Bitcoin reaches highest value since 2017, breaks $30K mark

[Michael7]

It's exactly those huge fluctuations, control by big players and unreliability why BitCoin can only dream of becoming a future currency. For now it's just one of those fun commodities on which lucky or well-informed people can make money, and the rest will lose money (because you can't win unless someone else loses). For something to become currency, it has to be stable. Nobody likes hyperinflation except a few sharks at the top.

First of all, nobody says Bitcoin is (only) a currency in a sense you think.
Second of all, being stable is not a requirement of a currency. There are other more important aspects like being fungible, divisible , ease of use. All currencies fluctuate in value unless they are artificially pegged which is usually not a good thing and sustainable in a long term.
Right now bitcoin is considered more as a commodity, a store of value. It is also used as a currency/payment method but this is not its main appeal right now as there are better (faster and cheaper) crypto tailored to that use.

 

[Michael7]

There is a good chance to see this crap obliterate itself, like supernova.

Stock market is based on the company's current valuation. And Bitcoin's valuation is 0, which means it has no phycological top price, nothing to hold it down. This may result in the price explosion at some point, and as a result, nobody will be able to pay dollar to those who bought it, which will make the coin worthless.

Like say, if it becomes 1 million dollar tomorrow, you won't get your money back, it'll be as good as dead.

You are confusing things - crypto assets are also based on current valuations just like stocks and they are not 0. After all they both operate on exchanges where millions of investors and speculators transact.The hard part is figuring out if the market valuation is right. With stocks it is much easier (although not easy) because companies have assets, sales, customer base and other non-tangibles which are the tricky part.
With crypto its entirely different since it is new tech which is still in constant development and there are so many different kinds of it.
It would only become 0 if NOBODY would ever want it (one reason being the security of the algorithms being easily defeated).
You may be thinking it's 0 as it is a digital creation but it doesn't have to be a physical one to have a value as it can have a real world use either present or future - just look at the video game market with a valuation of several billion $.

 

[NightAntilli]

All bubbles eventually find a pin.

That's funny... Considering you were firmly believing that BTC would never rise above 20K again when it was the best time to buy. Now that it is above 20K, you have to call it a bubble.

It is likely a short term bubble, but BTC is nowhere near done for this bull market cycle.

There is a good chance to see this crap obliterate itself, like supernova.

Stock market is based on the company's current valuation. And Bitcoin's valuation is 0, which means it has no phycological top price, nothing to hold it down. This may result in the price explosion at some point, and as a result, nobody will be able to pay dollar to those who bought it, which will make the coin worthless.

Like say, if it becomes 1 million dollar tomorrow, you won't get your money back, it'll be as good as dead.

This makes zero sense. BTC will never die. You have to understand how it works to know this.

The worth of BitCoin is very unpredictable. But I believe that it is better to have a few BitCoins at the moment, but sadly, I wasn't smart enough to get them when they were more affordable

It's actually more predictable than people realize. You have to understand charts and technical analysis a bit, and you can get a fairly good idea what it will do. You can never exactly time it, but you don't have to, to make a good amount of money.

It's exactly those huge fluctuations, control by big players and unreliability why BitCoin can only dream of becoming a future currency. For now it's just one of those fun commodities on which lucky or well-informed people can make money, and the rest will lose money (because you can't win unless someone else loses). For something to become currency, it has to be stable. Nobody likes hyperinflation except a few sharks at the top.

There are better coins out there to be used as a currency. Bitcoin will primarily be used as a store of value like Gold.

 

[QuantumPhysics]

What would you recommend at the moment? I've sold my first house and released quite a bit of equity back.

Tesla outperformed Bitcoin this year with less risk.

I feel safer in Tesla, Apple, Google, Amazon, Microsoft or big oil/ energy.

Less scrutiny into my finances.

Cryptocurrency is still a huge red flag.

 

[king cleanass]

I love seeing people post stuff like this.... so, a Bitcoin is “worthless”.... why is a dollar worth more?

Currencies are worth whatever people BELIEVE them to be worth. None of them are tied to gold any more...

Try to get your country off the petrodollar and you'll find out real quick why a dollar is worth more.

 

[Squid Surprise]

Try to get your country off the petrodollar and you'll find out real quick why a dollar is worth more.

So the US dollar is the petrodollar (or the Canadian one) and Bitcoin is.... what?

How does big oil in any way enter this conversation?

 

[silversea]

BitCoin! here today is gone tomorrow today BitCoin may be trading at record levels but tomorrow BitCoin could bottom out again as it did in December 2018, but maybe this time it will go down to 500.00 or even less, your 30,000 dollar BitCoin won't look so damn good then will it, no thank you, I will stick with my 7year 4% High Yield CD's I do not have to worry about crazy up and downswings, my hard-earned money will continue to steadily climb, maybe not by leaps and bounds, but steadily climb a little more each Quarter as my account grows so does the monthly dividend, it is a given, it's real, I can not lose it unless the Government goes bankrupt. Crypto Currencies??? No! not me, not in my lifetime.

 

[NightAntilli]

BitCoin! here today is gone tomorrow today BitCoin may be trading at record levels but tomorrow BitCoin could bottom out again as it did in December 2018, but maybe this time it will go down to 500.00 or even less, your 30,000 dollar BitCoin won't look so damn good then will it, no thank you, I will stick with my 7year 4% High Yield CD's I do not have to worry about crazy up and downswings, my hard-earned money will continue to steadily climb, maybe not by leaps and bounds, but steadily climb a little more each Quarter as my account grows so does the monthly dividend, it is a given, it's real, I can not lose it unless the Government goes bankrupt. Crypto Currencies??? No! not me, not in my lifetime.

Bitcoin will never go below 10K again.

 

[QuantumPhysics]

Bitcoin will never go below 10K again.

And what do you base that on?

Your entire speculation is pure speculation based on absolutely nothing.

 

[NightAntilli]

And what do you base that on?

Your entire speculation is pure speculation based on absolutely nothing.

It's not speculation. It's a high probability scenario based on historical data.

Good to see that many are still bearish. That means the price will keep on pumping for now.

 

[QuantumPhysics]

It's not speculation. It's a high probability scenario based on historical data.

Good to see that many are still bearish. That means the price will keep on pumping for now.

First of all, in the long-run, everything goes to "0". That is a law on nature. It's entropy. No system last forever. that's just "fact".

Second, the reason Bitcoin is rising fast is because a lot of institutions are hedging against the Dollar with Gold and Cryptocurrency. There are sevarl hundred cryptocurrencies. Bitcoin is #1. Ethereum is #2 - just about everything else is built on Ethereum.

I think it is wise to have some money in Bitcoin and Ethereum simply because it's "diversifying your portfolio" but I would NEVER go whole hog on any of them. Look at Ripple XRP: SEC said it's an unlicensed security...price tumbled. A lot of people got hurt bad. Who is to say the SEC or IRS won't come after BTS or ETH?

#3 Anybody who's reading this: please raise your hand if you think AMERICA is going to let cryptocurrency threaten the US Dollar and the Military Industrial Complex.

#4 Anybody who's reading this: please raise your hand if you think CHINA is going to let cryptocurrency threaten the Yuan and its global hegemony.

While I do see Cryptocurrency finding use getting people into global financial system logistics, I already know that it's the highest possible risk with penultimate possible reward. There are other stocks that outperformed Bitcoin with less volatility.

 

[NightAntilli]

First of all, in the long-run, everything goes to "0". That is a law on nature. It's entropy. No system last forever. that's just "fact".

That will only happen if we lose the internet. Bitcoin is deflationary by nature, unlike fiat currencies.

Second, the reason Bitcoin is rising fast is because a lot of institutions are hedging against the Dollar with Gold and Cryptocurrency. There are sevarl hundred cryptocurrencies. Bitcoin is #1. Ethereum is #2 - just about everything else is built on Ethereum.

And you think they would do that if Bitcoin was a scam or unreliable or going to zero anytime soon...?

I think it is wise to have some money in Bitcoin and Ethereum simply because it's "diversifying your portfolio" but I would NEVER go whole hog on any of them. Look at Ripple XRP: SEC said it's an unlicensed security...price tumbled. A lot of people got hurt bad. Who is to say the SEC or IRS won't come after BTS or ETH?

XRP will recover. Not only does that affect the US only, this has happened to other coins, they paid a fine, and everything remained the same afterwards.

#3 Anybody who's reading this: please raise your hand if you think AMERICA is going to let cryptocurrency threaten the US Dollar and the Military Industrial Complex.

The US dollar by itself is unsustainable, irrespective of crypto. It will end up just like the Venezuelan Bolivar, and 2008 was just a warning. Don't believe me? All you need is a basic understanding of supply and demand, and consider how much money the Fed is printing right now.

#4 Anybody who's reading this: please raise your hand if you think CHINA is going to let cryptocurrency threaten the Yuan and its global hegemony.

China is making their own crypto to try and beat out Bitcoin. Crypto is not going anywhere. The only way they can beat Bitcoin is to try and drown it out with their own equivalent currency, because kill it, they cannot. Decentralization is the future. Governments don't like it. No one wants to become obsolete, but like you yourself said, ultimately everything goes to zero, and that will happen to governments as well. Especially to the ones that fail to adapt and fight only to maintain things the old way.

While I do see Cryptocurrency finding use getting people into global financial system logistics, I already know that it's the highest possible risk with penultimate possible reward. There are other stocks that outperformed Bitcoin with less volatility.

Not at all. If you want low risk cryptos, you buy a stablecoin and lend it out through smart contracts to receive interest on it. 8% yearly interest on stable coins (I.e. pegged 1:1 to the US Dollar) is common. That is, if you believe in fiat currencies.
At this point, the most risky is having your money simply saved rather than investing it. Whether the stock market is less volatile or not...;

Bitcoin: Less Volatile Than Many S&P 500 Stocks?

By Gabor Gurbacs, Director, Digital Assets Strategy; Kyle DaCruz, Product Manager, Active Strategies; Denis Zinoviev, Associate Product Manager, ETFs Historically, bitcoin has been discussed in the news and among investors as a nascent and volatile asset outside of the traditional stock and...

www.nasdaq.com

 

[poohbear]

Of course it's gonna crash, the much more important question is when? If it crashes @ $50,000, then people just missed a huge potential run up. Tesla is a great example. People have been saying Tesla is ridiculously overvalued long before 2020, but in 2020 it went up 700%! ALL stocks/investments eventually crash, nothing new about that, but in the mean time alot of money can still be made on the way up...if you have the risk tolerance.

 

[Mister_K]

All bubbles eventually find a pin.

and then inflate again...

 

[terzaerian]

I think it is wise to have some money in Bitcoin and Ethereum simply because it's "diversifying your portfolio" but I would NEVER go whole hog on any of them. Look at Ripple XRP: SEC said it's an unlicensed security...price tumbled. A lot of people got hurt bad. Who is to say the SEC or IRS won't come after BTS or ETH?

They went against Ripple XRP because they could, because Ripple decided to make a crypto with a centralized head, which would be as wise as hosting a file-sharing website in Hollywood. Now they're paying for it. BTC and ETH don't have a head to cut off, or rather, they'd have to cut all our heads off.

#3 Anybody who's reading this: please raise your hand if you think AMERICA is going to let cryptocurrency threaten the US Dollar and the Military Industrial Complex.

#4 Anybody who's reading this: please raise your hand if you think CHINA is going to let cryptocurrency threaten the Yuan and its global hegemony.

You can live on your knees if you wish. But this is the point of crypto: to create systems of value and exchange outside of the death grip and censorship of the state and the corrupt financial system. Will it be easy to escape that grasp? No. That doesn't mean it's not worth trying to do so.

 

[sac39507]

Will I be a fool again and buy at the peak? Probably so. Who's the guru that can explain the cause of this hike? Probably already explained above but I'm too lazy to read.

I swear I'm the bad luck for any hot stock. As soon as I buy, the price drops. Prepare to short people because I'm going to buy

 

[terzaerian]

Will I be a fool again and buy at the peak? Probably so. Who's the guru that can explain the cause of this hike? Probably already explained above but I'm too lazy to read.

I swear I'm the bad luck for any hot stock. As soon as I buy, the price drops. Prepare to short people because I'm going to buy

You don't have to just buy Bitcoin. Another project I'm fond of is Tezos - it's a mature, stable project that's competing with Ethereum that is significantly undervalued. Ethereum is also a good buy right now. And both of those projects are Proof-of-Stake, and don't rely on mining, so Clifford can stop hyperventilating about them.

EDIT: Overall if you're new to crypto I'd recommend buying and selling through Coinbase. Unlike Paypal, you can move your crypto off the exchange if you want, and banks seem a lot less dubious in general about Coinbase transactions than other exchanges I've used.

 

[sac39507]

You don't have to just buy Bitcoin. Another project I'm fond of is Tezos - it's a mature, stable project that's competing with Ethereum that is significantly undervalued. Ethereum is also a good buy right now. And both of those projects are Proof-of-Stake, and don't rely on mining, so Clifford can stop hyperventilating about them.

I had a few Etheruems a while back and sold because I didn't have the backbone to withstand the deep drop in price that occurred at the time. I think got out at $400 or $500.