The correct graphs (S-curve adoption) are here:
Posted on 12/16/2017 7:11:23 PM PST by Enlightened1
Bitcoin broke 19,000k today for the first time. In the last week alone it's up just shy of $5,000.
Even though the price was impressive what got my attention was that fact that investment banks Goldman Sachs, JP Morgan and even the Bank of America are now getting in crypto currency.
Today I see more and more companies accepting bitcoins than even a year ago. So I through I would throw some money that will not hurt me to lose to see what happens.
For the record, had I invested 2K last January 2017 when bitcoin was $1k I would have had 38K today (this includes my original investment). I almost did but held off. I realized I made the same mistake I did in 2011 when it was $2.97 a coin. I remember when it was breaking 2k a few months ago, then 3k, then 4k, etc... All the naysayers were saying it's done and it will crash. Sort of reminds me of the media with President Trump. Anyway, I just watched it go up and up.
Ethereum (the A.I. that supports Bitcoin) is up $258 in the last week and Litecoin (allows for the fast transactions of bitcoins) is up $180 this past week. At this time I view the 3 as the gold, silver and bronze of crypto/blockchain currency and that may change? There still relatively cheap at this time.
Nevertheless, it's complete insanity at these rates, and I don't see any slow down in the near future. Meaning the next 7 to 11 years if I had to put a estimate to it? Yes it will crash. When I really do not know? In any event, insanity sold.
Remember when Napster began to transform the music industry in the late 1990s? We all watched
(Excerpt) Read more at coindesk.com ...
The correct graphs (S-curve adoption) are here:
Or it was people sensing the danger of this bubble brewing.
Oh yeah I believe it will crash, but not for a while.
On what do you base the "while"?
These days, many people don't really "invest" anymore in the sense that investing used to be putting capitol towards an entity that gained real economic growth and expansion. Even corporations don't "re-invest" - they simply buy back their own stock. In fact, that is what most are going to do with the tax cut they are getting.
Today, "investing" is much more akin to gambling.
Bitcoin is the gamble that paid off - for many. Big time. It is the lottery scratch ticket that won.
But it is also now a pyramid scheme.
"Bitcoin has not been combat tested in a business cycle. We have not had a recession or a financial crisis since 2009. I call it a Ponzi with no one in charge. There's no Madoff, but it's working that way."
James Rickards
Everyone’s kicking themselves for not getting in including me, I was going to buy a miner three years ago, and didn’t.
When I hear big shots on wall street talking it down, that’s my cue to buy.
Oh, you'll pay alright, we all will. When this investing in play money scheme tanks a bunch of banks and investment houses, the public will have to bail them out .
Interesting logic.
My first buy was was $2600 worth at $86.
I still got most of them. It has been interesting to say the least. Half of what you read and see in the mainstream media is ill informed, intentionally biased, or just ignorant.
While the price is nuts, the tech is brilliant and it will change the way finance is conducted in the world.
That is very well stated. You’ve eloquently written what I’ve felt in my gut about bitcoin. Especially noticing the difficulty of actually using it.
OTOH...unlike normal bubbles, the public got in FIRST and now Institutions are scrambling or in denial; and, there’s a very limited finite supply.
Also, Some guy just sold his beachfront mansion in Miami for 23 bitcoins...
so, wow...
What gets me about bitcoin is the finite supply.
And I think some media are purposely talking it down, so as to buy positions.
” No shame on taking the profit and running”
aaaargggggg, I know, I know, but, but it’s going to 1 million!
Quite possibly. The Anti-Christ has to control that coming one world currency somehow.
I sent a bitcoin payment last week and the transaction fee (you basically have to bid to get your transaction into the queue for processing) was around 0.0015BTC, so it cost me about $22 to send some money.
Maybe the price will keep going up, but in my opinion it is no longer usable as a currency and I expect that the current demand is driven by speculators who will likely never withdraw their funds from an exchange (at least not when they see how much it costs).
Other coins are cheap, faster, and some are designed for anonymity (bitcoin isn’t, really).
Poor excuse to not own gold.
A few will jump off the bridge.
Smart move, is his capital gain tax long or short?
I have no idea.
I have a million dollars worth of spit coins. I’ll take a huge loss and sell them for one thousand dollars. Once those are sold I’ll “make” a million more. Who’s buying?
Does Bernie Madoff have computer access in prison and has come up with a new Ponzi scheme? Lots of people are going to end up holding a bag full of imaginary coins.
You are looking for signs of end times in the wrong place. Block chain technology puts the faith and trust in people, not banks.
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