Bitcoin Cracks $5000

[dannno]

It is hard to know if Bitcoin is a bubble. After all "Bitcoin enthusiasts" and "Analytics geeks" tell me Bitcoin is involved with revolutionary "s-curve adoption." Maybe we are living in a new paradigm. https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da

Sorta like how the "internet bubble" popped back in 2000 before it actually got really big?

 

[Krugminator2]

Sorta like how the "internet bubble" popped back in 2000 before it actually got really big?

Yeah. That is the exact comparison I have in my mind.

Why would you put internet bubble in quotes? It WAS a bubble. It did pop. Amazon WAS a bubble. Bitcoin IS a bubble. There is NEVER a reason to sit through 40% correction in anything let alone a 95% correction in Amazon. Ever. You think George Soros rides out 50-80% drops in anything?

 

[dannno]

Yeah. That is the exact comparison I have in my mind.

Why would you put internet bubble in quotes? It WAS a bubble. It did pop. Amazon WAS a bubble. Bitcoin IS a bubble. There is NEVER a reason to sit through 40% correction in anything let alone a 95% correction in Amazon. Ever. You think George Soros rides out 50-80% drops in anything?

Amazon was about $4.50 some time in 1999, if you bought in and took some profits up at around $100 in 2000 before it popped, then it went back down to $15, and you bought more or held on, it would now be worth over $1,000. That's a pretty good investment, a lot better than a typical mutual fund. Even better than LTC meteoric rise so far which went from around $4 to $400 recently (and has pulled back a bit, but still over $250). Sure it would have been great to do something else with your money from 2000 - 2008, but if you didn't get back in to amazon in time you would have missed it..

Sure, hindsight is great, if you could have sold it all at $100 and waited till it dipped to $15 to buy back in that would have been even better, but to say "oh it's a bubble, I'm going to completely avoid this investment" essentially thinking you know what the market price is going to be the next day is very difficult ahead of time.

So I am going to divert back to the last meme I posted... if you can't handle the 20% drops (or 75% drops like I've been through) then you don't deserve the 600% gains.

 

[The Northbreather]

Exactly

People eventually realized they were just tulips (and tulips had a floor).

I agree, all the originals al uses for Bitcoin are gone. Anonymity, ease of use, cost per transaction. The only thing left is that it's going up. Personally I don't think it will crash until after the holidays but we'll see.

Think about this. Eventually bitcoin is going to stop going up, the very best case scenario is that it stays even for several years. Suppose 2,3,4,5 years from now it's still around 15k. Why own it then? At that point why not own stocks that pay a dividend or gold that has real value and a floor on its price?

Anyway that last point was just a random thought. Ultimately my objection to bitcoin is fundamental. It has no value in and of itself.

Yeah but you forgot about the part that it has been adopted voluntarily by the market and not forced upon the people by the banks.

Money is whatever people agree to use.

You have a bunch of people who've decided that crypto is preferable to the old central banking cartel controlled money and are trying to compete with it.

That this is happening in our time and has had ANY success is amazing in itself.

 

[r3volution 3.0]

Yeah but you forgot about the part that it has been adopted voluntarily by the market and not forced upon the people by the banks.

Money is whatever people agree to use.

You have a bunch of people who've decided that crypto is preferable to the old central banking cartel controlled money and are trying to compete with it.

That this is happening in our time and has had ANY success is amazing in itself.

Bitcoin has not been adopted as money.

Very few people ever used it as money; now, virtually no one does (high fees, absurd volatility).

It's beanie babies or tulips, except those things at least had some baseline value as consumer goods.

 

[The Northbreather]

Bitcoin has not been adopted as money.

Very few people ever used it as money; now, virtually no one does (high fees, absurd volatility).

It's beanie babies or tulips, except those things at least had some baseline value as consumer goods.

I'm having trouble conveying this by writing I guess, I'll try again.

In a general sense:

You literally have millions of people whove decided that this is the new money any are taking power from the old corrupt guard by participating in the crypto thing. The end game (if it makes it that far) is the total discrediting of fiat money and the adoption of money selected by the market.

Whether or not the transition is bloody, I have no idea. I certainly won't be a smooth ride imho.

 

[r3volution 3.0]

I'm having trouble conveying this by writing I guess, I'll try again.

In a general sense:

You literally have millions of people whove decided that this is the new money any are taking power from the old corrupt guard by participating in the crypto thing. The end game (if it makes it that far) is the total discrediting of fiat money and the adoption of money selected by the market.

Whether or not the transition is bloody, I have no idea. I certainly won't be a smooth ride imho.

No, you have millions of people speculating that the price of bitcoin will increase; they're not using it as money.

 

[specsaregood]

No, you have millions of people speculating that the price of bitcoin will increase; they're not using it as money.

of course they aren't, its all absolutely absurd, but that doesn't mean it won't shoot up to 100k before its all said and done, retarded or not.

 

[kpitcher]

 

[anaconda]

LOL

 

[anaconda]

I'm having trouble conveying this by writing I guess, I'll try again.

In a general sense:

You literally have millions of people whove decided that this is the new money any are taking power from the old corrupt guard by participating in the crypto thing. The end game (if it makes it that far) is the total discrediting of fiat money and the adoption of money selected by the market.

Whether or not the transition is bloody, I have no idea. I certainly won't be a smooth ride imho.

Thread Winner^

 

[anaconda]

Looks to be tanking again today. Broke well below 12k mark earlier according to ccn.com live tracker.

$14,274

 

[devil21]

I'm having trouble conveying this by writing I guess, I'll try again.

In a general sense:

You literally have millions of people whove decided that this is the new money any are taking power from the old corrupt guard by participating in the crypto thing. The end game (if it makes it that far) is the total discrediting of fiat money and the adoption of money selected by the market.

Whether or not the transition is bloody, I have no idea. I certainly won't be a smooth ride imho.

Millions? Really? Are you including people in countries other than the US?

Never mind that they're deciding to adopt the banker's new fake currency like good sheeple do.

$14,274

Such a stable store of value

 

[timosman]

Such a stable store of value

You clearly have problems seeing the future potential. i firmly believe the future price is going to be:

 

[anaconda]

Such a stable store of value

A fourteen fold annual increase in value is certainly nothing any reasonable person would tolerate from their store of value. Far too unstable.

 

[Mordan]

No, you have millions of people speculating that the price of bitcoin will increase; they're not using it as money.

you are blind.

I use crypto as money. store of value. means of exchange. unit of account.

You are a stupid dumb old hillary shill. You cannot possibly see it because you work for the current system.

But I use crypto as money and so do many people around the world. Younger people than myself who understand the current system fucks them.

Anyone who used crypto knows what I am talking about. The conversion rate is 99%

 

[Mordan]

of course they aren't, its all absolutely absurd, but that doesn't mean it won't shoot up to 100k before its all said and done, retarded or not.

it is wrong.

Store of value: my crypto is gaining value. my wealth is preserved.

Means of Exchange: I can exchange crypto for services and goods. Right now.

Unit of account: I value alt coins in satoshis. BTC is de facto the standard unit of account to value other crypto currencies. All exchanges value crypto assets relative to BTC. So there you have it.

You don't want to see it. But Bitcoin is money.

 

[dannno]

Millions? Really? Are you including people in countries other than the US?

I've explained this to you like 5 times.. every time anybody makes the "The govt. will make it illegal!!" argument, it's like, who cares?? Bitcoin is a global phenomenon, if one government outlaws it, then it is like a animal balloon it will just make it that much more powerful everywhere else.. Plus, it's really difficult to outlaw, China has already tried..

So the question to you is, why the fuck WOULDN'T you include people in countries other than the US?

 

[r3volution 3.0]

you are blind.

I use crypto as money. store of value. means of exchange. unit of account.

You are a stupid dumb old hillary shill. You cannot possibly see it because you work for the current system.

But I use crypto as money and so do many people around the world. Younger people than myself who understand the current system fucks them.

Anyone who used crypto knows what I am talking about. The conversion rate is 99%

 

[devil21]

I've explained this to you like 5 times.. every time anybody makes the "The govt. will make it illegal!!" argument, it's like, who cares?? Bitcoin is a global phenomenon, if one government outlaws it, then it is like a animal balloon it will just make it that much more powerful everywhere else.. Plus, it's really difficult to outlaw, China has already tried..

So the question to you is, why the fuck WOULDN'T you include people in countries other than the US?

Dannno, were you always a shill for globalists or was it only since Trump became President of the corporation? Obviously you're super psyched about testing their new global currency and supporting the Orange Obama so one has to wonder.

A fourteen fold annual increase in value is certainly nothing any reasonable person would tolerate from their store of value. Far too unstable.

Is that supposed to prove that it's a stable store of value? Up 14x in months and now swings 10-20% daily? Who would possibly accept a currency that moves 20% in a single day??