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Bitcoin Plummets Below $3,000 on Rising China Worries (ft.com)
Bitcoin dropped below $3,000 on Friday as the cryptocurrency extended a brutal eight-day sell-off that has reduced its value against the dollar by a third. Financial Times reports: The currency traded as low as $2,972, marking a 36 per cent fall from bitcoin's close on September 7, and a collapse of 40 per cent from the highs struck earlier this month. The latest bout of selling came after BTCChina, one of the country's biggest bitcoin exchanges, said it would halt trading at the end of the month. Focus has now shifted to the communist country's other two big exchanges: OKCoin and Huobi. Alternative source.
JP Morgan's CEO referred to bitcoin as a fraud, and made reference to tulips (the first recorded bubble).
Not only is Coindesk showing a rebound above USD$3400 but let's not forget that Bitcoin's value was only around USD$1000 at the beginning of january 2017. So it's still up 200% right now. That USD$5000 value was a bubble and it had to burst.
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Wait a minute????
Wait a darn minute...
I just bought like a $100 of bitcoin a couple months back. It was $1,500 a coin. How does something get labeled "plunging" when it's doubled in a mere few months.
I would say, BitCoin as "dipped" back down under $3,000 showing some likely minor correction in the BitCoin market.
"percent" and "per cent" aren't the same thing, and this is especially grievous when talking about money.
False. "Percent" literally means per 100 ( a fraction), and "Per cent" literally means per 100 ( a fraction). It is your "Per US cent" which is completely different, because now you are suddenly comparing it to units of a different currency.
Lets also remember that a few years ago Bitcoin spiked to $1,1000 and then dropped to $250 and spent a couple years around there. Yes, people who bought around $1,000 are up in the long term, but more patient people who were cautious due to the spike and bought a year later at $250 are up 4x more than those who bought on the spike.
The current spike to $5,000 looks a lot like the 2014 spike to $1,100. I am *not* saying we will see a similar $75% drop, merely that waiting to buy might be prudent and even at $3,400 we might still be at an overly enthusiastic level. We seem to currently be on the downward side of the spike, perhaps wait until things stabilize and prices are relatively flat before buying? Waiting on the scale of months not days?
People sometimes conflate the commercial interest in blockchain technology with interest in Bitcoin. They are two very different things. Will blockchain be around in 20 years and be an important part of asset management and the financial industry, quite possibly. Will Bitcoin be around in 20 years, worth tens of thousands of dollars per coin or largely forgotten and worth $0.25 again? Who knows. Bitcoin could be easily displaced that far out. But on a timescale of a few years its got a decent chance to still be around.So maybe its OK for trading but not investing your passive retirement savings in.
What we need is a car analogy. Blockchain is like the internal combustion engine. Bitcoin is like a particular automobile manufacturer. Is it a Maxwell, a former member of the top 3, a peer of General Motors and Ford, who went defunct in 1925, or is it a survivor like Ford? It could go either way. Bitcoin is just one of many consumer products based on a technology, a different product may suit consumer needs better, its only the technology that is likely to persist.
1) Become member of Chinese equivalent of Politburo.
2) Short bitcoin
3) ????
4) Profit!!!!!
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
You can get a shift card, a bitpay card, and dozens of other debit style cards tied to your bitcoin. I mine bitcoin at home, and then I spend it EVERYWHERE AND ANYWHERE THAT VISA/MASTERCARD ARE ACCEPTED. I just bought lunch with bitcoin today. A couple days ago I bought a headset from best buy using bitcoin. I also paid my $1300 electric bill with bitcoin. I pay my car insurance with bitcoin.
Because mining produces FAR MORE money that the electricity costs, everything I bought with bitcoin was essentially free. If you truly believe that bitcoin is only for illegal things, you've got your head in the sand or otherwise somewhere where the sun don't shine.
Let's make like a bird... and get the flock outta here.
Bullets are the part that come out the barrel.
You're thinking of shells.
The really tricky part are the primers. Bullets are easy to cast, as long as you're willing to use solid lead and limit velocities.
John McAfee 'It was like that time I hired that Bangkok prostitute; to do my taxes, while I fucked my accountant'