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Fri Oct 15, 2021, 02:07 PM

Bitcoin approaching new all time high again

The news that China banned it seemed to only slow it down by a few months

Any guesses as to how high it will be before it slows?

This morning it was at $61,000

https://www.reuters.com/business/finance/us-sec-poised-allow-first-bitcoin-futures-etf-bloomberg-news-2021-10-15/

18 replies, 1118 views

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Arrow 18 replies Author Time Post
Reply Bitcoin approaching new all time high again (Original post)
fescuerescue Oct 2021 OP
ColinC Oct 2021 #1
MisterProton Oct 2021 #18
joetheman Oct 2021 #2
Moostache Oct 2021 #3
empedocles Oct 2021 #5
fescuerescue Oct 2021 #6
hunter Oct 2021 #7
ColinC Oct 2021 #8
fescuerescue Oct 2021 #15
Celerity Oct 2021 #16
empedocles Oct 2021 #4
walkingman Oct 2021 #9
hunter Oct 2021 #10
walkingman Oct 2021 #11
fescuerescue Oct 2021 #13
hunter Oct 2021 #17
ZonkerHarris Oct 2021 #12
fescuerescue Oct 2021 #14

Response to fescuerescue (Original post)

Fri Oct 15, 2021, 02:10 PM

1. 10 trillion market cap will be the next peak, maybe?

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Response to ColinC (Reply #1)

Mon Oct 25, 2021, 03:26 PM

18. Wrong forum for this...

Maybe 1 out of a thousand readers on this site are going to understand how true this is, what it means, and how to take advantage of it.

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Response to fescuerescue (Original post)

Fri Oct 15, 2021, 02:12 PM

2. This is really iffy. nt

 

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Response to fescuerescue (Original post)

Fri Oct 15, 2021, 02:13 PM

3. I'm still long on tulip bulbs...

https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp

I am pretty sure that its only a matter of time before I can unload my inherited position at maximum profit.

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Response to Moostache (Reply #3)

Fri Oct 15, 2021, 02:24 PM

5. Various flowers have seen boomlets and madness Here is one I had not heard of

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Response to Moostache (Reply #3)

Fri Oct 15, 2021, 02:27 PM

6. Yep. I said the same thing when I sold all 20 my bitcoin at $1,000

After having bought it for $200. This was back in 2013.

I just couldn't see how it could sustain itself over $1,000 and I really needed that new car. Having said that. The car is now worn out. But I sure could make use of $1.2m right about now.

My skepticism is starting to wear now. I see the big banks and institutions jumping in. At least one country has made it an official legal tender.

Maybe this really is a new technology paradigm. Maybe not.

I just know I wish I had that $1.2m




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Response to fescuerescue (Reply #6)

Fri Oct 15, 2021, 04:21 PM

7. I've avoided a lot of unethical money making opportunities in my lifetime. No regrets.

I don't think there's any good in bitcoin.

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Response to hunter (Reply #7)

Fri Oct 15, 2021, 04:52 PM

8. Curious how bitcoin is any more unethical than regular gambling or other purely speculative

investments? Or is it that gambling is unethical and since Bitcoin is basically gambling, then it is unethical?

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Response to hunter (Reply #7)

Sat Oct 16, 2021, 03:28 PM

15. Fortunately I'm extra ethical in other areas

So dabbling in a little unethical math (bitcoin) evens things out.

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Response to Moostache (Reply #3)

Sat Oct 16, 2021, 03:34 PM

16. Completely flawed analogy. Tulips are not fungible, not durable, and involved a massively

complex supply chain, especially during that time.

BTC is fungible, is durable (ie it's value is not subject to physical deterioration) and is redeemable globally within an extremely short time frame without physical movement.

The tulip analogy is thus fatally flawed at multiple points.

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Response to fescuerescue (Original post)

Fri Oct 15, 2021, 02:16 PM

4. 'Extraordinary Popular Delusions and the Madness of Crowds' - McKay

A whole working farm, for a certain tulp bulb?

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Response to fescuerescue (Original post)

Fri Oct 15, 2021, 07:01 PM

9. I view BC the same as I do the celebrity mega-rich. It is all about taking

advantage of the vast amount of people that put there money into "hot people" or those that like to simply gamble. Obviously there is the element of money-laundering but in reality BC is no different that other currencies - If you have faith in it, and it is legal tender for goods and services, it is just another currency.

I don't get the social media celebs so I cannot understand most of the crypto movement. I imagine some will prosper and some will lose - only time will tell.

I really don't care.....

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Response to walkingman (Reply #9)

Fri Oct 15, 2021, 07:11 PM

10. No, it's not "just another currency."

Real currencies are backed up by the full faith and credit of the social entities that back them.

Guys like Alexander Hamilton and Benjamin Franklin, and later John Maynard Keynes, understood what money is.

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Response to hunter (Reply #10)

Fri Oct 15, 2021, 07:29 PM

11. Good point, and I agree. Government regulation (like China) could change the best laid plans.

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Response to hunter (Reply #10)

Sat Oct 16, 2021, 03:25 PM

13. I agree. But that's also the point

It was intended from the beginning to be NOT associated with any country.

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Response to fescuerescue (Reply #13)

Sat Oct 16, 2021, 03:46 PM

17. Gold is not associated with any currency.

Using it as money is equally foolish.

Gold does have uses, for example, as an electrical conductor or for making pretty jewelry.

Bitcoins on the other hand are essentially numbers having certain predefined properties and are not useful for either purpose.

If I owned pi I might be the richest guy on earth.

I suspect bitcoin was engineered as an obfuscated chain-letter-pyramid scheme, possibly with ill-intentions , maybe as a joke.




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Response to fescuerescue (Original post)

Fri Oct 15, 2021, 07:32 PM

12. I wasn't "pro Bitcoin" until China was against it. But now if they don't like it then I'm all for it

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Response to ZonkerHarris (Reply #12)

Sat Oct 16, 2021, 03:27 PM

14. China is weird. That have banned it probably a dozen different times

But it's still all over China.

I think something get's lost in the translation of their ban vs out ban.

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