How soon until Bitcoin crashes?

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morekaos said:
This has every call sign of a mania.  True believers, no fundamentals, new and ingenious ways of justifying astronomical valuations, amateurs making zillions and tempting other fools into the greater fool loop.  It will last longer that people expect and the nay-sayers have to start questioning themselves...then it will collapse spectacularly!!!
Click to expand...

uh-oh...the naysayers are starting to question their beliefs...that was fast.

Jamie Dimon says he regrets calling bitcoin a fraud

and believes in the technology behind it
J.P. Morgan Chase CEO said he regrets calling bitcoin a fraud.
"The blockchain is real," Dimon tells Fox Business.
Dimon remains concerned about how "governments are going to feel about bitcoin when it gets really big."

https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
 
morekaos said:
morekaos said:
This has every call sign of a mania.  True believers, no fundamentals, new and ingenious ways of justifying astronomical valuations, amateurs making zillions and tempting other fools into the greater fool loop.  It will last longer that people expect and the nay-sayers have to start questioning themselves...then it will collapse spectacularly!!!
Click to expand...

uh-oh...the naysayers are starting to question their beliefs...that was fast.

Jamie Dimon says he regrets calling bitcoin a fraud

and believes in the technology behind it
J.P. Morgan Chase CEO said he regrets calling bitcoin a fraud.
"The blockchain is real," Dimon tells Fox Business.
Dimon remains concerned about how "governments are going to feel about bitcoin when it gets really big."

https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html
Click to expand...

Blockchain can be real...doesn't mean bitcoin or others like will be.  Nations can adopt blockchain technology.
 
Bitcoin itself isn't a fraud, but the prices people are paying are built on speculation and hype.  There's no fundamental value to bitcoin or any of the other 800 currencies out there.

It used to be I only had 1-2 friends that were into crypto investing and they were true believers in the blockchain.  That was about 6 months ago.  Now I can't go anywhere without somebody talking about their bets on different currencies.  These aren't people investing based on their belief in the blockchain, but rather looking for the next lottery ticket, hoping for another 1,000% gain (Bitcoin would have to hit $150,000 for that to happen). 

It's all this dumb money that is driving prices higher right now.  It's the classic definition of a speculative bubble.  Just like '99 when people poured money into any company with a dotcom in the name, or '05 when people would pay any amount for a house because they could flip it 6 months later for a nice gain, or '11 when 'We buy gold' shops were everywhere and you couldn't go on any online forum without hearing about how we should all invest our life savings in gold coins.

This too will crash.
 
This reminds me of Enron.  It took major institutions to buy into the ideas of Enron.  Enron had a whole desk of traders who would trade weather futures to hedge agriculture and recreational companies (IE ski resorts and snow mobile manufacturers)  Today, it sounds ridiculous but it made some sense on the surface and in the end it collapsed spectacularly.  Now major banks are talking about setting up crypto trading desks...look out below!!!
 
morekaos said:
This reminds me of Enron.  It took major institutions to buy into the ideas of Enron.  Enron had a whole desk of traders who would trade weather futures to hedge agriculture and recreational companies (IE ski resorts and snow mobile manufacturers)  Today, it sounds ridiculous but it made some sense on the surface and in the end it collapsed spectacularly.  Now major banks are talking about setting up crypto trading desks...look out below!!!
Click to expand...

But that was actually based upon actual products and needs...bitcoin is literally just made up currency with no support or basis.
 
As soon as Ralphs or Mobil Oil begins taking BitCoin/DogeCoin/Etherium it's always going to be a vaporous investment. If every day use happens, then it's an investment vehicle worth considering.

That said the crash happens either:

A) When your dopey neighbor/uncle/hairdresser says "I'm thinking about buying some bitecash"

or

B) When you have to ask the "how soon until BitCoin crashes?" question to begin with.

My .02c

 
Soylent Green Is People said:
As soon as Ralphs or Mobil Oil begins taking BitCoin/DogeCoin/Etherium it's always going to be a vaporous investment. If every day use happens, then it's an investment vehicle worth considering.

That said the crash happens either:

A) When your dopey neighbor/uncle/hairdresser says "I'm thinking about buying some bitecash"

or

B) When you have to ask the "how soon until BitCoin crashes?" question to begin with.

My .02c
Click to expand...

Than today is the day because I check both those boxes.
 
This is just as funny...and sort of similar

Aug 26 2001
Flooz.com Announces Closure

Started by iVillage co-founder Robert Levitan, the company attempted to establish a currency unique to Internet merchants, somewhat similar in concept to airline frequent flier programs or grocery store stamp books. The name "flooz" was based upon the Arabic word for money, ????, fuloos. Users accumulated flooz credits either as a promotional bonus given away by some internet businesses or purchased directly from flooz.com which then could be redeemed for merchandise at a variety of participating online stores. Adoption of flooz by both merchants and customers proved limited, and it never established itself as a widely recognized medium of exchange, which hindered both its usefulness and appeal.

https://worldhistoryproject.org/2001/8/26/floozcom-announces-closure
 
As I have said in other threads...Never bet against this man...

Buffett on cryptocurrencies: 'I can say almost with certainty that they will come to a bad ending'

Warren Buffett tells CNBC the recent craze over bitcoin and other cryptocurrencies won't end well.
"When it happens or how or anything else, I don't know," the billionaire Berkshire Hathaway chief says.
But he says he would not take a short position on bitcoin futures

https://www.cnbc.com/2018/01/10/buffett-says-cyrptocurrencies-will-almost-certainly-end-badly.html
 
Panic struck the Bitcoin industry this morning as South Korea became the latest in a growing line of countries to turn against the controversial digital currency.

Algeria, Morocco, Bolivia, Ecuador, Kyrgyzstan, Bangladesh and Nepal have all banned or outlawed the use of Bitcoin to varying degrees.

But South Korea?s imminent ban is seen as the most damaging yet, given the size of the South Korean economy and the popularity of Bitcoin there.
Click to expand...
https://www.thememo.com/2018/01/11/...untry-to-ban-bitcoin-and-it-wont-be-the-last/
 
Irvinecommuter said:
Panic struck the Bitcoin industry this morning as South Korea became the latest in a growing line of countries to turn against the controversial digital currency.

Algeria, Morocco, Bolivia, Ecuador, Kyrgyzstan, Bangladesh and Nepal have all banned or outlawed the use of Bitcoin to varying degrees.

But South Korea?s imminent ban is seen as the most damaging yet, given the size of the South Korean economy and the popularity of Bitcoin there.
Click to expand...
https://www.thememo.com/2018/01/11/...untry-to-ban-bitcoin-and-it-wont-be-the-last/
Click to expand...

All of the other countries listed presumably have unstable currencies, so no surprises there.  For a country with a well-developed economy like South Korea to ban crypto trading, it could set the precedent for other developed countries to follow.
 
Liar Loan said:
Irvinecommuter said:
Panic struck the Bitcoin industry this morning as South Korea became the latest in a growing line of countries to turn against the controversial digital currency.

Algeria, Morocco, Bolivia, Ecuador, Kyrgyzstan, Bangladesh and Nepal have all banned or outlawed the use of Bitcoin to varying degrees.

But South Korea?s imminent ban is seen as the most damaging yet, given the size of the South Korean economy and the popularity of Bitcoin there.
Click to expand...
https://www.thememo.com/2018/01/11/...untry-to-ban-bitcoin-and-it-wont-be-the-last/
Click to expand...

All of the other countries listed presumably have unstable currencies, so no surprises there.  For a country with a well-developed economy like South Korea to ban crypto trading, it could set the precedent for other developed countries to follow.
Click to expand...

China is pretty much locking down bitcoin too.
https://www.computerworld.com/artic...urrencies-could-affect-blockchain-growth.html
 
The beginning of the end?
Bitcoin plunges?now down 47 percent from December peak [Updated]
Every major cryptocurrency has seen double-digit losses in the last 24 hours.

Bitcoin's value plunged on Tuesday, falling to $10,300?the lowest value the virtual currency has seen in 2018. Bitcoin's value is down almost 25 percent over the last 24 hours, and down 47 percent from December's all-time high of around $19,500.

https://arstechnica.com/tech-policy/2018/01/bitcoin-plunges-now-down-42-percent-from-december-peak/
Click to expand...
 
Kings said:
The beginning of the end?
Bitcoin plunges?now down 47 percent from December peak [Updated]
Every major cryptocurrency has seen double-digit losses in the last 24 hours.

Bitcoin's value plunged on Tuesday, falling to $10,300?the lowest value the virtual currency has seen in 2018. Bitcoin's value is down almost 25 percent over the last 24 hours, and down 47 percent from December's all-time high of around $19,500.

https://arstechnica.com/tech-policy/2018/01/bitcoin-plunges-now-down-42-percent-from-december-peak/
Click to expand...
Click to expand...

watch out for the head and shoulder fake.
 
All of the top 5 currencies have lost between 35-55% in value since their peak before rebounding slightly today.

The price of Bitcoin actually dipped below $10,000 briefly, which is lower than when I started this thread on Nov 29th.
 
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