Bitcoin hit a high of $8,458 today on coinbase. I'm calling it. This is the end of Bitcoin

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JackRab said:
I was commenting on your explanation that BTC isn't virtual since it can be stored offline... another one of those bitcoin fallacies.
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I was commenting on the same thing. By your definition your currency bills are virtual currency.
 
gkishot said:
I was commenting on the same thing. By your definition your currency bills are virtual currency.
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Indeed, im not by any means saying BTC is a tangible asset like a house or gold etc. But the money you see on your bank statement is basically virtual. It can be used to purchase tangible goods, but you can't turn up at a bank and exchange it for bullion. It is just numbers on a screen backed by the "faith" those numbers can be used as legal tender. If the financial community suddenly decided USD wasn't to be trusted those numbers on your online bank statement would be no more useful than a load of BTC binary code.

Is BTC a trusted means of transaction? Well compared to $,£,EURO certainly not.. does it have some transactional value? Yes, some countries are starting to adopt it as legal tender, CME will start treating it as a legitimate asset class. The question is will its use as legal tender increase over time? If yes BTC will rise in price exponentially, if no, then short it. That's the argument.. in a nutshell.

But to claim BTC is "virtual" therefore worthless is far from accurate, all money is pretty much virtual unless we go back to a gold standard.
 
tommo said:
But to claim BTC is "virtual" therefore worthless is far from accurate, all money is pretty much virtual unless we go back to a gold standard.
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And aside from some minor intrinsic value gold is basically faith based as well.

The only thing with actual intrinsic value is that which is utterly necessary to survive.
 
peilthetraveler said:
The only reason to buy bitcoin, is the thought of selling it for more at a later date. I think we've got all the bag holders in now. Time to liquidate.
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Whats your target for the correction, zero?
 
I bought some around $5300. Then some more at $6K+, $7K, and $8K. Obviously not in huge quantity. It's quite expensive. But at least to get exposure to this asset class. I don't think this is the top. Far from it. Institutions are just beginning to look into Bitcoin. And too many FOMO types that will jump in and ramp up the prices more.

Definitely I will not be surprised to see $10K by yearend. After that I don't know. Some superbull predicts $100K a Bitcoin. I don't know if that's the right price or not. Seems pretty outlandish. But markets can be really irrational. Look at equity markets at all time highs and just in super momentum mode.

Who knows.

Eventually I would get out. I don't know where the top is but I will miss the very top. But I will get out at a pretty high price. And that price is not $8K...
 
El OchoCinco said:
The whole purpose to buy stupid things (stocks, futures, currency) is to sell it for more at a later date...

did you miss that ?
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Maybe I didn't say that right. What I meant was there is no other reason for bitcoin to go up in value other than the belief it will go up in value. Bitcoin has been around for 8 years now and hasn't been adopted by the mainstream to use in everyday life. A few years ago before apple pay and google wallet, bitcoin stood a real shot of actually doing something other than just being a speculative investment. Now there is no reason to own it. They got beat to market and bitcoin is now only worth whatever the greater fool tells you it's worth which is a pretty dangerous gamble.
 
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