It is very good for Bitcoin, it was never meant to be an "investment" just a way to pay for things anonymously, at least with my very limited knowledge on the subject. Has Bitcoin dropped because of competitors or just a drop of interest?
Bitcoin RIP
- Thread starter LiE
- Start date
Soldato
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- 25 Nov 2005
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It's been through about 6 or 7 different crashes, all pretty much looking identical when you compare their chartings why would now be suddenly different ?
Exactly, if I had more disposable income right now id be buying in a lot more.
Soldato
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Correct.
Then flooded with bunch of idiots thinking they were going to get rich which inflated the price MASSIVELY.
Now we are seeing the correction....
Associate
every year people are calling out bitcoins dead like clockwork. Yeah as someone before said, it might be finally near the bottom, so time to buy soon.
Soldato
"Past performance is not indicative of future results."
Human greed and self fulfilling prophecy.
Soldato
utility? where is the utility? from what i can gather, its actually draining resources with all its energy consumption. Whats the benefit of this technology in the real world?
Caporegime
You can always buy a used Civic instead with your car fund and free up lots of disposable cash
Permabanned
Because until this latest rise and fall the tulip mania was the greatest bubble in all recorded human history. Will bitcoin produce 2 greatest bubbles in all human history? History suggests not.
Suspended
"Should I buy butt coins?"
"No."
"But they're crashing and looking unstable, unusable, and likely to tank!"
"Yes."
"So you're saying I should wait and build my portfolio around butt coins, right?"
"No."
"No, I get you." *winks* "Don't buy butt coins, right?"
"Yes."
"No."
"But they're crashing and looking unstable, unusable, and likely to tank!"
"Yes."
"So you're saying I should wait and build my portfolio around butt coins, right?"
"No."
"No, I get you." *winks* "Don't buy butt coins, right?"
"Yes."
Soldato
- Joined
- 25 Nov 2005
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- 12,537
Prices fell 99% in Tulip mania
Bitcoin has not yet done this and I doubt ever will because you can't grow bitcoins in your garden
Soldato
2011, 2013, 2017.
Been through multiple busts and booms. It's literally the exact same as any other market cycle, yet people seem to think it's dead for sure this time. Every single time. The reason 'buy the dip' works is because buyers come in to make profit, the same reason the stock market continually grows on a macro scale despite correcting harshly during recessions.
Bitcoin will probably be in a bear market for months or another year even, then you'll likely see it start to slowly climb up again before another boom surge and we're back to the same old story. The whole 'isn't there 1000 cryptos' argument doesn't really work either. There were tons of them in 2013 too. Where are they now? The previous crash wiped the useless ones clean, and this bear market will do the same.
The utility behind Crypto will likely slowly continue to build and gain adoption (as well as regulation) behind the scenes, and the price speculation will mostly serve as short-term distractions. I don't expect Crypto to be a serious form of payment for perhaps another 5-10 years, if not longer. Doesn't mean there won't be speculators hoping to make a quick buck, though.
Soldato
The greatest pyramid scheme ever devised is going pop. Should not be a surprise to anyone with a basic understanding of economics.
Soldato
- Joined
- 19 Oct 2008
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- 5,993
No, ponzi schemePeople still think its a pyramid scheme?
. If you look up the definition of that it isn't too far from it to be honest. I'm not entirely serious and have an interest in it myself (curiousity especially). Firstly you have the early buyers who act a as the marketing(I made big money from £14) and the chart(s) showing the huge price rises of the past than many hope will repeat. Much of the expectation is based on hope that someone else will pay more later while it still has few use cases. There's evidence of this in the fact that now the hope is that the institutions will flood in to save the day - those same institutions coiners are supposed to despise which would also be another few layers of fools as a ponzi would go. It still really has no real world uses other than speculation. When something has no or little intrinsic value but people are expecting/hoping for others to buy it for no real reason it's neigh on a scam . It also needs new money too otherwise the price will erode away.I think time will tell. It could very well evolve and mature which is what I'm watching for. Or it may go down as a huge ponzi-like scheme wrapped up in technology that pulled millions in part due to price manipulation. At the moment it's estimated that 95% of current investors have lost money on it. So as an investment it's not looking good and 95% have basically so far got it wrong. Speculators can rant and rave about it, telling others it's a good investment all they want, but the simply fact is that around 95% at the moment are wrong.
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