Bitcoin

[leatherback]

What can you purchase with it?

Everything you need in life!

Houses: https://www.telegraph.co.uk/news/2017/12/16/first-bitcoin-homes-sell-uk/
Pizza: https://cointelegraph.com/news/bitcoin-pizza-day-8-years-later-where-can-you-buy-pizza-with-bitcoin
Beer: https://99bitcoins.com/15-places-where-you-can-buy-beer-with-bitcoins/
Bonsai: https://allthingsdecentral.com/collections/bonsai-trees

But I agree, too many limitations and uncertainties for now to see this go as a mainstream product. Although there is talk of certain countries going the route of digital currencies. But then it does indeed become a different beast.

 

[Bonsai Nut]

Crypto Currency bust now greater than the Dotcom bubble burst of 2000.

 

[Vance Wood]

Crypto Currency bust now greater than the Dotcom bubble burst of 2000.

Hate to say I told you so----but I told you so.

 

[Bonsai Nut]

Hate to say I told you so----but I told you so.

Those left holding cryptos now are either those who got in really early (more than a year ago) or those poor souls who bought late and are still holding out hope that the trend will reverse. It has already cost some people fortunes...

One of the more cautionary tales of Bitcoin losses comes from Australian journalist Derek Rose. In 2017, Rose cashed in his $70,000 retirement account and poured it all into cryptocurrencies. At first, things went great. Cryptocurrencies were racing upwards and Rose borrowed money to enhance his investments. He was paying $1,000 a day in interest but he was making half a million dollars a day in profit. At one point, his holdings had reached $7 million. When a friend suggested he cash in, he replied that he wanted to own a sports team and a yacht. He continued using leverage... and quickly lost everything.

 

[peh3]

Those left holding cryptos now are either those who got in really early (more than a year ago) or those poor souls who bought late and are still holding out hope that the trend will reverse.

Not to be "that guy" but everyone that had some BTC before September (~around $5000) last year and didn't do anything with it, did still make money. If you had BTC in summer last year (~ $2000), then you'd have double or tripple right now even after the crash. Just saying. It's not that people were in really early last year, but everyone else was just really late to the party.

 

[Bonsai Nut]

Not to be "that guy" but everyone that had some BTC before September (~around $5000) last year and didn't do anything with it, did still make money. If you had BTC in summer last year (~ $2000), then you'd have double or tripple right now even after the crash. Just saying. It's not that people were in really early last year, but everyone else was just really late to the party.

Same could be said for all of the millions of house sellers who sold their homes before the real estate crash about 10 years ago. Small comfort for those who didn't...

I love this story:
You might have thought that after their involvement in the creation of Facebook, Cameron and Tyler Winklevoss would have taken their court winnings, bought a small island in the Caribbean and settled down to a life of sun and surf. Instead, they moved into the more stormy waters of Bitcoin investment. The pair are believed to have bought 120,000 bitcoins, or 1 percent of all the coins in circulation. That was in 2012, when Bitcoin cost just $10 each. At Bitcoin's peak, their holdings were worth $2.34 billion. They're now worth just $720 million, a loss of $1.62 billion. Having put in $1.2 million for that result, it's unlikely that they'll be crying too hard over their lost fortune.

So do you think they are happier with their $719 million gain? Or their $1.619 billion loss? And let's not forget - until they sell their position they haven't made a penny.

 

[leatherback]

So do you think they are happier with their $719 million gain? Or their $1.619 billion loss? And let's not forget - until they sell their position they haven't made a penny.

for all we know, they are the ones manipulating the prices to fit their mood to sell or buy chunks..

 

[Bonsai Nut]

Such a bloodbath this week.

Bitcoin trading under $5600 after Wednesday's 11% price decline. Prices were falling so fast that trading in bitcoin futures was halted. Nvidia, the maker of processing chips used in many coin mining rigs, sees its share price tumble as much as 20% after revenues don't meet expectations - due to falling demand for bitcoin.

 

[leatherback]

Aoch! That hurts!

 

[Bonsai Nut]

Now trading under $4500. Yikes!

 

[Bonsai Nut]

And so it begins:

https://www.coindesk.com/bitcoin-mining-firm-giga-watt-declares-bankruptcy-owing-millions

"Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents."

18 months ago they had a coin offering that raised $22 million. Where did it go?

 

[Bonsai Nut]

Bitcoin now trading under $4000.

Even with the bloodbath in Bitcoin, the broader story of the entire cryptocurrency market is worse. Since the beginning of the year, total capitalization of all cryptos combined has fallen by more than 80%.

 

[Bonsai Nut]

Even though I'm talking to myself on this thread...

Why is any price below $4500 important? Because it currently costs $4500 to mine one bitcoin. In other words, all the hardware infrastructure that was put in place to mine bitcoin and other alt currencies is now losing money. It is the beginning of the end.

 

[sparklemotion]

Even though I'm talking to myself on this thread...

Why is any price below $4500 important? Because it currently costs $4500 to mine one bitcoin. In other words, all the hardware infrastructure that was put in place to mine bitcoin and other alt currencies is now losing money. It is the beginning of the end.

Awww... You're not alone you just haven't said anything that I disagreed with in a while.

Have you peaked at the timestamp of the first post in this thread? What a difference a year makes.

 

[Potawatomi13]

Awww... You're not alone you just haven't said anything that I disagreed with in a while.

Have you peaked at the timestamp of the first post in this thread? What a difference a year makes.

Has gone down before/will rise again-----and again! See past history since inception. When market is down is best time to buy. Time is coming up soon. Nothing is new under the Sun.

 

[Bonsai Nut]

Has gone down before/will rise again-----and again!

Not if no one is willing to maintain the blockchain because it has gotten too expensive.

 

[Bonsai Nut]

Bitcoin down below $3600 - another 10% drop. Bloomberg analyst sees bitcoin falling to $1500...

 

[Bonsai Nut]

Bitcoin falls to $3208....

I may not be the sharpest tool in the shed, but when an investment is falling in value 10% per week, I view it as a bad sign.

 

[leatherback]

Bitcoin falls to $3208....

I may not be the sharpest tool in the shed, but when an investment is falling in value 10% per week, I view it as a bad sign.

Btc back above 4k. Swiss firms starting to accept it as payment..

https://ambcrypto.com/bitcoin-btc-a...erlands-dolder-hotel-and-kessel-auto-dealers/

I have tripled my btc tracker holdings yesterday. Lets hope we get a nice summer and fall without falling.

 

[Bonsai Nut]

Btc back above 4k. Swiss firms starting to accept it as payment..

LOL. It's like people watching the weekly lottery numbers.

Over the last 15 months, market capitalization for all cryptocurrencies combined has fallen 82%. Talk about a crash. When you have that much money leave a market, you have to ask who is still there? Just shysters pumping and dumping while they ride the wave down to oblivion...