The Bitcoin Tracking Thread

Here is quote from January 2018 interview by E. Michael Jones...

https://www.youtube.com/watch?v=t_Z3_WyPIe4 interview was in January of 2018
21:31 to 24:29


“Cryptocurrency is a contradiction in terms.

Currency means this can be used for all debts, public and private.

Okay, this piece of paper, whatever it is, this can be used, while

Cryptocurrency, if its not public, in other words, if its not a coin in some sense, which means a coin is a piece of metal which has the emperor or the kind or the sovereign stamped on it, the image of the sovereign, which means that the state backs up this currency.

Well, obviously crypto currencies are not backed by the state so therefore they are not currencies.

So, what is it? What is BitCoin?

BitCoin is, well, its like a tulip bulb, actually.

Its like gold.

It’s obvious it’s something that has value because people buy it. And the more people that buy it, the more its value increases.

And if people really get behind it, what you’re seeing is what I think we saw, at least in the last couple of weeks, a bubble.

I think we had the BitCoin bubble. And now, what you see now, you saw in it a few weeks ago. There was an article about the Winklevost twins becoming BitCoin billionaires.

This is known as the “suckers market”.

When you see article like this, usually they’re on the cover of NewsWeek, like these ten people became millionaires by selling real estate. What they’re really saying is ‘the big players want to get out of the real estate market, and at this point, the big players want to get out of the BitCoin market but they can’t get out unless somebody buys their BitCoin. So here’s a way for you to buy their BitCoin so they’re not going to have to dump a billion dollars’ worth of merchandise on the market and crash the price.

So I think BitCoin is – it’s like gold.

It’s not a currency.

It is not money.

It cannot be used as money but it can be a store of value as long as people keep bidding up the price.

As soon as that stops, you’re left with nothing.

You’re left with a tulip bulb.

That was the first bubble – the Tulip Mania – in Holland. "

People are still comparing bitcoin to tulip bulbs? That point has been discussed and debunked like thousands of times already.

So point me to a debunking of that on this forum, please. Seems like a valid point to me.

It works just like other volatile equities markets and one can lose whatever money invested.

You can eat tulip bulbs, but you cant divide them in Satoshis and keep their value...

Noticed yest BTC had dumped < $7K over the weekend.

Then today (Tue) a stab down to $6530, breaking former support there in Feb & again in Apr.

I don't follow BTC news; & never pulled the trigger on buying. What are the junkees attributing this drop to?! https://www.coindesk.com/price/

Quote:

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Originally Posted by PatColo

What are the junkees attributing this drop to?!

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The consensus is price manipulation, (like all markets) since cryptos are NOT going away.
Bring it WAY down and then buy it up

^ AFAIK there's not really a physical futures market for BTC, where big leverage can be used, & buy/sell limit orders, shorting etc; so this is just straight waves of fully funded buying/selling?

I've heard of these "Crypto mining" blackbox computers; know almost nothing about them.

Quote:

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Originally Posted by PatColo

Noticed yest BTC had dumped < $7K over the weekend.

Then today (Tue) a stab down to $6530, breaking former support there in Feb & again in Apr.

I don't follow BTC news; & never pulled the trigger on buying. What are the junkees attributing this drop to?! https://www.coindesk.com/price/

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made another stab downward overnight; bounced off $6384 low, still searching for a new bottom.

BTC $7,758 atm; pulled out of its sub-7K funk, with sub-6K dips, of the past ~6 weeks. https://www.coindesk.com/price

ETH $456

The "derivative" for Bitcoin (AKA an ETF) is coming and will most likely be approved this year

Quote:

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Originally Posted by StreetsOfGold

The "derivative" for Bitcoin (AKA an ETF) is coming and will most likely be approved this year

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There are several already including ETF’s...