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Bitcoin breaks above $20k for the first time ever
- janandonly 6y agoThe last few months bitcoin was already breaking ”all time highs” (in total market cap). In other respects, ₿ is not even close to breaking all time highs, like the RHoDL indicator: https://studio.glassnode.com/metrics?a=BTC&category=indicators&m=indicators.RhodlRatio&mAvg=7 https://studio.glassnode.com/metrics?a=BTC&category=indicato...
- burgerquizz 6y agoWhy is the RHoDL indicator more relevant than others?
- wolco2 6y agoJust a warning based on the past.. those who buy now will see huge drop in value. Setting a record usually is a good time to cash out a bit.
- intotheabyss 6y agoThis would have been terrible advice in 2017 when BTC broke past it's previous ATH of $1300.00. Not saying BTC is going to 10x from here, but a true warning from the past would be not to sell.
- mcguire 6y agoBecause there's no upper limit to what someone will pay you for a random number backed by no assets.
- beamatronic 6y agoYou just described the entire financial system. Everything other than gold or a house falls into this category.
- mcguire 6y agoThat is a false statement. For one thing, gold is not a productive asset; for another a house is not spectacular investment.
- wolco2 6y agoIt would have been when it hit 10,000 and dropped below 5,000 for awhile. Depends on when you cash out.
- arc0 6y agoThe whole "you can't use the past to predict the future" thing goes both ways. It's pretty poor form to give unwarranted investment advice based on ignoring one of the few steadfast principles in finance.
- birdsbirdsbirds 6y agoHasn't the drop in value at the beginning of the year shown that bitcoin doesn't have an inherent value? The price just reflects how much people want in and out. It seems like many people expect the dollar to collapse, so many people want in. When all of those people have exchanged their dollars for bitcoins, who is going to exchange them next? If no more people are in line, the value will drop back to where it was at the beginning of the year. The beauty of a fiat currency is that you can maintain its value simply by adjusting supply. Is there any sign that there is an over-supply of dollar which would justify leaving the dollar until it is crashed?
- tboyd47 6y ago> Hasn't the drop in value at the beginning of the year shown that bitcoin doesn't have an inherent value? The price just reflects how much people want in and out. By that logic, there is no maximum either.
- birdsbirdsbirds 6y agoOnly in an artificial situation. Usually, the value of all bitcoins combined shouldn't be able to exceed the value of all assets of all economies. What could you buy with those coins if not those assets? You can achieve an arbitrary value though if somebody needs to buy an arbitrary small fraction of a bitcoin for some value. But that would only happen if e.g. someone's life depends on acquiring that small fraction.
- tboyd47 6y agoHmm, you may be right. Perhaps the maximum for Bitcoin is the value of all assets of all economies. But then you would be leaving out the service sector ;)
- vmception 6y agoCongratulations you just described every commodities market. This is a limited supply asset that inherits some properties of all other asset classes, some better now, some better after software updates. Cyclical volatility is not controversial amongst commodities traders. Bitcoin happens to attract a lot of stock market traders though, who gain confidence by listening to other stock market traders, which is weird.
- vmception 6y agoIf anyone is ready to stop asking "why" and start asking "how", there is an extremely fast paced and lucrative economy you can be participating in. Pretty much every position pays more in the crypto space (with a huge exception being for VC backed startups, so just close the job board tab it doesn't apply here). You can make more money just babysitting chatrooms. And multiple orders of magnitude more than that doing actual development.
- itodd 6y agoPlot tether market cap against BTC price. They appear to print USDT with no oversight. I fail to see how this is sustainable.
- alainchabat 6y agocan you explain me the link between USDT and BTC ?
- nicolas_ 6y agoThe short version [0] and the long one [1] [0] https://kenkarlo.com/articles/the-scamming-of-tether-on-bitfinex-exchange https://kenkarlo.com/articles/the-scamming-of-tether-on-bitf... [1] https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/ https://www.kalzumeus.com/2019/10/28/tether-and-bitfinex/
- deleted 6y ago[deleted]
- itodd 6y agoUSDT is another "cryptocurrency". I put that in quotes as they can print it at their leisure. They claim to be backed by USD but have never been audited. The market cap grows by billions a month. BTC and USDT is a common trading pair on crypto exchanges. As a result, those behind USDT can print it and buy BTC to manipulate the price. Don't get me started on exchanges allowing you to trade with yourself. This field is tainted with shady practices.
- deleted 6y ago[deleted]
- mekster 6y agoHow hard? People are buying and selling tons of BTC with USDT and if it ends up being a fractional reserve and has been printing billions with nothing backing it up, how much of the BTC price might've come out of thin air?
- capnorange 6y agoinflation adjusted, much needed until ATH :)
- nayuki 6y agoATH = all-time high
- canismajor 6y agoWhat would be your advise on investment at this stage?
- deleted 6y ago[deleted]
- joshstrange 6y agoHmm, I don't really mess with cryptocurrencies any more but I do have a $15/wk BTC buy and I've put in just under $500 since around April and now my balance is ~$910 which is nice. I'm still smacking my head on my desk for formatting my HD that had 100BTC on it back in 2009 that I CPU mined myself (that wasn't even worth $1 total at the time). To be fair I'm certain I would have sold at $4/$8/~$100 so it's not like I would have $2M now haha.
- WhoCaresLies 6y agoreal USD is losing value to BTC lol i don't envy the americans, they are not ready for what's about to come insert_mushroom_emoji ask yourself why people are leaving california for texas (center)