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Thread: Bitcoin approaches US$10,000 record high

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    Bitcoin approaches US$10,000 record high

    Meanwhile Ethereum marches towards a US$500 valuation.
    Read more.

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    Re: Bitcoin approaches US$10,000 record high

    A few months ago I predicted doom and I have, so far, been proved wrong but, I still don't see the ever increasing value of Bitcoin being sustainable long-term.

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    Re: Bitcoin approaches US$10,000 record high

    bitcoin is heading for a massive bubble and people are getting sucked in.

    Buy now at £7k and it will be worth £15k a month from now...

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    Re: Bitcoin approaches US$10,000 record high

    The bubble may be getting bigger, but it is still a bubble, there is no tangible physical worth to value against crypto-currencies, add in the pressure from governments to stop this overtaking the central banking systems and it is most definitely a ticking time bomb. Some people are set to make a lot, some are set to lose everything. Once the process of the "next fool buying at a higher price" comes to a stall (the only thing keeping this thing floating), this will collapse. If you are sitting on bitcoins, my advice is get rid whilst you still stand to gain, you may kick yourself in a month or so if it goes even higher, but it is better than losing it all when it does go bust.

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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by Friesiansam View Post
    A few months ago I predicted doom and I have, so far, been proved wrong but, I still don't see the ever increasing value of Bitcoin being sustainable long-term.
    Replace "Bitcoin" with "housing" and your point is just as valid.

    My chief concern with cryptocurrency is how on earth would you cash out these paper gains?

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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by spacein_vader View Post
    Replace "Bitcoin" with "housing" and your point is just as valid.

    My chief concern with cryptocurrency is how on earth would you cash out these paper gains?
    But at least with housing you have a tangible asset which historically has never lost value for long (And is in short supply). Bitcoin and the like are valued for values sake and having nothing to back them up (even $/£ have governments to back them up). This one will crash - its just a case of when. If anyone ever finds a flaw in its implementation a lot of people will get poor fast...
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    Re: Bitcoin approaches US$10,000 record high

    Fixing the housing bubble means building hundreds of thousands of houses in the UK alone, which would take some doing.

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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by Xlucine View Post
    Fixing the housing bubble means building hundreds of thousands of houses in the UK alone, which would take some doing.
    There are many other measures which would likely have the same effect. A general economic downturn, a rise in interest rates, removal of various schemes like right-to-buy, help-to-buy and the latest stamp duty waiver, regulations making it harder for overseas individuals to anonymously buy up property as an 'investment opportunity' (read money laundering).

    Bitcoin has gone through so many boom/bust cycles now that I'd be surprised if this were any different. Of course that doesn't make hopping on/off at the right time any easier. Regardless of the boom/bust cycles though the general trend since it's inception has always been upwards with each boom bigger than the last.

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    OilSheikh
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    Re: Bitcoin approaches US$10,000 record high

    Should I buy Bitcoins or not ?

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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by OilSheikh View Post
    Should I buy Bitcoins or not ?
    How about a half-way house I can sell you some bits of coins. Happily do it for £5,000 - so cheaper than bitcoin and I'll be sure to cut up foreign ones so I don't fall foul of any obscure "defacing a coin" legislation. Just PM me if you're interested...

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    Re: Bitcoin approaches US$10,000 record high

    There really is no difference in your examples between bitcoin and cash. That's all that bitcoin is, a currency, and currencies can have different properties that make them more or less attractive than others. The alternative to bitcoin is hard cash, and that changes in value, doesn't it? And not necessarily in bubble-like ways?

    It doesn't seem to matter what value BTC gets to, it seems there will always be people - especially on this forum - who are adamant the crash is just round the corner, with no actual knowledge of when.

    If you want to find out more about currency and bubbles, I suggest you read up on it: https://www.economist.com/news/leaders/21722841-latest-frenzy-tulipmania-gold-rush-or-dotcom-boom-what-if-bitcoin-bubble

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    The late but legendary peterb - Onward and Upward peterb's Avatar
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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by wazzickle View Post
    There really is no difference in your examples between bitcoin and cash. That's all that bitcoin is, a currency, and currencies can have different properties that make them more or less attractive than others. The alternative to bitcoin is hard cash, and that changes in value, doesn't it? And not necessarily in bubble-like ways?

    It doesn't seem to matter what value BTC gets to, it seems there will always be people - especially on this forum - who are adamant the crash is just round the corner, with no actual knowledge of when.

    If you want to find out more about currency and bubbles, I suggest you read up on it: https://www.economist.com/news/leade...bitcoin-bubble
    Currencies are backed by governments or the issuing authorities - which is why some currencies (like the dollar and pound andto some extent the euro) are more stable than others. Bitcoin and other crypto currencies are not, which is why they are so volatile. At some point, someone holding onto bitcoin will sell, and that will trigger selling by others who will panic. Suddenly supply exceeds demand - potential buyers will not buy, so the the demand dries up open further - so no market until the value has dropped so low that a speculator picks them up for a song, and the cycle starts again.
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    Re: Bitcoin approaches US$10,000 record high

    So because this is not backed by any individual authority - because the whole point of it is that it's decentralised - that's why it's a bubble?

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    Re: Bitcoin approaches US$10,000 record high

    Quote Originally Posted by wazzickle View Post
    So because this is not backed by any individual authority - because the whole point of it is that it's decentralised - that's why it's a bubble?
    it's a bubble because it can pop everso fast.

    if people keep wanting to buy it, because it is going up in value, it grows.

    bubbles burst, and as with every bubble ever blown up..... guessing it's popping factor is tough/impossible.

    I know the electricity companies like it though.. and the hardware manufacturers ;-)

    so it's not all been invisible money.......

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    Re: Bitcoin approaches US$10,000 record high

    Bitcoin will go up still.

    I have a gut feeling that it will be superceded by a crypto around the corner. The BTC we have today is changing fast. It maybe that alt-coin will become cash with BTC as gold standard.

    Once people start entering their assets into this digital world it changes everything.

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    Re: Bitcoin approaches US$10,000 record high

    When BTC hit 1000USD for the first time it crashed soon afterwards, however that was probably mainly due to a Mt Gox fiasco perhaps. Will history repeat itself now?
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