Will the Bitcoin crash be like Wall Street Crash 1929

Bitcoin is at record highs, it has had a few dips but nothing substantial.
Something seems familiar, record highs, huge profits so far, the lure
of getting rick quick, people saying even if it goes down you'll regret selling off.

I've always said forget what people say, watch what they do...
It seems the chain reaction will start with the stock market and then trickle down to crypto...
If so, is it starting already??
www.bloombergquint.com...

Mystery Surrounds $7 Billion Outflow From Vanguard S&P 500 Fund

7 BILLION!!!

So for those in the Know, do tell.
Do you think Crypto is here to stay?
Some say if Covid lasts it will help Bitcoin and others are saying it will crash it along
with everything else..

I have had issues with this for a while. My brother told me about and bought into Bitcoin a couple years ago. I don't see how that's any different than stock market or money in general. I certainly don't understand much about it, however, I am skeptical. If we have a cyber attack non of it will matter in the end. And if not enough people use it what good will it be?. Biggest question, who is behind the start up of this? Which wealthy family from the bankers came up with this new money? Too many questions, not enough answers.

originally posted by: JAGStorm
Bitcoin is at record highs, it has had a few dips but nothing substantial.
Something seems familiar, record highs, huge profits so far, the lure
of getting rick quick, people saying even if it goes down you'll regret selling off.

I've always said forget what people say, watch what they do...
It seems the chain reaction will start with the stock market and then trickle down to crypto...
If so, is it starting already??
www.bloombergquint.com...

Mystery Surrounds $7 Billion Outflow From Vanguard S&P 500 Fund

7 BILLION!!!

So for those in the Know, do tell.
Do you think Crypto is here to stay?
Some say if Covid lasts it will help Bitcoin and others are saying it will crash it along
with everything else..

a reply to: JAGStorm

I think both Bitcoin and Ripple are here long-term. I try to buy whatever more I can of both with each dip.

a reply to: JAGStorm

The dollar will inevitably crash and Bitcoin will be one of our future currencies. That’s why the price is increasing. I’d buy as much as you can.

a reply to: JAGStorm

Crypto is here to stay, but the prices have mostly followed the Dow index.

The markets will dive and crypto will likely go with it. It'll recover faster than the stock index I think. Bitcoin has very little utility, but is still top dog. As newer utility coins emerge they are likely to take over much larger portions of the pie. Many, many, many of the coins around now will be dead, through either legislation or simple stagnation.

It's still very early and the biggest gains will go to those invested early while it's cheap enough to buy lots of promising coin projects. That said, the current greed index is high and prices are likely to drop. If they dive as hard as stocks then it would be a great time to buy. Right now is a great time to get familiar with crypto so you're ready to jump in.

a reply to: Ksihkehe

Many, many, many of the coins around now will be dead, through either legislation or simple stagnation.

I've read that China is getting in the market... Things will get interesting for sure..

a reply to: JAGStorm

I'm not betting either way with bitcoin... Too much of a perfect storm for it to boom or crash.

On one hand we're likely to witness record inflation on most fiat currencies, so finite ones like bitcoin offer an attractive refuge or hedge for nervous investors. On the other, it's digital, so being a safe haven for fiat is shaky given a worsening im environment may make digital currency moot.

This is a no play for me... But if you had a gun to my head, I think it will continue to rise as fiat is inflated.

If you're not accounting for the inevitable corrections and even over-corrections then you shouldn't be in bitcoin.

Bitcoin is a good long term investment.

www.moonmath.win

Go to this site and take a look at the 2014 logarithmic regression projection chart. That's a 10 year logarithmic growth trend that is showing no signs of stopping. Even if bitcoin scrapes the bottom of that log chart until 2140 (the projected year that the final btc will be mined) you and I will still see 20k per btc in the fist quarter of 2021 and up from there as the price action becomes exponential.

Inflation will also drive much of the price action we will see world wide.

XRP will also make inroads as that is the bankster coin and will likely underpin the upcoming FedCoin initiative from the Federal Reserve.

originally posted by: projectvxn
If you're not accounting for the inevitable corrections and even over-corrections then you shouldn't be in bitcoin.

Bitcoin is a good long term investment.

www.moonmath.win

Go to this site and take a look at the 2014 logarithmic regression projection chart. That's a 10 year logarithmic growth trend that is showing no signs of stopping. Even if bitcoin scrapes the bottom of that log chart until 2140 (the projected year that the final btc will be mined) you and I will still see 20k per btc in the fist quarter of 2021 and up from there as the price action becomes exponential.

Inflation will also drive much of the price action we will see world wide.

XRP will also make inroads as that is the bankster coin and will likely underpin the upcoming FedCoin initiative from the Federal Reserve.

I agree with you on XRP, and I've finally convinced my wife to open the purse strings. I'll continue to periodically buy up until at least $20.

originally posted by: JAGStorm
7 BILLION!!!

The Vanguard S&P 500 fund is has a market value $620billion, that's a drop in the bucket.

Full disclosure, I own this fund.

originally posted by: JAGStorm
huge profits so far

Yeah. Bitcoin started at like less than a cent. At its highest it was over $19,000. Needless to say, quite a lot of people are extremely happy.

originally posted by: JAGStorm
the lure of getting rich quick

People who buy it to "get rich quick" are misinformed and don't know what they're doing, and they're usually the ones who panic sell the moment the price goes down after buying it at a high point out of excitement.

originally posted by: JAGStorm
So for those in the Know, do tell.
Do you think Crypto is here to stay?

It absolutely 100% is. What people need to realize is that cryptocurrencies aren't just about Bitcoin; Bitcoin is just the mainstream name that everyone hears about and associates with cryptocurrency. I'll give you some examples below of interesting ones.
Ethereum network (Ether, or ETH, being the cryptocurrency) - This is a massive project overseen by the Enterprise Ethereum Alliance, which is comprised of a ton of major corporations such as Microsoft, JP Morgan Chase, FedEx, Pacific Gas & Electric, etc. They're working together to develop all kinds of technologies on the Ethereum blockchain. ETH is essentially used to "power" these technologies.
Ripple (XRP) - This is a global payment system that makes sending payments and communication between banks significantly faster and more efficient. It's being tested and used by banks and payment processors all over the world. Ever hear of the SWIFT global payment system? Ripple has the potential to replace that.
Those are just two examples. There are tons of potential uses and applications for all of the available cryptocurrencies, anything from tracking agricultural produce to replacing the need for a bank account. Many countries, such as China, are even developing cryptocurrency versions of their national money.
So, to wrap it up, cryptocurrencies aren't going anywhere. Quite the opposite.

Now, you might be thinking "This sounds cool! How do I get involved?"
By far, the easiest way is to make an account on an established cryptocurrency exchange. I believe Coinbase is the most popular for beginners. Don't worry, they're legit. It's pretty straightforward - you just pick which cryptocurrencies you want, how much you want to spend, and you make the purchase. Selling it is just as simple. You can also trade back and forth from one cryptocurrency to another - for example, trading $100 of Bitcoin for $100 of ETH. Some exchanges, like Coinbase, will function like a digital bank, in that they store your cryptocurrencies for you until you want to sell or trade them. Most people just buy some and sit on it, which is what I'd personally recommend for beginners.
Do your research before anything, though. Some exchanges have their own little quirks, like charging a % fee for any trades. Know what you're buying before buying anything. Try to stick to the ones that are established, like Bitcoin, ETH, XRP etc. Don't get wrapped up in the get-rich-quick scam ones.
But, most importantly:
Don't spend more than you're willing to lose.
Don't excitedly buy when the prices are surging.
Don't panic sell when the price goes down.
"Buy low, sell high" is a quote for a reason.
Holding/trading cryptocurrencies is a wild rollercoaster ride. You'll have ups and downs. Make sure you understand that.

No thank you. Any agency can shut it down and all of that "money" is gone. Poof. Gone to digital heaven.

I'll stick with things I can actually barter with if the SHTF.

a reply to: summer5

My question has always been, what is bitcoin backed by? If we call our paper money fiat currency because it's not backed by precious metals, how can bitcoin not be fiat currency? What is bitcoin backed by, what precious metal can you hold in your hand?

a reply to: CriticalStinker
If you watch the market and especially the order books on the platform I use, you can float with the big players that ultimately dominate the market price. It becomes predictable once you understood how they block the price in both directions and the current pattern becomes obvious how they step it up and down.

A lot of other coins, if not all to some small extend, follow the bitcoin curve. It does not have the turnout rates you might be accustomed to with other systems, but there are options for leveraging with lent coins, too.

originally posted by: peter_kandra
a reply to: JAGStorm

I think both Bitcoin and Ripple are here long-term. I try to buy whatever more I can of both with each dip.

Not so sure about Ripple/XRP. It's cheap so buy it... but it's limited amount.

It will probably dip down but if it were going to tank like it did years ago, that would have happened already. The price is holding steady and seeing as the mining reward halved not too long ago this spike was already expected and it has the foundation to remain supported at these prices. In fact I wouldn't be surprised if we see even bigger highs over the next year or two.

originally posted by: billxam
a reply to: summer5

My question has always been, what is bitcoin backed by? If we call our paper money fiat currency because it's not backed by precious metals, how can bitcoin not be fiat currency? What is bitcoin backed by, what precious metal can you hold in your hand?

It's finite in how many will ever be mined. With Bitcoin, I believe it's 28 million. They just can't mine unlimited amounts like the Fed can print money.

a reply to: and14263

They are all limited supply.

There will only be 21 million bitcoin ever mined, for instance.

XRP has 100 billion total in supply and it burns a little off of every transaction.

a reply to: billxam
I would say work or energy spent. Bitcoin isn't just the currency but includes the banking system, too. You can earn bitcoin with a powerful enough computer, by helping to process the transfers. Of course that means that it's indirectly coupled with energy production and computer equipment.

I am far from an expert, but would agree with you that besides the above, it's not represented by something you can posses or touch with your hands.

Anyone else remember the article from some months ago that quantum computers (Google, was it?) had "broken" all codes? It disappeared from the net the next day or so, but at the time I wondered how banking and crypto currency would work, now, if every password was insecure?

It's logical that with enough computing power anything with a password is accessible. I can see that 'the system' wouldn't want folks thinking about that, though.