You make a good point but there are more bitcoin critics than the ones who are bitcoin believers on the forum and they certainly do not believe bitcoin would hit $100K this year Check out the Bitcoin price thread around May-June when they were calling for $20K and $10K and lower and I told them to buy and look ahead to the end of the year (Oct-Dec) as possible time for bitcoin to hit $100K and higher There are several threads celebrating the hard pullbacks in bitcoin, you can see them on this forum However, all of that being said, hitting $100K does not mean the end!!! If bitcoin does not hit $100K this year, is that a reason to sell your bitcoins??? If bitcoin hits $100K this year or next year, so what????? I'm holding bitcoins now and will continue to hold bitcoins even when (if) it hits $100K I might sell one if btc hits $250K next year, but not fully decided on that Anyway, my point is holding bitcoin is like a religion. It's a belief system. $100K price per bitcoin is nice, but what's more important is adoption Increase in users, increase in things like countries that buy and use it for legal tender, more public companies using for treasury reserve assets, US Bank and other banks allowing customers to purchase on their accounts, a bitcoin spot etf, JP Morgan, Morgan Stanley, Goldman Sachs and others of the likes allowing their wealthiest clients to invest in bitcoin, PayPal, Visa, MC, Google Pay, integrating for payments, etc, etc, etc That's more important than a $100K price tag for 1 bitcoin. That's true value
This is something I completely agree with and I think of it like this. The PoW thing is I think akin to very old technology, much like the internal combustion engine. PoS is really what's going to be the future in my opinion (like the electric car), if decentralized coins are the future (the threat of CBDC is still ever present). But this shift will be very obvious when things like on-chain analytics point to movements and hashrate starts to decline. The only shitty thing is that price is going to probably first plummet before these other variables show the turn. For example, if you consider that only 10% of coins are on an exchange (just guessing at this number but I know its low), then this very small amount has a lot of pricing power). If price drops 50%, in hours or days, then 60%, then 70%, it won't matter if you see the whales now start moving their coins to sell because the major move has already happened. Its kind of funny to think, but also very accurate, that perhaps 5% of the coins have the power to price the other 95%. The hashrate thing got a bit of a test when China went dark, but because everyone was expecting this, there was no reaction. But I can imagine that the hashrate chart might look something like the chart of Enron stock. Just a gradual decline at first, and then a very fast one. I saw yet another amazing video from Max Maher about trying to figure out if ETH was overvalued, and especially in reference to SOL. (honestly, I learned more from him after watching about 20 hours of his videos than I have known about crypto for the past year). In the video, he mentioned how watching miners is a very good metric. They wouldn't spend all that money to set up ETH mining if they didn't think it was going somewhere. But at the same time, he said that if PoS takes over, then all those miners are out of a job. So I'm not exactly sure of how the transition will look, if its a slow and steady decline, or a sudden shock, but adoption as you say is perhaps one of the most important metrics and this is something that can be tracked in several ways.
can you post links to his videos. He created tons of content, if you already did HW, would greatly appreciate if you share. Thanks
Yup, that is exactly the key... he did the work and shares the knowledge. He isn't like most of the other losers with huge channels that only pump. Here is the link to his videos. https://www.youtube.com/c/MaxMaher/videos This is an interesting one where he shows how he can make 30% on lending out USDT on the kucoin exchange. It honestly sounds bullet proof. And yes, we all know what we think of USDT, and he addresses that because if it goes down, so does much of crypto. Would love some honest input from anyone reading about this method. Not that I'm planning to do it, but its good to read different perspectives.
Yea I'm not saying Bitcoin can't hit 100k, it very well could and beyond I'm just saying in this bull run (the one since it hit 30k a few months ago). Or more accurately before taking another 50% dive. I don't take my cues of what goes on in ET, I take my cues of headlines of various sources, Reddit, and anything else that catches my eye. I've seen so many 100k targets that one lesson I learned is that when everyone is saying the same shit the opposite usually happens. The reason I'm starting to sell (although i will never sell all of it, because you simply never know) is that I believe I can rebuy back at a lower price at some point in the next year. And yea I'd rather not be religious about it because that's how you baghold hold a position into the ground. For now Bitcoin is the clear leader but the energy usage makes me doubt it's long term viability. PoS seems to make more sense to me and who knows etherium could take the crown at some point. So I got an equal position in that too and a few others.
I got it and thank you for taking the time to respond and clarifying. Everything you said makes sense now especially the news and reddit references on the 100k target I hold bitcoin as my dedicated permanent bag, but I do not see other coins as threats. If Ethereum overtakes bitcoin in market cap, I will be very happy for the Ethereum holders. My exposure to Ethereum is through NFT's which are currently on a major pullback My other positions are on the BSC, cake and monsta (which was a very tiny position that has gone on an insane pump the past week and is now a 10-bagger. Anyway, the reason I'm saying I have other altcoins in the portfolio is to show I'm not a bitcoin maxi that is against other coins I see the whole cryptos industry as one big ecosystem. The more crypto projects are successful, the better it is for everyone who are part of it, bitcoin, ethereum, solana, fantom, dot, and all their sub-projects I am orange-pilled to the point that my Bitcoin belief is extreme and will hodl through a bear market