Fear of missing out

This is a discussion on Fear of missing out within the Cryptocurrencies forums, part of the Markets category; Originally Posted by Pat494 Bitcoin might depreciate a lot without China but surely it would not collapse completely, would it ...

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Old Nov 27, 2017, 4:23pm   #16
 
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Originally Posted by Pat494 View Post
Bitcoin might depreciate a lot without China but surely it would not collapse completely, would it ?
Perhaps it needs a billionaire or 2 to support it ?
What is the latest 75% percent of the miners are in China? and their role is a much bigger that just mining... You only need 51 percent of the nodes to get full control of the ledger, so China can do much more damage if they want to... right now all this is way to small for the real players/governments to care... Anonymity in the modern internet is a pipe dream... Just wait and see if real money start to flow out of China...
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Old Nov 27, 2017, 5:05pm   #17
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brewski1984 started this thread Surely banks and governments would do everything they can to control the money just like they do now?
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Old Nov 27, 2017, 5:20pm   #18
 
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why not just spread bet bitcoin?

not looked at a bitcoin chart ever so don't know what movement, trends etc would be there.

but seems to me a relatively safe option of getting price movement exposure without any risk of actually owning bitcoin?

thoughts?
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Old Nov 27, 2017, 5:39pm   #19
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Originally Posted by Lightning McQueen View Post
why not just spread bet bitcoin?

not looked at a bitcoin chart ever so don't know what movement, trends etc would be there.

but seems to me a relatively safe option of getting price movement exposure without any risk of actually owning bitcoin?

thoughts?
Could just be too volatile to trade. Certainly there have been huge dips, but inveriably it turns around and were off to the races again. If trading it, ya need decent capital and minor stakes. Forget about the old risk reward 2% nonesense, these things can halve and double in a day
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Old Nov 27, 2017, 5:41pm   #20
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Surely banks and governments would do everything they can to control the money just like they do now?
Indeed, but I expect they are going to have their work cut out with this One. Disruptive, decentralised and controlled by no one.
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Old Nov 27, 2017, 8:51pm   #21
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Indeed, but I expect they are going to have their work cut out with this One. Disruptive, decentralised and controlled by no one.
No government is going to allow fiat money to be overridden by a currency they have no control over. It undermines central banks ability to maintain price stability and governments can't just print more of it. They also are not going to allow this to be a loophole for laundering or terrorist avenues to funding. Enjoy the ride while it lasts and get out while it's good.
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Old Nov 27, 2017, 9:15pm   #22
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No government is going to allow fiat money to be overridden by a currency they have no control over. It undermines central banks ability to maintain price stability and governments can't just print more of it. They also are not going to allow this to be a loophole for laundering or terrorist avenues to funding. Enjoy the ride while it lasts and get out while it's good.
The challenge will be how to stop it. Unless there is worldwide consensus, it will be impossible. We all know that there will never be consensus don't we!

BTW. Govt's and central bankers are crooks, just in case that has escaped your attention.

https://dailyreckoning.com/fiat-currency/

Might I also suggest you read up on fiat currencies, who's value is backed up by nothing.
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Old Nov 27, 2017, 10:20pm   #23
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Bitcoin bubble dwarfs tulip mania from 400 years ago, Elliott Wave analyst says...

https://www.cnbc.com/2017/07/20/bitc...iott-wave.html

(it's from July)

Last edited by metrader; Nov 27, 2017 at 10:25pm.
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Old Nov 27, 2017, 10:50pm   #24
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There is a well known quote which I think is appropriate regarding the "bitcon" mania “There are three types of people in this world. Firstly, there are people who make things happen. Then there are people who watch things happen. Lastly, there are people who ask, what happened?

Bitcoin has entered a parabolic phase IMO not different to any we have seen in history when it is in a parabolic ascend. We have seen it during the tulip mania; the dotcom era; commodities in terminal phase; and very often in small cap stocks. Speculators see an opportunity to make quick money during this phase provided they also manage the enhanced risk. There is even a parabolic tool available in some charting software that allows you to draw a parabolic curve. As long as prices stay within the curve you stay in the trade. Parabolic moves normally last longer than usually perceived but once it exhaust it tanks even quicker. That is the nature of the beast.

In my view, trying to rationalise the fundamental reasons for the rise is flawed. Blockchain is a technology and unproven in a larger commercial sense. Linking Bitcoin to blockchain in my view is conflating a technology platform with a speculative instrument that serves a niche market. If you wish to speculate in an instrument that is in a parabolic state then trade it as such and know what the exit triggers are. The worst position to be in is trying to justify why you are still holding on to something fundamentally when it is tanking. If you are investing in it because of the potential blockchain technology, then the fundamental question is why is Bitcoin the surrogate valuation of blockchain technology as often seems to be the argument?
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Old Nov 27, 2017, 10:50pm   #25
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The challenge will be how to stop it. Unless there is worldwide consensus, it will be impossible. We all know that there will never be consensus don't we!

BTW. Govt's and central bankers are crooks, just in case that has escaped your attention.

https://dailyreckoning.com/fiat-currency/

Might I also suggest you read up on fiat currencies, who's value is backed up by nothing.

No challenge at all. Simply slap regulation on it or make it illegal like ponzi schemes. As for consensus, no government wants its currency undermined and pressure will be applied to those that don't comply
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Old Nov 27, 2017, 10:58pm   #26
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No challenge at all. Simply slap regulation on it or make it illegal like ponzi schemes. As for consensus, no government wants its currency undermined and pressure will be applied to those that don't comply
This thread is supposed to be about crypto currencies and yet here we are debating fiat currencies.

Since 2008 ALL govt's have been in a currency race to the bottom. Devaluation in order to inflate their way out of debt.

Fiat currencies are the biggest ponzi scheme going.

Govt's in collusion with central banks are stealing everyone's money. It's not even up for debate, it's a fact.
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Old Nov 27, 2017, 11:54pm   #27
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This thread is supposed to be about crypto currencies and yet here we are debating fiat currencies.

Since 2008 ALL govt's have been in a currency race to the bottom. Devaluation in order to inflate their way out of debt.

Fiat currencies are the biggest ponzi scheme going.

Govt's in collusion with central banks are stealing everyone's money. It's not even up for debate, it's a fact.
they sure are "stealing". It pays for the infrastructure and services we need. The race to the bottom is one of many tools central banks use to stimulate economies.2008 introduced a significant factor that was last felt in WW2. I am referring to the coordinated contractions.

Fiat money is a ponzi scheme only to the extent that it is created by banks in the form of credit. This is an intended design after the gold system. Without money creation we would be back to square one where we can't increase the supply. Banks play this crucial role and to most people its a scam but if this is the case then what is the solution? a system with a finite supply isn't the answer.
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Old Nov 28, 2017, 12:17am   #28
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they sure are "stealing". It pays for the infrastructure and services we need. The race to the bottom is one of many tools central banks use to stimulate economies.2008 introduced a significant factor that was last felt in WW2. I am referring to the coordinated contractions.

Fiat money is a ponzi scheme only to the extent that it is created by banks in the form of credit. This is an intended design after the gold system. Without money creation we would be back to square one where we can't increase the supply. Banks play this crucial role and to most people its a scam but if this is the case then what is the solution? a system with a finite supply isn't the answer.
That's why I think there is room for cryptos. Fiat ponzi which is not a store of wealth along side cryptos, gold, land, real estate etc. It's just another asset class which seems to have a following.
I can perfectly understand the hostility towards cryptos and many people will be burned, but there will also be those who clean up and bail at the right time. As with all things, winners and losers.
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Old Nov 28, 2017, 2:45pm   #29
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brewski1984 started this thread It seems almost certain that one day physical money will not exist and a digital global currency will. Something like bitcoin surely has to be the future but right now it's just being traded on emotions and herd mentality?
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Old Nov 28, 2017, 3:08pm   #30
 
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It seems almost certain that one day physical money will not exist and a digital global currency will. Something like bitcoin surely has to be the future but right now it's just being traded on emotions and herd mentality?
The problem is that bitcoin is not a currency, but a commodity... The limited supply is making it so... There is no incentive to spend it, just to hoard it... It will never be a global currency, unless you can deflate it to entice people to spend it...
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