Price of gold and silver flying, cryptos too

JR_Rustler_III

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They've been working on that digital yuan, remember? At the time I wondered if they'd see bitcoin as competition.
No, I think they see Bitcoin as a complement to their digital yuan, not as competition. Remember the Chinese have been accumulating a huge hoard of gold over the last 15 years. They understand the importance of monetary stores of value.

gold : yuan
bitcoin : digital yuan
 

Italo-Canadian

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You understand that Bitcoin in a wallet that is in your physical control means they are "literally in your hands", right?
No, it isn't literally in your hands: the bitcoin is on a server somewhere in the world (maybe China or Eastern Europe) - it literally does not exist in the physical realm. Some volatility exists in precious metals, but it isn't in the same ballpark as cryptos: by definition, extreme volatility precludes bitcoin as a store of value because the "value" (what you can get for it) is all over the place.
 

Italo-Canadian

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For what purpose???
It's an index that tracks the USD against a basket of major currencies (I believe Euros, Yen, British Pounds, Canadian Dollars, and Swiss Francs). It's a better barometer of the health of the USD than comparing it to a single currency.
 

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No, it isn't literally in your hands: the bitcoin is on a server somewhere in the world (maybe China or Eastern Europe) - it literally does not exist in the physical realm. Some volatility exists in precious metals, but it isn't in the same ballpark as cryptos: by definition, extreme volatility precludes bitcoin as a store of value because the "value" (what you can get for it) is all over the place.
I'm no expert but I'm pretty sure that's not how it works at all. My understanding is that bitcoin exists on the ledger, which exists everywhere mining occours.
 

JR_Rustler_III

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It's an index that tracks the USD against a basket of major currencies (I believe Euros, Yen, British Pounds, Canadian Dollars, and Swiss Francs). It's a better barometer of the health of the USD than comparing it to a single currency.
Yeah, I know what it is. It's not really good for much is my point.
 

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I'm no expert but I'm pretty sure that's not how it works at all. My understanding is that bitcoin exists on the ledger, which exists everywhere mining occours.
The bitcoin resides on the blockchain, copies of which reside on servers all over the world. The keys to your bitcoin reside in your wallet. If you control the wallet, you control the keys.
 

Italo-Canadian

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I'm no expert but I'm pretty sure that's not how it works at all. My understanding is that bitcoin exists on the ledger, which exists everywhere mining occours.
Point being cryptos do not exist in reality only cyberspace: it is The Matrix code...
 

glaucon

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No, it isn't literally in your hands: the bitcoin is on a server somewhere in the world (maybe China or Eastern Europe) - it literally does not exist in the physical realm. Some volatility exists in precious metals, but it isn't in the same ballpark as cryptos: by definition, extreme volatility precludes bitcoin as a store of value because the "value" (what you can get for it) is all over the place.
The value is up on average of 200% each year, despite the volatility. Bitcoin outperforms literally every single asset. Gold underperforms every other asset.
 
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Paul Harrell

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The bitcoin resides on the blockchain, copies of which reside on servers all over the world. The keys to your bitcoin reside in your wallet. If you control the wallet, you control the keys.
Right. The blockchain is the thing that syncs the ledger, which is kept up to date through the process of mining, correct?

So it isn't like the bitcoin sits on a server somewhere. It exists anywhere the blockchain is accessed/updated. Basically it's on the "scoreboard" (which is the ledger/blockchain), and the miners are all keeping score together, synced through the blockchain. So the blockchain and therefore the bitcoin is never really in a singular physical location. At least that's my understanding.

That's why it's meant to be a big problem when the last bitcoin is mined, right? The idea being that since mining is what keeps the blockchain alive, there will be no incentive to crunch the numbers after the last coin.
 

JR_Rustler_III

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Right. The blockchain is the thing that syncs the ledger, which is kept up to date through the process of mining, correct?
The blockchain IS the "ledger"

You can maintain a copy of the blockchain on your own server, without actually mining. But if you mine, you have to maintain a copy of the blockchain.

That's why it's meant to be a big problem when the last bitcoin is mined, right? The idea being that since mining is what keeps the blockchain alive, there will be no incentive to crunch the numbers after the last coin.
No. Miners make money two ways: they get paid if they mine a new block, but they also get paid fees for verifying transactions. So when the last bitcoin is mined, bitcoin miners will still get transaction fees.
 

Paul Harrell

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The blockchain IS the "ledger"
Well that's what I thought, but when you responded to my first post it seemed like you were making a distinction between the two things.
 
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CharlesWorthing

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any thoughts on where this crypto retrace will go?

Are xmr, litecoin, etc going to follow bitcoin?
 

Virtual Goy

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antibody else in here who got rekt? what are you doing with your alts?
 
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Isolated

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antibody else got in here who got rekt? what are you doing with your alts?
I didn't get rekt, and I don't think most people got rekt.

Moar like half-rekt.

I'm not doing anything with my alts until I either get fully rekt or unrekt.

Whether this is smart or not, I don't know and am like "whatever".
 

CharlesWorthing

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antibody else in here who got rekt? what are you doing with your alts?
I was about to put some money in. I had crypto back in 2013 but sold too soon.
 

Virtual Goy

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even strong bluechips such as Solana, Matic and Polkadot are tanking.
 
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Simp Patrol

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antibody else in here who got rekt? what are you doing with your alts?
I got rekt. I put everything into BTC around 55k and stopped paying attention. I lost interest staring at charts all day because technical analysis just isn't reliable anymore and everything is going up anyway and I'm not going to outperform HODL by trading. Or so I thought. No idea what to do now, just holding onto my losing BTC bag.
 

Aryan Uprising

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I got rekt
Oh dear.

Until recently you could buy Bitcoin tracker within a UK SIPP pension (no need for wallets etc), but the FSA stopped people buying bc too volatile! Probably same situation globally with US 401Ks etc. I've no idea what total holdings are, but no more can be bought, only held or sold, so there's probably a lot of BTC gonna be sold off from that source, which will be a downwards pressure on value.
 
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I have Bitcoin, Litecoin and ICP (on what now seems a badly thought out bet) and am not doing so good like everyone else. Are you guys just gonna keep on holding? I feel like it’d be a waste to cut my losses and cash out now because it has to go back up eventually right? I’m really new at crypto and have just been casually buying in my cell phone. I bought into Bitcoin at around 30k for the main amount and then I just kept putting in like $100 every other week or so whenever the price dipped down a little bit and otherwise didn’t think about it. It was money I wouldn’t miss too much and I’m not by any means ruined but idk what I should do I’m hoping it goes back up again I guess...
 

Sambo:FirstBlood

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I pulled out initial investment and then some when LINK hit 20 and am letting the rest ride, BTC and some alts + a couple low MC shitcoins. Worst case I doubled my net worth so I can't be mad. Might pull out if I come across property that I want to buy, but otherwise I'm in it for the long haul.
 

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Tanked131

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I have Bitcoin, Litecoin and ICP (on what now seems a badly thought out bet) and am not doing so good like everyone else. Are you guys just gonna keep on holding? I feel like it’d be a waste to cut my losses and cash out now because it has to go back up eventually right? I’m really new at crypto and have just been casually buying in my cell phone. I bought into Bitcoin at around 30k for the main amount and then I just kept putting in like $100 every other week or so whenever the price dipped down a little bit and otherwise didn’t think about it. It was money I wouldn’t miss too much and I’m not by any means ruined but idk what I should do I’m hoping it goes back up again I guess...
Group I am in believes it will go up. The technology with blockchain is strong still
 

Paul Harrell

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I was on the record multiple times, calling the top in bitcoin, I hope those who owned it sold it 65-67 when I said so. 30 is a bounce level, then it’s going lower. Gold will start going up from here especially platinum & silver
You always seemed to have a very clear head about this, and once I saw you throwing down the big shekels on the streams I knew you were the real deal. The moment I saw your call at the top I knew it had to be a wrap. Like, you'd have to be smoking crack to be bullish at the top of a green candle higher than the Burj Khalifa anyway, but I've found that the best gauge for me to know when it's bear time is when the people who really make bank say so.

It happened the same way last time it crashed. Every two bit retard on YT was like "haha bro it'll keep going up don't worry." Every normie you walked past on the street was buzzing about bitcoin, but the few smart traders with good calls, sober analysis and a big boy stack said right at the start of the slide "yeah guys have fun, I'm out of crypto for the foreseeable future."

To anyone who wasn't smart enough to not get rekt this time, you might want to do this: Next time you see an array of mile high green candles in the shape of a hockey stick, you probably missed the boat. If you made it on the boat, then hopefully you're aware of a low profile (not some giant account on twitter), successful trader that you can watch to see if they warn to get out.

Basically if everyone and their dog is saying "Bitcoin 100k EYO!!!!", then the moment you see someone that makes good calls turn bearish you take your profit.
 
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