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Old 06-02-2020, 10:58 AM
rriley rriley is offline
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Default Bitcoin Collapses



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From $10,565 to $9,350 in an hour or so.
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Old 06-02-2020, 11:51 AM
Nomad, 2nd Nomad, 2nd is offline
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It's the ultimate fiat, but that's not much of a collapse.
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Old 06-02-2020, 12:01 PM
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If it gets down to $10 then I would consider that a collapse. From $10,565 to $9,350, that's just a dip to me.
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Old 06-02-2020, 12:01 PM
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A roughly 10% move. /meh
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Old 06-02-2020, 01:18 PM
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Quote:
Originally Posted by rriley View Post
From $10,565 to $9,350 in an hour or so.
Why make these posts? Every time you do it's back up to the high which you quoted in a few months. It didn't collapse. It's still up from 5k in March, 6.5k in December, and under 8k just a month ago...

This isn't an equity, it's a volatile asset with huge swings. I'd be surprised if it dips below $8,500 and then is back up to that massive resistance zone it's butted up against several times now. A halving took place recently, historically within a year of a halving BTC has soared. I suspect that resistance zone will be broken over the next year and will move upward closer to 15k.

I don't understand people's desire to see things they don't personally believe in or even understand collapse. Is it because you're hoping to be right? Guess what, all the fools who posted about BTC being a scam and a bubble when it was $650 in this forum look pretty dumb now don't they. I suspect the same will happen over the next 5-10 years as BTC goes on to new heights along with ETH and maybe one or two other cryptos.
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Old 06-02-2020, 01:34 PM
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Why make these posts?
Because it's a sizable move in an unusually short period of time.
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Old 06-02-2020, 01:41 PM
Wolf5 Wolf5 is offline
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Stop spreading fud. Bitcoin is the most resilient currency in the world. It’s keeps growing stronger no matter who tries to kill it. IRemember when it was a whopping $175 per coin. It just keeps collapsing upward. The next 12 months are going to be historic as it’s due to hit another all time high. Lol
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Old 06-02-2020, 02:02 PM
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I always think of it as BitCon myself, and I remember when I first heard of it was like a buck. Too bad I didn't "throw" away a 100 bucks.
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Old 06-02-2020, 02:36 PM
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Because it's a sizable move in an unusually short period of time.
Then why not make posts about all it's sizable moves upward? 10% is a pretty normal blowoff for BTC hitting resistance. You only make posts focusing on negatives.

I'm not even a huge BTC fan or investor, but I can appreciate it's simplicity, and the niche that it's filled and will continue to fill.
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Old 06-02-2020, 02:42 PM
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it takes time before markets realize the value of bitcoin during crisis situations
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Old 06-02-2020, 03:08 PM
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it takes time before markets realize the value of bitcoin during crisis situations
Given what central banks have done, and will continue to do, I have a hard time believing that BTC won't continue to gain value over time. The next large leg up will likely be huge, but I couldn't begin to guess on whether that's this year, or in 5 years.
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Old 06-02-2020, 03:57 PM
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I always think of it as BitCon myself, and I remember when I first heard of it was like a buck. Too bad I didn't "throw" away a 100 bucks.
I still wanna kick myself every time I think about it when it was around a dollar. I did not think it would ever do anything. At that time I had a few hundred I could have thrown at it but I didn't.

Now there's no way I can afford it. Wish we could go back in time.
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Old 06-02-2020, 04:48 PM
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I still wanna kick myself every time I think about it when it was around a dollar. I did not think it would ever do anything. At that time I had a few hundred I could have thrown at it but I didn't.

Now there's no way I can afford it. Wish we could go back in time.
Could be worse, you could have owned hundreds and then sold them for cheap.
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Old 06-02-2020, 05:05 PM
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Quote:
Originally Posted by TXplowgirl View Post
I still wanna kick myself every time I think about it when it was around a dollar. I did not think it would ever do anything. At that time I had a few hundred I could have thrown at it but I didn't.

Now there's no way I can afford it. Wish we could go back in time.
That was the whole idea to begin with, the initial investors made millions, just like any start up company, like Apple or Microsoft.
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Old 06-02-2020, 07:58 PM
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Bitcoin is only useful in the black market If you trust the online deep web will be around forever and continue to grow its marketplace then invest away.

I honestly don't know how easy/difficult it is for government/internet providers to stop deep web marketplaces. What I do know is the CIA runs the opiate trade so that means 1 of 2 things. Either there is so little cut from the deep web it isn't worth their time or they have their hands in/know everything bitcoin that happens.
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Old 06-02-2020, 08:00 PM
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bitcoin collapses??? hahahaha. much more likely to see USD collapse first.
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Old 06-03-2020, 07:46 AM
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Just remember bitcoin, etherium, and all other digital currencies are only backed by algorithms, no country or legal banking institute backs them. In a collapse of society, they will be absolutely useless and worth zero. Ask folks in Venezuela how useful they are.
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Old 06-03-2020, 09:26 AM
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Just remember bitcoin, etherium, and all other digital currencies are only backed by algorithms, no country or legal banking institute backs them. In a collapse of society, they will be absolutely useless and worth zero. Ask folks in Venezuela how useful they are.
You have it the other way around. They hold value globally outside of the constraints of central banking. Yes, if we go back to the stone age usability will be tanked, but that goes for everything, potentially even the beloved PMs that so many in here love.

The people in Venezuela are using BTC like crazy, I'm not sure where you're getting that idea.

https://www.bbc.com/news/business-47553048

I prefer to lead, tools, firearms, food, water, filtration, and any number of things over PMs. If I just want to keep wealth and not worry about it being stolen from me, crypto is a great hedge long term, and I can bring millions with me anywhere I go without anyone knowing.
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Old 06-03-2020, 10:30 AM
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https://www.coindesk.com/venezuelan-...theres-a-catch

Read entire article
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Old 06-03-2020, 10:55 AM
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I've read it, where's the problem? A 3rd world country that doesn't have infrastructure in place? How does that apply to me? I've never said that BTC is the answer as a payment platform, only in the role that it performs well, which is essentially digital gold. You're going to find gold, in most of the country, to be a less effective means of barter in the short term than goods anyway. It takes time for people to adjust.
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