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[cubicle47b]

The 24h volume on Bitcoin was ~$6,000,000,000. Selling $8000 worth is not an issue. People transfer money off of exchanges all the time.

Ethereum launched July 30th, 2015 and doesn't have the name recognition or support of Bitcoin. Give it time.

 

[SonicXtreme]

Ding ding ding ding...

This is what I am trying to explain to people.

lol most exchanges allow you to cash out $10,000 per day so this is a strange thing to worry about, unless you have peers who are six digits invested, and by that time i doubt those are the type of people who have money problems

 

[LordOfChaos]

The 24h volume on Bitcoin was ~$6,000,000,000. Selling $8000 worth is not an issue. People transfer money off of exchanges all the time.

Ethereum launched July 30th, 2015 and doesn't have the name recognition or support of Bitcoin. Give it time.

I'm pretty keen on ethereum. I hold all of the big three and a bunch of alts but that keeps drawing my interest the most. The roadmap looks great, and the built in ice ages to force agreement on hard forks is a great idea that avoids all this Bitcoin segwit2x mess.

 

[O.v.e.rlord]

that collapse is when you buy.

Gold leverages that is lol.

 

[O.v.e.rlord]

Nothing stops this train.

I said this in 2016 and i say it now.

In 2018/9 it WILL reach ~50k $ and everybody will cry "bubble burst?" upwards and i will say "No".

You’re on crack good sir. Fuck like 3 weeks ago it hick upped and lost 33% of its value. True it made it back but the signs are there.

 

[DouglasteR]

You’re on crack good sir. Fuck like 3 weeks ago it hick upped and lost 33% of its value. True it made it back but the signs are there.

Im used to it. I won a good chunck of money from a friend after it reached 5k. I am about to win another bet at 10k (solid 10k, not fluctuations).

But like any investment "RISK WHAT YOU COULD LOSE".

Don´t put your blood on it.

 

[prophetvx]

You’re on crack good sir. Fuck like 3 weeks ago it hick upped and lost 33% of its value. True it made it back but the signs are there.

BTC has always been volatile, that's why it is such an interesting investment for many people. It's been averaging 10-15% growth per month for the last year or two even with those huge dips.

It's definitely entering bubble territory, I even heard my mother in law mention it the other day and she barely knows how to use an internet browser. However, predictions of it hitting $50k are just as likely as it hitting $1k again. It's an unpredictable beast.

The crazy thing about it is that is now seen as a store of value, not a currency. This is where it starts to get dangerous as FOMO has well and truly kicked in.

Anyone who buys in right now in any significant way will probably get hurt in the short term. We'll see a significant retraction soon, but if they take their losses and hold 6 months from now they'll likely still be well ahead.

 

[cubicle47b]

I'm pretty keen on ethereum. I hold all of the big three and a bunch of alts but that keeps drawing my interest the most. The roadmap looks great, and the built in ice ages to force agreement on hard forks is a great idea that avoids all this Bitcoin segwit2x mess.

I love ethereum, but I bought in mid-June and then watched Bitcoin take off so I'm going 50/50 from now on. Crypto is ~1/12 of my holdings, but the next year is looking great so that will probably increase unless we buy a house next month.

 

[pieface]

When BTC dies it will kill the other coins too. .

It will take a lot with it but a lot will also survive. The crypto scene isn't completely dependent on Bitcoin doing well. There's a hell of a lot of real world use cases for many crypto coins which won't simply stop being needed just because Bitcoin has fallen in price.

 

[empyrean]

isn't it effectively the tulip situation all over again? it's only worth so much as people are buying it speculatively. i understand there is some inherent value to bit coins but isn't most of the value it currently has from the fact that people are speculating and as soon as confidence is shaken the whole thing will quickly crater?

 

[prophetvx]

isn't it effectively the tulip situation all over again? it's only worth so much as people are buying it speculatively. i understand there is some inherent value to bit coins but isn't most of the value it currently has from the fact that people are speculating and as soon as confidence is shaken the whole thing will quickly crater?

It's inherent value is that there is global instability in many currencies and people see it as a viable store of value. Just look at how Russia, Turkey and South Africa are currently performing. US investment is obviously many people speculating but globally there are many uses for people trying to move away from their own currencies which are potentially even more volatile.

I don't even know what you could call cratering at this point... Even if it crashed down to $1500 it would have still had positive growth for 2017. There is so much money invested in it now that the risks of manipulation are quickly declining, it would take a lot of money to be pulled out for it to crater, with it being so volatile, many see it as the ebb and flow of the currency and just hold anyway.

 

[LordOfChaos]

I love ethereum, but I bought in mid-June and then watched Bitcoin take off so I'm going 50/50 from now on. Crypto is ~1/12 of my holdings, but the next year is looking great so that will probably increase unless we buy a house next month.

Same in both areas, it's under 10% of my total investments, and 50/50 on Bitcoin/Ethereum, half that on Litecoin, and some sprinkled in various alts that may boom or bust (I like dash, monero, zcash...And forever Doge).


If every single coin collapses to 0, I'm mostly relying on my index funds anyways so I'm still fine. If they continue to moon rocket, I'm richer than I would have been without, and that 10% may outgrow that other 90.

 

[x3sphere]

As far as it ruining an entire generation, that seems a bit hyperbolic to me... most people aren't throwing more than 1-5% of their net worth at this. If you are putting in your life savings, then a stock or whatever is arguably just as risky. Gamblers are always going to gamble regardless of whether something like Bitcoin existed.

 

[CaptainZombie]

How is this gambling, you are buying a digital piece of technology, why not treat it like a stock? Not all coins are the same.

Shit coins exist just like shit penny stocks

We may see a major correction once BTC reaches over 10k and a lot of people will lose money. But it’s going to bounce back. I’ve been gambling with this since August and it does feel like Ponzi scheme. All the legit good alts with actual use cases not doing as well as obvious scam coins is hilarious. It seems everyone thinks they can be a millionaire over night.

This does bother me a lot to see coins like OMG and even BAT which we talk about in our crypto thread that aren't highly valued. Look at BAT, they just released BAT payments to Youtubers which is shocking that nobody is talking about this even on YT.

It will take a lot with it but a lot will also survive. The crypto scene isn't completely dependent on Bitcoin doing well. There's a hell of a lot of real world use cases for many crypto coins which won't simply stop being needed just because Bitcoin has fallen in price.

I agree that it will probably take a lot of the shit coins down with it. People fail to realize that there are coins like OMG that are backed by multi-billion companies like the original topic creator. Reading through some of his posts, it's like he missed out on the BTC train so now he's gonna be upset about it and lash back here. Many uninformed people creating posts that make no sense. Ugh!!!!

For the regulars to the crypto thread here on GAF, it seems like its a dead thread, did you guys move on to the one forum like you posted when the whole site was down?

 

[McLovin]

Yeah I wish I got into it when it first came out. But right now it’s way too dangerous, that bubble is gonna burst for sure.

 

[CaptainZombie]

Yeah I wish I got into it when it first came out. But right now it's way too dangerous, that bubble is gonna burst for sure.

I think BTC will get to around $11-12k and there will be a good 30-40% retracement if not back to $5500 range which of course will also bring down the alts.

 

[n0razi]

I have an old co-worker who cashed out his 2010-era BTC and pretty much retired on the spot... said he made something in the tens of millions

 

[Trogdor1123]

Short it and make a bundle then

 

[Neverwinter27]

Bitcoin can't ruin millenials. Traditional college and bank institutions have already beat them to it years before.

 

[D23]

I've been buying BTC since late 2015. Putting $20-30 every week and $250 every paycheck. I've been doing this since December 2015.

Keep speculating while I reap 😉

 

[AP90]

I thought that at $300.

I thought that again at $800.

Again $1200.

Edit : Again when that main site lost millions of coins when it shut down.

It's, how much, $8800 now?

I wouldn't put my money - and you shouldn't play more than you can afford to lose - but I honestly don't know anymore.

Hopefully you sold a fraction of your position..that way even if it tanks you made a profit, or a portion of your original investment back.

-----
On a side note,there are too many crypto currencys to just bet on one.. I would almost feel safer backing an exchange like coinbase if I could.. that one has the backing off the New York stock exchange I believe (aka it's one of the investors for coinbase)

 

[AP90]

isn't it effectively the tulip situation all over again? it's only worth so much as people are buying it speculatively. i understand there is some inherent value to bit coins but isn't most of the value it currently has from the fact that people are speculating and as soon as confidence is shaken the whole thing will quickly crater?

Sort of. Check out the link below from market watch that has compared similar bubble like events in a chart(don't know what to truly call bitcoin and other crypto currencies)

https://www.marketwatch.com/story/bitcoin-rally-may-continue-but-is-it-driven-more-by-high-school-dropouts-than-fundamentals-2017-11-21

As you can see the tulip bubble happened over a shorter period, but Bitcoin is tracking the same path.

 

[bigmit3737]

I've been buying BTC since late 2015. Putting $20-30 every week and $250 every paycheck. I've been doing this since December 2015.

Keep speculating while I reap 😉

Nicely done. When do you plan to sell?

 

[Trogdor1123]

I've been buying BTC since late 2015. Putting $20-30 every week and $250 every paycheck. I've been doing this since December 2015.

Keep speculating while I reap 😉

Time to flip it then

 

[x3sphere]

For the regulars to the crypto thread here on GAF, it seems like its a dead thread, did you guys move on to the one forum like you posted when the whole site was down?

Yeah a lot of us moved over to the other forum. Just checked in here for the first time in awhile.

 

[Dhx]

Coinbase is not regulated lol. Read your own link. Nothing in that says if Coinbase closes your money doesn’t disapppear. Because it will. Coinbase is the biggest exchange and no it’s not like a bank what so ever. Those are insured by FDIC.

Your post is exactly what I’m talking about. There is a real false sense of security around BTC that is absolutely misplaced.

This is simply FUD. Take a step back and read for yourself:

Coinbase, Inc., the company which operates Coinbase and GDAX in the U.S., is licensed to engage in money transmission in most U.S. jurisdictions. Most of Coinbase’s money transmission licenses cover US Dollar Wallets and transfers. In some states, money transmission licenses also cover digital currency wallets and transfers on the platform. In other states, no money transmission license is required to operate a digital currency business

Coinbase is also registered as a Money Services Business with FinCEN.

Coinbase is required to comply with many financial services and consumer protection laws, including:
- The Bank Secrecy Act, which requires Coinbase to verify customer identities, maintain records of currency transactions for up to 5 years, and report certain transactions.
- The USA Patriot Act, which requires Coinbase to designate a compliance officer to ensure compliance with all applicable laws, create procedures and controls to ensure compliance, conduct training, and periodically review the compliance program.
- Most states’ money transmission laws and corresponding regulations.

The above is compliance with regulation. No need to get hostile just because you are incorrect. No one claimed an exchange was a bank. Yet, Coinbase for example is insured. US Dollar holdings are FDIC insured and the rest is covered by outside insurance as at any time only 2% of their holdings are online. The rest is in cold storage.

https://support.coinbase.com/customer/portal/articles/1662379-how-is-coinbase-insured-

It's OK to be wrong and it's never too late to learn more about concurrency. It's not going anywhere.

 

[D23]

Nicely done. When do you plan to sell?

Time to flip it then

I have been thinking about it for a while but i am holding for now. I dont really need the money at the moment. I have a stable job and not much debt to begin with. but i am paying close attention to the market almost every day since these thing skyrocket since the beginning of 2017.

 

[Shadowhelper]

Lots of people are investing in BTC, not just millennials.

I don't see it as completely crashing. It will obviously plateau. The forces that use BTC will continue to use BTC.

The shadow economy almost completely runs on it. That's what has always fuelled the massive price increases. Financial speculation is becoming a bigger and bigger part of it.

As countries become more unstable, you'd expect BTC to only get more popular.

 

[LookAtMeGo]

Enjoy your bitmoney until a major solar flare knocks out all electronics and us smart people with gold nuggets laugh our way to the bank.

 

[HagglesworthMD]

OP doesn't understand Proof Of Stake/Proof Of Work.. Actually it seems like OP doesn't understand crypto at all.

 

[HagglesworthMD]

Enjoy your bitmoney until a major solar flare knocks out all electronics and us smart people with gold nuggets laugh our way to the bank.

A solar flare of that magnitude would take out the entire stock market and banking system also.. Good luck finding anyone to buy your gold nuggets when no one has any money!

 

[EverydayBeast]

To hack prone.

 

[Naked Snake]

What a load of FUD the OP is.

I think Bitcoin will continue to prove naysayers terribly wrong with egg on their face, as it has for its entire life.

 

[Slayer-33]

To hack prone.

Hahahahaha... No. Not in a hardware or paper wallet dude. Impossible

$10,450 USD per BTC right now

 

[SMattera]

I would guess that it goes to $100k+.

Before falling to $0.

These investment manias happen over and over again throughout history and every time people are happy to tell you why "this time is different".

The two bull cases I see for Bitcoin are:

1. The price of Bitcoin has gone up X% over the last Y days/months/years. Therefore, the price will continue to rise.

This, sadly, is the more common of the two, and is so ignorant that it hardly requires a response. To put it simply: Past performance is no guarantee of future performance. Logic 101.

2. Bitcoin will eventually replace gold/the USD/etc as the world's reserve currency. If that happens, people will have to covert all their dollars into Bitcoin. If that happens, the price of Bitcoin will rise a lot.

This is a logically sound argument, but seems highly unlikely to me.

 

[Slayer-33]

For anyone that wants a better understanding of what btc is I highly suggest watching this

https://youtu.be/xUNGFZDO8mM

https://youtu.be/SMEOKDVXlUo

First vid was in 2014

 

[Ke0]

Funny/depressing/suicidal story. I mined around 600 bitcoins back when BTC first hit the scene. Lost my wallet.

 

[Joe T.]

I dumped the 5 BTC I had 7 years ago when they were worth practically nothing. It's now one of my biggest regrets.

 

[Slayer-33]

Funny/depressing/suicidal story. I mined around 600 bitcoins back when BTC first hit the scene. Lost my wallet.

Jesus Herbert Christ

6.5M USD 😭

 

[farmerboy]

Funny/depressing/suicidal story. I mined around 600 bitcoins back when BTC first hit the scene. Lost my wallet.

Take comfort in the fact that you would have probably not kept them till now, but would have cashed out way earlier anyway.

 

[wondermega]

Funny/depressing/suicidal story. I mined around 600 bitcoins back when BTC first hit the scene. Lost my wallet.

Nightmare fuel

Anyway lots of people lost $ in the MTG affair so you are not alone..

 

[mashoutposse]

Too many people believe in Bitcoin for it to go to zero.

Energy expenditure will have absolutely nothing to do with a crash.

The only thing that takes Bitcoin to zero is if someone figures out how to arbitrarily insert transactions into the chain. It goes to zero overnight in that case.

 

[Razorback]

What is more likely, that the future will be strange, or that it will be "normal"?

We evolved to make linear predictions. Betting on things staying more or less normal makes sense if you live in a hunter-gatherer society 100 000 years ago. Your life won't be any different from your grandparents or your grandkids.

But that's not the world we live in anymore, we haven't adapted to the pace of change we currently live in.

I had to actively fight against my biases in order to finally get some bitcoin a month ago.
If you have some spare money that you can live with losing, I'd recommend you do the same.

 

[SMattera]

What is more likely, that the future will be strange, or that it will be "normal"?

We evolved to make linear predictions. Betting on things staying more or less normal makes sense if you live in a hunter-gatherer society 100 000 years ago. Your life won't be any different from your grandparents or your grandkids.

But that's not the world we live in anymore, we haven't adapted to the pace of change we currently live in.

I had to actively fight against my biases in order to finally get some bitcoin a month ago.
If you have some spare money that you can live with losing, I'd recommend you do the same.

This is nonsense. This sort of logic could be used to sell any speculative investment.

Of course the future will be radically different than the present. But that doesn't mean anything for Bitcoin.

 

[Razorback]

This is nonsense. This sort of logic could be used to sell any speculative investment.

Of course the future will be radically different than the present. But that doesn't mean anything for Bitcoin.

I should have been more clear, that argument was referring to the initial hurdle of taking seriously what at first sight might seem like some sort of get-rich-quick scheme. But once you get over that you can listen to the arguments from both the advocates and critics of bitcoin from a more objective standpoint.

At the moment I lean substantially more towards Bitcoin being here to stay than not.
But this is after having dedicated a few weekends researching the subject.
Safety is never guaranteed, but the same is true for the dollar or the euro. These things aren't a part of the fabric of reality, they are just as made up as bitcoin. What gives these symbols power is the amount of people willing to believe in them.

 

[Atrus]

I should have been more clear, that argument was referring to the initial hurdle of taking seriously what at first sight might seem like some sort of get-rich-quick scheme. But once you get over that you can listen to the arguments from both the advocates and critics of bitcoin from a more objective standpoint.

At the moment I lean substantially more towards Bitcoin being here to stay than not.
But this is after having dedicated a few weekends researching the subject.
Safety is never guaranteed, but the same is true for the dollar or the euro. These things aren't a part of the fabric of reality, they are just as made up as bitcoin. What gives these symbols power is the amount of people willing to believe in them.

Its not just belief but the ease of liquidity and transferrability into goods and services. I can take $20 and convert it into $20 worth of coffee at McDonalds or some shirts at Walmart. I cannot however pay for the shirts with coffee. Likewise, I can convert first world currencies much easier, more reliably and with little penalty or fee than many other forms of currency due to lower volatility.

Few people want currencies from unstable economies whose value is volatile.

Bitcoin has much less ease of liquidity and transferrability at this point and the increasing value attributed to it is not coming from this increase in utility, but rather the speculative profiteering of a desired good in limited availability. The volatility alone makes it poor as a use of exchange, which for now gets a pass due to the increasing FOMO hype. I don't see people valuing their Bitcoin as a currency but rather converting its value into something that matters, like USD, as a method of determining how rich they are.

 

[ty_hot]

I love how the OP says all these thigns about BTC, and a few posts later he says a 8000 worth of BTC can be sold for 6,5 or 7k.... what the hell, guy has no idea about what he is talking about.

I have a friend that started saying that BTC is shit, because you pay 7% fee per transaction LOL I had to show him how much I pay till he would shut up. Now he says I should not check its value against the Euro but against the dollar because the Euro one has no liquidity LOL

Dont tell me BTC has no value, my BTC is BTC all over the world, I can buy it in Europe and sell it in a Brazilian market and will pay much less fees than if I would move my money with a bank or even with Transferwise. Because of the high fluctuation it's not ideal to do it currently though, but the tech creates this possibility. (edit: this is not the reason it has value, I was just giving one good use for it that people in the financial sector just hate and cand admit about it)

 

[Razorback]

Its not just belief but the ease of liquidity and transferrability into goods and services. I can take $20 and convert it into $20 worth of coffee at McDonalds or some shirts at Walmart. I cannot however pay for the shirts with coffee. Likewise, I can convert first world currencies much easier, more reliably and with little penalty or fee than many other forms of currency due to lower volatility.

Few people want currencies from unstable economies whose value is volatile.

Bitcoin has much less ease of liquidity and transferrability at this point and the increasing value attributed to it is not coming from this increase in utility, but rather the speculative profiteering of a desired good in limited availability. The volatility alone makes it poor as a use of exchange, which for now gets a pass due to the increasing FOMO hype. I don't see people valuing their Bitcoin as a currency but rather converting its value into something that matters, like USD, as a method of determining how rich they are.

Blockchain technology has intrinsic value. What other piece of software do you own that you can claim is unique, in the sense that you can't freely make copies of it?

I bring up again my initial argument where I advise people not to assume the future will be mostly similar to the present. Everything you claim might be true at the moment. The Venezuelan bolivar was stable until one day it wasn't due to the corruption inherent to the way the system works. The same system being used in Wall Street that only survives today because we keep patching it up with band-aids.

 

[Atrus]

Blockchain technology has intrinsic value. What other piece of software do you own that you can claim is unique, in the sense that you can't freely make copies of it?

I bring up again my initial argument where I advise people not to assume the future will be mostly similar to the present. Everything you claim might be true at the moment. The Venezuelan bolivar was stable until one day it wasn't due to the corruption inherent to the way the system works. The same system being used in Wall Street that only survives today because we keep patching it up with band-aids.

Except as pointed out, this could be said of anything, including Blockchain. A common element to many alternate value schemes, like gold, is that there is consistent fear-mongering over the existing model. Yes, economies and even civilizations rise and fall with time but your lifespan with respect to these events is short.

 

[Slayer-33]

$11,200

holy shit lol..