Could bitcoin become the next Swiss bank account?

Discussion in 'Cryptocurrencies' started by johnarb, Mar 8, 2018.

  1. JSOP

    JSOP

    So is our cash. All the foreign currencies are traded around the world 24/7. The only difference is their value doesn't fluctuate as much.
     
    #31     Mar 8, 2018
  2. JSOP

    JSOP

    The only negative about Monero being a surrogate Swiss Bank is, as pointed out by @schweiz seems to be the potentially large fluctuation in value that Monero could go through on exchanges and I agree that doesn't make it an ideal candidate as a storage of value. And the cause of that is because Monero is traded. So what if we restrict the trading of Monero somehow perhaps in terms of volume, would that help in stabilizing the value of Monero? What do you guys think?
     
    #32     Mar 8, 2018
  3. Thanks! I check out a few posts here and there, but haven't been on too much, but I'm hoping for some good distressed debt plays to pop up. I haven't done much of anything with the market lately. I dumped all my cash into housing and haven't looked back. Just closed on my 6th flip since August, so churning and burning. Turned in my resignation at work for 6/1 to go full time :thumbsup:


    Haha PANW was a solid call for sure. I doubled her money outside of the market on those first 3 flips, so she was pretty ecstatic lol.
     
    #33     Mar 8, 2018
    vanzandt likes this.
  4. vanzandt

    vanzandt

    I trade like crap anyway. No need for more headaches. :D
     
    #34     Mar 8, 2018
  5. vanzandt

    vanzandt

    6th flip!?!
    Saaaa-weet.
    Dude... kudos. Impressive!
     
    #35     Mar 8, 2018
    FCXoptions likes this.
  6. Sig

    Sig

    Nice work, that's sweat equity for sure!
     
    #36     Mar 8, 2018
    FCXoptions likes this.
  7. schweiz

    schweiz

    If you don't see the difference in "fluctuation" you are blind. None of the major currencies went up thousands of % and dropped more than 50% in a few weeks. For you probably a small detail that you ignore.
     
    #37     Mar 8, 2018
  8. JSOP

    JSOP

    You misread my statement. Read it again.
     
    #38     Mar 8, 2018
  9. johnarb

    johnarb

    The volatility on Monero $ value is crazy. It gets exacerbated by the volatility of bitcoin/$ as they most often go in the same direction (up or down). In January of last year, Monero was around $11'sh and at the height of bitcoin price, it hit $450'sh. Just yesterday, it was around $370 (as it was on a breakout against bitcoin) and now, it's around $250.

    Here's the thing, though, are we on this trading/investing site asking for low volatility? If Monero (or any cryptocurrency) was as boring as $/Euro, traders would need futures to get the leverage needed. Cryptocurrencies trade like options, with no expiration.

    If people are investing in cryptocurrencies as a get rich quick play, they will most likely be disappointed, unless they are good traders and can time the ups and downs (some big traders are supposed to be making millions on bitmex).

    Maybe in the future, Monero will become a store of value and stable in price as measured in $, but what would that price be? I think it's north of $5,000 (giving it a capitalization of $80-$100B). Hiding wealth is big business and a huge market. Just look at the Paradise Papers leak revealing 13.4 Million accounts and who knows how many trillions of $ in value. If I'm wrong and all the cryptocurrencies crash to zero or even if it's only Monero that goes to zero, the risk rewards seem fair. Like call options...

    https://en.wikipedia.org/wiki/Paradise_Papers
     
    Last edited: Mar 9, 2018
    #39     Mar 9, 2018
  10. schweiz

    schweiz

    This is what you wrote: "The only difference is their value doesn't fluctuate as much."

    Fluctuation of values means to me going up or down. So I don't see what you mean with misreading your statement.

    https://dictionary.cambridge.org/dictionary/english/fluctuate
     
    #40     Mar 9, 2018