Jump to content

Epic Pennant on BTC Chart


Recommended Posts

1 hour ago, Baka said:

feels bad to see everything going down right now

It’s the name of the game and all part of market cycles, though, nothing goes up and/or stays sideways in a range perpetually, crashes are always there in between these movements. 

Link to post
Share on other sites
  • Replies 10.6k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Well guys for those of you that got in late 2017, this is what the beginning of a Bull Market feels like.  There will be ups and downs of course, but it will get much crazier with much higher valuatio

Just taking the time to say a huge thank you to you @Eric123. I have been reading this thread daily for a long time now. I don't often sign in to post something so this thank you and acknowledgment of

I was a bit bored, so I decided to analyse the reactions in the first 404(!) pages of this thread. In those 404 pages, 3938 comments received a reaction, and in total there were 11515 reactions g

On 2/25/2021 at 7:28 PM, Eric123 said:
On 2/25/2021 at 7:11 PM, jbjnr said:

What I find strange is that you don't appear to consider the risk factor of bitcoin at all. It is only a matter of time before POW mining is shut down or outlawed by governments and when that happens the price of BTC is going to fall through the floor as everyone rushes to sell before it becomes impossible

This is probably the single stupidest sentence I've ever read on this blog.  

You're getting put on ignore.  

I'm very happy to be on your ignore list. And I'm even happier that that idiot Musk has backtracked on his Bitcoin endorsement. I think though that you should really listen to other people once in a while and consider the risk factor involved with a coin like bitcoin. Don't forget that at the current hash rate, it is costing $500million per week in electricity just to keep the network running and all that lovely $$$ has to come from somewhere. When you can't find any greater fools to put cash in, the price can only go one way. ($500million per week is even more than Jed sells in XRP in case you were wondering).

You're welcome.

Link to post
Share on other sites
Posted (edited)
36 minutes ago, jbjnr said:

I'm very happy to be on your ignore list. And I'm even happier that that idiot Musk has backtracked on his Bitcoin endorsement. I think though that you should really listen to other people once in a while and consider the risk factor involved with a coin like bitcoin. Don't forget that at the current hash rate, it is costing $500million per week in electricity just to keep the network running and all that lovely $$$ has to come from somewhere. When you can't find any greater fools to put cash in, the price can only go one way. ($500million per week is even more than Jed sells in XRP in case you were wondering).

You're welcome.

Let me reply so @Eric123 sees this post and I’ll go grab the popcorn. 
 

Edit: I’m actually not happy about Elon’s “sudden” realization and decision. He’s known all along about the whole thing and he knows exactly what he’s doing and he’s doing all of it on purpose. First he wanted to pump it, then we wanted it to go down. He’s a smart man, he didn’t just realize now that BTC is “unsustainable” long term unless either changes are made to it or we move to cleaner energy. 

Edited by Neurotoxin
Link to post
Share on other sites
1 hour ago, Neurotoxin said:

Edit: I’m actually not happy about Elon’s “sudden” realization and decision. He’s known all along about the whole thing and he knows exactly what he’s doing and he’s doing all of it on purpose. First he wanted to pump it, then we wanted it to go down. He’s a smart man, he didn’t just realize now that BTC is “unsustainable” long term unless either changes are made to it or we move to cleaner energy. 

He has a history of messing with regulators, so it's possible, this is all part of a bigger strategy of his, but I doubt it. His tweet about Tesla/BTC yesterday wasn't "his" thoughts, it was a cut'n'paste of a prepared statement that was almost certainly made by the Tesla PR dept. They have received backlash about environmental concerns and he was probably "told" to make the tweet in the interests of the company. 

If he really is just playing a game, then he needs to be removed from his position.

Nobody forced Tesla to buy Bitcoin, that was a decision made by him and his company and somehow he or others persuaded the decision makers to go ahead with it. The fact that people in positions of power in these organisations can't see that bitcoin is a ponzi scheme is rather miraculous - and why they would put their company through so much bad publicity over this defies any reasonable explanation.

A ponzi scheme is one where early investors are paid from the funds of later ones and the scheme generates no income of its own that can maintain investment value. Bitcoin fulfills that description (as does most of crypto), but it's worse, because it consumes funds as well by using huge amounts of energy that has to be paid for by taking those funds out of the 'system'. The only people making money from it are early investors like @Eric123 who do their best to encourage users to buy in via forums such as this. What is equally miraculous is that everyone already knows this, and yet they continue to participate.

(And yes, I do believe there is a fundamental difference in the xrp network/use case but that is a subject for another thread).  

Link to post
Share on other sites
1 hour ago, jbjnr said:

He has a history of messing with regulators, so it's possible, this is all part of a bigger strategy of his, but I doubt it. His tweet about Tesla/BTC yesterday wasn't "his" thoughts, it was a cut'n'paste of a prepared statement that was almost certainly made by the Tesla PR dept. They have received backlash about environmental concerns and he was probably "told" to make the tweet in the interests of the company. 

If he really is just playing a game, then he needs to be removed from his position.

Nobody forced Tesla to buy Bitcoin, that was a decision made by him and his company and somehow he or others persuaded the decision makers to go ahead with it. The fact that people in positions of power in these organisations can't see that bitcoin is a ponzi scheme is rather miraculous - and why they would put their company through so much bad publicity over this defies any reasonable explanation.

A ponzi scheme is one where early investors are paid from the funds of later ones and the scheme generates no income of its own that can maintain investment value. Bitcoin fulfills that description (as does most of crypto), but it's worse, because it consumes funds as well by using huge amounts of energy that has to be paid for by taking those funds out of the 'system'. The only people making money from it are early investors like @Eric123 who do their best to encourage users to buy in via forums such as this. What is equally miraculous is that everyone already knows this, and yet they continue to participate.

(And yes, I do believe there is a fundamental difference in the xrp network/use case but that is a subject for another thread).  

I am well aware of what a Ponzi Scheme is, but I’m not sure that’s exactly the case with BTC. I think it’s a bit more complicated than that. To many people, it is seen as a store of value, mostly because that’s what the mainstream media has pushed to the public, but others have different views. To me, BTC is more of a collectible, being kind of an icon, a digital “monument” if you will. It was the first, the one that started it all. I believe there is some value in this (to other people who value things such as these). It works for payments, not that it’s efficient at that, it CAN be a store of value so long as the masses agree on it, and has other uses. Point is, it does have utility even if it’s not great or the best at those tasks, BUT, it was the first that got this all started and as a result, led to a lot of innovation where tech leaps and bounds better than it was invented. Now we have coins for privacy, we have coins for cheap, fast and efficient payments, we have coins for cross border settlements (XRP), and now we’re starting to see a lot of De-fi projects emerfing. We have many different coins for many different uses. Along the way, crooks saw an opportunity to scam people, and in turn they made coins with no real purpose, usecase or value, dressed them up as a legit project and made a very, very Profitable Ponzi scheme. There are too many of these coins out there. 
 

I guess what I’m trying to say to sum this all up, is that BTC isn’t perfect and has many flaws but it was also the catalyst for a lot of innovation and I think there’s value in that. We humans are very symbolic creatures that like memories and things of that nature, so at least for me, and in my opinion only, BTC just serves as that reminder of the moment it all started and it’s value is as a collectible digital memorabilia.
 

So I don’t think it’s a Ponzi scheme, I also don’t think it’s necessarily the best option for a store of value or payments, and I certainly don’t think it’s worth $50-$60k a pop, but that’s just my opinion and there’s obviously a lot more people out there who don’t share my views. Sorry if this post is a bit repetitive and not well written, it’s getting close to bedtime and I’ve had a very mentally taxing day. 

Link to post
Share on other sites
3 hours ago, jbjnr said:

He has a history of messing with regulators, so it's possible, this is all part of a bigger strategy of his, but I doubt it. His tweet about Tesla/BTC yesterday wasn't "his" thoughts, it was a cut'n'paste of a prepared statement that was almost certainly made by the Tesla PR dept. They have received backlash about environmental concerns and he was probably "told" to make the tweet in the interests of the company. 

If he really is just playing a game, then he needs to be removed from his position.

Nobody forced Tesla to buy Bitcoin, that was a decision made by him and his company and somehow he or others persuaded the decision makers to go ahead with it. The fact that people in positions of power in these organisations can't see that bitcoin is a ponzi scheme is rather miraculous - and why they would put their company through so much bad publicity over this defies any reasonable explanation.

A ponzi scheme is one where early investors are paid from the funds of later ones and the scheme generates no income of its own that can maintain investment value. Bitcoin fulfills that description (as does most of crypto), but it's worse, because it consumes funds as well by using huge amounts of energy that has to be paid for by taking those funds out of the 'system'. The only people making money from it are early investors like @Eric123 who do their best to encourage users to buy in via forums such as this. What is equally miraculous is that everyone already knows this, and yet they continue to participate.

(And yes, I do believe there is a fundamental difference in the xrp network/use case but that is a subject for another thread).  

Reading you is like reading clickbait yellow paper from bored intern, that puts 0 rationale into it, because in one hour he will do best thing in his life: get wasted in the pub.

 

Link to post
Share on other sites
Posted (edited)
6 hours ago, Neurotoxin said:

Let me reply so @Eric123 sees this post and I’ll go grab the popcorn. 
 

Edit: I’m actually not happy about Elon’s “sudden” realization and decision. He’s known all along about the whole thing and he knows exactly what he’s doing and he’s doing all of it on purpose. First he wanted to pump it, then we wanted it to go down. He’s a smart man, he didn’t just realize now that BTC is “unsustainable” long term unless either changes are made to it or we move to cleaner energy. 

LOL.

Elon Musks vacillations on Bitcoin are really of very little concern.  Musk is an impulsive wild card.  The irrational impulse in this case was not originally buying Bitcoin but his Idea for Tesla to stop accepting it due to environmental concerns.  The idea that Bitcoin is environmentally damaging has been debunked over and over.  The environmental argument is an argument used only buy the haters or the uninformed.  If you think energy consumption = bad - you are a fool.  Musk is no fool, so I assume the tweet and the turn around on Tesla accepting Bitcoin was some sort of personal concession to Grimes his strange artist girlfriend and baby's mamma (who I'm also assuming is uninformed) who had to be hospitalized with a panic attack after his (disastrous SNL appearance).  Musk actually called DOGE "a hustle".

Don't worry about Musk, his Twitter is obviously him thinking out loud, he will be back when he realizes the mistake he's made.  Soon enough Musk will probably be schooled on how Green Bitcoin is and Tweet another reversal on Tesla's policy to "Tesla will only accept Bitcoin for payments".  Just be tankful for the buying opportunity Musk has provided.

The argument that Bitcoin is a ponzi scheme is so ridiculous so as not to warrant a response.  Whoever says Bitcoin is a Ponzi scheme has not Idea what Bitcoin is or what a Ponzi scheme is.

 

2 hours ago, Neurotoxin said:

The only people making money from it are early investors like @Eric123 who do their best to encourage users to buy in via forums such as this

The sentiment expressed here,  that I can move the Bitcoin market by my encouragement on a message board is one of the nicest things anyone has ever written about me. Than You.  This quote is attributable to @jbjnr not @Neurotoxin

@Neurotoxinjust reposed it - for one reason being that I would be able to see it.

 

 

 

  

Edited by Eric123
Link to post
Share on other sites
20 minutes ago, automatic said:

My money is on BTC having at least one or two more legs up this year.  We needed a cool off period, and now we got it.

I'm reloading on the way down.

Funny thing, people cry about Elon or having gloating time of the year. But ignore fact that Galaxy & Microstrategy AUM is growing, Galay alone added almost 20B in past month.

Its not taking into account DeFi TVL growth and interest account in market leadera like: BlockFi and Nexo.

Link to post
Share on other sites

Not Financial Advice

As a general rule, markets don't just go down. They go down, pull back up just enough to make you think the worst is over, and then dump. 

If you think the broad market is going to go down (I personally don't think this, but to each his/her own) then there is probably a good chance it'll go up a bit and you can exit at a better price.

Link to post
Share on other sites
35 minutes ago, Eric123 said:

Looks like it will take a little longer than I thought before Bitcoin makes it big bread to the upside.

you are generally aiming at a bit of a longer bullrun anyway, right? I remember that you once said that it could carry on into 2022. This is a later than most of the projections that put the top of the cycle in early/mid Q4 2021.

Can you say a bit more?

Link to post
Share on other sites
5 hours ago, Eric123 said:

The argument that Bitcoin is a ponzi scheme is so ridiculous so as not to warrant a response.  Whoever says Bitcoin is a Ponzi scheme has not Idea what Bitcoin is or what a Ponzi scheme is.

At the current market rate, BTC is worth around a trillion dollars, at $500million per week to keep the network running, that's a 2.5% loss per annum if you want it to store value. That means that to break even, you need a continuous influx of new money. Without it, it will fall in value. If you want to it be a hedge against currency devaluation as well, then you need to add another x% of additional money inflow to raise the bar even further. Now you don't have to call it a ponzi scheme if you don't want to, but it's only a good investment when the new money coming in is enough to offset the costs (and the banking system as it stands now has costs too, but it also provides many more services).

Now the astute will simply observe that we can simply increase the price and capitalization of BTC and then the relative costs fall to lower (more acceptable) percentages, but the problem is that an increase in price will incentivize a higher hash rate and thus higher costs, so the cycle isn't broken.  

5 hours ago, Eric123 said:

The sentiment expressed here,  that I can move the Bitcoin market by my encouragement on a message board is one of the nicest things anyone has ever written about me. Than You.    

Please don't flatter yourself that I consider you solely responsible for driving the market, I mean only that there are many like you out there promoting coins and you are a necessary cog in the wheel of keeping the inflow steady.

Link to post
Share on other sites
44 minutes ago, Nat99 said:

you are generally aiming at a bit of a longer bullrun anyway, right?

I don't think this extends the bull run which we are in which may carry into 2022. I did think that  Bitcoin was going to start on a run to a new ATH in a few days - that's what I think may take longer.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.