Confirmation bias, its only been positive, every crash has lead to new highs, therefor you can never go wrong holding it long term.
Do you think bitcoin is a form of currency that will last in the long run or is this just a trend at this point?
The blockchain technology is what will last. Like email, it just simplifies the way money is sent. Bitcoin is a token of exchange, the value of that token is what is being questioned. Why is it $10,000 and not $100,000 or $1,000,000? Or $1?
Well I dont believe the reason for the same being is the bitcoin is getting bigger day by day & if the same continues we must be prepared for the bull market, but that's not the case, we are definetely on the verge of the great crash of 2018 the reason for the same being is that we current stock market rally is the highest & if these continues we are bound to a market collapse in 2018. And in addition to this, I was reading an interesting article that says stock market crash of 2018! i am not sure of bitcoin or I prefer that it won't crash but the stock market might. https://www.lombardiletter.com/stock-market-crash/20656/20656/ Anyone here think there's a good chance that there will be a 50% crash in the market next year? Any thoughts on this and how this is going to impact us in real estate?
So let me get this straight ...... Some anonymous person/entity named Satoshi Nakamoto created Bitcoin and started mining it well before he went public with his white paper. His total holdings comprise 4.5% of the entire supply, which is the by far the largest of any holders. A total of 21 million Bitcoin were originally made available for mining and it's said that 20% of it is permanently lost/destroyed. If someone wants to mine, they can only buy the equipment from one particular source. Fast forward to 2017 .... The supply of Bitcoins available to be mined is quickly shrinking to the point where it will run out soon At the same time the supply is rapidly dwindling, Bitcoin is going full-on mainstream. The media is keeping track of it's parabolic gains and public money is trying to fund accounts to get in on the Vegas action. A lot of them parroting words like "Block Chain" and "Will replace fiat currency" even though they lack any basic understanding what they're talking about or investing in. The exchanges like Bitfinex are unregulated and can be spoofed. A known trader can often be seen on its exchange putting up large $50-$60million bids only to pull them - but not before others buy the rallies thinking a big whale is joining. This trader can also be seen incurring wash sales, which would also be illegal if the exchanges were properly regulated. Does anyone else find this crazy? The mining is almost done and now the minority contingent who own the entire supply want you to believe that you should invest in Bitcoins at a ripe 12,000% markup to join the new world payment system. They chant HODL ("Hold on for dear life") and that it won't stop - it's going to the mooooooooooooooon!!!!! Conflict of interest much? Something that keeps going up in value can't be used as currency. That's an asset. Why would you spend it today if it's going to be worth more in a week? People buying Bitcoin now are doing so because other people are doing it. It's greater fool investment theory in action. The herd never learns. #TulipMania2017
Well said Rock, I retract my idea about Bitcoin after seeing it go from 10,000 to 18,000 in a matter of weeks. No currency can remain this volatile, the goal of block chain is to be a ledger and it should reflect that part of the market it will be competing against. Also has a futures product existed with no expiration and settlement such as bitcoin?
Not to my knowledge. But obviously those futures exchanges wanted to get in on the Bitcoin fun and make it more accessible to other people. I'm convinced the shorts will use it as a way to wage psychological war on the actual Bitcoin exchanges and panic some of the longs - causing a big dip and then new money will try to run it up again.
There is a bigger risk for bitcoin. Besides the popular exchanges all being run by individuals that can simple close shop and run anytime they want, the risk very few even know about is a thing called Tether. Ill try simplify it as much as possible, but Tether is a token that allows exchanges to transfer a token that represents 1USD without having to deal with the actual US Dollar because that creates a banking regulation problem. Short story is that Tether is supposed to be created one for one. For example, if you want 10 Tethers, you deposit $10USD and get 10 Tethers. Those 10 Tethers can be moved to an exchange and you can buy bitcoin with it. $100's of millions of dollars of Tethers have been created... These have been used to buy bitcoin. Small problem is that there is no proof that they were created by somebody actually depositing USD. Tethers are created by some guy punching a number into his computer and generating them. There is no way to actually confirm that Tethers are being created on a one for one basis with the USD. This means that a lot of the buying pressure for bitcoin has been created out of thin air.
What is interesting is that Nakamoto haven't coming forward to collect royalties, this is one of those things that make you say hmmm.
Bitcoin was never meant to be about royalties, nobody "owns" it. Thats the point of being decentralized.
Tether's wallet assets are $839,913,245.54 But if BTC is valued at 15,000 and there are around 16 million coins in circulation that's about 240 billion dollars....Tether can't even cash out .5 percent of BTC value....
When the cascade begins, nobody will be able to cash out. The exchanges will freeze, spreads will be massive, its going to be a shit-show of epic proportions.
I remember in some publication back in day there was a Japanese guy pic and write up who was suppose to be Nakamoto who brought the whole crypto to life…if he really existed don't you think he wants to get paid for this tsunami. Wouldn't you?
That was just some Japanese guy who had the same name, he had no connection to bitcoin. And no, the real Satoshi does not NEED to get paid for it. Satoshi, being the first person to mine bitcoin, has roughly 1M bitcoins to his name, so he does not "need" money.
But it's still complete bullshit that he and others mined the supply early and then start touting it as a future currency later on. If it was going to be a true currency it should have been issued all at once so that every could convert to it at a steady pace. We know why it wasn't handled that way. They wanted to score big on a speculative asset bubble only allowing the public in really late.
There are altcoins which have been created that way, they simply print 1,000,000 of them and pass them off as tokens of exchange. Bitcoin was meant to be mined, it creates the scarcity and more importantly the decentralized network that the blockchain requires.
Oh I get that - but the flaw is still that early adopters essentially function as profiteers. Their position sizes can influence the entire BTC market. It's a virtual asset with essentially no real value other than what the herd wants to pay up for it. Mind boggling if you ask me. Millennials try too hard.
