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 ...
Bitcoin is worth whatever the carnival Barker can get someone to pay for it. “Step right up! See the egress for only 25 cents!”
Dont you get tired of tossing the pearls to the swine, as it were?
Bitcoin actual value is zero.
I am glad for people who made money but it would absolutely crash at one point.
James Woods tweeted one time that if a currency were Bernie Madoff, it would look like Bitcoin. Good luck to those nimble and lucky enough to extract a profit from the suckers.
What happened to Netscape is that they thought they had unique advantages when in fact they did not. As such they were eventually undermined by newer embodiments of the technology and real competition from more resourceful entrants. And no, they weren't the first browser, just the first commercialized version of the Mosaic technology that was the first browser. The lesson for Bitcoin is apt.
Any currency is backed by something. Traditionally that has been either a physical commodity (e.g., gold) or a government that has the force of law behind it. Cryptocurrencies claim to be above such needs, being based on mathematics, but that's both their strength and their weakness. The mathematics have to be hard enough to prevent fraud but simple enough to be functional. That's a difficult line to draw and one of the biggest problems with Bitcoin. The math is sufficiently hard that the ledger system is overly cumbersome and relies on too much external infrastructure to be functional. At the same time, it's vulnerable to advances in quantum computing. It's entirely likely that in less than twenty years (possibly much sooner) its security will be fatally compromised by such advances. Real currencies are far more durable.
Funny, the first thing I bought with bitcoin was groceries. There was a guy who ran a web site called BitMunchies and would drop ship grocery orders from Walmart, paid in bitcoin.
That was December 2013, just after the last price spike. You can't reasonably do that on the Bitcoin network today due to the high transaction fees. But look to other cryptocurrencies like Bitcoin Cash for this type of thing.
>Remember when Napster began to transform the music industry in the late 1990s? We all watched it transform in slow motion (meaning daily). Today though, twenty years later, the music industry has been forever changed today. Now at the most you pay for a song is $1 more or less or you can go to subscription base and have access to all the songs you want. Anyhow, IMO what we are witnessing in slow motion is the world’s financial markets transforming.
You’ll note that Napster didn’t survive and it was apple that conquered the music market. Digital currency is going to be a thing, but it’s very unlikely bitcoin with insanely high transaction fees or very long delays is going to be it. Enjoy the ride while it lasts.
“he has seen a 1,100 percent increase in his investment. He just sold it all, though.”
you can never go broke taking a profit. he MIGHT have left some money on the table, but he’ll be a happy camper when BitCoin eventually crashes and burns. Impossible to perfectly time this kind of speculative gamble anyway, so taking a 1,000 percent profit is VERY smart ...
“Bitcoin is fundamentally flawed in its mission to be a usable currency, both because of its underlying structural limits and weaknesses, but also because the primary purpose of any currency is to be a stable medium of exchange. Bitcoin is anything but stable, which makes it useless for anything other than speculation.”
you’re totally correct ... bitcoin possesses virtually none of the attributes of a useful currency. it’s nothing more than the 21st century edition of the tulip bulbs and sardines of centuries past.
Cryptocurrencies differ only in that you have no recourse. If your wallet is compromised in any way too bad. It’s as if all your money was cash in a mattress and you have a fire.
Bitcoin is immune to inflation because it’s deflationary by design. The more widely it’s adopted the scarcer it becomes, so hoarding is rational and spending is irrational. But the purpose of currency is to act as a medium of exchange. Hence bitcoin can never be a viable actual currency.
“Bought some at 6000.
I’m a happy puppy.”
Well played.
I got in when it was in the 700’s.... except I only put in 40 bucks!
Kinda kicking myself for that now. But hey, it’s all in fun. I just bought a little bit to satisfy my curiosity and see how it worked. At least I got out my original 40, so it’s all gravy now. LOL
Litecoin has tripled in the past two weeks and Ripple has gone up 4X since Monday.
Those green rectangles in your wallet also have an actual value of zero. All paper currency is fiat currency. (And it isn't even paper.) Will cash crash as well?
You make valid point but greenbuck actually has the US economy behind it. What is behind bitcoin?
I know Ripple is dirt cheap right now.
Have you bought any yet?
Multiple currencies including the dollar.
It’s another currency you can change in and out much like the Euro, etc..
$19,727.10... Looks like it’s going to hit 20k. I got in at 17k.
https://coinmarketcap.com/currencies/bitcoin/
Mosaic was the first, but most people I have met remember Netscape.
You do know you can change bitcoins for dollars? If so, then why not follow the trend and put a stop loss?
Why because it’s versatile, people world wide use it to buy, sell and trade physical items, mine, shift currencies, etcll and the best part is the IRS cannot touch it.
You can exchange it for dollars too.
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