If he has even close to that many he couldn't possibly liquidate them without crashing the market, so he is kind of stuck in between a rock and a hard place.
You guys sound salty that you don't own any.
You've been calling it a bubble since it was 500, cheered when it dropped from 900 to 200 -- now look where we are.
You've been calling it a bubble since it was 500, cheered when it dropped from 900 to 200 -- now look where we are.
luv2liv
Diamond Member
- Dec 27, 2001
- 3,506
- 95
- 91
im sure everyone wonders the same thing. and worse, nobody has your back like FDIC insured afaik. Nkorea is hording BC like mad. that would be so funny if BC is a ploy by some state to suck Nkorea into wasting resources or something.
https://www.reuters.com/article/us-...eeks-to-woo-bitcoin-job-seekers-idUSKBN1E91ZW
purbeast0
No Lifer
- Sep 13, 2001
- 53,729
- 6,603
- 126
Anything digital can and probably will be hacked. That's one of the reasons they have physical hardware wallets. You can't hack something that isn't online.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
This was TechCrunch's advice about investing in cryptocurrency today:
https://techcrunch.com/2017/12/16/to-ico-or-not-to-ico/
https://techcrunch.com/2017/12/16/to-ico-or-not-to-ico/
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Hey, I'll admit it.... I wish that I would have held onto my Bitcoin back when it was around $75 a few years ago. Back then, I thought that it kinda sucked as a currency because it took forever to process a transaction unless you bribed the miners with a higher transaction fee. Oddly enough, that really hasn't changed.
That said, buying back in at these levels is insane. Bitcoin is overdue for a huge correction, and I don't want to get holding the bag when it happens. I'd like to think that most Bitcoin investors know as well as I do that the exchange houses are going to crash under the trading demand when the panic selling happens, and it will probably take a few days to unload your coins. Unless the idea of helplessly watching your holdings go down over 50% sounds fun to you, I'd get out now.
Fair enough. It does suck as a currency. It has evolved into more of a store of value. Quick transactions are what we have litecoin for, and we will see if/how the upcoming lightning network changes things. The last correction Bitcoin had was when it hit 8600 after a new ATH. Know-it-alls said "ha ha the bubble burst." That was what... Two weeks ago?
I really do feel that most people are hoping crypto fails and diligently spread FUD, so they don't have to face the reality that they missed the single easiest, most rapid growing investment opportunity they'll ever see during the prime of their lives.
The good news is, there are many other altcoins making big moves. Do the research, do the work, make the money. Sitting there hating on an exponentially progressing technology will just leave you inhaling dust as you internally rage to the though of "I wish I..."
I really do feel that most people are hoping crypto fails and diligently spread FUD, so they don't have to face the reality that they missed the single easiest, most rapid growing investment opportunity they'll ever see during the prime of their lives.
The good news is, there are many other altcoins making big moves. Do the research, do the work, make the money. Sitting there hating on an exponentially progressing technology will just leave you inhaling dust as you internally rage to the though of "I wish I..."
In other words, try to find the next pyramid and get in at the top. Pump and dump works for the people who time it right, but the losers are left holding the empty bag.
Like I said before, there are no patents or licensed IP. No one has to pay anyone anything to create a new altcoin or shared ledger.
That means that while pieces the technology will be used heavily in the future by groups of banks and megacorporations, it will most likely be done with private altcoins under their control not any of the ones you see out there now.
There's only so much money to be spent (or made) on the darkweb, and the bubble value of bitcoin and the existing altcoins does not reflect that. It is based on irrational enthusiasm and misunderstanding of the value of being first to popularize royalty-free open-source technology that anyone can repurpose at will.
As for being salty about not buying into bitcoin, the Google IPO, or the winning powerball tickets: nope, I'm doing just fine financially.
You can regurgitate what you read on forbes and CNBC all you want. It doesn't change the fact that this technology is becoming rapidly mainstream and is highly lucrative to early investors. Calling it ponzi or pyramid scheme as a way to dismiss it without argument has been tried before. The proof is in the portfolios. It baffles me how some people can sit here complaining while opportunity passes them by.
See ya in 2019 when you proclaim "$100k is surely the end for bitcoin! That bubble will pop any minute!"
No one ever retired early by putting quarters into their piggybank. No guts, no glory, but be responsible and don't invest more than you're willing to lose. Diversify, and only use the shitcoins to increase your position on holders.
See ya in 2019 when you proclaim "$100k is surely the end for bitcoin! That bubble will pop any minute!"
No one ever retired early by putting quarters into their piggybank. No guts, no glory, but be responsible and don't invest more than you're willing to lose. Diversify, and only use the shitcoins to increase your position on holders.
The technology is open-source, royalty-free, patent-free and not owned by or bound to any existing coin.
Pets.com, Mozilla browser, Lycos and AltaVista search engines, Betamax. Getting there first and proving a concept is useful does not mean something will be dominant or even successful over time.
"highly lucrative to early investors." is true of many bubbles, as long as they sell in time.
zinfamous
No Lifer
- Jul 12, 2006
- 111,978
- 31,531
- 146
that's just it. It will never be a useful, stable currency if you look at as an investment. So I'm not sure what you hope it will be, because you seem to want it to be many things? I don't think anyone here is trashing on the idea of bitcoin or other cryptocurrencies. Recognizing that the entirety of its value is at this point a pure speculation bubble due for a hilariously large correction is something else. Maybe the other currencies have other things going for them, but I've still yet to see anyone argue that BTC, specifically, has much real use outside of darkweb transactions (narcotics, laundering, sex trafficking, etc).
again, BTC is not an "exponentially progressing technology." blockchain is the technology that will see non-BTC, non-currency related uses. that is all that matters. BTC isn't "exponentially progressing" in anything other than a frenzied tulip bubble.
Charmonium
Lifer
- May 15, 2015
- 10,634
- 3,597
- 136
Blockchain tech has one killer app and that will be for cross-border, cross-currency transfers.
Let's say you're an immigrant worker in Saudi Arabia and you need to send money back home on the regular. What are your options right now? Basically you either have to go through an international bank or a company like Western Union. And either way they bend you over hard in terms of the fees they charge.
However if you use a cryptocurrency, especially one that has a built-in trading platform for translating that currency into various local, fiat currencies, you can transfer as much or as little money as you want and pay almost nothing. Plus the transfer is guaranteed to be secure and unhackable.
The problem with that use case currently is that the markets for trading between say Stellar Lumens (XLM) and Saudi riyals or Philippine pesos aren't that well developed. But that's changing quickly. And banks are starting to make a choice in terms of which crypto they want to use for this purpose. Whichever one wins will have tremendous market value. Unfortunately that's not going to be bitcoin. Too many other block chain based systems are out there that have been developed for this specific purpose.
Let's say you're an immigrant worker in Saudi Arabia and you need to send money back home on the regular. What are your options right now? Basically you either have to go through an international bank or a company like Western Union. And either way they bend you over hard in terms of the fees they charge.
However if you use a cryptocurrency, especially one that has a built-in trading platform for translating that currency into various local, fiat currencies, you can transfer as much or as little money as you want and pay almost nothing. Plus the transfer is guaranteed to be secure and unhackable.
The problem with that use case currently is that the markets for trading between say Stellar Lumens (XLM) and Saudi riyals or Philippine pesos aren't that well developed. But that's changing quickly. And banks are starting to make a choice in terms of which crypto they want to use for this purpose. Whichever one wins will have tremendous market value. Unfortunately that's not going to be bitcoin. Too many other block chain based systems are out there that have been developed for this specific purpose.
shortylickens
No Lifer
- Jul 15, 2003
- 80,287
- 17,082
- 136
I was reading up on the tech crash of 2000 and somehow got onto Black Monday and a bunch of other disasters. If I actually understood anything this would have been a good use of my day.
I wish I was smarter.
I wish I was smarter.
kranky
Elite Member
- Oct 9, 1999
- 21,020
- 156
- 106
As was mentioned, the blockchain technology is going to be big but don't equate that technology with Bitcoin or any other crypto. I was browsing an investing forum last week and the number of new members flogging Bitcoin was laughable. It's almost like Bitcoin holders feel the need to spam about it to the max so they can keep bringing in newbies to prop up the price.
One long-time member on that forum was trying to find out how to cash out his little amount of Bitcoin and the instructions from the Bitcoin evangelists were hilariously complicated. If what they were saying about how to turn crypto into USD was accurate, crypto will never be mainstream.
I keep trying to understand what actually drives the price of Bitcoin and only can find vague references to "supply and demand". I haven't seen anything that would convince me the price is not simply being manipulated by insiders. That's the thing which would concern me greatly if I was holding any.
One long-time member on that forum was trying to find out how to cash out his little amount of Bitcoin and the instructions from the Bitcoin evangelists were hilariously complicated. If what they were saying about how to turn crypto into USD was accurate, crypto will never be mainstream.
I keep trying to understand what actually drives the price of Bitcoin and only can find vague references to "supply and demand". I haven't seen anything that would convince me the price is not simply being manipulated by insiders. That's the thing which would concern me greatly if I was holding any.
ultimatebob
Lifer
- Jul 1, 2001
- 25,134
- 2,450
- 126
Well, one thing that is propping up the price for Bitcoin is the limited supply of it. There is about 16 1/2 million of them "mined" now, and there will (supposedly) only ever be 21 million of them created.
The actual supply in circulation is probably a lot less than that, though. Many of the early Bitcoins were lost, because people just got bored with the project and deleted them because they were basically worthless at the time. A lot more of them are being hoarded right now. If any of the big hoarders ever sold their stash, the value would probably plummet.
pete6032
Diamond Member
- Dec 3, 2010
- 8,310
- 3,714
- 136
Isn't that what drives the "price" of every currency? Faith that is has some value?
I would have obviously been late to the ball-game if I were to try to buy in now, but I mean... I don't think people understand the volatility level of Bitcoin. The reason for its price is precisely because of it's volatility.
Imagine if Governments said they will be regulating them tomorrow... how do you think their price would fare?
Imagine if Governments said they will be regulating them tomorrow... how do you think their price would fare?
Satoshi's eventual wealth will probably rival that of the greatest emperors of history. He will have more control over our currency than any single emperor had over gold or silver at the time.
He will be a modern day Genghis Kahn.
Imagine the entire wealth of post WW2 America in a single person's hands. Completely unfathomable.
He will be a modern day Genghis Kahn.
Imagine the entire wealth of post WW2 America in a single person's hands. Completely unfathomable.
Charmonium
Lifer
- May 15, 2015
- 10,634
- 3,597
- 136
If it's ever used as a real currency that might be true but bitcoin doesn't currently have a viable use case. It started to gain value because it was useful for dark web transactions. But think as a general rule, very few people had any interest in actually holding btc. They would buy the coins for the purpose of individual transactions, use them and be done with it.
Later, as trading in btc developed, it became useful for other purposes such as evading capital controls in China. And again, I think that for the most part it was used merely as a vehicle for those transactions. You buy btc in China then go to an exchange outside of China, cash them in and take the money in local currency thus translating you money from yuan to dollar, euros, etc.
Right now, the overwhelming "use" for btc is pure speculation. And as was mentioned already, the higher the price goes, the less float is available for trading. So you have increasing demand and a shrinking supply.
That will all change quickly and dramatically once there is a general consensus that btc has very little actual value in its own right. Unfortunately it could take quite a while before we see that happen. Personally I think it will happen sooner rather than later but I've learned to never underestimate how irrational people can be.
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