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Daddy

Bitcoin/Cryptocurrency

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Kahuna

 

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Goetz1965

Money for Bitcoin and all other coins just flows in from other things - like gold or shares - compared to worldwide economy all Cryptocurrencies are still a drop in the ocean. Thats why 1 Bitcoin can be worth 1 Million USD one day ... But who knows.

Just think - actually were short under 10.000USD - thats a psychological mark - next mark will be at 10.000EUR - but thats 11.900USD ... And after that ...
 

1 Bitcoin has 8 digits behind the comma - actually no one really buys 1 BTC - most trades are for 0.01BTC - but next then is 0.001BTC and so on - people dont really realise - they just buy "Bitcoin for 100 USD" - that they get less and less ... Who cares as long it still rises.

 

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Headshot

What is behind the price jump for bitcoin (and other crypto-currencies) other than greed? If this is all just based on investor speculation (people hoping to get rich quick), then it could crash just as suddenly and just as completely as the dot.com crash back in 2000. As far as I can tell, crypto-currencies have no intrinsic value on their own and are not backed by anything of real value.

Edited by Headshot

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Thomson
12 hours ago, Headshot said:

What is behind the price jump for bitcoin (and other crypto-currencies) other than greed? If this is all just based on investor speculation (people hoping to get rich quick), then it could crash just as suddenly and just as completely as the dot.com crash back in 2000. As far as I can tell, crypto-currencies have no intrinsic value on their own and are not backed by anything of real value.

USD is backed by absolutely nothing. They just print it. Cryptocurrencies are backed by encryption and they have a limited supply (unlike the USD) that's why the value is going up, same as with gold, one day gold prices will go thru the roof when there is no more to be found.

It's exactly the same as a stock price. Why do some stocks go up so high and others don't? Because people keep buying in. If all the people who bought even just a small amount of bitcoin today, would hold this bitcoin without selling it, then the price will stay stable. It's when people sell and nobody buys anymore, that's when the prices go down.

I can see bitcoin going up to $15,000 pretty soon. 

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Paul
52 minutes ago, Thomson said:

USD is backed by absolutely nothing.

Agreed. The US Dollar was backed by gold until the early 1930's. 

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Headshot
48 minutes ago, Paul said:

Agreed. The US Dollar was backed by gold until the early 1930's. 

And now it is backed by the US government, just as every other national currency is backed by their governments. National currencies seldom take a nosedive or a huge increase in value unless something monumental occurs. What or who backs crypto-currencies, and what is causing this huge increase?

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Thomson
4 hours ago, Headshot said:

And now it is backed by the US government, just as every other national currency is backed by their governments. National currencies seldom take a nosedive or a huge increase in value unless something monumental occurs. What or who backs crypto-currencies, and what is causing this huge increase?

Cryptocurrencies are a new thing in this world. It's changing the way we store money and do transactions. 
The whole point of Bitcoin is for it to be a decentralized currency which can be totally controlled, stored and exchanged by ourselves away from government control.
The bitcoin system we currently use now is basically what banks will be using in the near future and is already similar to what banks have been using until now.

Who is backing bitcoin? Financial institutions (HSBC, Deutsche Bank, etc.) and IT companies such as IBM are all backing cryptocurrencies. They have already understood that this is going to change the way people do transactions and store their money in the future. 

And besides that, the total Bitcoin market cap is currently $400 billion. Just imagine how many people have bought Bitcoin and are backing it naturally by doing so. 

Further more, there are many states and countries who have put in place specific bitcoin regulations. 

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death_by_cupcake

Wow news:  If only 1% of all the wealth sloshing around looking for yield and safety decided to find a home in bitcoin, the price would jump to $170,000.

 It's exciting to see the potential, but I see a dire warning.

 Mining is becoming increasingly difficult due to complexity of hashing, energy consumption, downward spiraling ROI, so perhaps not many more bitcoin will be issued?  I believe there are some 5 million more coins to be mined.  I'm reading even the big enterprise level mining operations are toughing it.  So, if the remainder coin is not issued... logically with a limited supply, existing coin value will increase even more so... great, right?  But... If the miners can't turn a profit, then operations move to other cryptos or fold.  Aren't the miners needed for transactions... currently 4 every second?   They are the blockchain. 

 What happens to the blockchain when either one of two things happen?  Mining is no longer profitable or all coins have been issued?   

 


 
Edited by death_by_cupcake
typos

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death_by_cupcake

This video has been the most amazing and insightful future look at Bitcoin I've ever seen.

Bitcoin Cash CEO Interview:  A must watch:

https://youtu.be/-j9bw-1bMOI

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billy
1 hour ago, death_by_cupcake said:

This video has been the most amazing and insightful future look at Bitcoin I've ever seen.

Bitcoin Cash CEO Interview:  A must watch:

https://youtu.be/-j9bw-1bMOI

Interesting only time will tell

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Travis

I broke down and bought $ 1000 in BTC and $ 500.00 in ETH

 

 

 

Nothing like buying at the top, or is it....

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billy
2 hours ago, Travis said:

I broke down and bought $ 1000 in BTC and $ 500.00 in ETH

 

 

 

Nothing like buying at the top, or is it....

How much did you pay for each a t buy in? How much per coin?

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billy
12 hours ago, Thomson said:

Cryptocurrencies are a new thing in this world. It's changing the way we store money and do transactions. 
The whole point of Bitcoin is for it to be a decentralized currency which can be totally controlled, stored and exchanged by ourselves away from government control.
The bitcoin system we currently use now is basically what banks will be using in the near future and is already similar to what banks have been using until now.

Who is backing bitcoin? Financial institutions (HSBC, Deutsche Bank, etc.) and IT companies such as IBM are all backing cryptocurrencies. They have already understood that this is going to change the way people do transactions and store their money in the future. 

And besides that, the total Bitcoin market cap is currently $400 billion. Just imagine how many people have bought Bitcoin and are backing it naturally by doing so. 

Further more, there are many states and countries who have put in place specific bitcoin regulations. 

Thompson it must be better then sex for you. If your buy in was less then 300... lately it's all smiles for you. 

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Daddy
6 hours ago, Travis said:

I broke down and bought $ 1000 in BTC and $ 500.00 in ETH

 

 

 

Nothing like buying at the top, or is it....

Who knows if it is the top or not? Even if it is if you hold on and do not panic sell then you will be OK.....maybe. 

Either way, I think both these coins will be moon shots in the long term, short term will be volatile.....just like it has been since their inception.

As to who is on the right side of a trade we will only know after the fact, but one thing is for sure, it takes two to make a trade. 

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Thomson

I woke up today after a good nap and found out BTC is up at $11,164. There will be a correction incoming, but not sure if it will go back down below $10,000 soon. I think it's mooning time and it will go to $14,000 as I predicted. 

 

Corrections will be inevitable but at this stage i'm not sure if it will go back down below $10,000 which is a very psychological number. If it does, it could present a good buying opportunity. However, it would have been better if you bought in at the same time @Paul did which was around $7000 just 2 weeks ago.

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