Bitcoin plunging, correction or bad news

Just some cashing in. There are more suckers born every minute who will buy into the next epic rise of Bitcoin again.

Gordon Gekko wrote:

Just some cashing in. There are more suckers born every minute who will buy into the next epic rise of Bitcoin again.

Those who were loyal made good money still. Stock market feeds off idiots/sheep who buy at the peak (late to the party).

Bitcoin, aka bitchcoin, is the worst form of currency ever created. It is a joke and a disrespect to every OFFICIAL form of currency printed by any government. I hope this is the end times for this hipster P.O.S. computer mumbo jumbo.

All I can say is that this is not a good sign in my opinion. I would start restocking on toilet paper because I'm guessing there will be a run on the grocery stores in the next 24-48hrs.

It goes up. It goes down. It produces no product and earns no profits. It is essentially worthless. The only thing driving the valuation is speculation. Quite honestly, gold is a better hedge against currency deflation only because it does have some intrinsic value in electronics, jewelry, etc. Crypto is only really used commercially by computer geeks, criminals and Venezuelans.

Gordon Gekko wrote:

Just some cashing in. There are more suckers born every minute who will buy into the next epic rise of Bitcoin again.

Yep you can make money by cashing in. But for every dollar cashed in a dollar will be lost in the crash which will come.

At this point, I shouldn't be surprised because $40K makes as much sense for something that is worthless as $40. Maybe it could go to $100K. When you listen to the people who defend crypto as something of value it's hilarious. No concept of what gives an asset or commodity value. I would call this Tulip Mania 2.0 but a Tulip is actually something that has some value. Bitcoin actually has negative value because not only is it worthless but it requires a massive amount of money to maintain.

bitcoin is dumb but speculative bubbles can go a lot longer and further than you think. I wouldn't be surprised if BTC was at $100k or $5k by April. It seems to correlate with speculative tech stocks so you might keep an eye on those.

joedirtty wrote:

It goes up. It goes down. It produces no product and earns no profits. It is essentially worthless. The only thing driving the valuation is speculation. Quite honestly, gold is a better hedge against currency deflation only because it does have some intrinsic value in electronics, jewelry, etc. Crypto is only really used commercially by computer geeks, criminals and Venezuelans.

This. In 2 years I can see it being worth 100k or being worth $5. The blockchain technology is interesting, but as currency, I mean...any government can ban it and then what?

Trump needed to pull out some of his BTC to keep his business afloat.

steve the addict wrote:

Down significantly, 6 grand US down in like 3 days. Correction or sign of collapse?

Correction. Bitcoin is for the big boys or gals, in other words, be able to handle the roller coaster for the long ride.?