Bitcoin drops after climbing to all-time high

[donnacha]

Just now, ChipButty said:

Bitcoin Price Remains In Strong Uptrend

After a strong close above the $55,000 level, bitcoin price extended its upward move. BTC broke the $56,000 and $57,000 resistance levels. It even cleared the $58,000 level and traded to a new all-time high at $58,350.

That's a bit out of date, currently back down to $48,500 ????

 

[ChipButty]

12 minutes ago, donnacha said:

That's a bit out of date, currently back down to $48,500 ????

 

49,900 on my trusty Nokia 3310

[donnacha]

4 minutes ago, ChipButty said:

49,900 on my trusty Nokia 3310

I should get one!

 

[4MyEgo]

2 hours ago, mr mr said:

just because he is rich and made money in the old world doesn't mean he understands the new one. 

 

Um, I think he has scores of people working for him in the know and they now make him money using his money.

[4MyEgo]

2 hours ago, mr mr said:

btc is worth 1trillion. 

 

I hope this doesn't end up like an Australian share back in the 70's called Poseidon. 

 

The shares of Poseidon had risen to a staggering 125x in value and crossed $100 per share mark, even though months before they were trading at a measly $0.8 per share. Later, the Poseidon share came close to the $200 mark and some brokers had an astronomical target price of over $350 on the Poseidon stock.

 

 

Mayhem ensued in the Australian markets after Poseidon crashed. The Australian government was propelled into action as bitter investors started blaming the government for the lack of regulation present in the market. The government responded to the public clamor by creating a better regulatory mechanism that would ensure that no more bubbles like the Poseidon bubble were allowed to flourish in the markets.

 

The question is, are Cryptocurrencies such as the likes of Bitcoin regulated ?

 

[kiwikeith]

13 hours ago, donnacha said:

An entire article that can be summed up in three words: Bitcoin is volatile.

Every rise is followed by a fallback but it doesn't matter as long as the floor keeps steadily rising, week after week.

Currently, at $54,700 it is 5% below its 24hr high, but 13% up on the week, 70% up on the month, about 100% up since the start of this year, and 450% up on the year.

Don't invest in Bitcoin if you need to take your money out tomorrow but, if you invest for the general rise over the next year or two, you will do fine.

 

Just Tesla and the boys having a bit of fun gambling. 

[fdsa]

4 hours ago, Iron Tongue said:

Warren Buffet has famously said that he will never touch bitcoin.  

• "Cryptocurrencies basically have no value," he said. "You can't do anything with it except sell it to somebody else."

 

fdsa has famously said that he will touch shares.

• "Shares do have a value unlike the cryptocurrencies", he said. "You can not only sell the shares to somebody else but also order them in a paper form and wipe your ass with them"

 

Edited February 23, 2021 by fdsa

[mr mr]

52 minutes ago, 4MyEgo said:

 

I hope this doesn't end up like an Australian share back in the 70's called Poseidon. 

 

The shares of Poseidon had risen to a staggering 125x in value and crossed $100 per share mark, even though months before they were trading at a measly $0.8 per share. Later, the Poseidon share came close to the $200 mark and some brokers had an astronomical target price of over $350 on the Poseidon stock.

 

 

Mayhem ensued in the Australian markets after Poseidon crashed. The Australian government was propelled into action as bitter investors started blaming the government for the lack of regulation present in the market. The government responded to the public clamor by creating a better regulatory mechanism that would ensure that no more bubbles like the Poseidon bubble were allowed to flourish in the markets.

 

The question is, are Cryptocurrencies such as the likes of Bitcoin regulated ?

 

 

it won't. some countries have already put forth some clarity on crypto. others lag behind. i suspect in the next 3 years most of this wild west stuff will be sorted out. new normal and all right ? 

 

this is the new financial system. smart contracts and defi alone are going to change the world and how finances are done. 

 

 

[Nout]

5 hours ago, Mr Dome said:

BTC will continue to experience steep downturns & probably some upticks to new highs.

Are people actually using it to buy stuff?

No response. As with all crypto currencies: How do you dump it for real fiat currencies and use the real money to buy real stuff. Land, property, gold, art etc

[Heng]

Probably the biggest paper "loss" (loss of value, not actual loss) I've ever had.   I feel for those out there who had leveraged positions.   

[fdsa]

47 minutes ago, Nout said:

No response. As with all crypto currencies: How do you dump it for real fiat currencies and use the real money to buy real stuff. Land, property, gold, art etc

There is no way to sell crypto coins for the real money, you just hold them or sell to another fool. Like tulips, you know.

Edited February 23, 2021 by fdsa

[mr mr]

6 minutes ago, fdsa said:

54 minutes ago, Nout said:

No response. As with all crypto currencies: How do you dump it for real fiat currencies and use the real money to buy real stuff. Land, property, gold, art etc

There is no way to sell crypto coins for the real money, you just hold them or sell to another fool. Like tulips, you know.

 

good grief. you might want to hold off on calling people fools when making comments such as yours. 

 

sell tether for baht on bitkub. transfer baht to siam bank from bitkub. place bank card firmly into atm. withdraw said funds to purchase many tulips for my new moon condo. 

 

fdsa......i have a used lambo for sale ? you wanna get all the babes ?

 

the ignorance towards this subject has been clearly shown by many members here. it's funny now to be honest. tulips and defi o my. 

[fdsa]

47 minutes ago, mr mr said:

fdsa......i have a used lambo for sale ? you wanna get all the babes ?

nah, I'm holding until BTC price reaches 150-200k as I want to buy an yacht for 500k. Who needs cars when 70% of our planet is covered by water?

 

Edited February 23, 2021 by fdsa

[Neeranam]

5 hours ago, donnacha said:

I should get one!

 

They are selling them these days with 4g, I saw one in Central

[Neeranam]

1 hour ago, fdsa said:

There is no way to sell crypto coins for the real money, you just hold them or sell to another fool. Like tulips, you know.

Strange, I sold half a bitcoin yesterday and got US dollars. 

[AndyFoxy]

6 hours ago, fdsa said:

There is no way to sell crypto coins for the real money, you just hold them or sell to another fool. Like tulips, you know.

Another option is to use.a Bitcoin ATM.

[Heng]

6 hours ago, AndyFoxy said:

Another option is to use.a Bitcoin ATM.

 

I seriously doubt fdsa really believes that Bitcoin can't be exchanged for fiat or pretty much anything else.  The fact that he/she has internet access suggests that they would be aware of the hundreds of crypto exchanges around the world, Paypal, Square, Coinbase, bitcoin ATMs, etc.   (unless the one site he/she uses is the TV forum and the only people he believes are the eight guys whose primary financial focus is 17th century tulip market and something about emperor's new clothes)  

[Nout]

22 hours ago, ChipButty said:

You can buy a Lambo 

But you can't get money for it.

[ChipButty]

2 hours ago, Nout said:

But you can't get money for it.

What the Lambo?

[Sparktrader]

Buy Nem

[Sparktrader]

Nem doing airdrop soon, free symbol coins

[ukrules]

21 hours ago, Nout said:

No response. As with all crypto currencies: How do you dump it for real fiat currencies and use the real money to buy real stuff. Land, property, gold, art etc

Easily.

[Sparktrader]

1 minute ago, ukrules said:

Easily.

U can buy houses with coins

[fdsa]

Could you walk into the bank with Bitcoins and say "please give me cash for these digits on my computer"?

- no, you can only sell these digits to some other person.

- so Bitcoins == tulips.

 

[ukrules]

5 minutes ago, fdsa said:

Could you walk into the bank with Bitcoins and say "please give me cash for these digits on my computer"?

 

Not in the high street banks....you still need to sell on an exchange and then do a wire

 

Banks like 'BNY Mellon' and 'Bordier & Cie' (an old Swiss private bank) are already actively pursuing Bitcoin related business, it won't be the bank with retail branches but sure, it's coming.

 

You know the kind of bank I'm talking about, the banks that only the wealthy use.

[fdsa]

1 hour ago, ukrules said:

.you still need to sell on an exchange

 

That's what I'm talking about. Until random Joe or random Nout could sell his cryptocurrency in the nearest Kasikorn branch - all this cryptoblather is equal to tulips.

 

Edited February 24, 2021 by fdsa

[ukrules]

1 hour ago, fdsa said:

 

That's what I'm talking about. Until random Joe or random Nout could sell his cryptocurrency in the nearest Kasikorn branch - all this cryptoblather is equal to tulips.

 

Speaking of Tulips, here's a few notable bubbles over the centuries, the whole Tulip thing was nothing more than a 3 year blip.

 

There's one very interesting thing about this little chart...the bubbles, once popped did not go on to 'rise again', that's where Bitcoin differs

 

 

[fdsa]

As I once wrote already - Bitcoin just has a larger time frame :)

also Nasdaq reinflated again already, just take a look at Tesla shares.

[Heng]

Like humanity.  Just blip in the grand scheme of things.  

[rimmae2]

18 hours ago, fdsa said:

As I once wrote already - Bitcoin just has a larger time frame ????

also Nasdaq reinflated again already, just take a look at Tesla shares.

So have you maintained a significant investment in BP or similar share without adding to it for the last 10 years or so and made a fortune?