Who's Holding BTC?

ian · Dec 17, 2020

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 · Dec 17, 2020

Admin said:
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 · Dec 17, 2020

ian said:
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 · Dec 17, 2020

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 · Dec 17, 2020

Admin said:
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 · Dec 17, 2020

Has anyone ever used Bitcoin to purchase anything?

dee · Dec 17, 2020

mrh said:
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 · Dec 17, 2020

dee said:
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 · Dec 17, 2020

mrh said:
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 · Dec 17, 2020

mrh said:
Has anyone ever used Bitcoin to purchase anything?

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

dee · Dec 17, 2020

Admin said:
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 · Dec 18, 2020

Admin said:
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 · Dec 18, 2020

mrh said:
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 · Dec 18, 2020

mrh said:
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 · Dec 18, 2020

dee said:
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 · Dec 18, 2020

mrh said:
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 · Dec 18, 2020

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

newguy · Dec 18, 2020

I've often read up on Bitcoin over the years but never taken the plunge. It's made me think of why it's important to diversify though, as 'something' will always be having its moment in the sun. If Bitcoin's price ever drops a fair amount again I might get involved for a bit of interest. If not though, congrats to everyone who had the foresight to get involved!

Murray · Jan 2, 2021

I just sold the last of my btc

I will buy back in with the profit when the opportunity presents itself on a decent pullback, even if that turns out to be more than I just sold for

190% in 90 days with no real sizable pullbacks has been sensational, can't run so hot for too much longer without a pullback can it.. or can it

signature · Jan 2, 2021

@Murray - Good move, I think as a trader, it does not matter where price goes, as long as you know when to go long or short.
I think the price will still continue to go higher until a lot more people takes profit. My reason is that Bitcoin price is going up because we have large businesses buying it as a hedge against Dollar investment. This buyers will hold for longer hence there will be more shortage of Bitcoin in the near future. Price will only start to come down when some of this businesses decided to bring back loads of Bitcoin to the market and cash in on profit before we see a good pullback to give us another run up in price. Expecting another GAP up in price from Friday close.