Nearing $2500.....another risk free investment vehicle that only goes one way.....all the other cryptocurrencies are up hundreds and thousands of Percent...it seems no matter what cryptocurrency it is its only going up....so if you trade these and make thousands of dollars do lay capital gains on these profits?
All combined market caps are now at $90,000,000,000 Remember these are all "virtual" currencies formed out of thin air...
Precisely..."they are just looking at XXX is going up a lot so it has to crash" logic...look at the wealth or market cap. AMZN going down 10% will destroy more wealth than bitcoin going to zero. S2007S complains about healthcare cost etc. If you want to buy drugs illegally, guess what you need? Bitcoin. So how can Bitcoin go to zero? If people who need drugs have to buy bitcoin? I am talking about people without insurance with cancer etc.
How about a relative value argument? All the reasons why bitcoin is useless can be applied to gold. But, with bitcoin, I can send money across the globe.... no customs no stamp no wirefees no government controls. And with bitcoin, a cancer patient can buy drugs without meeting anyone in a shady area. So they should at least be equal in market cap -- bitcoin and gold.
I just keep replaying this tune over and over thismorning, such a good tune to get into a groove with the market, lol i tried to find it on shazam but no dice, wish i could. Great Post LOL!!
You are worried about someone with $200mn...how about Zuckerberg with 100x more? Can't you apply the same argument. Again if FB goes down 10$%...it is far easier and will hurt the same.
I gave two very specific uses of bitcoin that you cannot do with any other store of wealth. If you are still going with the argument that there is nothing backing bitcoin, you surely don't understand that nothing backs the US dollar as well.
You are not talking about one computer...you are talking about miners with more computing power than AMZN or GOOG. Yeah...they will all go offline overnight when people in China are desperate to mine more coins?