IT BEGINS !!

Not sure where were will see some resistance again. I'd expect it just around the 28K then again as it settles.

Alts are starting to fall as expected so should be able to buy back in and increase my stake as planned. Very lucky it panned out they way I hoped, hard knowing plenty paid the price.

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Typical though, like I said when a production meeting at our factory is half taken up by Joe Schmo’s talking about crypto and early retirement it’s time to sell. Oh and anything JP Morgan related.

I still agree fundamentals are solid.
 
LiverBird said:
Let's maintain perspective, Bitcoin is currently still up 7% over the past week. If this is the 'large correction' everyone was anticipating I'll be a very happy camper.

Let's see how she runs over the next few days & whether there's any further sell off.
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I personally think this was a blip and we are still to see a larger correction. Time will tell. I have taken some profits so happy to hold and ride out whatever may come.
 
Ipv6Ready said:
BTC is a predictable beast sometime over the year it will come back down, consolidate than rocket up.....

I am not sure if it will drop below $5000 this time but definitely below $15,000 (could be the next dip). Will see which way the wind blows when it gets there but I'll I start buying a few bitcoins again than and just wait for the next bump.

The key to BTC is hoddling doesnt work unless you are lucky or you wait 5, 10, 20 or 50 years.

Buy when everyone thinks it is is dead horse, sell when it quadrupple, than sell and wait for the next major dip.

Todays crash won't be like any other drop.... it could be $45k or $35k tomrrow due to all the new buyers who bought via Paypal. I am betting if someone bought BTC via Paypal it was their first time and they have no idea but expect it to only move up.
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I agree, if someone buy’s BTC via PayPal they literally have no idea what they’re doing. The mere thought sends shivers down my spine o_O
 
heartastack said:
Typical though, like I said when a production meeting at our factory is half taken up by Joe Schmo’s talking about crypto and early retirement it’s time to sell. Oh and anything JP Morgan related.

I still agree fundamentals are solid.
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It’s funny you say that. There is a show regarding BTC / Crypto (I think it’s on CNBC), and it’s a great indicator on what moves one should make in the Crypto market. Essentially whatever they recommend you do on the show, make sure you do the exact opposite. It’s a strategy that never fails :D
 
heartastack said:
Typical though, like I said when a production meeting at our factory is half taken up by Joe Schmo’s talking about crypto and early retirement it’s time to sell. Oh and anything JP Morgan related.

I still agree fundamentals are solid.
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Yeah it needs to get as wriggle on before the old finance sector's got enough time to get the government to outlaw it all so mum's and dad's are protected from themselves.
I bet they are none to pleased with the funds being siphoned off by Nigerians and not into the rigged stock market.

Check out these 24 hour volumes!

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We're still in the awareness stage. The "smart" money has been in it for years and institutional investment signals the "awareness" phase. This is just a small correction, it was bound to happen and is certainly not an indicator that the bull market has run its course. It's merely a buying opportunity.

Screen Shot 2021-01-11 at 6.36.27 pm.png

Edit to add: we may never have a "blow off" phase as BTC becomes the new gold.
 
mmm....shiney! said:
We're still in the awareness stage. The "smart" money has been in it for years and institutional investment signals the "awareness" phase. This is just a small correction, it was bound to happen and is certainly not an indicator that the bull market has run its course. It's merely a buying opportunity.

View attachment 49857

Edit to add: we may never have a "blow off" phase as BTC becomes the new gold.
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Do you honestly believe sovereign nations will allow Bitcoin to turn their gold reserves into over priced paper weights?
 
heartastack said:
Typical though, like I said when a production meeting at our factory is half taken up by Joe Schmo’s talking about crypto and early retirement it’s time to sell. Oh and anything JP Morgan related.

I still agree fundamentals are solid.
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the old saying? I think it was by Buffet and was along the lines of, ------ by the time the regular person finds out about a winner, thats when you know its over
 
66rounds said:
Do you honestly believe sovereign nations will allow Bitcoin to turn their gold reserves into over priced paper weights?
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It will be regulated eventually. Now they are using the tech boys and smurfs to secure the election so no rocking of the money boat.

After that is done, cryptos will be regulated and taxed. What China is doing is an indication of what is going to happen. First, a clamp down, then roll out of national crypto. Once the national crypto has established, roll out regulations to allow private cryptos.

There will still be money to be made, but I'm more interested in the exchange and payment providers.
 
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sgbuyer said:
It will be regulated eventually. Now they are using the tech boys and smurfs to secure the election so no rocking of the money boat.

After that is done, cryptos will be regulated and taxed. What China is doing is an indication of what is going to happen. First, a clamp down, then roll out of national crypto. Once the national crypto has established, roll out regulations to allow private cryptos.

There will still be money to be made, but I'm more interested in the exchange and payment providers.
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A national crypto is not Bitcoin though. Gold reserves are a critical component of sovereign nations treasury's and can hardly be replaced by Bitcoin. No international trade will ever occur on the basis of two nations swapping each other's national CBDC. And if we have a "one world CBDC", how will they determine who is able to issue how much? I am predicting it will be doled out in the basis of publically declared gold reserves, meaning you will be left with essentially a gold backed international crypto. Saying gold will be replaced is like saying humans will learn to breath other than air.
 
The national crypto is just another fiat currency but which is tagged and tracked so the government knows who owns it and who bought what, and can arbitrarily terminate it, just like big tech terminated Parlor. As for gold backed crypto, maybe some countries will do it? Pm backed stable coins are the primary reason I bought gold and silver in 2018.
 
66rounds said:
Do you honestly believe sovereign nations will allow Bitcoin to turn their gold reserves into over priced paper weights?
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I don't see any value in Central Banks holding gold. They don't need gold. They also don't need BTC.

66rounds said:
Gold reserves are a critical component of sovereign nations treasury's
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Why?

66rounds said:
No international trade will ever occur on the basis of two nations swapping each other's national CBDC.
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They already trade digital assets.
 
It's a bit bigger than that. It's creating a new financial system that's not just based on any one governments or consortium's whim of the day.

It's mimicking one of the primary reasons you all like precious metals (storage of wealth). If it's in your house and has value the bank one day can't just say your balance is zero because they say so.
It's a bit different as it has no physical presence but people have assigned it a value. A $50 note is the same. If we all just decide the $50's not worth anything, it becomes worth nothing.

I hope it brings in a swift and harsh wake up call to the banking institutions, similar to as uber did to the taxi industry. These institutions take so much from everyone and give the absolute worst service in return. I however believe they are already ingrained in the industry and controlling much of it already.
 
mmm....shiney! said:
I don't see any value in Central Banks holding gold. They don't need gold. They also don't need BTC.



Why?



They already trade digital assets.
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They may not need gold according to MMT standards but since 1999 there has been a radical push by central banks to hold gold, hence the rising price. Why that is, is an entirely different topic.

As for gold being a critical component, I meant it is seen by central banks as a critical component as per my answer above. I am not knowledgeable enough yet to argue for or against their position.

They do trade digital assets, but only those of value. No one will be trading Madagascar issued CBDC for goods. Hence why I believe they will push for an international CBDC issued by the BIS, perhaps along the lines of SDRs? Whether I am correct or they are successful or not will be seen in time. The USD still has quite a fall ahead of it before sovereign nations are willing to forgo the usefulness of their USD reserves.


This video best explains what I'm trying to put across although I disagree with some of the final points such as encouragement of private gold ownership.
 
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desmodronic said:
It's a bit bigger than that. It's creating a new financial system that's not just based on any one governments or consortium's whim of the day.

It's mimicking one primary of the reasons you all like precious metals (storing wealth). If it's in your house and has value the bank one day can't just say your balance is zero because they say so.
It's a bit different as it has no physical value but a $50 note is the same. If we all just decide the $50's not worth anything, it becomes worth nothing.

I hope it brings in a swift and harsh wake up call, similar to as uber did to the taxi industry. These institutions take so much from everyone and give the absolute worst service in return. I however believe they are already ingrained in the industry and controlling much of it already.
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To believe cryptos came out of the blue as a miracle from a philanthropic individual is foolish. The Bitcoin white paper stinks of an intelligence operation. This isn't to say blockchain doesn't have its uses, I'm just debating the point made that it will replace gold.
 
I don't think golds going anywhere soon. I did see a coin that allows you to trade digital gold. I kind of like the idea of taking the guess work out of trading for an item of suspect purity and placing a digital block chain barrier around it.

If you can at any point swap the digital for the physical it could prove quite a useful trade tool while you build a a few once block at a time and collect them when ready. Even pass in physical and then take a loan out on a portion of the asset if required.
 
Honestly I think gold is kept by super powers in the event of war. If all else fails you can swap a fucken large pile of gold for other resources and weapons.
gold will always have that over fiat and crypto's.
its always been that way and will always be that way.

I dont subscribe to gold being our currency any time in the near future, but its strong as buggery for a government to own a pile of it in a war situation.
 
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