General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBitcoin approaching new all time high again
The news that China banned it seemed to only slow it down by a few months
Any guesses as to how high it will be before it slows?
This morning it was at $61,000
https://www.reuters.com/business/finance/us-sec-poised-allow-first-bitcoin-futures-etf-bloomberg-news-2021-10-15/
ColinC
(8,228 posts)MisterProton
(56 posts)Maybe 1 out of a thousand readers on this site are going to understand how true this is, what it means, and how to take advantage of it.
joetheman
(1,450 posts)Moostache
(9,895 posts)I am pretty sure that its only a matter of time before I can unload my inherited position at maximum profit.
empedocles
(15,751 posts)fescuerescue
(4,448 posts)After having bought it for $200. This was back in 2013.
I just couldn't see how it could sustain itself over $1,000 and I really needed that new car. Having said that. The car is now worn out. But I sure could make use of $1.2m right about now.
My skepticism is starting to wear now. I see the big banks and institutions jumping in. At least one country has made it an official legal tender.
Maybe this really is a new technology paradigm. Maybe not.
I just know I wish I had that $1.2m
hunter
(38,264 posts)I don't think there's any good in bitcoin.
ColinC
(8,228 posts)investments? Or is it that gambling is unethical and since Bitcoin is basically gambling, then it is unethical?
fescuerescue
(4,448 posts)So dabbling in a little unethical math (bitcoin) evens things out.
Celerity
(42,652 posts)complex supply chain, especially during that time.
BTC is fungible, is durable (ie it's value is not subject to physical deterioration) and is redeemable globally within an extremely short time frame without physical movement.
The tulip analogy is thus fatally flawed at multiple points.
empedocles
(15,751 posts)A whole working farm, for a certain tulp bulb?
walkingman
(7,511 posts)advantage of the vast amount of people that put there money into "hot people" or those that like to simply gamble. Obviously there is the element of money-laundering but in reality BC is no different that other currencies - If you have faith in it, and it is legal tender for goods and services, it is just another currency.
I don't get the social media celebs so I cannot understand most of the crypto movement. I imagine some will prosper and some will lose - only time will tell.
I really don't care.....
hunter
(38,264 posts)Real currencies are backed up by the full faith and credit of the social entities that back them.
Guys like Alexander Hamilton and Benjamin Franklin, and later John Maynard Keynes, understood what money is.
walkingman
(7,511 posts)fescuerescue
(4,448 posts)It was intended from the beginning to be NOT associated with any country.
hunter
(38,264 posts)Using it as money is equally foolish.
Gold does have uses, for example, as an electrical conductor or for making pretty jewelry.
Bitcoins on the other hand are essentially numbers having certain predefined properties and are not useful for either purpose.
If I owned pi I might be the richest guy on earth.
I suspect bitcoin was engineered as an obfuscated chain-letter-pyramid scheme, possibly with ill-intentions , maybe as a joke.
ZonkerHarris
(24,155 posts)fescuerescue
(4,448 posts)But it's still all over China.
I think something get's lost in the translation of their ban vs out ban.