$10,496.00 for ONE BITCOIN!

Question

I am not a believer. This could get very ugly for anyone buying in at this price. Currencies are not designed to fluctuate in value so dramatically, yet all of the experts say Bitcoin is a currency. Bitcoin is primarily used by drug dealers and others involved in illicit activity.

Further, If you try to buy anything with Bitcoin (in legit places where you can actually spend it), you will not be quoted a price in Bitcoin due to the wild price fluctuations. Thus, you get the price at that moment that the transaction actually takes place. Imagine trying to pay for a new car with Bitcoin, but by the time you negotiate the price of the car in dollars, the price of Bitcoin falls by 10%?

These fluctuations (while now primarily to the upside), will make spending Bitcoin an adventure to say the least.

CNBC had some clown on yesterday that predicted $40,000 on Bitcoin by the summer of 2018. The same said clown, said he had 30% of his net worth invested in Bitcoin. How CNBC makes the decision to put him on air is highly questioned in my mind!

I have a feeling this will not end well.

gambleholic63 · Answer

I am not a believer. This could get very ugly for anyone buying in at this price. Currencies are not designed to fluctuate in value so dramatically, yet all of the experts say Bitcoin is a currency. Bitcoin is primarily used by drug dealers and others involved in illicit activity.

Further, If you try to buy anything with Bitcoin (in legit places where you can actually spend it), you will not be quoted a price in Bitcoin due to the wild price fluctuations. Thus, you get the price at that moment that the transaction actually takes place. Imagine trying to pay for a new car with Bitcoin, but by the time you negotiate the price of the car in dollars, the price of Bitcoin falls by 10%?

These fluctuations (while now primarily to the upside), will make spending Bitcoin an adventure to say the least.

CNBC had some clown on yesterday that predicted $40,000 on Bitcoin by the summer of 2018. The same said clown, said he had 30% of his net worth invested in Bitcoin. How CNBC makes the decision to put him on air is highly questioned in my mind!

I have a feeling this will not end well.

bucknuts · Answer

Not that I agree or think bitcoin is a solid investment but that guy you mentioned called bitcoin 10k end 2017 last yr FWIWI will take my chances picking stocks

gambleholic63 · Answer

Well for a guy with 30% of his net worth after nailing that call, I suppose it's worth many, many millions.....if not more. I just don't understand it completely.

I see computer companies with ads saying "you can mine your own Bitcoin" with our XYZ Computer for only $5,000. It just seems like a scam when that stuff starts happening.

gambleholic63 · Answer

In a span of 3 minutes yesterday, Bitcoin went from $9,900 up to $11,350. The dramatic spike in volume caused several Bitcoin exchanges to become overwhelmed and shut them down temporarily. As a result, Bitcoin tumbled down to $8,900 before recovering back to 10k.

Imagine, once again, that you are in a car dealership attempting to buy a car with Bitcoin when this occurred!

ILPRATO · Answer

Keep knocking it because you don&#x2019;t own any.Yes it&#x2019;s a bubble but in an uptrend and it&#x2019;s a vehicle that can be traded.I have Owned some since 3000 a coin have been selling and buying on the dips. A great day trading vehicle right now.

gambleholic63 · Answer

I&#x27;m not knocking it because I don&#x27;t own any. I have a mil in the markets so I could invest in this if I thought I could make money. I just don&#x27;t understand how something with no actual earnings, or backing (none of this is guaranteed or backed), with exchanges that have had bitcoin disappear completely, is a good idea for anyone. I believe that it will all unravel in the end. When the end will be, I don&#x27;t know.

BIGfnPOO · Answer

i cannot buy or sell foe the last 7 days...my $ is there, whew, but no trades, cust support,3 hrs on hold,then no satisfaction, and still no contact back fom the "support team" so...im sweating the load

Hawky · Answer

it&#x27;s going to go to 100k by 2025. bitcoin owners might not sell until it hits 196k in a recent poll

gambleholic63 · Answer

Not sure of how many noticed, but yesterday Bitcoin won regulator approval and will go live on the CME in 3 weeks. This is a big deal for Bitcoin and it will likely now move higher.

I'm still not buying, but I do like IBM. IBM is a leader in block chain software and hardware solutions and will win regardless of which form of crypto currencies survive. IBM is down 10% on the year ($154) and is coming out of a decade long funk.

2Team_Parlay · Answer

You can get an app like bitcoin and convert bitcoin to cash in a few minutes. It's not really that hard. I'm kicking myself for not buying when I saw it at 3k around may.

I think a similar cryptocurrency thats likely to explode is ethereum. It's about 450 right now but on a steady up tick

BIGfnPOO · Answer

i still cannot buy or  sell...at least i can get in and see the $$...i wish i could cash out some

gambleholic63 · Answer

If you think Bitcoin has been volatile, just wait for 3 weeks from now when the futures go live on the CME. It's going to be crazy.

This will be my opportunity to short Bitcoin, but I will not. Futures are not my game.

2Team_Parlay · Answer

At 17.5k right now.. up 3.5k in 24 hours.. this is crazy

gambleholic63 · Answer

&#xA;This is a classic bubble/mania trap. 97% of Bitcoin owners own 1/10th of a bitcoin or less. Therein lies your answer for how high the price has gone....mom &amp; pop, your neighbor and the pet groomer are all buying Bitcoin. I had a friend that bought in at 10K despite my more conservative recommendations (XLF) and all I can do is eat crow right now. I sincerely hope people make money here, but you need an exit strategy because eventually the music will stop playing.

Hawky · Answer

[Quote: Originally Posted by gambleholic63]  &#xD;&#xA;This is a classic bubble/mania trap. 97% of Bitcoin owners own 1/10th of a bitcoin or less. Therein lies your answer for how high the price has gone....mom &amp; pop, your neighbor and the pet groomer are all buying Bitcoin. I had a friend that bought in at 10K despite my more conservative recommendations (XLF) and all I can do is eat crow right now. I sincerely hope people make money here, but you need an exit strategy because eventually the music will stop playing.  [/Quote]classic money trap, tell that to people who bought at 50 bucks, they won&#x27;t even waste time looking at you let alone listening. when it&#x27;s 100k&#x2B; will the trap be ready?

wallstreetcappers · Answer

Ive wondered a few times if people were to have purchased when Vanzack started the thread long ago (I read it from nearly the first day he posted) how many would have survived the theft and tech issues that have plagued Bitcoin? So many exchanges went under and millions of dollars in theft. With bitcoin there is no insurance or protection from theft...I wonder how many would have survived this long and still have their original holdings?

gambleholic63 · Answer

Your questions are certainly valid and another reason not to get involved. It seems like such a scam.

scooby-doos · Answer

what exactly is bitcoin?   anything can be put online but that does not mean it is real and true...who makes bitcoin? what is the importance ? can it be mistaken as quarter like the dollar piece or canadian nickel? if it is used in the underworld and black markets wouldn&#x27;t governments try to foil it?  where does the value come from...how is it backed??? I do apologize but I do not understand,, thank you for your time...

bucknuts · Answer

Bitcoin is puzzling but there are some of these smaller cryptos that are interesting..I grabbed a small chunk of something called substratum,Ive been reading up on some of these and they are doing some cool stuff.

Sub has an office not even 15 mins away from my house so I thought Id take a gamble on it,I liked what I read and the fact theyre local was a big plus for me,I can actually go see their office..

I didnt want to go through the hassle or risk of linking my bank account to an exchange so I used a bitcoin ATM (10% charge).

They are supposed to release beta next month and holders get coins for using their software and acting as host.I will let you guys know how this goes.Not a big investment atm had a limit of $2999 per day,so I went with limit after fees and transfering to binance and fees there I got over 8000 Sub and my entry price was .32

gambleholic63 · Answer

[Quote: Originally Posted by scooby-doos]  what exactly is bitcoin?   anything can be put online but that does not mean it is real and true...who makes bitcoin? what is the importance ? can it be mistaken as quarter like the dollar piece or canadian nickel? if it is used in the underworld and black markets wouldn&#x27;t governments try to foil it?  where does the value come from...how is it backed??? I do apologize but I do not understand,, thank you for your time...  [/Quote]Scooby....not that I am an expert on Bitcoin, but below is an explanation that might make sense to you.Bitcoin is mined by complex computer software programs and is being marketed as a currency when it is truly a speculative investment. The amount of electricity that it takes to "mine" one Bitcoin is in the neighborhood of $500 and up depending on where you live. Many of the current "Bitcoin" farms are popping up in Antartica, Canada and cold climates to reduce the cost of air conditioning. The big players in this industry, use hundreds of computers all dedicated to mining bitcoin. These computers, while using a lot of electricity, also generate a lot of heat which requires expensive cooling systems. So...it&#x27;s expensive to mine bitcoin and I "suppose" this is where bitcoin gets any "intrinsic value" which it may have. I will explain, at least to my understanding, why Bitcoin could survive in my next post.

gambleholic63 · Answer

So if Bitcoin costs so much to mine, how does it provide value and benefit? I think the answer to this question is very far off into the future. The benefit to bitcoin is supposed to be that it provides a low cost way to transfer bitcoin for goods and services....ie...take on the role of a currency.

In a perfect "Bitcoin world", the cost of mining Bitcoin would be far more cost effective than paying people that currently work for financial institutions. Think of how inefficient our financial system is with regard to how much it costs banks to have physical locations (banks you walk into), employees to run them, and all of the costs involved in that process.

Perhaps one day in the future, we will all be driving flying cars and have robots run all of our errands? That's how far off I think Bitcoin is from realizing its ultimate value. I believe anyone paying $18,000 for one bitcoin will end up VERY disappointed in the endgame scenario.

I'm a believer in the blockchain technology, but not Bitcoin itself.

meraby · Answer

Then buy Ethereum. It is going to go up sharper than it does in recent days. Thank me later. Another 12% hike is expected on Wednesday.

scooby-doos · Answer

sorry guys, I am still confused... so it is computer generated currency made in cold weather? why can&#x27;t it be mined in ny or pa ....it is a computer currency?  was told it is used exclusively on the black market.... how does that work????  sounds fishy,,, like a pyramid scheme... it has this value but no foundation...is there a bank?  is it a actual physical object that you can hold feel and see? like a quarter or shiny penny?  who is in charge of it?

avenue · Answer

Then buy Ethereum. It is going to go up sharper than it does in recent days. Thank me later. Another 12% hike is expected on Wednesday. Ethereum??

bucknuts · Answer

Litecoin was under $100 when BTC made its first run at 17k just a few days ago..its over 3 bagger since..meanwhile the one I picked has traded the same range since my entry .32-.40 multiple times.At some point I will get up nerve to swing these,hell ripple goes from .20-.25 a few times a week.Def some crazy money being made and Im sure lost over there.

$10,496.00 for ONE BITCOIN!

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