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Bitcoin sounds like a cult
#1
OK.  I am no fan of bitcoin.  I realize some people claim big profits from it.  But to me it sounds like tulipmania (without any tulips).  Or a cult.

https://www.ibtimes.com/bitcoin-survey-5...00-3012114

KEY POINTS
  • 28,168 users answered Peter Schiff's poll about when users will sell their Bitcoins

  • Schiff does not believe in Bitcoin and has advocated gold

  •  Several price predictions suggest BTC's value will become increasingly valuable before 2020 ends

"A Twitter survey by gold advocate and Bitcoin perma-bear Peter Schiff shows that almost 60% of people will continue holding their Bitcoin and will "take it to their graves" even when it stays below $10,000 after 10 years.

A total of 28,168 users answered Schiff’s Twitter poll asking how long would it take for Bitcoin "hodlers" to sell their holdings as the price continued to stay below $10,000. With the final results tallied, 57.5% of the respondents answered they will keep Bitcoin until the end.

Fifteen percent said they will wait for one year before "throwing in the towel and sell." Fourteen percent said they will wait four more years while 13.4% said they can wait for a decade before exiting.

A known Bitcoin critic, Schiff has been tweeting anti-Bitcoin remarks for many years now and advocates gold over Bitcoin, which many have called "digital gold". “Only fools are choosing Bitcoin over gold,” Schiff tweeted on March 24, 12 days after the market crash. He also said Bitcoin is not a safe haven because it is correlated to equities.

It should also be noted that Schiff is the chairman of Schiffgold, a dealer of precious metal.

The results of his poll suggested many of his followers are into Bitcoin, or at least many Bitcoin holders have high conviction of its potential.

Also, Schiff’s belief that Bitcoin will go to zero might not happen, because there is an open order in crypto exchange Bitfinex that intends to buy all Bitcoins at 1 cent, ensuring that the world’s first cryptocurrency will never go lower than that price....."
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#2
Schiff said: "He also said Bitcoin is not a safe haven because it is correlated to equities."
___________________________________

If it is correlated to equities, does it only go to zero if equities go to zero?
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#3
(07-22-2020, 11:26 AM)cbeatty Wrote: Schiff said: "He also said Bitcoin is not a safe haven because it is correlated to equities."
___________________________________

If it is correlated to equities, does it only go to zero if equities go to zero?

Does it go to zero if the electricity goes out ?

I like the way some people get their undies in a bundle over government paper fiats.  But then turn around and buy Bitcoin.
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#4
(07-22-2020, 11:59 AM)aqua Wrote:
(07-22-2020, 11:26 AM)cbeatty Wrote: Schiff said: "He also said Bitcoin is not a safe haven because it is correlated to equities."
___________________________________

If it is correlated to equities, does it only go to zero if equities go to zero?

Does it go to zero if the electricity goes out ?

I like the way some people get their undies in a bundle over government paper fiats.  But then turn around and buy Bitcoin.

.

gotta play the ODDS aqua,


you saying government fiats "rarely lose value"?????????

OR that that electricity goes out permanently a LOT?


chances are chances are chances.............

LOL
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#5
(07-22-2020, 08:19 PM)DaveGillie Wrote: .

gotta play the ODDS aqua,


you saying government fiats "rarely lose value"?????????

Rolleyes Rolleyes   I never said fiats rarely lose value.

But if the electricity is out, bitcoin is useless.

Still, if your only purpose in buying Bitcoin is to gamble, that's another issue..........Maybe you have a gambling problem ? ?



ARE WE CREATING VALUE YET ?
[Image: 5efdf83774cfc.jpg]
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#6
Like gold BTC is a way to avoid inflation/confiscation issues with fiat money as well as government regulated assets (equities, land, etc.). Unlike gold, you don't have to smuggle it across borders to spend it somewhere else, and with some preparation it can be transferred with complete anonymity.

I don't look for BTC gains, though I have 3000+% in gains currently, just not much invested. I want a means to store value that can be passed to my children without the state confiscating 90% of it. The trick is to acquire the stuff without leaving a trail. The methods I know for doing that are slow and risky.
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#7
(07-22-2020, 11:59 AM)aqua Wrote:
(07-22-2020, 11:26 AM)cbeatty Wrote: Schiff said: "He also said Bitcoin is not a safe haven because it is correlated to equities."
___________________________________

If it is correlated to equities, does it only go to zero if equities go to zero?

Does it go to zero if the electricity goes out ?

I like the way some people get their undies in a bundle over government paper fiats.  But then turn around and buy Bitcoin.

Our government paper dollars are the minor part of the fiat problem; paper dollars are dwarfed by electronic dollars.
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#8
(07-26-2020, 09:33 PM)cbeatty Wrote: Our government paper dollars are the minor part of the fiat problem; paper dollars are dwarfed by electronic dollars.

Lucky for us the electronic dollars have mostly been going to bail out Wall Street.......lets hope the resulting inflation stays on Wall Street.
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#9
(07-26-2020, 09:33 PM)cbeatty Wrote:
(07-22-2020, 11:59 AM)aqua Wrote:
(07-22-2020, 11:26 AM)cbeatty Wrote: Schiff said: "He also said Bitcoin is not a safe haven because it is correlated to equities."
___________________________________

If it is correlated to equities, does it only go to zero if equities go to zero?

Does it go to zero if the electricity goes out ?

I like the way some people get their undies in a bundle over government paper fiats.  But then turn around and buy Bitcoin.

Our government paper dollars are the minor part of the fiat problem; paper dollars are dwarfed by electronic dollars.

.
important to distinguish FIAT electronic dollars from NON FIAT electronic moneys - like Bitcoin.



fiat does NOT mean no intrinsic value or backing, it means GOVERNMENT Mandated. 
many people are either confused or purposely trying to mix the two for some reason
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#10
Tongue  Bitcoin =  Tulipmania without any real tulips.
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