Bitcoin crumbles below $40,000 on China crypto warning

I had a conversation with someone today about it, and I asked him a simple question.

In 5 years do you see BTC having a higher or lower value than it has now?

Sure, in a perfect world, I would have sold north of $60k and then bought back in sub-$40k, but I'm not that good of a gambler.
 
kirbyrj said:
I had a conversation with someone today about it, and I asked him a simple question.

In 5 years do you see BTC having a higher or lower value than it has now?

Sure, in a perfect world, I would have sold north of $60k and then bought back in sub-$40k, but I'm not that good of a gambler.
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Not sure about value, but in 5 years crypto currency will be brought to heal before governmental control.
 
Zarathustra[H] said:
Whenever anyone is convinced that an asset, any asset, will always increase in value, they are invariably wrong.

See the housing market ca 2006.

I'd argue this is especially true for cryptocurrencies.
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Watch Investment Banks invest in Crypto in time for a crash, falsely imply everyone's retirement is now in jeopardy, and receive a bailout at $1 on 10 cents. And be lent even more money at zero interest to invest with.
 
doz said:
This was said 5 years ago too. None of us know what the future holds.
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Not by me, trust me I'm more correct than not, signs are everywhere thesedays for those paying any degree of attention. Those signs didn't exist 5 years ago. It may take a little longer, but the screws have been inserted.
 
Elmo bitcoin crash scene take 10.
tenor.gif
 
This just means that it won't be long before graphic card prices plummet in value. Assuming other crypto currencies follow in BitCoins direction.
 
DukenukemX said:
This just means that it won't be long before graphic card prices plummet in value. Assuming other crypto currencies follow in BitCoins direction.
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Unlikely. GPU mining really started to take off earlier this year when ETH started to climb above $1000. After this crash ETH is around $2500. Cards won't plummet in value until mining is unprofitable.
 
Zeoclang said:
Unlikely. GPU mining really started to take off earlier this year when ETH started to climb above $1000. After this crash ETH is around $2500. Cards won't plummet in value until mining is unprofitable.
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How I understand it, Ethereum like most cryptocurrencies are traded through BitCoin. It maybe a while before Ethereum catches up to BitCoin in value, but it will.
 
DukenukemX said:
How I understand it, Ethereum like most cryptocurrencies are traded through BitCoin. It maybe a while before Ethereum catches up to BitCoin in value, but it will.
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I have no idea what that means. You can trade anything pretty much any pair you want on an exchange. BTC - USD; BTC - ETH; ETH - USD; etc. If anything, the price of BTC tends to set the market. If BTC drops significantly, the whole crypto sphere tends to follow in various degrees.
 
Aireoth said:
There is no way its replacing the banking system without violence being used to unseat the existing power structure, and that power structure currently has a monopoly on violence.
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Its the existing power structure thats behind the climb of Crypto,and Crypto will very soon take over as the basis of the entire world financial system. Check out a utuber called CryptoViewing.
 
Manny Calavera said:
Its the existing power structure thats behind the climb of Crypto,and Crypto will very soon take over as the basis of the entire world financial system. Check out a utuber called CryptoViewing.
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lol.

sure their gaming it, but you have to have a hole in your head if you think nations are giving up currency control regardless of any youtuber.
 
Zeoclang said:
Unlikely. GPU mining really started to take off earlier this year when ETH started to climb above $1000. After this crash ETH is around $2500. Cards won't plummet in value until mining is unprofitable.
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I read it someplace that mining profit actually went up when ether was crashing. I guess some people stop mining at the point? No idea.
 
Aireoth said:
Not by me, trust me I'm more correct than not, signs are everywhere thesedays for those paying any degree of attention. Those signs didn't exist 5 years ago. It may take a little longer, but the screws have been inserted.
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There was more fud in 2017 and we are still here. Unless the whole world turns in to communist regime I doubt it. Bitcoin is here to stay and it will be here, crypto in general will be here. Crypto is more then just coin, sure there are meme shit coins that deserve to die and will but lot of crypto has utility.
 
LFaWolf said:
I read it someplace that mining profit actually went up when ether was crashing. I guess some people stop mining at the point? No idea.
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best time to mine is during correction or bear market in general, Believe it or not. You get more in return when shit goes up because less people mine in general. You just gotta be patient.
 
NKD said:
There was more fud in 2017 and we are still here. Unless the whole world turns in to communist regime I doubt it. Bitcoin is here to stay and it will be here, crypto in general will be here. Crypto is more then just coin, sure there are meme shit coins that deserve to die and will but lot of crypto has utility.
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Did I say it will die, or did I say governments will bring it to heel?
 
Zeoclang said:
Unlikely. GPU mining really started to take off earlier this year when ETH started to climb above $1000. After this crash ETH is around $2500. Cards won't plummet in value until mining is unprofitable.
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What crash? :D
 
Aireoth said:
Did I say it will die, or did I say governments will bring it to heel?
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Same point. Like I said if you live in a communist world sure. Its not that easy to just bring it to its heels that basically means it having no worth. Regulations will actually legitimize it if anything bringing more big players in to the field. I doubt the U.S will come out and be like we are banning bitcoin, we are always very careful about what we say to not affect the market. If they wanted to bring bitcoin to its heels what are they waiting for? Thats all i have to ask. I mean why wait? I keep hearing this and it never happens they have had years to do what you are saying.
 
NKD said:
Same point. Like I said if you live in a communist world sure. Its not that easy to just bring it to its heels that basically means it having no worth. Regulations will actually legitimize it if anything bringing more big players in to the field. I doubt the U.S will come out and be like we are banning bitcoin, we are always very careful about what we say to not affect the market. If they wanted to bring bitcoin to its heels what are they waiting for? Thats all i have to ask. I mean why wait? I keep hearing this and it never happens they have had years to do what you are saying.
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Its happening now, you are just not paying attention.

China makes authoritarian moves, US makes free market moves, heads up those free market moves are in play. Exchanges are turning over more and more client data to taxation bodies, hedge funds have been let loose on the market, and the regulators come next (once the hedges have their fun in an unregulated market and decide its time to regulate it). I addressed this all before in this thread.

exactly what do you think being brought to heel means?

*you should really understand what communism is, because it doesn't mean what you think it does. China is a business oligarcy with totatalitarian authority, they haven't been communist for a long time.
 
Aireoth said:
Its happening now, you are just not paying attention.

China makes authoritarian moves, US makes free market moves, heads up those free market moves are in play. Exchanges are turning over more and more client data to taxation bodies, hedge funds have been let loose on the market, and the regulators come next (once the hedges have their fun in an unregulated market and decide its time to regulate it). I addressed this all before in this thread.

exactly what do you think being brought to heel means?

*you should really understand what communism is, because it doesn't mean what you think it does. China is a business oligarcy with totatalitarian authority, they haven't been communist for a long time.
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And the end result is that crypto is legitimized because the govt gets their taxes. That isn't going to hurt the value.
 
Aireoth said:
Its happening now, you are just not paying attention.

China makes authoritarian moves, US makes free market moves, heads up those free market moves are in play. Exchanges are turning over more and more client data to taxation bodies, hedge funds have been let loose on the market, and the regulators come next (once the hedges have their fun in an unregulated market and decide its time to regulate it). I addressed this all before in this thread.

exactly what do you think being brought to heel means?

*you should really understand what communism is, because it doesn't mean what you think it does. China is a business oligarcy with totatalitarian authority, they haven't been communist for a long time.
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I’ll see when it happens. Cheers or I will wait forever like now.
 
I don't think mining is going anywhere. I just started on late Friday or Saturday night (14 or 15th, can't remember)...it's more than paying for my electric bill at the moment it seems (71+ euro value in my wallet already). Although we just turned the AC on a day or two ago. You can see exactly when the RTX 3080, RTX 3060 mobile, GTX 1070, and RX580 were all turned on (16th).

electric cost.JPG
 
BTC does four transactions per second. When it does it costs $60 per transaction.

Visa alone does 12,000 transactions per second and it costs them sweet fuck all. I also does 1.3 million transactions for the energy of 1 BTC transaction.

If the network goes down I can still use a slide paper thing to do credit card transactions, like we did before the internet was a thing.
 
coynatha said:
I don't think mining is going anywhere. I just started on late Friday or Saturday night (14 or 15th, can't remember)...it's more than paying for my electric bill at the moment it seems (71+ euro value in my wallet already). Although we just turned the AC on a day or two ago. You can see exactly when the RTX 3080, RTX 3060 mobile, GTX 1070, and RX580 were all turned on (16th).

View attachment 358565
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I'm not stopping unless I'm making practically zero dollars. with what I have running, my electric bill went up like 11 dollars for the months its been up. that is like 1 day of mining.

I'm running 1080ti+3800x, 1080+2700x, 1080, 2x 1060s, and rx580. I guess my electricity costs are quiet low.
 
Aireoth said:
lol.

sure their gaming it, but you have to have a hole in your head if you think nations are giving up currency control regardless of any youtuber.
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Nations have little control over the fiat they use,the reigns are held in far fewer hands then that.This will change little for those at the top of the current pyramid(Rothchilds,Lee's,etc),but it will give them far greater control over the 99.9% of the rest of us.
 
UltraTaco said:
All digital currency is cming,World domination is unfolding in front of us. We are part of something great.
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This.Above.1000%

Jekyll Island 2.0/Bretton Woods 2.0 is almost here. The great casino at the top of the pyramid is about to pull everyone's chips OFF the table,and all FIAT is about to go POOF. USD is going to lose its status and be replaced,those not into crypto will be in a world of hurt. Wife and I converted our entire 401k to Crypto in 2018,not looking back. See the agreement Russia and China just made on Oil,etc? A lot more of that is coming from other Nations soon. All the warning signs are there....if you know where to look. People here laughed at me when I warned of huge inflation in Gpu's,and other purchasable items,last summer before the cards even launched. The Great Reset is here,now,happening in front of us all,but 99% are stone blind.
 
Manny Calavera said:
This.Above.1000%

Jekyll Island 2.0/Bretton Woods 2.0 is almost here. The great casino at the top of the pyramid is about to pull everyone's chips OFF the table,and all FIAT is about to go POOF. USD is going to lose its status and be replaced,those not into crypto will be in a world of hurt. Wife and I converted our entire 401k to Crypto in 2018,not looking back. See the agreement Russia and China just made on Oil,etc? A lot more of that is coming from other Nations soon. All the warning signs are there....if you know where to look. People here laughed at me when I warned of huge inflation in Gpu's,and other purchasable items,last summer before the cards even launched. The Great Reset is here,now,happening in front of us all,but 99% are stone blind.
Click to expand...

If the Great Reset can make me 20 years younger then I am all for it. Where do I sign up?
 
Manny Calavera said:
This.Above.1000%

Jekyll Island 2.0/Bretton Woods 2.0 is almost here. The great casino at the top of the pyramid is about to pull everyone's chips OFF the table,and all FIAT is about to go POOF. USD is going to lose its status and be replaced,those not into crypto will be in a world of hurt. Wife and I converted our entire 401k to Crypto in 2018,not looking back. See the agreement Russia and China just made on Oil,etc? A lot more of that is coming from other Nations soon. All the warning signs are there....if you know where to look. People here laughed at me when I warned of huge inflation in Gpu's,and other purchasable items,last summer before the cards even launched. The Great Reset is here,now,happening in front of us all,but 99% are stone blind.
Click to expand...

Need some financial advice from [H].. what's the best way to convert my 401k to crypto? :D
 
kirbyrj said:
And the end result is that crypto is legitimized because the govt gets their taxes. That isn't going to hurt the value.
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But it does shake the very core of what crypto was meant to be.

I just read today the current administration is considering federal law requiring all transactions totaling $10k or more be report, just like at fiat banks. The IRS was a listed source, citing their interest in a untapped potential of billions of dollars in tax to be collected.
 
LFaWolf said:
No "income" tax and penalty?
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Not on the loan, since you have to pay it back. In the event you lose your job and are unable to pay back the loan, it will be considered an early withdrawal and incur the 10% penalty + taxes.

Any earnings on crypto is also of course subject to taxes.
 
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