Posted on 12/18/2017 7:02:41 AM PST by Enlightened1
Would you rather own 100% of Wal-Mart or every Bitcoin in existence? At one point such a question would have been completely absurd, but now things have changed. As I write this article, Wal-Mart has a market cap of 287.68 billion dollars. Wal-Mart is the king of the retail industry in America, and nobody else is even close. Bitcoin, on the other hand, is an entirely digital creation that did not even exist until 2009. No government or central bank in the entire world recognizes it as a legitimate currency, and there are very, very few retail establishments that are willing to accept Bitcoin as a form of payment. And yet at this moment, Bitcoin has a market cap of 310 billion dollars.
When the year began, Bitcoin had just crossed the $1,000 threshold, and now it is selling for more than $18,000. Of course other cryptocurrencies have been rising at an even faster pace. We have never seen anything quite like this before, and some are warning that this is a giant bubble that is about to burst…
Axel Weber, the board chairman of big bank UBS, has warned of a possible Bitcoin currency crash. With increasing numbers of small investors jumping on the cryptocurrency bandwagon, it is time for regulators to intervene, he says.
Bitcoin has surged from $1,000 (CHF990) at the start of the year to above $16,000.
The risks are due to a design fault, which leads to huge currency swings in both directions, Weber said in an interview with the NZZ am Sonntagexternal link.
(Excerpt) Read more at theeconomiccollapseblog.com ...
When this bubble bursts, I hope SOROS loses all!...................
Very good point,IMO.
I'm sure there are thousands of millennials out there who are very grumpy that they sold their bitcoins when it was only worth $400. And even more who were victims of the several large bitcoin thefts from exchanges.
All in all; any valuation is a bubble. You're trading goods for someone’s computer running some math problems.
My thoughts exactly from the beginnings of Bitcoin.
At least with tulips there was something physical backing up the asset.
Bitcoin is vaporware; trading in bits and bytes on some cloud server.
Don’t know the reference? See the following among many links: https://www.investopedia.com/features/crashes/crashes2.asp
I don’t know.
If I own Wal-Mart, do I have to take the people too?
If I own Wal-Mart, do I have to take the people too?
Wall Mart only have value because of the people aka customers
Okay, but I’m establishing a dress code.
Pants required.
To this I would add, as I understand it of course, that the math bitcoin wants you to solve isn’t related to productivity.
It would be an entirely different thing if the currency was related to solving parts of massively distributed software, which could be used productively and processor time rented out for actual currencies ... but it’s seemingly not.
Unless, of course, it is and what it’s about is the sort of espionage or counter espionage that one might expect or something rooted in the NSA. Distopian sci-fi novel version: they’re really trying to steal all the money from all the banks so that their’s is the only available money. Make a great Bond movie. Probably isn’t happening in real life though.
If I bought some Bitcoin for $1,000 and it gets up to $18,000 and it crashes to zero, I’ve lost $1,000. Just like the secretary at Enron who put $60,000 into Enron stock. One day it was worth a million bucks then worth zero the next day and she’s on TV claiming she lost a million dollars.
No, but you can get cash from the government when the people purchase with their EBT cards.
I was telling my wife last night that Walmart is the largest retail company in the world with the lousiest employees. They have to promote from the people they have to hire. That means good employees and customers suffer.
You can trade bitcoins for cash.
That’s someone that does not understand.
The problem with economic bubbles built on the greater fool theory..... is sooner or later, the greater fool doesn’t show up.
I declared that “dried Cow Patties” were an artificial currency, and since I have a lot of them with a value that I set, it is worth more than Exxon/Mobil and Bit-Coin.
Keep in mind people have been saying that since 1K.
Do you think the dollar is isolated from economic bubbles?
Whatever you say about bitcoin and an economic bubble you can apply to the dollar.
There is a thing called “Stop Loss” that prevents that type of loss. You just have to mark where you want to sell.
I see this getting to 100K before any type of major correction.
When this thing implodes lots of people are going down!!!
Walmart worth is setting the bar pretty low.
Last time I had someone make that silly argument to me was when I pointed out the tech bubble to them in late 2000....
If you are playing in this game, good luck to you... hopefully you aren’t the one sitting there wondering where the greater fool is to cash you out
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