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Thread: 21 Million Bitcoin

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    21 Million Bitcoin

    Dear friends,

    As you may know, Bitcoin will only have a total of 21 million coins when fully mined in roughly 100 years. Why did Satoshi Nakamoto choose 21?

    Was he a Blackjack player or fan? Possibly. It's the only digital commodity that can't be manipulated since no entity can control it, nor its supply. It's taking the power out of the corrupt hands of central banks and putting it back into the forces of the market. Satoshi was taking on the house and hence why he remains anonymous to this day. If he is still alive. His cover is enviable.

    Anyways,

    I would be remiss if I didn't tell you good friends, that on about October 20ths or shortly thereafter, the BTC bull run, the final parabolic segment of it will commence for roughly 1 year.

    Other coins will also rise, ETH, Solana, and the greatest meme coin shit coin, PEPE. Sell those first when they pop.

    This is my way of giving back to you. I will be scaling out of my position starting in February (roughly) until October.

    Good luck!

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    Bitcoin Disappointment

    Thanks BJC.

    From my perspective, it's gets tiring hearing all the Bitcoin hoopla and high expectations followed by letdowns. For example, the recent halving event or whatnot was a disappointment, if I remember correctly. I even heard someone refer to crypto as a scam.

    Can you offer details as to why you are so bullish on Bitcoin for the near future, and were you also bullish (like most of us) for the recent halving event that was a letdown?

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    Quote Originally Posted by Overkill View Post
    Thanks BJC.

    From my perspective, it's gets tiring hearing all the Bitcoin hoopla and high expectations followed by letdowns. For example, the recent halving event or whatnot was a disappointment, if I remember correctly. I even heard someone refer to crypto as a scam.

    Can you offer details as to why you are so bullish on Bitcoin for the near future, and were you also bullish (like most of us) for the recent halving event that was a letdown?

    Bitcoin is worth over £48000 right now. It was worth ten cents in 2010. The fact an investment does not go up endlessly forever should not be surprising.

    Not really sure why there is so much negativity about it. I doubt any one got that ROI from blackjack.

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    Quote Originally Posted by Overkill View Post
    Thanks BJC.

    From my perspective, it's gets tiring hearing all the Bitcoin hoopla and high expectations followed by letdowns. For example, the recent halving event or whatnot was a disappointment, if I remember correctly. I even heard someone refer to crypto as a scam.

    Can you offer details as to why you are so bullish on Bitcoin for the near future, and were you also bullish (like most of us) for the recent halving event that was a letdown?

    Yes, 95% of what you will hear is BS from perma bulls. Now on a long-term basis, if you buy and hold this over a 5+ time frame, you will come out ahead. You could just buy and hold for 10-20-30 years as a retirement account. It will go to millions, its the only finite commodity in existence. More gold, platinum, silver, whatever, will be found somewhere.

    The halvening is a sell off event, it just means the mined supply is cut in half, but it takes roughly 6 months for that supply reduction to actually effect markets and drive out financially weaker miners.

    I don't have a crystal ball on price, there is too many variables that no one has visibility too, but I base my strategy on cycle time. I can say though, that the minimum is $100K, but probably 120-140k is a more likely target. Yes, there is always the possibility it goes even higher, but that is why I scale out of the position for that scenario. Either way, by Ocotber of next year, the decline will begin give or take a couple months, but I would put my money on ocotber 25 as last call to start scaling out.

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    Senior Member moo321's Avatar
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    With other investments, there is intrinsic value that causes it to be worth money. Bonds pay interest. Stocks pay dividends. Investment real estate pays rent. Increasing the value of these payments increases the intrinsic value of the asset.


    Explain the intrinsic value of Bitcoin that indicates why its value will increase over time.
    The Cash Cow.

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    It's finite and it takes energy to run the network and that is tangible. Energy, mining rigs, and general networking infrastructure combined with it being finite and no being able to singlehandedly alter the digital ledger. It solves the problem of human corruption which is a given on any long term time frame.

    At the end of the day, you will all be buying bitcoin at the price you deserve, but i have passed along a tip. I'm not going to spend any further time explaining it.

  7. #7
    Random number herder Norm's Avatar
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    Quote Originally Posted by BJC View Post
    It solves the problem of human corruption which is a given on any long term time frame.
    Quite funny considering the enormous amount of corruption in crypto.
    "I don't think outside the box; I think of what I can do with the box." - Henri Matisse

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    Quote Originally Posted by Norm View Post
    Quite funny considering the enormous amount of corruption in crypto.
    Crypto, yes. But his question and the primary discussion is Bitcoin.

    The crypto market rises when BTC goes up and you can make multiples of whatever bitcoin does, but as reward increases so does risk. I wouldn't long term hold anything besides Bitcoin.

  9. #9
    Senior Member drunk's Avatar
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    Quote Originally Posted by Norm View Post
    Quite funny considering the enormous amount of corruption in crypto.
    it's so very obvious that all of the reports of corruption within crypto have been fabricated by U.S. Government Agents fearful of losing control of the monetary system

    Norm, I'm really surprised that apparently you weren't aware of that___________________(-:/

    .
    Please don't feed the trolls

  10. #10
    Senior Member moo321's Avatar
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    Quote Originally Posted by BJC View Post
    It's finite and it takes energy to run the network and that is tangible. Energy, mining rigs, and general networking infrastructure combined with it being finite and no being able to singlehandedly alter the digital ledger. It solves the problem of human corruption which is a given on any long term time frame.

    At the end of the day, you will all be buying bitcoin at the price you deserve, but i have passed along a tip. I'm not going to spend any further time explaining it.
    So, it's scarce and it would be good for society if we used it? Neither of those is a form of intrinsic value. I'm not even sure you understand what intrinsic value is. Which is funny, because you implied I'm too stupid to buy Bitcoin at whatever absurd price it's currently at.
    The Cash Cow.

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    Quote Originally Posted by moo321 View Post
    So, it's scarce and it would be good for society if we used it? Neither of those is a form of intrinsic value. I'm not even sure you understand what intrinsic value is. Which is funny, because you implied I'm too stupid to buy Bitcoin at whatever absurd price it's currently at.
    The intrinsic value of bitcoin is that it can be sent to anybody anywhere in the world without a financial intermediary. That has considerable utility if you do not have access to a financial intermediary, which is most people on the planet.

    In developing countries this provides a significant improvement to financial infrastructure. It is not perfect by any means but it is significantly better than the nothing which preceded it.

    I don't think people in advanced economies understand how important this is. Lack of access to finance is a major cause of global poverty-bitcoin potentially unleashes trillions in spare capacity.
    Last edited by Archvaldor; 10-15-2024 at 04:37 AM.

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    Thanks, BJC, and...

    When I lose, say, $7.00 in a day from my meager Bitcoin investment, where does that $7.00 go?

  13. #13
    Senior Member moo321's Avatar
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    Quote Originally Posted by Archvaldor View Post
    The intrinsic value of bitcoin is that it can be sent to anybody anywhere in the world without a financial intermediary. That has considerable utility if you do not have access to a financial intermediary, which is most people on the planet.

    In developing countries this provides a significant improvement to financial infrastructure. It is not perfect by any means but it is significantly better than the nothing which preceded it.

    I don't think people in advanced economies understand how important this is. Lack of access to finance is a major cause of global poverty-bitcoin potentially unleashes trillions in spare capacity.
    That's utility. Not intrinsic value. The most common way we calculate intrinsic value is by discounting a series of future cash flow back to the present and determining its present value. Then we compare that with other assets, and adjust for risk levels. We can't do that with Bitcoin.


    If it's just a way to facilitate trade, then you're describing a currency. Unless backed by something like precious metals, they don't have intrinsic value. They can have relative value, if there are valid reasons to think one currency will increase relative to another. That's different from intrinsic value.


    It makes it more like speculating in land. You can get very rich doing that, if you know which areas are going to have high demand. But it's not the same as investing in land because it has timber that is worth more than the market price of the land. Or a building providing rent. They're different concepts, and most Bitcoin investors think they're value investing, when they're actually speculating.
    The Cash Cow.

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