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What do you guys make of this bitcoin runup?
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Has bubble written all over it, but I'm no expert.

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If I don't, who will? -Me
It's like being bipolar in opinion is a requirement around here. -TripleThreat
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Re: What do you guys make of this bitcoin runup? [lunchbox] [ In reply to ]
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No expert either. But huge debts form countries and less trust in government. We have world currency (the US dollar) at a crazy pace being printed with nothing backing it .
I am just thinking more people are trying to diversify away from fiat currency in case of a crash.
Bitcoin over the past 5 years is becoming more trusted than governments or the central bankers.
People see what is happening in places like failing Venezuela where the inflation rate is 1600% making the government controlled Bolivar worth-less. The amount of workers and contractors demanding to be paid in bitcoin has sky rocketed.
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Re: What do you guys make of this bitcoin runup? [getcereal] [ In reply to ]
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It's interesting to see. Perspective is a funny thing too- lots of "it will be different this time". Seen that before, but still have a small speculative stake.

******************************
If I don't, who will? -Me
It's like being bipolar in opinion is a requirement around here. -TripleThreat
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Re: What do you guys make of this bitcoin runup? [getcereal] [ In reply to ]
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getcereal wrote:
We have world currency (the US dollar) at a crazy pace being printed with nothing backing it .

...and yet the measure of the "runup" is vs. the dollar. (Which has the U.S. economy backing it, which far from "nothing" is the singular most powerful economic force in the history of mankind).

And bitcoin is just way too volatile for me to consider anything but a plaything. Want to use the below as a basis for a new economy? No thanks.


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Re: What do you guys make of this bitcoin runup? [trail] [ In reply to ]
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Really....A graph from 2010 thru 2013 to illustrate your point of view?

ETA:

Bitcoin is volatile and that is to be expected as it gains global acceptance. It is a brand new currency. Even the most hard core bitcoin fanboys would tell you not to buy bitcoin for an investment. It is utilitarian currently to be used for transactions. Get in get out, for us in the USA and other relative stable currencies. Now if you are in Brazil or Venezuela or one of the many countries with very volatile devaluing currencies, maybe bitcoin looks like a nice place to park your savings.

Don't necessarily view bitcoin through the USD$ lens.

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Last edited by: Endo: May 25, 17 21:03
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Re: What do you guys make of this bitcoin runup? [Endo] [ In reply to ]
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Endo wrote:
Really....A graph from 2010 thru 2013 to illustrate your point of view?
.

Here, here's '13-'16. Bitcoin, is, and always has been, an absolute shit show of a roller coaster. Maybe it'll smooth out at some point. It's not there yet. I love the concept, as a computer science guy. But there a some things I really don't like about it, like how it's so dependent on a relatively small # of exchanges of dubious security.

So that's 6 years for you. Want me to dig up more?


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Re: What do you guys make of this bitcoin runup? [trail] [ In reply to ]
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I don't disagree with your viewpoint on it. To be clear, your chart depicts volatility, not the value trending against the USD or another benchmark. My take on the chart is that bitcoin is getting less volatile over time, but still has a ways to go.

But again, the current attractiveness to park money in it is probably not to those residing in first world nations.

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Re: What do you guys make of this bitcoin runup? [Endo] [ In reply to ]
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Bitcoin, the currency of criminals. Hope all that have it lose their asses.
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Re: What do you guys make of this bitcoin runup? [getcereal] [ In reply to ]
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getcereal wrote:
No expert either. But huge debts form countries and less trust in government. We have world currency (the US dollar) at a crazy pace being printed with nothing backing it .


That is not quite correct. The US dollar is still the most commonly used currency for international transactions but recently currencies like the EUR, JPY, CHF, GBP & CNY have been gaining ground.
The dollar has been a stalwart of international trade over the majority of the last century. Around the time of the formation of the Eurozone, it reached its recent peak at 71.0% of official foreign exchange reserves. Since then, its been falling and the composition of global reserves has more recently dropped to about 63%.

As for the US dollar being "printed with nothing backing it" - that is a fallacy perpetuated by a certain subsection of society. The thing backing the US dollar (and most currencies) is the trust that the government issuing these "promissery notes" will repay its debt. The size of the US economy and the relative stability of it's institutions are a SIGNIFICANT factor in backing the US dollar. As long as there is a strong America, the US dollar will be valuable.

Remember - It's important to be comfortable in your own skin... because it turns out society frowns on wearing other people's
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