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It's an interesting workaround, but how would this exactly work? Wouldn't this mean you have to funnel all of the members' earnings through the church to make it tax free? I guess you could say that the members' Bitcoin addresses all officially belong to the Church, but I'm not sure any government will buy that.
I don't think they'll exempt individuals from paying taxes just because their faith demands non-compliance against tax laws either. But hey, it would be amazing to see someone try something like this, if only for spectators' amusement lol.
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-snip That still doesn't account for 129 losing days. In fact, it can be useful but we need to know the methodology used in order to make something tangible out of this information I'm not sure, but I think he might have looked over the historical data and counted the days when Bitcoin's (day average?) price was lower than it is now, meaning he found a grand total of 129 days that fit that criteria. If I understand correctly, what he's trying to say is that if you had picked a day at random (from its inception) to invest in Bitcoin, you'd have around a 96.7% chance to have turned a profit with current prices. It's probably something like this tweet, which gained a fair amount of attention: You made money if you bought Bitcoin and held it until today in 122 of the 125 months that Bitcoin has been available.
The only three months that have been unprofitable were December 2017 and January / February 2018. I don't see how that could be useful, but hey, it would be great if it could. |
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Ranks don't really mean anything here, and being Legendary won't earn you any more respect than being a Newbie. You get access to better signatures as you get a higher rank and that's it.
If you want to be respected, show it through the way you interact with the community.
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-snip-
Why is that a meaningless statistic? I don't know any other asset that has made so many millionaires like bitcoin did. Even if you were not investing and you were just mining. Can you show me any other asset that has outperformed bitcoin in 10 years of existance? You say more and more people has to buy to maintaine it's growth. Not true! Look at the google trends for bitcoin. There is less interest in bitcoin than before but the price is rising. It's not important how many people invest but how much they invest. And there is a lot of room for adoption cuz majority of people still didn't buy bitcoin. There will be a high demand for bitcoin in the future cuz it's a new digital gold. People will eventually adopt new things. It's meaningless because all it's essentially saying is that we're better off today than most of Bitcoin's days. It's reassuring and puts the current situation into perspective, but then what? What can we do with that tidbit of information? That's all well and good, but I never said Bitcoin wasn't profitable, just that an average person probably won't have a 96.7% chance to profit like the topic implies. |
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Can you explain with formulas how you calculate 3,3%? So, based on what price, you have reached this conclusion? For example, if I buy at the current price, what period will I be? Because if I had bought it a month ago, I would have lost.  What it basically means is that Bitcoin is still more expensive now than it was on 96.7% days of its existence. In a vacuum, it implies that Bitcoin is an incredibly safe investment, with past investors having had a 96.7% chance to turn profit. In reality though, lots of people buy in peaks or the middle of bull runs (a lot of which may fall under the 3.3% as more and more people are required to buy in as prices get bigger), so it's quite a meaningless statistic. It's just your run of the mill clickbait, except it's in favor of Bitcoin. |
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Prices open and close every day? is it like an accounting report? on information sites like CMC, CoinDesk average is only a monitor. if you need data for reports, maybe you can Screenshot data from the website.
Coinmarketcap actually does show the opening and closing price of the day. I have no idea what timezone they're using though. Lots of these sites treat Bitcoin like stocks for fluff. |
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They want to ban those instruments because they can be too risky! What the hell, this is for the customer to decide!
Governments have been doing this forever. Banning certain drugs fall under the same umbrella. It sucks that they're most likely going to get away with this, but retail investors are much better off getting into Bitcoin directly anyway. It's a loss in a sense that people are being denied certain liberties for basically no reason, but the ban itself isn't too much of a loss IMO. |
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-snip-
Well he's a founding partner and he's pretty popular, so that probably has a lot to do with his job retention lol. Either way, he's had a lot of Wall Street experience, so he's probably better at other areas. Crypto prices are almost impossible to predict to be fair, and I imagine it's only harder if you look at the market through permabull/bear lenses. But yeah, people shouldn't be taking anyone's word of the market anyway, so it's pretty moot in the end lol. |
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Might as well create a thread and mark the OP with their key predictions. Not one to believe these guys, but definitely one to enjoy the fun alongside the finger pointing and inevitable fame-claiming once predictions invariably hit. Suggest to make:
1. Date of Prediction and Price at time.
2. Target Price and Date.
And then when date reached, you can I guess put accuracy.
Might even show newbies they really shouldn't be listening to experts =D
Here's an article that details at least some of his misses: In April 2018, Lee insisted that bitcoin would rally big-time right after tax season. At the time, Lee attributed the drop in bitcoin’s price to mass sell-offs caused by investors trying to sell off their cryptocurrency holdings to avoid paying taxes on them.
That rally never happened.
[...]
Then, in November 2018 — at the height of the crypto bear market — Lee doubled-down on his exuberant $15,000 year-end bitcoin price target. At the time, Lee called the Crypto Winter an "awkward transition" that would pass very soon.
As we all know, that comeback also never happened.
[...]
In December 2018, a frustrated Lee said he was finished giving price predictions given his history of inaccuracy.
However, he said that bitcoin's fair market value at the time was $13,800 to $14,800. At the time, bitcoin never topped $4,180.
Ironically enough, Bitcoin is hovering above $10k now, which is the lower end of his prediction in the article lol. |
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I don`t think it was gmaxwell, that said this, I was just reading his old post when I took the screen shot, It was someone else I can`t remember who it was, But this proves them wrong.
Unless they specifically said that scarcity is the only determining factor in giving something value, then they're not wrong. Heck, if we dive into semantics, something is only considered scarce when its supply is inadequate for the demand for it, making scarce items inherently valuable. You could therefore infer that scarcity does in fact = value. Your beef seems to be rooted on why there is demand on specific items in the first place, but that's a different issue. |
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And what happens when these speculators push the price down and you have to pay more for your taco? Do you wait for the prices to stabilize or spend some anyway?
This is the well known dilemma we are facing every day. By we I mean the people who count their money and actually plan their savings and expenses. I know a few guys who regretted spending their bitcoins. Once one of my friends borrowed cash from me and promised to pay me back in bitcoin. By the time that happened bitcoin was worth at least 20% more and you can imagine that he had wasn't too happy.
Well, you live with it. Volatility is a double-edged sword. Also, it's not like Bitcoin would be stable without speculators. It could even be more volatile if they exit, considering lower market cap = higher volatility. Right now, I'd say more users of Bitcoin is better, regardless of what they bring to the table. |
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I guess some situations like this will still occur because the system isn't perfect at all
Yeah, I feel like that's kind of the point he's driving at. He wouldn't be in this situation if everyone just accepted Bitcoin. I've had a few situations like this myself, where I've had to drive to banks in other areas to settle deposits. It's not even necessarily the providers' fault. Transfers are inconvenient for them as well thanks to all the rules and regulations surrounding it. It sucks, but the only solution is to use a different system which can't be bogged down by red tape -- something Bitcoin provides perfectly. |
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A question outside the text, What is the measure or comparison of what happened, do we consider this a recovery for BTC? Or the collapse of USD?
The USD is far from collapsing, and there has certainly been no semblance of any collapse from 2011. This is all on BTC, and the growth of the ecosystem and the community backs it up. As for replicating a scenario like this, I feel like we should stop looking at percentage points for some perspective. BTC has grown by about $10k per coin since then, so the same amount of growth would only really take us back around to ATH. Bitcoin still has a lot of room for growth for sure, but I don't think selling at $10k will ever sound nearly as ridiculous as selling at $14 with current prices at $10k. |
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Libra is what people want, not Bitcoin.
Who exactly wants Libra? Crypto enthusiasts know better than to trust a centralized coin coming from a company with very questionable privacy practices. The mainstream could continue paying with Paypal and credit cards since it's all the same anyway. This way, they won't even need to pre-convert any money to Libra. Lastly, since it's a stablecoin, it's closed off to speculators. You could argue that it might be able to replace Tether or some other stablecoins, but a lot of people use those to dodge regulatory mess that comes with trading fiat, which also comes with trading Libra. Just because Facebook is used by billions of people doesn't mean they'll use whatever product Facebook comes up with, and the same is true with Libra. |
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You can expect Bitcoin to be quantum-proof long before people are able to use quantum computers to steal even lost coins. It simply isn't necessary to do this yet.
Another thing to note is that Bitcoin would be one of the last things thieves will be looking at considering they'll have enough firepower to break through basically any encryption -- banking systems, corporations' infrastructure, etc., will yield much higher returns. They're not quantum proof yet either, because again, it's not necessary as of now.
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It is not only about Trump tweets, but also about that dramatic press conference by U.S. Treasury Secretary Mnuchin who is just repeated same old stuff about crypto and how US will do everything to keep US $ as main reserve currency of the world.
I do not see that as "battle that is coming", but as a continuation of a battle that lasts as long as bitcoin exists.
I completely agree. I mean, did anyone really expect the US to welcome the idea of any other currency, Bitcoin included, to take over as the global main reserve currency? Trump's statement and this press conference doesn't really change anything IMO. They say their only concern is fraud, which seems to line up with their current actions (going after taxes, intensified AML enforcement, etc.), meaning Bitcoin should be mostly safe for now. |
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Probably is the key word there because Surprise! Nobody knows because Coinbase does not tell it's clients! The money is probably being funneled into real estate or insurance companies or really again, nobody knows for sure but the money is likely not just sitting there doing nothing. Big companies move money constantly like it is water in a stream.
I don't know, the info is pretty public: When using bank transfers, the ACH bank transfer system is used for payments with your bank account. The ACH bank transfer system typically takes 3-5 business days* (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase. The timing will displayed prior to confirming your order. Some methods are faster than others, according to this page. Here is some information as to why bank transfers (Coinbase or not) take a few days. They could be doing something else behind the scenes, but the delay is well accounted for from what I can see. |
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You know what is really absurd in this story? It is like bitcoin is become dependent of what is some Donald or Mnuchin think about it, or what will SEC or IRS say. Bitcoin is first decentralized cryptocurrency, and by taking such things seriously we are moving from that.
It's not so much about being dependent as being vulnerable to actions they might take. Bitcoin itself will continue running like it always has thanks to its decentralized nature, but the way its users do their business (and the users themselves, even) could be drastically affected. As much as it sucks, people in power will always have some amount of influence over the cryptospace because their decisions could ultimately drive users and businesses in, or away. They're not a roadblock to adoption as individuals can get away with dodging regulations, but mass adoption is a different case as not many people are comfortable with risking legal trouble. It's hard to blame people for being invested in issues like this. |
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I'm sure that goldbugs will resent Powell statement comparing gold to bitcoin, but him seeing the potential as it is, is some kind of assurance that even US is looking at bitcoin and it's potential to be used as a hedge.
Lol is this really a thing? I know that there are a couple of people who advocate dropping gold for Bitcoin, but are there also camps who think the other way around? I haven't really seen any, but that might be because I'm following the wrong circles. -snip-
If they'd even allow that. Well they've been allowing it thus far, albeit in a controlled environment. We'll see though I suppose. |
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How can mass adoption occur if there is no support from the government?
without government support, there will be no major adoption in a country. It cannot achieve the success of bitcoin to be used globally.
Governments didn't support (and most still don't) Bitcoin for the longest time, and it's gotten to the point where even the President of the United States has tweeted about it. Adoption is happening and governments can't claim any credit. Bitcoin doesn't need government support; in fact, the most ideal scenario for it is complete non-intervention from governments. Bitcoin is inherently anarcho-capitalistic, so the idea that it needs outside intervention is pretty misguided. Support could even be detrimental in some cases, considering the fact that it will surely come with some sort of compromise. |
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