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Bitcoin: A Currency? Or a Speculative Security? Hmmm...
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The bitcoin network is too large to be sustainable. I have read many transaction can take hours to days to weeks to get through and some get lost. I
would be extremely wary of investment because of the fact that exchanges are run by criminals who claim their system was hacked for millions of
dollars worth of coins then disappear or run off to China with said coins.
Here are a couple of examples to name a few:
Mt. Gox is one example of course. Mark Karpeles, the owner, was caught, confined to Japan and is being observed by the Japanese government. He will probably be very comfortable one day with the 650,000 bitcoins that were never found.
Big Vern, owner of Cyrptsy, just one day closed his exchange, claimed a hacker theft, which was proven otherwise, and skipped out with millions of dollars in coins. He is enjoying his stolen millions in Bitcoins and Litecoins under the protection of the Chinese government.
Here are a couple of examples to name a few:
Mt. Gox is one example of course. Mark Karpeles, the owner, was caught, confined to Japan and is being observed by the Japanese government. He will probably be very comfortable one day with the 650,000 bitcoins that were never found.
Big Vern, owner of Cyrptsy, just one day closed his exchange, claimed a hacker theft, which was proven otherwise, and skipped out with millions of dollars in coins. He is enjoying his stolen millions in Bitcoins and Litecoins under the protection of the Chinese government.
edit on
2-6-2017 by eManym because: (no reason given)
a reply to: eManym
Many of the early crypto traders ended up getting stolen from, including myself. The amount would be life changing money for me but theres not much I can do. I store my coins in one time use offline wallets. I create a new wallet for my remaining balance every time I make a transfer. The thing about a decentralized currency is you cannot trust anybody. If you manage cryptos correctly you never need to trust anybody.
My latest BTC transfer last week took 20 hours. I was nervous because it was a large amount and it had never taken more than a few minutes before. If this trend continues it will solidify BTC as a longer term holding commodity rather than a currency.
Many of the early crypto traders ended up getting stolen from, including myself. The amount would be life changing money for me but theres not much I can do. I store my coins in one time use offline wallets. I create a new wallet for my remaining balance every time I make a transfer. The thing about a decentralized currency is you cannot trust anybody. If you manage cryptos correctly you never need to trust anybody.
My latest BTC transfer last week took 20 hours. I was nervous because it was a large amount and it had never taken more than a few minutes before. If this trend continues it will solidify BTC as a longer term holding commodity rather than a currency.
So, Etherum took over.......switch if ya like crypto.....
Two of em.....200 bucks and 2300 bucks.....
Yep, there's a difference .....ether is the future of all tech.......jump in....sell at up moves....buy three days later......
Unless you're like me and have eBay silver stacked in an ammo box.......a hundred ounces is more than enough of that heavy stuff....
But get outta bitcoin.....due to Etherum taking over tech in the global future......it's a breakthrough....in computing apps, no
Life apps
editby]edit on 2-6-2017 by GBP/JPY because: (no reason given)
Two of em.....200 bucks and 2300 bucks.....
Yep, there's a difference .....ether is the future of all tech.......jump in....sell at up moves....buy three days later......
Unless you're like me and have eBay silver stacked in an ammo box.......a hundred ounces is more than enough of that heavy stuff....
But get outta bitcoin.....due to Etherum taking over tech in the global future......it's a breakthrough....in computing apps, no
Life apps
editby]edit on 2-6-2017 by GBP/JPY because: (no reason given)
edit on 2-6-2017 by GBP/JPY because: Coza my head
Bitcoin has always been a speculative asset and the recent volatility demonstrates precisely that.
There was a crash coming, then the rebound was done through a bailout just a few days ago. The ECB and probably the FED bought a lot of bitcoins that were being sold. There was just about to be a run on Bitcoin and the western NATO central banks stepped in to save their Fraud toy fake currency.
There was a crash coming, then the rebound was done through a bailout just a few days ago. The ECB and probably the FED bought a lot of bitcoins that were being sold. There was just about to be a run on Bitcoin and the western NATO central banks stepped in to save their Fraud toy fake currency.
Bitcoin: Maybe a fraud ? Maybe a new dotcom bubble? Maybe the latest MMM by Mavrodi ?
originally posted by: FamCore
Correct me if I am off-base with anything I'm saying here - but to me Bitcoin's performance right now leads me to believe that it is no longer so much a "currency", as it is a speculative investment.
In my personal life: I've heard a lot of colleagues, friends, and even strangers talking big about Bitcoin, boasting about the current values and potential for the future. But a lot of these individuals don't even seem to understand cryptocurrencies. Many of the people I personally know well who are talking it up don't even know how to intelligently manage their investments, and don't own a lot of real assets (for example they may be in thousands or tens of thousands of dollars in debt - credit card or student loan debt, own no real-estate, etc).
At the same time, I believe many people are waking up to the real value of these Fiat Currencies, and perhaps others (and some of the same) are waking up to the global debt crisis.
Looking at the bigger picture of Bitcoin in general:
I feel that the Central Bankers must have a lot more difficulty manipulating Bitcoin, unlike Precious Metals where they can flood the market with tens of thousands of paper contracts which artificially keep the value of Silver/Gold/etc. down. So it does pose a legitimate threat to the current system and its manipulators.
Now... as I understand it, Bitcoin was created to be a peer-to-peer electronic currency. Which begs the question, as a currency in relation to other currencies (Dollar, Yuan, Euro), by logic Bitcoin should be moving in opposition to these other currencies. But Bitcoin has gone up at the same time the dollar was strengthening. It is acting in every single capacity like a security, like a speculative investment.
It's value has shot up, but personally I believe it is a bubble right now and it will correct at some point, it may very well get much greater in value as well. However, I'm currently subscribing to the belief that right now, money has moved into Bitcoin as a speculative investment and like the Real Estate Bubble, like other bubble before it, Bitcoin's value will need to be corrected at some point in the near-ish future.
ATS friends... thoughts?
To put it simple, it's a completely unsafe hedge, and the more of it one person has, the higher the selling value goes, this is not a good sign, it's the opposite. The price goes up when it all goes into one persons hands, which means that the price is only high because that person is the only person willing to buy at those high prices.
One of the main purchasers of bitcoin driving the prices up was a high stakes multi millionaire professional poker player. He too didn't understand how it works and kept buying it, and every time he's buy it, the price would go up, and he'd buy more, thinking he was making an investment and sure get as much as he can, but he didn't realize that his purchasing of it was the cause of the price hike.
He couldn't sell it to anyone, cuz nobody wanted to buy it. The thing about bitcoin is it's finite, ya? So there is a limited pool and there can never be more than the max. It's actually a really small pool too at only 21 million. So it can't grow, it only has value because people don't understand what it is and are told to buy it cuz it's the new thing, but when they do -- they'll get stuck with it. Because there is a finite pool, every time a new bitcoin is created, it becomes exponentially harder to solve the next block that creates the next one. Which means it takes longer and longer, which means it cost more and more. So the more people mine for it, the less value it actually has, once it hits 21 million coins, there will be no more blocks to solve. It's already at a saturation level where you can't afford the cost to solve a block. It basically costs more in dollar bills in power and hardware used than the currency is worth. Bitcoin is going to drop really, really, really hard and sharp.
You'll hear people talking about how it's a great thing to purchase, buy it now before it gets too expensive -- then the people holding will offload it, generate booku money and then it'll be worth nothing. The people holding the large volumes will spend money getting news networks to promote it and generate interest in it just so they can offload it. Essentially, insider trading. Insider trading is selling stocks that are about to plummet in share price to people who don't know it's about to plummet in share price. I.E. You get out before it loses value, you sell it right before it's value evaporates and the people who buy it get left holding dead weight.
a reply to: SRPrime
Great analysis SRP - thanks for taking the time to explain this.
Are you familiar with any videos or resources online that explain this in layman's terms as well as yourself?
An immediate family member has begun talking my ear off about BTC and I want to be able to debate him on it and not allow him to lose his money. Thanks in advance!
Great analysis SRP - thanks for taking the time to explain this.
Are you familiar with any videos or resources online that explain this in layman's terms as well as yourself?
An immediate family member has begun talking my ear off about BTC and I want to be able to debate him on it and not allow him to lose his money. Thanks in advance!
Bitcoin is a EU/NATO plot against the Trump administration. The EU and NATO are deliberately inflating a bubble with Bitcoin and with the housing
markets again, worse than in 2008. The aim is to discredit Trump by orchestrating another massive crash in the markets, that would be blamed on the
Trump administration.
The EU should keep in mind though ... if it's not Trump ... it will be Camacho in 2020.
The EU should keep in mind though ... if it's not Trump ... it will be Camacho in 2020.
I think I am correct in saying that 'Bitcoin' is limited to just 24 Million coins (at whatever value)
if you think that the present market for bitcoin (@ +$10K USD) is the upper limit You had better think again...
somewhere in the future, when close to the full 24 million coins are mined into existence,
there will be a scramble by speculators/investors to have those last fragments or pieces of Bitcoin added to their Cyber-Wallets or Bitcoin Trading Accounts (before the Window of Bitcoin creation Closes for ever)
Then IF the public refuses to 'spend' their Bitcoin for commodities/goods/services... then the outrageous 10% daily growth in Bitcoin value will cease as there will be NO way to create or mine new Crypto's...but only by prying the Bitcoins from the greedy hands is the
Only way to forever increase the value----Wrong the hoarding/holding of coins will destroy the popularity of the once freely traded Bitcoin, that will then continually lose Its' value
if you think that the present market for bitcoin (@ +$10K USD) is the upper limit You had better think again...
somewhere in the future, when close to the full 24 million coins are mined into existence,
there will be a scramble by speculators/investors to have those last fragments or pieces of Bitcoin added to their Cyber-Wallets or Bitcoin Trading Accounts (before the Window of Bitcoin creation Closes for ever)
Then IF the public refuses to 'spend' their Bitcoin for commodities/goods/services... then the outrageous 10% daily growth in Bitcoin value will cease as there will be NO way to create or mine new Crypto's...but only by prying the Bitcoins from the greedy hands is the
Only way to forever increase the value----Wrong the hoarding/holding of coins will destroy the popularity of the once freely traded Bitcoin, that will then continually lose Its' value
edit on th30151204632230522017 by St Udio because: fill my word quota
it's out of reach of the average person so that's enough for you to know that it's not viable as a currency.
originally posted by: toysforadults
it's out of reach of the average person so that's enough for you to know that it's not viable as a currency.
Not So Much True....
there has been Trading platforms created which you can buy into Bitcoin for fractions of a coin at-a-time...
using your present bank account to BUY or SELL any parts of a Bitcoin for something like ~ $100. value of a $10,000.oo Crypto Coin
the MSNBC TV had a live BUYING example on live TV yesterday using someone's Bank of America account linked with the Bitcoin Trading Platform ->> see: brokernotes.co...
easy to BUY but they had difficulty trying to SELL in that live trading segment
"coin-base" -- or something was the platform they shown
edit on th30151204740930102017 by St Udio because: (no reason given)
a reply to: St Udio
Correct. However, the margins for profit would be too slim at that buy in for bitcoin, and would make greater sense to invest in one of the second or third tier cryptos. I myself just opened a coinbase account last night just so I could get an understanding on how this trading scheme works. I was doing the math, and buying in equivelant dollar amount of Etherium vs BC would yield better margins for etherium right now.
BC is like the expensive gold, and etherium is the affordable silver. However, unlike gold and silver which is continually reducing its tax burden on the owner state by state every year, crypto's exchanges/brokers are being targeted to hand over their user database for those who have traded in at least $20,000 worth of crypto's to make sure people are paying their taxes.
Uncle Sam is coming after your bitcoin gains
Correct. However, the margins for profit would be too slim at that buy in for bitcoin, and would make greater sense to invest in one of the second or third tier cryptos. I myself just opened a coinbase account last night just so I could get an understanding on how this trading scheme works. I was doing the math, and buying in equivelant dollar amount of Etherium vs BC would yield better margins for etherium right now.
BC is like the expensive gold, and etherium is the affordable silver. However, unlike gold and silver which is continually reducing its tax burden on the owner state by state every year, crypto's exchanges/brokers are being targeted to hand over their user database for those who have traded in at least $20,000 worth of crypto's to make sure people are paying their taxes.
Uncle Sam is coming after your bitcoin gains
originally posted by: toysforadults
it's out of reach of the average person so that's enough for you to know that it's not viable as a currency.
That's not true. Bitcoin has 8 decimal places in denominations known as Satoshis.
99bitcoins.com...
There are still sites that give away crypto in this denomination for free and you can also buy in under 1BTC.
It's a bit of both.
You can use it as a currency, albeit this use is very limited at present.
And it's a speculative investment....we are speculating that usage will eventually be more widespread, and we're hoping to cash in on this success as it gains in value.
You can use it as a currency, albeit this use is very limited at present.
And it's a speculative investment....we are speculating that usage will eventually be more widespread, and we're hoping to cash in on this success as it gains in value.
(post by chiroden removed for a serious terms and conditions violation)
(post by JoshCastle removed for a serious terms and conditions violation)
(post by JoshCastle removed for a serious terms and conditions violation)