Posted on 02/06/2018 5:46:50 AM PST by C19fan
You did not have to be a technophobe to worry that the virtual-currency boom of the past year papered over plenty of problems.
The scale of those problems is starting to become clear as digital tokens have slid more than 50 percent in value from their peaks in early January, with steep drops on Monday pushing the value of Bitcoin specifically below $7,000.
(Excerpt) Read more at nytimes.com ...
The US dollar exists almost exclusively as a cryptocurrency, and when cash is completely abolished that’s all it will be.
You can speculate in anything, but that doesn’t make the thing you speculate in bad.
Are tulips bad? Do people still make money selling tulips?
It's because cryptocurrencies can be anonymous and so can't be taxed nor controlled . Banks are not even needed. The left hates decentralization. They left want the government to own and control everything (socialism) which is the ultimate centralization.
I'm for competing interests. A privately owned for profit business that has competitors is accountable to customers and the bottom line. A government bureaucrat in a government agency like Comey or Lois Lerner are not to anyone
Sure, tulips are very profitable for the local florist . . .
Bitcoin is up about 600% from this time last year.
https://charts.bitcoin.com/chart/price
I would be glad to hear about any investment that even has the possibility of a 600% year to year upside.
Would you be glad if you bought it at 18,000 dollars per coin?
It is not an investment.
Yeah exactly, how many bought in 10,000, 12,000, 14,000 .... betting their life savings, and thinking they were getting easy money as it went up to 20,000?
Trouble with cryptocurrencies is they have nothing backing them up, so they float or sink entirely upon the market’s whims. At least the US Dollar has a big rich stable industrial country behind it, bitcoin has nothing.
I didn’t so I dont care.
Would it be an investment if you bought it a year ago?
No.
What investment loses 60% in two months!
Cryptocurrencies when used as currencies will prove the same.
Even the US dollar can be vulnerable to unscrupulous speculators such as George Soros.
Speculation on anything is a Ponzi scheme. The first ones in win. The rest lose.
Or gains 600% in a year?
Buy a Bitcoin, turn it over and find there’s nothing there
Manipulation!
Like the stock market, commodities market, bond market and FOREX. Just about every market in existence has to different degrees,\\ been manipulated.
Some individuals point out that there is nothing backing cyber currencies. The same can be said of fiat currency.
Others say that cyber currency exchanges can be robbed. So can banks and brokerages.
If my bank is robbed I don’t lose any money.
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