How soon until Bitcoin crashes?

But Mr. Yoo is still a big believer in the idea that these tokens can provide a new way to transact online, without the big corporate middlemen we rely on today. Many of the groups that raised money last year are still working on the products they promised, with lots of serious engineers drawn to the projects.

"There's just so much more behind this new wave of technology and innovation that I'm sure will take over our society in due time," Mr. Yoo said.

With prices down so much, he said he was actually looking to put more money into the markets.
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That is so adorable.
 
momopi said:
I recall watching FTV (Fashion TV) channel on my android box and saw advertisement for "FTV Coin".
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Few days ago it was wearing stretch jeans and now it's watching fashion TV, what have you done to our NRA survivalist. :)
 
lnc said:
momopi said:
I recall watching FTV (Fashion TV) channel on my android box and saw advertisement for "FTV Coin".
Click to expand...

Few days ago it was wearing stretch jeans and now it's watching fashion TV, what have you done to our NRA survivalist. :)
Click to expand...

Due to the summer heat, I either stay home to watch Korean melodrama and 1 million dance studio videos, or enjoy free AC at the mall while I shop for discounted clothing.  As soon as the weather cools I'll be back in the forests, attending classes on foraging, beer and cheese making:

http://www.urbanoutdoorskills.com/schedule.html

Note that due to Summer heat many outdoor classes are currently held indoors, which kinda defeats the purpose.


p.s.  I strongly dislike Wayne LaPierre.
 
Venezuela's cryptocurrency Petro is nowere to be found:
https://in.reuters.com/article/cryp...currency-is-nowhere-to-be-found-idINKCN1LF18G

After Venezuela's socialist government destroyed the economy and decimated its currency (the bolivar), the socialists announced in February that Venezuela would be switching to cryptocurrency. Despite the fact that after six months this cryptocurrency (the petro) is nowhere to be found, the socialists still insist they will start paying debts and government pensions in cryptocurrency.

This is interesting because Venezuela's biggest creditor is China which takes a dim view of cryptocurrency (trade in bitcoin is banned in the PRC). Soon all that sweet Venezuelan crude will belong to the PRC. This is why we must discourage further PRC investment in the Americas.
 
Isnt this all about timing?  There are many that are still profitable even at todays prices.  If you bought greater than 1 year ago, then you are still looking really good. 
 
meccos12 said:
Isnt this all about timing?  There are many that are still profitable even at todays prices.  If you bought greater than 1 year ago, then you are still looking really good.
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They only heard about Bitcoin in December 17'...to them it's a disaster  ;D
 
Ahh... Halos is back.

After doing some more reading, one of the biggest problems with cryptocurrency are the exchanges and the wallets. There have been major hacks involving losses of millions/billions of dollars at different levels either by modifying the transactions before the hashes can be guessed, manipulating the valuation, copying keys, stealing wallet accounts etc etc.

And unlike banks where you have FDIC to protect your money, I'm not sure if there is some insurance system in place for cryptocurrency owners.

Just stick to buying in Eastwood.
 
Halos said:
meccos12 said:
Isnt this all about timing?  There are many that are still profitable even at todays prices.  If you bought greater than 1 year ago, then you are still looking really good.
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They only heard about Bitcoin in December 17'...to them it's a disaster  ;D
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This is a valid point.  I remember one of my friends recommending Bitcoin to me when it had reached $3,000.  If I had listened to him, I would still be up over 100%.

Yet, the problem is I'm not going to buy something based on pure speculation.  I have to be able to quantify the risk in my mind, and a 100% return on Bitcoin is actually terrible when you adjust for the risk involved.

The volatility is off the charts, the risk of hacks is ever-present, there are tons of scammers out there, and there's no guarantee that Bitcoin will ever have a practical application beyond black market transactions.

I could also make a 100% return on penny stocks with absolutely no fundamentals backing them, but I would never invest my savings in something like that.

And then there are the taxes.

I was talking to another friend over Labor Day and he was daytrading bitcoin during the run up.  The problem now is his tax situation is a complete nightmare.  It took him 40 hours of tedious labor to download the transactions and put them into a spreadsheet that was readable for his accountant.  Time lost is also money lost.
 
Here's a guy that studied Bitcoin for years before investing... and he still lost it all.
Bitcoin crash: This man lost his savings when cryptocurrencies plunged

Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.

The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.

Before he first invested, Russell spent years tracking bitcoin and studying blockchain, the technology underpinning digital currencies. He said the learning process was like solving the plot of a murder mystery.

Despite the loss, he remains a committed investor.

"I have to be hopeful about something," he said. "I need to keep my mind occupied, because when I just focused on the money I lost, it destroyed me mentally and emotionally."
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https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html
 
Liar Loan said:
Here's a guy that studied Bitcoin for years before investing... and he still lost it all.
Bitcoin crash: This man lost his savings when cryptocurrencies plunged

Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.

The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.

Before he first invested, Russell spent years tracking bitcoin and studying blockchain, the technology underpinning digital currencies. He said the learning process was like solving the plot of a murder mystery.

Despite the loss, he remains a committed investor.

"I have to be hopeful about something," he said. "I need to keep my mind occupied, because when I just focused on the money I lost, it destroyed me mentally and emotionally."
Click to expand...
https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html
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He actually lost significantly more by selling bitcoin and buying bitcoin cash, ethereum and ripple. 
 
Crypto?s 80% Plunge Is Now Worse Than the Dot-Com Crash
The Great Crypto Crash of 2018 looks more and more like one for the record books.

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index?s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.

Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

?It just shows what a massive, speculative bubble the whole crypto thing was -- as many of us at the time warned,? said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform.

Crypto bulls dismiss negative comparisons to the dot-com era by pointing to the Nasdaq Composite?s recovery to fresh highs 15 years later, and to the internet?s enormous impact on society.
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https://www.bloomberg.com/news/arti...t-surpassed-dot-com-levels-as-losses-reach-80
 
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  ? Crypto Hasnt really done anything More than put a value on ?how much would anonymity in electronic financial transactions be worth ??  Otherwise , a complete scam benefiting a select few ....

 
fortune11 said:
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  ? Crypto Hasnt really done anything More than put a value on ?how much would anonymity in electronic financial transactions be worth ??  Otherwise , a complete scam benefiting a select few ....
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I follow him on twitter and some of his claims seem to be very off. 

If he thinks that crypto does nothing more than put a value on "anonymity in electronic transactions", then he is wrong and has overly simplified cryptos. 

I am not an expert in cryptos in any way, however even I can tell you cryptos do more than that.
 
meccos12 said:
fortune11 said:
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  ? Crypto Hasnt really done anything More than put a value on ?how much would anonymity in electronic financial transactions be worth ??  Otherwise , a complete scam benefiting a select few ....
Click to expand...

I follow him on twitter and some of his claims seem to be very off. 

If he thinks that crypto does nothing more than put a value on "anonymity in electronic transactions", then he is wrong and has overly simplified cryptos. 

I am not an expert in cryptos in any way, however even I can tell you cryptos do more than that.
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He has taken all the claims and broken them down one by one . Just google it up - totally worth a read regardless of your preference in this space .
 
The value of anonymity isn't in being anonymous, it is having access to otherwise inaccessible markets, bypassing regulation, avoiding taxes, financial controls, etc.

Look at the early days of Amazon, avoiding taxes, regulation and access is what built it with a healthy dose of predatory pricing.
 
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