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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
#27561722 - 11/29/21 08:45 AM (2 years, 1 month ago) |
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Quote:
Fiery said: Hi everyone RANDOM pop in question- has anyone considered this downside to bitcoin/crypto

SO picture this : If inflation goes Skyrocket worldwide, and you have a bitcoin worth A million Paper currencies- guess what? Your bitcoin is now worth 53 million times less.
In other words, if the worlds currencies don't hold, neither does bitcoin. Right? Or am I missing something?
This is what so many people fail to see. People think inflation is good for bitcoin, but in the end, it's the demise of it.
Am I totally wrong here or do you crypto people think that this is not a possibility.
Because it absolutely is.
Has anyone even thought about this before or am I genious.
Cash and Bitcoin are tied to each other and when one fails, so does the other.
Get of out cash now and crypto too IMO -before the big collapse.
Hell, it might be 10 years or more, no one knows. But it's coming.
What to buy? Land, guns, gold gasoline, physical assets. Paper money and crypto, and stocks are feeble AF in the wake of worldwide runoff inflation.
And if you want to be risky, sure, go ahead and keep making a little bit( or a lot) of money off of crypto. I think it's gonna hold for at least a couple years if not more. But don't fail to see the future- the future of an economy that can not support itself. A currency backed by literally nothing but a belief that it's worth something.
Thoughts?
PS- This is not Financial advice so don't sue me 


Fiat currency isnt going anywhere and neither is crypto. If they both completely fail then we have much bigger problems to be concerned with...
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Fiery]
#27561847 - 11/29/21 10:56 AM (2 years, 1 month ago) |
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Quote:
Fiery said: Hi everyone RANDOM pop in question- has anyone considered this downside to bitcoin/crypto

SO picture this : If inflation goes Skyrocket worldwide, and you have a bitcoin worth A million Paper currencies- guess what? Your bitcoin is now worth 53 million times less.
In other words, if the worlds currencies don't hold, neither does bitcoin. Right? Or am I missing something?
You are missing two primary key points that lend credence to the idea of Bitcoin specifically, as a viable hedge against rampant inflation.- 1. Bitcoin has a hard limit of 21,000,000 total coins baked into its code.
- 2. There is no central authority that can manipulate that maximum limit to create additional bitcoin (i.e. bitcoin supply cannot be inflated).
When you speak of Venezuelan currency inflation, you are reporting on the deteriorating purchasing power of a given unit of that currency. But if you look at neighboring countries in the region such as Brazil, Columbia and Guyana, their 2020 inflation rates for consumer prices are all running at or below 4% (Venezuelan 2020 consumer price inflation was 88%). So inflation in Venezuela isn't causing people holding currencies in any of those neighboring countries any problems. If they take a trip over to Venezuela today, they'll simply exchange their currency for a larger nominal amount of Venezuelan currency than would have received a year ago. Thus, their purchasing power is preserved.
The main reason a currency's purchasing power erodes, is because the supply is inflated by the unchecked issuance of additional currency by its governing authority. This typically occurs when that country's debt is no longer attractive to investors because economic growth has deteriorated and/or new debt is being issued at too rapid a pace. The trick toward maintaining some semblance of balance, is for governments to only issue as much new currency and/or debt, as their economic growth can support.
The interesting thing about bitcoin is that no one can issue more bitcoin, and the bulk of the maximum supply is already in circulation due to the way the rate of bitcoin inflation is cut in half every ~4 years. Hence why today it takes around US$60,000 to buy a bitcoin. If US based inflation continues to increase, one can assume that buying a bitcoin at a later date will cost considerably more than US$60,000, since bitcoin is not inflating. This is why bitcoin may work as a hedge, since the supply is fixed, and therefore its purchasing power can potentially be retained in the event that manipulated fiat currencies suffer from high levels of inflation. Just as a Columbian can get nearly twice as many Venezuelan Bolivars for each of their pesos compared to a year ago, so too one would expect to be able to exchange a bitcoin for a considerably larger amount of bolivars relative to any prior time in history.
Now, if we experience truly worldwide inflation or another globally destabilizing event, there's no way to tell if bitcoin is going to behave "as its supposed to". Keeping in mind that electronic infrastructure will be required to maintain and secure the decentralized networks upon which cryptocurrencies operate, if things get so bad as to disrupt the average human's access to reliable electricity (and thus, the ancillary technologies that reply on uninterrupted connectivity), obviously bitcoin isn't going to do you any good.
Circling back to basics. It's best to expect the expected. Our current global economic paradigm has been chugging along fairly consistently for decades if not centuries. While there is no doubt that things are constantly changing/evolving, and these systems will always break down on a long enough time scale... it is not generally advantageous to expect that this sort of catastrophic breakdown is imminent. The powers that be benefit from a maintenance of the status quo, and although I'm sure the world as we know it will come to an end, I'm not confident that I'm likely to be around long enough to witness that sort of dramatic change.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27564618 - 12/01/21 11:31 AM (2 years, 1 month ago) |
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Me likey AVAX 🤑🤑🤑🤑

Who wears short shorts?!
Edited by LotKid (12/01/21 02:09 PM)
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
#27566875 - 12/02/21 08:45 PM (2 years, 1 month ago) |
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Scalping like an indian
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
#27567284 - 12/03/21 07:21 AM (2 years, 1 month ago) |
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I've been building an eth swing long position for a couple dys now. TF's on the daily and up looked good to me...


We'll see how it plays out 🤞
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trees


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
#27567714 - 12/03/21 01:56 PM (2 years, 1 month ago) |
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Downcember where lambo!?!?!
--------------------
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Ima Trooper
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: LotKid]
#27568658 - 12/04/21 06:24 AM (2 years, 1 month ago) |
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Quote:
LotKid said: Doenst seem like yall have a firm grasp on what leverage actually is and how to utilize it....
Quote:
LotKid said: I've been building an eth swing long position for a couple dys now. TF's on the daily and up looked good to me...


We'll see how it plays out 🤞
And this is why most of us don't leverage trade.
-------------------- "Its moving of its own accord...and I like that in a shirt!" - Me, tripping. deCypher said: Schizophrenia beats dining alone, you know.
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Ima Trooper]
#27568683 - 12/04/21 07:12 AM (2 years, 1 month ago) |
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Quote:
Ima Trooper said:
Quote:
LotKid said: Doenst seem like yall have a firm grasp on what leverage actually is and how to utilize it....
Quote:
LotKid said: I've been building an eth swing long position for a couple dys now. TF's on the daily and up looked good to me...


We'll see how it plays out 🤞
And this is why most of us don't leverage trade.
What's the reason why? All i see is someone who doesnt understand leverage. I dumped that position and went short. Made me some gains on the way down 
You should learn more. So, i'm sticking by my first quote up there...
It was a 5x long. Not a 50x. Do you even undertand what that means? Do you understand liquidation levels? Stop losses? Take profits? Scalping vs swinging? How to utilize multipule account on multiple exchanges?
Doesnt seem to me like you do...
2 week and monthly TF's looking grim.
Edited by LotKid (12/04/21 07:19 AM)
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bio_alchemist
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 2
#27568892 - 12/04/21 10:24 AM (2 years, 1 month ago) |
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Holy shit have you seen the president of El Salvadors twitter?? I think hes my favorite current sitting president hah.
https://mobile.twitter.com/nayibbukele

Will we ever have a president that brags about buying the dip?
-------------------- vVvVv I Buy and Sell MONERO! USD for XMR vVvVv
Check out my Monero Guide to Economic Freedom!!!
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Grimsweeper
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: bio_alchemist]
#27568924 - 12/04/21 10:54 AM (2 years, 1 month ago) |
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Quote:
bio_alchemist said: Holy shit have you seen the president of El Salvadors twitter?? I think hes my favorite current sitting president hah.
https://mobile.twitter.com/nayibbukele

Will we ever have a president that brags about buying the dip? 
Lol I like this guy
-------------------- When you clean a vacuum cleaner you are a vacuum cleaner Build yourself a Flow Hood in these 99 simple steps
 
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bio_alchemist
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: tomnl] 2
#27569452 - 12/04/21 05:13 PM (2 years, 1 month ago) |
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Quote:
tomnl said: He's just had a scuffle with Peter Schiff 🤣👌
Peters son was dunking on his dad too
-------------------- vVvVv I Buy and Sell MONERO! USD for XMR vVvVv
Check out my Monero Guide to Economic Freedom!!!
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tomnl
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: bio_alchemist]
#27569945 - 12/05/21 05:33 AM (2 years, 1 month ago) |
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Quote:
bio_alchemist said:
Quote:
tomnl said: He's just had a scuffle with Peter Schiff 🤣👌
Peters son was dunking on his dad too

-------------------- Been away so long I hardly knew the place Gee, it's good to be back home Leave it till tomorrow to unpack my case Honey disconnect the phone I'm back in the USSA You don't know how lucky you are, boy Back in the US Back in the US Back in the USSA
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PatrickKn


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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27581260 - 12/14/21 02:42 PM (2 years, 1 month ago) |
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That's a wrap everyone. We can sell now.
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geokills
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills] 1
#27581386 - 12/14/21 04:48 PM (2 years, 1 month ago) |
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Quote:
geokills said: Adding back some ETH.

To elaborate on why I bought a chunk of ETH today... in looking at the aggregate ranges of the past several months, we are not only tagging some prior resistance from Sept/Oct (yellow line), but we're also doing it while tagging the bottom of a somewhat orderly descending channel on ETH/USD. That gives me some confidence that we are going to try for a more sustained bounce here in attempts to tag the upper bounds near $~4300. I suspect we may ultimately have more downside volatility in store that could again test the lower bounds of the descending channel a couple of weeks later, when it coincides with the prior resistance from Aug/Sept (red line). Most instructive will be whether we can actually tag that upper bound. If we roll over before hitting the top of the channel, that could get real sporty real quick. But for now, it looks like the short-term path of least resistance is higher.
--------------------
-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: geokills]
#27584468 - 12/17/21 06:12 AM (2 years, 1 month ago) |
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#scalpin
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Enkidu]
#27608205 - 01/05/22 04:09 PM (2 years, 23 days ago) |
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how bout them spider lines?!
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grimsweeper]
#27609664 - 01/06/22 08:34 PM (2 years, 21 days ago) |
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These shorts keep paying
Update
Edited by LotKid (01/06/22 09:22 PM)
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Grungeman17]
#27611413 - 01/08/22 08:59 AM (2 years, 20 days ago) |
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the main and original purpose of crypto is not to be private and untraceable. it's to provide a way to complete secure transactions that are border-less and immutable.
how about you tell me why monero is the one and only to you. do you have some serious fundamental or technical analysis that's telling you its the one or is this all emotions i'm hearing?
i just opened a couple more shorts. gotta take what the market gives us.

Edited by LotKid (01/08/22 09:29 AM)
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: LotKid]
#27611486 - 01/08/22 10:06 AM (2 years, 20 days ago) |
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so far so good
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LotKid
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Re: Cryptocurrency: A Discussion on Bitcoin, Ethereum and Related Projects [Re: Tripsurfer] 1
#27611559 - 01/08/22 11:06 AM (2 years, 20 days ago) |
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Who wears short shorts?
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