Author Topic: Bitcoin getting hammered  (Read 534 times)

Offline taxed

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Bitcoin getting hammered
« on: November 24, 2018, 05:01:03 PM »
Crypto have been getting their asses kicked.  I have a good friend who was in heavy a year or so ago who kept trying to get me to go in.  I already had $1k or so when I bought it a few years ago, but when it kept going up he thought it was never going to end.  I kept telling him that there's no way it's going to continue this.  Now it's below $4k.

I talked to him a few days ago and he was really upset.  He's still holding on while praying for it to head back up. I felt bad for him and told him to keep his chin up.

It's like I ask anyone who starts talking to me about crypto: do you really think it's more valuable than gold?  If not, let me know when it drops below the price of gold and I'll buy some more.

https://charts.bitcoin.com/btc/
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Online Solar

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Re: Bitcoin getting hammered
« Reply #1 on: November 24, 2018, 05:28:24 PM »
We've talked about this in the past, where an uncertain economy is concerned, alternative investments are always attractive.
But remember what I said about when Trump's economy kicks in? This is that result we discussed, that people turn to conventional investing, be it homes or precious metals, crypto suddenly looses its appeal because the threat diminishes.
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Re: Bitcoin getting hammered
« Reply #2 on: November 24, 2018, 05:57:11 PM »
We've talked about this in the past, where an uncertain economy is concerned, alternative investments are always attractive.
But remember what I said about when Trump's economy kicks in? This is that result we discussed, that people turn to conventional investing, be it homes or precious metals, crypto suddenly looses its appeal because the threat diminishes.

I love how many of the radical crypto guys will rant (rightfully so) on fiat currency, but then turn around and make the case why crypto is more valuable than gold.

I totally agree that the economy and hitting crypto.
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Online Solar

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Re: Bitcoin getting hammered
« Reply #3 on: November 24, 2018, 06:02:48 PM »
I love how many of the radical crypto guys will rant (rightfully so) on fiat currency, but then turn around and make the case why crypto is more valuable than gold.

I totally agree that the economy and hitting crypto.
Yeah, I never understood the idea that crypto is somehow different from Fiat currency, when in truth, they're essentially the same thing, the currency is only worth what people agree it's worth.
At least gold can be purchased and you can hold it, but just imagine if the country was hit with an EMP from the sun or whatever, your so called Bitcoin money, is immediately worthless because the web would be down nationwide.
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Re: Bitcoin getting hammered
« Reply #4 on: November 24, 2018, 07:12:18 PM »
Yeah, I never understood the idea that crypto is somehow different from Fiat currency, when in truth, they're essentially the same thing, the currency is only worth what people agree it's worth.
At least gold can be purchased and you can hold it, but just imagine if the country was hit with an EMP from the sun or whatever, your so called Bitcoin money, is immediately worthless because the web would be down nationwide.

Ha, exactly.  It's dependent on the electricity being on.  Good luck trading or buying crypto when your laptop's battery is dead.
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Offline Rotwang

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Re: Bitcoin getting hammered
« Reply #5 on: November 24, 2018, 07:31:21 PM »
Crypto have been getting their asses kicked.  I have a good friend who was in heavy a year or so ago who kept trying to get me to go in.  I already had $1k or so when I bought it a few years ago, but when it kept going up he thought it was never going to end.  I kept telling him that there's no way it's going to continue this.  Now it's below $4k.

I talked to him a few days ago and he was really upset.  He's still holding on while praying for it to head back up. I felt bad for him and told him to keep his chin up.

It's like I ask anyone who starts talking to me about crypto: do you really think it's more valuable than gold?  If not, let me know when it drops below the price of gold and I'll buy some more.

https://charts.bitcoin.com/btc/

It's no more than string of numbers.

DUH

It's even LESS than crappy Paper Money.

Offline Rotwang

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Re: Bitcoin getting hammered
« Reply #6 on: November 24, 2018, 07:33:26 PM »
Yeah, I never understood the idea that crypto is somehow different from Fiat currency, when in truth, they're essentially the same thing, the currency is only worth what people agree it's worth.
At least gold can be purchased and you can hold it, but just imagine if the country was hit with an EMP from the sun or whatever, your so called Bitcoin money, is immediately worthless because the web would be down nationwide.


Anyone that says GOLD and SILVER are worthless can mail it to me.

It will be one god-damn long time before women will not desire these to be hanging off their bodies.


Offline ConservativeInCT

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Re: Bitcoin getting hammered
« Reply #7 on: November 24, 2018, 07:58:17 PM »
When bitcoin first came out I asked my father if I should invest in it. He told me something I still hold to this day. "Wait Until It's Backed." The volatility is what worries me, how it constantly goes up and down. As much as I would like to hope it becomes what people say it will be I just don't believe it is going to happen anytime soon.

Online supsalemgr

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Re: Bitcoin getting hammered
« Reply #8 on: November 25, 2018, 05:50:05 AM »
When something is created that has no value do not be surprised if it goes back to its initial value.
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Online Solar

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Re: Bitcoin getting hammered
« Reply #9 on: November 25, 2018, 06:18:24 AM »
When bitcoin first came out I asked my father if I should invest in it. He told me something I still hold to this day. "Wait Until It's Backed." The volatility is what worries me, how it constantly goes up and down. As much as I would like to hope it becomes what people say it will be I just don't believe it is going to happen anytime soon.
That was excellent advice for anyone looking to invest. Especially those who've never ventured into the investing world.
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Online Solar

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Re: Bitcoin getting hammered
« Reply #10 on: November 25, 2018, 06:31:55 AM »
Let''s compare Bitcoin to gold, shall we?

It’s an unfortunate historical anomaly that people think about the paper in their wallets as money. The dollar is, technically, a currency. A currency is a government substitute for money. But gold is money.

Historically, many things have been used as money. Cattle have been used as money in many societies, including Roman society. That’s where we get the word “pecuniary” from: the Latin word for a single head of cattle is pecus. Salt has been used as money, also in ancient Rome, and that’s where the word “salary” comes from; the Latin for salt is sal (or salis). The North American Indians used seashells. Cigarettes were used during WWII. So, money is simply a medium of exchange and a store of value.

By that definition, almost anything could be used as money, but obviously, some things work better than others; it’s hard to exchange things people don’t want, and some things don’t store value well. Over thousands of years, the precious metals have emerged as the best form of money. Gold and silver both, though primarily gold.

There are very good reasons for this, and they are not new reasons. Aristotle defined five reasons why gold is money in the 4th century BCE (which may only have been the first time it was put down on paper). Those five reasons are as valid today as they were then.

When I give a speech, I often offer a prize to the audience member who can tell me the five classical reasons gold is the best money. Quickly now – what are they? Can’t recall them? Read on, and this time, burn them into your memory.

Money
If you can’t define a word precisely, clearly and quickly, that’s proof you don’t understand what you’re talking about as well as you might. The proper definition of money is as something that functions as a store of value and a medium of exchange.

Government fiat currencies can, and currently do, function as money. But they are far from ideal. What, then, are the characteristics of a good money? Aristotle listed them in the 4th century BCE. A good money must be all of the following:

Durable: A good money shouldn’t fall apart in your pocket nor evaporate when you aren’t looking. It should be indestructible. This is why we don’t use fruit for money. It can rot, be eaten by insects, and so on. It doesn’t last.

Divisible: A good money needs to be convertible into larger and smaller pieces without losing its value, to fit a transaction of any size. This is why we don’t use things like porcelain for money – half a Ming vase isn’t worth much.

Consistent: A good money is something that always looks the same, so that it’s easy to recognize, each piece identical to the next. This is why we don’t use things like oil paintings for money; each painting, even by the same artist, of the same size and composed of the same materials is unique. It’s also why we don’t use real estate as money. One piece is always different from another piece.

Convenient: A good money packs a lot of value into a small package and is highly portable. This is why we don’t use water for money, as essential as it is – just imagine how much you’d have to deliver to pay for a new house, not to mention all the problems you’d have with the escrow. It’s also why we don’t use other metals like lead, or even copper. The coins would have to be too huge to handle easily to be of sufficient value.

Intrinsically valuable: A good money is something many people want or can use. This is critical to money functioning as a means of exchange; even if I’m not a jeweler, I know that someone, somewhere wants gold and will take it in exchange for something else of value to me. This is why we don’t – or shouldn’t – use things like scraps of paper for money, no matter how impressive the inscriptions upon them might be.

https://www.zerohedge.com/news/2018-11-24/doug-casey-why-gold-money
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