[2013] Bitcoin May Be the Global Economy's Last Safe Haven

[dominidude]

bitcoin is being taken up in zimbabwe, nigeria, south africa, and venezuela among developing countries

Interesting article.

This is the adoption path taken by a lot of technology.

https://en.wikipedia.org/wiki/Technology_adoption_life_cycle

• early adopters – younger, more educated, tended to be community leaders, less prosperous

The first adopters tend to be out of the main stream.
Then more and more main stream people come into the fold, until eventually everyone adopts it.
Maybe Bitcoin is here to stay.
That being said, it still nothing short of a Las Vegas style bet to put any money into this currency until prices stabilize.

 

[TUGBrian]

saw that they shut down trading for bitcoin cash under the cloud of insider trading!

 

[VacationForever]

Bitcoin dropped 33% today.

My friends from out of state came to visit us on Wed and the husband was pretty nuts over Bitcoin. His wife, my husband and I brushed it off as virtual currency with no backing. It sounded like he bought some recently.

 

[am1]

It will be a good lesson for some.

 

[TUGBrian]

definitely not a merry xmas present for those who bought in within the past few weeks!

 

[bogey21]

Bitcoin dropped 33% today.

I think Bitcoin was down 40% for the Week. I saw this and bought more gold.

George

 

[md8287]

When it goes down is the best time to buy...assuming it goes up again.
My problem was I thought at $15K it was at the bottom, not $11.5K.

 

[am1]

I am happy that some sense has come to the market. Not enough yet but that will come as people panic. Sure some got in and got lucky but others left holding the bag will pay dearly for it. It is sad at an individual level especially ones using household expense money but the same thing happens in vegas everyday.

 

[am1]

Not easy to catch a falling knife. Especially with 0 being the bottom.

When it goes down is the best time to buy...assuming it goes up again.
My problem was I thought at $15K it was at the bottom, not $11.5K.

 

[md8287]

Not easy to catch a falling knife. Especially with 0 being the bottom.

I know
But I'm a dreamer looking for the top . And yes I did once buy a timeshare from a developer

 

[md8287]

It is sad at an individual level especially ones using household expense money but the same thing happens in vegas everyday.

I made the same analogy to using my "Vegas money". Anything more and this would be very scary. This thing will have many ups and downs but with play money its fun.

 

[md8287]

definitely not a merry xmas present for those who bought in within the past few weeks!

In the bitcoin world xmas is still VERY FAR away.

 

[easyrider]

HEADS UP...

After Jan 1, 2018 all cryto trades are taxable events.

CRYPTOCURRENCY INVESTORS LOSE MAJOR TAX BREAK UNDER NEW U.S. TAX CODE


The new U.S. tax code amends IRC Section 1031 (a)(1) regarding “like kind exchanges,” excluding all cryptocurrencies from a previous legal loophole and making all cryptocurrency trades a taxable event.

On Friday morning, U.S. President Donald Trump signed a new tax bill into law, signalling the first major tax overhaul in the U.S. in over 30 years. And while you may or may not have high praise for the bill, one thing is certain: the new tax code is bad news for cryptocurrency investors. Starting Jan. 1st, 2018, all cryptocurrency trades will be a taxable event, including swapping one cryptocurrency for another.

Bill

 

[T_R_Oglodyte]

Buying a house with cryptocurrency .....

Bitcoin-like cryptocurrency used to buy home in Tukwila, likely a first for Seattle-area market

 

[VacationForever]

When it goes down is the best time to buy...assuming it goes up again.
My problem was I thought at $15K it was at the bottom, not $11.5K.

... my take is that the bottom is exactly 0.000000.

Good read here: https://www.forbes.com/sites/markhe...-bitcoincrypto-currency-fallacy/#1dcaaa537da8

 

[MULTIZ321]

Bitcoin's Rise Might Be Linked to Price Manipulation, Study Indicates
By Shannon Liao/ Policy & Law/ US G World/ Tech/ The Verge/ theverge.com

"Through analysis of public ledgers.

The rise of cryptocurrency prices last year, including bitcoin, ethereum, and altcoins, could have been largely caused by price manipulation, according to a paper published today by researchers at the University of Texas at Austin. The paper, co-authored by a finance professor who is known for catching fraud in financial markets, reveals several distinct patterns in trading that suggest several people or a person at the major cryptocurrency exchange Bitfinex inflated virtual coin prices.

The 66-page report states that Bitfinex might have used the virtual coin Tether, which it owns, to generate fake demand for bitcoin by buying up the virtual currency and keeping its price up while it sank at other exchanges. The paper found that the more Tether entered the market, the higher cryptocurrency prices would rise, “similar to the inflationary effect of printing additional money.”...."

Illustration by James Bareham / The Verge


Richard

 

[MULTIZ321]

Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go to Zero
By Adam Haigh and Eric Lam/ Bloomberg/ MSN/ Money/ Finance/ Markets/ msn.com

"(Bloomberg) -- Bitcoin’s meteoric rise last year had many observers calling it one of the biggest speculative manias in history. The cryptocurrency’s 2018 crash may help cement its place in the bubble record books.

Down 70 percent from its December high after sliding for a fourth straight day on Friday, Bitcoin is getting ever-closer to matching the Nasdaq Composite Index’s 78 percent peak-to-trough plunge after the U.S. dot-com bubble burst. Hundreds of other virtual coins have all but gone to zero -- following the same path as Pets.com and other red-hot initial public offerings that flamed out in the early 2000s....."

Richard

 

[spackler]

~$55,000 now.

 

[Brett]

~$55,000 now.

But now over $100k

https://www.cnbc.com/advertorial/20...coins-future-price-expectations-for-2025.html

crypto coin craze!
maybe issue $TUG ?

 

[TolmiePeak]

Why is bitcoin sold in US dollars? Shouldn't it be tethered to gold instead?

 

[ScoopKona]

Why is bitcoin sold in US dollars? Shouldn't it be tethered to gold instead?

The three main currencies for grifters are USD, GBP and CHF. Gold is its own special grift.

 

[TolmiePeak]

The three main currencies for grifters are USD, GBP and CHF. Gold is its own special grift.

Agreed. Many people tend to rip gold as an investment. What those people fail to realize is that there is big money to be made in gold.... By buying and selling it to the rubes.

 

[WaikikiFirst]

Why is bitcoin sold in US dollars? Shouldn't it be tethered to gold instead?

WHAT!??!?!?!?!?! Cuz bitcoiners (prob I should say HODLers or something like that) don't want no stinkin gold.
"sold in" not the same as "tethered to", whatever that means to you at this moment.

 

[ScoopKona]

Agreed. Many people tend to rip gold as an investment. What those people fail to realize is that there is big money to be made in gold.... By buying and selling it to the rubes.

Gold grifters and crypto grifters keep away from each other -- professional courtesy. And everyone stays away from "precious moments," hummel, collectible plates, bogus coins which aren't legal tender anywhere and similar. It's just more pleasant not dealing with wackos.

 

[TolmiePeak]

Gold grifters and crypto grifters keep away from each other -- professional courtesy. And everyone stays away from "precious moments," hummel, collectible plates, bogus coins which aren't legal tender anywhere and similar. It's just more pleasant not dealing with wackos.

Yeah it was tough convincing my mom/dad that all of those hummels they spend big bucks on were "worth" pennies on the dollar. They couldn't believe that people today don't want that stuff. They would rather have the latest I*Phone.