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Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

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Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#91

Post by pjc50 »

barkingcat wrote: post #35
globular-toast wrote: post #16

Earlier quoted context omitted.

> But obviously in hindsight, it was the most expensive mistake I've made in my life. It doesn't sound like a mistake to me at all. You paid off debts and invested in something that has delivered value to you for almost 15 years now. A mistake would have been to spend it on blow and hookers.

no a true mistake would have been to delete the hard drive that the wallet was stored on so you wouldn't even had the benefit of paying off anything or buying any hookers and blow.

There's a British guy who threw away a hard drive that if recovered would be worth hundreds of millions of pounds, and has been engaged in a weird legal battle with the council to try to dig through years of rubbish to find it.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#93

Post by TrackerFF »

thom wrote: post #87
TrackerFF wrote: post #78

Earlier quoted context omitted.

You could have invested in any big tech company, and arrived in the same place. It puzzles me how people see 10x-100x’ing their money on crypto as gods gift to humanity and a stroke of brilliance, but making the same amount by investing in NVDA seem like just another lucky stock pick. If anything, there will always be the next FAANG startup, that will make one fabulously rich.

For the avoidance of doubt, what’s the next 10-100x sure thing?

That requires research.

Not that that crypto was a sure thing, for a long, long time. Everything that hyped it up in the start, are more or less dead now. It has been collectively decided that coins like BTC have little practical value, outside store of value. As I wrote in this thread, back in the early days the main attraction of bitcoin was mass adoption for daily use as a currency. We've long since moved away from that. What makes it valuable today, was only a part of the equation back then. And that's not taking in all the regulatory risks that were looming (not that they have been completely eliminated).

Likewise, for the longest time GPUs were mainly seen as a consumer product for graphics usage. Then machine learning algorithms started using them, and the rest is history. If you invested in Nvidia on the thesis that all they ever were going to serve were gamers, you likely wouldn't have foreseen the current price.

A more general and vague guess would be: Something related to data, AI, green energy, healthcare, etc. - look at our biggest unsolved problems, and then at the companies that are working to solve them.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#94

Post by sigwinch »

thom wrote: post #87
TrackerFF wrote: post #78

Earlier quoted context omitted.

You could have invested in any big tech company, and arrived in the same place. It puzzles me how people see 10x-100x’ing their money on crypto as gods gift to humanity and a stroke of brilliance, but making the same amount by investing in NVDA seem like just another lucky stock pick. If anything, there will always be the next FAANG startup, that will make one fabulously rich.

For the avoidance of doubt, what’s the next 10-100x sure thing?

Look for something that popular AI uniformly but inexplicably endorses. One side of Costa Rica versus the other. Stock ticker symbols which coincidentally look like Gaelic words.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#95

Post by sigwinch »

webdevver wrote: post #70
FabHK wrote: post #58

Earlier quoted context omitted.

Indeed. And then at some point the sentiment will change. And at that point I hope the crypto and real world are not too intermingled, because it'll get ugly.

its probably intermingled at the highest levels that we couldn't know of. like transferring $100 millions to overseas 'freedom fighters', 'regime change operations', various suchlike endeavours with plausible deniability. admittedly bit of a conspiracy but its not that far removed surely

I suspect a massive US government bailout will prove something like this.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#96

Post by echelon_musk »

agumonkey wrote: post #72
pyman wrote: post #17

I'm interested in debating these facts: - 2.4 million bitcoins are lost forever [0]. Their owners, for one reason or another, can't access their wallets. No insurance, no guarantees, nothing. - 1.1 million are owned by a mysterious person who sits at the top of the pyramid [0]. - 2.3 million belong to investors and speculators [0] (who, I'm guessing, make money by pumping and dumping). - 1 million are owned by banks…

It's a law of nature, the large wins. They always have more buffers and more information.

> Them that's got shall get, them that's not shall lose

> So the Bible said and it still is news

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#97

Post by ryandvm »

TrackerFF wrote: post #3

I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…

Honestly, if you had held all of your BTC until today you would be an idiot.

Just because it made it to $120,000 doesn't mean that it was predictable or even an rational. Given that Bitcoin _still_ doesn't have a use case beyond buying drugs means the bottom could fall out at any time.

There is no rebar in this structure.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#98

Post by spacemadness »

RS-232 wrote: post #13
TrackerFF wrote: post #3

I sold 100 BTC back in 2015, which cleared all my debts and landed my first apartment. But obviously in hindsight, it was the most expensive mistake I've made in my life. I started following cryptocurrencies back in 2012. Still, for my life, I can't see the real value. Back then, when things were starting out, the idea was to bank the unbanked, make money transfer seamless, cheap, and fast, and basically break up act…

Thanks for sharing your story. I too frequently think back on "what could have been." Back in 2013, I bought and sold a bitcoin, and every time I see a crypto headline I remember my mistake of spending it. Maybe we should not be so hard on ourselves. Afterall, we still have a heartbeat. Did we truly make a mistake, or did we narrowly avoid getting consumed by avarice?

I worked with some crypto kids back in 2013. One retired in his twenties after 2017 or so. I know this as his instagram account became nothing but travel photos that never stopped coming year after year. Another colleague announced his retirement at 27 one day. He must have had 20 million in the bank. I still think it’s dumb that people got rich that way, but being dumb luck rich is certainly a thing. I don’t hold it against them. Interestingly I knew a lot of others that talked about crypto all the time but they’re still working to this day.

The thing is, there were so many coins popping up and all this talk about coins surpassing BTC that it’s easy to look at BTC today and think that was the only choice. But people were speculating on a lot of soon to be dead coins.

There are stock plays you could make today that could make any of us rich off dumb luck.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#99

Post by spacemadness »

webdevver wrote: post #56
throw0101b wrote: post #54

Earlier quoted context omitted.

> And there is no other asset that does that with as little inflation and risk as Bitcoin. LOL. Having 30% drops is not 'little risk': * https://www.cnbc.com/2021/05/19/bitcoin-btc-price-plunges-bu... Or 50%: * https://www.nbcnews.com/business/markets/bitcoin-whats-going... I want a 'store of value' to be fairly predictable, and even with inflation (generally 0-4%) fiat currencies have that (I can plan around that by…

true but then it always goes back up 100%... ...which is why its not gonna plunge anymore. too many people have "seen" the pattern now, and the instant it dips even 5% people are gonna be buying "the dip" in droves, thinking this is gonna be their entry, this is their moment in the sun. "I've seen it do this before, I know how it ends, I gotta get in now!!!"

I feel like we’re in a speculative thought loop. People seem to lose all memory when an asset rises. Every time it goes down people lose their minds and wonder how they could be so stupid to put money in such a risky asset, then it goes up and the same stories come out how it won’t go back down. Never trust investor sentiment online. It’s like taking advice from a drug addicted gambler.

Re: Bitcoin passes $120k milestone as US Congress readies for 'crypto week'

#100

Post by tonyhart7 »

pyman wrote: post #84
tonyhart7 wrote: post #81

Earlier quoted context omitted.

it is decentralised in a way that it is "decentralised system", its achieve its function You asking decentralised power that everyone can have "fair" power level, that not exist

Yes, the system itself is decentralised, but if most people depend on centralised exchanges and a handful of whales can move the market, how is that any different from the system we already had?

People can minting the money
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