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Author Topic: I am pretty confident we are the new wealthy elite, gentlemen.  (Read 508054 times)
jbreher
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December 22, 2015, 06:53:59 PM
 #3161

the money printing ends up being deflationary.

Not quite. Money printing simply cannot be deflationary. Period. The reduction in velocity has been more than even the exorbitant money printing can overcome. The net is deflationary, but only due to the fact that the amount of deflation due to reduction in velocity has absolutely swamped the amount of inflation in the money supply.

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RealBitcoin
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December 22, 2015, 07:00:25 PM
 #3162

Bitcoin is still a piece of chewing gum on the road...

Not that much it's already coming close to silver's market cap.

Silver is only 30 billion$ market and bitcoin is coming close to it and probably surpassing it in the next 10 years Smiley

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December 22, 2015, 09:20:12 PM
 #3163

Bitcoin is still a piece of chewing gum on the road, the dregs at the bottom of the cup. In a world where 'trillions' is part of the monetary language, we are only a blip. But, what bitcoin does have is potential; to disintermediate one of the strongest and most abused power structures of all time - money. That's why we are all here - potential. It all might end tomorrow.....

I don't think we need to worry about hyper inflation just yet. the market still trusts the central banks to lead the way and the government won't default on its debts just yet. it isn't the amount of currency printed, because much of it sits in excess reserve accounts anyway (no velocity), gathering free interest. And the public has had a shift in mindset rsulting from the trauma of 08. the money printing ends up being deflationary. I think deflation til mid 2016. maybe this time next year it'll be real - sovereign debt crisis time.

Not that much it's already coming close to silver's market cap.

Silver is only 30 billion$ market and bitcoin is coming close to it and probably surpassing it in the next 10 years Smiley

That's weird.In a businessinder's article "This stunning visualization shows all of the world's money" http://www.businessinsider.de/all-of-worlds-money-in-one-chart-2015-12?r=US&IR=T
it is written that the value of all the Silver above-ground is around $14 billion.That would be only half of the value which you are stating.
Do you have any links for your numbers? I wasn't able to find any.

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December 23, 2015, 01:28:35 AM
 #3164


That's weird.In a businessinder's article "This stunning visualization shows all of the world's money" http://www.businessinsider.de/all-of-worlds-money-in-one-chart-2015-12?r=US&IR=T
it is written that the value of all the Silver above-ground is around $14 billion.That would be only half of the value which you are stating.
Do you have any links for your numbers? I wasn't able to find any.

Those are silver stocks, my number is that total physical silver in the world

http://www.24hgold.com/english/news-gold-silver-bitcoin-the-money-of-the-future-.aspx?article=4335281384G10020&redirect=false&contributor=Jan+Skoyles

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Searing
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December 23, 2015, 09:30:12 AM
 #3165

Well these guys seem to think the price is gonna go to the moon!


Now if only NON-BTC related worldwide press would get this 'excited' on this as a 'basic truth' then I'd fire up the old record of "we're in the money"

The folk in the article (truthful thou I hope it to be) are too far in the BTC weeds to really give an 'unbiased' view imho

anyway link:

http://cointelegraph.com/news/115935/expect-bitcoin-price-to-reach-us1200-or-more-next-year-experts-say


another post of the same theme below

http://finance.yahoo.com/news/analysis-record-highs-predicted-bitcoin-080810660.html



 but somewhere in the above it is stated $4400 usd I think it was in 2017..boy I hope they are right. I'll be at 110 btc MINED and held at that point in time...with my miners
being used as doorstops....if it hits that price..they will go from 'doorstops' to a nice glass 'trophy case' with dates in use and btc and/or ltc mined lol Smiley

so want this 'drug induced unicorn 4400 usd by 2017' statement to be correct..please..please Smiley




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December 23, 2015, 09:41:10 AM
 #3166

Well these guys seem to think the price is gonna go to the moon!


Now if only NON-BTC related worldwide press would get this 'excited' on this as a 'basic truth' then I'd fire up the old record of "we're in the money"

The folk in the article (truthful thou I hope it to be) are too far in the BTC weeds to really give an 'unbiased' view imho

anyway link:

http://cointelegraph.com/news/115935/expect-bitcoin-price-to-reach-us1200-or-more-next-year-experts-say


another post of the same theme below

http://finance.yahoo.com/news/analysis-record-highs-predicted-bitcoin-080810660.html



 but somewhere in the above it is stated $4400 usd I think it was in 2017..boy I hope they are right. I'll be at 110 btc MINED and held at that point in time...with my miners
being used as doorstops....if it hits that price..they will go from 'doorstops' to a nice glass 'trophy case' with dates in use and btc and/or ltc mined lol Smiley

so want this 'drug induced unicorn 4400 usd by 2017' statement to be correct..please..please Smiley





If its not @$4400 in 2017 if will be for sure by 2020 halving
Just have to be patient, it may well be higher than 4400 in  2017...if someone told people  in 2011 or 2012 my $10 coins would  be worth $1200 next year I would have laughed...
ATguy
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December 23, 2015, 10:27:34 AM
 #3167

If anybody proved me the bitcoin is real.I am also going to mad with you by the investment.I have little confusion about this.Please help me by the some information.

The proof of work Bitcoin uses guarantees Bitcoin is backed by something real, namely the block creation is done by mining with physical devices using electricity. Because Bitcoin has by far the highest hashrate, thus security, it is the electricity + hardware needed to run the miners which is real.

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Rizky Aditya
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December 23, 2015, 10:55:54 AM
 #3168

If anybody proved me the bitcoin is real.I am also going to mad with you by the investment.I have little confusion about this.Please help me by the some information.

The proof of work Bitcoin uses guarantees Bitcoin is backed by something real, namely the block creation is done by mining with physical devices using electricity. Because Bitcoin has by far the highest hashrate, thus security, it is the electricity + hardware needed to run the miners which is real.

Exactly. This is already great proof. First of all, why does that guy even think bitcoin is not real. People have used it sooooo many times already. That guy seems really stupid.

tabnloz
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December 23, 2015, 11:04:26 AM
 #3169

the money printing ends up being deflationary.

Not quite. Money printing simply cannot be deflationary. Period. The reduction in velocity has been more than even the exorbitant money printing can overcome. The net is deflationary, but only due to the fact that the amount of deflation due to reduction in velocity has absolutely swamped the amount of inflation in the money supply.

Well, it depends on the perspective. I see what you're saying - that QE is producing less inflation than there currently is deflation, therefore deflation has the upper hand.

My point is that QE initially benefits the big banks ("trickle down"!!) but instead of lending out free money into the economy, many banks park part of it in excess reserves and earn free interest (currently, 51% of the interest paid out on excess reserves goes to non US banks). If it was simply velocity being too prominent, then the whole essence of QE is wrong and it should have been helicopter money from the start, bailing out underwater homeowners directly and giving people money to spend. But the problem is this was a debt & derivative crisis, not just a housing bust. Main street never saw the money, only witnessed the biggest fraud in history, and so sentiment remains traumatized, hence the deflation because too many people have no ability or desire to spend, much like the generation who survived the depression had their behavior altered. And to boot, printing has devalued all currencies, reducing purchasing power.

This QE money was produced for no other reason than to shore up the balance sheets of the biggest banks who could never mark their assets to market. The free money has been used to plug those gaping balance sheet holes. But free money also has another effect other than propping up the zombies - for the money that does get lent, because the price is so cheap - almost risk free - we see mal-investment and rampant speculation into some asset classes, an example being build up and overcapacity (example being oil). Overcapacity and oversupply = downward pressure on prices.
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December 23, 2015, 11:59:40 AM
 #3170

Quote
Zac Bissonnette’s new book The Great Beanie Baby Bubble does an excellent job explaining the basic economic factors behind Beanie Babies’ success. Ty Warner, the mastermind behind the toys, had a remarkable talent for manipulating supply and demand. In simple market terms, Warner manipulated supply and demand to build a frenzy for his product. But Bissonnette’s book is disappointingly short on psychological explanations for why Americans were eager to shell out hundreds of millions of dollars for rather conventional toys. (The total spent on Beanie Babies is in the billions but the exact amount is unknown. Some were traded for as much as $5000.) In one sardonic passage, Bissonnette cites Sigmund Freud’s belief that “the root of collecting” lies in “sex and toilet training,” as “the collector … directs his surplus libido into an inanimate object: a love of things.” Bissonnette also hypothesizes that collecting Beanie Babies reflects that the acquisition of a supposed scarce, valued item activates our endorphins even when a scarcity does not actually exist. Some sort of mental disturbance surely accounts for the more extreme cases of Beanie Baby addiction—like the retired soap opera star who lost his children’s six-figure college fund investing in the toys, or the man who committed murder over what a detective described as a “Beanie Baby deal gone bad.”

A paper by David Tuckett and Richard Taffler, two economics professors with training in psychoanalytical theory, suggests Bissonnette’s conjecture isn’t that far off. Tuckett and Taffler specifically examine the dot-com bubble, but their theory applies to all modern bubbles. According to the economists, humans occasionally view exciting new creations as “phantastic objects,” which overwhelm us and skew our sense of reason. Our brains begin to tell us that by obtaining these “magical” objects, we will achieve some profound level of satisfaction—something akin to transcendence. The thrill of the chase then muffles our ability to rationally evaluate the actual worth of the object, and others’ willingness to go along with our fantasy reinforces our suspension of logic.

Substitute this in the above:



With this:



Guido
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December 23, 2015, 08:28:09 PM
 #3171

in my humble opinion, we see ATH 2016, I am not saying end of the year will be the highest range, but at some point we stroll past previous ATH of $1200 during 2016
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December 23, 2015, 08:45:53 PM
 #3172

If anybody proved me the bitcoin is real.I am also going to mad with you by the investment.I have little confusion about this.Please help me by the some information.
First of all we can say that Bitcoins is real and can give a huge profits if you know how and where to spend your Bitcoins in any trading market. If we need to exactly what we should know then we can ask the questions point to point to figure out the answers brother. And I am too confident that all the gentleman here trading Bitcoins will get big differences in income.

That's very true, I think that the value of bitcoins would be reaching the moon in the coming years and we are gonna rich very soon, we don't have to wait for the future as its gonna give us some good profits in the coming months, and if you hold a good amount of bitcoins at present then your future is safe, I am collecting or buying as much as bitcoins as possible at a moment as I am sure that the value would be much higher in the coming years.
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December 26, 2015, 10:04:41 PM
 #3173

in my humble opinion, we see ATH 2016, I am not saying end of the year will be the highest range, but at some point we stroll past previous ATH of $1200 during 2016

This... it might happen. Overall we're on an uptrend and a LOT of things are happening right now and into early 2016. I can see a jump and then another fall back. There will be HEAVY resistance past 1000 for sure.

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December 26, 2015, 10:13:00 PM
 #3174

I agree, Bitcoin has so much potential its ridiculous. As soon as the cartels, catch on to Bitcoin it will add 100's of millions into the Bitcoin economy. Think about it, Columbia cocaine producers get a payment of bitcoins from mexico, no need to try and smuggle money through mexico into columbia.
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December 26, 2015, 10:34:06 PM
 #3175

I would turn the Bitcoins into physical assets and buy a couple of small apartment buildings and a grocery. Retire in a very early age and work 24/7/365 till I die on making Bitcoin a better technology. Already got tons of plans and they need soul and body dedication to make them happen.

I don't want to be "rich". I just want money to not be a grave issue for me and my family. I don't want them to live on "check to check" model.
randy8777
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December 26, 2015, 11:27:15 PM
 #3176

People that buy up these sell offs will be the new wealthy elite.

Then we can arrest the British monarchy and send them to the guillotine.

even if the price didn't go down today, then it still is a great price to buy coins at if you are long term minded. $40-$50 higher or lower doesn't matter then.
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December 26, 2015, 11:30:44 PM
 #3177

I remember when this site was new to me back in the day, I was discovering Bitcoin and I stumbled upon this thread, I was so mad jealous to not be part of the early adopters, thinking "damn, I will never even be able to make 1 BTC". After 1+ year of hard work dedication, I have managed to make a couple and im less bitter about it. I will continue to keep working on my crypto portfolio so hopefully some day someone gets inspired by this post to get your ass working into getting BTC instead of complaining.

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December 26, 2015, 11:41:20 PM
 #3178

I remember when this site was new to me back in the day, I was discovering Bitcoin and I stumbled upon this thread, I was so mad jealous to not be part of the early adopters, thinking "damn, I will never even be able to make 1 BTC". After 1+ year of hard work dedication, I have managed to make a couple and im less bitter about it. I will continue to keep working on my crypto portfolio so hopefully some day someone gets inspired by this post to get your ass working into getting BTC instead of complaining.
I have the same story the only difference is that I am still far away from my bitcoin. Although I can bug bitcoin from my savings but I want to earn it just like I earn money.It would be more satisfying I guess Cheesy

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ardor
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December 27, 2015, 08:38:49 AM
 #3179

Reading the first pages of this thread are so satisfying. I could see the nostalgia of those people who were from the thread.

I agree, Bitcoin has so much potential its ridiculous. As soon as the cartels, catch on to Bitcoin it will add 100's of millions into the Bitcoin economy. Think about it, Columbia cocaine producers get a payment of bitcoins from mexico, no need to try and smuggle money through mexico into columbia.

It's probably double-edged sword, when that time comes there'll be so much regulation using it won't be as cheap and convenient as we are using it right now.

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December 27, 2015, 05:15:05 PM
 #3180

Reading the first pages of this thread are so satisfying. I could see the nostalgia of those people who were from the thread.

I agree, Bitcoin has so much potential its ridiculous. As soon as the cartels, catch on to Bitcoin it will add 100's of millions into the Bitcoin economy. Think about it, Columbia cocaine producers get a payment of bitcoins from mexico, no need to try and smuggle money through mexico into columbia.

It's probably double-edged sword, when that time comes there'll be so much regulation using it won't be as cheap and convenient as we are using it right now.

ah, but how do you EFFECTIVELY regulate a peer to peer pseudo anonymous system that knows no borders?

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