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Cryptocurrencies ‘could drop to near-zero at any time,’ Ethereum founder warns
CNBC ^ | February 19, 2018 | Ryan Browne

Posted on 02/20/2018 5:44:53 AM PST by C19fan

Cryptocurrencies are a nascent asset class and could fall violently at any time, the founder of blockchain network Ethereum warned on Saturday.

"Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time," Vitalik Buterin said on Twitter. "Don't put in more money than you can afford to lose."

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Computers/Internet
KEYWORDS: bitcoin; cryptocurrency; ethereum
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To: C19fan

We’re enjoying a vacay in Florida now thanks to a BTC investment, and believe me, the sun, sand and surf are very real.


21 posted on 02/20/2018 6:54:59 AM PST by Rennes Templar (Morning in America Again, again.)
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To: Yo-Yo
But there is no FDIC insurance on Bitcoin wallets.

FDIC insurance is a thimble in an ocean.

The FDIC Illusion of Insured Bank Deposits

22 posted on 02/20/2018 7:24:56 AM PST by E. Pluribus Unum (<img src="http://i.imgur.com/WukZwJP.gif" width=800>)
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To: taxcontrol

But I don’t tend to hoard my retirement fund as cash in my wallet.


23 posted on 02/20/2018 7:31:54 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
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To: C19fan

When I see “Cryptocurrencies”, I hear “Tip Toe Through The Tulips”.
https://www.youtube.com/watch?v=zcSlcNfThUA


24 posted on 02/20/2018 7:40:52 AM PST by GOYAKLA (" Winning not Whining"!)
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To: Rennes Templar
We’re enjoying a vacay in Florida now thanks to a BTC investment, and believe me, the sun, sand and surf are very real.

Meanwhile, elsewhere on the beach, somebody is crowing about what a great investment he made buying lottery tickets.

25 posted on 02/20/2018 7:44:20 AM PST by Wissa ("Accidents don't happen to people who take accidents as a personal insult." - Michael Corleone)
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To: dynoman

That is a cool graph - seems accurate, how well does it seem to reflect reality in your experience?


26 posted on 02/20/2018 7:55:36 AM PST by datricker (Cut Taxes Repeal ACA Deport DACA - Americans First, Build the Wall, Lock her up MAGA!)
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To: taxcontrol

Indeed. How much actual value (purchasing power) has the US Dollar lost since Bretton Woods?


27 posted on 02/20/2018 9:23:17 AM PST by Sam Gamgee
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To: LouieFisk

No kidding. Don’t invest in something you don’t understand, and I don’t understand them. But the day I take investment advice from CNBC is a cold day in hell.


28 posted on 02/20/2018 9:24:18 AM PST by Sam Gamgee
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To: norwaypinesavage

call my a cynic, but should we have faith in the US government? I don’t.


29 posted on 02/20/2018 9:25:42 AM PST by Sam Gamgee
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To: taxcontrol
Yep, just like fiat currency.

Yes.

It is all based on what confidence people have in the system.

People have no confidence in the system in Venezuela so their currency is worthless.

The Norwegian krone or the Swiss franc are valued because people have confidence in the system.

Of course everything has a relative value that shifts as things change.

If you are on a boat lost at sea, food and water has the most value. If you are in a casino, chips have the most. And if you are on a plane listening to a child scream for eight hours straight a set of ear canceling headphones would be near the top. :)

30 posted on 02/20/2018 9:37:06 AM PST by Harmless Teddy Bear (Not a Romantic, not a hero worshiper and stop trying to tug my heartstrings. It tickles! (pink bow))
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Comment #31 Removed by Moderator

To: C19fan

These guys are just trolling people to get their name in the news. Cryptos are going to zero anytime soon.


32 posted on 02/20/2018 10:28:09 AM PST by packrat35 (Pelosi is only on loan to the world from Satan. Hopefully he will soon want his baby killer back)
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To: datricker

Compare it to BTC for one year and see.

https://coinmarketcap.com/currencies/bitcoin/


33 posted on 02/20/2018 10:34:43 AM PST by dynoman (Objectivity is the essence of intelligence. - Marilyn vos Savant)
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To: C19fan
Cryptocurrencies ‘could drop to near-zero at any time,’ Ethereum founder warns

What reason is there preventing them from dropping to zero?

34 posted on 02/20/2018 10:39:15 AM PST by DoodleDawg
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To: C19fan

99.9% of US dollars are in the form of a digital cryptocurrency.

And the only thing backing them up is the shared delusion that they’re worth something.


35 posted on 02/20/2018 11:15:51 AM PST by MeganC (There is nothing feminine about feminism.)
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To: C19fan

This was bound to happen.

Don’t feel sorry at all for those who sold everything they had for Bitcoin and anything else like it.


36 posted on 02/20/2018 11:30:18 AM PST by Roman_War_Criminal (This country & world is living on borrowed time (Luke 17:26-27))
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To: dynoman

Wow that’s amazing thanks


37 posted on 02/20/2018 4:35:02 PM PST by datricker (Cut Taxes Repeal ACA Deport DACA - Americans First, Build the Wall, Lock her up MAGA!)
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To: null and void

“How is that different?”

****

The point being made is this...

Example:

A. You buy an iPhone online using U.S. Dollars. Uncle Sam recognizes this as a currency transaction (dollars are currency even if fiat).

B. You buy an iPhone online using Bitcoin. Uncle Sam does not recognize private cryptocurrency as currency. It triggers a taxable event on any capital gains you made on that Bitcoin.

There’s the difference.

If there’s going to be cryptocurrency recognized by the government as currency, it’s when paper dollars are taken out of circulation entirely and FedCoin (probably still called “dollar”) replaces it.


38 posted on 02/21/2018 6:51:30 AM PST by peyton randolph (Socialism Lite is still Socialism)
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To: peyton randolph

AH! Excellent explanation.


39 posted on 02/21/2018 6:53:22 AM PST by null and void ("If you see something say something." "If we say something *DO* something!!!")
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To: Wissa

Lots of people buying those lottery tickets.

https://coinmarketcap.com/all/views/all/


40 posted on 02/21/2018 7:40:56 AM PST by Rennes Templar (Morning in America Again, again.)
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