nomoreneveragain
Superstar
Can you short currency's?
Official CryptoCurrency Thread (Bitcoin, Litecoin, Ethereum & More)
- Thread starter irishfury
- Start date
The problem with Bitcoin is it's just like real life -- too few people hold too much of the wealth and it's easily manipulated. Dumping a ton of coins on the market can plummet the price.
It will go back up because once you weed through the superficial commentary like tulips, Beanie Babies, etc., you realize there is a good system of payments there.
What will happen is this will completely tank when the get rich quickers have panicked to the point of selling entirely off. Greed will sneak in by the likes of Wall Streeters that have already expressed interest and payment corporations like PayPal. It will lessen volatility, but you won't be getting rich off of Bitcoin, unless perhaps you find the bottom and buy a lot of it up.
Just my opinion.
And if you want an extra opinion... if you want to get conspiratorial, I could see the FBI and Congress colluding to discuss Bitcoin positively to pump and dump the FBI's 100k + Bitcoins.
Be a government agency that seizes USD 20 million and gets back USD 130 million, brehs.
It will go back up because once you weed through the superficial commentary like tulips, Beanie Babies, etc., you realize there is a good system of payments there.
What will happen is this will completely tank when the get rich quickers have panicked to the point of selling entirely off. Greed will sneak in by the likes of Wall Streeters that have already expressed interest and payment corporations like PayPal. It will lessen volatility, but you won't be getting rich off of Bitcoin, unless perhaps you find the bottom and buy a lot of it up.
Just my opinion.
And if you want an extra opinion... if you want to get conspiratorial, I could see the FBI and Congress colluding to discuss Bitcoin positively to pump and dump the FBI's 100k + Bitcoins.
Be a government agency that seizes USD 20 million and gets back USD 130 million, brehs.
ill
Superstar
Because you ignore basic market principles and psychology and think you have a gold mine on your hands.
If you really want to bet on it, we can. Give me a time frame of when you think BTC will be over 1K again, and we can bet $500 cash that we can place in an escrow account until the bet is finalized.
ill
Superstar
Yes you can but BTC is not a currency.
heisenburrr
Have Fun Staying Poor
ill
Superstar
Its not so much that it will fail. Its more about the ridiculous speculation in it that has created a bubble and an overly inflated sense of self-worth.
Whats going to happen when more digital currencies get on the market that have better security or other features?
There is no backing for BTC other than speculation. You have no solid foundation. No one HAS to use bitcoins. The primary focus was to buy illegal things and hide money. Most people aren't buying illegal drugs online and people that need to hide money have other more efficient means to do so.
I've posted this already in this thread, but Ill post it again since people don't listen. Like I said, you are too emotional with your holdings. Follow the chart and the price action. You are in denial right now and a panic is coming soon especially with China cutting off access.
heisenburrr
Have Fun Staying Poor
Its not so much that it will fail. Its more about the ridiculous speculation in it that has created a bubble and an overly inflated sense of self-worth.
Whats going to happen when more digital currencies get on the market that have better security or other features?
There is no backing for BTC other than speculation. You have no solid foundation. No one HAS to use bitcoins. The primary focus was to buy illegal things and hide money. Most people aren't buying illegal drugs online and people that need to hide money have other more efficient means to do so.
I've posted this already in this thread, but Ill post it again since people don't listen. Like I said, you are too emotional with your holdings. Follow the chart and the price action. You are in denial right now and a panic is coming soon especially with China cutting off access.
Panic coming soon ? Panic is there already, that's why the price dropped 50 %
I don't foresee other digital currencies as a serious threat to Bitcoin simply because Bitcoin's infrastructure is far ahead of any other and because of his position as first to the market
If the primary focus was to buy illegal things than why did the price go up after Silkroad was shutdown ? That argument is dead, holds to value and you cannot prove it.
If you fail to see the importance and literally groundbreaking technology that bitcoins brings to the table, I can't help you and I guess you'll have to research it yourself if you are interested.
The value of Bitcoin is in its technology which will also determine whether or not your believe in its future. If cryptocurrencies to you are just a fad, then I don't blame you for not trusting Bitcoins. Personally I think it has the potential to revolutionize the economy.
Emotional ? My holdings in Bitcoin are irrelevant to the fact that I'm long term bull. I simply profoundly believe in the potential of the system. I'm not in denial, I realise the prices were inflated and prices of the last few weeks were a bubble waiting to pop. A correction was waiting to happen. I'm holding for the long term so this truly doesn't affect me at all.
It seems to me you haven't done your homeworks and chose the contrarian position for no reason other than having the chance to say "WE TOLD YOU SO"
ill
Superstar
Best of luck to you, sir. Keep buying $900 BTC's that will be worth 1/4 of their value in a month.
heisenburrr
Have Fun Staying Poor
heisenburrr
Have Fun Staying Poor
what happens if the chinese accept bitcoins. does the price go up or down... cause i know they'r'e gonna accept it in a few weeks. will they make their own? what if they make their own like jp morgan did.. what did jp morgan accomplish or want to accomplish by making their own..
ill
Superstar
If they make their own then the need for BTC is even less therefore the demand and price go down. Same thing if other crypto currencies are created.
So you're saying that BTC has value because of the technology? The same tech that can be replicated elsewhere by other companies. So we're paying a huge premium for the technological aspect of it? Is that the ticket now? That's funny.
The point of HAVING to use something is in regards to currency. If you want to buy someone in America, you HAVE to use USD. If you go to France, you HAVE to use Euros. There is very minimal forced usage of BTC. No one HAS to use it. Anything you can pay for with BTC, you can pay for with USD or Euros.
I flipped from $120 to $360 and got out. What I'm saying is its highly over priced and the inflated worth will never fulfill itself. Its the trendy pick right now. BTC may not fail, but it is not worth anywhere near what its at right now. An artificial bubble was created with hype and no substance, and things like this always crash back to reality. I wouldn't touch BTC until it drops back to the $200 range and shows it has support there.
heisenburrr
Have Fun Staying Poor
I'll stop buying once I reach the percentage of my personal investements I'm comfortable using on Bitcoins