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Bitcoin Nears $17,000 After Climbing About $4,000 in Less Than a Day
As economists attempt to make sense of Bitcoin, the cryptocurrency rocketed above $17,000 for the first time moments ago, adding about $4,000 to its price in fewer than 24 hours. Security reporter Brian Krebs tweeted on Thursday, "Closing in on $17k per bitcoin now (mind you, it was almost at $16k less than an hour ago. This is totally fine." Late Wednesday, finance author Ben Carlson wrote: Bitcoin has achieved something I've always wanted to see in the stock mkt - a reverse 1987 (20% gain in a single day)
Good introduction:
https://www.youtube.com/result...
Your scenario is unlikely, but possible. It would not surprise me if you were destitute in two weeks, and it would not surprise me that you are going to wish you actually did this. It would surprise me if nothing happened at all though.
Knowing it will crash, and knowing when it will crash are two very different feats. Saying it will crash is practically axiomatic, and in the mean time if your sitting on the sidelines you may have missed opportunities that may have led to profits even if you held through a crash.
Why would the IRS care, as long as you are following the rules?
If anyone thinks they are going to make their Bitcoin millions and not pay the government their cut, they're an idiot.
I believe NASDAQ plans on introducing trading on Bitcoin futures in the first half of 2018. That's assuming that Bitcoin doesn't crash and burn before then.
The crash is not scheduled until after the put options are in place. :-)
People said that at 100, and at at 1000. Reality is no one knows where this is going to end up. I could just as easily see it be at 10 or 100,000 by the end of next week.
If you have a crystal ball, feel free to short BTC right now and make a fortune. My point remains, it is easier to say it will crash than say when it will crash or what fair value is.
Those who cannot remember the past are condemned to repeat it. -- George Santayana
If it crashes before then, buy in at the crash price... Being traded on NASDAQ will add legitimacy to bitcoin and likely cause another bubble.
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One cannot really use it for microtransactions
No, not if you want every transaction on-chain. The blockchain is an expensive resource.
You will be able to do microtransactions on the Lightning Network, where they will be done off-chain, and then only occasionally settled on the chain.
"As economists attempt to make sense of Bitcoin"
I can assure everybody that no true economist is trying to make sense of Bitcoin.
Bitcoin con only go up for as long as people can manage to max out their credit cards, steal granny's savings, etc., to buy some.
This is not infinite.
After that it comes down. Hard. A few people will get very rich, a lot of people will get poor.
(Remember: Bitcoin only redistributes money, it doesn't ever create anything of tangible value)
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It's perfectly possible that the rich people are offering large sums for small quantities of Bitcoin to push up the price then dumping large quantities when everybody sees it.
(aka: "Pumping and Dumping")
No sig today...