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Thread: Bitcoin is a bubble get out while you can.

  1. #81

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    Quote Originally Posted by DaveUK View Post
    Here's a question (or two), at this point over 16.7 million bitcoins have been mined, that's about 80% of the 21 million total. What happens when mining become non viable because they've all been mined or more likely we reach a point where there are so few bitcoins left to mine that most miners give up because the rewards aren't worth the cost.

    Doesn't bitcoin rely on the miners to process transactions? who is going to do it when the mining stops? more importantly who is going to pay for it when the mining stops?
    Right now the miner's are getting a reward in Bitcoin to process transactions. After all the bitcoins are mined, the miners will still get paid in bitcoin to process transactions. Who pays....the party's involved in the transaction. As the number of transactions goes up, the value of bitcoin would go have to go up as we can't just create more bitcoins to pay for secure transactions. At the moment, the market is pricing in this expected rise in transactions in future years.

  2. #82

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    Scary stuff......A friend called me today and said do you know anything about something called bitcoin. I said I know of it but don't know how it works. He said I have no clue how it works myself but its going to make me big money so I bought 15K worth of it....If that isnt a bubble warning I don't know what is.

    Many are buying and don't understand a thing about it. All they hear about is how this guy made 100K that guy made a million......most times it won't work out well for the Johnny come lately.......Crazy times
    Last edited by Silver and Gold; 12-07-2017 at 04:04 PM.

  3. #83

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    Quote Originally Posted by jjmcwill View Post
    Alan greenspan just pointed out that the bitcoin rise is irrational and the result of people "creating value"
    Is this news? Greenspan has finally figured out that a lot of digital wealth is "irrational", that human "create value"?????????????????

    I find it hard to believe he is this slow -- sort of like when teenaged Britney Spears claimed to be shocked people found her sexy.

    It's all about what effect they want, and they are great actors. At this point, though, why does Greenspan even care? Oh yes, so his ilk, his tribe so to speak (all that he knows) remains relevant.

    I don't get bitcoin at all -- but for those who have stuck it out over the last few months, weeks, and even days -- you've done a lot better in figuring out what direction "irrational" human behavior is taking "value" -- and you have earned the right sit back and dismiss all the rants so many overpaid and overconfident naysayers have to say about your bitty digits.

    Regardless, I'm happy to stay grounded on what I know will keep good value, no reason speculate on so many things I can not understand, on what I feel can have it's value so easily destroyed with the government action that will come (unless this is actually run by them).
    Last edited by motocat; 12-07-2017 at 03:10 PM.
    “Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats.”

    H.L. Mencken

  4. #84

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    Washington post reports that ordinary South Koreans are investing there entire life savings Inot bitcoin.... This is clearly a bubble. A lot of struggling folks are gonna get hurt on this one. As long as a few get rich? The last 24 hours I been researching this bitcoin and I notice that the gurus encourage everyone to buy and hold long with no intent to sell. I am going back years and these questionable gurus all saying the same. You have to buy and hold. This is all a ruse. No scarcity and questionable value. People are not buying or holding these for their utility. They are holding to create artificial scarcity. The remarkable thing is that it is working. Those at the top of the scheme are having a great Christmas.



    On a side note. Peter Schiff is correct on fundamentals but goddamned I would be wealthy right now if I did the exact opposite on what he said to do with bitcoin. He was calling it a bubble at $100. Seriously, in the short term if you do the exact opposite of what he says you will become very wealthly. Long term is another story.
    Last edited by jjmcwill; 12-07-2017 at 03:55 PM.

  5. #85

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    Quote Originally Posted by Silver and Gold View Post
    Scary stuff......A friend called me today and said do you know anything about something called bitcoin. I said I know of it but don't know how it works. He said I have no clue how it works myself but its going to make me big money so I bought 15K worth of it....If that is a bubble warning I don't know what is.

    Many are buying and don't understand a thing about it. All they here about is how this guy made 100K that guy made a million......most times it won't work out well for the Johnny come lately.......Crazy times
    As I mentioned a few days ago on one thread...young gas attendant who knows I watch the markets asked me about it. No shoe shine boys left

  6. #86

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    If I actually saw bitcoin being accepted in a convenient manner by anyplace I shopped, I would get some. I simply don't, nor do I know anyone that uses bitcoin in such a way. I only know those who are speculating on making a lot in a short time. Speculators, pure speculators.

    Meanwhile, the IRS is keeping tabs on those who frequent places for trading into bitcoin. Does anyone want their chances of being audited increased?

    It's my bet that once bitcoin is seen as a more serious threat (not yet) -- the IRS can easily do a few things to dissuade bitcoin use as a currency competitive to the U.S. dollar (and to conceal taxable activity).

    Maybe I to would get rich if I buy now. That's OK though, I already have enough. For those who may know better -- bitcoin on. I'll keep to my archaic ways, hoarding PM"s. and keeping to my wife - -all this digital currency porn is to fast and crazy for me even if sure wealth awaits.E

    EDIT: lots of old people asking me about bitcoin. We can't know how long the frenzy will continue. But in my lifetime, I have never seen anything behave in such a bubble like way - -if this is not a bubble, what is? Also -- maybe a lot of electronic digit worshiping millennials are fueling this craze - a generation that may not remember very well crashes of the past.
    Last edited by motocat; 12-07-2017 at 04:00 PM.
    “Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats.”

    H.L. Mencken

  7. #87

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    Quote Originally Posted by motocat View Post
    Is this news? Greenspan has finally figured out that a lot of digital wealth is "irrational", that human "create value"?????????????????

    I find it hard to believe he is this slow -- sort of like when teenaged Britney Spears claimed to be shocked people found her sexy.

    It's all about what effect they want, and they are great actors. At this point, though, why does Greenspan even care? Oh yes, so his ilk, his tribe so to speak (all that he knows) remains relevant.

    I don't get bitcoin at all -- but for those who have stuck it out over the last few months, weeks, and even days -- you've done a lot better in figuring out what direction "irrational" human behavior is taking "value" -- and you have earned the right sit back and dismiss all the rants so many overpaid and overconfident naysayers have to say about your bitty digits.

    Regardless, I'm happy to stay grounded on what I know will keep good value, no reason speculate on so many things I can not understand, on what I feel can have it's value so easily destroyed with the government action that will come (unless this is actually run by them).
    Friend, what about all the poor folk who are investing life savings into this scheme? Many people are about to get hurt. Someone has to say something. This is not about being right or wrong.

  8. #88

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    Quote Originally Posted by jjmcwill View Post
    Friend, what about all the poor folk who are investing life savings into this scheme? Many people are about to get hurt. Someone has to say something. This is not about being right or wrong.
    Where were you when Social Security and the state lotteries were getting started?

  9. #89

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    Quote Originally Posted by jjmcwill View Post
    Friend, what about all the poor folk who are investing life savings into this scheme? Many people are about to get hurt. Someone has to say something. This is not about being right or wrong.
    What can one do? In my last post, I warn about bubbles - and hope others will pass this on. For those who really want to use bitcoin as currency, do so -- I just think it's such a small part of those playing into it now. Any "poor folk" investing all their life savings into it must be very young, otherwise you would think they would be more cautious from the two big downturns since 2000. If they fail to be cautious, and at least not go "all in" -- well then, I would say perhaps some people best learn when there is pain, who are we to stop adults form choosing to take such risks?

    Bitcoin is hardly the only cyber-currency to speculate on. For anyone fearing they will "miss out' if they do not ride this current currency train -- do not fear, there are many others on the way.....
    “Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats.”

    H.L. Mencken

  10. #90
    Join Date
    Nov 2008
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    This thread MAY turn out to be as entertaining as the "Gold will rebound in days and when it does..."


    Bitcoin was a bubble at $1000 a coin not too long ago I think?

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