Dead Horse Interchange

Currencies are backed by the trust in their respective government. There's no such authority for BitCoin.

Things are worth exactly how much people want to pay for it or how much a government say they paper with white racists are worth.

That's why Beanie Baby's cost a fuckton even if it's a toy. People ebay straws of hair.

If I was, let's say... PewDiePie. If he made PewDieCoin to use on a PewDieShop, people would pay fuckloads for it for no reason and it would get super popular and increase in worth.

Art... well, "art" that is a spray of ketchup got sold for 40M$ or something. For some reason someone wanted to pay that.

Edit: Here. https://newswars.com/ketchup-on-canvas- ... on-dollars

https://www.forbes.com/sites/jasonbloom ... 17644a402d

Lie #5: Bitcoin is Not in a Bubble

A Bitcoin’s intrinsic value is around $1,000 while its market value bounces around between $15,000 and $20,000 (or some other crazy number depending on when you’re reading this). The difference is pure speculation – one fool’s bet that a greater fool will be willing to buy that Bitcoin for more than the first fool paid for it.

Every move to the upside is more evidence of the bubble. Every profit-taking dip to the downside is yet more evidence there’s a bubble. Comparing the Bitcoin bubble to the dot-com bubble or the tulip bubble to draw conclusions about the behavior of bubbles is – once more – an example of Lie #1.

Lie #6: You’ve Made Money on the Bitcoin You’re Holding

Never lose sight of the difference between ‘paper profits’ and real profits. You have to sell your Bitcoin to get real money in order to realize a profit.

If Bitcoin were money itself then perhaps this wouldn’t be the case. Refer to Lie #3 in case you’re unclear on this point.

The more people decide to take their profits, the lower the price will drop. Since Bitcoin is in a bubble, it’s only a matter of time until its market value resets to a number closer to its intrinsic value. Unless, of course, you believe Lie #5.

It really is like with art. Nobody uses those coins as a currency. They're just hoarding it to - hopefully - sell it for profit later.

At least you can hang that ketchup picture on a wall or something. BitCoins aren't even real.

mad bum wrote: ↑

Sun Dec 10, 2017 2:38 am

https://www.forbes.com/sites/jasonbloom ... 17644a402d

Lie #5: Bitcoin is Not in a Bubble

A Bitcoin’s intrinsic value is around $1,000 while its market value bounces around between $15,000 and $20,000 (or some other crazy number depending on when you’re reading this). The difference is pure speculation – one fool’s bet that a greater fool will be willing to buy that Bitcoin for more than the first fool paid for it.

Every move to the upside is more evidence of the bubble. Every profit-taking dip to the downside is yet more evidence there’s a bubble. Comparing the Bitcoin bubble to the dot-com bubble or the tulip bubble to draw conclusions about the behavior of bubbles is – once more – an example of Lie #1.

Lie #6: You’ve Made Money on the Bitcoin You’re Holding

Never lose sight of the difference between ‘paper profits’ and real profits. You have to sell your Bitcoin to get real money in order to realize a profit.

If Bitcoin were money itself then perhaps this wouldn’t be the case. Refer to Lie #3 in case you’re unclear on this point.

The more people decide to take their profits, the lower the price will drop. Since Bitcoin is in a bubble, it’s only a matter of time until its market value resets to a number closer to its intrinsic value. Unless, of course, you believe Lie #5.

The more the media shits on it, the more I actually want to invest my shekels in this gay shit. Forbes, IIRC, was one of those "HERE'S why DONALD DPRRRMUPF is FINISHED" -tier media outlets during the election. If they're shilling against bitcoin this hard it's probably a winner.

VoiceOfReasonPast wrote: ↑

Sun Dec 10, 2017 9:11 am

It really is like with art. Nobody uses those coins as a currency. They're just hoarding it to - hopefully - sell it for profit later.

THAT is why it is a bubble. Not because new people are getting into it and it's booming like Pokemon Go was last year, but because cunts are buying into it SOLELY so they can sell them off later for money when it goes up in price. That is a textbook speculative bubble, there has been no sudden uptick in businesses accepting bitcoin as payment to drive this bubble like say Amazon and Ebay accepting it, some normies found out about it and just like with DotCom they are throwing cash at it thinking it is "the future" and that they are being smart investors.

Like DotCom, the internet indeed was the future with many companies like Ebay and Amazon getting big and new ones like Facebook and Google becoming juggernauts after the DotCom bubble, but in the madness of normies finding out about it they threw money at internet companies like crazy without anything actually substantial to prove these companies were worth a shit.

Bitcoin is in the same boat, it has gone through booms and busts before along with other cypto currencies. People don't know shit about it other than Lolbertarians, but anyone who has been vaguely familiar with crypto currencies know that they CAN fail and decrease in value, the narrative I am seeing is that Bitcoin will never fall down in price and that you can't lose. They said that about The Titanic, they said before 2008 like we had reached "Ecomomic Equilibrium" and that there would be no more crashes, and in 2007 they said video games were "recession proof". The moment people talk that kind of shit it's about to fail.

Bitcoin is like any commodity, it can be bought, hoarded and manipulated in price by speculator assholes who want to corner the market if they have enough cash. Oh wait:

http://www.businessinsider.com/40-perce ... ?r=AU&IR=T

>According to AQR Capital Management, about 1,000 people own 40% of the world's bitcoins.
>That averages out to about $105.6 million per person.

It's already happened. Those people can collectively fuck up the price of bitcoin and manipulate it to their will. One guy owns 5% of all bitcoins, if he decided to mass sell it would change the price dramatically since with many hoarders out there now less than half of all bitcoins are available to buy, likely much lower.

VoiceOfReasonPast wrote: ↑

Sat Dec 09, 2017 9:17 pm

Currencies are backed by the trust in their respective government. There's no such authority for BitCoin.

Yup. Nations are rated by rating agencies. Production, employment situations and likelyhood of paying back or making more debt are all factors. None of that is shit that could crash a nation over night. Bitcoin can crash if just a couple of guys holding loads of them decide to cash out now that it's way too high in value.

It's now over 20.000$.

Doubled in 19 days.

I hope it crashes soon.

I hope it crashes so all the hodl faggots get what's coming to them, you would be insane not to sell now, and it will be to late when the crash comes

mad bum wrote: ↑

Sun Dec 17, 2017 2:30 pm

I hope it crashes so all the hodl faggots get what's coming to them, you would be insane not to sell now, and it will be to late when the crash comes

At this point, it's only a matter of when it crashes, not if. You'd be insane not to sell and IMO you'd be pretty insane to buy in now. Wait until the crash and then buy it. bitcoin isn't a real good like petrolium, and even then we know those fucking prices got slashed when the market was flooded.

The value is going up now because it went up enough to get normies interested and now the normies are buying while the early adopters cash out. Countries and millionaires are speculating into bitcoin on the odds that it goes up enough to make selling profitable.

I don't play the stock market because I don't like losing money. But I'll tell you, my grandfather does play it. He's made some money and he's lost some money. When I was young and dumb, I let him have some college account money another relative had set aside for me, and everyone in my family bought into some company that he shilled to us. I'll leave you to fucking guess what happened. I didn't lose some insane amount of money, but I lost enough off it that I'm still pissed. And I learned some valuable lessons. I was going to list them, but they all boil down to "cash out early and trust no one."