yeah because the central bank can just print more bitcoins beacuse its made out of thin air? makes sense rite?
If you're listening to the right people it's pretty common knowledge that institutions are pulling the strings in the current climate and the top of the trading range was ~ $52k where it was expected to top out to lure retail investors in to short against. Still a strong belief that $20k will happen before another high. That would be a good entry point (between 20-30, taking into account whatever trend has formed). But if it created a new base >$52k then all bets would be off.
I either don't listen to the right people or don't pay enough attention, which people are those @heartastack ?
It's incorrect to say it contracts. The supply is slowly expanding. The key point is that it is infinitely divisible in a way that our current money is not. That is very important in a highly deflationary environment. As far as economic schools of thought, it's hard to take most modern economic thought seriously. There's a reason why it's called the dismal science. I mostly just stick to the Austrian School. Maybe some would call that biased but I think most of the non-Austrian stuff, particularly the current mainstream, is nonsense. Mostly because it starts with the assumption that fiat money and central banking are valid, indisputable concepts rather than questioning that assumption.
Second bubble? When was the first? For anyone thinking Bitcoin is simply a bubble a look at the chart over the last 12 years should give them pause. It's clear something different is happening which calls for a different explanation.
Gold is a currency in the mining world and is traded for regularly as money. Theres really no formula involved except whatever is agreed on based on spot and that the gold is not 24k. It's not as common anywhere else that I know of.
@hawkeye1 This argument between 2 members who are both at their grass roots level Austrians has occurred before. Mises and Rothbard v Hayek. You’re Mises or Rothbard (“Misbard”) and I’m Hayek. For now, but as time goes on, the supply of new BTC will dwindle and eventually stop. Add an increasing number locked in staking or for use in smart contracts and the supply of BTC as currency is most likely to contract. This is great for those holding BTC because it’s likely to keep it’s value rising, like most assets, but terrible for those who don’t have any. You mean like this? So the BTC approach to the market demand for more or less money is just “move” the decimal point? Back to Hayek v “Misbard”, Hayek argues that money should be subject to the same laws and demand as other market goods. And the best way to do that he argues is a fiat system based on fractional reserve banking in the hands of the private sector. Kind of similar to what we have now with privately issued money from banks, but instead of the government setting the value of money, private companies determine the need to inflate or deflate the money supply in response to demand or lack thereof from the market with an idea to ensuring that individual’s purchasing power remains stable.
I agree that 20-30 k might be the next bottom. I think it's logical for the second hump to be somewhat smaller and then for Bitcoin to take a deep dip. I can also imagine it sinking down to 10 k, then it could trade sideways for as long as several years (as it did a few years before). And yes, after more people adopt it (and other coins), the price will rise powerfully, I don't see why 1 million $ would be a problem, because for it to be a real currency, it needs MASSIVE market cap.
I think what's next is Honduras: they will adopt it soon. And if they do, then countless others will follow and I can't see why many African countries, buy even Venezuela, Iran could act similarly.
@hawkeye1, the beauty of a pluralist society is that if the State does allow private companies to issue currencies you can have your BTC or gold backed currencies, hell I want some of that (not that I'd be likely to spend with it) and I'll stick to my privately issued, fractional-reserve fiat to retain my purchasing power and pay for the milk and bread.
Of course. I am a strong believer that now because of wider adoption and the entry of the (dumb) masses the entire crypto market will take off. The market caps will have to rise. Think of the major fiat currencies, not just the US Dollar, but the Japanese Yen, the Australian Dollar, Swiss Frank - what "market cap" or total value do they have? We would have to look at the money supply of a smaller major currency like the CHF, which is around 724 trillion CHF = 786 trillion USD Now, let's compare the CHF Money Supply with the BTC Market Capitalization: CHF: 786 trillion $ BTC: 876 billion $ So, if Bitcoin surpasses the CHF, it could reach a value 1,000x its current value. It must have an increase around 1,000x in order to simply surpass the CHF. Then, 1 single BTC could be worth 45-50 million USD. Hard to believe? It's logical thinking. But if Bitcoin would take on the USD, EUR, GBP, Yuan, JPY, CHF etc., then this figure could be far higher!
pretty impressive, of course fast food is the first to integrate lightning payments https://www.forbes.com/sites/jemima...pting-bitcoin-in-el-salvador/?sh=589f12926264
Nothing special, mate. I'm still not in any crypto so don't subscribe to any analysts just keep a keen watch on who is right and wrong on my kitco et all playlists on the way to work. Garath Soloway has been pretty good with BTC technically the last few months. One of his mates summarises this week well:
This reminds me of a fictional bitcoin story I once read. "The African Union had ambitious plans to help its citizens be ready to step over to Bitcoin. Governments gave their own citizens cell phones for free, tied to their government ID, and thus government sought to integrate Bitcoin into their economy. All went well, until "the tragedy" that is. A criminal organization, believed to be located in Russia, exploited a hardware fault in the government issued cell phones. It's believed that the entire continent of Africa lost an estimated 60% of its wealth in a period of 48 hours."
You may need to expand a little on what you mean by "artificial intelligence". Machines? Hackers using machines? And what methods you see these subversive players gaining access to someone's wallet.
Ok. If and when it happens then I guess encryption is busted. Or maybe it won't be. This is a good quote from a very good read: https://www.nanalyze.com/2021/08/quantum-computing-stocks/ So for the time being I'm not concerned because it may not be happening and if it is there isn't anything I can do about it anyway.
underestimating the low fees and instant settlements that fast food multinationals are now transacting on a completely separate network to traditional payment providers.
