webfact Posted November 29, 2017 Share Posted November 29, 2017 Bitcoin a bubble waiting to burst, expert warns By The Nation This file picture taken on February 28, 2014 shows a man talking on a mobile phone in a shop displaying a Bitcoin sign during the opening ceremony of the first bitcoin retail shop in Hong Kong./AFP Cybercurrency bitcoin has surpassed US$10,000 in value for the first time since its introduction nine years ago, but a Kasinkornbank researcher says it’s a bubble that’s about to burst. “Bitcoin mania is like the tulip ‘gold rush’ before the investment bubble collapsed in 1637 and the craze for toxic financial products in the US before the global financial crisis of 2007-2008,” said Kobsidthi Silpachai, head of capital markets research at Kasikornbank. He warned that bitcoin has no “economic fundamentals” to back up its soaring value. Paul Krugman, the American Nobel laureate in economics, earlier dubbed the bitcoin “an evil”. To be successful, he said, money must be both a medium of exchange and a reasonably stable store of value. Bitcoin appears not to be a stable store of value, he said. Central bank governor Veerathai Santiprabhob has also warned of high risk in investing in cryptocurrencies because there is no way to regulate them. He said investors searching for high yield in time of high market liquidity and low deposit rates might overlook the riskiest assets class. Bitcoin’s proponents argue, however, that blockchain technology and the ability to bypass central banks make bitcoin transactions more efficient. Bitcoins can be exchanged peer-to-peer without middlemen or regulators. Source: http://www.nationmultimedia.com/detail/Economy/30332790 -- © Copyright The Nation 2017-11-29 Link to comment Share on other sites More sharing options...
Tilacme Posted November 29, 2017 Share Posted November 29, 2017 Unfortunately I missed the bitcoin rush this year but traditional fundamentals are irrelevant. This currency has proved it's safe and, perhaps most importantly is free from any gov interference, and they don't like it at all. Link to comment Share on other sites More sharing options...
BuaBS Posted November 30, 2017 Share Posted November 30, 2017 Kasikornbank missed the boat too then . Link to comment Share on other sites More sharing options...
Colabamumbai Posted November 30, 2017 Share Posted November 30, 2017 Too shy to buy. Too easily hacked. I like the feel of money in my pocket. Link to comment Share on other sites More sharing options...
eddie61 Posted November 30, 2017 Share Posted November 30, 2017 1 hour ago, Colabamumbai said: Too shy to buy. Too easily hacked. I like the feel of money in my pocket. OK, maybe they will print some more for you then!! Link to comment Share on other sites More sharing options...
spidermike007 Posted November 30, 2017 Share Posted November 30, 2017 No doubt, alot of this is being fueled by the mistrust of the system, the incredibly corrupt, and criminal banking system, and the incredibly corrupt and criminal governments behind them. So, my guess is it is going to keep going up in value. I hear some predictions of one million dollars per bitcoin. Sorry, I did not get in when I first heard about it, and it was trading at well under $100 each. Imagine the guys who got in at one or two cents each? Link to comment Share on other sites More sharing options...
timendres Posted November 30, 2017 Share Posted November 30, 2017 The current run up is being fueled by the run up itself. This is classic herd mentality, which is why it is likely to end badly. Long term, crypto-currencies will likely find their niches, and which will succeed is anyone's guess. However, central banks will fight to the death before they let their paper be replaced, and the governments backing them will support that fight. Link to comment Share on other sites More sharing options...
wolf81 Posted November 30, 2017 Share Posted November 30, 2017 4 hours ago, spidermike007 said: No doubt, alot of this is being fueled by the mistrust of the system, the incredibly corrupt, and criminal banking system, and the incredibly corrupt and criminal governments behind them. So, my guess is it is going to keep going up in value. I hear some predictions of one million dollars per bitcoin. Sorry, I did not get in when I first heard about it, and it was trading at well under $100 each. Imagine the guys who got in at one or two cents each? John McAfee (a bit of a crazy guy) did a prediction like that and he believes BTC could already reach a $1.000.000 USD value by 2020. James Altucher believes the same. See: I personally believe BTC will at the very least hit 20.000 USD by the end of 2018, because a lot of hedge funds and the general populace will enter a market that thus far mainly consists of tech nerds. Because of the limited supply, the price will rise in a big way. Link to comment Share on other sites More sharing options...
wolf81 Posted November 30, 2017 Share Posted November 30, 2017 1 hour ago, timendres said: The current run up is being fueled by the run up itself. This is classic herd mentality, which is why it is likely to end badly. Long term, crypto-currencies will likely find their niches, and which will succeed is anyone's guess. However, central banks will fight to the death before they let their paper be replaced, and the governments backing them will support that fight. It seems OMG (OmiseGo) might stand a chance, since they work together with some banks and e.g. the Thai government. OMG is not based on Bitcoin, but on Ethereum. Link to comment Share on other sites More sharing options...
Colabamumbai Posted November 30, 2017 Share Posted November 30, 2017 Satoshi will cash out soon. Link to comment Share on other sites More sharing options...
timendres Posted November 30, 2017 Share Posted November 30, 2017 10 hours ago, wolf81 said: It seems OMG (OmiseGo) might stand a chance, since they work together with some banks and e.g. the Thai government. OMG is not based on Bitcoin, but on Ethereum. Unfortunately, Omise suffers from one critical flaw with respect to any Thai registered company: They cannot conduct any transaction without extracting the 7% VAT tax This is preventing us from using them for any business we do with clients outside of Thailand. Link to comment Share on other sites More sharing options...
bartender100 Posted November 30, 2017 Share Posted November 30, 2017 14 hours ago, timendres said: The current run up is being fueled by the run up itself. This is classic herd mentality, which is why it is likely to end badly. Long term, crypto-currencies will likely find their niches, and which will succeed is anyone's guess. However, central banks will fight to the death before they let their paper be replaced, and the governments backing them will support that fight. The current run up? its been going up for ten years or more. $100 of BC ten years ago worth $75 million now, must be a massive herd Link to comment Share on other sites More sharing options...
timendres Posted December 1, 2017 Share Posted December 1, 2017 11 hours ago, bartender100 said: The current run up? its been going up for ten years or more. $100 of BC ten years ago worth $75 million now, must be a massive herd That is what is commonly referred to as a "hockey stick". AKA "run up". It is fueled by the psychology of "greed" as people feel the angst of missing out. There is no way to predict where the chart will go in terms of altitude. Eventually, greed will be replaced by "fear" and the plunge will be more dramatic. Link to comment Share on other sites More sharing options...
Golden Triangle Posted December 1, 2017 Share Posted December 1, 2017 I'll wait till it goes back to $100 per coin and have a go then Link to comment Share on other sites More sharing options...
bartender100 Posted December 1, 2017 Share Posted December 1, 2017 Back to $10,500 today despite attempts by "experts" to scare people with there opinions or discredit the technology. Other "experts" say there is $billions of financial institution money on the side line waiting to come into the cyrpto and we have seen nothing yet https://coin.fyi/news/ethereum/coinbase-to-add-many-more-coins-in-2018-7elydn Personally I am in ETH and done very well so far. When its a 10x bagger i will hop out Link to comment Share on other sites More sharing options...
Golden Triangle Posted December 1, 2017 Share Posted December 1, 2017 Okay, being a bit of a tech dummy, if I wanted to buy GPB 100 of Ripple, as that seems to be pretty cheap at the moment, and I can afford to waste 100 quid, how the hell do I do it ? Link to comment Share on other sites More sharing options...
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