Could crash. Could make a big correction. Could go up and up.

I'm not necessarily a full fledged bitcoin believer. BUT here is a question that is at the heart of what bitcoin represents to many: not why is a cryptocurrency worth anything but why are any of the world fiat currencies worth anything??

The Dollar isn't backed by much except the reputation of the US. Currency values are hard to pinpoint when money can be printed and printed and printed. One of the biggest problems with the current world economy is that there are so many government players manipulating every move. Its a highly controlled version of a free market where no one wants to allow it to fail---every blip in the economy has a government agency somewhere trying to rectify the market to their liking. Which is why the last correction nearly 15 years ago didnt have the needed impact to fully flush everything out just like the corrections for 40 years or so prior. It was too short and not deep enough. continued manipulation and money printing has the potential to get you closer to currency of zero value. not that we are anywhere near that level here but when bread is $100 loaf there might be a problem. Bitcoin potentially reveals how little paper currency is worth----taking more dollars everyday to buy something that is in being valued in free market. most of the bitcoin players i know are viewing bitcoin as the newest hedge; just modern day version of silver/gold.

Big thing with BTC is it's easier to get fractional pieces of it. You can do that with gold but it's harder to come by. Plus it's easier to spend or convert to cash. I think there's still some lingering manipulations from bad mouthing golf institutionally that's kept gold suppressed.

As a funny aside, there's an article on coinbase announcing pornhub's now accepting ripple and dogecoin as payment options...

I watched 'bitcoin explained in plain english' on youtube and still don't understand it. I'm either too dumb to grasp the concept or too smart to fall for it. Not sure which. How Bitcoin has value, I'll never know.

Never done much investing on my own always left it to the people in the industry in my retirements and such !

However watching bitcoin bounce around like a ping pong ball I decided to drop a small amount of cash into an app that invest that cash in bitcoin for you, in two months I've quadrupled my investment and now can't decide whether to take the cash and leave some in again or just leave it alone.

Seems it grows three times as fast with every hundred it grows, hard to not just leave it there, until of course it fails, LOL

LOL !!!!!!!!!!! I'm not surprised !


I think in the case of BTC, it is currently more FAD than hedge. Also, the law of round numbers has something to do with it IMO.

But if BTC and gold are both priced in dollars, I would expect the same magnitude and direction of moves from each of them...........if in fact they are being viewed/used as a hedge against the dollar


As far as the dollar itself is concerned, yes it is a fiat currency but it is backed by the power to tax. But there is a limit to that too..................some politicians just don't believe it

You might consider taking out your original investment and let the rest of it ride. Play with THEIR money rather than your money.

I think the dollar at this point is backed more by our percieved military strength.

I was waiting for a pullback after the initial 40k point. The Tesla buy changed things. If another large company or two makes such a purchase, who knows what will happen.

One thing I'm worried about is that Elon has made himself a target and I wouldn't be surprised if there's a reverse gamestop type effort to crash bitcoin to get at Tesla/Elon

To me this is solid advice to go with. I got a small amount at a fairly early stage. Sold two not that long ago as the profit margin was too hard to pass up. but the remainder i cant see selling. i'll hold those like precious metals. just because may need them when there is nothing left to tax and bread is actually $100 loaf

Yes sound advice for sure, except the small amount I started with is hard to just take out when it's so large now, then see it fail. Must be my greed in finally seeing something move so fast, you just want to stay with it !!

I set a number to see if it goes to then I'll remove everything but the first investment and see if it climbs again
if it keeps going like it has it will only be a month or less to reach my goal !

You don't have to fall for the concept to grasp it... So..........

All I know is I played around the last three years with crypto. Bitcoin, and a couple others. Put $18,000 in total starting three years ago. As of today it’s worth $85,000. I could pull it all out but I’m going to roll the dice and see where it goes......

51k. might hold a bit

Bitcoin moons- People flood in wanting to get rich. Lots of media attention..."its a bubble, not backed, tulips, boiling the oceans, Gov will ban it, a new better bitcoin emerges" LOL

Bitcoin crashes- The "get rich quick-ers" sell. Media declares Bitcoin dead. A small percent who bought that actually understand it buy the dip

Bitcoin's programmed "halving" occurs which reduces the daily emission of new coins. Reduced supply starts to get soaked up

The 4 year cycle starts again.

56,000 and rising.

Today I'm announcing a brand new currency I invented called Cooncoin. Announcing it here first to give everyone a chance to buy in before going public. Send your money to me by paypal and I will return to you by PM the appropriate amount of Cooncoin.
Thank you.

It is all backed by coon hides in my freezers.

I hope you’re offering it in fractions. PM sent!

Steve,

What are you gonna do with all that wealth ?

walleyed

Whether or not you believe it, digital scarcity exists with Bitcoin. One can create millions of copies of it in the same way you can create gold by picking up some rocks and painting them yellow. Its worldwide digital network effect is equivalent to analog physical properties. Also, the fact its "backed by nothing" is its greatest strength, "trusted third parties are security holes".

If you invested $10,000 in Bitcoin when it was $0.008 per Bitcoin, that amount of Bitcoin would not be worth as of today !!!!!


READY FOR IT??????


$ 714,587,500,000

That is seven hundred fourteen BILLION five hundred eighty seven MILLION five hundred THOUSAND DOLLARS !!!


At that amount, I do believe I could afford to live in ALASKA!!!!