I have the feeling that the bitcoin value is collasping

[Admin]

Thought I was a genius. Thought is was collapsing. Actually...it did. And it came back 20x stronger.

Yeah holding some coins will not hurt if you bought them that low. Stupid to sell if the only risk is 400 or 500$ !

 

[LouisB]

Up what 4% since you posted this,

Bitcoin is more stable and gaining more momentum than pretty much anything else in 2020.

Going back the last 12 years, same pattern.

I bought bitcoin at $200. I old it at $1000.

Thought I was a genius. Thought is was collapsing. Actually...it did. And it came back 20x stronger.

2017 was not even close to bitcoin's biggest dump and it has never had more support than it does right now. Could it lose half its value tommorrow? Yes. But at this point I think traditional financial markets have better odds of doing that.

I met guys who were shorting bitcoin from three digits, they never learned and continued to do that. Most people have a biased opinion and seem no one cares about rough numbers. This is a huge paradox, people who hate bitcoin helped him to reach new highs because they thought that they are significant players in this game

 

[TRX]

Not that BAD reading @LouisB I'm sure you want to tell us who these players are right?

 

[summerh]

After China's attempt to introduce its own legal cryptocurrency, it has definitely shifted a global eye to itself and have made the countries more aware of their own digital currency setup. I feel like bitcoin will not lose its value but will be faced with tough competition.

 

[LouisB]

Not that BAD reading @LouisB I'm sure you want to tell us who these players are right?

Definitely not those overleveraged shorting guys But if you want some examples, Bitmex, and other exchanges that behave as clear market markets against own clients.

 

[friou]

Former Goldman Execs and JP Morgan Execs are pumping BTC & scam unsophisticated investors. That's the whole play here.

Ask any person who Hold BTC, They have no idea about Bonds.

BTC or any other shit coin is basically an abstraction layer that resemble traditional markets that's why there are huge cult around it. People from third world countries and shit holes has no idea about traditional markets hence they buy BTC then rekt later.

Imagine, what would happen to BTC if everyone start to hold it. Just alone look, I knew some one who is desperate to buy 5k BTC but there are no sellers not even in OTC's.

It's better to invest on Arts than BTC. This is not a financial advice.

5000 BTC can be easily done with a regulated OTC desk, with a small premium around spot price and without slippage (main goal if otc). I know a lot of those otc desk and onboarding is done in 48h, settlement done in the same day.

 

[reesek]

So many opinions voiced here and timestamped to be proven wrong by the market forces. Amazing how tesla is through the roof as is the bitcoin

 

[Andy Korzh]

This sounds extremely interesting, if not a weird conspiracy theory and speculation.

Also there is no concept of "countries" or "seizure" in Bitcoin, you are just mixing random ideas and speculations and semi-truths in your message.

And at the end you lost all credibility by calling CSV Satoshi.

also some gov have really great funds in BTC

 

[tacokai]

After all from March until today the bitcoin rised with more 10K US$

 

[KJK]

also some gov have really great funds in BTC

Yes, definitely. If I'm correct Bulgaria keeps some amount, USA also had a lot but sold it to the highest bidder in an auction.

When I wrote that there is no concept of "seizure" and "countries", what I was referring to is the fact that when you hold your keys, it is the only type of asset that cannot be confiscated and taken away from you. Real estate can be seized or even nationalized; bank accounts can be frozen; EMI accounts can be frozen even more often; brokerage accounts can be seized; even cash and gold bars you carry in your car can be seized thanks to "civil asset forfeiture".

With Bitcoin the biggest threat to you is not the government/taxman/police, the biggest threat is you yourself. If you decide to custody your crypto, you should have a good setup (there are different types of wallets, different backups, multikey etc.) and you should be always paranoid.

If a country gets hold of some crypto, usually it happens in a situation when e.g. dark market operator's home is raided, he is arrested and convinced/forced into cooperating which means handing over your data, information about others etc. The crypto transfer could even be part of a plea bargain...

Then the second scenario is a country actually being active and purposefully mining, buying or stealing Bitcoin. There are some speculations of North Korea and Iran doing this but I have no insider info haha.

After all from March until today the bitcoin rised with more 10K US$

Bitcoin actually performed very well this year. The drop in March was correlated with equities - that was disappointing - but on the other hand nearby everything else crashed as well including gold. There was a moment this year when BTC crashed 40% in a day and the main reason why S&P500 crashed only 10-15% that day was probably that there are circuit breakers (pauses in trading) for the US stock market and liquidity of equities is much bigger. If equities were not "shielded" by this protection, I wouldn't be surprised if they crashed even more than Bitcoin and gold on that day.

The real question now is what will happen with US dollar as the world's reserve currency, with US debt and real interest rates in the developed world. I have a feeling it can't end very well for the US.

 

[lory]

With Bitcoin the biggest threat to you is not the government/taxman/police, the biggest threat is you yourself. If you decide to custody your crypto, you should have a good setup (there are different types of wallets, different backups, multikey etc.) and you should be always paranoid.

you can move them to a Ledger hardware wallet so no one can touch it?!

 

[MiddleEuroAsia]

you can move them to a Ledger hardware wallet so no one can touch it?!

TBH, I don't trust ledger wallets as they are closed sourced and we will not ever know if they will install a backdoor in their products or not.

What I Always prefer is offline storage, something like cryptosteel products where you can store your seeds in fireproof, shockproof and waterproof stainless steel capsule or metal card.

 

[Martin Everson]

you can move them to a Ledger hardware wallet so no one can touch it?!

Fair enough but gov just needs to find involvement in crypto and they can audit you. It does not help that Ledgers website got hacked which is not a good look for a company selling a security product...lol. I think those would be tasty targets for taxman to go fishing for crypto.

Addressing the July 2020 e-commerce and marketing data breach -- A Message From Ledger’s Leadership | Ledger

What happened On the 14th of July 2020, a researcher participating in our bounty program made us aware of a potential data breach on the Ledger website. We immediately fixed this breach after receiving the researcher’s report and underwent an internal investigation. A week after patching the...

www.ledger.com

 

[avalanche]

TBH, I don't trust ledger wallets as they are closed sourced and we will not ever know if they will install a backdoor in their products or not.

What I Always prefer is offline storage, something like cryptosteel products where you can store your seeds in fireproof, shockproof and waterproof stainless steel capsule or metal card.

With enough lube you can even carry it up the ass

 

[MiddleEuroAsia]

With enough lube you can even carry it up the ass

you seem experienced in this matter

 

[avalanche]

you seem experienced in this matter

Security is top priority

 

[vitae]

Hello from the future.
Bitcoin is at $46,700
I think we can close this post, clearly the value of bitcoin was not collapsing, lol