Posted on 11/11/2017 6:49:49 AM PST by BenLurkin
Bitcoin has soared more than 600 percent this year. On Thursday, the cryptocurrency traded down 3.9 percent at $7,172.80, but remained near a record high.
The digital currency has already been embraced by some of Wall Street's most well-known figures, including investing legend Bill Miller. It has been criticized, however, by Blankfein's peers on Wall Street in JPMorgan Chase CEO Jamie Dimon and BlackRock CEO Larry Fink. In September, Dimon referred to bitcoin as a "fraud," adding "it's worse than tulip bulbs. It won't end well." Last month, Fink said bitcoin was an "index of money laundering."
(Excerpt) Read more at cnbc.com ...
Eventually the people will realize that they are literally buying nothing.
You know it and I know it. But if the powerful folks who pull the strings and want to hide stuff from government scrutiny have embraced it, nothing became something.
When someone can physically hand me a bitcoin and I can lock it in a safe deposit box I will give some thought to this. What happens if there is a major hack or attack on the web? What happens if the web is crashed? Thanks... but I will stick with gold for my alternative currency reserve.
Russia and China have their oligarchs who amass fortunes due to socialism, government power and crony-capitalism - Goldman Sachs are America’s oligarchs.
What good is bitcoin if the electricity goes out?
Every investment is a bubble ..... the key is knowing when to get in and when to get out .......6374$ per as of now per.
Right! Then they will stop foolishly accepting paper dollars.
I know! Right?
When the electricity goes out Bitcoin is like money in the bank.
If bitcoin is used strictly as a TOOL, e.g., to get funds from account A into an offshore (ahem!) investment, so to speak, and then, provided things go well with the (ahem!) investment, retrieve the accrued proceeds back into your onshore — then bitcoin has served its purpose, in your case. As I see it, bitcoin is like Paypal — it helps with transactions. And funds pass through rather quickly to the desired end.
Just don’t invest as if it’s a “buy=and-hold” asset.
Bitcoin is worth 4x the amount of Gold????!!!!! LOL, these people holding this worthless POS digital currency are going to get burned...it will be epic.
Brick and mortar banks do not like internet currency. It is competition. At the same time internet currency may be in a big huge bubble. And Internet currency may be used for legal and illegal purposes. As I recall the big banks are washing money for the drug cartels. Criminals don’t want the competition. As high as bitcoin is right now, I would convert mine (if I had any) to cash. Never look a gift horse in the mouth. 600 percent in one year is always acceptable.
When the economy finally crashes..And it seems inevitable. .can you see someone trying to trade bitcoin for anything?
The same good as the "money" in your bank account. Your bank account like bitcoin is really just an entry in a ledger that says you have "this much".
If a bitcoin is an electron it will always exist in some form.
Can a bitcoin be burned for heat?
Was looking for the applause-guy .gif, but too lazy to find it.
Applause.
With that, how is Dow "23,400"(propped up by fed)any different?
While that is possible with any investment the fact is many people that got in early (early being less than 2 years ago!) have already made many times their original investment. A small investment just a couple years ago is now worth twenty fold. Imagine in 2015 you took a shot and put up $5000, well even with this dip you are sitting on north of 100k. Do a little research and see what a $5000 investment in 2010 is worth today. (hint you will crap your pants) So is bitcoin high at this point? Maybe, maybe not.
” A small investment just a couple years ago is now worth twenty fold. Imagine in 2015 you took a shot and put up $5000, well even with this dip you are sitting on north of 100k.”
I understand your POV, I was arguing that this is not an investment...as it is not a real asset. There are other blockchains now and they all offer the same capability as Bitcoin (only that Bitcoin is the first). What people are buying is potential for growth, but growth in a currency not backed by anything (except for blockchain technology).
Its about making money and gambling on something with a limited number of units - really no different than when Tulips or a certain type colored shell was used as currency.
Bitcoin has soared more than 600 percent this year ... “’Maybe bitcoin is a kind of a bubble,’ Goldman Sachs CEO Blankfein says”
ya, think, Captain Obvious?
Still, sometimes the Greater Fool theory takes a while before reality sets in, and it does seem like in these modern times of our that there are quite a few Greater Fools.
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