Bitcoin ahead of major inflection point (DROP!)?

Discussion in 'Digital Currencies' started by TreasureHunter, Feb 22, 2021.

  1. neonuke

    neonuke Active Member Silver Stacker

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    my sentiment also, not really fussed if it drops, I'll add more later on
     
  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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  3. TreasureHunter

    TreasureHunter Well-Known Member

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    It is amazing how Doge manages to stay above 0.05 $, still. I think it will climb again, sooner or later.

    There used to be a topic on this forum about whether Dogecoin could reach 1 cent. Now we're 5x higher than that psychological level.

    From here, it could even reach 3 $ relatively easy - with similar push than recently.
     
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  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    surely it can hit $1, but I'm taking a wait to see first. Right now, I'm focused on buying the reopening play. That's much easier and safer, and more interesting. It's more interesting to read company earnings and business reports. I can't understand how anyone can derive pleasure just by looking at digits. If it rises, yes, it's fun, but it goes the other way if it drops.

    btw, how's Treasure island doing? :D
     
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  5. hawkeye1

    hawkeye1 Member

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    $1 would mean market cap of 128 Billion, which isn't much lower than Ethereum's current market cap. So I wouldn't bet on it. A meme coin can only go so far.

    Keep an eye on that Total Supply number and compare it with other coins.
     
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  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    For virtual stuff, the value is what people think it is worth. If it’s worth $1, it’s worth $1. Who cares about market cap. The worth of the currency asset is not in the supply but whether it is widely owned and used.
     
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  7. hawkeye1

    hawkeye1 Member

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    The worth of Bitcoin is that it has the capability and soon, the liquidity, necessary to be the global reserve currency at a time when the current global reserve currency, the petrodollar, is failing and there are no other available options.

    Any other digital currencies that ultimately survive will do so because they have valid use cases.

    Right now we are in the crazy dotcom bubble speculation era. Don't know if you were around for that in the 90's, but, to put it succinctly, people were buying shares with anything that had a .com on the end of it's name, regardless of whether it had a business case or not. Others were saying that it's all one big scam and none of them had any value. Want to guess how it all turned out?

    Here's an analogy

    Bitcoin = Amazon.com
    DogeCoin = Petshop.com

    If you don't get the Petshop analogy, well, Google is your friend.
     
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  8. 66rounds

    66rounds Well-Known Member Silver Stacker

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    But what if...

    Bitcoin = Petshop.com
    Dogecoin = That one dude who thought it would be cool to list a .com company from his basement
     
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  9. TreasureHunter

    TreasureHunter Well-Known Member

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    I'm not in for crypto, probably it's a bit late too, I am just watching the trends
    It amazes me how much "real fiat money" is being burnt on the "digital tulip market". People put money in, the bubble grows, they put more money in and then it will eventually pop... then all that "real fiat money" is gone!

    Doge seems to have potential to grow, but it's one of the most "tuliped" cryptos out there, really isn't good for almost anything.
    One day I read an article about how difficult it is to get out of it - most exchanges don't even accept it, don't trade it. So, what can holders do with it?

    I think the pandemic has pushed crypto and PM prices up and we're in for a serious correction.
    Just like Uneducated Economist (YouTube) said, there will be a temporary dollar strengthening (coming).

    Treasure Island: life is beautiful if you know how to live it :D
     
  10. TreasureHunter

    TreasureHunter Well-Known Member

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    Asians go nuts for memes (no offense intended): think about Hello Kitty.

    If they can use Doge to buy snacks, pay for pachinko balls (in Japan), but trinkets/gadgets, pay for video games and who knows what... that's a HUUUGE market!
    Yes, the toy/game/trinket/snack/joke/blogger/vlogger/tip market is huge.
     
  11. hawkeye1

    hawkeye1 Member

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    There's a couple aspects imo.

    One is that the dotcom bubble was a generation ago now (and doesn't that make me feel old). There's a lot of people around with no memory of it, and as a result, history is doing it's rhyming thing. It's not the exact same but has a lot of similarities and feels almost the same.

    The second is that the average person doesn't understand digital currencies but sees a market going up and wants to get in on the action. When it's all over this generation will have been burnt and then we wait another generation for the next big new tech crazy bubble (maybe). That's life.
     
  12. TreasureHunter

    TreasureHunter Well-Known Member

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    If they start using Doge for something... then it will surely reach a few dollars in worth. I can see even 5 $ doable.

    Plus, it can inflate, so it is more similar to a fiat currency. Like the Dollar of the Euro.

    I think Bitcoin fans don't realize that it's not always good for a "currency" to have limited supply, because then it becomes frustrating to slice it down to smaller
    pieces and keep counting the zeros, like: 0.00000001 BTC (at first you can't tell is that's a lot or if that's little), then look at 0.0000000001 BTC (a few zeros here
    and there and it's easy to overpay or underpay).

    With Doge it's easier. And supply doesn't matter a lot, if you have enough people to consume.
    Because sometimes the demand surpasses supply.

    Most cryptos appeared like businesses by intelligent scam artists. I'm sur the creators made sure to hold a lot of their own coins.
    Simple recipe: invent something, gather as many of it as possible and promote it, then sell at a higher price. This is not a currency.

    Doge is too much of a joke, which makes it so authentic. Less risk. It's like biscuits or pachinko balls.
     
  13. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You're right, not a currency, but a ponzi
     
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  14. dozerz

    dozerz Well-Known Member Silver Stacker

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    glad you havent given up any of your craziness @TreasureHunter a coin not even the creator has loved, you can take under your wing and believe in. now if that isnt blind faith i dont know what is. may i always have your clones on the other side of my trades :)

    do you want to buy some dentacoin? everyone has teeth, going to be huge in the dental market.
     
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  15. hawkeye1

    hawkeye1 Member

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    You are correct with this and it is a valid criticism that people in the community are trying to address. My personal opinion is that once the volatility dampens down, either the decimal point will be moved or a sub-currency of Bitcoin will be created, like cents are to dollars.

    Also correct. The vast majority of these are basically scams. There may be a few valid use cases hidden amongst all the shit but they are hard to find. Similar to all the shit dotcom companies in the 90's.

    All I can say is, be careful with Dogecoin. You may be right that it has some use case, but my tendency, still, is to think it will end up at 0 ultimately. Not saying I'm right, just saying to be careful.
     
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  16. hawkeye1

    hawkeye1 Member

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    Limited supply is good, that's what makes it a sound currency. We just need to figure out where to put the decimal place. And it can always be moved if the consensus is to move it.
     
  17. neonuke

    neonuke Active Member Silver Stacker

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    There's already a unit called a Satoshi, 100 million Satoshi = 1 BTC or 1 Satashi = 0.00000001 BTC

    Hypothetically speaking if BTC gets to US$1million 1 Satoshi will be equal to $0.01, easy enough to conceptualise for mental arithmetic in transactions. E.g. Pack of $5 chewing gum is 500 Satoshi
     
  18. TreasureHunter

    TreasureHunter Well-Known Member

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  19. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I think they are worried that people will be using their stimulus money (fiat money) to buy bitcoin. And as you said, when it collapses, all the fiat money goes poof!

    As for dollar strengthening. I've been waiting for it for a long time as it keeps dropping, I forgot that I still had dollars in another account. Can't wait to cash it out. :D
     
  20. TreasureHunter

    TreasureHunter Well-Known Member

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    YES. I know about Satoshi. And even to me it sounds awkward.

    The entire system is too complicated. Call the sub-units "mili-Dollar" or "micro-Dollar", it's still too complicated.

    Too many subdivisions. Atomization due to the increase of the main unit's value. It's awkward and if a grandma cannot understand it, then it's terribly difficult to transact with.
     

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