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Bitcoin pulls back from brink of $50,000

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It's all a huge pump by printed Tether.

It's not real money buying bitcoin.

One of the biggest exchanges issues it's own "stablecoin" called Tether, which they claim is fully backed by USD.

It's not, they just print Tethers at will and buy bitcoin with it, artificially pumping up the price... in the short term.

The people selling now are walking away rich, the people buying will regret it.

0 ( +5 / -5 )

Don't be the one holding the baby when the bubble goes pop!

5 ( +8 / -3 )

I came to say the same thing Mr. Kipling.

2 ( +4 / -2 )

Maybe I should sell 1 bc?

1 ( +2 / -1 )

Just a matter of days before it crosses over 50k. No doubt. If its a bubble, if its the Tether conspiracy, why are the amounts of wallets increasing? Why is Visa, Mastercard, Tesla, Paypal, JP Morgan et al. buying and showing continued interest? Digital payments will take over in due time. Don't be left behind. I'll surely be downvoted for even being pro-btc, which is fine. But if you have even a tiny degree of interest, do your research. This year will be amazing for the cryptocurrency space and any others spreading FUD are simply uneducated on the matter.

2 ( +4 / -2 )

This year will be amazing for the cryptocurrency space 

Yeah, it will be amazing for CBDCs (Central Bank issued Digital Currencies), those will succeed, like the one being tested in China now.

Bitcoin was supposed to be a daily transaction currency, it failed miserably at that.

It's supposed to be anonymous but already in Japan and in many countries you can't use it or trade it without producing ID.

India is banning it outright in a few months, and others will follow.

The whales are are selling to suckers at these prices.

Sellers will walk away rich while buyers will be left with useless 1s and 0s.

1 ( +4 / -3 )

@Burning Bush. I hear you. I've heard it an innumerous amount of times in the past. Especially from the BCH crowd in Tokyo. I get it.

However, this market will continue to move up regardless of whether people like it or not. Huge institutions like MicroStrategy and Tesla are continuing to buy at $30,000+ as well as retail investors. \

Institutions getting involved have had it in the works for years. It's not a knee-jerk reaction.

And while BTC might have issues, it's not at all the only project which interests me, or continue to rise in price.

Maybe BTC won't survive in the long run. There are potentially other projects out there which are amazing compared. It's definitely speculative in that regard. But these things are not going anywhere.

People have been selling on the way up and have been making good money too. Myself included. Choosing to HODL indefinitely definitely pays off for others too.

No one knows the future before, but I do believe it will be lucrative for many, many people still over the coming years.

1 ( +3 / -2 )

Bitcoin was supposed to be a daily transaction currency.

Where was it claimed it was supposed to be so?

it failed miserably at that.

How can you claim that when the value hasn't stabilized yet?

India is banning it outright in a few months

You may as well try banning oxygen. Cryptocurrencies are there, aren't blockable, and are untrackable. All India can do is ban cryptocurrency exchanges.

Sellers will walk away rich while buyers will be left with useless 1s and 0s.

Weird how you talk as if you know what you're talking about, while this comment shows you don't.

Buyer ARE sellers.

0 ( +3 / -3 )

Wow! That Karpeles guy must be the richest guy in the universe now.

0 ( +3 / -3 )

Buyer ARE sellers.

For every "institution" that is buying now at these prices, somebody is selling to them, most like a miner in China, at a huge profit to the Chinese miner.

Basically billions are being transferred from American buyers (suckers) to Chinese sellers.

This will prove to be one of the biggest transfers of wealth in human history.

The Chinese know that this is coming down and are eagerly offloading their coins (at $50,000 a piece) to foolish US buyers.

-1 ( +3 / -4 )

For every "institution" that is buying now at these prices, somebody is selling to them, most like a miner in China, at a huge profit to the Chinese miner.

A whole lot of text to just further prove you don't understand the concept that buyers ARE sellers.

Keep trying though.

-1 ( +1 / -2 )

Basically billions are being transferred from American buyers (suckers) to Chinese sellers.

This will prove to be one of the biggest transfers of wealth in human history.

The Chinese know that this is coming down and are eagerly offloading their coins (at $50,000 a piece) to foolish US buyers.

Damn, man you should email Elon Musk or Michael Saylor etc. and let them know. I'm sure they'd be delighted to be made aware of such knowledge.

2 ( +3 / -1 )

Damn, man you should email Elon Musk or Michael Saylor etc. and let them know. I'm sure they'd be delighted to be made aware of such knowledge.

I bet he could get a job as Elon's financial adviser. He's really, really, smart. Really!

2 ( +4 / -2 )

Bitcoin was supposed to be a daily transaction currency.

Where was it claimed it was supposed to be so?

What else could it have reasonably have been expected to be? A commodity? A practical joke?

it failed miserably at that.

How can you claim that when the value hasn't stabilized yet?

It nothing to do with value. If the transaction times are in the order of 10 minutes and there are massive issues with scalability, its simply not that.

India is banning it outright in a few months

You may as well try banning oxygen. Cryptocurrencies are there, aren't blockable, and are untrackable. All India can do is ban cryptocurrency exchanges.

Governments can ban anything. You can still do things that they ban. And then they penalize you for it. That's generally how banning things works.

1 ( +2 / -1 )

What else could it have reasonably have been expected to be?

Whose talking about expectations. Stick with the conversation at hand please:

Bitcoin was supposed to be a daily transaction currency.

-1 ( +0 / -1 )

Nothing goes up in a straight line.

0 ( +1 / -1 )

Nothing goes up in a straight line.

Right. OMG a 5% pullback in a day. Bitcoin is dead! (again)

-2 ( +1 / -3 )

buy buy buy!!! all in!!!

4 ( +4 / -0 )

Definitely the best investment right now. With big tech getting right behind it, the only way is up for BTC. Im calling it - $150,000 by end of 2021.

5 ( +5 / -0 )

Bitcoin and Ethereum are the best investments you can make right now, learn how to read charts, how to take profits, about altcoins and not to panic during pullbacks; and you're in for life changing money, last bull cycle in paid for my house, allowed me to quit my job and go independent. Don't listen to haters or believe the FUD!

4 ( +5 / -1 )

Bitcoin and Ethereum are the best investments you can make right now, learn how to read charts, how to take profits, about altcoins and not to panic during pullbacks; and you're in for life changing money, last bull cycle in paid for my house, allowed me to quit my job and go independent. Don't listen to haters or believe the FUD!

Nice one. Yeah most of the negativity comes from uneducated no-coiners.

2 ( +3 / -1 )

Bitcoin and Ethereum are the best investments you can make right now

Wise words. Ethereum has TRIPLED in value in just 2 months, BTC more than DOUBLED, and they show no sign of slowing down. So many people are becoming rich beyond their wildest dreams. This boom is with us for many years to come, I believe.

3 ( +3 / -0 )

Crypto definitely here to stay going forward into the future. We can all speculate which ones will succeed and which won't but nobody really knows. You put your money on the horse that keeps winning until it doesn't and then you just switch to the next horse. Play what the chart gives you and make that money while it goes up or down. Opportunity is always there you just need to know how to find it and how to play it. I'm no crypto expert and I'm not a crypto bull or bear, I just want to make money and I have. All you haters, just take a little time out of your day to educate yourself on basic trading and you could make some money too. Believe me it's a lot more fun than going on websites spewing negative vibes just because you don't like or agree with something. Go make that money and just be happy!

2 ( +3 / -1 )

Bitcoin uses a massive amount of electricity. More that the total used in a year by Argentina.

-1 ( +1 / -2 )

To me the value of the bitcoin and other Crypto currency is just IOU's. Think of Jim Carey's movie, "Dumb and Dumber" where he opens the suitcase that used to have money in it, but is now just pieces of paper that say IOU. haha. It's not backed by anything of value like Salt, Rice, Gold, or any country's currency.

0 ( +2 / -2 )

 It's not backed by anything of value like Salt, Rice, Gold, or any country's currency.

Actually, most advanced nations currencies are no longer backed by anything physical like gold. The only thing backing it is the reputation and trust people have in that nations economy. Crypto currency needs nothing physical backing it, other than reputation. And that reputation is very solid.

2 ( +2 / -0 )

Bitcoin uses a massive amount of electricity. More that the total used in a year by Argentina.

https://www.cryptoglobe.com/latest/2019/06/74-of-bitcoin-mining-is-powered-by-renewable-energy/

"A recent study, published by the cryptocurrency investment and research firm CoinShares, estimates that renewable energy powers roughly 74.1% of Bitcoin (BTC) mining operations.

If these numbers are correct, that would make the blockchain industry “more renewables-driven than almost every other large-scale industry in the world.”

-1 ( +1 / -2 )

To me the value of the bitcoin and other Crypto currency is just IOU's. Think of Jim Carey's movie, "Dumb and Dumber" where he opens the suitcase that used to have money in it, but is now just pieces of paper that say IOU. haha. It's not backed by anything of value like Salt, Rice, Gold, or any country's currency.

Once again, do some research.

https://imiblockchain.com/real-world-uses-of-blockchain-in-2020/

-1 ( +1 / -2 )

Bitcoin uses a massive amount of electricity. More that the total used in a year by Argentina.

The jury is still very much out on that. Ultimately going forward, the mining and dealing of cryptos will be powered by 100 percent by renewables. So no need to exaggerate the supposed environmental dangers.

2 ( +3 / -1 )

Fighto!

Bitcoin uses a massive amount of electricity. More that the total used in a year by Argentina.

The jury is still very much out on that. Ultimately going forward, the mining and dealing of cryptos will be powered by 100 percent by renewables. So no need to exaggerate the supposed environmental dangers

The jury is already back and calculated to be using 1% of total global power and Bitcoin does not get a pass on the environmental issues, just like other business too. Renewables yes but it’s not happening at present.

1 ( +2 / -1 )

I sold mine several weeks ago and bought into consumer goods.

And some beer...

1 ( +3 / -2 )

China is the undisputed world leader in Bitcoin mining.

Chinese mining pools control more than 60% of the Bitcoin network’s collective hashrate.

Not only does China manufacture most of the world’s mining equipment, but massivemining farms are located there to take advantage of extremely cheap electricity prices.

Most of the Chinese electricity is generated from coal burning.

1 ( +2 / -1 )

Bitcoins are finite. Only 21 million will ever be produced. Will they continue to hold value once they're all mined out by around 2140?

-1 ( +0 / -1 )

Remember, Elon Musk himself didn't buy bitcoin using his personal money, he's using Tesla's money as a corporation.

Personally, he seems more interested in Dogecoin which is just a comical parody of the whole industry.

Recall the Elon publicly pumped Bitcoin twice on Twitter (artificially raising the price) before he had Tesla invest in it.

He may actually be looking to be one of the lucky guys making a killing on shorts as Bitcoin crashes, and yes, it will crash, like it did in March last year.

9,000 to 3,000 in one day.

-4 ( +0 / -4 )

Personally, he seems more interested in Dogecoin which is just a comical parody of the whole industry.

Dogecoin is a boom crypto, a great investment, NOT a parody at all. it has increased 600 percent in less than a month. Musk is right to be showing interest as are many smart people.

2 ( +2 / -0 )

Dogecoin is a boom crypto, a great investment

Dogecoin, like Bitcoin has only one use...

attracting another sucker willing to buy into the scheme.

Eventually you run out of suckers.

Either that, or national banks make it illegal for commercial banks to do business with crypto related companies, thus killing the miners and the exchanges.

Once CBDCs are ready, each country that issues its own CBDC will do that.

-3 ( +0 / -3 )

Either that, or national banks make it illegal for commercial banks to do business with crypto related companies, thus killing the miners and the exchanges

No Big Government regulations,thank you. Govt in free countries have NO legal right to stop crypto or any other medium of exchange. Thats called authoritarianism. Crypto is the currency of the people, and its empowering so many and making millions rich.

Down with FIAT currencies and tax!

2 ( +2 / -0 )

I’ve always had a liking for cats more than dogs...

-1 ( +0 / -1 )

No Big Government regulations,thank you. Govt in free countries have NO legal right to stop crypto or any other medium of exchange. Thats called authoritarianism.

That's a great philosophy.

But in reality, Japan already closed down all the Bitcoin ATMs 3 years ago and it's impossible to use Bitcoin in Japan anonymously without laundering through a third party illegally.

Even Bic Camera requires you to use the Bitflyer app (ID required) to pay with Bitcoin. .. and that doesn't include the 10 minutes of humiliating wait time for the "high-tech" transaction to process.

If Japan can sew up the Bitcoin game, so can everybody else.

KYC rules are coming to US crypto anyways thanks to Biden.

-2 ( +0 / -2 )

Actually, most advanced nations currencies are no longer backed by anything physical like gold. The only thing backing it is the reputation and trust people have in that nations economy.

I read an estimate once that including all the land, property, mineral rights and other possessions of the US government, it is more than 60 trillion dollars. I think that is pretty good backing.

-2 ( +0 / -2 )

Bitcoins are finite. Only 21 million will ever be produced. Will they continue to hold value once they're all mined out by around 2140?

Why wouldn't they? I'm literally not seeing any reason why they wouldn't.

0 ( +1 / -1 )

Dogecoin, like Bitcoin has only one use...

attracting another sucker willing to buy into the scheme.

Exactly. Just like FIAT currencies.

Eventually you run out of suckers.

Just like we saw with FIAT currencies, right?

 

...right?

0 ( +1 / -1 )

Hope you are paying taxes on the gain on the value of your bitcoins when you use them.

I don't. I use them to pay for services. They were given to me in payment for services years back, and I still have some left.

-1 ( +0 / -1 )

Strangerland,

Could you give us one example of how you can use Bitcoin in Japan anonymously and legally.

As a prelude, I already know that the few places that "accept Bitcoin" actually require you to have a Bitfyler or other approved exchange account before trading with you. These accounts require an ID check.

-1 ( +0 / -1 )

Could you give us one example of how you can use Bitcoin in Japan anonymously and legally.

Sure. I have a wallet. It has money in it. People request bitcoin from me for services rendered. I transfer money from my wallet to theirs.

I get it, very complicated. But work hard, and you too can figure it out.

-1 ( +0 / -1 )

As a prelude, I already know that the few places that "accept Bitcoin" actually require you to have a Bitfyler or other approved exchange account before trading with you. These accounts require an ID check.

Oh I get it, you don't realize that these exchanges only make it easier to work with with a wallet for those who aren't very technical, and aren't a requirement.

I'll make it easier for you. I can create a wallet, using a hashing algorithm, on the very computer I am typing on. This gives me a public key (the wallet address) and private key (to open it). Anyone can do the same. I then use my private key to unlock funds from my wallet, and send money to theirs, which they can then access using their own private key.

-1 ( +0 / -1 )

Anyone can do the same. I then use my private key to unlock funds from my wallet, and send money to theirs, which they can then access using their own private key.

Your basically bartering then.

I can grow tomatoes in my garden and "privately exchange" them with my barber for a haircut. I can also mow my neighbors lawn in exchange for him washing my car.

This can be done easily without bitcoin, by anybody anywhere on the planet.

However, you and the barber shop are open to tax evasion charges.

I asked for an example of a legal transaction.

-1 ( +1 / -2 )

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