discuss The Bitcoin Bubble...

[DanBingham]

It's safe to say that the value of Bitcoin soared during 2017, with many joining the bitcoin herd.

On Friday this week bitcoin trading was partially suspended as the value of cryptocurrency plummented. So much so that prices dropped by 44% from last week's record highs.

So what does this mean for bitcoin in 2018? Is the bubble about to burst?
What are your predictions?

 

[Kuffy]

You can't suspend Bitcoin trading - it's a decentralised crypto-currency.
What you can do is to suspend fiat currency bets on the price of Bitcoin. The "futures" market is completely fake, as there is no physical delivery, and contracts are settled in fiat.

 

[Lakshan]

You can't suspend Bitcoin trading - it's a decentralised crypto-currency.
What you can do is to suspend fiat currency bets on the price of Bitcoin. The "futures" market is completely fake, as there is no physical delivery, and contracts are settled in fiat.

Completely agree. I can't say this as a bubble. But I can say this has happened to BTC several times. Goes up and make the recorded high. Stay on top for few weeks, then crach close to 50%. After few weeks or months price jumps back making another recorded high.

 

[alcy]

Completely agree. I can't say this as a bubble. But I can say this has happened to BTC several times. Goes up and make the recorded high. Stay on top for few weeks, then crach close to 50%. After few weeks or months price jumps back making another recorded high.

there is a big difference between btc jumping up and down when its in the $100-1000 range.. versus when its in the 20k range.

you cannot draw same conclusion about bubble or no bubble when it goes from 20k to 10k, versus when it goes from 1000$ to 100.

cheers

 

[Kate]

I wouldn't want to use a 'currency' for business, that has such unstable and unpredictable rates.
Not mature at all.

 

[Isac]

You can't suspend Bitcoin trading - it's a decentralised crypto-currency.
What you can do is to suspend fiat currency bets on the price of Bitcoin. The "futures" market is completely fake, as there is no physical delivery, and contracts are settled in fiat.

You have made a very valid point

 

[tech4]

There will be a big bubble soon, as most hackers, and governments like North Korea, Syria, and some others will use it to fund their governments, and wars. In short, if the North Korean crises heat up, they will be withdrawing funds, and the hackers will notice it, and will withdraw too. Causing a massive collapse across the board. Ie, When large domain portfolios sell out, prices across board flat, because most of the news and advertising hype are from large portfolios (they spend more to advertise and sell because they make more) so when a big player affects the market, ie, many big players you have a down market. Something like domain names right now.

But with BTC it is much bigger. I do expect the North Korean war this 2018. No doubt, its not you, its not me, it could be anyone that triggers it. Be ready, take money out, and go back to domain names . I am not rooting for anyone, but I do predict that.

 

[Furquan]

It's price dropped many times in entire history, I don't do analysis what I do is, I buy btc when it's hit as low as I can afford to purchase, then I sell it when it's up again.

 

[Kuffy]

I switched out of US dollars. I think there is much more of a risk in holding them than in holding Bitcoin. I'm a "hodler" though, so a price drop is an opportunity not a loss..

 

[domeen]

It can only go to zero

http://www.businessinsider.com/morgan-stanley-on-bitcoin-value-2017-12

 

[D Haynes]

It can only go to zero

http://www.businessinsider.com/morgan-stanley-on-bitcoin-value-2017-12

http://uk.businessinsider.com/cyberattack-brings-a-cryptocurrency-exchange-to-its-knees-2017-12
That story is just as worrying.

 

[Hireinternet]

Going Back

 

[Jasonn]

many may not remember as they weren't involved or around but after hitting a high of 1k or so by the end of 2013 bitcoin then fell to 250 and then went up to about 400 and stayed in that area until late 2016. it could happen again.

 

[Kuffy]

many may not remember as they weren't involved or around but after hitting a high of 1k or so by the end of 2013 bitcoin then fell to 250 and then went up to about 400 and stayed in that area until late 2016. it could happen again.

If only it would, that would give me a lot more coins for my names.

There is no way that it will stay down, The bankers are too worried about it. That's why they created the fake futures market, and why they are buying coins to remove them from the market. The greater the scarcity, the higher the price. The rapid climb pulled a load of rabbits into the market, and they borrowed money to buy Bitcoin. Now they are saddled with more debt. Globalists like debt, because debt is slavery.

 

[gotasale]

It is a not a scam or fraud
It is a new invention that will change the world

There is world war going on around it

Big owners want to make it successful but it needs funding , research to develop the technology and accelerate the slow transactions

On the other side, bankers, governments, wants to control or make it a failure

Impossible to predict results

 

[creataweb]

HODL

 

[gotasale]

It is not easy to hack bitcoins

Hackers are CIA, FSB, Korean intelligence.... Etc

They will not buy them from you, they will steal them from your account

If they are not successful , they will go to your home and point a gun to your head!

 

[gotasale]

It is not small investors panic selling

It is hackers stealing and dumping down

What a game!

 

[MapleDots]

I wouldn't want to use a 'currency' for business, that has such unstable and unpredictable rates.
Not mature at all.

I totally agree and before considering it as a form of payment one should be mandated to read this article.
https://www.cnbc.com/2017/12/07/kevin-oleary-bitcoin-is-an-asset-not-a-currency.html

 

[urlurl]

can anyone here logically give me a good reason why anyone would use bitcoin as a payment option (please exclude any reasons that would be related to investing/gambling)

 

[briguy]

Completely agree. I can't say this as a bubble. But I can say this has happened to BTC several times. Goes up and make the recorded high. Stay on top for few weeks, then crach close to 50%. After few weeks or months price jumps back making another recorded high.

Kinda of reminds me when I tried being a stock market "day trader"...except in my case, the stocks seem to do that daily..lol

 

[campout]

I switched out of US dollars. I think there is much more of a risk in holding them than in holding Bitcoin. I'm a "hodler" though, so a price drop is an opportunity not a loss..

What do you use to buy more if you "switched out of US dollars?"

 

[campout]

So what does this mean for bitcoin in 2018? Is the bubble about to burst?
What are your predictions?

I predict $55,000 USD per BTC at year end 2018.

FWIW I don't own any and don't plan to buy any. I'd rather play it via owning crypto-related domain names.

 

[Kuffy]

What do you use to buy more if you "switched out of US dollars?"

Domain names

 

[MapleDots]

I switched out of US dollars. I think there is much more of a risk in holding them than in holding Bitcoin. I'm a "hodler" though, so a price drop is an opportunity not a loss..

You need USD to buy domains, most sales are in USD. I get very suspicious if someone asks for bitcoin, if I'm going to release a domain name to someone I want there to be a traceable record of some kind.