How soon until Bitcoin crashes?

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Our new regulatory crazy admin may just pull some rail spikes out..

New York attorney general warns cryptocurrency industry: ?Play by the rules or we will shut you down?

New York Attorney General Letitia James on Monday warned individual investors and cryptocurrency industry members about the dangers of the digital assets.
?We?re sending a clear message to the entire industry that you either play by the rules or we will shut you down,? James said in a press release.
James also told investors to ?proceed with extreme caution? when investing in cryptocurrencies.

https://www.cnbc.com/2021/03/01/new-york-attorney-general-warns-cryptocurrency-industry-play-by-the-rules-or-we-will-shut-you-down.html?__source=iosappshare%7Ccom.apple.UIKit.activity.Mail
 
eyephone said:
Elon tweeted that Tesla is no longer accepting Bitcoin. The crypto market is tanking...
Click to expand...

So how long until he tweets that Tesla will be accepting Doge?  Y?all bought Doge at .005, right?
 
While I realize crypto may be the future... I don't trust it.

I recall some blockchain hacks last year or am I remembering wrong?

But then again... our current currency is pretty much digital. :)
 
irvinehomeowner said:
While I realize crypto may be the future... I don't trust it.

I recall some blockchain hacks last year or am I remembering wrong?

But then again... our current currency is pretty much digital. :)
Click to expand...

There are definitely crypto junks. There needs to be more regulations.

But if your worry is about hacking legit crypto like Bitcoin, you really shouldn't be.

Nothing is impossible, but the prevailing consensus is that hacking bitcoin is extremely difficult. (a hacker will have to breach a huge number of servers)

CNBC did an hour long segment deep-diving into this about a month ago. Definitely worth looking up if you're interested.

If your trepidation is based on Bitcoin not being safe to trade, keep in mind that we allow and have tracking stocks, bankrupt companies, pink sheet stocks and unknown derivatives trading on our markets.

The common distrust is Bitcoin not being a tangible asset like gold. But to me they are both financial religions.

Bitcoin is easy to trade/store/create with no delivery issues. It also enables transfer of value locally and globally.

Gold is a hassle. Just look at Ft Knox  ;D

 
The real problem with bitcoin and all the cryptos is stability.  People don't want to transact business in a medium that moves up and down 20% weekly and sometimes daily.  That Tesla you bought last week with bitcoin is not worth 20% more or less this week from last.  The medium is too volatile to use consistently. Turns everyone involved onto a crypto trader whether they like it or not.  I'll stick to the dollar...inflation or no.
 
CV with all due respect, it's a lot more nuanced than that.

Tesla needs to stay ESG and the stock could be removed from ESG portfolios if they didn't do this. Tesla also needs to collect a lot of subsidies tied to its environmental mission. It is a business move, calling it a Ponzi scheme is not entirely accurate.

This is not to say that Elon isn't an opportunistic shark.

But is he really any different from all the talking heads going on Jim Cramer and CNBC to pump their pet stocks?

It's legal, common practice, and morally suspect. But it's not a Ponzi scheme.

Some people are so quick to call Bitcoin a Ponzi scheme. But seemingly lose sight of the fact that Bitcoin, just like fine arts, collectables, gold, baseball cards, limited edition luxury bags, the insane price premium on Eichler houses, rely on perceived value based on relative scarcity.

Are they all Ponzi schemes ?

@ moreaos - it's a bit strange to complain about bitcoin's price stability.

Any clear eye investor would recognize that Bitcoin is like a startup and crypto is an industry in its infancy. The entire value proposition is banking on the future potential and future growth in public adoption.

Price volatility is a feature not a bug in pretty much all early stage companies / industries. Not uniquely a problem with bitcoin.



 
I disagree. Unlike a basic startup that peddles a specific product or service this is an attempt at a medium of exchange.  That requires that all participants agree to some form of ground rules and standards. There are no real rules, consequences, cops or recourse there.  Seen it come and go before...remember Flooz??...ask Whoopi how that went. Or Beenz?... This game has too many dark corners for my taste...have fun with it ..while it lasts.

Flooz.com
Flooz was an idea for virtual currency accumulated like frequent flier miles: You would receive them as bonuses from online merchants, or you could go to the site and purchase more of them.  You then could redeem them for merchandise from participating merchants.

The site was founded in Feb. 1999, and it became better known for having Whoopi Goldberg as its spokeswoman than for what it actually did.  The company announced its closure on Aug. 26, 2001, leaving people with completely worthless Flooz currency, even if they had purchased it as opposed to earning it.  It is estimated that the company had burned through as much as $50 million in venture capital by the time it shut its doors.

Robert Levitan, one of the founders of the company, told The Industry Standard that by mid-2001 the company had been informed by the FBI that it was being targets by Russian criminals in a money laundering scheme.  It was discovered that as much as 19 percent of its transactions had been of a fraudulent nature.
https://youtu.be/4s7V9I7LVp4
https://youtu.be/5o9HEjuXsc0

 
What do you expect when you trade in a medium founded by criminals, for criminals with no repercussions or rules...Don't grasp your pearls in stunned disbelief when you get ripped off....

Elon Musk's ?50million private jet arrives in the UK as it's revealed Tesla made ?200m selling Bitcoin before announcing it would not accept it for purchases
Musk's Gulfstream G650ER private jet touched down at Luton Airport on Friday
A black Mercedes was seen chauffeuring passengers away soon after 4.30pm
The jet's arrival comes after the billionaire's net wealth took a $20m plunge
Tesla's founder said the company would no longer be accepting Bitcoin, despite recently selling selling off around ?200 million worth of the cryptocurrency

https://www.dailymail.co.uk/news/article-9580053/Elon-Musks-50million-private-jet-arrives-UK-nine-hour-flight-California.html
 
@ morekaos - I appreciate you taking the time to respond. But like much of our past discussions on various topics, you keep moving the goal posts.

Even as a crypto enthusiast, I will admit there are legitimate and well articulated arguments against Bitcoin and cryptos.

But what you've said really ain't it.

And it's okay to not like or invest in Bitcoin / Cryptos based on intuitions / feelings. It's quite common. CNBC survey showed 78% of investors over the age of 40 are skeptical of cryptos.

But that's also missing half of the picture.

Same survey showed 82% of investors under the age of 40 are pro cryptos, 64% said they would completely replace gold with crypto as a store of value.

A new study estimates that about 46 million Americans now own at least a share of Bitcoin --  about 17% of the adult population.

It's probably better to keep an open mind when it comes to investment opportunities, especially since the public perception is obviously changing quickly.
https://www.nasdaq.com/articles/about-46-million-americans-now-own-bitcoin-2021-05-14
 
100%...I?m a keep it simple stupid kind of guy. Made a pretty penny my way and it works consistently. Not to be a ?turn down that rock and roll music!? Kind of adult but you wippersnappers have fun! I will stick to
My knitting for now. In my experience it is never really ?different this time?...the names can change but the results remain the same.
 
This scenario plays itself out over and over.. .com...flip this house...commodity trading..gold..forex trading...now this.  Seen em come, seen em go..

As cryptocurrency goes wild, fear grows about who might get hurt

Apps such as Robinhood and Coinbase offer a host of cryptocurrencies to invest in, which users can convert into cash. The ease of trading, experts say, was amplified by the economic and social conditions of the pandemic, which cut people off from live entertainment and casinos, while many Americans had thousands of dollars in stimulus checks to spend.

A viral tweet posted by Nick Maggiulli, chief operating officer at Ritholtz Wealth Management, captured the astronomical growth for those willing to take the risk: If a person who received three government stimulus checks invested the full amounts in Dogecoin - buying in April and December last year and again in March - that portfolio would now hold approximately $500,000 worth of the token.

"Because you get this big price movement, you start to see your friends making money, people have this general fear of missing out and they want to be part of the excitement," said James Putra, vice president of product strategy at TradeStation Crypto, a trading platform. "When you put an entire nation at home, they find interesting ways" to spend their time, he said. "People that never even contemplated trading are now talking to me about moving averages and chart patterns."

https://news.yahoo.com/cryptocurrency-goes-wild-fear-grows-111702388.html
 
I've been exiting my positions in GBTC, RIOT and MARA since early May.  As of today I only have small position in RIOT remaining, since they missed earnings (0.09 vs 0.20).  I'm still holding COIN for now.

The funds from tech and crypto stocks sold have been redirected to Sporting Goods and Boating stocks, including AOUT, ASO, BC, CWH, DKS, FL, HZO, MCFT, NLS, ONEW, and VSTO.

AOUT, HZO, and VSTO are all up over 20% since I started buying last month.  Despite the recent market dip I'm still up ~26% on VSTO.

I have some money in Coinbase and Kraken, invested in ETH, ADA, LINK, GRT, and DOT for fun.  Mostly just a learning experience.
 
Well...not a lot of "nuance" about that..ehh? ;D ;) >:D

Bitcoin?s plunge intensifies, tanks 30% to $30,000 in single day amid broad cryptocurrency sell-off

The digital currency was down more than 30% on the day to $30,015.02, according to Coin Metrics. It hit as low as $30,001.51 as the selling intensified Wednesday morning. The cryptocurrency hasn?t traded below $30,000 since late January.

Wednesday?s decline extended bitcoin?s loss for the past week to more than 40%.

Other cryptocurrencies also plunged on Wednesday. Ether, the digital currency that powers the Ethereum blockchain, was down more than 30% at $2,235, according to Coin Metrics. Dogecoin, a cryptocurrency that started as a joke and has been talked up by Musk, fell more than 30% to about 32 cents.

Additionally, cryptocurrency exchange Coinbase was experiencing an outage for some users as the coins plunged.

https://www.cnbc.com/2021/05/19/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html
 
Yah I know its the new "paradigm" of investments and i am just a simple caveman (your new technology frightens me)  but seems china is in the same cave....

The Crypto crash: Bitcoin plunges 28%, Ethereum 38% and Dogecoin 47% after China cracked down on payments and Elon Musk said Tesla would not accept Bitcoin
China announced Bitcoin will not be allowed in transactions due to fluctuations
Financial institutions also warned investors against trading in cryptocurrency
Elon Musk announced last week Tesla would not accept bitcoin as payment
He spoke out amid environmental concerns involved in mining the currency

https://www.dailymail.co.uk/news/article-9594855/Bitcoin-plunges-value-China-starts-cryptocurrency-crackdown-days-Elon-Musk-warning.html
https://youtu.be/2AzAFqrxfeY
 
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