/biz/ - Business & Finance

Compare BTC with gold
Compare BTC with stocks
Realize that if every African would put 0.15$ in that is more than the whole mcap of BTC

>>16624764
Nowhere. All traders are currently expecting to get rich in a year because of the halving meme. Unironically BTC is going to violate the long term log chart causing true capitulation.

>>16624829
>>16624829
But they won't because they are buying OneCoin. Better marketing, a well organized network of shills and massive gains. BTC is competing against scams that have much better way of getting new money, especially the dumb money. Same in China. Fairwin, Plustoken, Cloudtoken. Retarded schemes that shouldn't exist get BILLIONS because it's that easy for them.

>>16624829
>Realize that if every African would put 0.15$ in that is more than the whole mcap of BTC
What the fuck, how many niggers do you think there are?
That comes to $200M

>>16624829
>Africans will pump bitcoin

They’ll need electricity first lmao

>>16624764
I agree. I don't think it will affect price.

>>16624899
Akon got you covered senpai
https://en.wikipedia.org/wiki/Akon_Lighting_Africa

>>16624764
>the median amount — the value separating the higher part — of cryptocurrency owned by U.S. people stands at $360.
so half of those "14%" own less than 360 bucks worth
literal children and coinbase quiz fillers

>2,068 participants commissioned by Finder
is that a large pool? small pool? how were they commissioned? I'm not big into statistics but this sounds meh. The survey is maybe 1 page long I'm struggling to take it seriously.

Well, theoretically, the money that's supposed to pump bitcoin is already here. People buy X bitcoin a day, after the halving, there won't be X bitcoin mined a day, but X/2. So price will increase. I'm not saying it'll happen, or that's how it's gonna happen. But there are plenty of demographics who will buy bitcoin. And I know institutional investors are a meme, but fat wallets aren't exempt from making shitty investment decisions.

>>16624829
look where Africa is kek.
There's no California data using the same methodology, but it's easily above India.
This wealth includes land, in terms of 'investable wealth' (cash in the bank) Americans easily own more than the rest of the planet combined.
>>16624992
There's another survey that's relatively close
>What follows is data and analysis from a survey of American adults regarding general sentiment toward Bitcoin — the survey was conducted online by The Harris Poll, on behalf of Blockchain Capital, from April 23–25, 2019 among 2,029 American adults.
>whereas the most recent survey, in April 2019, was conducted in a bear market
>In total, 9% of the population owns Bitcoin — including 18% of those aged 18–34 and 12% of those aged 35–44.
https://medium.com/blockchain-capital-blog/bitcoin-is-a-demographic-mega-trend-data-analysis-160d2f7731e5
Note it's from April and the previous survey is from October, so the real data is very likely above 10%.
>so half of those "14%" own less than 360 bucks worth
How much money do you think normal people are able to spend on bitcoin? The median can only go lower from this point.
>there won't be X bitcoin mined a day, but X/2. So price will increase
that assumes no one else sells and that people really are going to keep buying continuously like that, rather than buying once or twice and then waiting to sell.
Even if, that would only result in $14k, which breaks memelines on logcharts somewhere around 2021 at the latest

>>16625070
>Even if, that would only result in $14k
Price isn't going to 2x if there's 1/2 sell pressure, it's not a direct correlation, it can go wherever. You're right that there's a lot of uncertainty, but the assumption is that right now, miners dump X every day, after the halving, the best they can dump is X/2. So whatever buy pressure exists will have more influence on the price.

Looking at the survey and the company doing it a bit closer they probably aren't making shit up, I'll agree that 10-20% of americans own crypto. But half of them still own very little.

>How much money do you think normal people are able to spend on bitcoin? The median can only go lower from this point.
you must be joking, $360 is nothing even in Mumabi. That's the price of a game console for crying out loud.

https://en.wikipedia.org/wiki/Wealth_inequality_in_the_United_States
>"52% of U.S. adults owned stock in 2016"
>"median value of stock ownership [...] by income group [...] Bottom 20% own $5,800"
I know I'm comparing memecoins to actual stocks here, but this highlights how much money the poorest of poorfags throw into "investing". So half of americans own stocks, and only 10% of them own less than $5,800. In crypto, only 20% of americans (tops) own crypto, and 50% of them own less than the price of an xbox.

I'm NOT saying people will sell stocks to buy crypto, but I am saying that people still have lots more money to invest. $360 is a joke amount seriously.

>>16624764
The halving is already priced in, the only people who expect a pump are already here. What is going to happen instead is that when everyone realizes there is no pump, everyone is going to sell and crash the market. This will trigger all the miners to stop because now there is not enough reward to keep their operation going. Basically it might be a near death scenario for bitcoin in the last half of 2020.

We don't need new money, we just need to assume that demand stays the same.

>>16625261
>I know I'm comparing memecoins to actual stocks here, but this highlights how much money the poorest of poorfags throw into "investing".
that's because of 401k and similar tax advantaged plans that are usually paid into by the employer. Crypto has to be bought with after-tax money.

>>16624764
at that moment op realized, americans are the ones left holding the bag and there is no one that will buy them at premium

>>16625286
did your 2 brain cells manage to conjure up that idea on their own? impressive.
We have the death spiral talk every year. Literally nothing happened when we dumped from 20k to 3k.

>>16625317
That's irrelevant, my point is that people have money to burn.
https://bitcoinira.com/bitcoin-401k#0
first result googling bitcoin 401k, is this a scam?

>>16625341
>Here's how our no-limit affiliate program works:
>Up to 3% on New Investments
>And 1.5% on Re-buys
jesus fucking christ
I don't know if it's legal, but if they can pay 3% to AFFILIATES it's a total scam

>>16625341
top fucking kek
>How do my assets generate interest?
>Similar to traditional banking, you are signing a lending agreement to loan your assets out to Genesis Capital. Genesis Capital then lends out your funds to vetted institutional borrowers and you receive the majority of the interest Genesis makes on those loans.
So not only do they charge >10% in the beginning (given their affiliate payouts) but they also lend bought coins, which in turn are used to short the market.

>>16625369
>>16625399
Yeah idk what's going on there. Assuming it's real then there's a way joe can transform his compounding dividend paying stock IRA into a piece of shit crypto -90% EOY dumpster fire.

>>16624764
I have 1 small final problem
US pop is 330M, 14.4% are invested... 330,000,000 * 0.144 = 47.5M
and if all of them have $5,447, that sums up to 258 billion dollars. But the entire crypto market cap is 190 billion dollars...

I'm smelling bullshit

>>16625465
>US pop is 330M, 14.4% are invested... 330,000,000 * 0.144 = 47.5M
Ok technically only 247M are adults, says the internet

Oh wow, now it sums up to 193 billion dollars. At the time of the survey I guess the marketcap was about ~220 billion dollars. So it's ok, americans own JUST 87% of crypto.

>>16625465
They provided the number 36.5 million, so not sure why you are counting percentages again
>>16625496
The real number is probably a bit lower given the second survey, but 80% sounds about right, given the wealth and income disparity.
Especially among developers, $150k or even $80k wages for developers are a domain of upper 1% consultants anywhere else, maybe with the sole exception of Zurich. Crypto has a massive overrepresentation of devs. A single 25 year old American dev earning $80k+ after taxes can easily throw $10k a year into crypto, while an European dev earning like $35k after taxes can maybe throw $1k-$2k
It's also visible online, Americans massively dominate crypto.

Holy shit, it's really fucking over.

>>16625568
Yeah I'm really not sharing your doom and gloom. There's still plenty of money to go into shitcoins. The market doesn't need actual 800 billion dollars thrown into it get to reach a 1 trillion market cap.

>>16624888
>>16624899
Witnessed

>>16624764
Only 628,000 people in the entire world have 1 or more Bitcoin.

>>16625770
tfw I am multiple of them (gotta balance those addresses anon)

>>16625770
>only <finite number> of people have an <arbitrary unit> of <cryptocurrency>
true for literally everything on cmc
"digital scarcity" is a meme, not a sustainable source of value

>>16625568
yeah but it was primarily gooks that pumped our bags in 2017, not just americans

>>16625341
The crash that is going to happen is going to make 2018 look like childs play. When the miners quit because they are no longer making any bitcoin anymore its going to lead to a cascade of collapses in the price. Every retard thinks its going to pump, also do the opposite of what the dumb money thinks and sell now while you still can.

>>16625871
please anon keep these thoughtful high IQ critiques coming

>>16625871
this is possible. it's also possible that miners will work to ensure that continuing to operate will remain profitable indefinitely.

>>16624764
> https://fee.org/articles/the-poorest-20-of-americans-are-richer-than-most-nations-of-europe/
fake news
also
>paying for healthcare
kys shill

>>16625871
> do the opposite of what the dumb money thinks and sell now while you still can
> he doesn't realise he is the dumb money

>>16625777
Balancing these digits first

>>16626068
You are going to be singing a different tune when we go sub 1k.

>>16624829
Bitcoin is dead man. It’s a shitcoin.

>>16625899
daily reminder that difficulty readjusts every two weeks and that miners hedge using options so they are profitable no matter what happens.