Bitcoin - World's 30th largest Currency

From Bloomberg:

Long Island Iced Tea Corp. shares rose six-fold after rebranding itself Long Blockchain Corp. It’s the latest in a near-daily phenomenon sweeping the stock market, where obscure microcap companies reorient to focus on some aspect of the mania sparked by bitcoin’s 1,600 percent rally this year.​

What an astute businessman! This guy still remembers that in the late 90s, companies that renamed themselves to have a ".com" in the name or logo enjoyed a stock price surge. Heh heh heh...
 
NYEXPAT said:
Ripple is a company that developed a protocol for payments and exchange. Their "crypto" is called/traded as XRP.
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Also this:
ripple-11.jpg


As Redd Foxx used to say, "Mix it with champagne, and you have 'champipple.'"
 
REWahoo said:
Looks like the Bitcoin bubble might be deflating...down more than 25%.
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Bitcoin taking a drubbing.

Soon, instead of saying Bitcoin, may be saying be bit the dust.
 
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There are other crypto coins besides Bitcoin. How are they all doing? Is there a crypto index that tracks them? A long and a short ETF based on that index? Leveraged ETFs?

It is not fun that the party would end so soon. I personally would like to see it develop further. And it may. What the chartists are saying? Head and shoulder pattern?

redduck said:
I guess it would be prudent to wait for a dip before buying.
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My old friend redduck, when are you going to buy?

I know you were joking.
 
Everything crypto is getting hammered, all My gains from last week gone and was in the red, barely hanging onto black at the moment, looks like more of a correction than a crash, a crash woulda took my my buy in point without resistance
 
97guns said:
Everything crypto is getting hammered, all My gains from last week gone and was in the red, barely hanging onto black at the moment, looks like more of a correction than a crash, a crash woulda took my my buy in point without resistance
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I think 25% can be called a crash....

Also, we do not know what is going to happen in the next few days/weeks/months....

Will go and take a look, but there was a teaser on bitcoin saying one exchange stopped trading... so that will help it go down a bit more...
 
Texas Proud said:
I think 25% can be called a crash....

Also, we do not know what is going to happen in the next few days/weeks/months....

Will go and take a look, but there was a teaser on bitcoin saying one exchange stopped trading... so that will help it go down a bit more...
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25% in this market is hardly a crash, with the huge moves that we’ve seen in the past, 25% is not a crash
 
I guess the question for those interested in Bitcoin as an investment, at 25% or more down, would you buy or run for the hills?
 
REWahoo said:
Haven't all the previous huge moves been up, not down?
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In September there was a drop from $5,000 to $2600, however after the frenzy since Thanksgiving this has been a big one way move. A move down of 80% though would be normal for this type of asset in this environment, without changing the long turn outlook for crypto-currencies in general.
 
We bought 4 years ago and it has went up and down many times. No big deal. We cash out some when we are happy with the price.
 
When stock market drops 50%, it's a good buy. With crypto coins, how does one value tbem? They have no dividends, not even earnings, not sale, no book value. When a business closes down, at least there are still buildings, and intellectual properties to liquidate. Bitcoin software is open-source, meaning free.

Crypto coins are just, well, rare and unique bits. The problem is there are 1,200 blockchains out there, and they are all unique in their own way. If they all pay me dividends, I would not mind buying a basket of them. But as it is, what are they worth?
 
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NW-Bound said:
When stock market drops 50%, it's a good buy. With crypto coins, how does one value tbem? They have no dividends, not even earnings, not sale, no book value. When a business closes down, at least there are still buildings, and intellectual properties to liquidate. Bitcoin software is open-source, meaning free.

Crypto coins are just, well, rare and unique bits. The problem is there are 1,200 blockchains out there, and they are all unique in their own way. If they all pay me dividends, I would not mind buying a basket of them. But as it is, what are they worth?
Click to expand...

Ultimately, a crypto currency is only going to sustain value if people are using it as a currency, and are confident that that will continue. It's pretty clear to me that bitcoin is not going to get used as a currency in any wide-spread way. The transactions take hours to clear and the fees have sky-rocketed. You could lose or gain 20% in the time it takes for your transaction to clear.

Right now the only real utility of bitcoin (outside of illegal activities or getting money out of a failed state) is speculating in bitcoin. It is a terrible currency currently.
 
When I shorted the premium on GBTC, I was looking for bitcoin to drop to the 14,000 level. The next support levels below 10k are around 8k and 6k. If we can see 6k before my Jan futures expire, I will be very happy.
 
Hamlet said:
Ultimately, a crypto currency is only going to sustain value if people are using it as a currency, and are confident that that will continue. It's pretty clear to me that bitcoin is not going to get used as a currency in any wide-spread way. The transactions take hours to clear and the fees have sky-rocketed. You could lose or gain 20% in the time it takes for your transaction to clear.

Right now the only real utility of bitcoin (outside of illegal activities or getting money out of a failed state) is speculating in bitcoin. It is a terrible currency currently.
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I am not a bitcoin expert, nor have even downloaded the software to play with. Knowing just the basic concepts, I tried to explain bitcoin to my wife, how bitcoins are "mined" or generated by people who process transactions by encoding them into the common blockchain. They earn points for this work, and the points are called bitcoins. The transactions are people moving coins between themselves, and that may or may not involve some money or other assets moving in the other direction.

I told how the difficulty level was raised gradually to make it harder and harder, and the "miners" to earn less and less for their effort. And that's how bitcoins become harder and harder to get, and their prices go up.

My wife said "So, that's a computer game. And that makes bitcoins worth hundreds of billion?"
 
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redduck said:
I guess it would be prudent to wait for a dip before buying.
Click to expand...

NW-Bound said:
There are other crypto coins besides Bitcoin. How are they all doing? Is there a crypto index that tracks them? A long and a short ETF based on that index? Leveraged ETFs?

It is not fun that the party would end so soon. I personally would like to see it develop further. And it may. What the chartists are saying? Head and shoulder pattern?

My old friend redduck, when are you going to buy?

I know you were joking.
Click to expand...

I wouldn't know "prudent" if I stepped in it. It does seem as if a drop of 25% would be considered a dip (in most cases) but, with bitcoin I have no idea. I think it might be hard to be prudent investing in an area like this that has such violent swings. So, to answer your question, my answer is "probably never." But, it sure is tempting. I mean, just how many times in a row can I be the "greater fool?"
 
I'm just catching up on this thread and looked up BITCF. It is down 50% since Tuesday's open - ouch.
 
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97guns said:
25% in this market is hardly a crash, with the huge moves that we’ve seen in the past, 25% is not a crash
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Are you just talking about bitcoin or any asset... I can guarantee that if the DOW dropped 6,000 points people would be screaming all over... and it would be called a crash...

Bitcoin is no different... a 25% drop is a crash...
 
It is still trading and only down 1.9% on the day. With futures markets closed till Tuesday it will probably trade back up pretty shortly and maybe take out the old highs?
 
redduck said:
... just how many times in a row can I be the "greater fool?"
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Even greater fools can make money. I dunno.

Some people say we are all greater fools for accepting government printed paper money. What you don't want end up being is the "greatest fool", the last guy without a chair when the music stops.

Depends on whether one feels lucky, I guess.
 
Texas Proud said:
Are you just talking about bitcoin or any asset... I can guarantee that if the DOW dropped 6,000 points people would be screaming all over... and it would be called a crash...

Bitcoin is no different... a 25% drop is a crash...
Click to expand...





Bitcoin has “crashed” 30% six times in 2017. Each “crash” has been followed by an increase of: 76%, 237%, 183%, 165%, 153%, how’s it possible to crash so many times? This ain’t your DOW we’re talking about
 
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