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.
I don’t know.
If I own Wal-Mart, do I have to take the people too?
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.
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.
When this thing implodes lots of people are going down!!!
Walmart worth is setting the bar pretty low.
“Worth.”
Sorry, but it’s not worth anything until it’s actually converted into dollars. What the idiot calls “worth” is the latest price quotation multiplied by the number of outstanding shares.
That is not “worth” anything.
Worth begins to happen when you start converting your shares into dollars. The act of conversion affects the quoted price.
Walmart has tangible assets. Bitcoin has nothing. The latest price quotation is based on what the most recent buyer paid for one share. He was willing to pay that based on the one who bought before him, and his own feeling that the price can only go up, not down.
Soon, many will realize that the run up in prices is a lot of expanding warm air surrounded by a roughly-globular-shaped substance with high surface tension.
I looked hard at buying $1,000 worth of bitcoin as a big risk, big profit possibility when it was going for $10. That would have been 1.8 million dollars today...
My daughter, a tech guru, talked me out of it...
Easy to see the deals you missed in hindsight. It is unlikely that I would have held it this long, anyway.
Bitcoin is backed by the full faith and credit of...uhhhhh...
Bitcoin offers something almost all other currencies lack:
Anonymity, portability, and safety from easy confiscation.
Gold is easily confiscated.
Cash is more easily confiscated that Bitcoin, and harder to transport, much less portable.
Bitcoin or something like it, is the wave of the future, because national currencies have been so terribly managed by governments, who inflate them in order to loot them.
This is likely a bubble, but bitcoin is not going away. It has crashed before and come back.
My final comment today is that if you think you are living in a world where digital currency is “in the future” you really need to get a grip on how transactions occur every day: About 95-97% of ALL transactions these days are done electronically. And they are done in a way that is horribly insecure, and subject to surveillance by both the government and the bad guys. (Sometimes the gov is the bad guys, but we all know that!)
Bitcoin is a method for moving value from one to place another without regard for borders or interference from the IRS or the NSA. Nor is there a bank picking off a little bit of every transaction, every step along the way.
Which goes to show exactly how ridiculous bit coin is.
If you live in Holland, I've got some tulips to sell you. Oh, and the prices of gold and silver are skyrocketing.