Permabull Party Thread

[johnyj]

I remember the most impressive bull quote: "This is bigger than Jesus" 

[tspacepilot]

Permabull since 2011 here. Risk/reward now seems about what it felt-like to me in early 2012, though I do think cycles are likely to take longer now vs then, since the ecosystem is larger.

And just to be clear, many of us bulls fully ack the risk involved with bitcoin as an investment, and consider it a very high sigma positive expectation position. Actually, it's probably the most asymmetrical opportunity I've seen, by far, that doesn't require the resources/expertise of a hedge-fund operator to actually execute on.

This is very true. Bitcoin is very easy to get in on. No minimum deposit requirements, no credit or background checks. If you can figure out how to buy something on amazon, you can figure out how to buy bitcoin at circle or coinbase.

I guess this is probably correct.  And for speculation it's certainly crucial that people can buy bitcoin easily.  However, what I'd like to see a lot more of is spending of bitcoin on everyday stuff.  That, IMO, would be the best for us in the long run.

[calme]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

[futureofbitcoin]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

I really don't think that's going to happen in a long, long time, even after bitcoin reaches the moon.

[lyth0s]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

I really don't think that's going to happen in a long, long time, even after bitcoin reaches the moon.

With companies like BitWage it will happen much sooner than you think. It'll start with small percentages of income being paid in bitcoin, like the employees at Overstock opting in for.

Also with Bitwages partnership with credit cards it makes it even easier to spend your bitcoin wage at soon-to-be historic CC payment terminals

[calme]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

I really don't think that's going to happen in a long, long time, even after bitcoin reaches the moon.

You can wet the bed, but please don't pee on my dream. Salaries paid in BTC would create a lot of buy pressure.

[futureofbitcoin]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

I really don't think that's going to happen in a long, long time, even after bitcoin reaches the moon.

You can wet the bed, but please don't pee on my dream. Salaries paid in BTC would create a lot of buy pressure.

Why would anyone want to receive their salaries in bitcoin before it's certain that bitcoin is here to stay, and won't suddenly drop by 50%? And if someone did, they can always convert it themselves, would they really bother their employers to make an exception for them?

I really can't see it happening. Bitcoin becoming a mainstream currency might fuel cause some people/companies to deal mainly in bitcoin, but there has to be a huge incentive to do so in order for people to change. And most people simply don't do remittance or need to deal with foreign currencies all that often at all. Maybe a vacation a year, for a relatively well off family. There might be a decent sized market, but they can always buy bitcoin if they need it, there's no need to receive their salaries in bitcoin.

Just because a service to do something exists, doesn't mean people will use it.

[calme]

^^ Not that they're mutually exclusive, but non-crypto industry salaries paid in BTC is what I want to see.

I really don't think that's going to happen in a long, long time, even after bitcoin reaches the moon.

You can wet the bed, but please don't pee on my dream. Salaries paid in BTC would create a lot of buy pressure.

Why would anyone want to receive their salaries in bitcoin before it's certain that bitcoin is here to stay, and won't suddenly drop by 50%? And if someone did, they can always convert it themselves, would they really bother their employers to make an exception for them?

I really can't see it happening. Bitcoin becoming a mainstream currency might fuel cause some people/companies to deal mainly in bitcoin, but there has to be a huge incentive to do so in order for people to change. And most people simply don't do remittance or need to deal with foreign currencies all that often at all. Maybe a vacation a year, for a relatively well off family. There might be a decent sized market, but they can always buy bitcoin if they need it, there's no need to receive their salaries in bitcoin.

Just because a service to do something exists, doesn't mean people will use it.

Well, I would hope that in the 21st century--a global century--we would have some degree of freedom of currency rather than having it be mandated by some governmental entity and thus having it be a product of geography. Employers could ask which currencies employees want to be paid in, which is better than paying out in a default currency which could be automatically converted according to the employees' preferences, b/c the former causes the employee to stop and think about the matter and also doesn't require them to be savvy enough to use some sort of currency conversion means. Concerning why they'd want to be paid in BTC, I'm sure a lot of ppl would opt for BTC to be their currency b/c they feel that if the majority of their savings is in BTC format, they'll be richer in the long run. I understand what you're saying though. Perhaps the truth lies somewhere between your "realistic" ideas and my idealistic ones.

[futureofbitcoin]

I mean I think what you said will happen, I just don't think it'll happen before bitcoin goes mainstream. Bitcoin going mainstream will be what fuels these events, not the other way around.

But hey, I'm all for anything that will catapult bitcoin to mainstream asap, so I can start eating wagyu and foie gras everyday So I'll be glad to be proven wrong.

[americanpegasus]

There will be no slow and understandable rise. 
 
Last rise to $1k was individuals. 
 
The next rise will be institutions, and governments will be forced to capitulate. 
 
We are witnesses to one of the most historic moments in the human race, and we all have prime seats. 
 
It's a mistake to believe that bitcoin will be rationally priced as a fair percentage of the economy it represents...  What will happen is that irrational bags of meat will lose their fucking minds and drive the price of bitcoin to absurd values. 
 
And I'm already here, MJ popcorn gif style.

[Hyena]

There will be no slow and understandable rise. 
 
Last rise to $1k was individuals. 
 
The next rise will be institutions, and governments will be forced to capitulate. 
 
We are witnesses to one of the most historic moments in the human race, and we all have prime seats. 
 
It's a mistake to believe that bitcoin will be rationally priced as a fair percentage of the economy it represents...  What will happen is that irrational bags of meat will lose their fucking minds and drive the price of bitcoin to absurd values. 
 
And I'm already here, MJ popcorn gif style.

Exactly. We can rationally see that if bitcoin was used everywhere in the world then 1 bitcoin should cost 1 000 000$. however, people are not rational so they get greedy and drive the price 10x higher than it's real value is. I wouldn't be surprised to see 1 bitcoin costing 10 000 000$.

[kryptopojken]

Exactly. We can rationally see that if bitcoin was used everywhere in the world then 1 bitcoin should cost 1 000 000$. however, people are not rational so they get greedy and drive the price 10x higher than it's real value is. I wouldn't be surprised to see 1 bitcoin costing 10 000 000$.

and a loaf of bread costing $50 000

[Torque]

There will be no slow and understandable rise. 
 
Last rise to $1k was individuals. 
 
The next rise will be institutions, and governments will be forced to capitulate. 
 
We are witnesses to one of the most historic moments in the human race, and we all have prime seats. 
 
It's a mistake to believe that bitcoin will be rationally priced as a fair percentage of the economy it represents...  What will happen is that irrational bags of meat will lose their fucking minds and drive the price of bitcoin to absurd values. 
 
And I'm already here, MJ popcorn gif style.

Exactly. We can rationally see that if bitcoin was used everywhere in the world then 1 bitcoin should cost 1 000 000$. however, people are not rational so they get greedy and drive the price 10x higher than it's real value is. I wouldn't be surprised to see 1 bitcoin costing 10 000 000$.

Just like no one in 1990 would've believed that two decades later a share BRK/A stock would be trading at $217,000.  Bitcoin has the same potential, and the network growth to get there faster.

[Hyena]

Exactly. We can rationally see that if bitcoin was used everywhere in the world then 1 bitcoin should cost 1 000 000$. however, people are not rational so they get greedy and drive the price 10x higher than it's real value is. I wouldn't be surprised to see 1 bitcoin costing 10 000 000$.

and a loaf of bread costing $50 000

not necessarily, but probably. my point is that dollar does not need to inflate for bitcoin to conquer new heights.

[LFC_Bitcoin]

Nice to find a thread where all bulls/HODLERS may begin to congregate.
Sick of reading trolls posting everywhere.

[AtheistAKASaneBrain]

There will be no slow and understandable rise. 
 
Last rise to $1k was individuals. 
 
The next rise will be institutions, and governments will be forced to capitulate. 
 
We are witnesses to one of the most historic moments in the human race, and we all have prime seats. 
 
It's a mistake to believe that bitcoin will be rationally priced as a fair percentage of the economy it represents...  What will happen is that irrational bags of meat will lose their fucking minds and drive the price of bitcoin to absurd values. 
 
And I'm already here, MJ popcorn gif style.

Indeed, if you don't own a decent stack of Bitcoins right now your future is going to be extremely boring. The only exciting thing happening in the economics worlds literally. All other stuff is extremely boring to hold long term.

[Ask Ken About Love]

Nice to find a thread where all bulls/HODLERS may begin to congregate.
Sick of reading trolls posting everywhere.

Me too.  I find today's price decline to be liberating, in a way.  Like getting fired from a job & not caring a bit--you've already given up on life when Evo ran away with your dope money.
A perfect time for a party, would srsly cheer us up.

[dothebeats]

I'm all in. Not foreseeing an insane amount, but I think the next rally may see $1k, and maybe it's a reasonable price, though. Good to see a thread with bulls and bears. See you in the coming years. 

[Odalv]

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[okthen]

Best thread in the forum!

I only lived through one bubble. But do you remember the felling of waking up everyday and checking the bitcoin price? And having a smile on your face for the rest of the day?
And the night when it touched 1000 for the first time? I literally had popcorn!!!