Posted on 12/12/2017 7:49:30 AM PST by C19fan
Bitcoin is in a "classic bubble" and has even gone beyond the "absurdity" of Holland's tulip bulb mania in the 1630s, widely followed investor Dennis Gartman told CNBC on Thursday.
The cryptocurrency rocketed above $19,000 for the first time on Thursday before falling sharply from its record high.
(Excerpt) Read more at cnbc.com ...
Gives new meaning to the term, “Westward Ho”.
So you are omniscient?
In 1885, a pair of Levis pants cost $1.80, in gold.
In 1962 a pair of Levis cost $2.80, in silver.
Today a pair of Levis cost around $50.00, in printed paper money, backed by nothing but the “faith and credit of the USA.”
If you don’t like Bitcoin, you are free to not use it.
I’m just stating an opinion. I believe that is why this site allows comments. :)
I have similar questions...I am confused about how it works.
Well...if I hadn’t taken my 8k out of bitcoin I’d now have almost 700k. I think about that a lot while I’m sitting here in my cube looking at spreadsheets.
Technically, it doesn’t even exist. At least you can plant a tulip bulb.
Okay, so how do electronic transactions work? For example an international wire transfer?
There is nothing physical, nothing you can point at, it’s all just bits and bytes.
I bet you wish you’d bought some a few years ago. :)
Neither is Gold, silver and it is a much more stable store of value (requirement of currency) and it actually has uses (even if expensive) in automobiles and other tech. Bitcoin has no intrinsic value. The technology yes, but that is separate from the bitcoin.
So which precious metal backs US currency?
I bet you wish you’d bought some a few years ago. :)
Has China decided whether or not it’s going to ban cryptocurrencies? I know it was thinking about it. That’s certainly something that could trigger the burst.
But it’s backed by real money. At least, it is backed by a government. That matters. It has to get pretty bad before the government’s backing is useless.
None - My point was if you just want a currency/store of value not related to government, Gold and Silver are much better for that than Bitcoin.
Both you and the recipient would need a bitcoin wallet address. There are many options for wallets. Some live on the web, where others can be stored on your hard drive or thumb drive.
To send bitcoin, you would need to connect your wallet to the web. Each wallet should have a “send” option, and you just enter the bitcoin wallet address of the person you want to send to.
The public portion of the wallet address are recorded in the transaction, which is also public. The actual names and identities are not recorded, just the public portion of the wallet addresses, and the amount of the transaction.
There’s a lot of faith in unseen things required in trading bitcoins. I’ve been mining/trading cryptocurrencies for several months, and it still looks like voodoo to me.
I am wondering more along the lines of how a wire transfer actually works. What happens if there is a discrepency? Can the data be hacked? What is there that you can point at and say, “Yes, here is the money”?
I knew you were going to ask me that question...
So how do you purchase things online with Gold or Silver?
You probably know what the climate is going to be in a thousand years, too.
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