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The Bitcoin Thread (price and other bitcoin related topics) - Printable Version

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RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-05-2020

There are a variety of interesting spreadsheets that are provided within a seemingly Grayscale googledoc link, including the below one:


[Image: ?u=https%3A%2F%2Fi.imgur.com%2FTPYAKYJ.p...wodmlQSm7g]
source

One interesting phenomenon by the above chart is that it appears that in the past couple of quarters, the acquisition of new bitcoin by grayscale and square combined has increased, and right before the halvening, they were acquiring around half of the total new bitcoin, and so logically if their acquisition of bitcoin remained constant, then the percentage of the new supply would double based on the halvening - but instead the acquisition of bitcoin also seems to have gone up by about more than double.. which thereby constitutes nearly 138% of the new BTC supply for Q2, 2020.

Sure, this could be a blip in the demand curve, and one of the criticisms of PlanB's stock to flow model is that it accounts for the supply without accounting for demand... so in some sense PlanB's stock to flow model hold's demand constant... yet this kind of data lends pretty strong evidence that demand for BTC today is likely continuing to outpace BTC supply that is currently being produced... which is likely going to continue to put a decent amount of ongoing upwards price pressures on BTC.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-05-2020

Well, we are just getting over 2 weeks after the July 22, 2020 announcement about National US banks getting unambiguously clear authorization to custody crypto currencies, which seems to put a BIG nail in the discusions coffin - regarding Governments purportedly impending making bitcoin illegal.

The Office of the Comptroller of the Currency (OCC) is letting all nationally chartered banks in the U.S. provide custody services for cryptocurrencies   - July 22, 2020 - Coindesk article.

Sure, so many bitcoin naysayers, no coiners and fence sitters had been proclaiming that they do not want to get into bitcoin because: "what if the government were to make bitcoin illegal?" blah blah blah.. and sure, that is a scary thought, even though the actual happenings in the current BTC space seem to be going in the opposite direction - which might even make it more difficult for bitcoin naysayers, no coiners and fence sitters to catch the bitcoin train (or should we say rocket?).

Remember when we were stuck in the $6ks and $7ks in recent times, and many bitcoin naysayers, no coiners and fence sitters were proclaiming that bitcoin was too expensive and bitcoin prices were going to drop to $2k or lower?

Now, what do we have?  $6ks and $7ks are looking like they would have been great BTC prices, and the chances of getting back in at $6k or $7k is looking further out of reach, even though 4 digit bitcoins are still within striking distance (even though that might not happen again either..... perhaps?  perhaps?)....

Interesting 75 minute discussion of banking involvement in bitcoin in the below-linked podcast from today, too.

Stephan Livera Podcast: SLP198 Caitlin Long - What Are Austrian Economists Missing About Money And Banking?


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 08-05-2020

(08-05-2020, 07:28 PM)JayJuanGee Wrote: Well, we are just getting over 2 weeks after the July 22, 2020 announcement about National US banks getting unambiguously clear authorization to custody crypto currencies, which seems to put a BIG nail in the discusions coffin - regarding Governments purportedly impending making bitcoin illegal.

The Office of the Comptroller of the Currency (OCC) is letting all nationally chartered banks in the U.S. provide custody services for cryptocurrencies   - July 22, 2020 - Coindesk article.

...

This is another big step for Bitcoin's regulatory legitimacy, but it's more relevant to crypto as an asset class than just Bitcoin.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-05-2020

(08-05-2020, 09:23 PM)billydingdong Wrote:
(08-05-2020, 07:28 PM)JayJuanGee Wrote: Well, we are just getting over 2 weeks after the July 22, 2020 announcement about National US banks getting unambiguously clear authorization to custody crypto currencies, which seems to put a BIG nail in the discusions coffin - regarding Governments purportedly impending making bitcoin illegal.

The Office of the Comptroller of the Currency (OCC) is letting all nationally chartered banks in the U.S. provide custody services for cryptocurrencies   - July 22, 2020 - Coindesk article.

...

This is another big step for Bitcoin's regulatory legitimacy, but it's more relevant to crypto as an asset class than just Bitcoin.

This thread is not about such an amorphous "crypto" concept, as you likely realize.


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 08-05-2020

(08-05-2020, 10:21 PM)JayJuanGee Wrote: This thread is not about such an amorphous "crypto" concept, as you likely realize.

Yes, which is why I'm surprised you're posting this article here — the decision allows banks to provide custody services for ANY 'amporphous crypto' (not just Bitcoin).

You're the one posting universal crypto news in the Bitcoin thread.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-06-2020

(08-05-2020, 10:50 PM)billydingdong Wrote:
(08-05-2020, 10:21 PM)JayJuanGee Wrote: This thread is not about such an amorphous "crypto" concept, as you likely realize.

Yes, which is why I'm surprised you're  posting this article here — the decision allows banks to provide custody services for ANY 'amporphous crypto' (not just Bitcoin).

You're the one posting universal crypto news in the Bitcoin thread.

Your spin is a bit weird, billydingdong.

Concededly, the regulatory guidance letter that was issued by the Office of the Comptroller of Currency (OCC) on July 22 undoubtedly affected other matters besides bitcoin, but it also specifically affects bitcoin.. the big dog.. the king daddy.

Yes, you have a seemingly disingenuine inclination to want to come in this thread and to pump your various talking points, and why can't you just go and do that somewhere else, in order that the kingdaddy and the big dog lovers can stay focused on our topic rather than ongoing slippery-slope distractions that you are hardly even trying to discuss bitcoin.

Sure, you did implicitly concede that the substantive direction of the OCC guidance letter is relevant to bitcoin because it is implicitly good for bitcoin, but you want to argue that there is some other elephant in the room that is supposedly being purposefully ignored by me.

O.k. there is some purposeful ignoring by me because that is how I attempted to write the OP of the thread and subsequently trying to follow the terms and the spirit of the OP.  If you are so excited about some variation of this thread, rather than even trying to follow OP, why don't you create some thread that better meets your desires to compare and contrast bitcoin (without really talking about bitcoin) or whatever it is that you want to do that seems to be the opposite of what was being attempted through the construction of this particular thread OP?

Yes, I have witnessed this previously, when there is a lot of economic activity in bitcoin and surely seeming to be the precipices of another bitcoin price pump in line with the various current relevant BTC price prediction models, the trolls and distractors, which seem to be a subsection of the shitcoin pumpeners seem to become even more desperate in their desires to get their bullshit pumpening and distracting messages out there.

Sure, I can keep saying fuck off, but you and your type do not want to go away because you purportedly have some kind of liberal definitions regarding what relates or does not relate to bitcoin - and sure maybe I am being too nice to attempt to allow some of benefit of the doubt to some of those loose connections - but still you largely are distracting and derailing rather than really providing any value that relates to the bitcoin topic, whether it is pro bitcoin or against bitcoin... you have hardly no substance that is even anti-bitcoin that goes beyond some kind of superficial pumpening of shitcoins level.   Rolleyes Rolleyes

By the way, it bears repeating that bitcoin seems posturing for bullish as fuck for a variety of reasons, and I am not even really presuming that the price might NOT have legitimate and meaningful short-term corrections.. but it is nice to see that there might be some presumptuous peeps who are going to likely miss out on investing into BTC again because first they failed/refused to take advantage of $6k/$7k prices that were lingering for a decent amount of time, just a few months ago, and now we are also facing some increasing possibilities that 4 digit BTC prices might be gone forever too, except maybe for some blip correction that may or may not happen.  

And, my recent ways of describing the best times to get into bitcoin would be 1st if a guy had started investing many years ago, 2nd best would be if a guy started in the past year or two and 3rd would be to get your plan together and start investing now.  

It can take awhile to figure out your own budget and other particulars, put together a plan including exploring BTC sourcing and storage avenues, tailor the plan to your situation, executing upon such planning, attempting to learn from such execution in order to tweak plans from time to time.  

Things might start getting crazy in bitcoinlandia - even this calendar year, but might stay crazy for 6 to 12 months thereafter, so likely not any kind of bad idea for guys to get started now, rather than waiting until times in which options might become fewer or just crowded.  Cannot know for sure.


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 08-06-2020

(08-06-2020, 01:13 AM)JayJuanGee Wrote: Your spin is a bit weird, billydingdong.

Yes, you have a seemingly disingenuine inclination to want to come in this thread and to pump your various talking points, and why can't you just go and do that somewhere else, in order that the kingdaddy and the big dog lovers can stay focused on our topic rather than ongoing slippery-slope distractions that you are hardly even trying to discuss bitcoin.

Sure, you did implicitly concede that the substantive direction of the OCC guidance letter is relevant to bitcoin because it is implicitly good for bitcoin, but you want to argue that there is some other elephant in the room that is supposedly being purposefully ignored by me.

...

LOL.. sorry JJG, I still don't recognize you as Hall Monitor of the Bitcoin Thread.

I know Bitcoin is your king daddy and I see that you get triggered with any mention of Bitcoin within the broader context of crypto, but many of us don't feel that way. Big Grin

So with that, it's entirely relevant and is in no way 'spin' to simply mention here that this announcement goes beyond Bitcoin and doesn't benefit Bitcoin exclusively. 

It's not hard to grasp man.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-07-2020

Here's an interesting article describing a BTC move of nearly 97k BTC that represents nearly $1.15 billion in value at the time of the move, for about $3.55 in fees... there were two transactions.

https://dailyhodl.com/2020/08/07/second-largest-bitcoin-whale-in-existence-moves-staggering-1146000000-in-btc/

Likely to be an exchange or a BTC custodian, but still showing a lot of value moving for very small amounts of fees.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-07-2020

Here are a couple of recent bitcoin bullish (perhaps hyperbullish?) tweets:


https://twitter.com/Breedlove22/status/1291464672600707072
Quote 1:

>>>>>#Bitcoin is the only private property right absolutely independent of any government decree.
[Image: Bitcoin_2020.png]

Monetary socialism is being shattered by unstoppable, honest money.

Pure capitalism was never possible before
#Bitcoin: this macroeconomic evolution will rewrite the history books.<<<<
[Image: Bitcoin_2020.png]



https://twitter.com/RaoulGMI/status/1291442867462955008
Quote 2:

>>>>My conviction levels in bitcoin rise every day. Im already irresponsibly long. I am now thinking it may not be even worth owning any other asset as a long-term asset allocation, but that's a story for another day (I'm still thinking through this).<<<<


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 08-08-2020

Bitcoin maximalist, Tuur Demeester, shut down his Bitcoin hedge fund.

https://www.theblockcrypto.com/daily/74326/bitcoin-fund-adamant-shut-down

I'd be pissed too if I were an LP in a Bitcoin fund missing all those sweet gains in other coins this year. Cool


RE: The Bitcoin Thread (price and other bitcoin related topics) - Contrarian Expatriate - 08-08-2020

(08-08-2020, 02:13 AM)billydingdong Wrote: Bitcoin maximalist, Tuur Demeester, shut down his Bitcoin hedge fund.

https://www.theblockcrypto.com/daily/74326/bitcoin-fund-adamant-shut-down

I'd be pissed too if I were an LP in a Bitcoin fund missing all those sweet gains in other coins this year. Cool
BTC maximalism has turned into a virtual cult.  I say let them be.  The Altcoins are killing them of late!


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-08-2020

(08-08-2020, 05:26 AM)Contrarian Expatriate Wrote:
(08-08-2020, 02:13 AM)billydingdong Wrote: Bitcoin maximalist, Tuur Demeester, shut down his Bitcoin hedge fund.

https://www.theblockcrypto.com/daily/74326/bitcoin-fund-adamant-shut-down

I'd be pissed too if I were an LP in a Bitcoin fund missing all those sweet gains in other coins this year. Cool
BTC maximalism has turned into a virtual cult.  I say let them be.  The Altcoins are killing them of late!

One of the most retarded arguments similar to the ones being made in 2017.  "oh bitcoin is only making 8x or 10x and random shitcoins are making more than that.. if you time your entrance and exit into such random shitcoins correctly"  blah blah blah..   That is so actionable.. like gambling based on vague nonsense assertions having little to no substance.

Funny thing is that in 2017 I did buy one of the random shitcoins for around .06BTC per random shitcoin, and then sold it at around .095BTC per random shitcoin.  After 2017, and until recent times, such same random shitcoin went down to .02BTC per shitcoin, but then in recent times pumped to .034-ish BTC per shitcoin as if it was some kind of stellar performance... So fucking what?  

Guys better be careful about when to get out if they had been so whimsical to get into such random shitcoins.  If such random shitcoins will hold value, then at least you did not lose money.. while bitcoin is likley poised to continue to do quite well without as much bullshit shenanigans, smoke and screens and other complications.  Anyhow, investing time and money into shitcoins could might end up causing some guys to miss out on bitcoin, and just get caught up in bullshit, which has also happened in the past.  

Anyhow bitcoin has had and continues to have way more fundamental strengths as compared with random shitcoins that might look good "in theory", and we should be considering both upside and downside balancing and not having to worry about when to get out, exactly.. when largely if you just DCA and hold bitcoin for 4 years or more (hopefully you have a longer investment timeline), you are likely to have considerable appreciation over time, and bitcoin remains a great long term investment that you should have to worry a lot less about, especially compared with various random shitcoins (and there are a lot of random shitcoins pulling at your wishes to get rich quick). 

The longer that you hold bitcoin the more likely that you are going to be more solidly in the black (and in profits).

You can look at this DCA website and adjust the timeline to see that bitcoin tends to do better in terms of profits the longer that you are in... even compared with other assets such as gold or stocks start with 4 years as an example and with the above-linked website you can tweak the categories and work your way into looking at a variety of DCA terms that you might have chosen or how it would have back-tested performed.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-11-2020

Nice to get an updated bitcoin visual, every once in a while in an attempt to try to see where we have been and perhaps to try to project where we might be going..., even if past performance does not guarantee future results.

https://twitter.com/ChartsBtc/status/1292981189377064960

[Image: EfGXaiQUMAEjHEc?format=jpg&name=small]


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-11-2020

Here's an interesting article from today regarding a business that just recently decided to hedge in bitcoins with a purchase of a bit more about 21.5k bitcoins.

https://www.businesswire.com/news/home/20200811005331/en/MicroStrategy-Adopts-Bitcoin-Primary-Treasury-Reserve-Asset

snip:
>>>>>>>>announced that it has purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses. The purchase of Bitcoin cryptocurrency was made pursuant to the two-pronged capital allocation strategy previously announced by the company when it released its second quarter 2020 financial results on July 28, 2020.


.....

Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J. Saylor, CEO, MicroStrategy Incorporated. “This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”<<<<<


RE: The Bitcoin Thread (price and other bitcoin related topics) - Jerusalem Lothario - 08-11-2020

I nearly ran a btc miner in my frat house but the GPUs were on back order and was spending the cash at the time on liquor. I would be very wealthy now had I bought bitcoin. This was circa 2014 by the way


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-11-2020

Here's something similar to what I have been saying, but of course it is nice to hear credible others make similar assertions, too.

My assertion has been that the bull market started in April 2019, but it was not really confirmed as entering into bullish status until about the middle of May 2019.

https://twitter.com/woonomic/status/1292837821909090304?s=21

Quote:

>>>>
The bull market really started April 2019. What’s started recently is the early main bull phase, it’s Q4 2016 all over again, but different dynamics and themes at play.
<<<<<

(08-11-2020, 03:43 PM)Jerusalem Lothario Wrote: I nearly ran a btc miner in my frat house but the GPUs were on back order and was spending the cash at the time on liquor. I would be very wealthy now had I bought bitcoin. This was circa 2014 by the way

You would have been wealthy or even very wealthy if you would have merely DCA'ed into BTC, too, given that kind of time line.

DCA investing $222 per week for the past 6 years would have put you at an investment of about $70k but a value today at about $1million.  Pretty damned good as compared with investing in equities or gold.

There are a lot of would have, could have, should have scenarios, and believe it or not, BTC is still in a relatively early stages of adoption with less than 1% of world-wide adoption, so there continues to be a lot of room for expansion of bitcoin's value, including values in getting involved in some kind of current and ongoing DCA strategy, even if some early adopters seem to have front-run the investment a bit.

Early adoption is an ongoing moving concept.  In late 2013, when I got into bitcoin, I thought that I was late, and there are folks from 2016 who thought that they were late, but since bitcoin is likely to continue to be on a kind of s-curve exponential adoption that is based on networking and metcalfe principles, there still seems to be a lot more places to go on the upwards adoption curve.


RE: The Bitcoin Thread (price and other bitcoin related topics) - Stack - 08-11-2020

im long on PRV

incognito.org

low market cap, solid project which attempts to involve community, i get 0 scam vibes, usecase seems solid

ofc DYOR


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-11-2020

Here's a series of about 15 tweets that largely suggest that a decent number of BTC HODLers may well transition through some kind of status of exploring shitcoins before they end up honing in on BTC investing... 

Of course, not all of persons introduced to "crypto currencies" are going to end up with only BTC or end up seeing the light of value and not to be diverted by get rich quick smoke and mirror nonsense... so there will likely be some variation in terms of the path to BTC adoption... which comports with an ongoing/acceptable theme of bashing shitcoins in this thread (to the extent that shitcoins are mentioned herein).  Wink  Wink


https://twitter.com/potapac1/status/1292796436900466689

[Image: EfDvhAlWoAU4m8S?format=jpg&name=small]

(08-11-2020, 05:23 PM)Stack Wrote: im long on PRV

incognito.org

low market cap, solid project which attempts to involve community,  i get 0 scam vibes, usecase seems solid

ofc DYOR

Speaking of posting about shitcoins in this thread without referring to them in accordance with their proper denigrative reference (aka shitcoin or some other appropriate denigrative term), case in point above, courtesy of Stack.

There is another thread on this forum (that goes by the name crypto thread) where you can pump your shitcoins... You know about that crypto (shitcoin) thread?  Of course, you can create your own thread, too, whether it is about the specific shitcoin that you are pumping or some other angle that might include your shitcoin within the thread topic... .


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-11-2020

(08-11-2020, 03:01 PM)JayJuanGee Wrote: Here's an interesting article from today regarding a business that just recently decided to hedge in bitcoins with a purchase of a bit more about 21.5k bitcoins.

https://www.businesswire.com/news/home/20200811005331/en/MicroStrategy-Adopts-Bitcoin-Primary-Treasury-Reserve-Asset

snip:
>>>>>>>>announced that it has purchased 21,454 bitcoins at an aggregate purchase price of $250 million, inclusive of fees and expenses. The purchase of Bitcoin cryptocurrency was made pursuant to the two-pronged capital allocation strategy previously announced by the company when it released its second quarter 2020 financial results on July 28, 2020.


.....

Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders,” said Michael J. Saylor, CEO, MicroStrategy Incorporated. “This investment reflects our belief that Bitcoin, as the world’s most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash. Since its inception over a decade ago, Bitcoin has emerged as a significant addition to the global financial system, with characteristics that are useful to both individuals and institutions. MicroStrategy has recognized Bitcoin as a legitimate investment asset that can be superior to cash and accordingly has made Bitcoin the principal holding in its treasury reserve strategy.”<<<<<

A couple more tweet threads discussing the above-referenced purchase of the $250 million of BTC.. 

https://twitter.com/hodlonaut/status/1293165636236058624


https://twitter.com/vakeraj/status/1293203716045234176

Likely going to continue to be a hot topic in the coming days/weeks (maybe longer?).


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 08-12-2020

Linked below is an interesting article that is nearly a week old.

How did I miss it?

https://ecoinometrics.substack.com/p/ecoinometrics-august-05-2020

Some interesting quotes, like this:

>>>>I’ll tell you what I see:

  • Central banks around the world are printing record amounts of money.

  • Governments are running always larger deficits.

  • The stock market is completely disconnected from the real economy.

  • Asset prices inflation has been there for a long time.

  • Modern Monetary Theory policies are gaining in popularity.
Tl;dr this is not business as usual. <<<<<


Some inspiring charts, too- like this one:

[Image: https%3A%2F%2Fbucketeer-e05bbc84-baa3-43...9x2345.png]