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

Thats the advertised ‘use case’. The real use is very very different.

 

How is it different?

 

*yawn*

Yeah yeah yeah...

I'm buying anyway.

 

I guess we shall see! You aren't the first to predict Bitcoin's death - and won't be the last!

 

Not being one to be critical on something I don't understand but when you look at the chart for the last 2 years and the price range some people must have made a killing, while other's who bought in the high range and sold low would be thinking ..
So I guess the question is did anyone in this site buy below 15k and sells ,if so what in after tax Dollars % wise on the investment.

 

Black money storage (mostly), tax evasion, currency of choice for cyber criminals, dark web… there is actually very little legitimate use if any.

You are not at least using the word ‘investing’ with crypto.

I have nothing against crypto - it’s the future of currency and information security but speculative trading of unregulated instruments which are prone to wrongful use is no noble deed as the proponents want us to believe. No you haven’t done any due diligence, there is no value model to be studied other than speculative greed just like in the case of tulips.

 

Personally, I'm not anti bitcoin or any other type of investment or speculation. I know people who did very well from the WA mining boom and sold before it crashed. I know people who make money from all sorts of ventures. And lose money.

I look at all allocation of funds purely in terms of risk tolerances and supply and demand. If someone thinks they have the appropriate risk tolerance for Bitcoin and are comfortable with the supply/demand of it, then go for it.

To me, bitcoin is highly speculative, highly volatile to the extent it doesn't allow me an entry I am comfortable with. So I dont allocate funds to it. I am pretty certain many people who have allocated funds to bitcoin don't really understand prudent risk allocation relative to their own financial position. So then it becomes an even bigger gamble. Then there are those who do understand how to allocate risk relative to their financial position and are happy and comfortable with the degree of speculation they are taking on board.

For me it all comes down to how manageable is the risk and the underlying asset. If it makes sense for someone to buy some, go for it, If it doesn't, dont.

 

Lol! People have been calling for the death of bitcoin for the last 12 years!
There is definitely a use case for a currency/store of wealth the can’t be inflated and can be transferred at the speed of light for negligible cost that can be taken across borders undected without fear of confiscation.

 

Lol

That’s actually farthest from the truth .. Most networks charge penny to a dollar (1%) and some even more. Try sending $50 in Bitcoin to someone and it’s a good chance they will receive half of it depending on their exchanges.

Crypto and Its Many Fees: What to Know About the Hidden Costs of Digital Currency

This isn’t as simple as it sounds. Bitcoins are ultimately tied to local bank accounts until the time it takes over as currency for everything. If someone tried to move a significant amount of money across borders using crypto, they will find themselves in considerable mess as far as taxation is concerned.

It’s only feasible currency if whole point is to completely bypass taxation and government oversight - no wonder it’s mostly only used by dark web merchants.

 

And the ability to do this keep dimiuishing in a G20 country as exchangers become regulated.
the only hope of getting dark money out is through 3rd world exchanges and moving to a country without extradition agreements as one good thing about block chain is that years later it can be traced back.
Before that happens they will have to dump their BTC and try to launder it.

 

You have hit the nail on the head .. this is exactly what’s happening at the moment .. governments are tightening regulations and BTC is being dumped .. sadly millions of so called everyday investors will get badly burnt. Bitcoin has no exit plan for anyone - it will self implode.

 

I've always thought that the claimed anonymity was way overstated. If you put enough effort into it, you can link a person to a wallet and then all their transactions are in plain sight. Surely if you want to do something dodgy, you get a Cayman Island bank account instead?

 

Last time I tried to transfer a small amount of ETH, the gas price was so high it would have cost $20 fees to transfer $100. I can transfer AUD between most of the banks here for $0, and sometimes in seconds also.

Apparently transferring USD funds between US banks is a nightmare and internationally isn’t so easy either so I can see some benefits there.

There are now l2 networks which have lower transfer fees and faster transactions rates , but that’s just an extra layer of fees and complexity for most average people from what I have played with so far.

Most crypto so far seems to be just as bad as fiat in terms of fees, if not worse, it’s just a different set of hands trying to take a cut at each opportunity.

 

The anonimity depended on the corrupt ecxchanges where the identies can get blurred.
Most of them have also run with the custmer funds and closed down. A lot of these will be untraceable.

There are also less nefarious activites though still illegal such as online gambling. You'd be surpised how many Australian teenagers were running or incvolved in crypto gambling sites.

 

Bitcoin is scaled via layer 2 solutions. The lightning network is near instant and near free. I can send a bitcoin transaction anywhere world wide for under 5 cents. The fact you say it’s expensive shows you’re being disingenuous or your bitcoin education is lacking!
Also why do you find it funny that bitcoin has a fixed supply that can’t be inflated?

 

Bitcoin doesn’t have “claimed anonymity”! It’s a public ledger. But you can hide your identity if used correctly.

 

Lol. The biggest money launderers are the big banks! The most used currency for “dark money”is the United States Dollar!

 

I love how these threads come alive when markets are crashing. Doomers and Gloomers all coming out of the woodwork warning where we shouldn't put our money. Hilarious!

 

Yes, they rejoice in the crash, probably a self soothing mechanism telling themselves they were right not to put money in it. Reminds me of a tweet I saw when someone said at $1.50 they were glad they did not buy bitcoin! Funny as. What surprises me is the vigour against the whole thing - for people who are not involved in it, it is most strange. A bit like if I was getting all upset that diamonds [insert any other items you want here] were crashing hard and were useless and what not. lol I just have no interest in it, so really could not care less.

But anyway, after years being involved in these kinds of "discussions" I have come to the conclusion there is nothing but frustration to be gained by participating in this. No participant will change its mind one way or another, so it really is a waste of time. Believe what you will, and live happily with your decision.