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Prediction: Bitcoin Will Hit $100,000 by the end of 2021


Barry McCockinner
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31 minutes ago, Biggs said:

Fiat money is backed by supply and demand and the credibility and stability of the issuing country.  

What does this even mean?

If the total money supply is 1000 moneyThings and I do a job that earns me 2 moneyThings should I be happy that my 2 moneyThings now have 50% less purchasing power a week later when the issuing country increases the money supply to 2000 moneyThings because the country has good credit and stability?

That money isn't working good for me. The value I created when I did that job didn't change, only the value in the moneyThings I received did.

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Since the USA went off the gold standard more people around the globe have stopped living in starvation and we have created the largest global middle class in human history in the shortest time in human history.    The idea that the collective "we" are getting poorer because of the creation or destruction of US dollars by the fed is simply ignoring the reality of world history and current human wealth.

Do you think the purpose of money is to distribute wealth globally? It's not. The purpose of money is so we can exchange and store value without having to directly barter goods & services. We no longer have to put a chicken in the g-string of a stripper as a tip - what a glorious time to be alive @CTM .

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You might be able to make an argument that wealth in the US has been disproportianately distributed and many people are getting poorer.    In real terms collectively we are still getting richer.  The distribution effect is probably the result of fiscal policy since monetary policy is growing the economy and wealth effect.   The fed also doesn't control the velocity of money.  Without that inflation of the magnitude of a fire in a theatre doesn't exist. 

The spending power of the dollar has gone down significantly since we've gotten off the gold standard. Are you happy to distribute the value you've created to other people? I don't want to turn this political but this legit sounds like some socialist/commie sh*t.

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35 minutes ago, Barry McCockinner said:

What does this even mean?

If the total money supply is 1000 moneyThings and I do a job that earns me 2 moneyThings should I be happy that my 2 moneyThings now have 50% less purchasing power a week later when the issuing country increases the money supply to 2000 moneyThings because the country has good credit and stability?

That money isn't working good for me. The value I created when I did that job didn't change, only the value in the moneyThings I received did.

Do you think the purpose of money is to distribute wealth globally? It's not. The purpose of money is so we can exchange and store value without having to directly barter goods & services. We no longer have to put a chicken in the g-string of a stripper as a tip - what a glorious time to be alive @CTM .

The spending power of the dollar has gone down significantly since we've gotten off the gold standard. Are you happy to distribute the value you've created to other people? I don't want to turn this political but this legit sounds like some socialist/commie sh*t.

Money backed by gold has lead to 6 global depressions and 2 World Wars.   Money that you earn today that you spend today isn't impacted by inflation.  Money that you earn tody that you don't need today can be invested and over time generally beats inflation.

Inflation, deflation and depression all existed when money was backed by gold.  

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23 minutes ago, Biggs said:

Money backed by gold has lead to 6 global depressions and 2 World Wars.   Money that you earn today that you spend today isn't impacted by inflation.  Money that you earn tody that you don't need today can be invested and over time generally beats inflation.

Inflation, deflation and depression all existed when money was backed by gold.  

Hitler and the National Socialists trying to take over the world is why we had 2 world wars.

Investing in things you don't control to store your wealth is a game you can play and most need to play when the money is broken. Winning that game doesn't mean the money isn't broken.

The federal reserve is the cause of inflation & deflation, not gold.

If only we had a technology that would allow us to have a type of money that was scarce, easily transferable, easily divisible and not controlled by a central authority we could solve all the issues with our broken money.

 

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32 minutes ago, Barry McCockinner said:

Hitler and the National Socialists trying to take over the world is why we had 2 world wars.

Investing in things you don't control to store your wealth is a game you can play and most need to play when the money is broken. Winning that game doesn't mean the money isn't broken.

The federal reserve is the cause of inflation & deflation, not gold.

If only we had a technology that would allow us to have a type of money that was scarce, easily transferable, easily divisible and not controlled by a central authority we could solve all the issues with our broken money.

 

We had a run on the banks globally when the world was on the gold standard.  Everyone had gold backed money, no roof over their head, no food and were close to naked.  There was a global depression going on before WW2 started.  Hitler wouldn't have gotten power if central banks and governments had the tools to get us out of the global depression. 

I live in a democracy.  I much prefer our elected officials and a Central bank with accountability with tools to manage the economy than the act of mob who when they feel fear, run to the banks to clean out their countries gold reserves.   The gold standard was a complete dissaster. 

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20 minutes ago, Barry McCockinner said:

Why is it fake? Wouldn't surprise me if Elon was just putting on a show but he already invested a big chunk of real money.

I think he wants twitter to be bought by Google or another company to pump up his investment.  

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4 minutes ago, Biggs said:

We had a run on the banks globally when the world was on the gold standard.  Everyone had gold backed money, no roof over their head, no food and were close to naked.  There was a global depression going on before WW2 started.  Hitler wouldn't have gotten power if central banks and governments had the tools to get us out of the global depression. 

I live in a democracy.  I much prefer our elected officials and a Central bank with accountability with tools to manage the economy than the act of mob who when they feel fear, run to the banks to clean out their countries gold reserves.   The gold standard was a complete dissaster. 

The central banks caused the damn global depression.

Gold was not the problem. It was the central authority monkeying around with the money supply on top of it. Absolute power corrupts absolutely.

Central banks are a complete disaster and you're about to witness the end of the USD as the global reserve currency over the next decade. You say the USD is backed by the credibility of the issuing country - well what credibility do we have when we simply tell a country their USD is frozen and they cannot use it? 

You may personally trust the unelected central bankers and corrupt politicians. Many don't, and for very good reason.

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1 hour ago, Barry McCockinner said:

We no longer have to put a chicken in the g-string of a stripper as a tip.

I have an international economics degree and wrote my graduating paper on the impact of education and technology on developing economies. I've worked at 3 top hedge funds, and currently am the head of a global team for the largest CIB in the world. 

In all of my years of studying monetary policy or practicing it in the economy, never, ever have I come across a thought as glorious as this. 

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9 minutes ago, greenwichjetfan said:

I have an international economics degree and wrote my graduating paper on the impact of education and technology on developing economies. I've worked at 3 top hedge funds, and currently am the head of a global team for the largest CIB in the world. 

In all of my years of studying monetary policy or practicing it in the economy, never, ever have I come across a thought as glorious as this. 

I really hope this is legit. 🤣

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52 minutes ago, Barry McCockinner said:

I really hope this is legit. 🤣

100%, true. 

Thoughts in my head since reading that about an hour ago:

  1. A stripper trying to perform on the pole with parts of multiple chickens popping out of multiple parts of her g-string
  2. The line outside of the strip club with people corralling multiple chickens waiting to get in
  3. Waitresses attempting to navigate through a packed strip club with humans and chickens
  4. The blended smell of stripper juices, perfume, and a chicken coop
  5. The nearby gas station which keeps reserves of chickens so that when guys want to go to the strip club and only have cattle, ox, or pig, they can stop and exchange them for chickens to be used in g-strings
  6. The velocity of stripper chickens
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1 hour ago, Barry McCockinner said:

Why is it fake? Wouldn't surprise me if Elon was just putting on a show but he already invested a big chunk of real money.

Did he buy his shares with Bitcoin?

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  • 3 weeks later...
On 4/14/2022 at 12:01 PM, greenwichjetfan said:

100%, true. 

Thoughts in my head since reading that about an hour ago:

  1. A stripper trying to perform on the pole with parts of multiple chickens popping out of multiple parts of her g-string
  2. The line outside of the strip club with people corralling multiple chickens waiting to get in
  3. Waitresses attempting to navigate through a packed strip club with humans and chickens
  4. The blended smell of stripper juices, perfume, and a chicken coop
  5. The nearby gas station which keeps reserves of chickens so that when guys want to go to the strip club and only have cattle, ox, or pig, they can stop and exchange them for chickens to be used in g-strings
  6. The velocity of stripper chickens

this is a very limited view. think beyond chickens

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On 5/9/2022 at 10:37 AM, southparkcpa said:

So.....  we can fairly say that BTC is no  hedge against market volatility.  Welcome to the party pal. @Barry McCockinnerimage.thumb.png.2ee72a432eea25da2b437f7260b38b38.png

can you translate this to English?

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This morning, by unanimous vote of 7-0, the Financial Accounting Standards Board (FASB) agreed to add a project to review Accounting for Exchange-Traded Digital Assets and Commodities.

I saw it posted on twitter today as something good for bitcoin but I don't know wtf it means.

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5 hours ago, Barry McCockinner said:

can you translate this to English?

I saw it posted on twitter today as something good for bitcoin but I don't know wtf it means.

Meaning, as the market was dropping, so was Bitcoin. It appears to NOT be inversely correlated to the market. 

FASB? That's the governing body of accounting standards and apparently they believe a standard uniform method for accounting for crypto need be "codified".   Makes sense actually.  

 

 

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9 minutes ago, southparkcpa said:

Meaning, as the market was dropping, so was Bitcoin. It appears to NOT be inversely correlated to the market. 

FASB? That's the governing body of accounting standards and apparently they believe a standard uniform method for accounting for crypto need be "codified".   Makes sense actually.  

 

 

I was asking you to explain the FASB thing and you did. Thank you.

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9 minutes ago, Maxman said:

This crypto bath is brutal. I'm thinking of buying more though, there has to be a bounce back of some sort.

(I have not checked this morning).

I'm really hoping these prices stick around until June. My cash reserves are presently higher than usual because I'm waiting to close on a house and want to make sure we're all set w/everything. Couldn't help but fire a bullet into it but would love to unload the whole magazine at these levels.

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1 hour ago, Maxman said:

This crypto bath is brutal. I'm thinking of buying more though, there has to be a bounce back of some sort.

(I have not checked this morning).

XRP down 20% just today.

Same thing, I'll wait another week and get a bit more.

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2 hours ago, Barry McCockinner said:

I'm really hoping these prices stick around until June. My cash reserves are presently higher than usual because I'm waiting to close on a house and want to make sure we're all set w/everything. Couldn't help but fire a bullet into it but would love to unload the whole magazine at these levels.

I don't think I have nerve enough for that, but I would like to fire a few bullets lol.

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1 hour ago, Maxman said:

I don't think I have nerve enough for that, but I would like to fire a few bullets lol.

I save in bitcoin, not cash. I usually just keep enough of a cash reserve for emergency spending or things coming up. It's just the way I view things but I see cash as the most risky asset over time. 

bitcoin swings are large and you have to be able to stomach that but over time it eats inflation. Haters love to pounce on it when it has a downswing. Kind of an odd phenomenon, but I guess it's because bitcoiners are annoying. People will take exception with the inflation thing because we're seeing really high inflation reported today and bitcoin is down but inflation has been going on a lot longer than this past year. 

Maybe I'm wrong on the whole thing, but it's a hill I will die on and I put my money where my mouth is.

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2 hours ago, Barry McCockinner said:

This coin is what many blame the crypto fallout on - was worth over $80/coin last week. You can buy it for a little over a penny today. It's a total sh*tcoin and probably never going to be worth anything again but worth a little lotto ticket? Sure.

 

https://www.coingecko.com/en/coins/terra-luna

 

I think there definitely needs to be a consolidation of the market. So many coins, many of which offered nothing. No benefits but everyone was trying to get the next big thing.

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2 hours ago, Barry McCockinner said:

I save in bitcoin, not cash. I usually just keep enough of a cash reserve for emergency spending or things coming up. It's just the way I view things but I see cash as the most risky asset over time. 

bitcoin swings are large and you have to be able to stomach that but over time it eats inflation. Haters love to pounce on it when it has a downswing. Kind of an odd phenomenon, but I guess it's because bitcoiners are annoying. People will take exception with the inflation thing because we're seeing really high inflation reported today and bitcoin is down but inflation has been going on a lot longer than this past year. 

Maybe I'm wrong on the whole thing, but it's a hill I will die on and I put my money where my mouth is.

Yeah the cash thing is interesting. I have a much bigger risk appetite than my wife does. Kind of bugs the hell out of me having money sit there doing nothing at all.

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1 minute ago, Maxman said:

I think there definitely needs to be a consolidation of the market. So many coins, many of which offered nothing. No benefits but everyone was trying to get the next big thing.

I don't really understand what luna was doing but they were supposedly an "algorithmic stable coin" backed by bitcoin. The bought a crapload of  bitcoin up to back their stable coin UST. I think they used a bunch of leverage too. So when the price started to drop they had to sell bitcoin to make their algorithmic stable coin stay pegged at $1 and it started to fail causing their bitcoin to get liquidated which caused cascading liquidations.

UST is only worth 31 cents now instead of a dollar. So if you were trying to store your value in UST you got totally wrecked by this too.

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18 hours ago, Maxman said:

Yeah the cash thing is interesting. I have a much bigger risk appetite than my wife does. Kind of bugs the hell out of me having money sit there doing nothing at all.

I basically hate crypto but if you think of it as a risk assett class in your investment portfolio you can dollar cost average just like any other assett class and rebalance your portfolio yearly to reduce risk.  If you have more risk appetite than your wife rebalancing and dollar cost averaging should help both of you sleep at night.  

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20 hours ago, Barry McCockinner said:

I don't really understand what luna was doing but they were supposedly an "algorithmic stable coin" backed by bitcoin. The bought a crapload of  bitcoin up to back their stable coin UST. I think they used a bunch of leverage too. So when the price started to drop they had to sell bitcoin to make their algorithmic stable coin stay pegged at $1 and it started to fail causing their bitcoin to get liquidated which caused cascading liquidations.

UST is only worth 31 cents now instead of a dollar. So if you were trying to store your value in UST you got totally wrecked by this too.

The LUNA bitcoin holdings charted. 🤣

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On 12/30/2021 at 9:20 AM, Barry McCockinner said:

Yes, I definitely got it wrong so I have to take the "L" on this one. I take solace in the fact that anyone who listened to me when the thread was created is up 4-5x, so at least I didn't hurt anyone.

I still think we get there in 2022.

looking good

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