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Bitcoin Crushes $9,000 on Growing Signs of Mainstream Adoption
- ufo 9y ago> Thought many mainstream finance pundits regard Bitcoin as a bubble, the market has not shown any signs of a so-called “blow off top," meaning a sudden and major reversal is unlikely at the moment. It is hard to take an article seriously when it is built on top of pseudoscience from Investopedia
- scotty79 9y agoAll "knowledge" about investment in speculative instruments is pseudoscience. You can see it when you compare hedge funds with index funds like Warren Buffet did.
- votepaunchy 9y agoAnd yet Warren Buffett consistently beats the market.
- scotty79 9y agoYes. Because he is Warrent Buffet. He does that not because he reads the market but because he drives the market. He, at no fault of his own, is same thing for stocks as penny stock scammers are for penny stock market.
- noway421 9y agoAt this point, apart from investor's demand, what bitcoin is backed by? Did those numerous ICOs actually help to make the market cap sustainable?
- ufo 9y agoNo, but they did attract a new wave of speculators to the ecosystem.
- arcticfox 9y agoNothing, the only reason to buy it is that people think they'll be able to sell it to someone else for more later. Other cryptos are way better at actually doing things.
- haakon 9y agoDemand is probably almost entirely speculative, which is nothing new. The Chicago Mercantile Exchange is launching Bitcoin futures in a few weeks, which I think contributes to the current run-up.
- scotty79 9y agoBitcoin is backed by same thing art is: scarcity, durability, transferability. Anything with these qualities will appreciate in value as wealth of civilisation grows.
- notahacker 9y agoPenny stocks are also scarce, durable and transferable...
- TrickyRick 9y agoPenny stocks are generally not scarce (You can buy a lot of them) not durable (Companies tend to go bankrupt). Gold would be a better analogy.
- notahacker 9y agoPeople can't create new types of gold by taking an open source coin and forking it...
- TrickyRick 9y agoGold is only analogous to Bitcoin (or any one specific crypto), not the entire phenomenon. People can create new companies and list their stock but that in itself has no impact on stock prices.
- haakon 9y agoIt didn't exactly "crush" $9,000. It just nervously touched it, and then fled back. CoinTelegraph is generally garbage.
- paulpauper 9y agoyeah not exactly an impartial source
- steeve 9y agoSerious question: why would one buy Bitcoin except for holding on to it? That seems like a very unhealthy reason imho...
- arcticfox 9y agoThat's all there is to it at this point. Other cryptos are vastly better if you actually want to do anything with it.
- lwansbrough 9y agoIndeed, 7 day moving average of confirmation time is currently 107 minutes. This has gotten as high as 440 minutes, making Bitcoin utterly useless as a transactional currency. It's basically just e-gold now.
- makomk 9y agoOf course, the reason the Bitcoin confirmation time is so high is because it's processing more transactions than every cryptocurrency except Etherium...
- lwansbrough 9y agoEthereum is fast too, and what it comes down to is the fact that the majority of people who use Bitcoin today are invested in it as an investment and not as a currency. Which means any efforts to fix the problem are met with pitchforks because it could disrupt the market and kill the value of their gold.
- nikanj 9y agoOne might buy it, to sell it to a greater fool before the price crashes
- fjarlq 9y agoMoney laundering and terrorist financing are two potential uses (risks) explored by the Financial Action Task Force in this report: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf http://www.fatf-gafi.org/media/fatf/documents/reports/Guidan...
- paulpauper 9y agobitcoin is nice because, unlike paypal, you don't get locked out have have to verify your phone and email and shit like that. as long as you have the private keys, you can spend anywhere
- TrickyRick 9y agoAlso unlike PayPal a transaction takes a few hours instead of a few seconds. Wait, that's not a good thing...
- ionwake 9y agoIt is instantaneous depending on which platform you are using. Maybe you should bother looking into it.
- TrickyRick 9y agoPlatform? Bitcoin is bitcoin, either you use a different crypto (in which case we're no longer talking about bitcoin) or you're using some fluff on top (in which case we're also no longer talking about bitcoin). Have a look at this graph to understand why bitcoin doesn't work as transactional currency https://blockchain.info/charts/avg-confirmation-time https://blockchain.info/charts/avg-confirmation-time
- kown223 9y agoI think he meant how many confirmations they want, 0 confirmations is instant, also unlike paypal you won't get charge-backed.
- kown223 9y agoif you have 9k dollars and you don't need to spend it on something, and you want to save, what are your options, keep it cash, will only loose its value (maybe less in US but in other countries yes with 7% inflation), you would pay bank fees, and the money would do nothing, buy gold, is complicated, you need to make a contract, again pay fees to hold it for you, buy real estate, is to little money, buy stocks, is complicated, which stock, 90% of countries don't even have a stock market, invest it in a business, again.. you don't have time, is complicated, which business etc., art/wine/collectives, to little money, you need to store it, research, etc, So tell me which is a better investment/store of value 9k money, at this moment?, without needing weeks of research and paperwork and fees, etc.
- davidivadavid 9y agoAn ETF tracker?
- randomfinn 9y agoWhat country are you in?
- mdotk 9y ago"Growing Signs of Mainstream Adoption" LOL Bitcoin is unusable for any transactions and has been for some time. That's why the shillers are calling it a "store of value" now.