https://www.wsj.com/articles/can-the-biggest-u-s-bitcoin-exchange-win-over-wall-street-1527418800 Coinbase Inc. did more than any other company to bring U.S. retail investors into digital currencies—and left many feeling burned as bitcoin crashed, plunging about 60% since December. Now, it’s looking for new customers. Earlier this month, the San Francisco-based company unveiled plans for new services aimed at hedge funds and other big investors, such as brokering large-scale cryptocurrency trades. Coinbase is also opening a New York office to focus on Wall Street clients. ... But the end of bitcoin mania raises questions about whether Coinbase’s success has peaked. Its exchange handled about $8 billion worth of digital-currency trades in April, down 78% from its record volume in December, according to CryptoCompare. ... When Coinbase launched, bitcoin was little known outside a small circle of enthusiasts, many of them libertarians inspired by the idea of a currency outside government control. Coinbase always aimed to take bitcoin mainstream, say current and former employees. A major goal was to make it easy to exchange so-called “fiat” currencies—dollars, euros and so on—for bitcoin. That wasn’t always straightforward: Early on, one popular way was for bitcoin aficionados to arrange meetings at Starbucks and swap the digital currency for cash.
I always looked at Bitcoins like pet rocks, beer cans, belt buckles or beanie babies-America's toy of the year, in this case several years before it took off. And now beer cans are worth whatever a pound is selling at, I suspect a coin that is backed by nothing, will have same endings.
Nothing is backed by anything actually. It's all about what people perceived and think, sentiment. If the green back is backed by the government, then who backs the government? If you run through the course of 'backing' of everything, it will eventually end to one thing.
"Nothing is backed by anything actually." Surely commodities are backed by their physical presence if nothing else, a tonne of copper is always backed by a tonne of copper.
I thought all cryptos folks (me included) are having a bad time. This bear market is relentless and could be going on for a while, but you seem to be in worse mood. The comment was more of a general way out in the clouds idea, nothing that would affect any trades short or medium term. Just shooting the breeze on a memorial day weekend, ya know. I looked at my post history and realized we had some exchanges of posts a year ago, and you were quite cordial and interested in bitcoin. Seems you missed out on the entry point back then at around $2,500 per bitcoin. If you get that entry point in the next 2 months, would you consider bitcoin or you're out of cryptos for good?
Actually still long and underwater on my blockchain (not coin) positions. My current response was to a post in your thread that illustrated no basic understanding of basic economics.
Sorry to hear that. This bear market feels like the previous one in 2014. Every rally is being sold. Waiting for some news to turn the cryptos market around, but feels like at least 1-2 months before any of the major events gonna happen (Nasdaq, NYSE, certainly much longer for ETF if ever).
Copper's value is backed by? Bitcoin's value is backed by? Basic economics 101. Supply and demand. The product could be anything, from something voodoo or intangible, to spaceships.