BITCOIN IN SERIOUS TROUBLE? BITCOIN CURRENTLY at $2,583 (Great Article inside this message)
Looking at this past week in dealing with bitcoin. Prices have fallen a good $400. Trend line seems to be heading in a downward motion. What will this next week bring? Here is an enlightening article I found to say the least. Put out yesterday. You decide. Is bitcoin in trouble?
Article by Bret Arends (Market Watch)
LINK TO THIS ARTICLE UNDERNEATH
http://www.marketwatch.com/story/stay-away-from-bitcoin-its-complete-garbage-2017-06-15
"It’s now a $100 billion market
Cryptocurrencies, or cybercurrencies, which have been in a massive financial mania until their sudden selloff this week, have two actual applications: online gambling and money laundering. Neither is the heart of a major business model. But that’s it.
And these, preposterously, are the fundamentals behind a mania that has driven these currencies up thirtyfold, so that today, in aggregate, the market for them is a staggering $100 billion.
None of the defenders’ other arguments stack up.
Online currencies are hardly a “store of value” when they have fallen about 30% in a week.
See: Bitcoin is suddenly on pace for its worst week since 2015
Are they really protections against the ravages of “inflation” and “monetary debasement” imposed by wicked governments? If so, how come people who keep their money in bitcoin and ethereum and the like have experienced Weimar Republic levels of consumer-price inflation just this week?
That is, after all, what it means when the price of your “currency” plunges. Bitcoins aren’t just down 30% against the dollar in the past week. They’re down 30% against the potato, the sack of rice, the gallon of gasoline and the new car.
Pure speculation
Admittedly, before all this, the price of these cybercurrencies had skyrocketed. Those who got in at the start of the year have turned $1 into $30. But this looks more like a speculation than a currency. And what will tomorrow bring? I have a pretty good idea how many potatoes I can buy with my dollars next week. Bitcoins? Good luck with that.
Bitcoins aren’t just down 30% against the dollar in the past week. They’re down 30% against the potato, the sack of rice, the gallon of gasoline and the new car.
You notice, incidentally, that these bitcoiners continue to measure the market price of their beloved new currencies in terms of, er, old-fashioned U.S. dollars.
Cybercurrencies may make online purchasing and international money transfers marginally more efficient in theory, if hardly in practice. Would you risk moving your money from dollars into bitcoins just to save a few percentage points in transaction fees? You’ve seen that wiped out many times over this week just in price fluctuations.
Competition from all sides
Bitcoin, the grandaddy of them all, might at one point have claimed value as a unique entity. If it held a monopoly among the people who wanted to use a cryptocurrency so they could play online poker or finance international crime, it would have some worth. Yet in the past few years multiple competitors have erupted. There are now 25 with individual market values above $100 million, several above $1 billion. Yet all the bitcoins in the world are still “valued” at around $40 billion.
Fast-growing rival ethereum was worth bupkis at the start of the year. Today it’s valued at $31 billion, or almost 10 times as much as the company ESRT, -0.05% that owns the Empire State Building.
Preposterous? You make the call."
That's it. You make the Call. Where is bitcoin heading? For me, I'll still be watching from the sidelines on this one. Good Luck.
good article for newbee like me. @crowe
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I haven't bought into crypto yet but should have when I went to The Waves meeting in Vancouver in 2013...It's still a tiny percentage of users worldwide who use this and that number is guaranteed to grow exponentially over the coming decade. My uneducated advice is to buy and hold for the long term ( only what you can afford)...
The fiat currency masters will try and co-opt this tech to their advantage, though, so things like Ripple will be interesting...If I'm understanding it correctly.
I have the same sentiment. Good luck.
The big move are to come in upcoming years... we are faaar away from mainstream, folk son the streets have no clue about bitcoin and other cryptos.... next big move will start when big hedge funds and goverments will start buying in.... even though the growth over the past three months has benn way too fast and the bubble might burts sooner or later the overall market cap is nothing compare to other assets.... expect high volatility, keep your coins and hodl! There will be a huge long term gain!
The one to watch in my opinion is Ethereum. A lot of Big companies and Big Banks have been promoting and buying in. I agree with what you say.
They Tried To Kill Bitcoin 129 Times; Each Time, It Came Back Even Stronger.
http://www.zerohedge.com/news/2017-06-02/they-tried-kill-bitcoin-129-times-each-time-it-came-back-even-stronger
yes, there is so much interest in bitcoin. However Ethereum seems to be taking out some of bitcoins steam. Yes, I believe all are going up as well.
I think in the long run, bitcoin's price will continue to rise! There are always going to be speculators who question the sustainability of crypto currencies. Interestingly enough, those who've held through the dumps and creations of the past have seen their cyrpto portfolio grow 100% of the time if they held. I do think it's very profitable to get out of a bearish market to buy low, but I think if you stay long in crypto currency now, you will be very wealthy in the next few years! Great post!
I'm definitely keeping my eyes on bitcoin. If I pull the trigger it will be on Ethereum. Lot of big backers there.
thats a very sound plan! Check out Iota if you get a chance. I think it could be the next Ethereum!
Could the "Big Money Guys" be manipulating the market to show instability? They have enough money to do it.
Looks like the big boys are backing Ethereum. This is the one to watch in my opinion. Good Luck.
It will be interesting to see.........
Michael, I am following your blog. Looking forward to seeing your posts.
I followed you.
Thank you. I'll be watching yours also.
Thanks Micahel. Have a great day.
You're welcome.
Honestly I belive Bitcoin will have a value of up to $500.000, will get better when all problems with transactions time will be solved
It's quite possible. Especially if the dollar takes a downward dive.
Let's hope so because America will not be able to use bitcoin anymore
I saw some news
Yeah my gut instinct is saying to sit on the sidelines too, but I'm a crypto nooby so who knows, I might regret it later. I've been more interested in Ethereum and other alt coins for long term investments.
I am following your blog.
Ethereum is a wise choice. Good Luck.
yes Ethereum is a good choice.
Bitcoin and other altcoins with the purpose are only going to rise...... who cares for short term correction? Who cares if the bubble we seem to be in right now suddenly pops? I don't, I believe in the long term success so the 30, 40 even 50 percent correction is only welcomed.... Let's check back in 5 or 10 years form now on! I am definitely not watching from the sidelines!
Good luck, and thanks for the comment.
Opinion: Yes it's going down. It has to go down due to the huge upside moves it made too quickly. Once it re-establishes a base it will likely head up again. I have no idea when that will happen.
Nice politically correct answer. I'm with you on this.
FUD