Crypto Sackie's crypto prediction - to reach 30k.

It is heaps better prediction that @LROB pointing it is going to $100k.
He's prediction is as good as Harry Dent.
I think he should get a job before he runs out of funds.

 

Havent seen LROB post for awhile, hopefully hasnt been banned? Clearly a smart guy, I liked his diverse viewpoints

 

Well I hope most people haven't lost too much.

 

Third largest (and quickly growing) crypto mining nation is mulling a ban.

Russia proposes ban on use and mining of cryptocurrencies


Russia proposes ban on use and mining of cryptocurrencies

 

Not quite, but pretty close! Give it another week or two and it'll be back to low 40k mark .. or below!

Very ... I hope you cashed out your winnings a couple of months ago. Unfortunately my prediction was only a few weeks off.. Your 200%? Years off ...

See I don't feel any sympathy.. I hope they do learn from it though. Consider it an expensive learning course. I lost quite a bit on speculative stocks when I was younger. Up 50% in a day, go up a few hundred % in a few months "this is the new world, it'll always be like this", yada, yada.. only to see them crash to near zero a year or so later. Nothing new about these speculative bubbles, seen it all before.

What is annoying is 25 year olds or even younger, thinking this is all somehow different, without decades of watching all sorts of markets to back it up.

Anyhow, crypto is not dead..but 2022 could be very nasty for those hoddling blindly.. a lot of coins will get flushed out. If btc drops 50%, well the less established ones will get hammered even more.

 

I have a zen-like question about Bitcoin. If one person owned all Bitcoins would they have any value?

 

I have a more Zenlike question. What happens when all bitcoins “run out” at 21 million? What insensitive do miners have to keep churning this high cost super inefficient asset?

Fees some might say. Sure. That’s great. What advantage does a fee based bitcoin has over fee free fiat. None that I can see.

I see it as a bubble.

 

I predict it would go to $20k and stay there by the time all the FED Quantitative Tightening and interest rate goes to 2%.

 

if one person owned all the us dollars in the world, they wouldnt have any value either. What is the value of a painting say that someone is not selling? It probably has value but you dont know what it is.

partly depends on whether you think crypto is more an asset like gold, or more a medium of exchange.

 

I could ask you the same question today....but I won't .

Maybe some humble pie is in order.

 

Gold, diamonds etc have a value other than as a medium of exchange. Even a fiat currency has a value given that the issuer has the power to tax (in many ways). What value does a bitcoin have other than as a gambling token?

 

Does it tho? What is the value of gold other than what people will exchange it for?

agree that fiat currencies are backed by the power of the issuing government.

dont know what the value of bitcoin is. Or gold either.

 

How can it be an asset if it’s easily replicable as shown in hundreds of coins floating around. Gold is an asset because it’s not easily replaceable. Meaning there is only one element of it (Au) and that’s it. You can’t create Au2 and so on like with Bitcoin (BTC, Bitcoin cash and many others).

 

no idea. But there must be other semi rare and fairly useless metals and gems that could be used instead of gold?

 

Hopefully you weren't persuaded.

 

That’s correct. But they are not 1 to 1 copy. Let’s take silver. It’s precious metal (though not extraterrestrial like gold). It’s still very different. Composition of Au (gold) and Ag(silver)) are very different. Their uses are very different. And you can’t create more gold by copying a code or changing Ags code. Even if we think of chemical composition as code.

So in the end. They are not replaceable and they are finite. And they have a whole multitude of uses. That’s why they are stores of value.

Other than finite, I can’t see what else Bitcoin has. It’s replaceable easily, it’s copyable easily, more of it can be created if community agrees to amend the code. It has very little use other than transactions. So yeah.

 

Your phone, computer, car etc all have gold in them - even your high end hi fi cables.

 

It is just another trading items you can do. Don't put all your eggs in that basket.
Trust me - I have been playing with bitcoin since 2012-2013.
Have seen many ups and downs. I remember I almost lost the lot in Mt. Gox.
So many exchange have funds stolen.
Just trade it like swing traders do and you will do fine.