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Bitcoin Nears $6,000 For the First Time (bloomberg.com)
Bitcoin closed in on another milestone Friday, as the digital currency approached $6,000 for the first time to put its gain in 2017 to above 500 percent. From a report: The push higher comes just three days after bitcoin suffered its biggest one-day drop in a month on rising concern that regulators are increasingly targeting digital currencies. It's added almost $500 in value in the past two days alone.
In hindsight, maybe I should have held on to those bitcoins from 2012...
Normally I laugh at people foolish to buy at a high and sell low when it tanks, but I am thinking it will only go up for the following reasons:
1. We are at an economic height now and growth we have not seen since the mid to late 1990s.
2. Russia and other countries are launching their own bitcoins
3. Goldman Sachs and others like this because they can do business without being taxed or have the government snoop. You can easily do commerce in bitcoins and not pay taxes
So what makes 1 unique and retarded? Well, like gold bitcoin has an inverse relationship to the stock market. WIth over-inflated prices we know a crash is coming and recession will strike. That is the norm these days. When it does gold SPIKES. When Wall Street sees their stocks losing 1/2 it's value in just 3 months they need a safe haven to put their money. Gold and bitcoin are such.
Even better bitcoins may skyrocket in value in such an event in a stock market collapse making thsoe who didn't get in at $6,000 a coin sorry. I am going to save this comment so I can either laugh at myself for benig moronic if I am wrong later on or will do this as a HA told ya so!
I am seriously thinking of putting some money down but am nervous I am buying at a high.
What do you all think>?
http://saveie6.com/
This week +10%, next week +10%, ..... then, after a while, suddenly, -99% ... (whatever the reason might be, some laws ...)
Slashdot, fix the reply notifications... You won't get away with it...
Don't burn and don't disappear when the power goes out.
I'm more curious as to why bitcoin's dominance has been steadily increasing since July. One possible explanation is that alternative currencies (mainly Ethereum) are no longer as profitable as they used to be due to an increase in difficulty. Or maybe Bitcoin receives a lot more attention. Or maybe it's just the sum of everything: a number of large exchanges, publicity, many vaporware ICOs, etc. etc. etc.
> P.S.=> Enlighten me - what creates VALUE in bitcoins?
The value in Bitcoins is that they are predictable and virtually unchangeable, and governed by the mathematics in the protocol.
The only way to change the bitcoin protocol is to convince the majority of the market that such a change is necessary and beneficial. It is not possible to (for example) confiscate Bitcoin. It is not possible to change how many Bitcoin are created. Doing such things would require that at least most people involved in Bitcoin (both using it, and the miners creating it) agree to do so. It's not something that can be forced.
These rules and their immutability, combined with Bitcoin being the first to provide such a service has generated trust in those who know about Bitcoin, and that trust in a system of tokens for moving value from person to person has given those tokens value. If that trust by the market is damaged or destroyed, the value of Bitcoin will follow. However, if the market maintains that trust, and more people come to share that trust -- there are a limited number of tokens, so their scarcity drives the value up.
It's the same with dollars -- the small pieces of paper have virtually no intrinsic value. But the market trusts can be reliably exchanged for something else. If the market loses faith in the system of pieces of paper (See Zimbabwe or (more recently) Venezuela, for example.) then the value of those pieces of paper can become negligible.
It can be a bubble and a scam.
If you flip flop and get out before it dies, there's no reason you can't make money off it.
You can get rich if you own a politician, but you have to be rich to buy one in the first place.
Over the years, how many new technologies have been hyped on slashdot? How many of those have actually taken off?
How many technology companies have been bashed on slashdot (eg Apple, Microsoft)? How many of those have continued to grow beyond all expectation?
That's good advice for anything new. Diversify your investments and reap the rewards! Not every bet will pay off big, but if you make a thousand bets the odds that one of them will be a winner goes up.
It rose earlier this year and then fell sharply due to increased currency trading and mining activity in China. When China started cracking down on exchanges and talking about regulation it fell. It then surged again in anticipation of upcoming changes to Bitcoin and related forks. Since anyone that holds Bitcoin when the fork occurs, essentially doubles their number of coins by now continuing to own Bitcoin and also owning the new cloned currency, in this case Bitcoin Gold, everyone is investing before the fork or consolidating their alt-coins (Litecoin, Etherium, Zcash, etc) to Bitcoin to get the free money. This happened earlier in the year with Bitcoin Cash as well. https://bitcoinmagazine.com/ar...
It's still a bubble and a scam. The fact that it's gone to $6k doesn't negate either of those.
What, no tulips?
Escher was the first MC and Giger invented the HR department.
quit trying to apply old-world ideas to predict a new-world invention!
So you think that "new-world inventions" are impervious to the laws of economics? SMH
You think the laws of economics apply to something that wasn't even conceived when said laws were dreamt up?
lol,, if you make thousand bets you are a fool! you have to pick the winners carefully
You seem like an ideal candidate to buy Dogecoins.
#DeleteFacebook
Four-digit account that has been dormant for eight years suddenly comes back to life to troll for Trump? How's the weather in Moscow, comrade?
The email address tells the whole story.
People who say "sheeple" have about as much sophistication as an AOL user, and in fact are probably actually AOL users.
It's still a bubble and a scam. The fact that it's gone to $6k doesn't negate either of those.
It might be a bubble, but bubbles still make lots of people rich. It's no effort to call a bubble, the art is predicting the pop and getting out immediately prior.