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Message
2
Posted on 11/25/24 at 4:43 am to Norway
1. Direction
2. Timing
I guess I don’t speculate.
I’m not good at knowing which way, how far, and when something will move.
My only crypto play is owning CME.
As people trade these currencies more and more, the futures market will expand.
2. Timing
I guess I don’t speculate.
I’m not good at knowing which way, how far, and when something will move.
My only crypto play is owning CME.
As people trade these currencies more and more, the futures market will expand.
Posted on 11/25/24 at 5:35 am to Norway
quote:
Is it time to short Bitcoin ?
I hope not, I just started buying IBIT based, at least in part, on the incoming administration's desire to create a federal crypto reserve. Depending on what and how much they buy, it could continue to drive prices for a good while.
Posted on 11/25/24 at 7:09 am to Norway
I wish there was a way to even know if the current valuation is reasonable but the primary of the driver is fomo so there’s no objective measure. unless and until the fomo sentiment dissolves, I’d be hesitant to go against the trade.
The higher it goes, the more sentiment will build to own it. At some point, it’ll change but i don’t see it anytime soon.
Caveat- this is a sports message board and my advice is to be taken with that in mind.
The higher it goes, the more sentiment will build to own it. At some point, it’ll change but i don’t see it anytime soon.
Caveat- this is a sports message board and my advice is to be taken with that in mind.
This post was edited on 11/25/24 at 7:14 am
Posted on 11/25/24 at 7:15 am to jcaz
quote:
Is anyone actually using bitcoin as a currency? I feel like its only purpose is to possibly serve as a backup option to currency and everyone is buying but not using.
I don’t. I suspect no one else is either unless they trade in underground activity.
Posted on 11/25/24 at 7:16 am to Bard
quote:
hope not, I just started buying IBIT based, at least in part, on the incoming administration's desire to create a federal crypto reserve. Depending on what and how much they buy, it could continue to drive prices for a good while.
Do you really think the US government wants to undermine its own currency?
Posted on 11/25/24 at 7:28 am to SlidellCajun
quote:
Do you really think the US government wants to undermine its own currency?
Government as a whole, no. But a growing number of politicians, yes.
I'm on the fence about bitcoin and crypto in general long term. But, there is a bit of a tide shift in newer politicians to fix the broken monetary system in America. My personal belief is that it's a huge gamble whether Bitcoin is that product that uproots the current system. But there seems to be some interest in moving away from whatever printing monetary policy we have right now.
Posted on 11/25/24 at 7:35 am to WhiskeyThrottle
quote:
But, there is a bit of a tide shift in newer politicians to fix the broken monetary system in America.
Broken? We have about the most stable currency on the planet!
God forbid we ever replace it with something as volatile as bitcoin.
Posted on 11/25/24 at 7:46 am to SlidellCajun
quote:
Broken? We have about the most stable currency on the planet!
Do you think it's healthy currently? We've printed our way into oblivion. Having said that, I sorta agree you're right. It's WAY more stable than crypto. That's 100% why I am skeptical about cryptocurrency being the product that replaces our monetary system.
It seems the crypto bros have the opinion that our monetary system is broken AND crypto is the product to eventually replace it. I believe the monetary system is a house of cards, but I don't believe crypto is the product to replace it because of the volatility and the complex nature of payments. I work in the payments industry as a developer and that is one thing that most crypto fans overlook is the networking undertaking it would require to implement crypto as a payment.
Posted on 11/25/24 at 8:18 am to WhiskeyThrottle
quote:
I believe the monetary system is a house of cards, but I don't believe crypto is the product to replace it because of the volatility and the complex nature of payments.
It’s a house of cards backed by the largest and most horrific military might on the planet. I guess it’d be possible to collapse our currency but I struggle to grasp onto any realistic trigger to bring it down.
Also, why is it that bitcoin traders cash in for the USD? Why not another currency or just not cash in?
Posted on 11/25/24 at 8:28 am to jcaz
Posted on 11/25/24 at 8:40 am to Bard
quote:
at least in part, on the incoming administration's desire to create a federal crypto reserve
What if I told you, that the US is already the largest holder of BTC in the world?
quote:
the Treasury is sitting on a stash of 207,189 bitcoin, worth $5 billion, by far the largest such state-owned hoard.
Forbes Source
All Trump needs to do is not sell any during his term, and that will fulfill his promise to voters. Which is basically what he said he would do... not sell. Makes sense, as Trump tries to reign in govt spending through things like "DOGE", he cant be seen spending tax dollars on things like BTC
quote:
Will the U.S. government actually establish a bitcoin {{BTC}} reserve? It seems to depend on the definition of “reserve” you use. Would the government simply stop selling the bitcoin in its possession, as former President and now President-elect Donald Trump promised in his Nashville speech this summer? Or would it actively purchase bitcoin, as per the wishes of Senator Cynthia Lummis and Trump ally Robert F. Kennedy? The government currently holds 208,109 bitcoin — worth over $19 billion — per Arkham Intelligence. That stockpile was acquired over time through confiscations related to criminal activities. Historically, the government has sold this seized bitcoin in auctions, but Trump announced in July that under his administration, the government would keep 100% of all the bitcoin it currently holds or acquires in the future.
Yahoo Finance Source
So there you have it, we have the largest BTC reserve in the world
This post was edited on 11/25/24 at 8:42 am
Posted on 11/25/24 at 8:43 am to Odinson
quote:
Everyone who’s used it regrets it
That and BTC will never be used a currency. It has a max throughput of 7 transactions per second. That is basically a non-starter.
The original intention of BTC was a peer to peer low volume cash network to basically buy drugs on the internet. It was pretty good at that, not so good allowing Jimmy and Joe to buy their coffee at Starbucks. Transactions take minutes to hours, not seconds.
Posted on 11/25/24 at 8:59 am to UltimaParadox
quote:And largest seller
What if I told you, that the US is already the largest holder of BTC in the world?
Posted on 11/25/24 at 9:11 am to Norway
MSTR down over 5 percent & Bitcoin down 2,000
Dammit, knew I should have shorted
Dammit, knew I should have shorted
This post was edited on 11/25/24 at 9:14 am
Posted on 11/25/24 at 9:48 am to SlidellCajun
quote:
Do you really think the US government wants to undermine its own currency?
How would that undermine the USD? Or, more to the point of your question, how would that undermine the USD more than the federal government already has?
Posted on 11/25/24 at 9:49 am to UltimaParadox
quote:
What if I told you, that the US is already the largest holder of BTC in the world?
I would respond by making it clear that the US government acquired the bitcoin through seizure so they didnt pay anything for it. Did you miss that in the article or purposely ignore it?
Like yachts, planes, homes… that the US government seizes from illegal activity by the owners, bitcoin too is something that gets seized.
They’ve sold more than any other government too.
This post was edited on 11/25/24 at 11:47 am
Posted on 11/25/24 at 9:52 am to Bard
If the US government started to accept bitcoin as a currency then it would undermine their own currency.
For instance- If the US allowed you to pay your taxes in bitcoin- it would undermine the USD.
For instance- If the US allowed you to pay your taxes in bitcoin- it would undermine the USD.
Posted on 11/25/24 at 10:50 am to SlidellCajun
quote:
t’s a house of cards backed by the largest and most horrific military might on the planet. I guess it’d be possible to collapse our currency but I struggle to grasp onto any realistic trigger to bring it down.
We can basically do whatever we want with our debt and still be fine so long as we are the lone superpower. Once we surrender that hegemony however, the house of cards collapses and we are fricked.
Posted on 11/25/24 at 11:17 am to SlidellCajun
quote:
If the US government started to accept bitcoin as a currency then it would undermine their own currency.
For instance- If the US allowed you to pay your taxes in bitcoin- it would undermine the USD.
I don't think that's what this is. As I read it, it would be more like the US gold reserve or even the SPR. If BTC continues to run up, they could (at least conceivably) use that stash to eventually pay down on the debt (not that I think they would do that outside of a "break class in case of emergency" scenario).
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