Is the price of gold higher than Bitcoin?
- Thread starter slavaja
- Start date
Or could be a relief/suckers rally coming up e.g. 25k followed by some major legs down as predicted by other analysts. Bird app and ico platform LOL. Wanna make some bets?
yep, short term price action is akin to gambling but surprised to see btc remain stable with so much tech bad news.
already betting on binance, cz and musk have some big plans, somebody front ran mask yesterday on the announcement.
https://www.binance.com/en/support/...25x-leverage-6971c0a0c4fe43ef9969c1d6252dea74
https://www.coinspeaker.com/guides/...ffering (ITO) is,Dex Offering (IDO) mechanism.
already betting on binance, cz and musk have some big plans, somebody front ran mask yesterday on the announcement.
https://www.binance.com/en/support/...25x-leverage-6971c0a0c4fe43ef9969c1d6252dea74
https://www.coinspeaker.com/guides/...ffering (ITO) is,Dex Offering (IDO) mechanism.
I'll put up a 10oz if you think BTC higher than 20k in 6 months
done, 1 june 2023 btc will be above 20k usd, will give you a 10oz if its under.
That's 8 months so will go with a 5oz as I'm more sketchy on that timeframe.
I'm not convinced that crypto and the NASDAQ for instance are coupled, to me it's just risk-on risk-off. No one seems to talk about a correlation between tech and gold and the XAU chart looks more like the NDX. And gold used be considered a risk-off asset lol.
Macro conditions haven't changed, IMO any price movement from innovation in the crytpo sector is likely to be short lived. See what happened with the merge. Risk on assets are not the place to be until we see a change in the macro climate, in the meantime the USD does what the USD does best - it's function as the world's reserve currency.
BTC
NASDAQ 100
Gold
DXY
Everyone is looking to front run The Fed, for obvious reasons.
Maybe labour market figures and future inflation expectations are the things to keep an eye on, though Powell is 100% all over the difference between lagging and leading indicators.
Tumble today because?
TreasureHunter
Well-Known Member
Polar.bear.Stacker
Well-Known Member
FTX has to be bailed out by binance
Might be under 10k by June 2023.
TreasureHunter
Well-Known Member
Got any concrete info on that? I mean, WHY exactly you think that?
Because I think it might slow down/bounce at around 14 k. Then it's all the way down to 11-10 k. If it sinks even below... prolly 3-5 k will be the interval where it'll play.
Notice: Michael Saylor sailed away on his yacht. But not to Treasure Island. Probably just chilling in the dark caves where permabulls like Peter Schiff take refuge.
I think this is the time when they might both meet each other in that cave!
Got any concrete info on that? I mean, WHY exactly you think that?
Because I think it might slow down/bounce at around 14 k. Then it's all the way down to 11-10 k. If it sinks even below... prolly 3-5 k will be the interval where it'll play.
Notice: Michael Saylor sailed away on his yacht. But not to Treasure Island. Probably just chilling in the dark caves where permabulls like Peter Schiff take refuge.
I think this is the time when they might both meet each other in that cave!
No nothing concrete just resistance lines and the ongoing downtrend. 10 to 12k will make some ripples then $3500 next stop wouldnt surprise me.
Could take years but then again its all really just starting! Theres no hurry haha.
Got any concrete info on that? I mean, WHY exactly you think that?
Because I think it might slow down/bounce at around 14 k. Then it's all the way down to 11-10 k. If it sinks even below... prolly 3-5 k will be the interval where it'll play.
Notice: Michael Saylor sailed away on his yacht. But not to Treasure Island. Probably just chilling in the dark caves where permabulls like Peter Schiff take refuge.
I think this is the time when they might both meet each other in that cave!
Going to call you out on this one, since you constantly make wild predictions (often wrong) without anything concrete behind them, which you also just did in that post btw.. bar some really tacky youtube vids...
What does 21 million coins mean after proof of work, btw?
Would it be better to consider the satoshi units after PoW is completed? Doesn't seem as scarce in that context. Would the fee structure then put kind of a cap on minimum tradable units?
I need to hear a solid argument (sorry, I mean reasoning as it's likely something factual that I only have superficial knowledge on) about this perceived scarcity because I'm not totally convinced 21 million 'coins' is the way to think about BTC in the long term given each coin can be split a hundred million times.
Would it be better to consider the satoshi units after PoW is completed? Doesn't seem as scarce in that context. Would the fee structure then put kind of a cap on minimum tradable units?
I need to hear a solid argument (sorry, I mean reasoning as it's likely something factual that I only have superficial knowledge on) about this perceived scarcity because I'm not totally convinced 21 million 'coins' is the way to think about BTC in the long term given each coin can be split a hundred million times.
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You could cash out all the Bitcoin mined to date and it wouldnt pay for anything on Bidens wishlist haha.
In a world of 6 billion people there's only enough BTC currently for everyone to have 225 409 SATS each*. That's about USD35.70 per person. Which means for most people in the world, owning any meaningful amount of BTC is unlikely. And there's less than 2 miilion left to be issued. That's how scarce it is.
*SOURCE
Right, so it's analogous to 'not enough precious metals for everyone'. But is influenced by competing currency, governments and merchant acceptance. What I'm getting at is that if satoshi's are continually drip fed into the market at smaller and smaller quantities then there will be immense downward pressure when demand can't soak it up. This is less likely with gold as it just gets uneconomical to trade it at certain quantities (say anything under 1g becomes a headache). BUT because I'm unfamiliar with the fee structure maybe there is a similar limit to practicality of trading BTC at the smallest unit scales which would mediate it..
You've lost me at the "when demand can't soak it up" bit. Can you rephrase that?
It's like a junior ASX stock having a billion shares on issue - usually bad for the share value unless in a ripper market. You need buy support at all times otherwise the price can be supressed extremely cheaply and easily. This changes the psychology of the market. It's why I'm interested to see how major cryptos handle recession and tight monetary policy.