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Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

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Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#131

Post by Robotbeat »

vthallam wrote: post #108
komali2 wrote: post #94

Earlier quoted context omitted.

I love bitcoin and cryptocurrency as potential solutions to problems with gov-controlled currencies (I've used crypto to buy drugs, for example). But I'm still confused why people refer to purchasing currency as an "investment." Obviously the rates are going up now, but doesn't everyone expect them to just come back down? I don't convert my USD to Yen and call it an "investment."

You would call it an investment, if the USD-YEN prices are so volatile and give you 1000X profit in 6 months. Again, this all goes back to whether Bitcoin is a store of value or a medium of exchange. By now it's very clear, it can't be medium of exchange.

And what good is a store of value if it's not a medium of exchange and its value is incredibly volatile (and doesn't have some sort of intrinsic industrial value like a metal might)?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#132

Post by wslh »

dsacco wrote: post #106
wslh wrote: post #60

Earlier quoted context omitted.

Beyond the concentration, there are a lot of millionaries out there. Much more than 1k. I always tell that I know more crypto-millionaries than startup ones.

And how many members do you know of each, in absolute terms?

What matters is the ratio: 1 to 10 only thinking about the closest ones.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#133

Post by shawabawa3 »

spookthesunset wrote: post #64
dahdum wrote: post #56

Earlier quoted context omitted.

Fun chart from Reddit today: https://i.redd.it/dnlduddb5ha01.jpg

I love that it is a classic bitcoin log chart designed to hide the massive volatility of bitcoin. The financial prowess of the average bitcoin "investor" never ceases to amaze. As they say, a sucker is born every minute and a fool and their money are soon parted...

A log graph is more honest.

The same size drop is always the same % drop, a linear graph would be dishonest

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#134

Post by cantrip »

omegaworks wrote: post #74
cantrip wrote: post #44

Earlier quoted context omitted.

>As the blockchain grows ever larger the thing gets more and more useless as a currency. Just look at how long it takes a transaction to confirm. Blockchain size and confirmation times are two entirely different things.

Good to know, what is it based upon? I know you can spend coin to prioritize a transaction, is it formulaic?

No, why are you making claims such as Bitcoin is the new Beanie Babies when you have literally no idea how any of it works?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#135

Post by nickporter »

jhwang5 wrote: post #88
kinnth wrote: post #67

I always think there will only ever be 21 million bitcoins in existence ever. Ever. So what do you think is a fair price for that?

You know miners can just make one software update and change that right?

They'd be mining an altcoin because those blocks would be rejected by the network.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#137

Post by bargl »

vadansky wrote: post #98

I bought $200 worth of bitcoin years ago that I cashed out at 7k when it was around 19k$. Now I'm thinking I should cash back in incase it rebounds strongly again. I guess I should be happy with my free money and not get greedy.

Buy $200 again and you haven't lost anything :-)

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#138

Post by scotty79 »

komali2 wrote: post #94
vthallam wrote: post #7

The last time China explicitly banned Bitcoin, it dropped by around 45% to around $6000. It went on to $20K from there. But what's different this time is that there are first time investors in millions who joined in the last 2 months. They didn't read the white paper, they didn't invest in technology, they invested for the monster returns. So I think there will be a more sell off this time before it rebounds back to…

I love bitcoin and cryptocurrency as potential solutions to problems with gov-controlled currencies (I've used crypto to buy drugs, for example). But I'm still confused why people refer to purchasing currency as an "investment." Obviously the rates are going up now, but doesn't everyone expect them to just come back down? I don't convert my USD to Yen and call it an "investment."

If you earned Venezuelan currency you might consider buying USD with it an investment.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#139

Post by oil7abibi »

austenallred wrote: post #19

The suicide prevention hotline is pinned to the top of cryptocurrency subreddits because the price of bitcoin is where it was at the beginning of last month. Think about that for a minute. When we really have a bear market people are going to lose their minds.

It’s a joke...

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#140

Post by gruez »

joosters wrote: post #124
bdcravens wrote: post #35

Earlier quoted context omitted.

> The suicide prevention hotline is pinned to the top of cryptocurrency subreddits Which ones? I checked r/bitcoin, r/btc, r/ethereum, r/litecoin, r/bitcoinmarkets. Only one I saw with it was r/cryptocurrency

r/buttcoin, one of the sanest cryptocurrency subreddits out there in this blockchain madness.

>r/buttcoin

so akin to pinning the suicide prevention hotline on /r/the_donald after trump won?

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