How soon until Bitcoin crashes?
- Thread starter Liar Loan
- Start date
sleepy5136
Well-known member
.
sleepy5136
Well-known member
do you guys think btc will actually do well in the future? with an entity like china being against it as its competing against its own currency, what makes one think that other countries will not think the same and jump in on China's wagon?
morekaos
Well-known member
No one to complain to because there are no rules, regulation or recourse. Must rely on the honesty of other criminals...great system..
Crypto firm mistakenly sends out $89M, asks users to please return it
A technical glitch in a crypto marketplace has just made some cryptocurrency users tens of millions of dollars richer ? and the marketplace founder's threats have ignited a debate about the rules of digital money in an authority-less world.
Compound, a popular cryptocurrency platform, last week put out what should have been a routine update to the code that governs users' transactions. However, the update contained a bug that mistakenly sent up to $89 million worth of crypto tokens into some users' accounts.
[url]https://www.msn.com/en-us/money/markets/crypto-firm-mistakenly-sends-out-89m-asks-users-to-please-return-it/ar-AAP7Wzt?ocid=uxbndlbing[/url]
...all the halmarks of a scam...
CRYPTO CASTLE Inside the ?world?s first Bitcoin rehab clinic? where traders who have lost MILLIONS battle cryptocurrency addiction
Tony says that too many stories about Bitcoin are about people who have made fortunes - and not the traders who have gambled their lives away.
He said: "We?re not hearing about the people that have lost lots of money. People are so ashamed. They feel so guilty. They don't want to be talking about it. They feel stupid.?
[url]https://www.the-sun.com/news/3796610/cryptocurrency-rehab-clinic-addiction/#:~:text=A%20REHAB%20clinic%20in%20Scotland%20claims%20to%20be,is%20treating%20people%20addicted%20to%20cryptocurrency%20Credit%3A%20Reuters[/url]
Crypto firm mistakenly sends out $89M, asks users to please return it
A technical glitch in a crypto marketplace has just made some cryptocurrency users tens of millions of dollars richer ? and the marketplace founder's threats have ignited a debate about the rules of digital money in an authority-less world.
Compound, a popular cryptocurrency platform, last week put out what should have been a routine update to the code that governs users' transactions. However, the update contained a bug that mistakenly sent up to $89 million worth of crypto tokens into some users' accounts.
[url]https://www.msn.com/en-us/money/markets/crypto-firm-mistakenly-sends-out-89m-asks-users-to-please-return-it/ar-AAP7Wzt?ocid=uxbndlbing[/url]
...all the halmarks of a scam...
CRYPTO CASTLE Inside the ?world?s first Bitcoin rehab clinic? where traders who have lost MILLIONS battle cryptocurrency addiction
Tony says that too many stories about Bitcoin are about people who have made fortunes - and not the traders who have gambled their lives away.
He said: "We?re not hearing about the people that have lost lots of money. People are so ashamed. They feel so guilty. They don't want to be talking about it. They feel stupid.?
[url]https://www.the-sun.com/news/3796610/cryptocurrency-rehab-clinic-addiction/#:~:text=A%20REHAB%20clinic%20in%20Scotland%20claims%20to%20be,is%20treating%20people%20addicted%20to%20cryptocurrency%20Credit%3A%20Reuters[/url]
irvinehomeowner
Well-known member
I'm with morekaos on this... I still don't trust cryptocurrency.
Seems like its price is based on the volatility rather than actual value.
Does anyone actually get into cryptocurrency for transactional functionality?
Seems like its price is based on the volatility rather than actual value.
Does anyone actually get into cryptocurrency for transactional functionality?
irvinebullhousing
Well-known member
irvinehomeowner said:
I almost got my Tesla, until Elon reliquish taking Bitcoin as payment, a few week later with a tweet. J/K
That's how we do business nowaday, with a tweet. ehh
Liar Loan
Well-known member
This is a long article, but well worth reading:
Why the ?Big Short? Guys Think Bitcoin Is a Bubble
https://nymag.com/intelligencer/2021/10/why-the-big-short-guys-think-bitcoin-is-a-bubble.html
Why the ?Big Short? Guys Think Bitcoin Is a Bubble
https://nymag.com/intelligencer/2021/10/why-the-big-short-guys-think-bitcoin-is-a-bubble.html
That article was indeed long, but with very little substance
Of course Bitcoin is a bubble. It has essentially no utility. The only reason people want it is because they think the price will be higher tomorrow. But the same can be said about lots of assets, like comic books and Pokemon cards and fine art. Bubbles can last a long time.
Of course Bitcoin is a bubble. It has essentially no utility. The only reason people want it is because they think the price will be higher tomorrow. But the same can be said about lots of assets, like comic books and Pokemon cards and fine art. Bubbles can last a long time.
CalBears96
Well-known member
Even though "Big Short" guy think it's a bubble, he's not shorting it. I mean, it is foolish to short it because it's so volatile.
I think it's a bubble too, but I'm not touching it with a ten foot pole, either long or short. It could hit $100k in a couple of months or it could drop back to $30k. It's all speculative.
I think it's a bubble too, but I'm not touching it with a ten foot pole, either long or short. It could hit $100k in a couple of months or it could drop back to $30k. It's all speculative.
Liar Loan
Well-known member
fatduck said:
I think it's valuable to see investors with a solid track record of spotting bubbles all in agreement here. There is so much hype out there and lots of "mainstream" press citing big fund managers getting in on the crypto mania.
You say "of course Bitcoin is a bubble" but that's not self-evident to a lot of people out there, including some that have posted on this thread. If it was self-evident, then Bitcoin actually wouldn't be in a a bubble. It would be priced efficiently for what it is - a decentralized currency useful for black market transactions.
Comic books actually do have utility. My kid read one tonight right before bed. Pokemon cards can be used for their intended purpose, which is, of course, to play the Pokemon card game. Art can be hung on the wall and appreciated. Each of these things can be speculated on for financial gain, but underlying these speculator's markets are robust collector's markets that actually desire to own and appreciate the items for what they are.
morekaos
Well-known member
?but he won?t stand in the way of clients?like all of us at the original IHB? we knew the mortgage market would blow up, as did Burry and others. Some of us benefitted from that knowledge and others saved themselves financially with the insight.
Jamie Dimon says bitcoin is ?worthless?
?I personally think that bitcoin is worthless,? Dimon said during an Institute of International Finance event on Monday, CNBC Pro reported.
But, ?I don?t want to be a spokesperson ? I don?t care. It makes no difference to me,? he said. ?Our clients are adults. They disagree. That?s what makes markets. So, if they want to have access to buy yourself bitcoin, we can?t custody it but we can give them legitimate, as clean as possible, access.?
[url]https://www.cnbc.com/2021/10/11/jpmorgan-chase-ceo-jamie-dimon-says-bitcoin-is-worthless.html[/url]
Jamie Dimon says bitcoin is ?worthless?
?I personally think that bitcoin is worthless,? Dimon said during an Institute of International Finance event on Monday, CNBC Pro reported.
But, ?I don?t want to be a spokesperson ? I don?t care. It makes no difference to me,? he said. ?Our clients are adults. They disagree. That?s what makes markets. So, if they want to have access to buy yourself bitcoin, we can?t custody it but we can give them legitimate, as clean as possible, access.?
[url]https://www.cnbc.com/2021/10/11/jpmorgan-chase-ceo-jamie-dimon-says-bitcoin-is-worthless.html[/url]
irvinebullhousing
Well-known member
https://www.yahoo.com/finance/news/bitcoin-briefly-crashed-87-8-143639198.html
Here we go again with the flash crash.
Man, if I had any BT, I probably have a heart attacked already.
Here we go again with the flash crash.
Man, if I had any BT, I probably have a heart attacked already.
Looks like this is down to 136. I keep on getting tempted with crypto haven?t piled the trigger. My gut told me to buy BTC when it hit 28k recently and it would have turned out very well. Coulda woulda shoulda.
[/quote]
Hope you bought some at around 136. SOL is back above $200 now.
[/quote]
Hope you bought some at around 136. SOL is back above $200 now.
morekaos
Well-known member
The end is neigh...Repent!!! Repent!! ;D ;D >
The Staples Center?home of the Los Angeles Lakers?is getting a new name: the Crypto.com Arena
https://fortune.com/2021/11/17/crypto-staples-center-new-title-sponsor-renaming-los-angeles-lakers-clippers/
The Stadium Curse: Naming Deals Gone Bust
When a company spends millions to put their company name on a major stadium, controversy often follows as the value of such an expenditure is difficult to track. Major stadium naming deals have also seen another trend: corporate failures.
Throughout the booms and busts of the American economy, many companies who have chosen to embark on a naming rights contract have seen their companies suffer financially or even collapse within several years of a naming deal. Although external, indirectly related factors are certainly at play, the correlation is quite impressive: In many cases naming deals parallel a corporate ?boom? spending mentality that contributes to a company?s weakness when a bubble bursts.
https://www.cnbc.com/2010/01/20/The-Stadium-Curse:-Naming-Deals-Gone-Bust.html
The Staples Center?home of the Los Angeles Lakers?is getting a new name: the Crypto.com Arena
https://fortune.com/2021/11/17/crypto-staples-center-new-title-sponsor-renaming-los-angeles-lakers-clippers/
The Stadium Curse: Naming Deals Gone Bust
When a company spends millions to put their company name on a major stadium, controversy often follows as the value of such an expenditure is difficult to track. Major stadium naming deals have also seen another trend: corporate failures.
Throughout the booms and busts of the American economy, many companies who have chosen to embark on a naming rights contract have seen their companies suffer financially or even collapse within several years of a naming deal. Although external, indirectly related factors are certainly at play, the correlation is quite impressive: In many cases naming deals parallel a corporate ?boom? spending mentality that contributes to a company?s weakness when a bubble bursts.
https://www.cnbc.com/2010/01/20/The-Stadium-Curse:-Naming-Deals-Gone-Bust.html
Liar Loan
Well-known member
morekaos said:The end is neigh...Repent!!! Repent!! ;D ;D >
The Staples Center?home of the Los Angeles Lakers?is getting a new name: the Crypto.com Arena
https://fortune.com/2021/11/17/crypto-staples-center-new-title-sponsor-renaming-los-angeles-lakers-clippers/
The Stadium Curse: Naming Deals Gone Bust
When a company spends millions to put their company name on a major stadium, controversy often follows as the value of such an expenditure is difficult to track. Major stadium naming deals have also seen another trend: corporate failures.
Throughout the booms and busts of the American economy, many companies who have chosen to embark on a naming rights contract have seen their companies suffer financially or even collapse within several years of a naming deal. Although external, indirectly related factors are certainly at play, the correlation is quite impressive: In many cases naming deals parallel a corporate ?boom? spending mentality that contributes to a company?s weakness when a bubble bursts.
https://www.cnbc.com/2010/01/20/The-Stadium-Curse:-Naming-Deals-Gone-Bust.html
The one I remember is Ameriquest Field in Arlington, Texas. Deal signed in 2004 - 30 years for $75 million - and revoked in 2007 when lenders started dropping like flies.
I've always viewed these stadium names as an ego trip for the founders and executives, rather than as a wise use of dollars. Has anybody ever made a consumer purchase because they liked the name of a stadium? I know I haven't.
Particularly for companies with less than 10 years of operating history, it's probably an excellent red flag indicator of poor management.