Down Goes Bitcoin!

17 comments

• san_jose_guy

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  7 years ago

  If only we could now execute the people who started it.
  
  SJG
• Clubber

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  7 years ago

  Fools gold!
• max_starr

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  7 years ago

  Since I exchange Bitcoin for cash and cash forget Bitcoin I really have no choice but to buy and sell all the time..
• max_starr

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  7 years ago

  I do wish it was a little bit more stable though
• Hugh_G_Rection

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  7 years ago

  Dougster Hard at work:
  
  http://stmedia.stimg.co/ctyp_BitcoinBegg…
• orionsmith

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  7 years ago

  It's a great buying opportunity unless it goes down another 18% tomorrow. Then some more. I was reading it was a great buying opportunity above $8000 a Bitcoin, Now Bitcoin is worth less than $6600. That's a big drop in one day. Wonder how the guy feels who refinanced his house to buy Bitcoin at $18,000? Actually I don't want to know. Ouch. Is all I have to say to that. Don't borrow money to speculate.
• orionsmith

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  7 years ago

  I don't need Bitcoin to speculate. The regular Dow and SP500 are plenty volatile right now. Dow futures down over 800 points right now, SP500 down about 86 right now. If a 1500 point drop and then a 700 point rise followed by a 300 point drop is not volatile enough, then have at Bitcoin.
• ATACdawg

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  7 years ago

  Anybody "investing" in a cryptocurrency backed by absolutely NOTHING is a damn fool. At best they will be taking advantage of other fools.
• orionsmith

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  7 years ago

  Dow futures recovered about 80 Dow points in time it took to post that. Only down at 787 now.
• Clubber

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  7 years ago

  ATAC,
  
  I've asked proponents of bitcoin "What backs a bitcoin?" Usually they say cash money because people buy them. OK, fine. And what happens if no one buys your bitcoin? Can you trade it in at a bank for cash? Can you trade with it in the market? Will a store except it for payment? Of course the answer is no, and they still don't grasp it!
• Hugh_G_Rection

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  7 years ago

  My only question on the burst of the Bitcoin bubble:
  
  Who cleans up the mess when the lemmings start jumping off buildings??
  
• orionsmith

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  7 years ago

  The people who bought puts on Bitcoin futures and have been selling are likely converting a fortune in Bitcoin to real money with puts on futures.
  
  It's all the retail investors holding the bag. I don't think it's over yet. Probably at least one or two more big runs to suck in more people. However I'm no expert. I lost a bunch of money today in the regular market. Then sold most of it. I probably sold something when market was down 1500 points but my brokerage account was having trouble displaying accurate prices.
• Clubber

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  7 years ago

  Anyone wish to invest in a pyramid? Catalog below...
  
  https://www.google.com/search?q=pyramid&…
• realDougster

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  7 years ago

  Update: Bitcoin fell below $6,000 on Tuesday, extending a steep slide that has wiped out over $200 billion of its market value in nearly two months.
  
  The digital currency’s price slid as low as $5,947.40, according to research site CoinDesk. It has fallen 70% since reaching a record high of near $20,000 in December, a drop that’s intensified in recent weeks following a global regulatory crackdown on the cryptocurrency market.
• realDougster

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  7 years ago

  Bitcoin has become a “combination of a bubble, a Ponzi scheme and an environmental disaster,” a top central-banking official cautioned on Tuesday, referring to the large amount of electricity needed to create bitcoin.
  
  https://www.wsj.com/articles/bitcoin-fal…
• twentyfive

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  7 years ago

  ^^^So are you a buyer?
• realDougster

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  7 years ago

  I almost forgot:
  
  Buy! Buy! Buy!