OT- Bitcoin
- Thread starter redwine65
- Start date
Wow, alot of sheep about to be slaughtered on BitCoin. When , I can't tell you exactly but it's inevitable. The fair intrinsic value is $0. There is an infinite supply of digital coins exactly like Bitcoin, but with different names. Infinite easy copy and paste supply of digital coins exactly the same as Bitcoin but with different names. Digital coins are assets, not a currency, and it's an asset with no value with infinite supply of digital coins.
There is nothing behind Bitcoin, nothing supporting it but cult followers who think an interesting IT nerd computer program is something special. Bitcoin is RAT POISON.
We already have a digital currency. When the US Fed Res starts talking about cashless all digital US Dollar, ie. ban physical cash, Bitcoin will go to $0 if it isn't already there..
I'm buying bitcoin as a stored value and ethereum as as a utility coin, since both have the sec green light.
the thing is bitcoin only has 21 million of them, where the dollar printing presses are overheating.
but I have stock also to be diversified, and gold...
I didn't tell reagan to spend 1 trillion on star wars
or bush to spend 4 trillion on haliburton,
or 0bama to spend 15 trillion on communism plus the gay agenda,
trump spending on covid is reasonable though.
the thing is bitcoin only has 21 million of them, where the dollar printing presses are overheating.
but I have stock also to be diversified, and gold...
I didn't tell reagan to spend 1 trillion on star wars
or bush to spend 4 trillion on haliburton,
or 0bama to spend 15 trillion on communism plus the gay agenda,
trump spending on covid is reasonable though.
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You can be skeptical of crypto without calling it rat poison. And while you're correct about many other digital coins having a basically infinite supply, Bitcoin does not.
I'm not buying up here, but do have roughly 2% of my assets in crypto (mostly Bitcoin and Ethereum) as a hedge against inflation. I recommend reading Bitcoin Billionaires by Ben Merrick (the guy who wrote The Accidental Billionaires, which became the movie The Social Network).
Not looking to get pulled into a crazy message board argument or anything, only pointing out that BTC doesn't have an infinite supply, and recommending some materials if you'd like to learn more, but no worries if you're not interested, best of luck to all Husker fans either way!
His point is that in the abstract, the coins are basically the same: database entries stored on a distributed ledger. Not to mention that with a consensus, the cap in Bitcoins can be increased at any time. There are other coins out there with more "rarity" than Bitcoin, so I never understand this ridiculous statement when it is made.
You need to educate on this before throwing random bs comments out there.. It's built in blockchain technology, which will eventually be used to replace a significant amount of revenue streams in the investment banking industry.
Want to make a sig wager about Bitcoin going to zero?
Don't make the wager Westcoastcornhusker2, as I will buy 100 Bitcoins when it reaches $0.01.
I will then trade it back and forth with myself until it is worth much more than that and then dump it on someone else who will probably repeat the process...
Guys, just to be clear, I'm not saying its going to $1MM overnight or anything, just saying there is scarcity and intrinsic value. And Suhreal, want to make a sig bet it won't go under $1K or something? Just curious how low you think it will go.
Everything has a value based on whatever a person decides it is worth. Usually that's based on utility and scarcity.
The utility is growing as the cyber world expands.
As the dollar depreciates because of the extreme expansion of the money supply other stores should be a better place for your $
that's reasonable, bitcoin is pretty high now, may take off may not..but I think the big institutional investors have lowered the volatility a bit..I don't see bitcoin or ether getting messed with cause the sec already ok'ed them heck they are on the stock market...but all them other cryptocurrencies have not been ok'ed, and they will probably crack down on them, so they don't have to work so hard regulating them. plus some other of them are not as transparent as bitcoin.
"Since 2019, when the Securities and Exchange Commission declared that neither Bitcoin (BTC) nor Ethereum (ETH) are securities, the industry’s been at a standstill. Without clarity, blockchain innovation will be limited to just two coins"
Block chain is just code, a set of instructions by a human, that can be copied and pasted and relabeled infinitely supplied. I'd buy a 10 year put option from you if you want to sell one. We can work out the price, $30,000 strike?
Didn't you just say Bitcoin is worth less than tulips? Why would you need put with a strike price roughly 10% above the current price if its rat poison?
It's a bit of a synthetic short position. He actually should have just taken you up on your initial offer because he can't really lose that bet the way you worded it.
He is not wrong though. There are better versions of Bitcoin out there that -- for whatever reason -- do not get as much hype and media play time as the one you are talking about. You may want to step back and ask yourself why that is...and then maybe do a little more research into the history of who makes the decisions regarding Bitcoin's source code and how they came to be in that position.
I know nothing about Bitcoin other than it takes a lot of electricity to generate. The county I live in is one of the cheapest counties in the US for electric power. Hydro electric energy from dams on the Columbia River. A few years ago it was the Wild West with the Bitcoin people. They were buying every warehouse they could get their hands on. Then the County PUD put a moratorium on any new operations and the county levied an additional tax on them. It was crazy while it lasted.
I don't disagree that buying a put is a synthetic way to be short the underlying asset, im just stating that it's odd to need a strike price above the current price when he was so confident in saying things like it's rat poison and worth less than a Tulip bulb. It's already in the money right now. If he were so confident it will fall in value, wouldn't he be able to buy a put at, say $5k strike price? Not to mention a 10-year duration - im not aware of any options having 10-year durations, maybe LEAPS?
In any case, not really interested in selling a put on BTC (if anything, I'd want to buy a call from him). I already have skin in the game without trying to make a wager and arrange for settlement over a message board, that's why I mentioned a signature bet.
Yeah it was a little strange. That's why I called it a bit of a synthetic short position. Since he hasn't responded to you (and since Bitcoin has gone up in price quite a bit since then), I'll make the same wager with you. We can just say you're selling (to open) ten 10-year $30k strike puts on Bitcoin. We'll just hold each other to our words and settle however we decide upon it. What say you? Expiration date: Dec 31, 2030.
Price it in, it's an in the money put option. A $15k strike will be worth less, you won't get as big as a premium.
I guess I don't get why I would agree to a put that's in the money now, I guess I sell you an in the money put and buy from you an in the money call?
Or we could just make it a little simpler, and say the bet is whether bitcoin will be above or below the price today, $28.7k on 12/31/2030.
But to be clear, the other gentleman's claim was that bitcoin was worth less than a Tulip bulb, so I think the more fair and accurate description of what he was saying is if bitcoin will be above or below say $500 or $1,000. He wasnt originally saying it will be the same price in ten years, he was saying it would be worthless or worth very little.
That being said, you've been a bit more polite and reasonable, so let's say gentleman's bet on the the price of bitcoin being above or below today's price in 10 years. That work for you?
Sorry, I think i was replying to Suhrreal's post when you posted this. I'm assuming you mean a European style option, so similar to what I proposed to Suhrreal, why don't we just make a bet on the price of bitcoin on 12/31/2030? I proposed today's price to him, but i think you've been more bearish, so maybe the bet is if the price is above $1k at that time? Or what level would you suggest?
If a hamburger costs $100 in 10 years, it's not out of the question that a Bitcoin could be worth, say, $45k. Let's do 10 $45k American-style puts on Bitcoin expiring on 12/31/2030.
I'm having a hard time why you want to keep using derivatives in the conversation.
I thought our disagreement is what bitcoin is worth and what the price will be in the future ( west coast mentioned 10 year options).
Now based on the strike price you want to use, you're saying you expect it to appreciate it 50% from its all time high when its up a ton this year already - maybe you're more bullish on it than I am?
im interested in a new cryptocurrency called pi coin. Right now it’s letting me mine for free. It’s being created by some stanford phd and being beta testing now. I’m taking a chance cause right now it’s 100 percent free and o think of it like a lottery ticket that costs nothing. I’m pretty sure it may never level up to bitcoin numbers value but who knows!!!
If a hamburger costs $100 in 10 years, does it mean the hamburger has become more valuable? I am simply accounting for potential inflation. Final offer is ten American-style puts on Bitcoin at $60k strike.
Lol, I get the inflation piece, that's the main reason I even said I hold some bitcoin!
Maybe we end it here, good luck to you!
Definitely do your own research on this, but I think a lot of the cryptocurrencies available now basically live up to the term "shitcoin" that some people call them. My regret is that when I started buying crypto in late spring/ early summer is that I was trying to diversify across projects, and that wasn't ideal. Obviously things change, and no one can predict the future, but I would have been better off in just ETH and BTC.
That said, if you invest a small amount in a project, and that provides motivation and energy to learn more about investing and crypto, etc., it's probably not the worst thing that could happen.
I will say the longer it is around the more mainstream and acceptable it will become. When it first came on the scene, I remember analysts who are paid to know more than me, saying it was terrorist money...as in, terrorists could use it because it could not be traced or tracked like traditional money.....fast forward to now and it has moved well beyond that, but there are still a lot of people who view it with skepticism, but that is changing by the week. In short, it still has a long ways to go IMO.
They've come a long way, but still aren't that great. I think when it's said done it'll be a damn tasty product.Why would a hamburger cost $100? Are you making it with beyond meat
Right now it has no official value. It’s in phase two of testing. But from what I can figure it’s letting people in with invite ( if interested I can give someone one just need to message u a link.) it’s probably never gonna be worth anything but it could be. I have read some stories that say it’s similar to Bitcoin but easier to use better privacy. Who knows. It’s free and I believe we can keep the coins we mine now if it ever gets on trading market. As I said. Free lottery ticket