discuss Bitcoin above $16,000. Where is it headed?

[Arpit131]

Bitcoin is already trading at $16,300+

Where do you think it will cap out?

 

[xynames]

Don’t get out much do you? if you seriously consider tonight’s action to mean much of anything.

More like a big yawn. Futures and options trading on BTC has been going on for a year and a half. Tonight all that happened is it started to go mainstream and rather than provoking havoc, prices stabilized.

This story hasn’t been completed yet but the title of tonight’s chapter could be Much Ado About Nothing.

 

[.NJ]

Don’t get out much do you? if you seriously consider tonight’s action to mean much of anything.

More like a big yawn. Futures and options trading on BTC has been going on for a year and a half. Tonight all that happened is it started to go mainstream and prices stabilized.

LOL.

The futures and options trading your talking about was backyard trading compared to whats coming.

Are you really comparing the options trading that has been active for the last year or so with what is coming?

And to be clear I own btc and have for a long time.

But I see the writing on the wall a mile away.

 

[xynames]

I won’t make any assumptions about your experience.

But I’ve been heavily involved in the stock market for many years and as I mentioned above, options/futures are like the tail, while the stock itself is the dog. The tail doesn’t wag the dog and so far this remains true whether we’re talking about bitcoin or AMZN.

Most options expire worthless and it’s mostly folks who can’t afford to buy large amounts of the underlying stock who play them.

—-

And if you want to talk about shorting - in the history of stocks there has never been a case where shorting in and of itself led to a stock’s long term decline. Sure, sometimes when things are dicey news that some big player entered a short position might short term rattle the market but over all, over time, a stock tends to go wherever it would have gone anyway, with or without a large short interest.

—-

Given that you and I both own btc we should just wait for 2018 because it should bring higher prices. Good luck to us!

 

[xynames]

Current price, bit of a Beastly number!

 

[urlurl]

Bitcoin as a payment utility is useless, slow and and high fee's - the benefits of using bitcoin as a payment alternative are gone.

https://www.cnbc.com/2017/12/11/bit...about-the-future-of-the-digital-currency.html

 

[xynames]

You have to consider that when someone puts bitcoin down - it means he’s already out. This Ver guy mentioned in that article you linked is now touting what he’s into instead - Bitcoin Cash. Ulterior motives.

 

[urlurl]

yes, but his points are valid, very valid

 

[xynames]

Those points are gainsaid by the fact that I continue to accept BTC from anyone who is willing to pay me in them, for services rendered, whether $10,000. or $200., and prefer it to cash. This means that both payer and payee are good with using BTC.

You can't really make a comment like that urlurl unless you're IN it. For me, maybe I'm a little young, but still, for those of us who have and use BTC it seems as good as any other currency.

 

[urlurl]

just keeping the public informed. I would hate to hear about that poor guy who lost his life savings, house and all his assets to bitcoin fad.

the only ones promoting it are the ones that have a vested interest in it. just saying.

 

[urlurl]

i would accept bit coin if the offer was good enough, i also would expect a premium to cover the volatility and the hassle of me converting it back to real money.

 

[SirDrago]

I wouldn't except bitcoin today, Your gif explains it to the T.
Give me cash or move on. lol

 

[urlurl]

i would accept it, i would tak on an extra 20- 30% premium if i accepted bitcoin

 

[xynames]

urlurl, I hear ya', but obviously enough people in the world feel differently, enough to keep the price moving upwards, the same demand that drove TSLA up thirteen points today, or AMZN up to 1168 today, something like 200 points higher than AMZN was a month or so ago.

I've held TSLA since December 2016, and am determined not to make the mistake I made with AMZN of jumping in and out trying to time it, which I've bought and sold AMZN literally thousands of times since I first held it. I mention TSLA only because that "buy and hold" (hodl?) philosophy I hope will pay off with bitcoin too. And with bitcoin I've been holding for so long that I might as well keep holding, and even the additional BTC I've accumulated at 9500 and 11000 and hell I even got a tiny bit more the other night at a little below 14000, is still up.

I think what you're pointing out makes sense, but for whatever reason, the public wants BTC at all costs and as long as they do, it'll keep rising.

BTW, the ones holding are not the reason it is going up, other than perhaps lowering the float...the new money coming into BTC is why it is rising.

 

[urlurl]

but why are people buying...?

 

[SirDrago]

but why are people buying...?

FOMO.

 

[wwwweb]

but why are people buying...?

If your from Ukraine you can’t accept
PayPal as a payment, Russia has sanctions, if you live in a war torn African
Country run by corrupt officials , your from
China where your government devalues your currency effectively depreciating your savings overnight.

Honestly it might not make sense in North America, because we are stable. Not everywhere is stable, what do you think paper money is worth in Syria , Egypt, Iraq right now?

You have to look outside the box, we can assume in a year PayPal will not be the main payment platform here at namepros.

 

[xynames]

Well I think part of it is just because they think it'll go up, but you could say that about any momentum stock too. As far as its being "worthless" I mean, book value of AMZN doesn't justify 1168 either.

I think part of the broad appeal is that it is limited, and by January 2018, 80% of all BTC will have been mined.

And then we got the Millennials who don't really dig the establishment and feel powerless in the wake of a government that seems effete, unable to get anything done, and so they are looking for something of their own, that the old guard doesn't believe in.

Another little observation, gold - you don't really even see that many young girls wearing it these days, so once you resign gold to something that doesn't even have any practical appeal to them, Millennials might as well value something "equally useless," like BTC.

 

[xynames]

One thing that is funny is how the Establishment keeps crying about the excessive "market cap" of bitcoin, how it shouldn't be greater than that of WalMart or General Motors or whatever.

While I can see the argument for why some company that has done nothing but lose money like TWTR should not have a fifteen billion dollar market cap, I don't think market cap should be applied to currencies at least not by comparing them to companies. BTC doesn't make or lose money, it has no "revenue" so I don't think it should be compared to a company.

 

[urlurl]

they increased their fee's substantially, so yes i do see them as a money maker operation... and who controls it - a handful of programmers and developers

 

[SirDrago]

Less than a 1000 people own 40% percent of Bitcoin.

SOURCE

 

[urlurl]

Less than a 1000 people own 40% percent of Bitcoin.

SOURCE

and they have a vested interest to keep the prices up (until they decide it's time to sell)

 

[SirDrago]

and they have a vested interest to keep the prices up (until they decide it's time to sell)

They'll place "shorts" on it and make bank on the way down.
Rinse and repeat.

 

[urlurl]

i would slowly sell off and take my winnings (keep some for shiits and giggles) but $1 billion dollars in my account is more than i need to live comfortable 10 lives over.

To add: i would also want to sell before they figure how to start taxing it

 

[SirDrago]

Start taxing? They already have in the USA.
Considered "capital gain" here.

 

[xynames]

So first he said it:

I hope everyone knows that 40% of the bitcoins are held in 1000 wallets only.

and then I responded:

<<I hope everyone knows that 40% of the bitcoins are held in 1000 wallets only.>>

That's something that has been repeated in different ways, so many times that people assume it is true.

There is no way to know whether a given bitcoin holder has multiple wallets. So, looking at ten different wallets that contain small amounts of bitcoin one might assume that each one of these wallets falls into the "small fry - don't have much bitcoin category" when in reality, combined, they might fit into the category of one who has a good amount of bitcoin.

As far as large holders of anything - this may always affect markets, but only temporarily. Carl Icahn dumped so many shares of NFLX at once in June 2015, when he decided to sell everything he had, that the stock, which was just getting over 700, crashed as much as 80 points in an instant, to settle down about 50, around 650.

Today NFLX is at an adjusted post-split 1319, and Icahn never bought back in either.

The number of BTC users is expected to reach 200 million by 2024

https://www.cryptocoinsnews.com/exponential-growth-number-bitcoin-users-reach-200-million-2024/

Then urlurl said it:

the majority of the coins are held by a very small group just waiting to sell... i would too, lol

And third after urlurl, SIrDrago repeated it:

Less than a 1000 people own 40% percent of Bitcoin.
SOURCE

So you may see how these things go, one person reads something that isn’t even verifiable, and repeats it, and on and on, until at some point the person saying it doesn’t even know where he heard it and is just repeating what he heard.

But the fact remains that we can’t know about anonymous wallets that might belong to the same person, so we cannot say definitively that this is so.

In other words, we see ten wallets with just one coin in them, and toss that into the bin of "ten poor folks" when, if in reality those ten wallets belong to one person, it actually means "one rich guy." We just can't know.

And then SirDrago has been prognosticating doom for bitcoin for three days now, that the coming of futures/options trading would destroy it, so he posts that he sold out half on November 28th, in fear of a crash, but THAT crash hasn’t happened, so now he seems to be saying that the short interest is going to somehow degrade BTC’s price:

They'll place "shorts" on it and make bank on the way down.
Rinse and repeat.

BUT:

And if you want to talk about shorting - in the history of stocks there has never been a case where shorting in and of itself led to a stock’s long term decline. Sure, sometimes when things are dicey news that some big player entered a short position might short term rattle the market but over all, over time, a stock tends to go wherever it would have gone anyway, with or without a large short interest.

So anyway, we all have opinions, and have all posted one way or another, about what we THINK will happen, but which of us has been right on the money such as with my exact prediction here:

I expect btc to go up over all over time long term including from here but there will be intermediate ups and down. I had a vision that it would reach 11,500 then drop back to 9500 and eventually go to 13,000. We shall see. I am not selling, been accumulating and holding since 2013, and I will accumulate more btc even at these levels..

and afterwards?
(such as when I posted to forget about the experts that SirDrago was giving such a wide berth to, that there would NOT be a crash when mainstream BTC futures trading started:

It’s naive to assume that anything works out the way experts predict. Watch and see.

)

Now, I don’t know anything more than anyone else here, but so far, I’ve been right, and my recommendation, is to hold what BTC you have, or get some soon before it flies up further.

Frankly, it doesn't matter to me whether people here buy into BTC or not, but as long as people are coming on here and saying negative things about BTC, I will point out that among them, I'm the one whose predictions have been correct, so far, and I predict good things for BTC in 2018.