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Merged Bitcoin - Part 3

Bitcoin slumped further through the Thanksgiving holiday as intense profit-taking dragged on prices.

The world's most popular cryptocurrency has tumbled as much as 5.9%, to $16,242.70, over the past 24 hours.

The slump was Bitcoin's biggest since the coronavirus pandemic slammed markets in March, and it reversed the weeks-long rally that placed the token within a hair of its record high.

Other cryptocurrencies including Ethereum and XRP were caught in the sell-off and sank as well.
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https://markets.businessinsider.com...navirus-cryptocurrency-btc-2020-11-1029844889
 
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novaphile said:
https://markets.businessinsider.com...navirus-cryptocurrency-btc-2020-11-1029844889
The world's most popular cryptocurrency has tumbled as much as 5.9%, to $16,242.70, over the past 24 hours.
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That's nothing for Bitcoin, a mere blip that could easily reverse itself tomorrow.

Some call it 'digital gold', but it isn't really a commodity - and with this volatility it's unlikely to see widespread application as a currency. So what's left? Speculation.

Bitcoin is ideal for making money out of nothing, if you are skilled or lucky enough to beat the other fools. They keep putting money into the pot thinking they will all be winners, but as Bitcoin doesn't create wealth it's a zero sum game. For every 'investor' who gains, others lose, and the price goes up and down according to what they collectively imagine it is worth. Bitcoin's volatility is a hindrance to its original purpose, but speculators love it. The only thing that would damp their enthusiasm would be if it became stable, and then they would have to move on to something else.

Some other cryptocurrencies are more useful and some are more volatile, but none have 'gone to the Moon' like Bitcoins has. Why is this so if they are 'technically' superior? Two reasons:-

1. less 'brand recognition' and lower loyalty. Bitcoin is the original, no others can compare!

2. They haven't got as much money in the pot. Even though you could make just as much trading in other 'coins', Bitcoin has the psychological edge because each one is 'worth' so much.

Apart from that it's got nothing, but psychology is everything in this market...
 
New article will be coming out Sunday about Coinbase. Something about their treatment of Blacks and allegations of racism at Coinbase.
 
Roger Ramjets said:
That's nothing for Bitcoin, a mere blip that could easily reverse itself tomorrow.
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Indeed, it fell for a short period but is back to what it was before the dip.


Bitcoin's volatility is a hindrance to its original purpose, but speculators love it.
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True but it's still useful for buying and selling. The volatility is pretty easily mitigated for the buyer by only buying as much bitcoin as you need and then using it to make your purchase right away. More of an issue for the seller unless they regularly convert back to fiat currency. Even if it dips you can usually just wait a bit and it'll come back. Tough if you have a cash flow issue and need the money though.
 
Crypto currencies should not show capital gain if serving the next world.
 
The_Animus said:
True but it's still useful for buying and selling. The volatility is pretty easily mitigated for the buyer by only buying as much bitcoin as you need and then using it to make your purchase right away.
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Then what's the point? Easier, cheaper, and safer to just use the currency you already have.

ChrisBFRPKY said:
$20,899.00 a few minutes ago.
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How high will it go? Has it peaked already? Don't wait too long to sell...
 
ChrisBFRPKY said:
$20,899.00 a few minutes ago.
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Bummer! It happened while I was asleep. I wanted to be the one to report when the price broke the $20K barrier.

Just for laughs, I reviewed some of the posts from 2 - 3 years ago. The number of posters who authoritatively said that this will NEVER EVER happen is hilarious.
 
psionl0 said:
Bummer! It happened while I was asleep. I wanted to be the one to report when the price broke the $20K barrier.

Just for laughs, I reviewed some of the posts from 2 - 3 years ago. The number of posters who authoritatively said that this will NEVER EVER happen is hilarious.
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Going down that rabbit hole could lead to unintentionally hilarious chaos.
 
psionl0 said:
Bummer! It happened while I was asleep. I wanted to be the one to report when the price broke the $20K barrier.

Just for laughs, I reviewed some of the posts from 2 - 3 years ago. The number of posters who authoritatively said that this will NEVER EVER happen is hilarious.
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A new first---- over 21K now! $21,378.00
 
The Money Fairy is back in town. From past experience I can confidently say her stay is not set in stone. You can ignore her, again if you choose, or you can get some. No one can say they were not told.
 
Dr.Sid said:
Well .. ATH is exactly when you should ignore. Wait till it falls to 3k again.
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Buying in at BTC ATH for holding is silly, but riding those $1000+ swings is great.

For those that do not own BTC, there are several Alts that are also bouncing ATM and some real bargains ATM. Today has been very good for making money from crypto in general. Volatility of this type only comes around every now and then. Soon we'll be back to horizontal lines and brief hiccups.....Not much money in those.
 
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