The value of Bitcoin, a digital currency, has just passed the $10,000 mark.
It has increased in value by 10 folds in just one year...
Is this a super bubble or a legitimate investment class?
It is legit! I will add, for now anyway. Many, many very happy people getting rich, some are becoming millionaires very quickly.
My only problem with digital currency is that it can be annulled as quickly as I could delete this post... and it has some abnormalities in it, such as:
Why do these people want my 'worthless' fiat currency in exchange for their precious 'bitcoin' (substitute 'gold' 'silver' or whatever other commodity they are selling)?
Makes no sense.
All the programs that have been sent to me seem to want folk to hold their digital currency for a given period of time.. I've been rich on paper more than once, it actually means nothing until you cash in the investment and convert it into something you hold as a real and tangible asset.
The long term aim of the elites is to ensure that ALL wealth is digitalised, so in time your house will have a digital signature and value, which you can trade with.... until someone decides to close your access and privileges down.
I was involved in compliance for debit and credit cards, anybody in that position can shut your electronic access to your money or assets with ONE click of the button.
Today is NOT a good time to place trust in digital assets.
I think bitcoin is here to stay, but the current value is inflated.
If we end up with no digital infrastructure every currency will lose it's value including gold and silver. So all currencies are the same on that front.
Not true. Gold and silver have intrinsic value. Paper is just an IOU backed up by uncle Sam. Bitcoin is an illusive currency that no one or group control. That is the problem, it can be abused and no one will be held accountable.
Gold and silver has no intrinsic value. It is just analogue bitcoins, shiny and useless and worth whatever the market pretends they are worth. If the internet collapses and the economy falls apart a gold bar is worth less than a tin of beans.
Actually a tin of beans is probably worth more than either of those 'precious' metals when the SHTF and people are starving...
Gold and silver has value because it is used in electronics... they make excellent conductors and it is used in jewelry...they are pure and hold its state for thousands of years...and do not rust like most other metals...they can be used as items to barter...where as paper money is just worth the paper it is printed on. When hyper inflation comes such as in Germany after the war, the Mark was worth literally nothing.
The best suggestion I have heard for the eventual SHTF scenario, was to buy and store bullets of all calibres... the thinking was, if you have bullets, you can protect yourself, and trade or use them to gain assets.
As for me, I will dwell and abide in the protection of Psalm 91.
The ignorance of people when it comes to finance is mind boggling. That is why we continually have scandals and crashes and booms and bust every so many years going back to the 1980s. It is also the reason the pyramid schemes are recurring in various forms and many people fall for the get rich quick schemes. The old adage of a sucker born every second is true today...
New investor, put $9300 in, and in 24 hours earned 20%.
White House: Bitcoin 'being monitored' for possible regulation
* http://www.washingtonexaminer.com/white … le/2642207
I welcome regulation of Bitcoin and the crypto-currencies, to a point. We need regulations around the schemes and all the criminality that goes on, etc . After all, the plan for the future, is the Cryptos.
Where else can you earn 20% in 24 hours?
Sure you have to pay taxes on your gains.
All loses should be written off against the gains.
You can get 100% return on some penny stock or better yet go to the casino and place a bet on roulette red or black. That is exactly what you are doing with bitcoin, gambling...
Do you have a trusted accountant for your portfolio that you can talk to about cryptos?
Here is the truth and bottom line about bitcoin.
It is a bubble that can and will bust just that no one can predict when it will occur.
It is a form of currency that - is ideal for criminals and facilitate criminal activities...
It is subject to no regulations of any kind...which is one of its selling points. However, because of no regulations or accountablity...it is prone to abuse and fraud and criminal activity including being robbed of your assets.
It will die of its own weight and go the way of the tulips...
It will be written about post mortem - and the question would be...how did so many smart people fell for this scam? Just like the dot.com bust in 2000.
Mark my words...come back to this post a few months or years from now.
Nothing good will come of bitcoin.
Another clear sign that bitcoin is bad news...it’s value is unstable and fluctuates moment to moment...
https://finance.yahoo.com/news/bitcoin- … 00407.html
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