Interesting 7 min interview for those who might be having doubts about Bitcoin in this Bear Market. The "Easily Duplicated", "Easily Forked", "No Intrinsic Value", "Bitcoin going to Zero" folks will be proven wrong. They are too entrenched to change viewpoint but you open minded ET people now have a chance to jump on board as BTC bottoms. https://www.glennbeck.com/radio/is-..._campaign=20181204GBDAILY&utm_term=Glenn+Beck
He is just trying to sell his courses. So he has to be positive about Bitcoins, if not he will sell not a single course. Why is he selling courses if he can "proof" that you can become a billionaire in a few months as he will tell you how to do that for just $75??? Maybe read this too: https://dirtyscam.com/reviews/teeka-tiwari/
I am not promoting this guy but the bottom line is the "facts" he itemizes about Bitcoin clearly and concisely summarizes that Bitcoin, and to some extent a few other cryptos, are now a legitimate asset class and those calling it "vapor" and "going to zero" are just out of touch with the reality of the situation.
I always compare these people with lawyers or good salesmen. They always have a good story to proof their point. Reality is that it was the last year a huge bubble that exploded and caused hundreds of billions of losses in capital. All the rest does not matter. Even the best explanation cannot change a drop from $19,000 to below $4,000 in an very good investment. People who are sitting on a huge open loss take any small article that can give them some hope to recover for their reality. They wait till that story becomes reality. That's how many people wipe out their account. They are dreaming and get slaughtered because they are paralyzed. Google: The boiling frog. In the late nineteenth century, a series of experiments were performed on frogs to determine the sensitivity of their nervous systems — temperature being one of them. One such experiment found that a frog was boiled alive without moving because the temperature of the water inside the pot was increased by such small incremental degrees, the frog never noticed. The conclusion being that if you put a frog immediately into boiling water, it will naturally jump free. By putting a frog into cool water, and gradually turning up the heat, the frog will never realize that he is being slowly boiled alive. The only way to avoid this is put hard stops in the market.
I am sure that 99% of bitcoin owners would have sold at $19,000 (or even at $10,000) if they would have known that the bitcoin would crash to below $4,000. So there is no good explanation for staying in bitcoins in 2018 (there never was). But bitcoin owners got boiled at a low pace; just low enough to keep them in crypto's. In hindsight it is clear what should have been done. So they should now admit staying in was a huge mistake. Caused by greed, ignorance and the typical "when it goes up again I will get out and take my loss".
Not much to disagree with in these prior two posts as this type of decline was more than I though possible. I sure wish I had sold at $19,000. But, to the gut level point, do you agree with my premise in post #2074 mainly that Bitcoin is an legitimate asset class, that it will reach a bottom, and will see another bull market?
No, for me crypto's are a fantastically well build ponzi. The way it was build is very original, so it was a brilliant idea. But it still is a ponzi for me. Blockchain can work without crypto's. In fact AXA uses it already without crypto's for some time.