If you own Bitcoin, what will you do when the Bitcoin bubble bursts and you wake up seeing Bitcoin crashed down $500, $600, $700 or more?
Most that own Bitcoin don't even use it for exchange or a currency now to buy whatever; but they merely buy and sell Bitcoin on the exchanges as a vehicle to make (or lose) money.
Bitcoin went up 100%, 500%, 1000% or more from its lows. Big deal! For Bitcoin is no different than the 100's of stocks that went up this amount and more over the last 10 years from their lows.
Bitcoin is merely a speculative vehicle used by people in attempt to profit by it. That's all. Most quickly flooding into the Bitcoin frenzy now will exit Bitcoin just as fast, and they will never have used Bitcoin one time to buy anything, as they are only jumping on the Bitcoin bandwagon now hoping to make money on its short-lived frenzy bubble.
The Bitcoin evangelists say Bitcoin is not centralized, meaning, there is no central authority keeping track of all the Bitcoin trades (buys and sells) that people make. Such are so deceived; for the exchanges they buy and sell Bitcoin on know their identity and they know every buy and sell of Bitcoin they make, from day one. Then, when its time for them to exchange Bitcoin in US Dollars or in whatever Country currency, the exchanges and their banks know every withdraw they make.
So, there is no anonymity with Bitcoin, and the Gov't knows every Bitcoin buy and sell one makes through the Crypto exchanges and banks. However, you can pay cash to buy physical gold and silver and no exchange and no Gov't will ever know it; unlike Bitcoin where the exchanges and banks and the Gov't knows every Bitcoin you will ever buy and sell, which can also be tracked in the block-chain. So, have you reported your Crypto profits on your tax returns. :)
Yes, many people are bashing Bitcoin now hoping to smash down its price, so they can buy Bitcoin much cheaper, unlike us. For think about it, if Bitcoin or anything went up from $1000 to $3000 in a few months; one is making a grave financial mistake by backing up the truck and buying $2500+ Bitcoin now, when such should have been done when Bitcoin was under $1000.
Understand, you didn't hear Goldman Sachs, Jim Cramer, Bix Weir, Clif High, jsnip4, and all the other pumpers praise and pump Bitcoin when it was trading under $500 each (rather, they were all bashing Bitcoin when its price was low to buy it lower). But now, they are all screaming $3900 Bitcoin, $5,000 Bitcoin, $13,000 Bitcoin and $1 million dollar Bitcoin, so the losing Bitcoin bag-holders can buy THEIR Bitcoins now at the top of its short-lived frenzy bubble, before it bursts and crashes down quickly just before the Bitcoin split/fork in August 2017. Get it?
Beware of the Bitcoin hype and Bitcoin lies designed to sucker you into overpaying for Bitcoin.
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endtimenews
Im hoping it crashes down to 10bucks lol so i can buy a load !!!
Never owned Bitcoin, but would gamble and buy it for $10, like you. :)
you deserve an upvote on this one. and yes, it's a frenzy. and does it make any sense to own bitcoin? no, it does not. especially when you can buy litecoin while it's still low )
Thanks captain. Appreciate your time. Yet, the last time litecoin spiked up to current levels, it went back down under $5 (see the chart). So, would be tempted to gamble with litecoin below $5.
You make some great points about main stream media and the hype, however I must point out that Japan has eliminated their 8% tax on bitcoin consumption and is on the verge of approving a system where over 260,000+ retails stores will begin accepting bitcoin as a method of payment.
Please don't get me wrong, I own both cryptocurrency and precious metals now. I think diversification is key. A slow and steady pace for each keeps me stacking at whatever price presents itself.
What happens if Bitcoin becomes worthless and people lose their Bitcoins with the August 2017 split/fork of Bitcoin?
There is a lot of speculation about what will happen in August. To answer your question directly with what you presented, people will flock to LiteCoin which is now up 40% the past couple of days. For those that invested too heavily in Bitcoin, shame on them because putting all of one's eggs in a basket is a high risk play. Just my opinion though as I am fairly new to the world of cryptocurrency.