Bitcoin price suddenly surges to 3-year high

sepheronx · Mar 2, 2021

Metroid said:
This crypto bubble market will crash so hard, in 2018 it crashed 95%, this time will be 99%.

You think so?

Because if it crashed so hard, i doubt it would have gained like it did again.

Seems to be a more hard cycle of pump and dumps, then cycle repeats.

ZenZimZaliben · Mar 2, 2021

Metroid said:
This crypto bubble market will crash so hard, in 2018 it crashed 95%, this time will be 99%.

Hey could you also look into your crystal ball and let me know the next powerball picks.

mouacyk · Mar 2, 2021

Backed By Nothing: How Tether Created the Largest Market Bubble, and Fraud Scheme in History. | by Jacob King | Jan, 2021 | Medium
In case anyone hasn't seen/read it yet. Be interested to actually read some refutation to it.

ZenZimZaliben · Mar 2, 2021

I have avoided tether like the plague. The fact is it is a token and more can be created with a few keystrokes. There is no mining for coins...tokens are issued. I also questioned their 1-1 claim and that was when tethers market cap was around 4 Billion. The fact it is now Pushing 40 Billion is pretty much bullshit. There is ZERO chance they have 40 Billion in "reserves" and I doubt they have ever been able to back it 1-1. I don't doubt they have used this massive market cap to buy up a ton of BTC and ETH. But that isn't the same as being backed by fiat. Stay away.

hat · Mar 2, 2021

You know, I kind of hope it DOES crash, even though I have a not-insignificant amount of Bitcoin stocked up right now. It would be fun to build a real miner (which would also do other things) even if it only seems to produce bullocks for a few years...

Metroid · Mar 2, 2021

ZenZimZaliben said:
I have avoided tether like the plague. The fact is it is a token and more can be created with a few keystrokes. There is no mining for coins...tokens are issued. I also questioned their 1-1 claim and that was when tethers market cap was around 4 Billion. The fact it is now Pushing 40 Billion is pretty much bullshit. There is ZERO chance they have 40 Billion in "reserves" and I doubt they have ever been able to back it 1-1. I don't doubt they have used this massive market cap to buy up a ton of BTC and ETH. But that isn't the same as being backed by fiat. Stay away.

USDC is the answer to that, usdc is audited, usdt is not.

mouacyk · Mar 2, 2021

Metroid said:
USDC is the answer to that, usdc is audited, usdt is not.

Isn't it quite late now? BTC is overly and grossly inflated with unbacked Tethers. It's probably not as insolvent as Tether is feared to be, but it could be near 72% (since increase from ~$13K)? According to that graph, Tether was being pumped into BTC even before the 13K mark prior to the November 2020 resurgence. Heck, you could probably say that over $3K, BTC is inflated and backed by nothing, going back to BTC's low in 2018.

Metroid · Mar 3, 2021

mouacyk said:
Isn't it quite late now? BTC is overly and grossly inflated with unbacked Tethers. It's probably not as insolvent as Tether is feared to be, but it could be near 72% (since increase from ~$13K)? According to that graph, Tether was being pumped into BTC even before the 13K mark prior to the November 2020 resurgence. Heck, you could probably say that over $3K, BTC is inflated and backed by nothing, going back to BTC's low in 2018.

Yes, agreed, usdt token creation from nothing was the cause of it, manipulators are behind it.

Space Lynx · Mar 3, 2021

can someone please explain to me how elon musk tweets this and also buys 1.5 billion bitcoin at same time and trolls doge coin weekly? honestly he confuses the literal crap out of me. if he thinks bitcoin is a scam like he says in this tweet, how does he defend buying 1.5 billion worth at the next Tesla shareholder meeting?

sepheronx · Mar 3, 2021

lynx29 said:
can someone please explain to me how elon musk tweets this and also buys 1.5 billion bitcoin at same time and trolls doge coin weekly? honestly he confuses the literal crap out of me. if he thinks bitcoin is a scam like he says in this tweet, how does he defend buying 1.5 billion worth at the next Tesla shareholder meeting?

Or makes it possible to buy Tesla's with BTC.

He is a troll himself. A rich one.

jaggerwild · Mar 3, 2021

Didn't somebody else just dump a ton of money into this also(not Musk), plus the banks now getting into it as they regulated it or something?

trog100 · Mar 3, 2021

from what i gather f2pool or whales on f2pool are selling bitcoin in an attempt to drive the price down below 50k and keep it there.. the reasons are unknown..

but buying pressure is too great the whales are losing the battle.. its costing them lots of money.. they cant keep it up for much longer..

bitcoin is universal no country can control it which is why its so desirable.. more and more people are realizing bitcoin is here to stay and more and more people want in on the act.. bitcoin is unstoppable..

f2pool is a large chinese mining pool but its not just for the chinese..

trog

Space Lynx · Mar 4, 2021

ZenZimZaliben said:
I have avoided tether like the plague. The fact is it is a token and more can be created with a few keystrokes. There is no mining for coins...tokens are issued.

didn't you just tell me last week once all 21 million bitcoins are mined, bitcoin will need to use tokens for its transactions since it currently relies on mining for transactions....

ZenZimZaliben · Mar 4, 2021

BTC is an unreplenishable commodity or value store. The others, tokens, can be created in the billions by tapping on a few keys. Big difference and very artificial. The only value they hold is by the limited release of tokens in number, once the value is up to a certain point they likely will release more and dilute the pool. Since the token has gained in populatiry that drop in price from flooding the market with more tokens should rise again and now the Market Cap of that token goes up. BUT the only people getting rich as F off this are the people/companies who create the tokens.

Also, that isn't what I said. The only "tokens" being used for transactioins will be blocks of Satoshi which are = BTC as are pennies to the dollor. Except 1 btc is 100,000,000 satoshi's.

Space Lynx · Mar 4, 2021

ZenZimZaliben said:
BTC is an unreplenishable commodity or value store. The others, tokens, can be created in the billions by tapping on a few keys. Big difference and very artificial. The only value they hold is by the limited release of tokens in number, once the value is up to a certain point they likely will release more and dilute the pool. Since the token has gained in populatiry that drop in price from flooding the market with more tokens should rise again and now the Market Cap of that token goes up. BUT the only people getting rich as F off this are the people/companies who create the tokens.

Also, that isn't what I said. The only "tokens" being used for transactioins will be blocks of Satoshi which are = BTC as are pennies to the dollor. Except 1 btc is 100,000,000 satoshi's.

no worries, I appreciate you trying to explain it to me I just don't get it. what gives bitcoin it's value is that it is stand alone with no outside influence and requires the mining on the blockchain for transactions. it's no big deal, i was merely curious, but it hurts my head to trying to figure out if what your saying will work in practice or not. so eh im just gonna move on now, i hope all of you get very rich, truly i do. this world just isn't for me

Outback Bronze · Mar 4, 2021

ZenZimZaliben said:
commodity

I'm not so sure its a commodity, probably more a long the lines of a asset now.

lynx29 said:
what gives bitcoin it's value

Just like anything else, its only worth what someone is willing to pay.

AsRock · Mar 4, 2021

Outback Bronze said:
I'm not so sure its a commodity, probably more a long the lines of a asset now.

Just like anything else, its only worth what someone is willing to pay.

Until it disappears, lets face it you have no proof of owning it.

ZenZimZaliben · Mar 4, 2021

Not to be pedantic, well okay maybe a little.

But a commodity is literally defined as - Grain, precious metals, electricity, oil, beef, orange juice, and natural gas are traditional examples of commodities, but foreign currencies, emissions credits, bandwidth, and certain financial instruments are also part of today's commodity markets.

Outback Bronze · Mar 4, 2021

AsRock said:
Until it disappears, lets face it you have no proof of owning it.

Does my wallet address show proof of me owning it?

Chomiq · Mar 4, 2021

lynx29 said:
can someone please explain to me how elon musk tweets this and also buys 1.5 billion bitcoin at same time and trolls doge coin weekly? honestly he confuses the literal crap out of me. if he thinks bitcoin is a scam like he says in this tweet, how does he defend buying 1.5 billion worth at the next Tesla shareholder meeting?

He's the biggest scammer of them all. One hashtag from him made bitcoin jump 17%.

Outback Bronze · Mar 4, 2021

ZenZimZaliben said:
Not to be pedantic, well okay maybe a little. But a commodity is literally defined as - Grain, precious metals, electricity, oil, beef, orange juice, and natural gas are traditional examples of commodities, but foreign currencies, emissions credits, bandwidth, and certain financial instruments are also part of today's commodity markets.

Is BTC a Raw Good?

R0H1T · Mar 4, 2021

BTC's anything you'd probably like it to be, including but not limited to human greed.

Caring1 · Mar 4, 2021

Outback Bronze said:
Does my wallet address show proof of me owning it?

No, a wallet address only shows you have a wallet, not the contents or ownership.

Outback Bronze said:
Is BTC a Raw Good?

It's not a tangible asset you can physically hold.

Outback Bronze · Mar 4, 2021

R0H1T said:
BTC's anything you'd probably like it to be, including but not limited to human greed.

This is why I class it more like my house, an asset. It has a market value and is only worth what somebody is willing to pay.

Caring1 said:
No, a wallet address only shows you have a wallet, not the contents or ownership.

But I have the private keys to this wallet. Still not good enough for proof of ownership?

Caring1 said:
It's not a tangible asset you can physically hold.

Yes this is true. Can it be classed as a virtual asset then?

AsRock · Mar 4, 2021

Outback Bronze said:
This is why I class it more like my house, an asset. It has a market value and is only worth what somebody is will to pay.

But I have the private keys to this wallet. Still not good enough of proof of ownership?

Yes this is true. Can it be classed as a virtual asset then?

virtual asset's\items you virtually don't really have which was explained by caring1,

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Bitcoin price suddenly surges to 3-year high

sepheronx

ZenZimZaliben

mouacyk

ZenZimZaliben

hat

Enthusiast

Metroid

mouacyk

Metroid

Space Lynx

Astronaut

sepheronx

jaggerwild

trog100

Space Lynx

Astronaut

ZenZimZaliben

Space Lynx

Astronaut

Outback Bronze

Super Moderator

AsRock

TPU addict

ZenZimZaliben

Outback Bronze

Super Moderator

Chomiq

Outback Bronze

Super Moderator

R0H1T

Caring1

Outback Bronze

Super Moderator

AsRock

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