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(US News)   Bitcoin goes from bull run to steer run to end year   (money.usnews.com) divider line
    More: Obvious  
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811 clicks; posted to Business » on 06 Dec 2021 at 5:43 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



18 Comments     (+0 »)
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2021-12-06 6:03:12 PM  
Wow, looks like it started the year at $29k and is poised to end it at about $50k.  Circling the drain!
 
2021-12-06 6:12:10 PM  

Meat's dream: Wow, looks like it started the year at $29k and is poised to end it at about $50k.  Circling the drain!


It's easy money. Easier than growing money on trees.
 
2021-12-06 6:43:37 PM  

Meat's dream: Wow, looks like it started the year at $29k and is poised to end it at about $50k.  Circling the drain!


Yeah, oh darn, my investment only went up 60% this year.

Bitcoin traditionally has a pretty good end of year.  And it can boom as fast as it can bust.  I think it will recover a bit over the next few weeks.
 
2021-12-06 6:58:44 PM  

Lord Bear: Meat's dream: Wow, looks like it started the year at $29k and is poised to end it at about $50k.  Circling the drain!

Yeah, oh darn, my investment only went up 60% this year.

Bitcoin traditionally has a pretty good end of year.  And it can boom as fast as it can bust.  I think it will recover a bit over the next few weeks.


Nope.  Bitcoin is done.  It has no value.
 
2021-12-06 7:07:52 PM  
How much money (MONNNN-EEEEEYYY) actually enters the Bitcoin market per week? Obviously if people were cashing this money out, on the balance, that amount would be negative. I'm not calling the whole thing a scam, even though it is, but would like a figure.
 
2021-12-06 7:48:07 PM  

covfefe: How much money (MONNNN-EEEEEYYY) actually enters the Bitcoin market per week? Obviously if people were cashing this money out, on the balance, that amount would be negative. I'm not calling the whole thing a scam, even though it is, but would like a figure.


Approximately 36,000 Bitcoin.
 
2021-12-06 8:10:33 PM  

covfefe: How much money (MONNNN-EEEEEYYY) actually enters the Bitcoin market per week? Obviously if people were cashing this money out, on the balance, that amount would be negative. I'm not calling the whole thing a scam, even though it is, but would like a figure.


I'd be more curious about the value exchanged for goods and services. With cash exchanges, there's a buyer and a seller, so it doesn't necessarily mean much. Maybe no one/everyone wants to buy, maybe no one/everyone wants to sell - depending on whether that volume is high or low. The exchange rate probably is the most useful metric for that.
 
2021-12-06 8:15:35 PM  
Suppose the Bitcoin price stabilizes at some arbitrary point as denominated in dollars, or a basket of currencies, or in any case a predictable number. Okay, now a store says they'll take X Bitcoin or Y cash. But Bitcoin has a transaction fee, cash has none. So you can buy less with Bitcoin. Okay. So what good is it? No one will want to take it.
 
2021-12-06 8:22:30 PM  

Meat's dream: Wow, looks like it started the year at $29k and is poised to end it at about $50k.  Circling the drain!


You're subby, aren't you?
 
2021-12-06 8:31:58 PM  

covfefe: Suppose the Bitcoin price stabilizes at some arbitrary point as denominated in dollars, or a basket of currencies, or in any case a predictable number. Okay, now a store says they'll take X Bitcoin or Y cash. But Bitcoin has a transaction fee, cash has none. So you can buy less with Bitcoin. Okay. So what good is it? No one will want to take it.


Except most people pay with credit/debit card, which does have a fee (that the retailer passes on to the consumer).

Besides, in any retail environment they would be using lightning, which has fees under a penny, and no one would care.
 
2021-12-06 8:32:29 PM  

covfefe: Suppose the Bitcoin price stabilizes at some arbitrary point as denominated in dollars, or a basket of currencies, or in any case a predictable number. Okay, now a store says they'll take X Bitcoin or Y cash. But Bitcoin has a transaction fee, cash has none. So you can buy less with Bitcoin. Okay. So what good is it? No one will want to take it.


That's not a big deal, assuming the fees somehow become significantly lower and predictable. Cash transactions don't have a "fee", but they do have real costs for both buyers and sellers. Check usage is shrinking, but credit and debit cards do a shiatload of retail transactions, despite having transaction fees.
 
2021-12-06 8:35:53 PM  

Lord Bear: covfefe: Suppose the Bitcoin price stabilizes at some arbitrary point as denominated in dollars, or a basket of currencies, or in any case a predictable number. Okay, now a store says they'll take X Bitcoin or Y cash. But Bitcoin has a transaction fee, cash has none. So you can buy less with Bitcoin. Okay. So what good is it? No one will want to take it.

Except most people pay with credit/debit card, which does have a fee (that the retailer passes on to the consumer).

Besides, in any retail environment they would be using lightning, which has fees under a penny, and no one would care.


You're agreeing with me. Cash and credit cards are cheaper, and already work everywhere. And yes, other better crypto exchanges are possible, of course -but that completely makes Bitcoin meaningless if you can't spend it because no one takes it, and if you're using some kind of third party exchange, you're not using Bitcoin, you're just using the equivalent of a prepaid debit card!
 
2021-12-06 8:40:22 PM  
You can make lots of money speculating on worthless assets

But I don't do it out of principle, id hate to have to one day sell junk to someone or be the one left holding the bag
 
2021-12-06 8:44:27 PM  
covfefe:
You're agreeing with me. Cash and credit cards are cheaper, and already work everywhere. And yes, other better crypto exchanges are possible, of course -but that completely makes Bitcoin meaningless if you can't spend it because no one takes it, and if you're using some kind of third party exchange, you're not using Bitcoin, you're just using the equivalent of a prepaid debit card!

Lightning is nothing like a prepaid debit card.

And as for fees, say you buy a $1000 TV.  The Visa fees are 1.5%, $15.  Bitcoin lightning is under a cent.

For adoption, entire countries are using it that way.  Any corporation that operates in El Salvador currently takes bitcoin.  So, Walmart, Subway, MCDonalds, Starbucks etc. all currently take bitcoin as payment.

In the US - Home Depot and Whole foods accept bitcoin via flexa.  Steam, Telsa and Amazon have taken bitcoin at various points.
 
2021-12-06 9:21:10 PM  
I don't have any. If I could pay my mortgage with it it would be more interesting. If it worked like a credit card with mower fees it would be more interesting. Until then I'm completely uninterested whether the price drops to a buck or rises to a milion.
 
2021-12-06 9:40:39 PM  

JohnBigBootay: I don't have any. If I could pay my mortgage with it it would be more interesting. If it worked like a credit card with mower fees it would be more interesting. Until then I'm completely uninterested whether the price drops to a buck or rises to a milion.


I mean, if it drops to a buck the world will need to infuse the 3rd world with half a trillion dollars almost overnight to keep all those using BTC as an investment bank from falling apart.

It it goes to a million, it would turn the money supply on its head and potentially create economic global disaster too.

Personally I'd like to see it slowly drop to 5k or so over two years. It should drop because it's crap, but I want it to go slowly to numb the pain.
 
2021-12-06 9:50:56 PM  
my portfolio's back above what it was on friday so i'm not particularly concerned.
 
2021-12-06 10:47:00 PM  
One of the great things about crypto is that the federal wash sale rule doesn't apply.  The dip came in time for end of year tax losses.
 
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