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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.
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/
Yeah, I was too smart for all of this.
We downloaded it right after it first appeared on the net to play with it. Shared computing was just becoming a thing, with folding at home. So we installed in on a couple of machines to see what it was. After playing around with it for a couple of weeks, I had 1 bitcoin and my lead developer had three. I thought it was interesting, but essentially pointless and deleted it. My buddy kept playing around and eventually amassed 7 whole bitcoins.
They were valued at about 50 cents, theoretically, when we started. They spiked to $7 in a really short time, then back down to a buck. When they went back up over two bucks, my buddy sold out. He's no fool. We both knew a bubble scam when we saw it.
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.
True. Adding you to the list twice really wouldn't do much.
OMG facts!
I'm kicking myself for not making bi-weekly buys of say $250 over the past few years. I got in when BTC was trading around $250, so even $750 seemed like a high valuation back then and I didn't put more money in.
That being said, I'm pretty happy with my return. My holdings are now valued at more than six figures and I invested less than $10,000 initially. It's kicked the crap out of my other retirement holdings.
It's still a bubble and a scam. The fact that it's gone to $6k doesn't negate either of those.