Let's talk about Cryptocurrencies

[chemgear]

I guess he's angling to buy that pardon. How do you have access to twitter if you are in jail?

https://twitter.com/user/status/2017034165879751079

[Fuzz]

"Why I, a criminal, chose to align myself with criminals" is perhaps not the deep thought you imagine it to be.

[afc wimbledon]

Originally Posted by Fuzz

"Why I, a criminal, chose to align myself with criminals" is perhaps not the deep thought you imagine it to be.

Hey with the diaper don you dont have to be deep, just a suitcase full of used 100's

[chemgear]

SafeMoon CEO Braden John Karony off to jail. At least until he buys a pardon?

https://www.justice.gov/usao-edny/pr...million-dollar

[chemgear]

[afc wimbledon]

Originally Posted by chemgear

Proud Graduate of Kits High School, go Blue Demons!!!

[BloodFetish]

[Tiger]

Originally Posted by dino7c

You think I am all in on Bitcoin? I have invested less than 20k...this is why I always say zoom out these aren't short term plays. Stock market is hot, I'm not selling tech stocks either anytime soon.

I don't follow your 2029 20% target for bitcoin though.

Q4 post election years have been the start of bear markets historically and they often last for about a year. I think there is a good chance the cycle is accelerated but a year or so bear market is certainly possible, maybe even likely. You are almost certainly are climbing by October at the latest. You aren't going to see those insane returns with a more mature asset but you also won't drop down to a few thousand dollars before the ride up.

I haven't had time to get back to you on this.

My issue is without the big gains in this cycle, is there expectation of big gains the next halving. Or is the cycle not proceeding into the future. There are several things that I worry about

Increased electrical rate
lower hash rate
Mining companies sell bitcoin and transferring to AI computing (they can make 25x more revenue over mining going to high performance computing)
Retail market sell offs


So overall I worry that is this a point of a downturn or is this a "healthy negative" period for bitcoin. This could be a cycle bottom, or is it a confidence issue in bitcoin itself.

[afc wimbledon]

The basic problem with bitcoin is there is no real way to know, you are wholly reliant on market sentiment in a way other asset classes aren't, if BTC's a bubble then like all bubbles one day it will start going down in price and then just keep going down as the investors freak out and bail, even if it is a currency then to work at some point it has to stop going up or down and just hold its price

[Fuzz]

Naw, the basic problem with Bitcoin is that it has no inherent value, but requires massive amounts of money to mine one. So you invest this energy in something that you just have to have "faith*" that others will see it as the same value as you do. The money that went into making it didn't produce an asset, because it only exists because people believe it exists. You can't turn a Bitcoin back into the energy it took to produce. And given it's design, it's one of the most useless of the cryptocurrencies available today, as far as practicality goes. No one backs it, no asset lives behind it, no government or corporation exists to give it any inherent legitimacy. And given the structure, a declining value becomes cascading if the faith disappears.


*when I say faith in this regard, I mean in the traditional human behaviour sense, but also technically it requires verification from others on the network, so trust, and faith in it's existence is only as strong as this part of the design. Your value only exists if trust exists. And that is not guaranteed, given 50%+1 vulnerabilities and increasing costs that imperil the transaction engine that verifies.