And it crashed
TIL a pull back from an all time high to levels from 2 days ago is a crash.
And it crashed
It caught a lot faster than I expected.TIL a pull back from an all time high to levels from 2 days ago is a crash.
And it crashed
Crash wasn't the right word.Currently ay $10,150...an increase of $150 over breaking the 10K mark less than 48 hours ago. Explain "crash" to me please.
Volatile is a far more accurate term.Currently at $10,150...an increase of $150 over breaking the 10K mark less than 48 hours ago. Explain "crash" to me please.
Lol. How is this any different that our current fractional reserve system? The Federal Reserve just creates money out of thin air!
(In my best Morpheus voice) I suppose you think there is still gold locked away in Fort Knox too?
Easy come, easy go. Sure it is skyrocketing right now. bu what happen when something happens. Remember the Hunts and silver. Silver skyrocketed to the point people were sell their dinner ware. Then it was found out that they were manipulating the price and it dropped like a rock.
Nuthin goes straight up. The odds are it falls to 800 before it hits 16000Sounds like a lot of mis information and people who don’t trade stocks or currencies. Yes there is a risk, anything can go to ZERO.. just like Enron. But if you’re a trader that is capable of using a stop loss then why not ride the greatest bull run in history. Astonishing amounts of money can be made if people do their homework.
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This makes no sense.So in my mind, there has to be a bust, and it has to bust hard? A bitcoin should only be worth a dollar, because if it costs more than a dollar, why don't i just use a dollar to buy whatever i want instead of a bitcoin...
Maybe not strictly 1:1, but there has to be some sort of fixed ratio at some point. The only reason bitcoin has a lot of value now is because people are artificially inflating (or actually inflating, depending on how you want to look at it) the value.
If a person buys their bitcoin for $1 and sells it for $10, everyone freaks out because he made $9 and more people start to buy. The people that bought for $10 can now sell for $50 and everyone freaks out because they made $40 and more people start to buy. The people who bought for $50 can now sell for $200 and everyone freaks out... you see the pattern here, and it certainly cant sustain forever.
Sure, a few people made some money, but eventually it will get to a point where the supply will outweigh the demand, and and that point they're virtually worthless. Even if they can be used as currency at that point, who is going to buy something for "dollars on the penny" essentially?
This makes no sense.
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The 1 to 1 with the dollar was what I was referring too.
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So in my mind, there has to be a bust, and it has to bust hard? A bitcoin should only be worth a dollar, because if it costs more than a dollar, why don't i just use a dollar to buy whatever i want instead of a bitcoin...
Right, i just meant there has to be some sort of fixed ratio of worth. Maybe not, i suppose no currency is "fixed" in relation to other currency.
My thought process when making that statement was that at the way things are currently going it will be cheaper to pay with USD than bitcoins, virtually rendering bitcoins worthless as anything other than an investment tool, but if they become worthless as currency then they become worthless as an investment tool... I just don't get the whole thing, but i'm a pretty fickle and conservative investor. I like to put my stock (no pun intended) in tangibles.
The bit coin needs to correlate to something in the tangible world of assets. Bubbles are not assets.You sound as ignorant as my uncle when I was talking about traveling to Europe and mentioned the currency conversion. "Why isn't a dollar with a euro, I mean a dollar is a dollar, and a euro is a euro."
The bit coin needs to correlate to something in the tangible world of assets. Bubbles are not assets.
I get what you're saying, but you're not explaining it correctly.
Say you can buy a Lambo for $300k USD. At this minute, 1 Bitcoin = $10k USD; so you would need 30 Bitcoins to buy the Lambo today.
Whether you paid in USD or Bitcoin, you're still paying $300k for the Lambo.
The issue I have with Bitcoin is that it's not regulated, which is why a lot of people are interested in it. The unfortunate side of unregulated currency, is that it is VERY volatile to the market. Hell, yesterday it droped 20% in 30 minutes.
EDIT: To further touch on things I don't like about it. If you were to buy the Lambo today for 30 Bitcoins, and the Bitcoin price went up to $20k USD tomorrow, now you more or less purchased the Lambo for $600k USD instead of the $300k because of your lost opportunity.
It could go the other way though, and you could end up paying $150k instead of $300k.
It's just not stable enough to be used as currency, in my opinion.