BITCOIN as an alternative to regular currency
Such is the fever surrounding it, I could see it hitting 100k easily. But even then I'm not going long as when it pops you will be unable to find anybody willing to take them off you. It could get to the stage where it starts to distort the real economy IMHO. Every mother and their son will be into it before long and you now have BitCoin derivate stuff popping up with systems, ponzi schemes, GRQ websites. The whole hype cycle is really spiralling upwards at the moment.
- marksmeets302
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- Joined: Thu Dec 10, 2009 4:37 pm
Nobody is actually spending their bitcoins - they are all acquired just to own them. It least I bought some sushi with them years ago. Would pay for a car nowadays
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- Joined: Fri Apr 17, 2009 3:15 pm
Yes it seems very hyped for an asset with no real underlying rate of return.
Shorting could be interesting but maybe too early.
Cheers
Shorting could be interesting but maybe too early.
Cheers
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- Posts: 52
- Joined: Fri Apr 17, 2009 3:15 pm
Wonder if Betfair dares to come up with anything on Betfair Predicts.
Here is the flaw: -
Bitcoin Is Hot, But Good Luck Using It
https://www.bloomberg.com/gadfly/articl ... ium=social
Bitcoin Is Hot, But Good Luck Using It
https://www.bloomberg.com/gadfly/articl ... ium=social
Well, obvious bubble again. Long-term trend-line shows a gradual but accelerating price rise...taking the average, it shouldn't be more than about $US 2 000 right now. Notice that there have been a number of 80% corrections before, reasonable to expect another. It's a good bet it's going to crash back to below the trend-line (<$US 2 000) sometime in the next few months.Euler wrote: ↑Fri Dec 01, 2017 7:37 pmLong-term chart for Bitcoin: -
https://blockchain.info/charts/market-p ... mespan=all
Should sell now, only start buying once it crashes back to trend-line or less (<$US 2 000)
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- Joined: Fri Apr 17, 2009 3:15 pm
Zenyatta, the problem or...challenge, as I see it is that you don´t know when this 80% correction will come.
There is nothing you can hold it up against, no underlying fundamentals, no indicators except the fact that the hype is hysteric.
Shorting is tempting, but what if the correction comes (and it WILL) in 100 000 instead of now. But of course it is possible to hope it will hit 2000 again soon.
It is rather difficult to predict the outcome of psychotic frenzy, except that it will go wrong.
Cannot help but thinking of the movie "The Big Short".
There is nothing you can hold it up against, no underlying fundamentals, no indicators except the fact that the hype is hysteric.
Shorting is tempting, but what if the correction comes (and it WILL) in 100 000 instead of now. But of course it is possible to hope it will hit 2000 again soon.
It is rather difficult to predict the outcome of psychotic frenzy, except that it will go wrong.
Cannot help but thinking of the movie "The Big Short".