Bitcoin

[NDwalleyes]

 

[Dirty]

To my feeble mind, after seeing how it can be affected by a tweet or two, a new rule by a foreign country, etc. my suspicions about it have been realized. It’s about as stable as the stock market and as trustworthy as the rate of the American dollar.

Good luck to those of you with an unwavering faith in this video game money thing. I just don’t have the nerve. I’m buying more ammo and learning to make my own whiskey...two things that will ALWAYS be in demand.

 

[Dirty]

I see articles today about the IRS seizing cryptocurrency and the government agreeing that they should regulate it…

The way I understood it, the lack of government involvement was a big part of the allure, correct?

 

[eyexer]

Bitcoin is going to drop like a rock

 

[ndlongshot]

The govt (any govt) does not control the bitcoin ledger. Its literally the internet. And its fluid. The computing power of the internet can relocate to new countries, new places. Can they shut down the internet? To a point. Can they ban its use? Sure. But as we have seen time and gain throughout history, prohibitions do not work or last. Value is established between consenting parties and not countries. If enough people believe in this stuff it will have value and those who use it will trade in it.

I am not claiming i have total faith in it. But looking at both sides it seems we are at a point where government will try and take it over. They hate competition. But they are late to the party. Its built to operate "decentralized" specifically so governments or one single entity can't get their slimy paws on it.

Governments are saying we will regulate it, and crypto (in general) saying "try me." Place your bets gentleman.

 

[Dirty]

No need to control the ledger. Like any good tyranny, they could just make it illegal to deal in crypto and turn you into a criminal and make your life hell because you didn’t conform…sorta like making you choose between losing your job and your livelihood if you don’t “make the choice” to get vaccinated, shut down your business, etc. More and more I see the government leaders showing their true colors and they aren’t red, white, and blue anymore. It’s more like brown from all the bullshit. These last couple years have been an eye-opener. Left, Right, conservative, liberal, democrat, republican - those at the tippy-top and those that fall under them all seem more than willing to fuck a guy over if they deem it necessary. And when a leaked video or audio ousts one of them, they turn their back on that person too and act as if they had no clue. They will fuck each other over just as willingly as they will you or me it seems. Crooked and deceitful from top to bottom. To drain the swamp you’d have to get rid of them all.

 

[eyexer]

That’s why trump couldn’t drain the swamp. The people that were supposed to do it were big members of the swamp themselves

 

[ndlongshot]

No need to control the ledger. Like any good tyranny, they could just make it illegal to deal in crypto and turn you into a criminal and make your life hell because you didn’t conform…sorta like making you choose between losing your job and your livelihood if you don’t “make the choice” to get vaccinated, shut down your business, etc. More and more I see the government leaders showing their true colors and they aren’t red, white, and blue anymore. It’s more like brown from all the bullshit. These last couple years have been an eye-opener. Left, Right, conservative, liberal, democrat, republican - those at the tippy-top and those that fall under them all seem more than willing to fuck a guy over if they deem it necessary. And when a leaked video or audio ousts one of them, they turn their back on that person too and act as if they had no clue. They will fuck each other over just as willingly as they will you or me it seems. Crooked and deceitful from top to bottom. To drain the swamp you’d have to get rid of them all.

Agree entirely!

I dont know where it ends, but the last 18mo have been wild. I am pretty far out there in conservative lala land, I used to consider prepping a nerdy, but entertaining hobby for other folks. Looking like a decent insurance policy these days. Go back to living like your grandparents. Survive off the farm. Food, water, shelter. Raise/kill your own. Have a cellar with lots of jars on the shelf. And obviously, a means to protect it all.

and most importantly leave me the F alone.

 

[Rowdie]

When it all breaks down you'll need someone to help protect your supplies. Mercenary for hire here.

 

[Allen]

Sounds like I need to put a shiney coat of paint on the old cannon, just so people know I'm armed.

 

[Flatrock]

Bitcoin is going to drop like a rock

Why? And how low?

 

[CatDaddy]

Why? And how low?

And when?

 

[wjschmaltz]

1. Government can't take your crypto. Hold your keys and its literally untouchable. In control of the people. That's why they want it gone. Keep your crypto on exchanges and it can disappear, but that's on the person that thought they owned the crypto (they didn't). If you don't own your keys, you don't own your crypto.

2. From the time the "it's gonna tank" post was made, it went from 38k to 45k. ETH went from $2800 to $3200. We just had an extremely bullish weekly close after the textbook retrace back to $30K. The government is the only way this thing slows down.

3. Stop acting like Trump is any fucking better. He is right there with Elizabeth Warren, Joe Biden, Yellen, and the rest of the old shitheads begging for regulations because they're all afraid of YOU having any money. Turns out even trump has figured out its hard to get the vote when you can't buy the vote. He made that clear with handout after handout and giant budget bills all while claiming to be conservative. But he gets away with it from "conservatives" for some reason I still can't nail down. They are all politicians. Stop acting like they aren't. The only ones worth a damn right now are the ones fighting this amendment - the more libertarian minded bipartisan folks like Ted Cruz (never thought I'd say that). The ones that want you to spend your money the way you want. I STRONGLY agree that the whole damn swamp needs to be drained. The geriatric morons in there have already destroyed the US currency, it's time for a younger group of imbesils to take a kick at the cat before these octogenarian dipshits destroy our one shot at a world currency. What ever happened to that whole term limit conversation?

If the law is passed the way it was originally presented, crypto will fall and there will be months of litigation that the govt will eventually lose. It appears very unlikely that the original text will pass because it's indefensible. If it passes as the amendment, it will exclude miners as well as protocol and software developers. It will just require retail folks to report (through the broker) for now. That sucks for me, but honestly, this doesn't move the needle and will likely help. Once there is clear law and big money officially knows how to go about buying/selling crypto and how to work around the tax code, they will come in hot buying this stuff up. That's really their biggest holdout. With that said, this whole thing has absolutely no business being in an infrastructure bill. This conversation and potential law deserves weeks of debate and these politicians in charge need to get about 2 weeks of training on what crypto actually is and what it's capable of before that can even happen.

The US has an opportunity to be at the forefront of one of the most disruptive technologies since the invention of the internet. All those miners from China are moving over to the US. It's a chance for our country to take back a significant amount of wealth if we do this right. But instead, the country that landed on the moon and has been the leader in technology since 1776 will piss this opportunity down it's leg because a bunch of old politicians that can hardly check an e-mail are scared of losing power. O wait, I mean they're doing it "for our protection" because we're all too stupid to decide how to use our own money and we need the govt. to tell us so they can get their cut to redistribute it to their voters. I don't give a shit what color tie they wear, they're all the same.

I'm bullish on crypto until at least Christmas (unless laws change I will reassess). From the low at the halvening to the $65K high, it retraced back to the 61.8% and shot straight up. The exact same way it has after every halvening. That completes the first bull wave. We still have two more bull waves to go over the next 120 days or so. If it follows the exact same path that it has after every halvening, and it keeps on following the golden ration the way it has, we go to $330K sometime around Christmas. That's a big if and not so sure I can get myself to believe it, but that's the numbers. Time will tell. It's followed exactly like the last few times up to this point, so we will see. Luckily I was in early enough and my break even money is already out of the market so I'll ride it out and either break even or change my family tree forever. Let's ride! https://www.tradingview.com/x/08tQBwYU/

Fun fact: since it's inception, BTC's growth has never once broken the golden ratio - aka the Fibonacci Sequence. The golden ratio is often referred to the fingerprint of God. Just a fun rabbit hole to jump down if you want to take a red pill. The exponential growth of things like Dall Sheep horns are an example. The sequence (finger print of God) is found everywhere in nature and in human life. Some event will eventually need to break that golden ratio because it's a bit unsustainable for BTC to be 100 million in 12 years. Will this new law be it, we will see. I'm not going anywhere until that ratio is broke.

 

[eyexer]

And when?

Soon as the government decides they’re going to regulate it. And they will. But the members of Congress will make sure they have their shares sold at peak before they announce they’re putting the clamps on

 

[Aquaholic]

I throw $1000 month at the major coins. Buy low. Sell high. The online brokers make it nice to set stop loss. Or. Hold your own keys/back up drive and its solely yours. Just Hodl.
Not going away. Look at China digital yuan forcing the people to use it. We'll have the USCoin soon enough. The rate at which U.S. is mandating crap on us. We'll be "convinced" by the power hungry government to keep us using cheapening mighty dollar and not have alternatives. I do own gold, bullets, and tatonka seasoning. ;:;rofl Cheers

 

[Allen]

Sheesh, I may gamble a bit more than I should on different stocks, blackjack, pulltabs, etc...but this is not exactly something I know enough about the odds to avoid a major hit to the finances:

$611 Million in Cryptocurrencies Stolen in Massive Hack (msn.com)

 

[Flatrock]

Soon as the government decides they’re going to regulate it. And they will. But the members of Congress will make sure they have their shares sold at peak before they announce they’re putting the clamps on

That's only one of the 100+ reasons it could drop. It's been volatile in the past and that will continue. Regulation is no doubt on the horizon but who knows how big of an effect it will have. I would way rather own crypto than gold though. Who knows if bitcoin will continue to be the 800 pound gorilla in crypto but if it does, a fixed supply with big demand sets up for way higher prices.

 

[Up Y'oars]

Electronic money (crypto) will likely always be around. The question, I think, we're all tap dancing with is: How much is a person willing to invest in it to get a short/long ride in the saddle??
a. Less than $1,000
b. $1,000 - $2,000
c. Who cares and I'm in it for the homerun

 

[Enslow]

Bitcoin takes a lot of energy to mine yet produces nothing. I imagine that reason in and of itself will coax in members of Congress. Good day!

 

[eyexer]

I’ll admit I know little too nothing about bit coin. But my personal feeling is given where the world is headed one better have assets/cash/etc that are tangible. We literally could be living in the Stone Age with a few clicks of a button