When will BITCOIN Tank?

[Smack dat]

On March the 1st 2017 I posted that Bitcoin had hit £1000 for the first time.

Exactly 6 months later and ONE BITCOIN is worth exactly £3,764

Of course, this increase was expected and most believe the price will continue to rise after corrections.
My question is when will the next correction happen.

[pimpmaster9000]

When the first larger exchanger gets raided by the government...

[ruff]

My question is when will the next correction happen.

September 7, 2017.

[jscott]

When the first larger exchanger gets raided by the government...

It happened already, mtgox, why is bitcoin still around? (btc-e, coins.mx, etc etc)

.. stay outta these threads, you looking more and more like a fool everytime

[rowan]

Historically BTC has crashed and then recovered to a greater value. This has happened 3 or 4 times now. If you believe in history repeating itself, you want it to crash, so you can buy, buy, buy.

That assumes that Bitcoin Core stays king.

[pimpmaster9000]

It happened already, mtgox, why is bitcoin still around? (btc-e, coins.mx, etc etc)

.. stay outta these threads, you looking more and more like a fool everytime

mtgox went bankrupt...it did not get raided by the gov, they plain stole from their customers and split with the money...bitoins price crashed just like I said...the site used to initially trade magic the gathering cards

here is the inherent problem with bitcoin...99% of all users use it for speculation or crime and not actual trading...it is cumbersome for every day use and 95% of the worlds population will never use it...it is speculation coin, its main purpose is gambling...at some time the value will rise so much that people will want to cash out on their ponzi coins...I guarantee that the exchangers will not have the money to pay out LOL

[lagwagon]

tomorrow

[Smack dat]

mtgox went bankrupt...it did not get raided by the gov, they plain stole from their customers and split with the money...bitoins price crashed just like I said...the site used to initially trade magic the gathering cards

here is the inherent problem with bitcoin...99% of all users use it for speculation or crime and not actual trading...it is cumbersome for every day use and 95% of the worlds population will never use it...it is speculation coin, its main purpose is gambling...at some time the value will rise so much that people will want to cash out on their ponzi coins...I guarantee that the exchangers will not have the money to pay out LOL

Sounds like gold.

[Barry-xlovecam]

Uncharted territory
Good luck to the winners

[pimpmaster9000]

Sounds like gold.

gold has been a physical store of value for thousands of years and it is physically protected by armies...fort knox would be a good example...it is relatively non volatile and is not actually used for speculation...


bitcoin on the other hand is hugely speculative and rests on "glass legs"...over 90% of the bitcoin trade is done by 3 exchangers in china/asia...here is the last 2 years:

https://data.bitcoinity.org/markets/volume/2y?c=e&t=b

considering the bulk of the trade (speculation) is done in a region where the government can shut it down for no reason at all, I would say a comparison to gold is wrong...the fiat money that was put in to the system is there for the asian governments taking...think about that...

[jscott]

You can hold full value of your bitcoin in your hand, away from any exchange. To call bitcoin a ponzi is false 100% no matter how you look at it. Your attack on crypto is nothing new, and totally fine, but when you reach so low to call it ponzi really devalues any opinion of yours.

Now you show graphs, speak about Chinese money involvement, sure that is fair game fight it this way please, fair.

Bitcoinity is good, another one here https://coinmarketcap.com/currencies/bitcoin/#markets
of the exchanges listing BTC by volume, quite a lot of money coming from all over the world, esp USA, China

[pimpmaster9000]

You can hold full value of your bitcoin in your hand, away from any exchange. To call bitcoin a ponzi is false 100% no matter how you look at it. Your attack on crypto is nothing new, and totally fine, but when you reach so low to call it ponzi really devalues any opinion of yours.

Now you show graphs, speak about Chinese money involvement, sure that is fair game fight it this way please, fair.

Bitcoinity is good, another one here https://coinmarketcap.com/currencies/bitcoin/#markets
of the exchanges listing BTC by volume, quite a lot of money coming from all over the world, esp USA, China

my chart is from the last 2 years of trade, yours is in the last 24 hours...

in the last 2 years 95% of the total trade was through 3 china exchangers...

reminds me of domain names...numeric and chips LOL...444555666.com

[GFED]

It will crash when the banksters make their own crypto currency.

[Smack dat]

It will crash when the banksters make their own crypto currency.

Pretty sure they are on this and it's called Ripple.

[Smack dat]

gold has been a physical store of value for thousands of years and it is physically protected by armies...fort knox would be a good example...it is relatively non volatile and is not actually used for speculation...


bitcoin on the other hand is hugely speculative and rests on "glass legs"...over 90% of the bitcoin trade is done by 3 exchangers in china/asia...here is the last 2 years:

https://data.bitcoinity.org/markets/volume/2y?c=e&t=b

considering the bulk of the trade (speculation) is done in a region where the government can shut it down for no reason at all, I would say a comparison to gold is wrong...the fiat money that was put in to the system is there for the asian governments taking...think about that...

Bitcoin doesn't need no fucking armies protecting it, the math takes care of it.

Anyway, whatever. You can call it a ponzi. Call it speculation, whatever.

Maybe it will succeed, maybe it won't. Who knows but for those living in the now there is awesome cash to be made.
Where else can get a solid 4x return on your deposit within 6 months?

[GFED]

Pretty sure they are on this and it's called Ripple.

hmmm.... interesting. thanks for the knowledge.

[kane]

I could see a couple of things that could cause it serious issues.

1. This one is less likely to happen. Something happens to the bitcoin network (a loose term meant for generalization) and it causes a lot of people to lose bitcoins. If people suddenly fear that their bitcoins can disappear at any time they will bail.

2. The more likely option would be a major country like the US or a group like the EU making a law forbidding banks, credit card processors etc. to process Bitcoin transactions. It could be similar to how online gambling was smacked down in the US. If people can't trade their bitcoins for cash, they are going to be next to worthless.

[pimpmaster9000]

Bitcoin doesn't need no fucking armies protecting it, the math takes care of it.

Anyway, whatever. You can call it a ponzi. Call it speculation, whatever.

Maybe it will succeed, maybe it won't. Who knows but for those living in the now there is awesome cash to be made.
Where else can get a solid 4x return on your deposit within 6 months?

you guys have gold fever...no matter how much logic people throw at you you just find excuses why bitcoin is different...

[rowan]

you guys have gold fever...no matter how much logic people throw at you you just find excuses why bitcoin is different...

I'm selling my gold for "real" money almost as fast as I can find it, so I'm enjoying it while it lasts.

[NickBaer]

So if I am a US citizen, where do I buy alt coins? Several have said not to US.