Bitcoin Cracks $5000
- Thread starter anaconda
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dannno
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jllundqu
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Sorry, my question should have been:
How does one know the price (in frn’s) will continue to rise?
anaconda
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One easy thing to keep in mind is that the quantity of bitcoins is fixed. So any inflation in the USD should be reflected in BTC's price in USD. Elsewhere if technology improves BTC's value as a medium of exchange, demand for it should increase in any denomination. Also, to the extent that the demand for fiat currencies might decrease in the future (monetary instability per governments) consumers may prefer to substitute BTC for fiat, thereby increasing the demand for BTC. If Ron Paul and Peter Schiff are right, BTC may have a very bright future.
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anaconda
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RonPaulIsGreat
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Yeah, kinda disappointing, hopeful it picks up soon.
FSP-Rebel
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Careful and don't get me wrong, I've been enjoying this wealth transfer but I think we could be on the cusp of a short-term correction in price. We could be looking at a few weeks melt and consolidation back into the low $5ks as profits are beginning to be taken and sloshed into the many altcoins/tokens out there. Then, rinse repeat and charge forward again.
jllundqu
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Oh I agree with you. I don't have much 'invested' in BTC anyway, more having fun than anything. It's worth a couple hundred bucks to help end around the FED and bring about disruptive changes to the existing financial systems.
FSP-Rebel
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People have been buying up bitcoin as we head towards the next fork in the code since this new SegwitX2 will be given out to those that currently have bitcoin by the timing of the fork: approximately Nov 15th. We could stay bullish til then but then the selloff will occur and much of the profits will start the flow into these alts in a large way. However, I'm glad you got some skin in the game. Only about 1.8 million folks will be able to join the 1 BTC club in our lifetime out of the world population.
Visa and MC have been fighting to put an end to all US credit cards within their system backed by crypto. They were rather handy.
Using Coinbase, bitcoin to bank account takes a few days to a week. You could sell on localbitcoin and if you offered spot you could probably sell faster than usual, matters where you're at.
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