Topic: Bitcoin on its way to $100000?! - page 2. (Read 1224 times)

First off.   It seems best to try to avoid mixing up what government officials would like to achieve in terms of providing a lot of burdens upon bitcoin users in order to attempt to cause bitcoin transactions to ONLY happen through officially acceptable (and restrictive) channels - and whether they are going to be able to achieve such objectives.  Yeah, sure there are a lot of people who will likely just roll over until they realize what is happening, and then if there are tools available to conduct transactions more privately then individuals may well prefer to pursue those avenues of transacting (and interacting) and law makers are not necessarily detached from the desires of individuals - so the extent to which they are ready, wiling and able to carry out draconian measures and practices upon the population is still to be found out.. and I have my doubts in terms of just accepting that the govt. officials (and the status quo rich and institutions) are going to be successful in terms of controlling bitcoin rather than having to adapt to what bitcoin actually is and what bitcoin provides, which remains the possibilities to interact/transact without having each and every transaction traceable.. and surely some of the tools are still under development.. so yeah, developers are sometimes being targeted too...

Regarding your comments about young people being more enlightened than older people, that's a bunch of bullshit.  Seems to me that there are going to continue to be a variety of perspectives.   Sure, there might be some resistances for older people to adopt some technologies or to accept changes, yet that is not necessarily a bad thing, especially if they may well be recognizing and appreciating some of the important values of privacy and freedom.. so in that regard, young people are not always going to be the saviors in terms of being able to even appreciate how their smartness fits within a context of why some values might be more important than other values... including the fact that many times young people might get so blinded by their own thoughts of immortality that they do not really realize that there are limitations in their meat vehicle until they grow up a wee bit...

So my point is not to proclaim that old people are the solution, but instead to appreciate that there are likely a balancing of perspectives that need to be accounted for, and surely there is some truth towards concerns that older people are the ones who are in control of vast swaths of status quo wealth, so in that sense, change can sometimes take time when sometimes older people think about the world differently in terms of their risk profile and their desires to preserve wealth, and younger people may well frequently not have very much wealth, so they might not understand the importance of preserving wealth and instead be willing to take a lot of risks because they have nothing to lose..

And, yeah, I am writing a bit in generalities, too.. yet part of the point is that perspectives are going to vary based on age and socio-economic status, and surely there is likely going to be a lot of ongoing transfer of wealth that goes through bitcoin and even through some of the shitcoins, too... that ends up going to status quo rich that likely gravitate towards being older towards younger persons who may have taken some kind of stake in bitcoin.. and surely we still are in early stages of bitcoin adoption, too.. . so even a lot of young people have not realized and appreciated that they are going to be better off to be investing into bitcoin as early as possible with their time, energies and whatever value that they are able to generate whether through their labors and intellect or if they already come from wealth (or inherit it) to incorporate wise methods to allocate some of that wealth into bitcoin... building financial skills is not something that just comes without practice and attempts at learning.

Hi Wilhelm, now you get my point right? It is not that I am against regulation per se that aims at preventing fraudulent activities. What they want to achieve is that private transactions with decentralized currencies aren't possible anymore. If you have to prove the origin of funds every single time, it is much much different than what we experience when we sell our bike on ebay or craigslist for cash. Nobody in the world will ever ask you where the 150 Euro/USD are from that haven't been there yesterday!
The only way you can transact privately will be through verified wallet addresses with centralized verification and wallet service providers involved. I guess that could count as a very wordy description for a CBDC. Agree? There is no such thing as anonymous wallets with CBDCs, and that is essentially what they want to currencies like Bitcoin into, should the wider public refuse to adopt CBDCs.

In my personal opinion that's bad news. But I do see a possibility in the mid- to long-term future. All these 50 - 60 years old dudes running the councils and parliaments now will once be superseded by a younger, digital generation. The question than just is whether the banking sector by then is still equipped with the same political power as they are now. Or whether crypto businesses will take over.

I do agree that the best way for a country to accept bitcoin as a legal thing is to make sure that people are using it properly without any hidden coins anywhere plus do KYC and also show even the out address as well.

This would allow people to actually commit no crimes, pay taxes and feel alright about the fact that we are making a good income without worrying government will take it from us. Doesn't mean that it will result with bitcoin going up, it could still go down when a bad thing happens, but when it is as easy as that legally then there could be more people. Ukraine and Russia had to live through a war to realize this, I hope other nations wouldn't need the same.

Did you see my last quote reply to you regarding Open Platform

Just reading about the new EU rules they are considering.

I can understand registering transactions to and from €uros. Proof of ownership to stop criminal money and all...

But if they want us to register each transaction then they should do the same for cash money. Basically turning the EU in Hitlers fourth reich.

And maybe I'm a dumb fuck for stating the obvious but all transactions are recorded....it's called the blockchain...

In my country there is no legal requirement for persons to keep any books or record of transactions (only for companies) so there are going to have to big changes in laws.

Since I've been under review lately for another matter I've done research for my country.

Any bank, accountant or company must report unusual transactions like big sums of cash money etc.
They need to look into the source of the funds because they are on the hook if they support terrorism or fraud.
If you the holder of the assets can explain yourself there is no problem whatsoever.
If they don't believe you they refer you to the financial fraud division of the country.
They can choose to take up the case and look into it and if a crime is committed then indict you.

All this said you need to know who your customers are.
Nobody needs to report their assets or accounts but you will get questions when cashing out a shitload of €€€
Any owner of financial assets need to be able to explain the source of the money.

But that's how it works in my country....

So for bitcoin in my country it's best (not required) to provide a transaction history with a reasonable source to your assets.

I doubt that there are as many straight line factors to determine bitcoin's price as you seem to be expecting, and in some sense, the European Union may well be attempting to shoot certain kinds of precoiners in the foot - and also to drive private use of bitcoin underground, and perhaps they are going to have to start to imprison and start killing bitcoiners who are privately using their bitcoin to put their legislation to the real test regarding if normies are actually going to be following their attempts to impinge and control bitcoin.  In other words, attempting to drive bitcoin underground also has effects to drive bitcoin out of Europe and into other jurisdictions, and are you going to presume that other jurisdictions are going to attempt similar types of legislation?  Perhaps?  

Perhaps bitcoin is going to be driven to various "3rd world" locations (or "2nd world") that are not inclined to attempt such restrictive measures.  Sure, bitcoin is an evolving phenomena, and we are not going to have exact examples, yet I consider China's late 2016 and early 2017 efforts at locking a lot of their population out of bitcoin (by disallowing them to remove value from exchanges prior to KYC) to have had caused a certain segment of their citizens (those who had value locked on exchanges and unwilling/unable to venture outside of that) to have had gotten screwed out of the 2017 BTC price run.   You can argue that bitcoin suffered for that removal of liquidity, but I doubt that the evidence really supports any kind of meaningful claim except for some Chinese citizens having had gotten screwed by their government.

I believe that there are other examples such as Nigeria attempting pretty strong crack-down attempts on bitcoin, but overall Nigeria still has pretty large bitcoin adoption and the people getting mostly screwed are the Nigerians who are trying to toe the governmental line.. and similar arguments could be made in regards to the USA and Canada in terms of some of the citizens getting scared from buying bitcoin because they get scared about various threats from some of the lawmakers.... and they fail/refuse to invest, and really end up screwing themselves.

I believe that there are some earlier European examples that attempted to go in the more restrictive direction, and they largely end up scaring only a portion of the bitcoin community, and so there are going to be trade offs in terms of HOW BIG the European Union wants to strive to go, and the extent to which other jurisdictions might copy cat them or if they are scaring bitcoin usage into other jurisdictions and end up having little to no effect on bitcoin's price.. and surely in regards, to bitcoin's price governmental efforts to suppress or control it will ONLY be one of the factors, and it seems that overall low levels of Bitcoin adoption (still quite below 1%) is likely going to continue to have large effects that will likely offset Government efforts, unless the governments cannot muster enough will power to start executing bitcoiners, and I doubt those kinds of tactics are going to go over very well with bitcoiners.....

So, if your Bitcoin investment thesis is being suppressed or curtailed because you are fraidy cat of BIG bad government, then I would argue that you are likely screwing yourself more than anyone in your failure/refusal to sufficiently and adequately prepare for UP prices in bitcoin, whether $100k comes in the coming months or it takes a few more years to play out... If you do not have enough bitcoin to prepare for UP, then hopefully you are not spending too much time preparing for DOWN prices that might not happen.


Edited to add the below further response (perhaps repetitive?):


Hopefully, you are continuing to sufficiently/adequately prepare yourself financially and psychologically for UP in bitcoin, and despite various possible onerous government measures in some jurisdictions, probably questions regarding how much to allocate to bitcoin are still going to be about "how much?" rather than "whether?"  

In that regard, there are going to continue to be a lot of normies who continue to decide to underallocate to bitcoin because they put too much weight on possible draconian actions of governments in one jurisdiction or another, and surely there is no problem to attempt to keep value in various forms, and if your government is causing you disincentives to spend your bitcoin, then you are likely going to be spending their crap first, and you also may well be withholding some information from them in regards to all the various ways that you hold value.. and let's see who benefits from those kinds of behaviors or enforcement attempts?   Maybe again, the question comes down to what are the various ways that they are going to start to enforce disclosure requirements and these matters are surely still unfolding and vary from jurisdiction to jurisdiction.. and will they last and in which jurisdictions and what are the ways that you are going to possibly get scared out of preparing yourself for UP  (cut back on bitcoin a bit or give up?    

Those are surely individual choices regarding how much to allocate and what are going to be your various compliance behaviors and do you believe that you are going to have obligations to comply with every single requirement (whether draconian or not) that various governments (and perhaps financial institutions) begin to attempt to impose upon you because they seem to be in their own little desperate pickle.. and sure, the more desperate governments get, the more that they might be ready, willing and able to engage in desperate behaviors too.. are you going to completely roll over or not?  Not everyone is going to approach this matter the same, and how much you are already in bitcoin might cause you to consider the matter differently from someone who is even less into bitcoin and compared to a no coiner.  Are nocoiners going to continue to decide to stay no coiners merely because their government seems to be engaging in desperate behaviors?  Could the actions of various governments/financial institutions not end up cutting both ways in terms of incentivizing or disincentivizing bitcoin adoption and usages?    

I am not sure in how far you are aware of the details, but Brian Armstrong laid them out pretty well on Twitter and doing some research on that, it's true what he writes. It is as if you would have to show your ID card for every single transaction that involves cash. Even worse in crypto, you have to undergo a KYC procedure for every wallet address. Every transaction from 1000 Euro onwards must be reported to authorities, even your rent payment. As Armstrong says, even if you send your cousin who suffers from an emergency some money. It is pretty crazy if you ask me.

Proper blockchain analytical tools might be much better here. The examples you mentioned probably involve a little more money and the ordinary Joe could still live an ordinary life. Transactions or transaction clusters involving ISIS are probably exceeding 1000 EUR slightly. Even if smartly funneled, I guess analytical tools could catch them while still allowing other, law abiding people to transact with one another without getting X-rayed permanently.

To me this is going too far. It won't stop Bitcoin, but I stick to my statement that it could slow down adoption by quite a bit as I don't have to go through all the hassle if I stick to fiat.

The whole KYC thing has been here for a while with normal bank accounts.

IMO if you can vouch for the source of your coins and the fact that you've paid taxes on them, then there's not a big problem. If countries can tax crypto and prevent crime then there is no reason to stop it's adoption as legal tender.

But yes if you got them from ISIS, selling drugs or hacking MtGox then it's going to be problematic.

And I agree that it sucks if you have to jump through hoops to be able to buy/sell your funds.

I would agree, but I don't think it is all too much about the "if" here. Rather about the "when", taking into consideration shenanigans as they are about to be approved by the European Union. I think that does slow down the almost inevitable increase in Bitcoin's price on its way to 100k. Making unhosted wallets such a pain in the ass is bad and will slow down adoption. People here might know when and if to pass KYC and so on. But those from Europe who are new to crypto and like the idea of setting up their own wallet and play around, if they now have to go through KYC for every address they set up for themselves, that sucks so much!

Aren't we even well advised to set up new addresses frequently in order to preserve privacy? Now you soon might be forced in the EU to get them all verified, Imagine the hassle! I repeat myself, but I guess that is a pretty big bump in the road to 100k.

who gives any shits about shitcoins.. we are talking about bitcoin in this thread.. .. in that regard.... surprise    we seem to be getting up rather than down.. go figure?

By the way, it remains quite likely that the UP portion of the 4-year cycle has still not played itself out.. inspite of bitcoin naysayers hoping that the UP is over.. or possibly newbies are prematurely asserting that the bull-market is over, and going so far as to proclaim a bear market when there is not even close to enough evidence to support such an assertion.. especially since we already had two 50% plus price corrections in the past year... so it seems like nearly a pure dream to be proclaiming continued drops past what we have already seen - especially those folks waiting for either below $20k or lower $20ks.. and we barely experienced mid-$30ks in our most recent price drop that reached its bottom on January 24th.

At this point, surely it is difficult to get too smug about the $32,951 bottom of 1/24 as being in.. but we surely are getting close to having greater and greater confidence that the bottom may well be in.. around 50/50 at this time... so hoping, praying or expecting for further down is getting further and further from likely, so those who have sufficiently/adequately prepared for UP are likely in a better position at the moment.. rather than those holding onto their dollars and waiting for lower BTC prices (worse for those who sold BTC during this correction especially in the mid $30ks and expecting to buy BTC back lower.. there are some of those for sure).

Bullish market will soon come despite that the market of cryptocurrency now is changing from red to blue color and i know well that cryptocurrency will recover it market, but people is saying bearish is taking over this year in cryptocurrency since it doesn't change from dip till now

Bitcoin is being adopted by Russia is truly a good news but that's not alone because there's also bad news and that is they can't use it for now because they are currently in sanction. They cant export oil and crypto transaction coming from their country is also said to be blocked. Metamask wallet and as well as other crypto exchanges have already taken a step with this.

50k for btc is more possible, btc will only need 5k more for it to come true but for 100k? Hmm I am not sure with it for now. First, let see what the month of April brings to us but usually good things will happen to crypto by start of the ber months i.e October and onward.

Of course bitcoin can go $100k but I don't think if this year will happen because it seems bitcoin is not ready yet to reach $100k, it's still struggling to recover and the market is always bull trap.. I agree with your indicator that in 2023 bitcoin will reach $100k..

I am having some troubles - especially with your last line.

You are recognizing that BTC prices are not far from $100k.. but also seeming to suggest a need for some kind of exponential event.

Remember BTC prices have already made it to $69k.. and thus $100k is ONLY about a 45% increase from that $69k price.  Yes, we are currently at a bit more than $44k, so $100k would be right around 125% price rise from here...

Yeah, such price appreciation up to $100k would not be a cake walk,  but I would not presume bitcoin to be incapable of decently correction minimized price jumps of 5x-20x within relatively short periods of time.  Current market cap does not cause those kinds price runs to be out of the question, even if such price runs are likely to be lower chance events... in other words, it seems that people who speculate about $100k as being some kind of outrageously high price for bitcoin in which everyone is too rich to sustain it, seem to be failing refusing to recognize that people had similar ideas about $10k - especially in 2015, 2016 and 2017.. and even when many faces were melted.. bitcoin got to $10k and even doubled $10k for a short period of time without a whole hell of a lot of effort - even though it took another 5-7 years before $10k became a not too likely to be seen again bottom.... good luck to anyone still waiting for BTC prices in the $10k arena, even though not that long ago, $10k was a pretty difficult to imagine price for a lot of folks - beyond the seemingly bitcoin delusional.

Bitcoin being made by Russia as a medium of exchange for oil is one of the biggest news in the crypto world. we know that after entering the top 5 countries with the world's largest oil producers and having huge transactions, with this adoption by Russia we will see a very large domino effect, it will take Bitcoin to $100k.

Constantly good news from the Russian side: Russia considers accepting Bitcoin as a payment when selling oil and gas to their friendly countries and now they are ready to adopt bitcoin and crypto in the economy their. I hope bitcoin will hit 50k in april and no further drop this year.
100k$ its not difficult with bitcoin but certainly not this year it will take one more super cycle for bitcoin to hit 100k$.

You must be new here.

More positive news relative to bitcoin is taking place around the globe. Even at the worsened war situation, countries used it according to their need to overcome financial difficulties. The price which fell once after the start of the war started to progress then after specific time period. Now after a month of war the price have broken several resistance barriers.

Today the Russian Prime Minister have revealed a statement, it is time to integrate bitcoin and crypto into our economy. This will turn to be controversial as well as a key factor for bullish move. More of the positive things increases the chance of $100k at the earliest.

Since the last few months bitcoin has experienced a very deep price correction from the price of the ATH level. But right now, the bitcoin price has continued to rise until it has risen to the current $44k range. Therefore, if the target price for this year is $100k, then I think it will be difficult because to reach the target price of $100k there needs to be a long rally and strong support from the crypto market. however, if the uptrend continues, bitcoin could hit its $100k price target at least next year.