Bitcoin (cryptocurrency)

route46 said:
Question people need too ask then is the party just getting started or is it already over?

My Personal opinion is crypto still has at least another 2 years of growth.
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Crypto currency has growth potential.

But at the moment we're in a speculation bubble where people don't understand what it is they are purchasing nor how it derives its value. They're gambling, and gambling on something that they can't explain how it works. Quick buck gold rushers. They're chasing a price.

Some will get out at the right time, most won't and will lose thousands.

What we're seeing is a new digital bubble no different from dot com bubble. Imitators have flooded the market and the price has shot up as people chase the early adopter rewards. None of these imitators will ever be used to actually purchase goods or services. The industry leader isn't fit for purpose and will crash. Everybody thinks they're smart enough to pick the winning horse, everybody always does
 
Damocles said:
I'm clever enough to know a bubble when I see one and get out before I throw money away, yes. You should be too.
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That's why I didn't jump on any of the small coins that shot up this week, as I had no idea when big investors would dump. I prefer slow and steady me with small investments in ICOs. Do find the whole thing interesting, the amount of money involved in rumours and hear say is madness. A rumour started saying China is going to restrict miners of bitcoin, price dropped over 10%, turned out to not be true. Insane, but all I see is opportunity.
 
Scottyboi said:
That's why I didn't jump on any of the small coins that shot up this week, as I had no idea when big investors would dump. I prefer slow and steady me with small investments in ICOs. Do find the whole thing interesting, the amount of money involved in rumours and hear say is madness. A rumour started saying China is going to restrict miners of bitcoin, price dropped over 10%, turned out to not be true. Insane, but all I see is opportunity.
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If you have 10% volatility on your asset based on an unverified internet rumour then that is not a good asset to invest in.

Call me old fashioned but my investments are diversified over a range of products, the purpose of which is to help supplement a post retirement income.

The time to invest in crypto isn't now, in my eyes. Now people should be waiting, reading white papers and keeping an eye on the news. When the crash hits, which it will, surveying the wreckage for the one that is going to be the actually useful product and investing in that is the key.

Nobody made any money buying while everybody else is buying.
 
Scottyboi said:
That's why I didn't jump on any of the small coins that shot up this week, as I had no idea when big investors would dump. I prefer slow and steady me with small investments in ICOs. Do find the whole thing interesting, the amount of money involved in rumours and hear say is madness. A rumour started saying China is going to restrict miners of bitcoin, price dropped over 10%, turned out to not be true. Insane, but all I see is opportunity.
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I don't doubt that Damocles is talking a lot of sense and the rumour mill helps drive the prices up or down which in turn contributes to the bubble, but looking at Ripple for example and you can see it could well be of immense use in the real world so it's not unreasonable to think that it could rocket much further in value.

As for Bitcoin, even if you'd bought in when it was valued at $1000 you would now be looking at returns of 15 or 16 times that. Timing is key when jumping into the market but even if you're late to the party, there are opportunities to still make big money (and lose big money of course!)
 
route46 said:
At what point doesn't it become a bubble? trillion? 100 trillion? Quadrillion?
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When the people who are buying into it are doing so for the value it represents rather than a short term investment to gain them a thousand percent return
 
I agree with Damocles. Looks like youre standard "pump and dump" schemes.

route46 said:
At what point doesn't it become a bubble? trillion? 100 trillion? Quadrillion?
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You don't have the data, neither have we, thats what the troubling part is, ythere is no way to actually determine what the real value is as opposed to stocks where compan'ys actually have to release numbers quarterly of which you can base youre investment.

What we do know is that Bitcoin multiplied it's value by a factor of x16 over the course of a year and that we have no real indication as to why.

It's blind investing. And Wall street has enough smart sharks to exploit that. Pump and dump scheme's are easy to pull of for the big boys and then they are also known for such sudden wild price increases that are a multiple of what it was before.

Atleast recognise that if investors here havn't really got the data to determine the value, that really they are gambling.
 
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What I do agree with is the amount of cryptos on the market being too high but in saying that I will stand by what I originally said for the next 12 month pretty much any crypto will rise.

Reality will then set in and it will be survival of the fittest.
 
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