Current Events > Bitcoin has hit the $6400 mark

(+) Yeah! (+)

dayum
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It was down to like $5500 last week some time
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bubble
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1NfamousACE_2 posted...

It was down to like $5500 last week some time

I hope it plummets from the November 18 fork so I can throw $500 in tbh
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Glad i didnt sell when it reached 6200+ last week
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I have serious misgivings about the cryptocurrency market. I know I have no experience in anything like that, but I just envision an Enron/Banking Crisis-like fallout at some point. You can't keep inflating a currency indefinitely without repercussions. At some point, someone dumping enough of their coins could cause a mass sell-off and tank it overnight. I know that some of them have stop-measures in place to try and dissuade people from doing that, like nodes, but since they are unregulated and unbacked, what is to really stop people from abusing it?

I think either the companies that are building these coins will voluntarily agree to more regulations, or the whole thing will respond to some world event with the bottom just dropping the fuck out. Someone has to be fronting the bill.

Dash_Harber posted...

I have serious misgivings about the cryptocurrency market. I know I have no experience in anything like that, but I just envision an Enron/Banking Crisis-like fallout at some point. You can't keep inflating a currency indefinitely without repercussions. At some point, someone dumping enough of their coins could cause a mass sell-off and tank it overnight. I know that some of them have stop-measures in place to try and dissuade people from doing that, like nodes, but since they are unregulated and unbacked, what is to really stop people from abusing it?

I think either the companies that are building these coins will voluntarily agree to more regulations, or the whole thing will respond to some world event with the bottom just dropping the fuck out. Someone has to be fronting the bill.

i don't know enough to have a truly informed decision

but i really wouldn't feel safe in investing into a large cryptocurrency. <_< Like if there was some new but promising cryptocurrency that you could get for like $5 a coin/whatever then i wouldn't inherently object to buying a handful of something like that but i really don't see how bitcoin is sustainable.
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wackyteen posted...

but i really wouldn't feel safe in investing into a large cryptocurrency. <_< Like if there was some new but promising cryptocurrency that you could get for like $5 a coin/whatever then i wouldn't inherently object to buying a handful of something like that but i really don't see how bitcoin is sustainable.

That is sort of where I am at. For a small risk, I might be a player, but not at the level of some people. I know some people have gotten rich, but I also worry that the cryptocurrency sellers are basically convincing people it is unstoppable so they recklessly keep buying. There is also the fact that the creators generally exercise massive control over the currency, and that they can inflate/deflate the value at will, completely unregulated.

Like any volatile "investment", only put money in there that you wouldn't think twice about losing. I put in $1000 like a couple weeks ago, and now it's worth like $1100. Woot.

God fucking dammit Hawaii. I would've put a few thousand in a while ago if there wasn't that law that kept Bitcoin from selling here :<
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fuzzylittlbunny posted...

God fucking dammit Hawaii. I would've put a few thousand in a while ago if there wasn't that law that kept Bitcoin from selling here :<

That sort of raises another good point; governments are generally slow to adapt to new technology, but once they do, they regulate the hell out of it. China already started restricting currency conversion with BitCoin.

On the flip side, some poorer countries are looking at starting their own crpytocurrencies with blockchain. Still, that sort of raises worse problems; like if a country racks up a huge debt and tries to pay for it with made up Third World Bucks.

@clearaflagrantj do you think the upcoming fork will drop bitcoin below $4000 so I can pump more money in?
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IdiotMachine posted...

Like any volatile "investment", only put money in there that you wouldn't think twice about losing. I put in $1000 like a couple weeks ago, and now it's worth like $1100. Woot.

lol same, just wish I did it last year, though.
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Should I sell my bitcoin gold and bitcoin cash from the previous forks?

I have one of each.
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Buttcoins
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Turtlebread posted...

Should I sell my bitcoin gold and bitcoin cash from the previous forks?

I have one of each.

sell asap they will only continue to drop
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i bought some finally. haven't checked on it since i did last week but guess i made a little profit. i only own a fraction of a bitcoin tho.

BignutzisBack posted...

Turtlebread posted...

Should I sell my bitcoin gold and bitcoin cash from the previous forks?

I have one of each.

sell asap they will only continue to drop

How do you even sell those without selling your actual bitcoins?
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Manocheese posted...

BignutzisBack posted...

Turtlebread posted...

Should I sell my bitcoin gold and bitcoin cash from the previous forks?

I have one of each.

sell asap they will only continue to drop

How do you even sell those without selling your actual bitcoins?

Im having a hard time figuring that out too. I think I can separate the bitcoin cash from the bitcoin, but I dont know if Ill lose my bitcoin gold in the process.
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I told you right, I said we'd rally back and past the previous all time high in about a week or two.

I think we'll past $7,000 as we near November 16th too
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Turtlebread posted...

Should I sell my bitcoin gold and bitcoin cash from the previous forks?

I have one of each.

I don't think it's even possible yet to sell BTG but for BCH yeah absolutely go sell it or don't, it might rally after the 2X fork who knows.

BignutzisBack posted...

@clearaflagrantj do you think the upcoming fork will drop bitcoin below $4000 so I can pump more money in?

I can't see it going below $5000 but who the Hell knows.

If I had more money lying around I'd be putting it into ETH, LTC, and VTC. VTC has a strong future ahead of it, ETH and LTC are criminally undervalued right now.

clearaflagrantj posted...

VTC has a strong future ahead of it

You say this but based on what, isn't it just another bitcoin that sprouted overnight?
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Cookie Bag posted...

clearaflagrantj posted...

VTC has a strong future ahead of it

You say this but based on what, isn't it just another bitcoin that sprouted overnight?

It's similar to Bitcoin but its MO is being asic resistant to prevent the centralization of mining. Given the controversy regarding mining on btc people seem to see VTC as a potential viable alternative.

Also I believe it now has a wallet on Nano S which is always a great sign, shows the developers are actually developing.

I still can't get my head around this whole cryptocurrency thing, i mean sure, i've seen people buying shit with it, so there's value to it, but it's literally a virtual nothing that lets you buy real stuff, like the whole "money that grows in tree" saying but real, and i don't see how this thing cannot disappear as easily as it appeared.
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Cookie Bag posted...

I still can't get my head around this whole cryptocurrency thing, i mean sure, i've seen people buying shit with it, so there's value to it, but it's literally a virtual nothing that lets you buy real stuff, like the whole "money that grows in tree" saying but real, and i don't see how this thing cannot disappear as easily as it appeared.

You can say the same thing about paper money or precious metals, or your bank account balance.

Yeah but unlike bitcoins those are managed by an entity aren't they?

I just did some quick google search and most sites, specifically forbes, compare bitcoins to the tulip craze of 1637 and honestly after reading about that and several other sites, i don't see why this couldn't happen to bitcoins.
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Tag
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i am beginning to think that the bitcoin explosion is being driven by former gold-bugs looking for a better place to hide from inflation coming to fiat currencies

gold inflated as far as it could.

btc has a smaller supply so a lot of demand is bidding it way higher than it can realistically be worth as a hedge against markets

i'd be forewarned--if the GOP passes their tax cuts and expands economic growth, BTC bubble may pop.

if they don't, it'll likely hold up.
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To me its impossible to justify buying into BTC at these prices. Sure, I'd have loved to have got in on it early but it's too late IMO. There's too much risk of loss at this point, for such little to gain.

I am considering buying into a few altcoins for cheap, but there's so many it's hard to decide which ones actually stand a chance of succeeding.
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weAREtheB0RG posted...

To me its impossible to justify buying into BTC at these prices. Sure, I'd have loved to have got in on it early but it's too late IMO. There's too much risk of loss at this point, for such little to gain.

I am considering buying into a few altcoins for cheap, but there's so many it's hard to decide which ones actually stand a chance of succeeding.

from a logical standpoint, if the BTC bubble pops it can do one of two things, realistically:

1. Crash the entire cryptocurrency market
2. Cause investors to flee en masse to other cryptocurrencies, thus boosting those coins to higher values.

but it's literally a coin toss on what would actually happen. >_>
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wackyteen posted...

1. Crash the entire cryptocurrency market

this is a bad outcome for late adapters
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weAREtheB0RG posted...

To me its impossible to justify buying into BTC at these prices. Sure, I'd have loved to have got in on it early but it's too late IMO. There's too much risk of loss at this point, for such little to gain.

I am considering buying into a few altcoins for cheap, but there's so many it's hard to decide which ones actually stand a chance of succeeding.

You don't have to buy a full coin. Just put whatever amount you feel safe investing
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Darkman124 posted...

wackyteen posted...

1. Crash the entire cryptocurrency market

this is a bad outcome for late adapters

Well, the higher the value of the coin gets, the more foolish it is to invest IMO. So yeah, it's bad for people who got in late but those guys were never gonna make out like the early investors.

Which is why I have a hard time investing in any of it. I'd like to find a few low valued coins that I can buy a good amount of, and not be too bad off if that coin did tank.
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If you had spent $100 on them when they first got started, you wold be set for life now.
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weAREtheB0RG posted...

Darkman124 posted...

wackyteen posted...

1. Crash the entire cryptocurrency market

this is a bad outcome for late adapters

Well, the higher the value of the coin gets, the more foolish it is to invest IMO. So yeah, it's bad for people who got in late but those guys were never gonna make out like the early investors.

Which is why I have a hard time investing in any of it. I'd like to find a few low valued coins that I can buy a good amount of, and not be too bad off if that coin did tank.

Common investment fallacy. The value is already high i would rather risk it on an unknown.

This guy doesnt understand investing, hes more interested in gambling.
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It's going to hit like $7500 or higher before the fork. We're only going up from here. Then there will probably be a massive selloff which I think I'll join in on, and then buy more again as it's low.

KazumaKiryu posted...

It's going to hit like $7500 or higher before the fork. We're only going up from here. Then there will probably be a massive selloff which I think I'll join in on, and then buy more again as it's low.

Now we have this guy trying to time the market. Bunch of investing savants ITT. Pray tell, how will you know when its "low"?
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Now we have this guy trying to time the market. Bunch of investing savants ITT. Pray tell, how will you know when its "low"?

I never got that tbh.
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Omega Hunter posted...

KazumaKiryu posted...

It's going to hit like $7500 or higher before the fork. We're only going up from here. Then there will probably be a massive selloff which I think I'll join in on, and then buy more again as it's low.

Now we have this guy trying to time the market. Bunch of investing savants ITT. Pray tell, how will you know when its "low"?

After the fork. Everyone is trying to get in before the fork because your investment doubles at that point. After which, there will be a massive selloff. This is common sense.

Omega Hunter posted...

Now we have this guy trying to time the market. Bunch of investing savants ITT. Pray tell, how will you know when its "low"?

Well if you followed the market closely you'd be able to see a dip/mass selloff. The problem becomes following too closely and buying in a "rebound" then have it dip again.
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What if I argued everyone will sell their segwit2x coins and reinvest the proceeds into bitcoin and bitcoin will only go higher?
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wackyteen posted...

Well if you followed the market closely you'd be able to see a dip/mass selloff.

this is not how markets work

if you commit to buying any big dip you then have to decide when the dip is big enough

and if it turns 0.1 before you hit your limit buy order then you miss the dip

investing operates on a simple principle: you are buying something you believe will be worth more in the future. you buy now and you wait patiently for the future.

i do not believe BTC will be worth more in the distant future, therfore i do not buy BTC. i believe it may be worth more in the immediate future.
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Darkman124 posted...

i do not believe BTC will be worth more in the distant future, therfore i do not buy BTC. i believe it may be worth more in the immediate future.

I agree with this statement.
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Ive been holding since 2013 and Im gonna hold till 2023 aylmao
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Omega Hunter posted...

weAREtheB0RG posted...

Darkman124 posted...

wackyteen posted...

1. Crash the entire cryptocurrency market

this is a bad outcome for late adapters

Well, the higher the value of the coin gets, the more foolish it is to invest IMO. So yeah, it's bad for people who got in late but those guys were never gonna make out like the early investors.

Which is why I have a hard time investing in any of it. I'd like to find a few low valued coins that I can buy a good amount of, and not be too bad off if that coin did tank.

Common investment fallacy. The value is already high i would rather risk it on an unknown.

This guy doesnt understand investing, hes more interested in gambling.

Your right. I don't understand investing. I never said I did. That's just how I feel about it, nothing more.
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BignutzisBack posted...

@clearaflagrantj do you think the upcoming fork will drop bitcoin below $4000 so I can pump more money in?

@clearaflagrantj has literally no idea what will happen, because it's a bubble. He doesn't even know or understand what the fork is and what it's implications are for Bitcoin.

He doesn't even know or understand what Bitcoin is. He's just conning people with false enthusiasm and confidence so that idiots can buy cryptocurrencies he holds. That's so he can weasel out of the bubble by selling when everyone else drives the price up.

Cryptocurrencies are worthless. The only ones that have any intrinsic value are built on top of technology that is too slow and that does not scale. The only real applications for the blockchain will be for internal blockchains rather than public ones. Mining won't exist before long, and the types of government regulations that are inbound are going to crush crypto like the cockroach that it is.

You've been warned.

Bitcoin was invented so that people aren't at the mercy of a stock market crash anymore, but if that were to happen chances are you wouldn't have access to your bitcoin because the internet would be in shambles after an apocalyptic financial scenario.

FLUFFYGERM posted...

He's just conning people with false enthusiasm and confidence so that idiots can buy cryptocurrencies he holds. That's so he can weasel out of the bubble by selling when everyone else drives the price up.

It's beyond ridiculous to think that the people of this board would effect the price of BTC.

KazumaKiryu posted...

FLUFFYGERM posted...

He's just conning people with false enthusiasm and confidence so that idiots can buy cryptocurrencies he holds. That's so he can weasel out of the bubble by selling when everyone else drives the price up.

It's beyond ridiculous to think that the people of this board would effect the price of BTC.

It's low effort to shitpost on a multitude of message boards like gamefaqs and reddit and Facebook. Believe me, the hype train is real and any additional number of idiots will grow that train by more than just that handful of useful idiots.

Saxon posted...

Bitcoin was invented so that people aren't at the mercy of a stock market crash anymore, but if that were to happen chances are you wouldn't have access to your bitcoin because the internet would be in shambles after an apocalyptic financial scenario.

If there's any takeaway from Venezuela, it's that there will still be limited internet access, and people were certainly taking advantage of Bitcoin after the Bolivar went full Zimbabwe.
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