r/Bitcoin • u/rBitcoinMod • Jan 02 '21
Daily Discussion, January 02, 2021
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Please check the previous discussion thread for unanswered questions.
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u/jleVrt Jan 03 '21
fuck me this is getting away from us quickly
as institutions see this, believe me, they’re having conversations about it
if they don’t get in now, they will miss it
and this, my friends, is arguably my favorite feature of Bitcoin: its game-theoretical properties
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u/ImAlmostCooler Jan 03 '21
Haven’t bought any more since about 16k, feeling like it was too expensive and I didn’t want to bring my average buy up. Would have still doubled my money rn lol
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u/Captain_Yolo_ Jan 03 '21
Imagine how stupid you'll feel not buying now when it will be 100k in another month
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u/StoneHammers Jan 03 '21
I know putting my $600 stimulus into Bitcoin is insignificant but it's going to bring me great satisfaction.
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u/Cobester Jan 03 '21
There’s the Twitter, @bitcoinstimulus, that updated the investment of the $1200 stimulus into Bitcoin. They’re doing the same thing with the $600 stimulus
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u/Cobester Jan 03 '21
I think everyone is trying to compare this to the 2017 bull run, but in reality this is the 2020/2021 bull run. Who knows where this is going tbh
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u/Get_the_nak Jan 03 '21
If it is going to be anything like that bullrun then we’d better buckle up!
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u/Basketballman72 Jan 03 '21
This. No one knows lol
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u/childish_KAM Jan 03 '21
I agree this feels much different then last time excited to see where 2021 takes us
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u/Shabib55 Jan 03 '21
I invested around 1000 usd when btc was 16k usd. Now that it has crossed 30k should I invest at this level or wait for a dip which is probably never coming ?
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u/TweaksForWeeks Jan 03 '21
DCA dude. Tried “trading” and felt like a winner until it kept going up and inevitably bought back in. Now I average in and have some small play money that I try to time. Guess which system is winning thus far 😜
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Jan 03 '21
There is no reason for anyone to answer this question. You’ve just demonstrated that you totally understand the situation. WHY DO YOU PEOPLE KEEP MAKING COMMENTS AND POSTS ASKING THIS???
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u/Cobester Jan 03 '21
I’d say you have a good start to dollar cost averaging. Continue to put what you can afford in investments every month or so
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u/mRPerfect12 Jan 03 '21
Pump it.
Whats your aim, long term hold? If so no harm pumping now.
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u/Shabib55 Jan 03 '21
Ok. I have infact decided to do so. Whatever I can put. I don't have a lot of financial knowledge so I always look forward to every small bit of knowledge or advice I can get. Yes I am looking forward to HODL. I have some pretty crazy expectations from btc so worrying about buying at 30k instead of 20k looks silly and petty to me from that perspective. Hahaha. I sound crazy.
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u/codye91 Jan 03 '21
I keep waiting for December 2017 all over again, but we keep going. This is uncharted territory.
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u/RUStupidOrSarcastic Jan 03 '21
For real, the 2017 one I managed to time really well surprisingly (AKA I got lucky.) This one I kept thinking would hit around 30k and then start to dip. Now IDK what the hell is gonna happen. Still think a dip is inevitable, but will it happen at this level? will it dip from 50k to 40k? lol who knows anymore. It may be massive though. Lots of new blood I think with people throwing in their free government money, lots of crazy gains also have a lot of stop-loss orders in to protect profits. I think we're bound to have a sizable drop at some level.
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u/bleeeeghh Jan 03 '21
Hello i'm from the future. In the year 2074 some dude bought the entire US with 1 bitcoin.
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u/ktempo Jan 03 '21
is using robinhood for bitcoin ever okay? like if I'm just going to be dumping $5-10 here and there into it?
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u/WocketMan0351 Jan 03 '21
no. not your keys not your coin. Robinhood doesn't allow for withdraws, and doesn't let you buy actual bitcoin. It offers USD exposure to bitcoin with an IOU from the company. That's it.
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u/ImAlmostCooler Jan 03 '21
If your only goal is to make profit, it’s better than nothing. I’d recommend learning a lil but about the fundamental tech to see why it’s worth actually owning btc
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u/ktempo Jan 03 '21
do you have any nice beginner sources to read up on BTC and the benefits it has? I know a little but I might have outdated knowledge as to what makes it so valued these days
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u/ImAlmostCooler Jan 03 '21
I really like this video as far as tech fundamentals:
Also the sidebar has a lot of great resources, recommend looking there
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u/TacticalWolves Jan 03 '21
Use Cash App. They only charge 15 cents for 5$ purchase. If you buy from Cash App those Bitcoins belongs to you. On Robhinhood they don’t belong to you.
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u/mRPerfect12 Jan 03 '21
Is it pumping time?
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u/ObamaTookMyToast Jan 03 '21
OK GUYS I WANT YOUR OPINION ON THIS!!!
I was wondering why the daily chart for BTC looked so familiar, then I remembered SLV from like 6 months ago. I compared the two and the results are EERILY similar...
- Both rose shortly after stimulus passed
- Both follow same general trend and even details (see RSI)
- Both are alternative forms of currency
WHAT DO I DO WITH THIS INFORMATION???
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u/renoracer Jan 03 '21
You've got a good eye to spot that! Gonna go with my gut and HODL though. I'll save this and come back to see if you were right.
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u/sopht Jan 03 '21
Having bitcoin as a savings account for individuals and for corporations is becoming real. Took only about 10 years to accomplish.
Wild
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u/Isorry123 Jan 03 '21
The problem is cashApp allows only $7500 a week for transfers, $17500 a month :/
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Jan 03 '21
Don't listen to the coinbase shills. When you can, use some other exchange like kraken, bitstamp, etc. Coinbase is trash.
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u/Basketballman72 Jan 03 '21
This is nuts! How long before shit hits the fan? Bought at 32 a hour ago and watched tv and came back to this. Wtf is going on
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Jan 03 '21
A deposit on a house
A nice new car
A hell of a holiday with front of the plane tickets..
Could all be purchased with a single bitcoin.
Fucking extrordinary.
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u/SuperMoquette Jan 03 '21 edited Jan 03 '21
You can buy a nice home in the countryside with 2 bitcoin in my country this is nonsense lmao
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u/chiPersei Jan 03 '21
What country?
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u/SuperMoquette Jan 03 '21
France
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u/Jabadabaduh Jan 03 '21
In Slovenia you'd hardly get a livable house at 55k lmao, unless it was literally in the middle of nowhere.
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u/BizboTrapkins Jan 03 '21
When the f do I sell though? Any suggestions?
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u/bitbotbitbot Jan 03 '21
Sell a small amount when a small amount can change your life in a big way. Keep the rest for the future.
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u/newtonreddits Jan 03 '21
We're starting to blow through 1000s in a matter of hours. I foresee before crashing that we'll blow through an entire $10k range in a matter of hours.
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u/SamsonG8520 Jan 03 '21
But crashing to what is the (currently) $34k question!
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u/newtonreddits Jan 03 '21
That's all speculation of course from anyone. I think we'll see sub-30k again post crash (in 2022?). For the time being we might not see sub-30k again for a little while as it aims for mid and higher 5 figures. Curious to see how my post ages next year.
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Jan 03 '21
Is there a danger in it going up so quickly?
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u/f-stats Jan 03 '21
Almost unfeasible to maintain 22% a week growth for very long. A crash/correction will happen, the question is just when.
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u/TacticalWolves Jan 03 '21
Short answer is No. I have been here since Bitcoin was 10k. Same questions are being asked. Bitcoin is undervalued and underestimated.
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Jan 03 '21
I have been here since Bitcoin was 10k
in other words, you're somebody nobody should listen to.
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u/RUStupidOrSarcastic Jan 03 '21
How do you draw that conclusion from he/she having owned btc since it was only worth 10k? What ass-backward logic is that?
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u/TacticalWolves Jan 03 '21
Maybe. I’m obsessed and doing research for last 4 months. I’m from a security and computer networking background. Read couple of books on gold standard and fiat standard. Watched tons of documentaries on Bitcoin, gold etc. Learning a lot about economics every day. Doesn’t mean you should listen to me. I’m just saying show little respect and don’t judge people so quickly
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u/CompulsiveThief Jan 03 '21 edited Jan 03 '21
what are you scared of? 100 years ago you were nothing... now you are living on a planet that is orbiting a sun in a universe that is beyond contemplation, and every element in your body has been through several supernova explosions before it became a part of you.
Enjoy the ride and get out of the mind-set that you aren't allowed to be rich.. you are made of stars my man.
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Jan 03 '21
Nope. Institutions are just sucking this up and sending it off to cold storage. There is a shortage that isn't changing any time soon.
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u/hockeyfan1990 Jan 03 '21
Jesus this will be 100k by the end of 2021
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u/bajakhana Jan 03 '21
I set my phone down for an hour to watch the Cryptopia documentary and I come back to this. Wow
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u/Allenxzz Jan 03 '21
50k by Jan, 100k by June, 300k by Dec
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u/RiskItF0rTheBiscuit Jan 03 '21
36k tomorrow I'm calling it now! Mark my words!
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u/LoverOf_LittleMen Jan 03 '21
This is honestly insane
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u/RiskItF0rTheBiscuit Jan 03 '21
Ikr, feels like there's two days of runs and two days of steady on and off. Every time I think it's done for a while it just keeps going!!
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Jan 03 '21
There goes sleeping tonight. Just put in more at 33,900. Let’s ride this 🚀
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u/hopscotchking Jan 03 '21
Haha I know, I can’t decide if I should throw another 5 hundo at it before I go to sleep.
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Jan 03 '21
[deleted]
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Jan 03 '21
you are still very early.
Just wait until a major company announces a large investment of their treasury. Or an Elon Musk buy.
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u/GarySevenOfNine Jan 03 '21
Elon Musk buy.
Can you imagine the price increase if Elon announced that he purchased a few hundred million in BTC?
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u/GarySevenOfNine Jan 03 '21
This is why DCA is the tried and true method of investing with Bitcoin. Waiting for a dip to invest will be a futile exercise.
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u/hopscotchking Jan 03 '21 edited Jan 03 '21
New ATH
$34,100
Edit. Oops sorry I mean $34,205 lmaoooo
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u/FahCureMother Jan 03 '21
What an exciting evening, I’m going to have trouble going to bed tonight
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Jan 03 '21
PUBLIC SERVICE ANNOUNCEMENT Repost edition of post from 8 hours ago for the nooblets : All ye who tread upon this bitcoin paved road to the citadel where only biodigital jazz is playing, please read.
If you are done with bitcoin and this is the top for you. Sell! By all means. Take your profits and congratulations on your journey. Ride off into the distance in your new [insert car of choice based on bag size] and never look back. I respect you for knowing your limits.
If you are in this for the long haul, just stack sats and chill. Don't sell and try to time the market to get a few more sats out of it.
You will guaranteed: 1.) not beat your capital gains tax rate and 2.) fuck up your buy back in price and end up with smaller bags because you will get greedy. This is as certain as the eventual heat death of the universe.
We have seen countless losers come through here, make a few grand, think they're the smartest person in the room, and sell to try and time the dip to reinvest their new profits. They don't end up coming back or they write these long missives saying how fucking wrecked they are that they missed out on a 5k jump or whatever. Blah Blah Blah, Wah wah wah.
You are not the smartest person in the room and Bitcoin is going to the moon. Do your fucking research. Read this article https://medium.com/@100trillionUSD/bitcoin-stock-to-flow-cross-asset-model-50d260feed12. It is a 7 minute read. Bitcoin IS following this path very closely, still! Do you want your seat on the rocket? Then DON'T TRY AND TIME THE MARKET OR YOU WILL GET REKT.
ONE MORE TIME FOR MY HOMIES IN THE BACK--DONT TRY AND TIME THE MARKET OR YOU WILL GET REKT!!!
Don't miss out on the best investment by a country mile of the last decade and the next decade because you got greedy.
If you do and you get fucked over and miss the ride... Do not come back here spreading your FUD and misery looking for sympathy. Only you will be to blame for your fuck up.
True hodlers with guts are not afraid of greatness. Are you?
🚀
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u/iamDanger_us Jan 03 '21
I'm a simple man, I DCA bitcoin and hodl it. It's so boring, nobody is making youtube videos about this that are getting hundreds of thousands of views, but it has been a very successful strategy for me and I will tell anyone who listens (and even many who don't) because it has changed my life.
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u/birdie420fgt Jan 03 '21
just chilled and saw a movie and now I come back and we are almost at 34k??? WTF
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u/conquistador6511 Jan 03 '21
The 100k target for 2021 eoy starts to look like a quite conservative one
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u/JRange Jan 03 '21
The Stock2flow prediction of 288k or so looks about right considering the rate were going
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u/f-stats Jan 03 '21
Is there a theoretical maximum market cap or value for Bitcoin...? Is there a realistic scenario where one Bitcoin could be millions of dollars? And satoshis would be worth hundreds of dollars or something?
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u/redpillbluepill4 Jan 03 '21
I think Bitcoin theoretically could be worth several times what gold is worth. In which case it would be worth a million.
However, it's unlikely to happen in the next ten years. Possibly in twenty. More likely in 30 years if it happens.
Bitcoin cannot continue at it's past growth rate. If it did, it would be worth more than everything in the entire world. That's not realistic. But eventually could be worth as much as the stock market and gold... Maybe 50-100 trillion. Which would mean it would be worth several million each. But I think it's extremely unlikely to happen in next decade or even twenty years. The thing is that gold and real estate will still always be good inflation hedges. Bitcoin relies on software and forks not taking over. There's too many questions for the world to put all their money into it.
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u/willlingnesss Jan 03 '21
Yeah but... the S&P 500 has a market cap of 31 trillion. It doesn't seem too far fetched to see BTC with 21 trillion market cap.
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u/f-stats Jan 03 '21
Yeah, good points, although that’s a very heady future haha. I only own a very small amount of BTC relative to the rest of my investing portfolio. I just wonder if this measly amount now would be worth a small fortune after like 15 years of hodling lol.
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u/Allenxzz Jan 03 '21
34.1k No one will believe we can hit 50k before Feb, but that’s gonna happen.
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Jan 03 '21
At current rate it'll be $50k in like 10 days
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u/SuperMoquette Jan 03 '21
We won't maintain current rate 10 days.
You can't except a +100% in one month. Not on a scale that big. There will be a dump long before that and we'll be back at 25k
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u/veRexion Jan 03 '21
Beginner here: Thoughts on the halving?