Posted on 12/22/2017 10:14:33 AM PST by BenLurkin
Bitcoin prices plunged sharply to below $11,000 on Friday, shedding a third of its value in just 24 hours, according to data from CoinDesk.com. It later rebounded slightly to around $12,000 — but that’s still a stunning 25 percent less valuable than bitcoin was Thursday morning.
Prices had approached $20,000 as recently as Sunday. The turbulence comes on the back of a few days of bad news for bitcoin, which has still soared by more than 1,000 percent since the start of the year.
On Thursday, a bitcoin spinoff called bitcoin cash was suspended from one of the most popular exchanges after possible insider trading.
Meanwhile, the U.S.’s markets regulator halted trading in a red-hot bitcoin stock.
(Excerpt) Read more at losangeles.cbslocal.com ...
I never understood it in the first place.
The whole thing sounded of scam or a house of cards to me.
Ditto that. Think “derivatives”.
Have a very Merry Christmas!
Same with MLM schemes.
It is true that all investments carry risk. The world is full of grays, and I consider bitcoin a very dark gray. I would say it is unwise to invest in bitcoin, especially now and heavily. The DOW is based on real companies with real products. (Or at least regulated finances) But, as another poster stated, caveat emptor.
What percentage of bitcoin is used as currency and what percentage is used for speculation?
I got it at $600. I ain’t crying. It will be over $20,000 before year end.
As long as they sell at the right time.
The price didn’t plummet. The amount of the latest offer to buy plummeted. It didn’t shed any of its value. It has no value until the sale is transacted. If you have bitcoins, you cannot look at the amount of the latest buy transaction, and calculate the “value” of your holdings. They have no value until they are sold, and the amount at which they are sold is whatever it is, not necessarily the amount of the latest buy transaction.
Did I hear the sound of a great big bubble popping and some old guy at his keyboard laughing his a$$ off?
I know the dollar is fiat currency, backed not by gold, but by the faith and credit of the American government. (LOL!) However, Bitcoin is a fiat of a fiat, and is backed by nothing at all, except by the faith and integrity of a bunch of bit-twiddling hackers in a basement in Romania.
Me too. Whoever was the banker in Monopoly game always won the game.
Love that movie.
What a nice reliable and stable “currency”...
LOL, you said it very well and with a nice bit of humor.
LOL, bs, there aren’t a long line of folks that have made squat on this crap. There’s a small handful of rogues out there that have manipulated the float on this thing to create the appearance of a healthy and orderly market. That illusion will be shattered after the manipulative shysters have unloaded enough of this crap to satisfy their wallets. And of course, they’ll have to flee developed society as the US Marshals and Interpol seek them out.
I think you should do alittle more research. A few “rogues” don’t make a market capitalization of a half a trillion dollars. The fourth place coin is Ripple, which has a market cap of over 40 billion and has names like American Express involved. You are really in the weeds on this subject and it shows glaringly.
I was into pumping and dumping before pumping and dumping came to mean ... uh, never mind.
Dude, I’ve been in finance for 25 yrs... Every major investment officer in the country has called bitcoin for what it is, FOOLS GOLD.
Take your peddling of Fools Gold elsewhere. FreeRepublic isn’t the forum for pump and dump bs schemes.
Ya right! That’s why every financial channel on cable is talking about crypto currency every day. Goldman Sachs told their clients not to ignore bitcoin some time ago but I’m sure you know more than them. The Chicago Mercantile Exchage is now trading futures contracts on bitcoin but what do they know. Maybe you should give them a call and tell them to stop dealing in fools gold.
Greed! The enemy of us all. They might not get out until it goes all the way back down. I was looking at it when It was around 300 but I didn’t buy and I’ve learned in life there is no point torturing yourself over things you didn’t do because you can’t go back.
Surprise
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