Bitcoin reaches $10K

Six months ago I wrote a thread about the adoption of bitcoin, how it continues to achieve new highs in terms of transaction rates, mining profitability, institutional investment and adoption, as well as widespread use. I wrote this thread because the usual know-nothing morons on CNBC kept shouting that BTC would go to zero, that no one was using it or any other cryptocurrency, and corporations like JP Morgan were "warning" their customers about it...But curiously, they were in the process of accumulating massive amounts of Bitcoin. So I had to say something.

Bitcoin Going to Zero? Not Likely

originally posted by: projectvxn

To counter the idea that BTC will go to zero I'd like to point out a few things that are being done today, right now, that proves this position invalid:

Let's start with something closer to home. We've all heared about a few of the financial giants packaging instruments for their customers based on Bitcoin. But even closer to the people is Coinstar. Seen in many grocery stores and local banks, Coinstar converts your spare change into a redeemable voucher for cash. They have now taken this idea to the crypto space, offering BTC via the same voucher method, redeemable online at Coinme.com, all you would have to do is make sure you have a wallet address to send it to.

www.coinstar.com...

Recently a satellite was launched that broadcasts the BTC network around the world all the time.

It's called the Blockstream Satellite and you can access it now. This means you can access Bitcoin from nearly anywhere in the world almost all the time. With more satellites, coverage will increase to a 100% uptime for the BTC network. This is a massive investment and undertaking for a currency that is "going to zero".

We also see the stock market responding well to BTC based businesses. Today's success story is BitPay, which helps existing businesses set up the means to accept Bitcoin payments. Their stock, despite the crypto market trading at make or break levels, seems to be doing quite well for itself. This is an important indicator as to what real people on the ground that use BTC for real business think is going on.

cryptonews.com...

Stephen Pair, Co-founder and CEO of BitPay, said that “To process over USD 1 billion for a second year in a row despite Bitcoin’s large price drop shows that Bitcoin is being used to solve real pain points around the world.” Sean Rolland, Head of Product of BitPay, also adds, “Bitcoin has the network effect around the world and we are still extremely bullish on Bitcoin and the Bitcoin ecosystem.”

Bitcoin is NOT going to zero.

Not only did Bitcoin NOT go to zero, adoption rates have continued to rise and today I enjoy a $10,122 price point. I expect that Bitcoin has a much longer road ahead. We're looking forward a year toward the block reward halving, which will halve the inflation rate of Bitcoin and shoot the price up immensely as the block reward for mining Bitcoin will be reduce from 12.5 BTC to 6.25 BTC. The inflation rate is the rate at which new BTC are mined and will naturally be cut in half as well. This is inherent to BTC. No one is controlling this. Block halving will continue until the last BTC is mined in 2140 (give or take).

BTC has also been named the best investment of 2019, and we haven't seen anything yet. Bitcoin and the blockchain in general is the technology needed to create the distributed automated economy I envisioned in The Machine Economy in the Spring of 2018.

The Trump administration has been incredibly friendly to the crypto market and individual states (like Wyoming) are trying to create blockchain economies. In the city of Reno, Nevada a Blockchain company (Blockchains LLC.) bought 70K^2 miles of land to build a fiber optic connected blockchain town. We have the Blockstream satellite, and many other technologies based on Bitcoin and blockchain continuing to expand the reach of this new market.

HTC and Finney have both released their own Web 3.0 enabled native blockchain phones. I own the HTC.

Samsung has MASSIVE investments and support for blockchain based decentralized apps (DApps), KT (Korea Telecom) is building a blockchain/5G enabled telecom infrastructure. Kroger recently ditched VISA and is in negotiations to test the Bitcoin Lightning Network as a new payments system for their customers.

Bitcoin isn't going anywhere. It's here to stay and will continue to grow in popularity and value.

I am NOT a financial advisor or a damned oracle. This is an opinion based on observations in the market

a reply to: projectvxn

Mt.Gox man, stole a chunk of mine, but still watching

a reply to: Zcustosmorum

Luckily the days of having to leave coin on exchanges are over.

Mt. Gox was bad. Sorry you got caught up in that #.

a reply to: projectvxn

Shill me some altcoins bruh..

originally posted by: projectvxn
a reply to: Zcustosmorum

Luckily the days of having to leave coin on exchanges are over.

Mt. Gox was bad. Sorry you got caught up in that #.

Your funds are SAFU on binance though...

a reply to: ReligiousQuestionDude

lol.

Hardware wallet. Not your keys, not your bitcoin.

a reply to: projectvxn

I say we shouldn't get cocky and remain cautious.

We have to worry about things like what happened in China, though I am not sure of the details.

A few other countries has made it illegal in various ways for various reasons.

Thought it is almost impossible to stop people from using it, enacted laws in whatever countries can effect the market price.

Its definitely on a run, but who knows when it will stop and if it will collapse after the run!

300% return since Christmas..
Bitcoin will run upto $20000 by the end of summer.

Don't bother with the new Facepalm coin either. Where's the way to make a profit??

a reply to: UKWO1Phot

Facebook is trying to rule the world with the Libra coin.

I hope it's blows up in their fascist little faces.

originally posted by: UKWO1Phot
300% return since Christmas..
Bitcoin will run upto $20000 by the end of summer.

Don't bother with the new Facepalm coin either. Where's the way to make a profit??

I hope you are correct. I'm the idiot that bought at the top in December 2017. Oops!

I only put in what I could afford to lose, so no big deal. But winning is better than losing.

a reply to: TommyD1966

We all got hosed in 2017 in one way or another.

It is important to note that this isn't the same market as 2017.

This market is actually healthy and REAL investment is pouring in because there is real value being created via blockchain serivices, DApps, smart contracts, and increased adoption both at retail and institutional levels.

From the thread Bitcoin Going to Zero? Not Likely - Post from 23-May-2019

originally posted by: projectvxn
It's starting to look like the market will support a 10k per BTC target price this year. But it may be mid-June or early July before we see that. No epic bull run until 2020 or later.

There's a lot of BTC moving into Alts and we're seeing a little profit taking here and there. The momentum seems to be pretty bullish to me. Lot's of big money investment, lot's of retail adoption, massive transaction volumes (use case realization), all indicate a healthy investment and not the frenzied craziness of 2017.

A lot of good products are rolling out their main net projects in full and the implementation of 5G over the next 2-5 years will massively incentivize blockchain development, deployments, and transactions. With future 5G enabled IoT devices being capable of running full blockchain nodes, validators, stakers, and any other protocol validation system.

This will also massively increase the availability and capabilities of DApps and P2P financial transactions.

If you're not invested in robotics, AI, automated systems, FinTech, 5G systems developers and blockchain for the IoT and Machine Economy, you definitely should be. This will make up the future of our society in many ways.

This is what the market is today.

We are heading into hyper inflation like Venezuela.

I bet we see 40.000 dollar bitcoin by the end of the year.

a reply to: booyakasha

The inverse price action being caused by the Chinese yuan has more of an effect right now than a collapse of the US dollar or even the prospects of it.

This is NOT to say that this could not happen. There are a lot of pressure points on the dollar and they continue to get more intense as inaction over time by the US Government and the Fed persists.

The president is trying to pay the debt with cheap dollars but it seems the Fed has other plans. For some reason, they seem hell bent on ensuring that paying back the debt we have is near impossible. So inflation doesn't suit them. This is why they are raising interest rates. They're burning dollars through systemic attrition. They know that compounding interest affects nations as well. The Fed is actively working against the interest of the US Government.

The reality is, with our economic expansion as it is, we would definitely make a huge dent in our debt over the next decade if we kept interest rates low and committed to paying it down with cheaper dollars by force of law. Then the Fed could start their dollar burning program and arrest the inflation rate. The good thing about fiat currency is that it is malleable and easily manipulated, but only for so long. The bad thing about fiat currency is that it is malleable and easily manipulated, but only for so long.

The good news is that either way, Bitcoin wins.

Watching BTC market dominance inch back up toward 60% is like watching a heavy-duty spring being compressed slowly, to be released abruptly. When that spring is released a huge chunk of that energy is likely to be released onto the alt-coin market which has not actually had the same rally that BTC has enjoyed.

The alt-coin bull market hasn't even arrived yet.

Bitcoin now at $12K

originally posted by: projectvxn
Bitcoin now at $12K

Keep it going. I'm another idiot that bought in near the top of the last run. Like the earlier poster though, I just threw some disposable cash at it so it wasn't that big a deal. I'd love to see a return, but not at the expense of my more traditional investments crashing.