Is Bitcoin the beta bucks of the near future?

[ChristopherColumbus]

When everyone says its time to buy (especially your friends)... it's actually time to sell

No wonder Warren Buffet got rich without ever setting foot on Wall Street or using a computer.

If I look at myself... I did 200% returns in 1 year over 3 stocks I bought... does that make me rich? NOPE..... why? Because I haven't sold them yet to cash-in.

Experience tell me I should... my emotions tell me I shouldn't

You should sell them and buy BTC.

 

[ChristopherColumbus]

Bitcoin crashed hard today.

Guys like @TheGambino will have to learn the hard way about highly speculative asset bubbles. I went to one of the top 20 universities in the world and studied economics. If I thought Bitcoin was legitimate, believe me I'd jump in. But the problem is that it's a high tech scam that eventually will run its course.

Economics and investing are all about perception. Now that the SEC has shown the world that Bitcoin is suspect, it's reputation is tarnished forever. This is similar to the junk bond frenzy in the late 1980's. people rushed to buy junk bonds, because it seemed like quick, cheap money. But it was too good to be true.

Some of you younger guys should stop relying on what you read on Yahoo (and what you hear from your friends/what looks "cool") and read more about other types of asset classes that aren't talked about as much. REITs, ETF's, etc. They are incredibly boring to research but will provide long term gains if you are prudent.

Really?

 

[ChristopherColumbus]

The

I think this guy knows more about finance than any of the folks around here:

https://finance.yahoo.com/news/peter-schiff-bitcoin-biggest-bubble-181407153.html

Peter Schiff is a gold bug. There are now two types of gold bug - those that you will only take their gold from their cold dead hands, and those that converted to Bitcoin.

I am not a bug. I just enjoy riding a bull market when I see one.

But there are similarities with what many of the gold bugs were saying about the corrupt nature of our money supply. The BTC phenomena could be something as big as recapitalization of debt-ridden economies and currencies.

 

[ImTheDoubleGreatest!]

The problem exists for those who bought higher than 13K.

Never doubt the power of market bubbles to ruin greater men than you, or any of the other fist fvckers on sosuave.

Isaac Newton lost his a$$ in the south sea bubble, even AFTER making some serious cash. He got in early, sold on the way up, couldn't resist, got back in and then lost everything.

(But I'm sure all the newly rich SoSuavers can do better than the dude who invented calculus....)

No one is immune.

https://www.sovereignman.com/finance/how-isaac-newton-went-flat-broke-chasing-a-stock-bubble-13268/

http://www.businessinsider.com/isaac-newton-lost-a-fortune-on-englands-hottest-stock-2016-1

Newton was smart as hell with math, but he was a fvcking weirdo. A complete social outcast. That’s a horrible example. The guy had problems of his own.

 

[ImTheDoubleGreatest!]

Some of you younger guys should stop relying on what you read on Yahoo (and what you hear from your friends/what looks "cool") and read more about other types of asset classes that aren't talked about as much. REITs, ETF's, etc. They are incredibly boring to research but will provide long term gains if you are prudent.

The problem with your ‘top 20 school’ is that they don’t teach you black market affairs. The vast majority of MAJOR money-making deals go on in the black market. They cannot be traceable. What currency do they use then? That’s the thing about Bitcoin, it’s the predominant currency for said black market affairs. You screw over the currencies that professional hitmen and online blackhat hackers use to make money, and now you’re REALLY in for it.... That’s why cryptocurrencies will never completely go away. Do tell though, what cryptocurrency is currently stable right now? And what cryptocurrency do most blackmarketers use if it’s not bitcoin?

 

[ChristopherColumbus]

A little more context:

 

[BeTheChange]

The problem with your ‘top 20 school’ is that they don’t teach you black market affairs. The vast majority of MAJOR money-making deals go on in the black market. They cannot be traceable. What currency do they use then? That’s the thing about Bitcoin, it’s the predominant currency for said black market affairs. You screw over the currencies that professional hitmen and online blackhat hackers use to make money, and now you’re REALLY in for it.... That’s why cryptocurrencies will never completely go away. Do tell though, what cryptocurrency is currently stable right now? And what cryptocurrency do most blackmarketers use if it’s not bitcoin?

How much do you actually know about bitcoin...

The vast majority of black market activity is transacted in dollars. Also, the idea that bitcoin is predominantly used for illegal purposes or to evade tax is a fallacy. Bitcoin operates from a decentralised public ledger. Which means you can see exactly when, where and how much each transaction was. The dollar is far more useful for money laundering.

People have been calling bitcoin a bubble since 2013. A lot of the naysayers in this thread will be eating their words by 2019.

 

[RichardTheFrog]

A lot of the naysayers in this thread will be eating their words by 2019.

You cannot predict the future and don't know this for a fact.

 

[RichardTheFrog]

A little more context:

Is that scale on the right even linear?

You can look at the same graph through different time frames and draw all kinds of lines on it that will tell you different things.

 

[CMNILS87]

So bitcoin keeps going up and up due to more buying into it, won’t it eventually crash. You can’t have exponential growth like that forever. Most people won’t buy 1 BTC at 20k a pop.

 

[skinnyguy]

The problem with your ‘top 20 school’ is that they don’t teach you black market affairs. The vast majority of MAJOR money-making deals go on in the black market. They cannot be traceable. What currency do they use then? That’s the thing about Bitcoin, it’s the predominant currency for said black market affairs. You screw over the currencies that professional hitmen and online blackhat hackers use to make money, and now you’re REALLY in for it.... That’s why cryptocurrencies will never completely go away. Do tell though, what cryptocurrency is currently stable right now? And what cryptocurrency do most blackmarketers use if it’s not bitcoin?

What currency? Dollars. They won’t use bitcoin because it has no value.

You have been brainwashed by the media into thinking that bitcoin has value.

Have you sent money to Nigeria before??

 

[RichardTheFrog]

So bitcoin keeps going up and up due to more buying into it, won’t it eventually crash. You can’t have exponential growth like that forever. Most people won’t buy 1 BTC at 20k a pop.

What if Amazon starts to accept it?

Some websites already do.

You also don't know that it won't be worth $40k by this time next year.

Nobody can predict the future.

 

[CMNILS87]

What if Amazon starts to accept it?

Some websites already do.

You also don't know that it won't be worth $40k by this time next year.

Nobody can predict the future.

You just can’t exponential growth like that continually. It had to bottom out or crash eventually.

 

[ChristopherColumbus]

Is that scale on the right even linear?

You can look at the same graph through different time frames and draw all kinds of lines on it that will tell you different things.

It is a log chart. Throw all your linear charts away.

 

[RichardTheFrog]

You just can’t exponential growth like that continually. It had to bottom out or crash eventually.

True nothing can grow at 700% for eternity.

But you don't know that this recent dip is the end of the rise. It could reach $20k by next week for all anyone knows.

 

[ChristopherColumbus]

So bitcoin keeps going up and up due to more buying into it, won’t it eventually crash. You can’t have exponential growth like that forever. Most people won’t buy 1 BTC at 20k a pop.

Valuation is completely arbitrary.... but you can identify a trend. Also, you can buy a fraction of a 'coin'. Numpties will most probably pile into very cheap alt coins at some point... 10 cents for a WHOLE coin or something... and they may turn out to be worthless.

 

[ChristopherColumbus]

True nothing can grow at 700% for eternity.

But you don't know that this recent dip is the end of the rise. It could reach $20k by next week for all anyone knows.

Use the chart. 200% appreciation annually:

 

[RichardTheFrog]

It is a log chart. Throw all your linear charts away.

According to who?

Who writes the rules for this stuff?

 

[ChristopherColumbus]

According to who?

Who writes the rules for this stuff?

Linear charts only foster money illusion.

Here is a video explaining why the log chart is crucial [in terms of appreciation]

https://www.khanacademy.org/math/al...nctions/logarithmic-scale/v/logarithmic-scale

https://www.investopedia.com/ask/answers/05/logvslinear.asp

 

[ImTheDoubleGreatest!]

The vast majority of black market activity is transacted in dollars.

Most transactions yes. But most of the BIG transactions, no.

Also, the idea that bitcoin is predominantly used for illegal purposes or to evade tax is a fallacy. Bitcoin operates from a decentralised public ledger. Which means you can see exactly when, where and how much each transaction was. The dollar is far more useful for money laundering.

Okay, tax evasion/avoidance is always done through other means. But other illegal activities, yes it is predominantly used (or was, In not sure about right now). Now nothing online is untraceable obviously, but it’s much harder to trace than say through a credit card where your ID is linked to the number. The only surefire way to be untraceable is through tangible cash, which you can’t pull out more than a certain amount at a time (in the US) without getting the FBI involved. And even if you don’t pull out enough for them to notice, they can still catch you if they really wanted to via other means. Cryptocurrencies are the safest bet, if you are extremely tech savvy.