Posted on 07/15/2019 9:52:30 AM PDT by xzins
The price of bitcoin tumbled Monday after President Trump Opens a New Window. tweeted Thursday that he was “not a fan” of cryptocurrencies and criticized Facebook’s Opens a New Window. Libra digital currency that’s set to launch next year.
Bitcoin price briefly hit below $10,000 just after midnight Monday, a two-week low for the leading digital coin, Coindesk’s data Opens a New Window. showed. The cryptocurrency appeared to rebound slightly to bring it past $10,000 as of Monday morning.
It’s unclear what caused the sudden price drop, but it comes just days after Trump took to Twitter to slam cryptocurrencies.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crytpo Assets can facilitate unlawful behavior, including drug trade and other illegal activity," Trump wrote.
Donald J. Trump ✔ @realDonaldTrump I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....
(Excerpt) Read more at foxbusiness.com ...
Bitcoin and Las Vegas have a lot in common
Not really. The money you make on bitcoin are real although I generally agree it is not a great investment. Great speculative trades are still possible and very profitable.
It’s the unlawful behavior part that is key.
As a libertarian, I find the concept of cryptocurrencies fascinating, because almost all transactions (other than cash on the barrelhead) is being tracked, which for most of us is quite benign albiet still creepy. I have grown use to the idea that big brother is always watching, but I dislike how often this sort of information gets out into the private sector.
But it’s same reason that its use is attractive to all the wrong sorts; black market, underworld, organized crime, illicit transactions, and money laundering. Unless cryptocurrency is adopted as mainstream currency, a large part of it’s usage is going to be dark side
based on thin air.
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Odds in Vegas are probably better, even if stacked in the house’s favor.
Actually bitcoin tumbled on the 10th it’s back up some today.
Always go to primary sources!!
https://coinmarketcap.com/currencies/bitcoin/
And speculative trades is probably what has happened here and some made a lot of money - since bitcoin rose rapidly in value following Trump’s comments, and now someone has cashed in those gains. Not bad for a weekend’s work :p
Facebook may add some legitimacy but I refuse to do business with them knowing they are likely to arbitrarily deny transactions based on their PC whims on any given day.
The article didn’t say that Trump caused the drop. It said “after”, and the folks fell into the fallacy of post hoc, ergo propter hoc and assumed Trump caused it. The article didn’t give the cause, and so the article is worth nothing.
My neighbor’s dog barked. 5 minutes later the temperature dropped 1 degree.
Facebook may add some legitimacy but I refuse to do business with them knowing they are likely to arbitrarily deny transactions based on their PC whims on any given day.
~~~
Also, knowing Facebook, they will likely track transactions. They can do it because they will obviously be the payment gateway that gets in front of the actual bitcoin transaction.
Bitcoin and the US dollar have a lot in common.
One big difference is the dollar can be printed in endless quantity, among others.
True, but the counter argument is that bitcoin can be forked. The truth is, they are both CURRENCY and not MONEY, i.e. they are a representation of value, not actual value.
.... Well .... Thinking it was all a joke My son picked the person who he thought would be the least likely person ..... the total of the pool was 10 bitcoin .... My son won. Again, thinking the whole thing was just a joke he didn't think they were serious ...... A few days later the bitcoin showed up in his Crypto - Currency wallet ... He suddenly was liking the deployment .....
Without getting into a weedy discussion about what constitutes currency/money, they are both valuable, with their own positive/negative characteristics for ownership.
Both are able to be exchanged for something else of value, including each other. Our society has a VERY negative view about money (primarily the dollar). The dollar is now King and rules us from cradle to grave. Even the value of a person is very often judged by if they have dollars (money), or not, and how many - i.e., homeless, penniless folks are often looked down and frowned up while billionaires are hold us in awe.
And worse, just like bitcoin, we depend upon worldwide digital communications in order to manage our money supply, which means if it goes down, we lose most of our ability to meet our daily subsistence requirements - which means death for millions if the system collapses.
Our lifetime well-being depends upon the ability to make exchanges of something of value for something else of value needed at any point-in-time. Ever increasing cuts from these exchanges are being taken by those who control (governments) and handle (bankers) these transactions. Bitcoin gets around these roadblocks and make transactions easy for individuals without the need for government or bankers - which is why both are fighting this new technology - but they will eventually lose, one way or another (technology wins or we return to the jungle).
Forgotten is the fatal disadvantage we are at if something ever happens to our monetary system - and something IS happening. Our debt based dollars are losing value and because of this, faith in the dollar is being eroded before our eyes.
Cryptocurrency and precious metals could serve as a bridge or eventually replace fiat currencies if/when our current monetary system collapses. Bitcoin is already being used in place of failing currencies in Africa, Venezuela, and as a way to export wealth outside of tyrannical regimes like in China, Iran, etc.
The only reason to use bitcoin for some criminal endeavor is because the crime can be automated. Otherwise the ability to track bitcoin transactions (it's an open ledger system) makes it hard to convert them to something else of value, like stocks, bonds, gold, dollars, etc.
Btw, stocks/bonds/young sex slaves are now the "money" of the super-elite, it appears, while cash is still the prefer medium of exchange for most common criminals everywhere.
Heaven help us if we ever move to a completely fiat based, government controlled cashless society!
Bitcoin was $19,697 in Dec 2017. It traded as low as $4,700 in Nov 2018.
That’s extreme volatility
Agree with all of your points and I am a currency miner (litecoin), and newbe speculative FOREX trader in crypto currencies (LTC, BTC, Zcash, and Monero).
Most Americans do not understand that their “Money” is not ... well, money. It is only currency and has a value that is established by:
Government holdings
Inflation
Market trust
Future taxation ability
Technically speaking, exactly right. The distinction is lost on most Americans because everything is compared to the US Dollar, so to us, it IS the very definition of money.
and newbe speculative FOREX trader in crypto currencies
Concerning your trading activities, I assume, based on your handle, that you are well versed in tax issues concerning the buying and trading of assets during any given tax year, and how your gain/loss is extremely important to your tax liability.
Tools/exchanges for trading crypto currencies make it so easy, that many have found themselves owing large amounts of real money on paper profits at the end of the year to uncle Sam. I can't over emphasis this enough to those thinking/starting to trade these assets.
I still do a little GPU mining myself during winter months as the free heat offsets electrical costs.
Best of luck to ya in your trading and mining activities. And don't forget to tithe a small percentage of those profits to your favorite cause or charity! ;)
You might learn from watching this video:
https://www.youtube.com/watch?v=qKhNcu73rJQ
I took a trip to Disney World on my bitcoin earnings in 2017.
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