Bitcoin Falls to USD 6000

[Haroon Basha]

Bitcoin price dropped to 4 month low, USD 6000 on Friday June 22, 2018. Is this an opportunity to buy or Stay away from Cryptocurrencies? Please share your views.

 

[alcy]

imo btc will eventually be worthless... when .. no one knows.. in the exact same way that the average joe blow had no clue if or when or by how much btc will increase in value from the few cents it was worth years ago... originally..

so if u can make money with btc in meantime.. while it has value... more power to you.. that'd be the essence of this gamble.. to make money from it while it has value... a gamble which you or I will either take.. or not take.

but the trend and tech and ideas btc started... now reflected by countless coins.. will continue into future.. and one day may be used globally ... completely mainstream.. whether when that happens, making money off currencies will still be a possiblity or a thing or the main purpose behind it all.. is an entirely different matter.

 

[Kate]

BTC is not sustainable. Unstable, manipulated.
Huge waste of electricity.
Probably the technology (blockchain) has a future, but cybercurrencies are much too volatile. Even less trustworthy than fiat.

 

[namemarket]

.....Even less trustworthy than fiat.

Agree but I would add emphasis to it as it looks to be FAR less than fiat, really little comparison.

One thing that I have always wondered about but don't recall it being discussed is does BTC actually have a base value? I am not sure but do not think it has a value but I may be wrong. If so, please correct me.

If BTC has no real value I can see it dropping to extremely low levels eventually, especially with more and more countries and places like Google banning it, plus possibility of exchanges or dealers closing over time and fraud potential, and short sellers etc.

 

[namemarket]

Of course, fiat currencies may also not have a base value such as the Dollar once did when backed by Gold however its value today is from governments giving it intrinsic value combined with the nations banking system, such as the USD which is guaranteed by the full faith and credit of the US Gov. With Bitcoin there are no guarantees I know of, in fact it's the opposite situation in some nations where BTC is banned by the banks.

 

[urlurl]

$5,926.85 $3,418,840,000 17,111,825 BTC -3.52%

dropped below $6k!

 

[Deepak Bhandari]

Stay Away

 

[BrandMart]

$5,926.85 $3,418,840,000 17,111,825 BTC -3.52%

dropped below $6k!

 

[Kate]

Of course, fiat currencies may also not have a base value such as the Dollar once did when backed by Gold however its value today is from governments giving it intrinsic value combined with the nations banking system, such as the USD which is guaranteed by the full faith and credit of the US Gov.

Governments still have gold, and some tangible assets and land is the ultimate collateral. It's not enough but probably better than nothing. Governments also have options to tax people and levy revenue.

BTC looks a lot like a game of musical chairs, it works as long as people play the game, but everybody knows it's all a sham and watching who (or what) is going to flinch first.

BTC is also facing competition from other cybercurrencies that are equally unstable, and we are even seeing forks.
All I see is speculation, but shouldn't the primary purpose of money be to favor exchange ?

 

[namemarket]

......BTC looks a lot like a game of musical chairs, it works as long as people play the game, but everybody knows it's all a sham and watching who (or what) is going to flinch first......

The tulip bulb mania took place in Europe in the 1600's a time period when tulip-bulbs reached stunning prices and suddenly collapsed. At its peak in year 1637 tulip mania which was caused by extraordinary popular delusions and madness of crowds, futures contracts sold for more than ten times 17th century average annual income of a Dutch (today's Netherlands) skilled worker.

In Feb 1637 Dutch commodity futures exchange prices on a single tulip bulb sold for an astonishing 5,400 Guilders, which was more than cost of buying a nice Amsterdam house! About a year after the big run-up stated in 1636 and 3 months after its peak prices dropped to near zero. Incredible!

 

[Kate]

It reminds me of the .mobi timeline

 

[strugar]

The tulip bulb mania took place in Europe in the 1600's a time period when tulip-bulbs reached stunning prices and suddenly collapsed. At its peak in year 1637 tulip mania which was caused by extraordinary popular delusions and madness of crowds, futures contracts sold for more than ten times 17th century average annual income of a Dutch (today's Netherlands) skilled worker.

In Feb 1637 Dutch commodity futures exchange prices on a single tulip bulb sold for an astonishing 5,400 Guilders, which was more than cost of buying a nice Amsterdam house! About a year after the big run-up stated in 1636 and 3 months after its peak prices dropped to near zero. Incredible!

Andrei from DomainingTips recently shared his book "The Age Of Anomaly", it's great read, including tulip mania. If interested, you can check if he still gives it away:

https://www.namepros.com/threads/free-copies-of-my-new-book-andrei-from-domainingtips.1042755/

 

[Keith]

While it appears that the market is disintegrating, it’s extremely strong. In fact, btc was only $2500 a year ago and now it’s more than double that.

The crypto space is only going to grow as regulations and security are put into action. A few years from now a lot of people will be saying, if I only invested back then...

 

[rickypham]

I put a domain name for sale to get BTC but seemly they prefer keep coin
https://www.namepros.com/threads/grew-com-for-sale.1086092/

 

[Haroon Basha]

Bitcoin"s main hurdles and number one villains are the governments. They do not want Bitcoin to prosper.

 

[-EM-]

Bitcoin"s main hurdles and number one villains are the governments. They do not want Bitcoin to prosper.

And they are right.

 

[urljunky]

It is funny that people who do not own bitcoin hate it and those that do, love it.
GO BITCOIN!!