Bitcoin $80,000

[djd09]

When I see a Berkshire Hathaway Class A share, I will buy one. Only $718,000.

satoshi...

 

[Elliott]

I'm trying to learn about Bitcoin. I saw Michael Saylor on Fox Business and I said to myself, 'that guy is good, he's slick, and I could just as easily not believe what MicroStrategies is doing is legitimate.

Mike's history: "On August 31, 2022, the Attorney General for the District of Columbia sued Saylor for tax fraud, accusing him of illegally avoiding more than $25 million in D.C. taxes by pretending to be a resident of other jurisdictions during the years 2005 to 2021. He initially claimed he resided in Virginia during the period, then later claimed that he resided in Florida

"In 2000, Saylor was charged by the SEC with fraudulently reporting MicroStrategy's financial results for the preceding two years. He later reached a settlement with the SEC for $350,000 in penalties and $8.3 million in personal disgorgement.

..................

Other stuff I've calculated. Bitcoin uses 175 Terrawatts of electricity a year. So its warming houses I assume. Cost of about 1.2 Billion. It is an alternate source of heat.

Bitcoin is not used for 'transactions' anymore (one of its original purposes).

Ransom money using Bitcoin is typically hidden by transferring it multiple times and can be difficult to trace, but if you ever 'spend' it then it can probably be traced. But you can 'borrow' against your millions (launder) so its an asset that can be converted to cash. Regulation would probably clamp down on disclosure.

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Chart of Enron:





Bitcoin Chart:

 

[Charles West]

Breathtakingly spectacular and appropriate anticipation of the coming Golden Age.

 

[Elliott]

Breathtakingly spectacular and appropriate anticipation of the coming Golden Age.

Yeah, that or its buying expensive Tulips.

 

[Gobears81]

Yeah, that or its buying expensive Tulips.

I was starting to wonder if I was the only one skeptical of this. Seems a little bubbly to me. I have yet to short anything, but watching BTC. Wouldn't mind seeing the euphoria continue a little longer.

 

[Charles West]

If I had the spare cash I'd find a nice index fund that invests in companies that are developing the blockchain universe.

 

[djd09]

skeptical...nakamoto

 

[Elliott]

This is my thinking. So Visa process $15 trillion a year and has a $1 Trillion cap value. Bitcoin apparently has a $1 trillion value (though I heard someone say $2 Trillion). Visa has a useful purpose as an alternative to currency. What if says Visa says it will keep 1% or 5% of Bitcoin in its balance sheet as a 'reserve'? What would that do to the long run Bitcoin market? If I buy something with Visa and I have a problem I have some good controls. If I buy something with Bitcoin, lots a luck.

Bitcoin has about 700,000 transactions a day. Visa has about 2,000,000,000 per day. Or Bitcoin has 0.035% (3.5% of 1%) of the volume of Visa.

 

[Bobby Bucks]

I’m beginning to get both confused and concerned. My average purchase price factoring in spot, ETFs and mining stock is around $29,000 per coin. I was a skeptic when I first heard of Bitcoin, in fact so was Michael Saylor, Larry Fink, and the honchos at Charles Schwab, Fidelity, Franklin Templeton, etc. who now have Bitcoin ETFs. BTW, one doesn’t have to buy an entire coin, there is such a thing as fractional purchase which is what 95% of the market does. It’s not a physical coin that rolls around on a table like a buffalo head nickel, , it’s a unit of measure. Should I hold on to what I have or listen to Fernando’s financial advice and the other experts in here and sell it to invest in the almighty dollar? It's a guaranteed rate of minus 4% no mater who's in the oval office.

 

[James Mpls]

I was starting to wonder if I was the only one skeptical of this. Seems a little bubbly to me. I have yet to short anything, but watching BTC. Wouldn't mind seeing the euphoria continue a little longer.

You should short it.