Down Goes Bitcoin!

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

SJG

Fools gold!

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

I do wish it was a little bit more stable though

Dougster Hard at work:

http://stmedia.stimg.co/ctyp_B…

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.

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.

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

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

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!

My only question on the burst of the Bitcoin bubble:

Who cleans up the mess when the lemmings start jumping off buildings??

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.

Anyone wish to invest in a pyramid? Catalog below...

https://www.google.com/search?…

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.

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/b…

^^^So are you a buyer?

I almost forgot:

Buy! Buy! Buy!