Long-term chart for Bitcoin: -
https://blockchain.info/charts/market-p ... mespan=all
BITCOIN as an alternative to regular currency
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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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".
Virtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!
https://techcrunch.com/2017/12/03/peopl ... lockchain/
A bubble within a bubble!
https://techcrunch.com/2017/12/03/peopl ... lockchain/
A bubble within a bubble!
transaction times are way to long for it to be a currency due to the scalling issue. Thats not going to be fixed either. I think the best anyone holding BTC can hope for is it becomes a store of value eventually. Wether thats 100k a bitcoin or 1 cents. There are a load of other cryptos with a fast transaction time but none of them are excepted anywhere.
The smart contracts are very interesting though, there's decentralised exchanges already for the cryptos themselves. They have the potential for a global decentralised version of betfair. That would be interesting.
Surely that's worth a bet. Thats roughly odds of 10. If your that sure its getting there that's got to be possitive expected value. Im a crypto enthusiast but even I wouldn't buy BTC at the moment, Im dubious it will hit 100k before the next major correction.Euler wrote: ↑Wed Nov 29, 2017 4:34 pmSuch 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.
I must say that the game is pretty ingenious though! Wish I'd thought of that (and had the ability to code it of course!)Orixian wrote: ↑Tue Dec 05, 2017 7:59 amVirtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!
https://techcrunch.com/2017/12/03/peopl ... lockchain/
A bubble within a bubble!
- ruthlessimon
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"So now we have people using Ether, an asset with arguably little tangible utility – to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017."Orixian wrote: ↑Tue Dec 05, 2017 7:59 amVirtual cats, that's what we needed the block chain for. World chaining technology and this is what we are doing with it!
https://techcrunch.com/2017/12/03/peopl ... lockchain/
A bubble within a bubble!
Gone over $US 14,000.
Mad. Absolutely no point in using it as a currency when the price is all over the show, so basically the only rationale for it would be as a store of value. But does this really make sense? It could be argued that the real value is in the underlying technology (the blockchain) rather than the currency, but the trouble is the same technology can be duplicated by hundreds (no thousands!) of other competing cryptocurrencies.
The bottom line is that Bitcoin is worth nothing. You'd be nuts to buy any of it. As to gambling to make a quick buck, I think sports betting is a far better bet (not to mention much quicker and more fun).
Mad. Absolutely no point in using it as a currency when the price is all over the show, so basically the only rationale for it would be as a store of value. But does this really make sense? It could be argued that the real value is in the underlying technology (the blockchain) rather than the currency, but the trouble is the same technology can be duplicated by hundreds (no thousands!) of other competing cryptocurrencies.
The bottom line is that Bitcoin is worth nothing. You'd be nuts to buy any of it. As to gambling to make a quick buck, I think sports betting is a far better bet (not to mention much quicker and more fun).
- marksmeets302
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Mining service NiceHash has been hacked; some $60M worth of bitcoins stolen:
https://www.bloomberg.com/news/articles ... ium=social
https://www.bloomberg.com/news/articles ... ium=social
We shouldn't laugh but...marksmeets302 wrote: ↑Thu Dec 07, 2017 10:07 amMining service NiceHash has been hacked; some $60M worth of bitcoins stolen:
https://www.bloomberg.com/news/articles ... ium=social
- marksmeets302
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