Bitcoin ?!

anyway i have a cupboard full of bitcoins and i don't know where to put them!

Diceman said:

Bitcoin exists as a solution to a math problem... It is a solution to a problem, a very important problem.

...

But that is why Bitcoin and other crypto currencies were created. It cannot be confiscated or seized by the bank or by the government and it is highly transportable.

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The huge problem with Bitcoin, and the one that will ultimately bring it down, is its public viewability. That is, transactions are not private like physical cash is. It is what we call a surveillance coin. Monero exists to resolve that issue and be a true form of digital money.

Diceman said:

The U.S. (and other countries) are currently between a rock and a hard place.
1) Rock: They can either continue to print money with reckless abandon and keep things going until the currency hyperinflates, or
2) Hard Place: Cut back government spending (military, government services, pensions, handouts) and try to attempt to balance the budget which will turn the country into a Max Max scenario where everything shuts down (few police and local government workers because no money to fund them) and people starve and create their own fiefdoms in order to survive.

Those are the two options that await us this decade. The government chose option #1. Enjoy the ride.

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Go on. What happens after #1? Finish the scenario after the currency hyperinflates. I suspect it will look even worse than #2.

agraham said:

Just crashed. The rampers pulled out taking their profit while the suckers that bought in over the last week in expectation of future increases have lost out - how surprising!

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Crashed?

Pumped and dumped $35,000 to $28,000

Ah. OK. It's at about $32,600 right now, which isn't crash range, but I didn't know about the overnight. That's what I get for sleeping!

i read lots of comments here about how not to invest in BC and how dangerous it is but less than 2 weeks ago when i opened this thread the price of BC was about 22k now it is around 32k so it went around 50% UP from the price 2 weeks ago. this is insane and maybe there is something that we don't know?!

Diceman said:

I'm expecting a 40% to 50% drop in the price of Bitcoin. As you alluded to, the Bitcoin price has gone up too far too fast. I'd like to see it drop back to around 17.5k and build a base there before moving up. I blame Wall Street for pushing the price up so fast. We have billion dollar hedge funds starting their own Bitcoin funds and buying up huge amounts of Bitcoin and that is driving the price up. Maybe one day we will see Warren Buffet, Peter Schiff and Charlie Munger starting their own Bitcoin fund? (inside joke-they hate Bitcoin).


Bitcoin exists as a solution to a math problem. A new Bitcoin block is mined every 10 minutes (approx) and contains 6.25 Bitcoins, regardless of whether there are 1000 computers or 10 million computers working on the problem. It is always 10 minutes for the next Bitcoin block. It costs anywhere from $4000 to $50,000 to mine a single Bitcoin depending on your electricity rates. Like mining gold, mining Bitcoin is very expensive. Bitcoin exists as a mathematical model to solve the problem of double spending. Bitcoin exists just like Pi exists and RSA encryption exists. It is a solution to a problem, a very important problem.

Crypto currencies will do to finance what the Internet did to communications. You just don't know it yet.
Imagine it was 1990 and you were trying to describe what the Internet was to an AOL user, or someone using Compuserve. You were describing how things were going to be so much better with the Internet and they would willingly give up their AOL and Compuserve to get it. They would think you were crazy.

I'll give you a hint of what is in store for you. There will be no more brick and mortar banks. They will meet the same fate as Blockbusters and newspapers. Many millennials of today don't know what a newspaper is. They never had one delivered to their home and don't know what it's for. They've never had 2 pounds of newsprint thrown in their lap with 125 white pages that would take them a day to read. They don't fathom the concept of reporters hunting down a story and breaking real news. In 5 years we will walk down a street with our child and look at large brick buildings and your child will ask "What is that building daddy?". And you will answer "That is a bank where they used to keep cash for financial transactions.". And your daughter will ask "What is 'cash' daddy?".

The world you know today will not be recognizable 9 years from now. The globalists are reshaping the world with a plan they had in place for over 50 years. The fuse was lit on August 15, 1971 when Nixon went off the gold standard and ended the Bretton Woods agreement. The elite are destroying their old monetary system they created in 1694 and are replacing it. You will be a witness to the greatest transfer of wealth the world has ever known, and it will not be an enjoyable experience for the 99% that are unprepared for the collapse of their way of life. The lock downs are just the start. As Klaus Schwab (World Economic Forum) has said "World Will “Never” Return To Normal After COVID" and "You will own nothing, and you will be happy.". They are using COVID to bring in their global reset. They will use COVID and the lockdowns to create hyperinflation to destroy your currency and your generational wealth that your family has created over the past 100 years. Once you have nothing, they will offer you the carrot of their new world order that you must embrace in order to survive. Think "1984". These are the megalomaniacs that are reshaping the world. No amount of "voting", protests or banging of pots will change their minds. For the past 10 years people have been divesting themselves of fiat and have been accumulating gold, silver, crypto and farmland. They know their currency will be destroyed and are looking for lifeboats to see them through the tsunami of money printing that is headed their way.

I wish I had better news for you. But that is why Bitcoin and other crypto currencies were created. It cannot be confiscated or seized by the bank or by the government and it is highly transportable. But crypto currencies is just one solution to what's coming. Imagine how you would prepare if you were stuck in Venezuela before their currency collapse. There is much planning to do.

Disclaimer: I would never suggest anyone buy Bitcoin at these high prices. Never invest more than you're willing to lose. I am not a financial adviser and you must do your own due diligence when investing.

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But when it comes to financial speculation, bitcoin is playing the same role ...

ilan said:

i read lots of comments here about how not to invest in BC and how dangerous it is but less than 2 weeks ago when i opened this thread the price of BC was about 22k now it is around 32k so it went around 50% UP from the price 2 weeks ago. this is insane and maybe there is something that we don't know?!

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Most instructive: why is BC worth so much more now?
Based on what?

jroriz said:

Most instructive: why is BC worth so much more now?
Based on what?

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The price is based on speculation. Just like speculation controls the price of gold, silver, currencies and the price of exported tea from China. The U.S. dollar continues to fall because of excessive printing (compared to other countries) and the price of gold, silver and Bitcoin have all moved higher in the past week. Trump estimates it could take $10 trillion in spending to correct the damage the virus shutdowns have done to the economy. What do you think that will do to the purchasing power of the dollar? We need to see if the USD bounces off of 88.201 (see post#13). If it falls through that support line then BTC will take off like a scalded cat. There are also billion dollar hedge funds buying up BTC for their funds because long term they suspect BTC will move considerably higher. There is a limited amount of Bitcoin in circulation so when they take BTC off the market, the remaining BTC increases in price. BTC is not like the USD where you can print $100 billion over the weekend. There will only be 21 million BTC to be mined and the last BTC is estimated to be mined in 2150. Hardly anyone is buying U.S. bonds (debt) any more so the Federal Reserve has stepped in and is buying it up. The Repo market crashed last September (not good) and the Fed stepped in to make $30 billion available every night to keep the Repo market going. Otherwise we will have another Lehman moment. Add to that the million or so personal and corporate bankruptcies the banks will be seeing this year (loans aren't repaid), and you will realize we have an economic Armageddon headed our way that will make Sharknado look like a comedy. (Ok, it was a comedy. But you know what I mean.)

I am confident the price of BTC will drop 30% to 50% in the next couple of months. I don't doubt it. It could happen on Wednesday. There are always black swan events. The U.S. Presidential election is not decided yet and a surprise could damage the dollar. I am confident the BTC price will rebound because of the increasing demand from people and institutions looking for a more stable currency than the dollar. If we still had sound money like when the dollar was backed by gold, and we had gold coins jingling in our pockets (pre-1933), then there would be little need for Bitcoin. But our fiat currencies are being devalued by massive overprinting and people are jumping into lifeboats (gold, silver, Bitcoin, farm land) in order to preserve their wealth. They know what's coming. Otherwise they will drown when the tsunami of hyperinflation hits (or get eaten by a falling shark).

Maybe this chart will scare you.

Although it may seem unusual, BTC is precisely safer than the official currency, such as the dollar.
Because the current debt-based system will collapse at any moment, it is artificially sustained with the creation of debt, more debt, more debt ... to infinity and beyond

That's a picture of Italy!

Unfortunately, it is the norm in almost all countries :/

@LucaMs : it couldn't be Italy. Ski areas are closed due to pandemic regulation,. so no way to have that people on the slope
Although they could be agonists..who are instead permitted access to ski lifts..

They (the Government) evaluate that having 50 agonists sitting for hours in a bus to reach the ski area is less dangerous than have hundreds of paying customers spread all over slopes and admitted in a well-ordered manner to the ski lifts. I guess the problem stays in the "well-ordered"..

Along with BTC, gold, etc.. maybe is time to refresh the barter as a good way of trading..

What happened to Libra (facebook's cryptocurrency)? I just did a search, and found it is now call Diem. I recently get to know about Pi Network. It is very popular now. I open the app once a day.

Edit: From Wikipedia, Diem (nominative case: dies) translates to "day" in Latin. I don't know why FB chose that name. What an unauspicious name.

Well, Libra too derived from Latin (libra, librae..) with the meaning of a weight measure (about 320grams); later as a pair of scales (like in the zodiac sign).
Somebody believes Libra it's derived from a Sicilian coin named after the Greek word litra.
Why FB went from it to Diem, I don't know..

Diceman said:

1) Rock: They can either continue to print money with reckless abandon and keep things going until the currency hyperinflates,

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Looks like a Ponzi scheme.like Bitcoin
..BTW I have a book that biographs Ponzi and outlines the scheme. Parallels between Btc and Ponzi are there (mathematics might be a bit like string theory).

LucaMs said:

cupboard full of bitcoins

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Cry-key....can you see them?

rabbitBUSH said:

Looks like a Ponzi scheme.like Bitcoin
..BTW I have a book that biographs Ponzi and outlines the scheme. Parallels between Btc and Ponzi are there (mathematics might be a bit like string theory).

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I am the first to admit that we should see at least a 50% drop in BTC price likely this month. It is going up almost vertical on a weekly chart and a major correction would be required for a more stable Bitcoin. Today BTC has broken out and is headed to $40,000. (Do not buy at these inflated prices. BTC going on sale soon! )

There are a lot of Ponzi schemes run by the government. Take pensions for example. To keep paying out to retirees (back end) they need more new workers coming in at the front end. Without new people joining the pension plan it will eventually run out of money. Pension plans have been set up to expect 7.5% to 8% returns year over year. This is unrealistic in today's economic environment. If they get less than that they will collapse. Since 2000 when interest rates were deliberately kept low by Greenspan, pensions started losing money because bonds were only paying around 4% and their funds had to have a certain amount invested in bonds. They had to invest in more risky assets that provided higher returns and investments flooded into real estate because mortgages were so low and the flood of new money shot up home prices, and we all know how that turned out. Now with massive unemployment it means people are not paying into their pension funds, so pension funds will quickly collapse unless the government bails them out, with borrowed money. This causes inflation which sends up the price of BTC and commodities.

Then the greatest Ponzi scheme of all is the U.S. dollar, or fiat currencies in general. Think about this for a minute. Let's say the government borrows $1 billion from the Federal Reserve and they give them $1 billion of bonds as collateral that will have to be paid off in 10 years with say 5% interest. The Federal Reserve (private bank) gets the bonds and the government gets the billion dollars. Most people think this is a fair exchange because all they did was to exchange paper, bonds for currency. But it's not fair. 10 years later the Federal Reserve cashes in these 10 year bonds and gets back their original $1 billion plus $628,894,627 in interest from the government. Where did the $1.628 billion come from? Remember the government spent the original $1 billion into the economy and by paying off old debt. It no longer has the money. Money can only be printed by the Federal Reserve, so the government now has to borrow the $1.628 billion from the Federal Reserve to pay back the loan and the the interest on the original $1 billion loan. This creates a 2nd loan for $1.628 billion and the process is repeated. The loan will never be paid off because the money needed to pay it off can only be created by the lender namely the Federal Reserve. The government could raise taxes and have its citizens pay the $1.628 billion but that still means this money has to be borrowed into existence so the citizens will have to borrow it, or the company they work for has to borrow it into existence. This is why debt will always grow larger and larger and governments will never be able to balance their budgets without massive austerity (cut backs to government services). But it gets worse. What did the Federal Reserve put up to get the $1.628 billion? They printed the "money" at a cost of around 8 cents per $100 bill for the paper and ink which would have cost them $800,000. The Federal Reserve (private bank) spent $800,000 and got back $1.628 billion ten years later. That is a great return if you ask me. Today they don't even have to spend the $800,000 to print the money because they just enter a few numbers into the computer and the government is on the hook for the debt. The Federal Reserve is suppose to return their "profits" back to the treasury <cough><cough> but profits are often easily adjusted downwards. They funnel the profits through their banking cabal, namely Wall Street banks who make tens of billions of dollars off of the money they get from the Federal Reserve by loaning it out to corporations and to other banks around the world. You see, Wall Street banks own the Federal Reserve along with foreign bankers. It's the tail wagging the dog. It is a very cozy relationship that allows the wealth of the nation created by its workforce to be extracted by foreign bankers. Matt Taibbi said it best when he talked about Goldman Sachs and could apply to all Wall Street banks "The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." BTW, that dollar bill or Euro note you have in your wallet, someone is paying interest on it. Those are debt notes, not real money. It is a scheme the bankers worked out a century ago and the general public has never caught on to the scheme. None of this would have been possible if the United States kept printing its own money and it would have been a much wealthier nation. But that never happened because crooked politicians allowed a banking cartel to come in and print its currency and control its nation. Mayer Amschel Rothschild said: "Let me issue and control a nation's money and I care not who writes the laws" — Mayer Amschel Rothschild

That's why we need Bitcoin and crypto currencies in general. The people need to regain control of their currency and their investments. I would much rather have my wealth invested in crypto currencies (even with a temporary 50% drop in price) rather than in a pension fund that won't be there when I need it. Just one guy's opinion.

Diceman said:

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Completely true. It cannot be explained better.
I do not understand that many say that BTC is a fraud, a ponzi system or anything of those. Surely they have not stopped for a moment to think.
People believe that when they work they are contributing to their public pension plan, when it really only serves to pay current pensioners that month.
They also think that the dollar, euro, etc. it is based on gold, and no matter how much it is repeated that it is not, they still do not believe it.
That is the same as saying "I don't know anything, but I don't want to know either."
What they should do is inform themselves, because their future is at stake.
For this reason, I invest everything I can in cryptocurrencies, land, etc. which are things that will continue to be there when the current financial system collapses, which is only a matter of time.

vecino said:

Completely true. It cannot be explained better.
I do not understand that many say that BTC is a fraud, a ponzi system or anything of those. Surely they have not stopped for a moment to think.
People believe that when they work they are contributing to their public pension plan, when it really only serves to pay current pensioners that month.
They also think that the dollar, euro, etc. it is based on gold, and no matter how much it is repeated that it is not, they still do not believe it.
That is the same as saying "I don't know anything, but I don't want to know either."
What they should do is inform themselves, because their future is at stake.
For this reason, I invest everything I can in cryptocurrencies, land, etc. which are things that will continue to be there when the current financial system collapses, which is only a matter of time.

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Yes I should point out, I did talk a lot about Bitcoin but that is only 1 refuge during a currency collapse. Gold, silver, lead, land, food, provisions, relocating to secure location etc.. Everyone's needs are different and many requirements need to be met and people need to get out of fiat before the collapse. The globalists are deliberately collapsing the economic system with their global reset so they can bring out their own digital currencies and have more control over the public; where they travel, what/where/when they buy, etc.. The banks were going to collapse in a year or two anyway, but now they can blame the collapse on the virus and we should still trust them. The globalists have publicly said they are using the lock downs and the virus crisis to implement their global reset. Klaus Schwab said the globalists will end up owning everything in his speech "You will own nothing, and you will be happy.".

One of their obstacles standing in their way was Trump, but now they got him out of the way with the rigged election, they will be able to continue with their global reset. I personally don't hold a lot of money in the banks except for 3 months of transactions, and in the next 2 years I expect the banks to close for an extended "bank holiday" as they did in Cyprus when they implemented bank bail-ins and people lost 44% of their money. Most people don't realize that when you deposit money in the bank, they no longer own that money. It is now the bank's money and you are an unsecured creditor and you are at the back of the line if the bank goes under. Bond holders normally get the first crack at the remaining money. But during a bail-in everyone gets a haircut including bond holders.

What would cause the bank to collapse or become insolvent? Bad loans that are not repaid. What would cause this? Bankruptcies. What would cause bankruptcies? Companies being forced to close so they don't have revenues to pay their mortgages or their bank loans or their employees. And this is caused by...? Yup, lock downs. The lock downs were part of the globalist global reset plan. They wanted lock downs to bankrupt the small businesses and cause a currency reset by over printing the currency. Lock downs have very little affect on the spread of the "virus". Tuberculosis kills 10x more people than this virus and no business ever got locked down for TB. The virus is the greatest hoax ever perpetrated on the world. Martin Armstrong the economist that was in the documentary "The Forecaster" has said the globalists are using the virus to replace capitalism with their form of communism where everyone is on UBI (universal basic income) and the state owns everything. It will be total control of the population by the globalists. Here is Martin Armstrong Interview

The current economic system is about to fail (2 years?). Don't go down with the ship. Find your lifeboat and prepare now. Don't the the last person looking for a life vest when the ship goes down.