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cryptocurrency and me

Started by Albalaha, November 05, 2021, 09:47:29 AM

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Albalaha

I heard about bitcoin while it was hardly a year old and had miniscule value. Once I was offered 5000 bitcoins in return of one of my system that I denied because I had no means to put in any casino back then nor could I get it cashed in India, that time. Then I heard of it, 5-6 years thereafter while it reached $1,000. I thought oh, had I taken 5,000 bitcoins back then and kept as investment I would have had $5 millions. Anyways, I had a misconception that I can't buy bitcoin in fractions and I thought it has already saturated too. By the time bitcoin reached $50k, I bought ripple for about $3. It started sinking then and bitcoin started crashing daily too. I thought it is over now. I sold ripples at little loss correctly as it went as bad as few cents too.
            Now for a year or so, it again going great. I have bitcoin, ripple, doe, cardano, shiba inu, etc, eth and a few more and I can see good growth too. Shiba Inu, in particular has outdone bitcoin too. Any of you are into crypto? Any predictions?
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ADulay

Good to see you on the boards.


Anyway, in 2017 around Thanksgiving time here in the Colonies, some friends and I were discussing the relatively new concept (to us) of Blockchain and BitCoin and all of that and pretty much decided it was a giant Ponzi scheme with an excellent mathematical back end.

The alcohol was flowing and we eventually all put up $1000US to purchase a "1/10" interest in a BitCoin, each.   Mainly just for grins.  As it was more gambling money than any kind of serious investment, it was joke money over a holiday.

We watched it for awhile and then kind of just blew it off as a novelty and nobody wanted to cash in so it still sits there in my account.   One tenth of a BitCoin.

Do I take BitCoin seriously?  No.  Absolutely not.  It is not part of any plan for the future, retirement, working or even my gambling account.  It is merely a blip on the screen of life and I'll just watch it move up and down from time to time.

"Investing" in BitCoin is a bit of a misnomer for sure.   As with most of the crypto world, people buy into ANY coin that starts up with the hope of riding it to a higher value down the road.    Buying 100,000 "coins" of some newly marketed name at .0000001 cents a coin is only meant to have others pile in after you so that you can sell your "vast holdings" when the valuation gets up to a half cent, hopefully.

Using BitCoin as some kind of investment tool is not really a good idea.  Just looking at the major players in BitCoin should set off warning flags in a person's head.   It's a gambling coin, not a life style investment choice.

Am I planning on selling my BitCoin in the future?  I doubt it.  It's always fun to explain to people how I've really made a killing (not really) with my initial $1000 joke purchase.   As the money came out of my gambling account, it won't hurt a bit if BitCoin craters to nothing in the future.

BitCoin continues to hold its own at the 60K level due to mass media never saying anything bad about it.

Sound familiar?

Anyway, that's just my take on it.    It is my own personal opinion and that is all anyone should take it as. 

I do know two people who have basically swapped out their retirement accounts to purchase BitCoin for the future.   I find those people to be terribly short sighted and not very good at retirement planning but it is their choice.    I'll leave BitCoin to the realm of digital gambling.

AD

Albalaha

Captain,
Yours or my perceptions does not change the reality. Like it or not. Bitcoin is a big concept with real market values that could astonish anybody. Shiba Inu grew a billion times in a year without seeking permission of yours or mine. We do not have any control over its future. It could grow further or doom at once. My point is, have you taken a plunge into it and your experience or exposure in it.
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
Can mentor a real, regular and serious player

Albalaha

Bitcoin and other big altcoins are running in waves.

Predictions say that it will see all time high in 2024 again. Presently, it is sinking day by day. Is it right time to pour some money?
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
Can mentor a real, regular and serious player

Albalaha

Good streak in all cryptos for last few days.
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
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Albalaha

Year 2023 is doing great for all cryptos. Bitcoin is about to touch its 52 week high. Year 2024 is said to get all time high of bitcoin and some other altcoins too. What do you say?
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
Can mentor a real, regular and serious player

KungFuBac

Hi albalaah

Good chart/ interesting.

"Predictions say that it will see all time high in 2024 again. Presently, it is sinking day by day. Is it right time to pour some money?"

My research suggest this recent uptick for Bitcoin is only temporary and we will actually see <=14k levels <= 12/2024.

*Personally I think the blockchain technology is great going forward. However, I don't perceive that owning the actual crypto such as Bitcoin as being the optimum way to invest in this technology.


Continued Success,
"There are many large numbers smaller than one."

Albalaha

On every halving, bitcoin reached a new all time high that is usually at least 50% up from the last run highest. 2024 is the year of bitcoin halving. Do not forget one peculiar thing about bitcoin. It was the pioneer and all other coins are altcoins. It has an all time maximum supply of 21 millions. Hence, it will go scarcer like diamonds, year by year. I firmly believe that bitcoin should touch levels over $50k by the end of 2023 itself or maximum by April 2024. Let us see this. 2023 will decide its fate, for sure.
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
Can mentor a real, regular and serious player

KungFuBac

Hi Albalaha

"Do not forget one peculiar thing about bitcoin. It was the pioneer, and all other coins are altcoins."

I agree and think that is an important attribute. Similar to Twitter, or the first cell-phone company tower in an area, or the first cable/internet company that dug a ditch through our back yard....etc.  The first or incumbent company not only enjoys the name or brand recognition but typically has many other advantages going forward.

"n every halving, bitcoin reached a new all-time high that is usually at least 50% up from the last run highest. 2024 is the year of bitcoin halving. "

     I would agree that 2024 may but not in 2023. I think if we spread out the chart above, we will see Bitcoin is actually still in a bear market. Though I do agree it has approached a key metric in the past few days. My technical charts suggest it will need to increase 2-3K more from current levels in the very near future to clear this hurdle. I may be wrong but view this recent uptick as a fake out.

Caveat emptor.


Continued Success,


"There are many large numbers smaller than one."

Albalaha

Bitcoin increased about 35% in January 2023 alone, so far within 26 days. It could be an indicator of its next highest value ever. IF this trend continues even for 2-3 months, seeing a level of $45k is no big deal. Bitcoin and shiba inu, alongwith some other coins have grown to unimaginable levels which had never been predictable. IT is for sure that bitcoin will go scarcer day by day and that factor alone will push its price to any extent. If the entire concept of crypto fails, which is not likely anytime soon, I do not see much threat to bitcoin atleast. Bitcoin Halving is Predicted to Occur on Tuesday Apr 16, 2024.
Historically, the cryptocurrency experiences massive price increase during its halving episodes, increasing its value by 1,263% between the 2016 and 2020 occurrences of this important event.

With the trend, it is projected that by March 23, 2024, a single unit of BTC will have a value of $120,263. In 2009, the reward for each block in the chain mined was 50 bitcoins. After the first halving, it was 25, and then 12.5, and then it became 6.25 bitcoins per block as of May 11, 2020. To put this in another context, imagine if the amount of gold mined out of the Earth was cut in half every four years. If gold's value is based on its scarcity, then a "halving" of gold output every four years would theoretically drive its price higher.
   This is a very unique proposition with bitcoin that does not apply to other altcoins. Many have unlimited or near unlimited supply like XRP or SHIB. They may grow along but not to the levels of bitcoin. Even it is possible that after this halving, Bitcoin does not go down but keeps doing great due to FOMO (the fear of missing out). 21 millions is not a big number when everybody will seek it.
Email: earnsumit@gmail.com - Visit my blog: http://albalaha.lefora.com
Can mentor a real, regular and serious player