Bitcoin has seen the currency gain nearly $3,000 in a day - Is this healthy? - page 3.

senin

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Quote from: Patatas on December 07, 2017, 04:18:59 PM

Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

No,it is not healthy for bitcoin in the long run or any given day.
Think of it as this : Government can see all the money going into a digital asset which is not taxed,not regulated and has a room for all the money laundering services you can think of.This is bad for government controlled economy.More than anything else,I'm only paranoid because the insane rates are turning governments crazy and they certainly will take an action!

I completely agree with this. Such a sharp rise in bit-price in the price is not good either for bitkoyna, or for crypto currency in general, or for the economy of each state, where this bitkoyn is accepted as a means of payment. For bitkoya it's bad that such a uncontrollable growth will necessarily fall, because there are no objective grounds for such growth bitcoin, which can cause a decent panic. For each state, such growth of bitcoins will lead to a disbalance of its economy and the state will have to defend itself. And this will mean the restriction or prohibition of bitcoins.

olushakes

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Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

Its not in anyway heathy at all while a lot of people might be happy about the dream come true, I see it as giving some set of people the more justification to vilify bitcoin as a ponzi scheme and in this case several returns in a day and that is what people will be talking about, the media, bloggers, websites etc. I would prefer a gradual one rather than this that just offshoot without any identifiable basis.

Oasisman

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Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

Its funny how people wished that Bitcoin could rise upto 10k last month before the year ends, and here we are at 16k already and everyone is panicking because it goes way beyond the speculated price target. Ofcourse we're worried about Bitcoins future for the long run, and there are as well individuals who will take advantage. This will catch the governments attention and will take every possible steps to minimize the use of Bitcoin. Totally unhealthy in my opinion.

Rebldomakr

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At this point, I hope not!
I've already pulled making way for the likely correction soon - but that's not to say that I don't have hope it won't rise higher by Christmas.

Have hope in Bitcoin, but also have your wits.

Xavofat

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Did you see that ludicrous display last night?

Quote from: Jet Cash on December 07, 2017, 04:02:06 PM

If it is a flight from the dollar, then it could be bad for world peace or the world economy.

It's a big movement, but it's certainly not significant enough to have any noticeable effect on the dollar. Even though there's a lot of bull pressure, the volume is still low in comparison to stock markets.

OP - there's no point measuring this in hard numbers rather than percentages. Percentages are the only decent way to talk about how significance a price increase was.

Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

Is this healthy for Bitcoin in the long run?

No. BTC could lose a lot of the fairly poor reputation it has already.

Oulay

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Why is it not healthy? The worst thing that could happen is the correction coming up ahead, bitcoin will drop down a little then it will continue growing like it used to.. and if you are smart you will benefit from that correction to buy more BTC!

Yakamoto

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Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

I've probably been around Bitcoin long enough to say that a $3k rise in under 24hours is completely unhealthy and, honestly, a turn for the worst because THESE are absolutely perfect bubble conditions. The chances that it will pop and go plunging down to potentially the $9k level is quite high, and a lot of the reason for BTC being so high is because everyone is holding; there is no way there is enough money in the market to buy out two hundred and seventy six billion dollars worth of Bitcoin, that's just keeping it stable. There's maybe a hundred billion in the market that could stabilize it globally, and that puts us at half of the current market value. That's a liberal estimate.

mrcash02

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I don't think so, because it's not solid. For some reason people started investing hard on it. The price you see is pure speculation, their money came too easy to Bitcoin then it goes too easy into fiat again and when this happen the BTC's price will fall hard. People are seeing Bitcoin as a way to grow their money in few days or weeks like never before, and it's never sustainable. It's doesn't mean we can't enjoy the season to make profit, just be prepared for anything.

Fancyax

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Quote from: Patatas on December 07, 2017, 04:18:59 PM

No,it is not healthy for bitcoin in the long run or any given day.
Think of it as this : Government can see all the money going into a digital asset which is not taxed,not regulated and has a room for all the money laundering services you can think of.This is bad for government controlled economy.More than anything else,I'm only paranoid because the insane rates are turning governments crazy and they certainly will take an action!

I totally agree with you. This rate will show many enemies of bitcoin and they will try to do something. I think a hard correction is coming and many people will loose money.

yinyangwinwang

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Quote from: ui_zakharchenko on December 07, 2017, 04:04:48 PM

Everyone stop frigging panicking. It's just aftershocks! : ) Literally like no time at all ago everyone was wondering if it would get past $10,000 and now everyone is crapping themselves because it's bouncing around $15,000!! hahahaha

Well not crapping we are happy because we are gaining but I think OP makes a good point in that this kind of growing can't be sustained long term. And that is what the discussion is about I don't think it is healthy neither. But we will see soon enough if their is a minor correction and it goes another leg up or it crashes from anywhere from 5-8k and people panic like mad because of the crash. Time will tell in the end if this growth was truly unhealthy or it was the market finally beginning to accept bitcoin. Either could happen at this point in my opinion.

Patatas

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Quote from: aalfadhala on December 07, 2017, 03:53:10 PM

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

No,it is not healthy for bitcoin in the long run or any given day.
Think of it as this : Government can see all the money going into a digital asset which is not taxed,not regulated and has a room for all the money laundering services you can think of.This is bad for government controlled economy.More than anything else,I'm only paranoid because the insane rates are turning governments crazy and they certainly will take an action!

ui_zakharchenko

sr. member

Activity: 518

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Everyone stop frigging panicking. It's just aftershocks! : ) Literally like no time at all ago everyone was wondering if it would get past $10,000 and now everyone is crapping themselves because it's bouncing around $15,000!! hahahaha

Jet Cash

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We can't tell if it is good or bad until we can deterrmine the reason for the rise. If it is a flight from the dollar, then it could be bad for world peace or the world economy.

I think it ought to increase the value of Bitcoin and Crypto domain names, so I think I'll remove the BIN prices from mine.

Walrus1

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Thanks guys I see too many how Bitcoin changed ur life and Bitcoin will be worth a million

freecastle

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in the long run it's very bad to progress, and let's not forget that everything that goes up fast, goes down just as fast

aalfadhala

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Hey!

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

Topic: Bitcoin has seen the currency gain nearly $3,000 in a day - Is this healthy? - page 3. (Read 1441 times)