Bitcoin - Part 2

Status
Not open for further replies.
psionl0 said:
You illustrate the FOMO effect quite nicely. It causes speculators to buy into the peaks and sell into the troughs. Bitcoin has risen nearly $1000 since you gave that sage advice.
Click to expand...


It is quite easy to see how the indicator on this site (https://www.bitcoinzar.co.za/bitcoin-price-chart/)
is working. When there is two or three days of buying it says "buy". When there is two or three days of selling it says "sell". It lags behind a bit.

If it keeps bouncing like this, then buy on the trough turn-around (two day up) and sell on the second peak turn-around (two days down).

I will just have to watch with astonishment on the sidelines.
 
There looks to be a diabollical short squeeze happening.

ding ding another round.
 
Fudbucker said:
Are people actually buying anything with these bitcoins? I mean, besides other bitcoins.
Click to expand...
Yep if I believe a guy yesterday who said he paid a bitcoin to set up a website promoting a new crypto he has designed.
 
How Bitcoin Ends

Is Bitcoin just going to end up reinforcing the financial system it was supposed to disrupt?
Bitcoin was a clever idea. Idealistic, even. But it isn’t working out quite as its developers imagined. In fact, once all the coin has been mined, bitcoin will simply reinforce the very banking system it was invented to disrupt...

So what will really happen when all the bitcoin is mined? The people and companies currently authenticating transactions for coin will instead insist on service fees. The more processing power and electricity it takes to authenticate, the more they will want to be paid.

Already, financial institutions like banks and brokerage houses are rising to the occasion, promoting their own blockchain– as well as authentication services for those who want to keep using existing cryptocurrencies. So instead of disrupting and replacing the banking industry and its fees, bitcoin and other blockchains simply feed into the banking monopolies. They don’t disrupt banking, they reify it
Click to expand...
 
ponderingturtle said:
Does selling it for fiat currency count?
Click to expand...
Yes, speculation is far and away the most common use of bitcoin (surprise surprise).

Of those you might use it to make purchases or settle debts directly, we have no information on how much of it is legitimate and how much is illegitimate. Nor should it matter. In a free society, we should not have to prove to the authorities that we are innocent of unspecified crimes.
 
Been said before, but is worth repeating, given today's downward momentum.


https://www.cnbc.com/2018/03/14/bitcoin-bubble-just-about-to-burst-major-money-manager-says.html

Bitcoin bubble 'just about to burst,' major money manager says

"It appears to us that bitcoin mania is a textbook-like bubble – and one that is probably just about to burst," says Stefan Hofrichter, head of global economics and strategy at Allianz Global Investors.

The cryptocurrency "ticks all of the boxes that we consider to be essential criteria of any asset bubble," including a fivefold surge in trading volumes over the last five years, lack of financial regulation and the launch of related financial instruments such as bitcoin futures, Hofrichter says.
Click to expand...

https://www.theguardian.com/technol...bans-bitcoin-adverts-cryptocurrency-crackdown

Google will ban all adverts for cryptocurrencies, including bitcoin and initial coin offerings (ICOs), as it seeks to “tackle emerging threats”.

Cryptocurrency trading has attracted scam artists as it it is unregulated, with ICOs being used to generate millions of dollars that can simply disappear along with their operators, leaving investors out of pocket.
Click to expand...
 
Status
Not open for further replies.

Back
Top Bottom