a disclaimer so folks who are interested in miners are aware of the risks. I've traded these stocks since 2016. In my view the time to invest in miners was 3-6 months ago. Once crypto takes off these companies get very greedy and stop caring about shareholder value. When stocks gain a certain percent they issue obscene amount of shares and severely dilute the value of their stocks. RIOT had 60 million outstanding shares and then issued 180 million new shares. Hive also announced something similar recently. These stocks will probably keep gaining for a while but you can expect tremendous volatility and sharp pullbacks every now and then even if crypto keeps gaining. A friend recently bought Hive at 2.50. Few days later they announced new share offerings and it pulled back to 1.50. He wasn't able to deal with the swings and he sold. So just be aware of the risks associated with these miners.
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Old January 3, 2021, 04:38 AM
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agreed. i wouldn't buy a mining company even if the shares were not being diluted given the finite amount of btc.

but let's focus on actual currencies itself. Is BTC really going to 100K? if that;s the case, that means it is still 300% away - why wouldn't i buy more?
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Old January 3, 2021, 07:42 AM
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It seems like most rich men is pouring money into bitcoin as protection against taxes etc.

I think it’s more of a safe heaven investment/protection of wealth.
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  #6  
Old January 3, 2021, 12:38 PM
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Quote:
Originally Posted by SportingBD
It seems like most rich men is pouring money into bitcoin as protection against taxes etc.

I think it’s more of a safe heaven investment/protection of wealth.
Really ? I see money laundering aspect of it but how is this a safe haven investment and protection of wealth ? Protection against inflation ?
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  #7  
Old January 3, 2021, 02:16 PM
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Bitcoin is far from a scam. I don't blame those who don't understand. It's not difficult to understand at a high level but putting together the pieces of the puzzle is extraordinarily complex. It requires deep understanding of certain aspects of mathematics, statistics (probability and regression models), computer science (cryptography), finance, economics and history (of money) to fully understand what it is, how it works and why it works. Most people who are into bitcoin don't understand these aspects very well, they're just lucky because they work in technology or knew someone who somehow convinced them.

To understand the historical aspect of it watch the 1 hour video posted by Zeeshan. Most of the information in that video is accurate. The only part that is incorrect is the claim that bitcoin will replace traditional money. I don't think bitcoin will do that, sovereign digital currencies will. Bitcoin doesn't need to do that to survive or even thrive. It'll co-exist with traditional currencies as a store of value just like gold and silver did with fiat for hundreds of years. It's a store of value in the digital world just like gold is in the physical world.

20 years ago if you told someone FB would completely transform the way most people socially interact with each other they'd think you're crazy and yet it happened. Just like FB transformed many traditional social norms that existed 20 years ago bitcoin is doing that before our very eyes in the store of asset value space.

Bitcoin is a novel asset class and unique in many ways. Just like any other new industry a new asset class goes through price discovery. It goes through extreme highs and lows before its true value is discovered. That's why you notice such volatility. 5 years from now it probably won't be any more volatile than the price of gold.

Truth be told nobody knows where the price of bitcoin is going, I don't either but I can tell you the strategy that worked for me. You must expect 33-50% volatility with bitcoin at any given time. Since 2017 I knew that once BTC crossed 20k madness would ensue. Humans are just wired that way. At 19,999 it's no big deal, at 20k it's all time high and suddenly captures everyone's imagination and makes everyone's wishlist.

When the market crashed in March, BTC hit 3800 and bounced back to 5200 the same day. I thought the price action was amazingly bullish. This happened at a time when TSLA, AAPL, AMZN were still struggling to find a bottom. I started buying the next day and bought most of mine over the next couple of months between 6-9k knowing full well I could easily lose 2-4k on any given day. If you want to get into bitcoin embrace this risk. Unfortunately there's just no way of avoiding the 33-50% downside risk whether its trading at 5k or 50k. If you can accept that downside risk you'll do ok otherwise you'll keep buying and selling until you lose 80% even if BTC is down only 20%.
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  #8  
Old January 3, 2021, 05:39 PM
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Bhai why u mentioned that video ? I just wasted an hour of my life and got a headache. U can find videos online about anything to convince u of anything.

Any decentralized digital currency can solve what bitcoin can solve. Sure ppl may not be able to create a new bitcoin but they can create a whole new coinsystem under the same block chain tech. That's why u have all these nonsensical alt coin.

and I believe Government is actually a good thing for peace and prosperity. Anyways that's a different discussion.

For now I will keep my bitcoin. Just wish I accumulated 5 of them instead of half ..so I can unload some of them for the mighty USD!!
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  #9  
Old January 3, 2021, 06:10 PM
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Great now Ethereum joins the party. zman will be rich come monday.
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  #10  
Old January 3, 2021, 06:46 PM
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Quote:
Originally Posted by iDumb
Any decentralized digital currency can solve what bitcoin can solve. Sure ppl may not be able to create a new bitcoin but they can create a whole new coinsystem under the same block chain tech. That's why u have all these nonsensical alt coin.
Yes bitcoin uses old protocols by blockchain standards. Back in 2017 there were alt coins that had more advanced protocols. Today's DeFi coins use space age technology compared to bitcoin and they offer way more utility and features. To crypto bugs none of that matter. Bitcoin is the Apple of the crypto world. You see people using new phones that offer many new features that iPhone doesn't have. No matter how advanced they are they rarely matter to us and it'll probably take a miracle to make you and I switch to some other phone. That's bitcoin in the crypto world and why it'll be so difficult to dislodge bitcoin from its place.
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  #11  
Old January 3, 2021, 07:49 PM
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Quote:
Originally Posted by zman
. Bitcoin is the Apple of the crypto world. You see people using new phones that offer many new features that iPhone doesn't have. No matter how advanced they are they rarely matter to us and it'll probably take a miracle to make you and I switch to some other phone. That's bitcoin in the crypto world and why it'll be so difficult to dislodge bitcoin from its place.
I agree that pioneers in any new tech will always have an advantage over others in terms of adaptation. But your analogy has a flaw in that bitcoin is actually not being used as currency. People are buying bitcoin as an investment not to spend it to buy daily stuff. So it actually has not be adapted like an iphone.

Ultimately it is wall street and few early miners/holders who are benefiting. Recent 'institutional backing' is a business backing. Meaning paypal and square sees coinbase and other exchanges making billions from fees so they decide to offer it as well. And a higher BTC price only mean higher profit for them. Same with winklevoss and their constant use of social media to promote cryptos. They run an exchange. Anyone who talks positively has something to gain - and the narratives have changed over the years. From a decentralized currency to now a storage value.

In my opinion, the utility and philosophy of a decentralized cryptocurrencies has been lost.

But the above arguments are mute because I agree with you , as a investment - there are enough backers to continue to sustain its price. Its not disrupting anything. Just pegged to powerful FIAT currencies. Only way it can be entity of its own is if it is accepted like cash EVERYWHERE and I don't know a single person who ever bought anything with bitcoin.
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  #12  
Old January 3, 2021, 08:08 PM
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Quote:
Originally Posted by iDumb
But your analogy has a flaw in that bitcoin is actually not being used as currency.
I guess I didn't emphasize this point enough. Although it can be used as currency its primary use case is store of value. If 10% bitcoins are used as currency 90% are used for store of value. In my experience transferring bitcoin takes 20-40 mins which makes it very inefficient as a currency.
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  #13  
Old January 4, 2021, 12:37 AM
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Fed Gov't went after Ripple, as for BTC it probably will reach 100k
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  #14  
Old January 4, 2021, 01:42 AM
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Man I feel like an idiot now .. I converted all of ethereum to bitcoin in November. Should have just bought crypto with new money instead of consolidating . Ain't like I didn't have cash .

It bothers me so much when I am not part of something that booms and I have spent time catching up on.

If it's bubble.. I wanna be part of that bubble.
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  #15  
Old January 4, 2021, 01:51 AM
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In this thread zman is gonna make me invest in a pink sheet company that I have avoided for over a decade now. Lol. Let's see where these mining stocks open today .
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  #16  
Old January 4, 2021, 05:42 AM
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Anyone I ask has 100k predictions. Could go to 10k also.
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  #17  
Old January 4, 2021, 06:22 AM
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Smart thinking! I was more confident about BTC when it was kinda under the radar. When everybody starts thinking 100k that's when you know the volatility will get much worse. When it hit 35k yesterday I adjusted my stop losses to slightly below 24k. I've been setting 33% stop losses since June and never got stopped out. Noticed that there was a 20% pullback overnight - from 35k to 27k. If this parabolic move continues corrections will get sharper and sharper potentially up to 70%.
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Old January 4, 2021, 06:34 AM
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Quote:
Originally Posted by iDumb
In this thread zman is gonna make me invest in a pink sheet company that I have avoided for over a decade now. Lol. Let's see where these mining stocks open today .
tbh it was my first sizeable investment in a pink sheet company. I only did it after researching and studying the company for 4 yrs. Good thing about Hive is it's got much more room to run. Bad thing is they've started to get greedy. Last week they filed to issue 100 million new shares. Few weeks ago they had a press release saying they wouldn't need to issue new stocks to raise money. This is the problem with pink sheets - they say one thing and do another. As I said earlier, once it gets close to $4 I'll start taking a lot off the table.
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Old January 4, 2021, 06:36 AM
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Why do people buy bitcoin?

When they can’t/don’t understand why it goes up or down in value?
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Old January 4, 2021, 06:36 AM
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500 errors are getting worse again...just had to retype my post twice....maybe a sign to take a break again lol
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Old January 4, 2021, 07:14 AM
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Quote:
Originally Posted by SportingBD
Why do people buy bitcoin?

When they can’t/don’t understand why it goes up or down in value?
Hahaha here we go again. We understand very well why bitcoin goes up and down ..we just can't predict where it will go. No one can. I am pretty sure I can defend both bitcoin bulls and bears.

But u my friend come up with the most out of the world reason ..from the left field.. as seen above.

"Rich ppl buying btc as a tax evasion and it's a safe haven" - I gave u a response that u probably should have written . How can an asset be safe haven when it has daily fluctuations as much as 50 percent? If u meant hedge against inflation please write hedge against inflation. U are the only guy here who pretends to know everything yet lacks basic understanding of market or warped understanding .

What exactly did u invest in last 10 years I would love to know. At least we take calculated risks and don't mock others who try.
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  #22  
Old January 5, 2021, 05:14 AM
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Bitcoin is artificial gold.

Listen to Warren Buffet, Charlie Munger and Bill Gates.

https://youtu.be/NBVDqAHQ4-M

Above is 2 years ago!

Funny they mentioned about how people become aggressive when you criticise them for not understanding bitcoin .
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  #23  
Old January 5, 2021, 09:07 AM
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Quote:
Originally Posted by SportingBD
Bitcoin is artificial gold.

Listen to Warren Buffet, Charlie Munger and Bill Gates.

https://youtu.be/NBVDqAHQ4-M

Above is 2 years ago!

Funny they mentioned about how people become aggressive when you criticise them for not understanding bitcoin .
Yeah bill gates would have lost all his invested money 3x over had he shorted it. This did not age well yet. He was also wrong about tesla.

U on the other hand will always be qouting other ppl and u can find anything u want , I usually quote myself from past..

And ur last sentence captures everything about u. Buffet says one thing ...u say another. Understanding bitcoin is not same as getting defensive about ones investment .

I mean I would respect u if u actually invest in something and came here and bashed other ppl. U don't do anything ... Yet u feel like u earned the rights or have the knowledge to argue with others about their stocks picks or investments .

Did u ever even read an investment book ? I highly doubt that. Again like I said years ago and repeatedly let us know which stellar investment you buy after 20 years of research with that big brain of yours.
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Old January 6, 2021, 12:10 AM
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and Bitcoin keeps on rising.

this is the difference between over smart ppl and me. I am grounded and keep my mind open. And I take everyone seriously. And that's why I WIN!! and will always win.
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  #25  
Old January 7, 2021, 10:59 AM
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Tonoy is a genius!!! what else u alll looking at. I need to know. Nice RIOT

zaman cannibis good?
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