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My bitcoin is worth 550K.....

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  • Originally posted by Cflgridiron View Post

    Blockchain the technology behind cryptocurency is expected to be huge. There are a number of companies getting involved in blockchain.

    Bitcoins do have value and are created by doing work. The main issue I see right now is the value is at a level where theft is an issue. It is also a big risk as I expect the value to go way down due to people cashing out.

    Just one example of a blockchain use case

    https://www.debeersgroup.com/en/news...aceabilit.html
    Since they are divisible, the value shouldn't be such an issue. The issue is some people may have too many.

    Comment


    • Good explanation on the utility of Blockchain

      Comment


      • Originally posted by green View Post
        Good explanation on the utility of Blockchain
        I don't think you linked a specific tweet.

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        • Comment


          • Originally posted by ROFLMAO View Post

            I don't think you linked a specific tweet.
            I'm terrible at this

            http://www.goldmansachs.com/our-thin...&sf178050963=1

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            • And the crash has come

              https://www.google.ca/amp/business.f...ed-selloff/amp

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              • Originally posted by Cflgridiron View Post
                It's somewhat ironic that the creation and success of Bitcoin was due to it being a currency option that wasn't traceable or regulated like standard currency is. Now it's (apparent) downfall is due to worries of Bitcoin being regulated and how that will affect Bitcoin's future, viability, etc.

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                • Why do governments think it's their responsibility to try to regulate cryptocurrencies? How would you even regulate a cryptocurrency?

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                  • Met a guy this week who"s kid has 20, 000 and will not sell. Old Man is livid that he take some out and be set but kid answers that you've been telling me that when it was worth $400K.

                    Comment


                    • Originally posted by Bates View Post
                      Met a guy this week who"s kid has 20, 000 and will not sell. Old Man is livid that he take some out and be set but kid answers that you've been telling me that when it was worth $400K.
                      Sounds similar to a Bre-X stock situation.
                      Rider QB Scrappin in Full Swing

                      Comment


                      • Originally posted by Bigsexydawg View Post

                        Sounds similar to a Bre-X stock situation.
                        That's what the Father and I were discussing. He has millions of dollars, why not just take a million and put it elsewhere?? Seems like a no brainer to me.

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                        • Originally posted by Bates View Post

                          That's what the Father and I were discussing. He has millions of dollars, why not just take a million and put it elsewhere?? Seems like a no brainer to me.
                          Maybe I have missed it in here but it seems like actually selling for cash assets isn't exactly easy. But I agree with you and the kid's father.
                          Rider QB Scrappin in Full Swing

                          Comment


                          • http://business.financialpost.com/te...tended-selloff
                            ‘Bitcoin is deciding whether this is the moment to crash and burn’ — skids to below $10,000 today

                            LONDON/TOKYO — Bitcoin skidded below US$10,000 on Wednesday, halving in value from its peak price, with investors gripped by fears regulators could clamp down on the volatile cryptocurrency that sky-rocketed last year.

                            The price of bitcoin, the world’s biggest and best known cryptocurrency, fell to as low as US$9,500 on the Luxembourg-based Bitstamp exchange, the lowest since Dec. 1.

                            Bitcoin had touched a peak of almost US$20,000 in December — and indeed crossed over that threshold on some exchanges — but has since been roiled by several large selloffs.
                            Other cryptocurrencies plunged as well. Ethereum and Ripple were both down heavily after reports South Korea and China could ban cryptocurrency trading, sparking worries of a wider regulatory crackdown.

                            “There is a lot of panic in the market. People are selling to try and get the hell out of there,” said Charles Hayter, founder of Cryptocompare, which owns cryptocurrencies.

                            “You have more regulatory uncertainty … and because of these falls, you have these other fallouts,” he said, referring to the collapse of some cryptocurrencies in the recent slump in prices.

                            Analysts at Citi said on Wednesday bitcoin could halve again in value amid the current rout, adding that a possible fall to between the US$5,605 and US$5,673 area “looks very likely to be very speedy.”

                            With South Korea, Japan and China all making noises about a regulatory swoop, and officials in France and the United States vowing to investigate cryptocurrencies, there are concerns that global coordination on how to regulate them will accelerate.

                            Officials are expected to debate the rise of bitcoin at the upcoming G20 summit in Argentina in March.

                            “Cryptocurrencies could be capped in the current quarter ahead of the G20 meeting in March, where policymakers could discuss tighter regulations,” said Shuhei Fujise, chief analyst at Alt Design.

                            At its lows on Tuesday, bitcoin suffered its biggest daily decline in four months. It was a far cry from its peak close to US$20,000 in December, when the virtual currency had risen nearly 2,000 per cent over the year.

                            Bitcoin has plummeted before. Marc Singer, an adviser at Singer Xenos in Miami, noted bitcoin fell 93 per cent in value over a five-month period in 2011. The last time bitcoin more than halved in value was from November 2014 to January 2015.

                            Tuesday’s decline followed reports that South Korea’s finance minister had said banning trading in cryptocurrencies is still an option and that Seoul plans a set of measures to clamp down on the “irrational” cryptocurrency investment craze.

                            Separately, a senior Chinese central banker said authorities should ban centralized trading of virtual currencies as well as individuals and businesses that provide related services.

                            “Bitcoin is deciding whether this is the moment to crash and burn,” said Steven Englander, head of strategy at New York-based Rafiki Capital.

                            “My conjecture is that cryptocurrency holders are trying to decide whether to abandon bitcoin because its limitations mean it will be superseded by better products or bet that it can thrive despite them.”

                            WILD SWINGS

                            Cryptocurrencies enjoyed a bumper year in 2017 as mainstream investors entered the market and as an explosion in so-called initial coin offerings (ICOs) – digital, token-based fundraising rounds – drove demand.

                            While many observers say the recent falls show that the bubble has burst, those backing the nascent markets say that regulation is welcomed and wild price swings to be expected.

                            “The volatility of bitcoin – and other crypto currencies – is an expected, and important, part of the journey to becoming a mature asset class. We expect the volatility to continue throughout 2018 but fundamentally believe that bitcoin is still in a bull market,” said Christopher Keshian, co-founder of $APEX Token Fund.

                            Ethereum, the second largest cryptocurrency by market value, was down 27 per cent since Tuesday, according to website CoinMarketCap.

                            Ripple, the third biggest, has lost 32 per cent of its value over the past 24 hours and was quoted at US$0.94, down from a high of US$3.81 on Jan. 4.

                            Bitcoin futures maturing on Wednesday on the CBOE Global Markets Inc’s CBOE Futures Exchange were at US$9,580, with 3,996 contracts traded, after having opened at US$10,850.

                            “The run-up in bitcoin created a mystique of one-way trading which is being shaken, but the pricing requires faith that there will always be demand,” Englander wrote.

                            “This is far from guaranteed given the existence of alternatives with better characteristics.”

                            Comment


                            • Originally posted by Bates View Post
                              Met a guy this week who"s kid has 20, 000 and will not sell. Old Man is livid that he take some out and be set but kid answers that you've been telling me that when it was worth $400K.
                              He had $400 Million worth of Bitcoin (20,000 * $20,000)???

                              Comment


                              • Originally posted by kcountry View Post

                                He had $400 Million worth of Bitcoin (20,000 * $20,000)???
                                Yeah I guess so?? Makes no sense to me. Maybe story isn't that straight forward?? Dad says Son has been doing this for years so maybe he's sold enough to live along the way but he still won't do any major cashout.

                                Comment

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