Bitcoin Is Over $7,200!

[Joe Flacco]

New ATH

 

[Joe Flacco]

Looking like go time for ETH

 

[Elliott]

*Hand in Air" So if there is only 21 million bit coins and the price has risen to $7000+ and people buy them because of miners, internet, world currency, anonymity, etc., then why doesn't someone create another 'bitcoin' system to create lower price and greater availability? Backed with a similar allgorithim. Why not competition?

 

[Joe Flacco]

*Hand in Air" So if there is only 21 million bit coins and the price has risen to $7000+ and people buy them because of miners, internet, world currency, anonymity, etc., then why doesn't someone create another 'bitcoin' system to create lower price and greater availability? Why not competition?

That's kind of happening right now. I'm no expert but it seems like a lot of different kinds of coins are coming out all the time. I just pay attention to price and the intermediate and long term trend. You should ask Big ol boy.

 

[Non Sequitur]

https://www.bloomberg.com/news/arti...y-to-ditch-stocks-to-keep-bitcoin-rally-alive

 

[timd354]

https://www.bloomberg.com/news/arti...y-to-ditch-stocks-to-keep-bitcoin-rally-alive

There is no doubt that Bitcoin has become a cult it looks like this bubble is going to keep inflating at least for a while...but if you read the headline
Nearly a Third of Millennials Say They'd Rather Own Bitcoin Than Stocks
you have to come away with a strong feeling that this bubble is going to end very badly at some point

 

[timd354]

*Hand in Air" So if there is only 21 million bit coins and the price has risen to $7000+ and people buy them because of miners, internet, world currency, anonymity, etc., then why doesn't someone create another 'bitcoin' system to create lower price and greater availability? Backed with a similar allgorithim. Why not competition?

It has already happened.....there are numerous competitors for Bitcoin

 

[Non Sequitur]

...snip...you have to come away with a strong feeling that this bubble is going to end very badly at some point

I have no doubt, but let’s add a little perspective; trillions were lost in the tech bubble and then the real estate bubble. As of now the entire crypto market is valued at $206B.

 

[timd354]

I have no doubt, but let’s add a little perspective; trillions were lost in the tech bubble and then the real estate bubble. As of now the entire crypto market is valued at $206B.

Yes, there have been plenty of bubbles before and there will be plenty more in the future, but this one is going on right now and is pretty easy to identify...the trick is being able to identify how much further it is going to deflate and when it is going to pop. Since Bitcoin is an asset with absolutely no intrinsic value which means that the value is driven exclusively by market psychology, this is a particularly challenging bubble to figure out since is no good metric by which to measure it. At least the housing bubble was underpinned with an asset that actually has some intrinsic value and the inflation of the bubble was at least somewhat measurable by using certain metrics such as median housing price to median income ratio, and delinquency rates, etc.

 

[djd09]

As of now the entire crypto market is valued at $206B.

This is what kills me. If they are a new "crypto" currency, why are they basing their value on the dollar, still?