Bitcoin

I'm wondering about this new "trend"
An old coin from 2000-2009 that meant to be used as gaming points became the "hotest" currency of now days
Some one who bought 100 bitcoins back then for 100$... if they save them till today could become millionaires

So what do you think?

Comments

  • seafrogseafrog Holy Knight
    Not worth getting into IMO




    bitcoin_zpsutvevywl.png
  • nGhostnGhost Holy Mage
    seafrog wrote: »
    Not worth getting into IMO




    bitcoin_zpsutvevywl.png

    Why? Because it dropped hard lately? A big correction after prolonged increase in price is a sign of a healthy market. It just means that if you get in now you're getting in at a discount. Just wait and see how btc will make even higher highs than the latest 20k peak we had.
  • seafrogseafrog Holy Knight
    nGhost wrote: »
    Why? Because it dropped hard lately? A big correction after prolonged increase in price is a sign of a healthy market. It just means that if you get in now you're getting in at a discount. Just wait and see how btc will make even higher highs than the latest 20k peak we had.


    It's a sign of a "volatile" market ^_^ I understand that there's a set maximum, and until we get to that 21 million there is opportunity to buy in before and reap the rewards.

    My worry stems from the entity, or lack thereof, backing the whole system. If bitcoin were to suddenly start tanking, whats to stop bitcoin wallets from shutting their services down? If I invest in a fund and decide to cash out, my return is already set in dollars (or euros). The fund is legally required to give me my investment in dollars. These dollars, although today not valuable in themselves, used to be, and the rule still stands that if needed they could be backed by gold (which they can't but that's another issue).

    Bitcoins have no backing from anything physical, any tangible good. The mining itself, while using electricity and time, provides no good. If I invested in something backed by dirt, at the end of the day I could still have dirt. Here there is nothing. It's trust. And specifically it's trust in the block chain and the other companies involved, like bitcoin wallets, which could lead to losing everything. If the bitcoin wallet "exchangers" decide at any point that too many people are cashing out, they can just close down. Boom. Wall Street in the US can also do that, but again, it has a government to back it and support it.

    A good friend of made over 100k in a month with another crypto-currency called Ethereum. He's really happy, and I'm happy for him. I know that it works now, and that it may work in the future, but the whole thing just balancing on a very thin rope, and there's no safety net.
  • What the guy above me said sums it up quite well
  • nGhost wrote: »
    Why? Because it dropped hard lately? A big correction after prolonged increase in price is a sign of a healthy market. It just means that if you get in now you're getting in at a discount. Just wait and see how btc will make even higher highs than the latest 20k peak we had.


    cant wait till ur broke after u put ur life savings into investing into nothing l0l
  • it's addictive but also risky. you have to understand it well to become a millionaire
  • thanks for the info, that really helped me a lot.
  • stuart99stuart99 Beginner
    i think i buy bitcoin where her price been 25k$
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