Bitcoin Performance - Comments?

**Pokerface** · 8 August 2020, 8:19 pm

Just read following article regarding Bitcoin. Would be interesting to get feedback form others on how they feel BTC will perform in the next few months/year.

https://www.bnnbloomberg.ca/bitcoin-...ined-1.1475358

**EPLvip** · 9 August 2020, 2:44 am

For many bitcoin is treated as digital gold and there is positive correlation between price of gold and bitcoin.

With gold predicted to go to $3,000 this correlation could push bitcoin higher too

**latrobet** · 9 August 2020, 2:54 am

I have been in the Bitcoin space for around 5 years now, I provide software to several of the larger Bitcoin sportsbooks.

What I find hilarious, is these Bloomberg types commenting! Firstly the last flash crash was several Wales liquidating around 140mill of the wall street type long positions see https://www.thecryptoassociate.com/m...tcoin-plunges/

As to the Bitcoin halving that was well and truely priced in and the hash rate confirms that.

I can only speak to its utility in the gambling space and how it has continued to be adopted by "mum and dad" types. The uptake has been solid now for more than 2 years, this in itself says that Bitcoin is becoming more main stream and the more main stream it becomes the more stable the currency will be.

I hope that helps a little and doesn't sound like a rant. As always happy to chat with anyone about crypto and if your keen to do an affiliate deal with any crypto books I may be able to point you at the right guys. Cheers

**tufty** · 9 August 2020, 4:57 am

Given the printing of cash / quantitative easing of governments around the world, you can expect an economic disaster as inflation rages because the USD, and others, will have been devalued to such a massive extent. That will be combined with mass unemployment. There will be a move into BTC as a hedge before that then becomes an all-out panic rush as people finally realize fiat is becoming worth a fraction of its value. Let's hope you don't need a wheelbarrow of USD to buy a loaf of bread, but governments seem determined to go in that direction. You can't just print fiat and expect no backlash. What sort of mad economics is that? Gold is understandably at all-time highs right now while BTC is at 50% of its all-time high. Whatever way you look at it, BTC will go up hugely on current levels. It is inevitable. It is not going to be a straight line (when is it ever that simple?). It is just a matter of time before the economic excrement hits the fan and people wake up to the new reality. Where can you invest when cash is devalued and the economy is wrecked to hedge against that and protect your wealth from the mayhem? Gold, real estate (short term rocky ride but long-term protection), bitcoin - I am struggling to add anything else to that list. BTC is also better protection against authorities taxing you to death, which they will have to do.

**latrobet** · 10 August 2020, 4:48 am

This may interest a few:. https://www.crypto-news-flash.com/ma...nd-ripple-xrp/

**ddm** · 10 August 2020, 7:16 am

if you're HODLing, gold > btc.
also u cannot deposit all your gold on GGPoker and gamble it all

**Sherlock** · 10 August 2020, 8:39 am

Gold can be converted better than BTC in banks that is the advantage. Even if you document everything with BTC banks do have a problem.

As for more users=>more stability. I do not think so. Users are not that important, or they are less and less important. They were important initially, but if bitcoin has to move on, it need rich users/corps/institutions. It does not have to be many, it have to be the right ones. The best will be the central banks after they kill themselves.

Also once BTC will get on posthalving slow rise as we see it now, at some point greedy outsiders will probably cause another bubble and burst.

**EPLvip** · 10 August 2020, 9:37 am

Looks like we need to wait for big institution funds to start entering bitcoin derivatives markets.
Bitcoin future markets are already available but top movers are waiting on creation of bitcoin ETFs.

**Sherlock** · 10 August 2020, 12:37 pm

Funds and institutions are already in. That is just some ongoing crypto-sect narrative that is being repeated over and over again. One lawyer I know was seeking for his clients to buy thousands of bitcoins and that was 2 years ago. Some institutions, ofc a majority, are buying silently. Especially during the last 2 years.

**latrobet** · 10 August 2020, 4:01 pm

I feel the corporates are well and truely in Grayscale Bitcoin trust holds more than 3 billion in Bitcoin. See https://www.google.com/amp/s/cointel...ar-on-year/amp

I think that's the exact problem, with 80% of btc being held by whales or institutions the market is biased and therefore potentially volatile. I'm an advocate of more mum and dad's.

To be frank I think the large holders want that too. Why else would Greyscale be spending all this money on Bitcoin public awareness advertising campaigns.

Sent from my Pixel 2 XL using Tapatalk

**latrobet** · 10 August 2020, 4:04 pm

Just for the record. This is the advertising campaign I am talking about in the previous post.

https://www.theblockcrypto.com/linke...tal-currencies
https://www.crypto-news-flash.com/ma...nd-ripple-xrp/

link is now fixed and added another

**Sherlock** · 10 August 2020, 5:01 pm

I am an advocate of love and peace, but the world is not. Crypto GINI coefficient is insane and it always will be. Also the future wealth distribution will be much less equal than what it is now.

For holders when it is strictly about value, the better is unequal distribution. Rich people have lower marginal propensity to consume and therefore high marginal propensity to save. Mum and dads have high marginal propensity to consume and low marginal propensity to save.

The insane crypto gains occured exactly because whales are also rich people, who generally do not need to sell (or if they are bankrupt in fiat they need to sell just a small part of crypto).

I do not know from where the 20% comes. I doubt moms and dads own 20%. It must be much less. They should own it indeed and I am trying to persuade every one, but most of them refused and those who did not are not mum and dads but the whales.

I have no idea where Greyscale is spending the money exactly (the link above at very weird domain does not work), but if they target you, you are not the typical average Joe. I do not trust anything about the bitcoin ads/propaganda. All number are cooked. The Coinbase tens of millions users and so on. Everyone is inflating their own numbers just to attract investors. Any crypto project is good, but what counts is people with their own private keys. All custodial solutions are not worthless, but they are just a step between fiat and the ownership. I saw it with my friend, senior banker, who after owning some btc-swiss-bs-derivate finally stepping into setup his own wallet.

**EPLvip** · 11 August 2020, 9:13 am

More governments keep printing, more money should be pushed in bitcoin market.
Let's wait and see how this bitcoin circus develops.

**younger12** · 16 August 2020, 3:37 pm

BTC is rising again everyone should just start investing again

**tufty** · 16 August 2020, 6:10 pm

Originally Posted by younger12

BTC is rising again everyone should just start incesting again

Is that what your family are doing?

**universal4** · 16 August 2020, 7:34 pm

oops fixing the typo in the original post...lol

Rick
Universal4

**Sherlock** · 17 August 2020, 4:48 am

Originally Posted by tufty

Is that what your family are doing?

you mean spamming forums?

**GoodLuckMate** · 29 August 2020, 10:59 am

I guess moon is the only direction for bitcoin right now, of course there's going to be pullbacks along the way.

**Jambo** · 30 August 2020, 4:57 am

Originally Posted by GoodLuckMate

I guess moon is the only direction for bitcoin right now, of course there's going to be pullbacks along the way.

Nobody knows how it will be. Yes it increase even to 30k but also back to 3k

**GG-US** · 5 September 2020, 3:11 pm

Just put cash into it in near the yearly low and take out % of profits in fomo months every year

There is a floor which people just wont sell, the yearly lows are always higher so if you can get money in there you're good.

If your time preference only allows for getting rich quick and not understanding bitcoin or what it does then I hope you get rekt and stay uninformed and uneducated, personally.

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