Bitcoin Back Up To $1000

[oyarde]

Ya mean a persistent psychological barrier?

Ya . I dunno how I am going to get my million , but I am patient .

 

[anaconda]

Ya . I dunno how I am going to get my million , but I am patient .

You raise an interesting point that I have been thinking about recently. In the event of a full blown currency crisis, I don't see how BTC (or anything else) will be able to be denominated in U.S. dollars. So, getting to "$1,000,000" may never be possible, per se. You may be able to purchase a "basket of goods" that would be measured in, what we will have calculated to be, $1,000,000 at the January, 2017 price level. I dunno. What do you think? BTC may become tradeable in gold or maybe corporate stock or something.

 

[anaconda]

Yeah. I don't see it (Bitcoin) imploding anytime soon. Holding on to it would not be a bad move. I was just thinking that with the economy some may be converting to cover debt.

Point well taken. And, obviously, what everyone would ideally like to do is sell right before a dip and buy back at the trough of the dip. Even if one is holding longer term for when the SHTF. And they have the financial resources to do so (as you allude to re covering personal debt).

 

[Seraphim]

http://www.zerohedge.com/news/2017-...gher-chinese-money-market-liquidity-collapses

 

[oyarde]

You raise an interesting point that I have been thinking about recently. In the event of a full blown currency crisis, I don't see how BTC (or anything else) will be able to be denominated in U.S. dollars. So, getting to "$1,000,000" may never be possible, per se. You may be able to purchase a "basket of goods" that would be measured in, what we will have calculated to be, $1,000,000 at the January, 2017 price level. I dunno. What do you think? BTC may become tradeable in gold or maybe corporate stock or something.

If the currency goes belly up , maybe we still have "dollars" that are now measured in silver , gold , bitcoin , gasoline, copper and eggs as an example or maybe they are called something else . My youngest Grand daughter calls gold " good wampum " as opposed to bad paper money

 

[anaconda]

If the currency goes belly up , maybe we still have "dollars" that are now measured in silver , gold , bitcoin , gasoline, copper and eggs as an example or maybe they are called something else . My youngest Grand daughter calls gold " good wampum " as opposed to bad paper money

Where would these "dollars" come from? Who would create them and how would they become accepted? And how would they become fixed to the commodities that you list?

 

[wizardwatson]

You raise an interesting point that I have been thinking about recently. In the event of a full blown currency crisis, I don't see how BTC (or anything else) will be able to be denominated in U.S. dollars. So, getting to "$1,000,000" may never be possible, per se. You may be able to purchase a "basket of goods" that would be measured in, what we will have calculated to be, $1,000,000 at the January, 2017 price level. I dunno. What do you think? BTC may become tradeable in gold or maybe corporate stock or something.

Bitcoin is already trade-able in gold. It's trade-able in anything. Bitcoin is nothing but a reliable public ledger that tracks scalar values associated with securely owned account numbers. Making bitcoin a gold-backed currency wouldn't be a problem if you simply forced the issuance of new coins into that sub-system to originate with a specific account.

There's lots of things we could do with Bitcoin in it's existing form that would be helpful, but few people really understand what money is or how it works, and even fewer understand which problems related to money that bitcoin actually solves, or could solve.

 

[anaconda]

Bitcoin is already trade-able in gold. It's trade-able in anything. Bitcoin is nothing but a reliable public ledger that tracks scalar values associated with securely owned account numbers. Making bitcoin a gold-backed currency wouldn't be a problem if you simply forced the issuance of new coins into that meta-system to originate with a specific account.

There's lots of things we could do with Bitcoin in it's existing form that would be helpful, but few people really understand what money is or how it works, and even fewer understand which problems related to money that bitcoin actually solves.

Right. Great points. And, I don't think we will see any BTC being traded for U.S. dollars in a currency crisis.

 

[kpitcher]

Wow, below 900. Either a great time to buy or a long drawn out drop before climbing again.

This drop corresponding to the last decline from the record high awhile back?

 

[anaconda]

Wow, below 900. Either a great time to buy or a long drawn out drop before climbing again.

This drop corresponding to the last decline from the record high awhile back?

$882.00 now. I'm gonna naively guess this is a good price to get back in at. We'll know soon enough.

 

[IDefendThePlatform]

The truth of the matter is if the supposed "liberty" oriented people used bitcoin we'd have enough of a network of users to make living outside goobermint money possible for some, or mostly for many. However, I get the feeling that most of the liberty movement is merely composed of natural contrarians, and this movement is just a convenient niche to always be an oppressed group and provide infinite source material to complain and whine about.

However, here we are with a couple percent of the users participating, more users will whine about the fed than do anything about it.

Gold will never replace $#@!, it's easy to confiscate and manipulate. Bitcoin may still fail but that would be because of the ballless anarcho-capitalists, libertarians, etc... don't put their money where their mouth is.

I've said it before: Buying and holding $100 of bitcoin does 5x as much for liberty as a $100 donation to any liberty politician.

 

[anaconda]

http://www.zerohedge.com/news/2017-...gher-chinese-money-market-liquidity-collapses

Thanks for this link!

 

[anaconda]

$805.10 now....

https://www.coinbase.com/charts

 

[Jim Casey]

I have no idea why bitcoin prices are so volatile.

 

[anaconda]

$777.83

 

[dannno]

I have no idea why bitcoin prices are so volatile.

Probably because it's still in the emerging stage.

As long as the 30 and 60 day moving averages are relatively stable or continue to rise, no reason to avoid it, though.. If you want to make a purchase in bitcoin and you are cautious, you can always wait until you need to make the purchase and then get the bitcoin to avoid losing value.

If you want to buy some and hold to use later or as an investment, then what is the problem if the moving averages keep rising?

 

[anaconda]

Probably because it's still in the emerging stage.

As long as the 30 and 60 day moving averages are relatively stable or continue to rise, no reason to avoid it, though.. If you want to make a purchase in bitcoin and you are cautious, you can always wait until you need to make the purchase and then get the bitcoin to avoid losing value.

If you want to buy some and hold to use later or as an investment, then what is the problem if the moving averages keep rising?

I heard the Chinese government made everyone nervous:

http://www.cnbc.com/2017/01/11/bitcoin-falls-5-as-china-plans-to-investigate-firms.html

 

[RonPaulIsGreat]

938!!!

 

[RonPaulIsGreat]

958!!

 

[kfarnan]

Thank you bitcoin.