Should You Buy Bitcoin Right Now? Don’t Be Stupid

[jj90]

I'm not a bitcoin bug, and actually I'm not all that bullish on bitcoin but to say that crypto is a fad is like saying automobiles will never beat horse drawn carriages. We know how that turned out.

The tech is underpinning the longer term fundamentals, but in the short term there are massive bullish drivers behind all crypto, not just bitcoin.

 

[sle]

Do you pay with files to retailers? All they have to do is make it illegal to accept any crypto for retailers and then you can buy alpaca socks from Peru or Russian political influence from Moscow, but not much else... Ask yourself, what kind of currency is that is not accepted in the Western world? (because the EU will follow the US)

I don't see retail taking bitcoin now and i doubt they ever will. Unless some country adopts bitcoin as their currency it's destined to stay online and in the current state. However, should bitcoin become the main currency of all illicit trade and criminal activity, that would be enough for me i recall that shadow economy is about 10% of global GDP or something like that

 

[Pekelo]

1.I don't see retail taking bitcoin now and i doubt they ever will.
2.should bitcoin become the main currency of all illicit trade and criminal activity,

1. Then it failed to be a valid currency. Thousands of retailers already taking bitcoin though, but that would stop.
2. It already is and has been since Silk Road. That was like 5 years ago, didn't you get the memo?

 

[vanzandt]

Tell you what...I'll go around using my phone to look cool which contributes to others wanting to buy phones to look cool which is what makes our modern economy work, while you sit at home stuffing cash under the mattress in your 1 bedroom apartment waiting for the end of modern civilization like a good conspiracy theorist and only living a bare minimum lifestyle. I promise you will absolutely succeed in not looking cool.

It doesn't have to be an "end of the world" conspiracy scenario.
It can be natural disasters, a malfunction of the grid, etc.
But in keeping with the conspiracy theory (that could NEVER happen)...

http://www.thedailybeast.com/articles/2017/05/19/russias-killer-satellites-re-awaken

FEMA agrees btw.... https://www.ready.gov/kit But what do they know.

But those phones do look cool. Think how many new chicks you'll meet when your I-Phone 8 gets delivered and you can buy a McDouble with one....
"He's soooo hot! Did you see that phone"?!
"I did! And he paid McDonalds with it so you know he has a job! I just love successful men"!

......stupid

 

[S2007S]

Bitcoin now at $2200, gained over $4+ billion dollars in market cap in the last week....the over all cryptocurrency market is now worth over $74 billion.... No one is saying anything about a bubble....

 

[Max E.]

Bitcoin now at $2200, gained over $4+ billion dollars in market cap in the last week....the over all cryptocurrency market is now worth over $74 billion.... No one is saying anything about a bubble....

Just noticed the chart on bitcoin today, admittedly i missed the rise while some friends made money on it, but if anyone who owns bitcoin doesnt sell bit coin right away, they will get punished for greed, guaranteed its down 35% within a month, no shorts to fuel the rise, only an idiot would buy it up here, there is going to be a big pullback here.

I hate being the guy who has to rain on the parade but ive seen this party end the same way repeatedly, one too many times, this is it.

I would be piling in short right now if there was a way to do it and be liquid. CNBC just featured it today too which is what caused the blow off top, lol never fails, CNBC leads the lemmings off a cliff.

 

[jj90]

Plausible there could be a print > 3K before the pullback happens. I wake up everyday and it's +3%. Must be what it was like back in '99.

 

[Max E.]

Plausible there could be a print > 3K before the pullback happens. I wake up everyday and it's +3%. Must be what it was like back in '99.

The difference though is ease of access, and shorts, its pretty hard to figure out how to buy Bitcoin, and you cant short it (Im assuming)

You are right it COULD push through 3k but i would be surprised. Its much harder to get an account going just to buy bitcoin, id be amazed if it made it to 3, with no shorts fueling it, but you could be right, i have no idea how much manipulation goes on with these, could very well be someone can corner the market, but i doubt it.

 

[jj90]

Not sure about that @Max E. Pad since Kraken, Poloniex and any BTC derivative exchange(Bitmex, Okcoin, Cryptofacilities) allows shorting directly or indirectly.

Keep in mind crypto doesn't trade like normal assets. That 40B mkt cap isn't floated like on NYSE/NASDAQ. Marginal buyers are setting the market on like 1B of the asset. Probably why we are seeing it positive almost every day.

 

[vanzandt]

The difference though is ease of access, and shorts, its pretty hard to figure out how to buy Bitcoin, and you cant short it (Im assuming)

You are right it COULD push through 3k but i would be surprised. Its much harder to get an account going just to buy bitcoin, id be amazed if it made it to 3, with no shorts fueling it, but you could be right, i have no idea how much manipulation goes on with these, could very well be someone can corner the market, but i doubt it.

Shussssh on the shorting of this scam Max!

The plan is....We're gonna wait for the ETF to come out.... let it skyrocket the first two or three days.... and then were gonna buy so many puts on the bitch we'll be on the cover of Forbes three months later.