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Bitcoin biting the dust?

In Bitcoin, all wallets use the same encryption. Otherwise it wouldn't be able to work.
 
And now Bitcoin is over $70,000. In fact, many of these "currencies" are again seeing a surge in alleged value.
 
roller coaster, hovering around $60k. The halving event seems to have had the opposite effect to what a lot of pundits claimed. the pundits were confident of a significant increase. Of course, it all depends which pundits you hear. There are still people claiming Bitcoin will hit $250k in 2024 and others that say it's a busted flush.

MicroStrategy a Bitcoin broker of some sort, share price has gone from $565 in January to $1,800 in March although down $500 lately.
 
A ton of money to be made in Bitcoin, if you are smart or stupid enough.
 
Jimmy Higgins said:
Who ever said that libertarian paranoia isn't enough to justify the value of a make believe currency? If you answered "A bunch of people who don't have libertarian paranoia", you'd be right!

The good news, Bitcoin has lost about 50% of its value in the last month. While still worth over $3,200 each, that is a bit lower than the value a month ago of well over $6,300.

The bad news, Bitcoin has lost 82% of its peak value since the start of the year.

I'd say a few people made a great deal of money in the pyramid scheme known as Bitcoin. It went from loony Libertarian funny money, to explosively valued loony Libertarian funny money, to entering the mainstream for about three weeks legitimate investment, back to loony Libertarian funny money.

Some were absolutely certain that paranoia could be the legitimate basis for currency, but the never ending increase of the "currency's" value (deflation is never good for an economy as money becomes more valuable to hold than spend) to the severe devaluation of the "currency", making it impossible to hold value from day to day, seems to prove that paranoia isn't a legitimate basis for currency.
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$3,200. So much to have made in it... but putting money into a niche product with no actual tangible value is dangerous and stupid.
 
So burning US currency on Bitcoin is a good idea then? Both the U.S. dollar and Bitcoin lack intrinsic value; their worth is derived from the trust and acceptance of their users.
 
I've bought twenty bucks each worth of three more obscure cryptocurrencies, just to see what happens and maybe get a good return if I'm lucky. I look at it as gambling, not investment.

My SoFi Technologies fund is up 26 % since I invested in February. Another one I just put a little in to play with. I intend to put more in after the holidays.
 
Gospel said:
So burning US currency on Bitcoin is a good idea then? Both the U.S. dollar and Bitcoin lack intrinsic value; their worth is derived from the trust and acceptance of their users.
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One of the four justifications for taxation is that it gives value to the kind of money in which the taxes are paid. If you have to have dollars in order to pay your taxes, then dollars have value.
 
Gospel said:
So burning US currency on Bitcoin is a good idea then? Both the U.S. dollar and Bitcoin lack intrinsic value; their worth is derived from the trust and acceptance of their users.
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The US Dollar value is backed by our massive economy and ability to pay off the bonds. It isn't etched in stone, but it is an experiment that has worked much better than hedging currency on commodities.

Cryptocurrency is some weird concept that has a value based on fewer metrics than baseball cards!
 
Wiploc said:
Gospel said:
So burning US currency on Bitcoin is a good idea then? Both the U.S. dollar and Bitcoin lack intrinsic value; their worth is derived from the trust and acceptance of their users.
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One of the four justifications for taxation is that it gives value to the kind of money in which the taxes are paid. If you have to have dollars in order to pay your taxes, then dollars have value.
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Worked in South Africa -- the government convinced black subsistence farmers to give up that lifestyle and take jobs in the white-owned mines by taxing them in legal currency.
 
ZiprHead said:
I've bought twenty bucks each worth of three more obscure cryptocurrencies, just to see what happens and maybe get a good return if I'm lucky. I look at it as gambling, not investment.

My SoFi Technologies fund is up 26 % since I invested in February. Another one I just put a little in to play with. I intend to put more in after the holidays.
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While everyone was caught up in the crypto mining frenzy, I took a different approach by investing in companies that form the backbone of infrastructure for both cryptocurrency and AI development. For instance, I invested in RIOT seven years ago, recognizing that people would seek ways to invest in blockchain without directly mining—at the time, they were the only blockchain-related company listed on the stock exchange. I also identified opportunities like Arista Networks, Inc., which services AI development. My strategy is simple: I look for stocks that might be prematurely hyped by the average investor, and leave others with the hot potato when the market starts heating up. :ROFLMAO:
 
ZiprHead said:
Gospel said:
I look for stocks that might be prematurely hyped by the average investor,
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I'm not understanding this. That sounds to me like you are buying overpriced stocks.
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I purchased shares in 2005 and sold shortly after my birthday in 2007. Riot Platforms Inc. and never looked back. So yes, I'm buying overpriced stocks then selling overpriced stock when they're reaaaaally over priced stocks. ;) Well, not often but when I have some money to play around with.
 
Gospel said:
ZiprHead said:
Gospel said:
I look for stocks that might be prematurely hyped by the average investor,
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I'm not understanding this. That sounds to me like you are buying overpriced stocks.
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I purchased shares in 2005 and sold shortly after my birthday in 2007. Riot Platforms Inc. and never looked back. So yes, I'm buying overpriced stocks then selling overpriced stock when they're reaaaaally over priced stocks. ;) Well, not often but when I have some money to play around with.
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Okay. Understand now. Thanks.
 
TSwizzle said:
Bitcoin hit a new high of $98k. November last year it was around $35k. Nice little earner.
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Inflation is Bitcoins Spinach. Everyone herp derps over to crypto when they're seeking to hedge against inflation and other market woes. Whether it works or not is a different argument I'm not making.

Edit and by everyone I mean the people who invest in Crypto.
 
Gospel said:
TSwizzle said:
Bitcoin hit a new high of $98k. November last year it was around $35k. Nice little earner.
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Inflation is Bitcoins Spinach. Everyone herp derps over to crypto when they're seeking to hedge against inflation and other market woes. Whether it works or not is a different argument I'm not making.

Edit and by everyone I mean the people who invest in Crypto.
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I don't think that is a good strategy. One could suffer very significant losses in a matter of days. I wouldn't consider buying Bitcoin at the current price.
 
TSwizzle said:
Gospel said:
TSwizzle said:
Bitcoin hit a new high of $98k. November last year it was around $35k. Nice little earner.
Click to expand...

Inflation is Bitcoins Spinach. Everyone herp derps over to crypto when they're seeking to hedge against inflation and other market woes. Whether it works or not is a different argument I'm not making.

Edit and by everyone I mean the people who invest in Crypto.
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I don't think that is a good strategy. One could suffer very significant losses in a matter of days. I wouldn't consider buying Bitcoin...
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There is no known basement for Bitcoin. It could get up to $500k in 2 years... or be $15.91 in two years. There is no safe price to buy Bitcoin... at least, not without insider info.
 
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