Who's Holding BTC?

[ian]

Out of interest, for all those holding, are you just holding or taking profit and getting back in at any point ? For instance now after an ATH

Only holding and buying.

 

[Admin]

Hodl... Its going up. Ask a child to look at the graph and ask them what they think is going to happen

 

[Murray]

Hodl... Its going up. Ask a child to look at the graph and ask them what they think is going to happen

They would say it could collapse back at any time

My big issue is with current monetary conditions rather than bitcoin itself

I've looked at what US commercial banks are doing in the h8 data and the answer is

1. not lending
2. buying bonds with low yields
3. low swap rates

Aka tight money - people are hyped on on stimulus and inflation talk in fhe US not looking at real picture

• 40 million people avoiding homelessness only for the fact there's evictions bans, 70 billion in back rent owed
• On top of the unemployed figures there's 13 million people on cares act unemployment scheme that ends this month
• highest level of people seeking mortgage forbearance relief since August
• no student loans have been paid since March, that just got extended until January

I read in August there were 150 billion in deferred loans, what will that be at now

Are these the conditions for sustainable record high bitcoin flying to the moon? nope, sooner or later we will see everything crash like in March with an insolvency crisis

After the next crash will be a good opportunity to buy more btc

 

[ian]

That is the point though, the USD and other currencies are so heavily leveraged that institutions are seeing Bitcoin as a safer heaven right now, even against gold, so whilst a drop is likely if the rest do, it shouldn't be anywhere near as bad as we've seen previously. Just makes more buying opportunities.

 

[dee]

Hodl... Its going up. Ask a child to look at the graph and ask them what they think is going to happen

mmm..... agreed..... but i still reckon it'll come down off the channel top, which could trigger a bit of a sell off. Guess we'll find out today probably. Generally theres a massive surge in volume around the turning point which seems to be happening now.

Of course me saying this means it'll blast straight to 50k

 

[Murray]

That is the point though, the USD and other currencies are so heavily leveraged that institutions are seeing Bitcoin as a safer heaven right now, even against gold, so whilst a drop is likely if the rest do, it shouldn't be anywhere near as bad as we've seen previously. Just makes more buying opportunities.

In March gold was bought back almost quicker than it was fire saled off

Bitcoin took what 5 months to get back to February levels? didn't seem like big money was too desperate to pour in

You can't conduct business without dollars, nothing has been fixed in the repo market

In September/October 2019 there were very evident problems (real issues started late 2018) and the Fed started not QE QE, the markets reacted like that was positive and it led them off a cliff in March

The same thing is happening now, all just running up a cliff thinking it's the stairway to heaven but the higher we get the bigger the fall will be

Banks are telling us the reality of what's coming with their swap rates and treasury purchases and it's nothing good or inflationary

Obviously I'm still happy to play the markets as best I can but just with a more safety, take profit where I think appropriate approach

 

[Admin]

just sold all my btc that i keep on an exchange at 23.1k. I'll buy them back this is just a rare trade for me...

 

[dee]

just sold all my btc that i keep on an exchange at 23.1k. I'll buy them back this is just a rare trade for me...

I'm waiting till its well sub 20 again ( which it will be I think )

 

[mrh]

Has anyone ever used Bitcoin to purchase anything?

 

[dee]

Has anyone ever used Bitcoin to purchase anything?

Nope. It won't ever be seen as a mass use currency though i don't think. There are far better solutions for that, and long term the governments and powers that be will roll their own.

 

[mrh]

Nope. It won't ever be seen as a mass use currency though i don't think. There are far better solutions for that, and long term the governments and powers that be will roll their own.

Like money?

 

[dee]

Like money?

ha ha ..... yes indeed. Money is an outdated concept apparently. It's hard to keep track of for a start. You can't tax every exchange if people can hide it, bury it, and just hand it to each other whenever they like .

 

[Admin]

Has anyone ever used Bitcoin to purchase anything?

Yes... About as often as you use visa or mastercard...

 

[dee]

Yes... About as often as you use visa or mastercard...

You can use it, but its not gonna work as a global currency long term.The credit cards etc that you can use it on are shoehorned in. As i'm sure you know, it's value long term isnt based on that I dont think.

 

[mrh]

Yes... About as often as you use visa or mastercard...

I use my cards all day every day. There is not one single transaction amongst them that I could trade to use Bitcoin

 

[dee]

I use my cards all day every day. There is not one single transaction amongst them that I could trade to use Bitcoin

This will be changing. It wont be bitcoin I don't think, but like it or not we are heading towards a cashless society.

 

[Admin]

I use my cards all day every day. There is not one single transaction amongst them that I could trade to use Bitcoin

Wrong, you could make all of them with bitcoin. I think you are missing the point of my answer. Everything you do with your cards, I can do with a bitcoin card tied to Visa or mastercard. For example, look at Wirex.

In addition, yes I pay for things directly with btc without using a visa card that converts bitcoin on the fly.

On top of that, I dont value this particular debate for 2 reasons; 1. Bitcoin doesnt need to be a currency in the way you are thinking and 2. It can be. I could be wrong of course but I dont think for a second that it cannot go through iterative improvements to solve the bottlenecks with speed, cost and scalability. Talking about something as nascent as bitcoin and stating its flawed or limited in its current form seems to be a limited thought that ignores its potential for improvement.

 

[mrh]

This will be changing. It wont be bitcoin I don't think, but like it or not we are heading towards a cashless society.

Will I still use my cards to do this as they are cashless and work totally fine?

 

[ian]

I use my cards all day every day. There is not one single transaction amongst them that I could trade to use Bitcoin

Same for gold, no one spends their gold bars on a day to day basis....didn't do that investment any harm!

 

[Murray]

Bitcoins future makes sense as a fear asset, a safe harbour where wealth can congregate waiting out bad economic times

Don't think it's fully that yet but time will tell