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I worked through the night last night and have just woken up after sleeping for 3 hours this morning (7/12/17). The euro price of bitcoin in those three hours jumped from €12,000 per coin to €14,700 per coin. This is not sustainable!!! Who is jumping in at these levels institutions or mum and pop investors?
Hi Landlord,
You mean $s, right?
This is an extremely pedantic point. I doubt whether those who are currently paying €12,000 for a BTC would quibble with the Boss's description of "worthless" if in fact they were worth €0.00000000000001 (sorry didn't count the zeros).In five years if 1 Bitcoin is worth €0.00000000001, mathematically speaking you will be wrong. My point is I believe your choice of wording needs consideration.
Can you really put your hand on your heart and say:
- I fully understand all the cryptography behind Bitcoin and I am 100% certain that there is neither any value in it now, nor will there be any in the future. And...
- Categorically state with 100% certainty it will fall to ZERO.
This is an extremely pedantic point. I doubt whether those who are currently paying €12,000 for a BTC would quibble with the Boss's description of "worthless" if in fact they were worth €0.00000000000001 (sorry didn't count the zeros).
This is not sustainable!!!
....Isaac Newton lost all his fortune in the south sea bubble. He actually identified it early as an opportunity then as a bubble and sold his shares "profiting handsomly". Then he watched as the shares soared to 3 times the price he sold them at and jumped back in again only to lose all his money. He famously said “I can calculate the movement of stars, but not the madness of men.”
You are saying there is no grey area here only black or white.
Someone told me once that there are 10 types of people in the world.................those that understand binary and those that don't.
Nearly $64m in bitcoin has been stolen.
https://www.theguardian.com/technol...en-hack-attack-marketplace-nicehash-passwords
I think it's clear to most that it's a bubble at current prices. Of course there is one sure way to determine if it is a bubble....it would be the day after I buy my first Bitcoin!!!
Hi Firefly,
Nice one re your ability to ensure the end of the road for BTC. Please let me know when you pull that trigger!
On a serious note, I actually don't know what you mean by "at current prices" - I've asked this question and variations of it many times. The point of my question being: if BTC is in a bubble "at current prices", when did it reach "bubble range" and how did you arrive at that conclusion?
I think that it's a fair summation of this thread to say that the only valuation that I have been given by the Bitcoin-sceptics on this thread is that it's all a complete nonsense and accordingly worth nothing. In other words, any price above zero is bubbly.
I think another point to be made is that the purchase of Bitcoin is not widespread compared to other bubbles. Most people don't really know what it is and if / when it bursts not a lot of people will be affected. Back in the dotcom days, it seemed like everyone was buying shares. I don't personally know of anyone who has purchased Bitcoin
Let us analyse the demand for BTC or more specifically the demand to exchange € for BTC. I list the possibilities.
1. To purchase something from a supplier. I don't think any supplier is insisting on being paid in BTC unlike conventional currencies where the supplier will have a preference. Of course some nerds might like to boast that they bought a cup of coffee with BTC but otherwise I think we can dismiss heading 1 as negligible. This is in contrast to conventional currencies where heading 1 is dominant.
2. As a store of value. At these volatilities BTC is useless as a store of value.
3. As a way to hide monetary assets. We have heard of cash being found in the sheds of criminals. But we also heard that BTC was found in a recent raid on drug dealers. Possibly they should have kept their BTC on their iPhone and kept the iPhone locked. All the same I doubt there is meaningful demand under this heading.
4. As a curiosity, we have heard it described as almost a cult. A minimal holding would satisfy this craving.
There is only one predominant source of demand - speculation. This is a BUBBLE.
I keep flip-flopping on a daily basis with this. On the one hand I'm being convinced that this is all a mania at best, a fraud at worst.
On the other hand, are we simply witnessing the birth of a whole new monetary system?
Is this gold 2.0 or Pokemon 2.0?
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