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larrywww

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Reply with quote  #61 

Monstrobitcoinoddity!
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Laughingstock@Masters.of.the.Intergalactic.CryptoVerse.Com.
CryptoClowns@Bozo.UniVerse.Com
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econdComing@Satoshi.Nakamoto.Com.
Humble.David@Everything.I.Touch.Turns.to.Gold.Com
SendintheClowns@Don't.Bother.They're.Here.Com

The Real Deal!!
The Real Deal!!
The Real Deal!!

larrywww

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Reply with quote  #62 
One reason bitcoin price has been artificially inflated is that tokens of questionable value have been used to prop up the price.

https://www.nytimes.com/2018/01/31/technology/bitfinex-bitcoin-price.html?action=click&contentCollection=Politics&module=Trending&version=Full&region=Marginalia&pgtype=article

That, of course, and the world wide bubble.
larrywww

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Reply with quote  #63 
NY Times had an article that reviewed what happened to the cryptocurrency market.  In relevant part they said:

After the latest round of big price drops, many cryptocurrencies have given back all of the enormous gains they experienced last winter. The value of all outstanding digital tokens has fallen by about $600 billion, or 75 percent, since the peak in January, according to data from the website coinmarketcap.com.

Bitcoin has generally held on better with investors. It is down about 70 percent from all-time highs, rather than the 90-percent losses that lesser-known digital tokens have suffered. But it, too, has struggled to win much use beyond speculative investments.


https://www.nytimes.com/2018/08/20/technology/cryptocurrency-investor-losses.html

Nuff said.
brycewheeler

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Reply with quote  #64 
On the other hand, when the market is down 75%, maybe someone with enough curiousity and money to burn may want to park a little money there.  But only if they can afford to lose it and have a little faith that there may be something of value behind that opaque, cryptocurrency screen in the long run.  Maybe in the long run, they will have bought while there was blood running in the streets with a possible brighter future long term.

Just like Vegas, you pays your money and take your chances.  This is not a recommendation, just an observation.

Bryce


larrywww

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Reply with quote  #65 
Interim report: Bitcoin dropped 10% in value----ending below $6,000---its lowest level in more than a year.  Down to like $5500 now.  

Although its value almost reached $20,000 in December of 2017----it is now trading at less than 30% of its high value.  And once a selloff starts, it takes quite a while to sell bitcoin----so when the economy tanks, I would expect a further selloff.

https://www.cnn.com/2018/11/14/tech/bitcoin-price-drop/index.html


larrywww

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Reply with quote  #66 
Bitcoin dropped another $1000 in the last 2 days---down below $4500.
larrywww

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Reply with quote  #67 
Here is more detail on the bitcoin debacle.  


The year-long cryptocurrency slump is devolving into a further downward spiral this week. The price of Bitcoin fell 13 percent on Tuesday and more than 25 percent over the week. A single Bitcoin is currently worth about $4,400, marking the first time the value has dropped below $6,000 in months. Other lesser-known cryptocurrencies are seeing similar drops. At $32, Litecoin is at around its lowest value for 2018. The same is true for Ethereum, now at around $130.

https://slate.com/technology/2018/11/bitcoin-price-drop-cause-cryptocurrency-value.html

According to the article, the SEC is now investigating some bitcoin exchanges who maybe were complicit in falsely propping up bitcoin with phantom trades where no actual money changed hands---and the article hints there might be an indictment.  And there were some other theories why the market crashed.
rickencin

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Reply with quote  #68 

Wikipedia "The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value."  I could of sworn there was something in the definition about a method of getting rick quick with no effort.  The government is looking forward to the day when all financial transaction are electronic and traceable.  Bitcoin just messes that up.
HAPPY THANKSGIVING,
and I hope, that just for today, your life is just like a beer commercial!


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Rick
mlreits

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Reply with quote  #69 
HAPPY THANKSGIVING to you too Rick and everyone.
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mlreits

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Reply with quote  #70 
Quote:
Originally Posted by davidoosnk
STORJ hit the $2 price target I specifically mentioned above.


David,

I hope you got out of your cryptocurrencies in time and locked in your gains. 

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Minh

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SFL

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Reply with quote  #71 
Quote:
Originally Posted by brycewheeler
On the other hand, when the market is down 75%, maybe someone with enough curiousity and money to burn may want to park a little money there.  But only if they can afford to lose it and have a little faith that there may be something of value behind that opaque, cryptocurrency screen in the long run. 



I don't think a long-term rebound will happen.  Even at today's price ($3,800/BTC as I write this), the nominal value of all the existing 17.4 million bitcoins works out to $66 billion.   The only way one can profit from bitcoins is by finding "greater fools" willing to pay even more.  And the only reason why the vast majority of people hold Bitcoin is because they hope to get rich quick.  

At some point, all Bitcoins will either be lost or change owners.  Maintaining the current price would require "greater fools" to come up with a total of $66 billion in order to purchase all bitcoins as they hit the market.

I don't think there are buyers with $66 billion, or with $6.6 billion, or even with $660 million.   I see no reason for the price of bitcoin not to go all the way down, to zero eventually.  

Some cryptocurrency may someday be dominant, but it won't be bitcoin.  Bitcoin transactions require too much energy.  Better technologies have been and will be developed.  

The psychology of previous bubbles indicates that wishful thinking (hoping for a rebound) will go on for a year, perhaps for two years, but rarely for three.  We're already off-peak by a year.  

All along the way, there will be people willing to speculate with $10K or so, as as BTC drops they will get more BTC for their money, but there will be way too few speculators to absorb the supply at anywhere within a few orders of magnitude of current valuations.  And eventually the speculators will give up.  

There is a great story to be written about this in the near future, but most of the details are not yet known.  Some big holders have been trying to exit by selling to the public, to investment funds, and the like.  As the authorities crack down and the public loses interest, these exit strategies become more difficult.  Big bagholders are likely to include hedge funds and the like - pools of money where the purchasing decisions are made by well-paid managers using other people's money rather than their own.  






larrywww

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Reply with quote  #72 
The bitcoin slide continues.  On November 7th the price was $6503.12.  Now the price is $3433.26.  It has lost almost half its value in one month.  Elevator going down?
larrywww

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Reply with quote  #73 
It's traditional at the end of the year to give the picks and pans made by pundits.

Among the stupidest predictions about bitcoin I feel that John Mcafee comes the closest when he said in December of 2017:

"Bitcoin now at $16,600.00. Those of you in the old school who believe this is a bubble simply have not understood the new mathematics of the Blockchain, or you did not cared enough to try. Bubbles are mathematically impossible in this new paradigm. So are corrections and all else."

It's funny because almost immediately after this prediction bitcoin headed straight down the toilet and is now plunging further into the bowels of the sewer system.

A writer at Bloomberg has now officially declared this to be in bubble territory, quoting the above prediction by John Mcafee and stating that: :

"A few days later, Bitcoin’s price briefly peaked at $19,511, before it began an epic plunge that would see the original cryptocurrency lose approximately 82 percent of that value as of the writing of this column."

It's funny----because He Who Must Not Be Named made a similar prediction on this very thread, declaring that:

  "Shall we say, many real estate investors are by nature conservative..."

Is that investor or speculator?

I think that He Who Must Not Be Named is at least entitled to a part of the credit for this prediction----Our John Mcafee, as it were.  (I also feel that the Valdemort comparison is very well taken----lots of parallels there---but that is a topic for another day.)


Bitcoin  R.I.P. 


Enough said.

Not Even Hindsight Could Have Helped You Make Money This Year

Investors faced rocky markets in stocks, bonds, commodities, and crypto.

By John Authers
Otherwise, this was a tough year for investment----here is the title of a Bloomberg article: 
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