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 ...
Nicely played
You bit coin fraudsters are hilarious. On one side of your mouth you proclaim it’s a currency, then when it is volatile as hell, you call it an investment?
Which is it?
IPO and Listings are a typical sign of overvalued. There are plenty of folks wanting to cash in on the crash of this, that is why the request for CBOE etc are coming online.
Nothing backs this crap, it isn’t a derivative of profit, it isn’t made of any sort of precious metal. Basically, it’s an ugly Beanie Baby.
Dude, I so hope you either lose it all, or get indicted.
And you are a financial officer? What the heck is that? Do you deal with other peoples money? If so that's scary cause your judgement seems kinda off a wee bit. What are you hoping I lose and what would I be indicted for? Where do you get the idea to accuse me of being a fraudster?
You didn’t answer my questions.
What is the regulatory body that controls the exchange of bitcoin?
The prices quoted, come from what regulated and audited source?
Today, there was a trading shut down on the coins because it gapped down. What number of coins can or are traded daily? If there is a limit down on bitcoin, is there a limit up....?
Where is the volume and trade details listed for bitcoin?
Who is the “specialist” for bitcoin that provides this fair and orderly market?
When there is no market for bitcoin, is there liquidity at a bank, a bitcoin reserve bank?
Isn’t it strange that a “currency” all a sudden is illiquid, even for a day?
Where can a bitcoin be tested for authenticity?
LOL, I could go on with all sorts of questions that you and the bitcoin fraudsters can’t answer.
I’ve been a retail investment Adviser for 25 yrs, I’ve been through very good markets, very bad markets, and seen one scam after the next. You’ve gotten much more of my valuable time than you deserve...
Question we all know the market cap is $500 billion or so. What is the daily trading volume? How many of these bitcoins have ever changed hands? Is it day traders bidding it up and down, and sucking new people in to buy the coins, or sucking the Hodlers (sic) fresh money in? Because every person i see pushing this supposedly is just holding onto assets worth hundreds or thousands of times there cost basis. Doesn’t add up
Question we all know the market cap is $500 billion or so. What is the daily trading volume? How many of these bitcoins have ever changed hands? Is it day traders bidding it up and down, and sucking new people in to buy the coins, or sucking the Hodlers (sic) fresh money in? Because every person i see pushing this supposedly is just holding onto assets worth hundreds or thousands of times there cost basis. Doesn’t add up
Anyway you are correct I've gotten more of your time than I deserve
“That would be nuts.”
Oh bollocks!!
They're only up if they actually sell and realize the gain... some have or will, others will hang on out of sheer greed and possibly lose everything. Time will tell.
You’re getting an angry reaction because you’re very resistant to logical questions regarding cryptocurrency. It sounds as if you’ve fallen in love with your investment which is going to lead to grief. If you have profit take it ASAP. If you still want to buy in, do so after it bottoms out.
If the value of a "currency" can change wildly in the time it takes to execute a transaction, then it's 100% speculation.
All good questions but some remain to be answered and I continue to research this myself daily. The daily volume of each crypto currency is tracked by the exchanges and can be seen on various websites. I like coinmarketcap.com.
At this point my take is each crypto currency is a unique proposition using differing approaches on the blockchain technology. So it's kind like BETA vs VHS at this point. One or more currencies may ultimately take over but for now bitcoin is the king simply because it was first to market, is the most widely known and really started the concept of blockchain rolling.
I have been fascinated by this concept for a couple years and have learned so much that we take for granted about money or what we perceive to be money. I think it's worth taking the time to investigate if it strikes you as interesting.
I do not advocate anyone get involved in crypto currency that is a decision each person has to make. I do like the concept and discussion as I think we are witnessing a historic change in the concept of money and how money changes hands.
Well, sorry if I misunderstood the exchange.
Fans of cryptocurrency in my opinion need to stop and ask themselves what they’re investing in. If it’s stock in a legitimate, legal, regulated company on a legitimate, legal, regulated exchange that has a demonstrable income stream to provide profits for investors, that’s one thing. Buying up “bitcoins” which literally have no value other than what someone is willing to pay for it is speculation purely and plainly.
Buying individual blockchain transactions is not investing in the future of the technology and some anticipated historic change in the concept of money. You’re just buying an electronic file, and you’ll only get what the next guy is willing to pay for it when you go to sell it. No dividends, no underlying value, no P/E ratio.
I’m asking that question to a lot of people, most say about 1% is used as a currency.
Crypto currency is not a stock or equity it is literally a currency, a medium of exchange and a temporary store of value. Just like any fiat currency it is not backed by anything other than faith or belief that it will retain value. Take out a one hundred dollar bill and you have just a piece of paper. Look at your bank statement with your savings account. It's no more than a ledger entry that says you have "this much". There is no drawer at the bank with your name on it containing your money and even if there was it would contain paper that has no intrinsic value.
The advantage to crypto currency like bitcoin is unlike fiat US dollars the supply is strictly limited. There are only 21 million bitcoin and that's it. This makes bitcoin immune to devaluation by government entities and this is a huge attraction. The US dollars in your bank account or your wallet can be stolen by the federal reserve even though they have no access to your money simply by increasing the supply of the US dollar. They can and do steal your money without ever touching your holdings. The supply of US dollars is determined entirely by government and is literally infinite. This is just some of the advantages to crypto currency and there are many others.
Notice in your post you mentioned the term "regulated" several times and there is the issue. Do you know who is doing the "regulating" at the federal reserve. They meet in secret and literally determine economic policy that directly affects each persons personal wealth yet we don't really know who these people are, what motivates them, to who they are beholden and on and on.
Then there is blockchain technology which is in it's infancy at this time. Blockchain is the internet before windows. The technology has the ability to transform how money changes hands, transaction processing, etc. This is something that is often unique to different crypto currencies. Take a look at Ripple and do a quick bit of reading to see the potential behind this currency as well as some of the names behind it. It will only take you a bit of time and will be enlitning.
Sorry to go on for so long but I want to make one more point and that is I personally am no expert by any stretch on this subject. I am but a neophyte in this arena but I want to learn more
I mention the term “regulated” because fraud is a problem on unregulated financial exchanges, there are many, many different scams that can be run absent their being prohibited and I suspect they’ve been dusted off for cryptocurrency “investors.”
Make up your minds, are you “investing in the future of blockchain technology that will transform the financial sector” in which case you’ve been utterly duped because you’ve not “invested” in anything, you’re speculating on encrypted electronic files that are worth nothing more than what the next guy is willing to pay for it?
Or are you currency speculators, in which case you’re being utterly duped again because there’s no exchange rate as it doesn’t function as currency with only rare exceptions?
There has been one heck of a speculative mania going on with this and the bubble is bursting. With Goldman-Sachs entering the picture, I can envision there being a few more pump and dump opportunities but you really need to get out until it bottoms out, and you need to have nerves of steel if you jump back in because this is worse than penny stocks or third world currency speculation for volatility.
Thanks. Consequences of leverage work both ways.
All true but also remember there is fraud in regulated finance as well. Fannie and Freddie comes to mind although I think we need a new word to describe the level dishonesty in these government institutions.
While there is certainly manipulation going on in crypto currency but that is true of ALL markets. Ever watch a stock and try to plan a position and then comes the "upgrade or downgrade announcement" ? You don't think these big players are manipulating the market? of course they are.
Lastly the very basis of blockchain and crypto currency is a distributed network using encryption. Encryption is currently one of the hardest nuts to crack so "crypto" currency has enormous built in resistance to manipulation.
Fine, ride it down. It’s your fiat dollars going down the tubes. At least you’ll have some encrypted files to show for it.
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