$5,000 - $6,000.. here we come.

thevideoguy said:

I don't think the Bitcoin volatility issue is because it doesn't have an underlying hard asset.

Remember, the USD isn't backed by anything either; no fiat currency is. Do you really think holding USD is gambling?

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I do.

I use to trade in the commodity markets and T-bonds and T-bills were things I played with. I remember making stupid money when trading it and also having transactions that made me literally throw up as well. It was gambling

I might have a few dollars in the {bank|buried in the back yard|in a safe in the house} but is not an investment.

Investments are, in my mind, something one does in an asset in something with meat behind it.

Crypto does not have that from what I know (I could be wrong but all I've read is that there is no underlying asset).

I have no issue with someone trading crypto but calling it an investment is really a push.

Good discussion though and we may all be right or wrong but I like the intercourse.

thevideoguy said:

does it mean that every single thing Bitcoin is used for backs up it's value?

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That's right. And we can all look up what it is used for (mostly blackhat transactions and specula) and what it's limitations are (way too many). lack of leverage and credit mechanisms is one severe limitation which will never allow it to be a true currency and lack of true transparency and taxing regulations is one of the reasons it can never be a legit asset in its current form.

thevideoguy said:

... sounds like you're saying that US GDP is what gives USD it's value but I'm pretty sure it's the other way around; USD can fluctuate which causes GDP to change. It's not causal.

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USD can fluctuate in a certain margin because of many factors, but it's unprecedented stability (accounting for the inflation which is of course one of the main engines to economic progress) and worldwide dominance through the years after and through the great depression is exactly because of the GDP or rather because of the human, technological, geographical, natural resource, military etc potential/resource the country has.

thevideoguy said:

Let me ask you this; when the USD was backed by gold, it was backed by gold. When they moved off the gold standard where it is not backed by any physical commodity, you think that it's now backed by everything? That doesn't make any sense.

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You don't know much about economy and finance, do you?

Fiat money has moved away from the "being backed by something tangible such as gold" notion for number of good reasons.
Gold has played it's role as a currency backing asset long ago. Being backed by a a certain physical asset is counterproductive to current hyper productive industries and people aren't that dumb to accommodate for old traditions in expense of their economic growth.

The only thing that matters for a currency to be recognized and appreciating is the potential of producing value and the faith/promise it will deliver/produce said value. Not gold and not silver and not diamonds. Those do not bring any real value.
Money, over 95% of it , is based on credit. And it's a good thing. A GREAT thing actually. Successful countries, communities, groups and individuals are simply the ones who create more loans among them because they have great confidence in themselves and in others.

BassTrackerBoats said:

I do.

I use to trade in the commodity markets and T-bonds and T-bills were things I played with. I remember making stupid money when trading it and also having transactions that made me literally throw up as well. It was gambling

I might have a few dollars in the {bank|buried in the back yard|in a safe in the house} but is not an investment.

Investments are, in my mind, something one does in an asset in something with meat behind it.

Crypto does not have that from what I know (I could be wrong but all I've read is that there is no underlying asset).

I have no issue with someone trading crypto but calling it an investment is really a push.

Good discussion though and we may all be right or wrong but I like the intercourse.

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Alright that makes sense, I agree. Good discussion for sure

Love me some good ol triangles

VSYNC said:

Be prepared for Bitcoin (and all other cryptos by default) to experience further rapid drops in the coming days/weeks.

At the very least, it's almost certainly coming to $7,200 - $7,500 now to test this:



And I personally think this is likely:

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Looks like this is playing out.

Whale is tanking the money out.

I think its time to buy before halving.

But as usual, people only tend to buy at the green/FOMO

PinguSpy said:

Whale is tanking the money out.

I think its time to buy before halving.

But as usual, people only tend to buy at the green/FOMO

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Yeah, people prefer green dildos when buying lol

Bitcoin Plunges Through $6,000 in Worsening Crypto Rout
Bitcoin plunged on Thursday, at one point sinking through $6,000 for the first time since May as a sell-off in cryptocurrencies became a rout amid wider market turmoil sparked by the coronavirus pandemic.

The largest digital currency at one point tumbled to $5,705.31, though the move eased slightly to trade down 23% at $6,068 as of 7:37 a.m. in New York, according to Bloomberg pricing. The wider Bloomberg Galaxy Crypto Index slumped 25%, with Ether, XRP and Litecoin also plunging.



The wild moves come as stock gauges globally slide into bear markets and credit cracks on fears the spreading virus will cause a significant economic downturn. The retreat threatens to undermine the argument from many of its advocates that Bitcoin can be a haven in times of turmoil.

“Investors are moving out of any risky assets,” said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno. “Even though Bitcoin is compared to gold as a safe haven asset, it’s very under-penetrated and is considered more as a risky asset to hold at this point.”

VSYNC said:

Looks like this is playing out.

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ChesterF said:

Bitcoin Plunges Through $6,000 in Worsening Crypto Rout
Bitcoin plunged on Thursday, at one point sinking through $6,000 for the first time since May as a sell-off in cryptocurrencies became a rout amid wider market turmoil sparked by the coronavirus pandemic.

The largest digital currency at one point tumbled to $5,705.31, though the move eased slightly to trade down 23% at $6,068 as of 7:37 a.m. in New York, according to Bloomberg pricing. The wider Bloomberg Galaxy Crypto Index slumped 25%, with Ether, XRP and Litecoin also plunging.

The wild moves come as stock gauges globally slide into bear markets and credit cracks on fears the spreading virus will cause a significant economic downturn. The retreat threatens to undermine the argument from many of its advocates that Bitcoin can be a haven in times of turmoil.

“Investors are moving out of any risky assets,” said Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno. “Even though Bitcoin is compared to gold as a safe haven asset, it’s very under-penetrated and is considered more as a risky asset to hold at this point.”

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where's the batman?

Yes man you was right, i didn't saw this stuff before, -30% for my wallet

Relax. Some people needed some liquidity to buy toilet paper