The fuck's happening with Bitcoin!! I'm losing all my savings? Where it's gonna a stop!!

The fuck's happening with Bitcoin!! I'm losing all my savings? Where it's gonna a stop!!

Other urls found in this thread:

cointelegraph.com/news/media-spread-wrong-china-bans-bitcoin-narrative-causing-bitcoin-price-slump
petitions.whitehouse.gov/petition/do-not-pass-hr672s198-combating-european-anti-semitism-act-2017
twitter.com/AnonBabble

Fuck off /biz/

Seems cleptocurrency is collapsing

the banks would never allow it

shut up you fag. It's freedom

It was clear it was gonna happen. You guys are idiots

>implying Bitcoin hurts banks in any way

You got ripped off man hahaha

Banks create new money due to fractional reserve system.

You deposit $1,000
---- bank saves 50 (5%) and lends 950
-------- those 950 arrive to other bank, wich saves 45 (5%) and lends 905
-------------and so on

Ideally, if Bitcoin became more and more used banks would have a big problem. Because creating money is their main source of income.

Hint: Bitcoin does not stop a fractional reserve system

You need to have financial intermediaries who take deposits in order for a fractional reserve system to be possible.

They are scared

OP,

1. What price did you buy at?
2. Why did you put all your savings in a volatile currency?
3. Have you heard of 'buy and hold'? You've gotta keep holding through the drop.

Investing is a psychological game, and you're currently losing

Which Bitcoin does not prevent.

You deposit your 10 BTC at the bank.
The bank lends out 9 BTC to some other guy.

To think that people would not want loans or insured deposits in a world with Bitcoin is naive as hell.

I agree it does not prevent it theoretically.

1. bought at $4300
2. thought it was only going up and I was stupid, friends were winning money.
3. I know "buy and hold" but I don't know whether it is cracking or nor. If it cracks I'll be screwed.

I don't think it would prevent it in actuality either. Maturity transformation is a vital function that banks provide, and consumers would be incentivized to continue to use banks.

I think it will recover, but it is a long term high risk investment.
I didn't buy in 2016 because i am a moron. Will wait for it to drop more and buy some. I think it will beat 10k in 2 years.

No mention of Jews or Chase bank yet? I am disappoint.

You guys can thank that faggot from Chase for this. Talking out of his ass.

The thing is... It really is the fucking jews fault!!

>The bought a shitload of bitcoins earlier this year
>Because of limited supply prices sore
>Gain 400% profit
>Start selling to morons like OP that think prices will keep rising
>Prices drop because of increased supply
>Jews get to spend profits on passover crackers

He probably has his bets there. He just wants the price to go down so he can buy cheap

I am not sure, everybody is saying the opposite. I resist to believe. I think they have their interests, but countries like China are forbidding Bitcoin.

about a year and a half ago 1 buttcoin was worth 300$, take a guess where this is going. ;)

Bitcoin is a scam and it's going to be forbidden illegalized soon. You better get your hands away of that crap-

isn't that what it's called A BUBBLE?

You bought high. First mistake. Fomo buying.

You could have sold at 5K and made a healthy profit but you didn't.

Selling now would be your third mistake. If you know anything about Bitcoin and its history, it spikes & drops, then when it recovers after the drop, goes to a NEW HIGH. So HODL (hold on for dear life) and all will be well.

Experts are predicting 10K in 3months to 3 years. 50 to 100K in 5 years, and possibly a mil per bitcoin within 10. So stay in the game if you want to win. You only lose money if you sell.

If you wanted safe, you should have gone for an index fund or gold. If you want to get rich fast, you should trade ICOs with a smaller amount of money & leverage up.

At this point, stay in the game until at least $4300. But I think you'd hate yourself if it goes to 10 or 20K and you sold it cause you didn't have the balls to hold

Besides, are you an oldfag? Could you save or earn like that again?

Thanks user. I'm a midfag late 30s. My life won't change but it hurts haha

Calm down. Look at a graph of Bitcoin prices over the course of a year.


It is because of rumours of China regulations. They are fucking it up. If you think worse down spike couldn't happen then you are wrong. It will recover eventually though.

No probs, user. Wishing you all the best. And I'd recommended doing some research so you don't freak out. Stay calm and rational.

100k? what? lol. basically 'hey everyone lets run the price up so we all get rich. and then sell and leave a lot of people holding bags". if bitcoin price goes down when someone uses it (or does it?) thats gonna happen. otherwise what causes price to go down on BTC?

cointelegraph.com/news/media-spread-wrong-china-bans-bitcoin-narrative-causing-bitcoin-price-slump

All the things "good" for the Bitcoin you read them in pro-bitcoin pages. I suggest looking at neutral ones with no interests

That's right, 100K or more. If you think about it, with 7 billion people on the planet, and only 21 million BTC to ever exist (less in actuality because some have been lost), it starts to make sense.

If BTC becomes more widely used and popular as a digital currency, 2 things will happen:
1. The price will go much higher per BTC
2. It will stabilize in its volatility

Which will lead to eve more people adopting it. Especially as the petrodollar tanks. 100K is possible by actual growth, not just pump & dump

Bitcoin is a threat to "the state". It is used mainly to commit ilicit trade and to evade paying taxes.

Therefore should it become more widely used, it would be banned by the state. Because the state cannot allow a black market money to grow over certain limits.

Wasn't it at $4300 2 days ago?

As an outsider, is Bitcoin this volatile or is now the time to buy?

I get your point, but I think that line is going to a hard sell to the public as clearly there are more and more normies buying it who aren't illicitly trading on the deep web.

You're right that it's a threat to fiat currency and government. And of course they're making moves to squash it. That's exactly what this China thing is. But it ain't gonna work. The Genie has been let out of the bottle already

it's always this volatile, now at 3.530, but now going down at an astonishing speed.

Never catch a knife when it's falling, you can get hurt. Wait till it stops and consolidates a bottom.

Only buy with money you can lose.

I bought my first at 1600 it immediately dropped to 300. bought 3 more, and mined 1.

Sold one a couple of days ago at $4400ish.

These things fluctuate. China is fucking with the price but it will settle down eventually.

money out of thin air?

sounds like a jew's plan

go here

petitions.whitehouse.gov/petition/do-not-pass-hr672s198-combating-european-anti-semitism-act-2017

>take a guess where this is going
$0

Implying that jews are not behind BTC too.

Yep, I've heard that, but still very few people have Bitcoins and non that I know uses them for other different than to speculate.

The state has two means of income: taxes and creating money. Both extremely important. If at some point the government sells to the common public that Bitcoin is threatening the public services of the country... moreover, if the Government claims (reasonably) that the Bitcoin is used massively to evade taxes... It will have all support to ban cryptocurrencies.

Main problem for the government of cryptocurrencies is that it can't trace winnings of money, nor operations done in Bitcoins.

Not sure in the US, where there is some anti-state sentiment and praise of freedom... but in Europe, where I live, the moment where the Bitcoin poses a threat to social-state, it will be over.

Uhhh no.

It has more inherent value than the US dollar.

What's the dollar backed by? 'Faith'
There will never be more than 21 million bitcoin.

This is only true if you are only using a wallet.

If you use a service like coinbase the feds certainly can track you. They are suing coinbase now for user lists.

The dollar is backed by all the gold of US, industry, infrastructures, your fucking house and your car,... and everything that fisically exists in the US.

so many niggers tho!

>It has more inherent value than the US dollar
Kek'd

>What's the dollar backed by? 'Faith'
No, it's backed by the government and economy of the United States.

>There will never be more than 21 million bitcoin
Oh wow, a limit on the number of units in circulation suddenly makes it intrinsically valuable?

LOL... Dollar backed by gold.... are you from the 1890's?

>Oh wow, a limit on the number of units in circulation suddenly makes it intrinsically valuable?

As opposed to the dollar with unending dilution?

I studied economics and work in finance... yeah, dollar like any other fiat money in the world is backed by the precious metal reserves in their Central Bank.
It is not convertible, but that doesn't mean it's not backed.

The real threat to government is that it can be replaced entirely or minimized with the block chain. We could have visible, transparent elections and direct allocation of tax to the places we want those funds to go. Which effectively makes government obsolete. But consider that Bitcoin is already an independent global currency that is it tied to any single countries economy or currency. It's hard to control or to devalue. Its actually free market at work

>As opposed to the dollar with unending dilution?
If that were the case, hyper-inflation would occur. You're sounding like a delusional bitcuck.

the fed has been printing like there's no tomorrow for a while m8.

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Make sure you pick up Bitcoin Cash as well. Did you buy before or after the fork?

I understand that an anti-statist person defends that... but common public wants public services payed by taxes worldwide. The case of the US where people not rich don't want a big state is unique.

Banks are starting to buy bitcoin in huge amounts.

Scource: Banker

and yet the dollar hasn't had a significant change in value.

Invested in BTC when each BTC was $200. I invested $100k. Now, I'm a millionaire! Still haven't cashed out yet!

Yes. The only possible future in which Bitcoin succeeds is in an scenario where traditional banks take control of it.

The only thing propping up the dollar is that it's the world's reserve currency.

China and Russia are actively trying to change that. If it happens; the dollar is fooked.

Ho lawsuit. Get a load of this guy.

There hasn't been actual physical gold backing the dollar for decades

>Bitcoin is a threat to "the state". It is used mainly to commit ilicit trade and to evade paying taxes.
It ain't that hard to track Bitcoin (e.g. when Silk Road was busted).
>it will be banned by the state
No, it will be regulated like any other commodity. You don't eliminate a black market by making it blacker. You legitimize it and make it a part of the system (like state funded gambling).

>Scource: Banker
Wow, impressive spelling skills Mr. Banker

I would suggest that this is an area where the state will have to negotiate with the people eventually. It will probably start in the less socialized economies like the US, and as it gains traction, Europe will adopt

Bitcoin is one of the biggest enablers of fraud / TAX evasion. It's going to keep dropping as more countries follow China's lead. Prepare to lose all your shit

Explain your logic please

You don't understand it. The dollar as the money in the US is backed by the reserves of the US, which some of them are gold.

Fiat currencies are backed by the reserves of their central banks as well as by the economy in which they are used. That's the reason why countries like China or Turkey have being stacking tons of gold.

This. Not to mention that in the grand scheme of things, very few retailers accept Bitcoin. Bitcoin only exists as a speculation/criminal tool.

Relax...we had a similar situation in july...it recovered just fine.

Here's the problem with that logic. Cryptos have no intrinsic value whatsoever and they don't generate income so they aren't an investment in any sense of the word and they're not a currency because no one accepts them for goods or services. You can exchange for fiat currency to spend on goods and services and some platforms have streamlined this process, but it still means that no one wants these coins as a currency.

Bitcoin is a speculative risk asset and a highly volatile one at that. It's been pumped uo into a HUGE bubble and as soon as conditions are right for a rally in some other commodity, big money will take its profits in bitcoin and dumb money will follow. All the pigs who hang onto theirs are going to get slaughtered.

LMAO since when is the US Dollar backed by gold/silver again? Your either stupid or a paid shill

Banks and funds are the biggest players out there, should Bitcoin be as good as it praisers claim, they will eventually take control of it and its markets.

It's somehow curious that common people think that they are more intelligent than professionals in finance and more than rich people and their advisors. Make no mistake. If Bitcoin succeeds the current commanding-heights of the world will take control of it.

>Spend profits on Passover Crackers
Fucking lost, well played.

Are you serious? In relation to what? What do you think these economy bubbles are about? Do you know how much more buying power the dollar had 50 years ago vs. today? In 1965, a minimum wage job would get you the equivalent of a $90K/ year income in today's money. And the amount people were paid was roughly the same amount as t is now. The difference is inflation and our reducted buying power because the dolllar had been devalued massively.

Different user here. You stopped reading after "gold", He wrote "industry, infrastructures, your fucking house and your car,... and everything that fisically exists in the US."

And, actually, that's how economy and money works. Current economic model is based under "future winnings". The promise of the gob to created more stuffs, sell them, buying them and make everyone happy, in simple words. That created "Inflation". The money is not physically
backed up, but a solid promise of, in some timein the future, would be. Then, it's real value is "inflated" by a promise. Good inflation is good, because shows the country is growing, but Hyper Inflation is cancerous. In that scenario, money lose it's value because there is less and less physical things that
backed it up, and more and more, and later, impossible promises. That's the case of Venezuela. They have a shit ton of oil, but the government fucked everything

Oh really? Where does it say that? My money says 'backed by the full faith and credit' nothing about actual resources.

Money USED to be backed by hard assets Like the related pic a silver certificate. Read the bottom. Payable on demand

Correct. Bitcoin is only speculative. The only people that actually trade with it are criminals.

This

While your reply is saturated with sarcasm, traders are effectively criminals. They are complicit in a massive pyramid scheme.

perfect explanation. Bitcoin is not even a currency since it can't be used to trade. It's an intangible volatile asset.

You need to understand that "backed" doesn't mean "interchangeable".

BS

How is the dollar backed by industry? Because of potential economic output? Or are you saying the US could confiscate private business and sell it if they feel like it?

1. Bitcoin does have objective value: its security, transparency, and underlying technology. This is where trad economists always miss the mark. Investing in Cryptos is investing in technology and the likelihood they will become used en masse and widely valuable in the world in the same way google and Amazon are.

2. People and businesses DO in fact already use bitcoin for goods and services, without conversion, and will continue to do so. Uber is rumored to begin taking bitcoin payments soon, for example

I actually thought of my response in both ways. And with both I do agree.

Our money used to be backed by gold and silver. That changed with Nixon aka the Nixon Shock, back in 1971. This enabled the fed to print money, and lend it with interest to smaller banks. Thus stimulating "growth," and making money for the Federal Reserve (remember, the Federal Reserve is a private, for profit bank, and is NOT part of our government. They just control our money in secrecy).

If the dollar is covered by my car, wouldn't that mean the state could repossess it, in order to pay debts to another state?
That would mean anything I buy, i merely lend from the stock of goods, that is our economy.

Other user here:
The price of moneys is in terms of other moneys. Example $/€. When your economy goes well dollar tends to appreciate, when Europe goes better dollar tends to depreciate. (very simplistic and not analyzing central bank policies)

The reason because of which the dollar is highly valued worldwide is because of the economy that lies underneath it. That's why when you travel to some Southamerican or African countries you can eat for $1 a whole meal... their economy is shit, thus their money is too. And that favors you exchanging.

No. The dollar is backed by its status as the currency which Oil is traded in. The petrodollar. That's what we switched to when we stopped backing it with gold in the 70's. If the petrodollar collapses, or if the dollar becomes disconnected from big oil, it's backed by nothing. What do you think all these wars were about?

philosophically, yes. If hypothetically the US went on default it would reposes some of the private wealth somehow.

What security? There is no security. A fiat currency backed by the economy of a nation state is bound to remain as stable as that nation state's economy. That's security. When some other speculative commodity looks right to the big boys on Wall Street, they'll collectively liquidate billions of dollars of bitcoin sending it plunging to a fraction of its current value. That's the risk involved when you hold an asset that's solely supported by its market cap. That doesn't sound very secure to me. If you honestly believe that btc has intrinsic value show me how it's contributing to its share price. You absolutely can't, because the market cap is the sole pillar holding the cryptos up.

Awesome anons. I think this is the best discussion I've ever seen in Sup Forums.

It's the chinks that fucked everything up. Fucking chinks banning exchanges and shit. We need to stop them from having so much damn control.

Nothing that changes +-10% daily can be used as money. Period.

Companies that accept Bitcoins sell them immediately in the market. They do not stock Bitcoins. The volatility Bitcoin has is unbearable for any legal business.

Is that enshrined in the law? I'm actually not a US citizen, so I'm not that well informed. Or is that the shift from gold backed, to the current system, everybody is talking about?
Seems weird I mean, guns are a commodity bought and sold, they could hence legally repossess guns in a time of economical crises, without changing the law.

The secure transaction of the block chain. It's unhackable, unfalsifiable. So it's impossible to lie or cheat the system. Which means it's secure as a form of data transfer, and since most everything in our world is data driven, it creates security for all data. And data security in an electronic age is a highly valuable and practical thing

For now. It's a matter of scale. Like any economy, the more people adopt and use it, the more stable it becomes. That's exactly why it's great for speculation now, but will not be in the future

I'm not US citizen either. I was talking in a phylosophical way as I said. Any country that goes bankrupt takes wealth from individuals.

It's breaking $3500 downwards. So happy to see those cryptofags faces :)