Slashdot Mirror
Bitcoin Prices Surge Past $5,000 Three Weeks After Passing $4,000 (fortune.com)
Less than three weeks after surging past $4,000, Bitcoin reached $5,000 on Asian exchanges Friday. An anonymous reader quotes Fortune: The idea of Bitcoin breaking the symbolic milestone of $5,000 would have been unthinkable to most people at the start 2017, when the price topped $1,000 for the first time. If you're keeping track, the digital currency is up 500% this year, and nearly 2200% since mid-2015, when it was in the doldrums at around $220. There appears to be no single reason for the recent run-up. Instead, it can likely be explained by the same factors driving this year's cryptocurrency bull run: Publicity-driven speculation; New financial products creating unprecedented liquidity; Trading surges in Asian markets; Institutional investors treating digital currency as a permanent new asset class.
"Magical Internet Money Hits $5k" writes Bitcoin News, adding "so far in 2017 bitcoin has outperformed all government issued tender and a vast majority of stocks and commodities."
While the head of the Bitcoin Foundation has urged people to invest "no more than they can afford," Bitcoin now has a market capitalization of $82.6 billion.
"Magical Internet Money Hits $5k" writes Bitcoin News, adding "so far in 2017 bitcoin has outperformed all government issued tender and a vast majority of stocks and commodities."
While the head of the Bitcoin Foundation has urged people to invest "no more than they can afford," Bitcoin now has a market capitalization of $82.6 billion.
Bitcoin is not an investment, it is a gamble.
Hope is not an investment strategy.
It's basically one big ponzi scheme, let's wait and see who's left holding the bag. Can always jump in you think the game will be played a while longer, but when it ends, it will end quickly.
...one of those things in life you'll either stand idle by and watch it like it was a show, you'll think "oh why - oh why did I not invest when it was new and cheap", and when it plummets down, you'll sigh a relief and think to yourself - oh, I'm glad I didn't do that, those fools - or you'll be a part of it, getting free money if you pump it out at the right time.
What this world is coming to - is for you and me to decide.
All investments are an "educated" gamble
The belief that there is always someone out there willing to pay more and bug it off you.
Currently, it's Bitcoin, Tesla, and Amazon flying to new highs for no reason.
Nasdaq hits 5000, everyone started piling in, and then came the big crash. This is no different
Actually, this is different. A stock is inherently worth the value of future profits. Once it became clear these companies would never be significantly profitable, it was clear that the stocks were way overvalued. Bitcoins have no inherent value, so any valuation is just as "valid" as any other. People were predicting imminent collapse when Bitcoin passed the "ridiculous" value of $1.
It's inherent value is that it is limited in supply AND used as a gold standard on exchanges to trade all other crypto coins against. The only way bitcoin will suffer lasting drops in price is if the entire crypto world diminishes. Until then, its use for trading is what gives it its increasing value.
Maybe in the future there will be a different standard. Some exchanges implement trading pairs against ethereum. So it may happen. But until then, bitcoin is safe.
Does anybody know how to short bitcoin?
Buy dollars.
"His name was James Damore."
Lol, you're actually using the argument that it's worthless to say it's not worth less!!!
No inherent value is not the same as valueless. Here are some other things that have little or no inherent value:
1. Gold
2. Diamonds
3. Dollars