Bitcoin is not in a bubble. people are using it to park their dollars.

Ryan Dugan

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Quote from: Wind_FURY on June 15, 2017, 10:22:49 PM

Quote from: jorneyflair on June 15, 2017, 04:23:01 AM

The price of bitcoin isnt that high anyways, long term wise, 2400 USD per coin is going to be a steal to buy.

But how do we really know that, and how do we know Bitcoin will survive for 5 more decades or more? While I agree a little with what you are saying, sometimes it is good to think things through.

Quote

He has some good points in that piece. I think that a lot of people, including me are indeed using bitcoin as a long term storage for my wealth, because fiats are not going to survive and we all know that

Really? Do you think governments will be around in the future, issuing their own currencies?

Yes ! I think governments will make their own currencies. They already have now it will just be the digital equivalent. It will certainly be very interesting.

Also for those who thing bitcoin is a bubble why are you still here ?

Wind_FURY

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Quote from: jorneyflair on June 15, 2017, 04:23:01 AM

The price of bitcoin isnt that high anyways, long term wise, 2400 USD per coin is going to be a steal to buy.

But how do we really know that, and how do we know Bitcoin will survive for 5 more decades or more? While I agree a little with what you are saying, sometimes it is good to think things through.

Quote

He has some good points in that piece. I think that a lot of people, including me are indeed using bitcoin as a long term storage for my wealth, because fiats are not going to survive and we all know that

Really? Do you think governments will be around in the future, issuing their own currencies?

bitllionaire

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Quote from: aso118 on June 14, 2017, 09:14:15 PM

If you say that people are using Bitcoin to "park" their dollars, then it means that people will take out their dollars soon. I don't think this is the case. Some people are genuinely shifting their dollars to bitcoins and will stay put.

yes that is right, people are now changing their business from real life to bitcoin, they are investing their money in bitcoin and many people are also like to trading altcion, and so they are putting their money in trading altcoin also.

jorneyflair

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The price of bitcoin isnt that high anyways, long term wise, 2400 USD per coin is going to be a steal to buy. He has some good points in that piece. I think that a lot of people, including me are indeed using bitcoin as a long term storage for my wealth, because fiats are not going to survive and we all know that.

However, short term wise I don't think that this pump and dump can be justified purely because of people parking their money in bitcoin just like property. The pump has just been way too crazy to be any sustainable. If people park their money into bitcoin it will bring a rise in demand but won't be this sort of magnitude. There was a small bubble and when it burst the price of bitcoin became 500 USD cheaper.

But this correction seems to be ending right now, and would be a great time for anyone seeking to buy into bitcoin

mudboy93

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Yup, considering the invulnerability of BTC to inflation allot of people are using it as stocks and storage, in the same time it's also easy to skip additional taxation from it using it's anonymous nature.
BTC already shown throughout the years it is not a bubble that will burst.

Wind_FURY

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OP, but some clever traders are taking advantage of this bull market. They keep pumping the price more than usual to create a FOMO mindset in the market. We have seen this happen in the past and it always does not end on a high because it simply cannot be sustained forever.

franky1

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Quote from: cellard on June 13, 2017, 01:33:04 PM

Look at bitcoin's marketcap dominance compared to other alts. The irony is that bitcoin is not the one in a bubble, it's the alts that are in a bubble, specially Ethereum. Once Ethereum crashes it's going to be fun. BTC domination will go back to 80% and the altcoin bubble will burst, BTC will go even higher and we'll see what was really in a bubble.

BTC isn't experiencing abnormal growth, it's the alts.

bitcoins market cap IS a bubble.

there are not $40billion dollars sat in bank accounts bing held to back the $40billion cap
if all 16mill coins was to cash out, they would not equally get the $2500 pricetag of bitcoin..

its the same as the real estate market
houses were being priced in excess of real value.. and when people realised there was not enough dollars to actually cover the values.. the real estate market bubble burst.
everyone trying to sell their house began losing out

seems people dont even understand what a bubble is. thus dont understand it when putting the term bubble against bitcoins market cap number..

so lets give you fools something simple.

go make a coin with 5trillion premined coins.. then just put 1 coin (yes one) onto an exchange and sell it to yourself for $5
bam you have instantly made a $5trillion market cap coin... all for the price of $5

then you will realise the bubble

aso118

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★Nitrogensports.eu★

If you say that people are using Bitcoin to "park" their dollars, then it means that people will take out their dollars soon. I don't think this is the case. Some people are genuinely shifting their dollars to bitcoins and will stay put.

Sadlife

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Many people views it as a bubble but for those who use and trade bitcoin really knows that it is not a bubble because people are buying bitcoin not just spend it but to actually invest in it for the future as many speculators say that the price might reach $500000. The reason why the price soar up because many institutional investors started to get interested in bitcoin not because of the price soaring up but the rapid adoption it is getting from countries, local businesses, online business and institutional investors. Bitcoin is now being used a payment for goods and services. Just because the price pump so fast is doesn't mean it's a bubble.

BTCforJoe

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Quote from: squatz1 on June 13, 2017, 01:11:38 PM

Yet again, I feel all of this news is being manufactured by the whales and the big traders in Bitcoin, no one can even try to fight the claim that we're in a bubble right now. With the price increases per day it's pretty insane to even think of not being in a bubble, let alone writing it in a news site and then sourcing it on here. The price went up like a fucking straight up ladder for BTC and many other coins fells, so simpy this source is just trying to shill more and more people into getting into BTC so the whales can make more and more money.

Shitty source just trying to make more money, sorry OP.

I don't agree with your opinion... If the whales were shilling, we'd see a bit more volatility than what we've seen over the past few weeks. I just met with a bitcoin whale, and he was more concerned about using his bitcoins to live his everyday life so that he didn't have to use his fiat currency. He was looking to buy properties with bitcoin, he's bought a couple of tesla's, traveling with Bitcoin. If he was looking to dump and cash in, he wouldn't be so active in utilizing his coins on this rising market.

With that said, I've been buying btc since it was $280. This last correction is a blessing for me, as I picked up some more at this week's (hopefully) low.

The article could have been a bit more specific in its details, and I can see why you think it's just a shill piece, but based on a couple of personal interactions with bitcoin the past few months, I think Bitcoin is still on the rise, not bubbling.

ImHash

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Quote from: squatz1 on June 13, 2017, 01:11:38 PM

Yet again, I feel all of this news is being manufactured by the whales and the big traders in Bitcoin, no one can even try to fight the claim that we're in a bubble right now. With the price increases per day it's pretty insane to even think of not being in a bubble, let alone writing it in a news site and then sourcing it on here. The price went up like a fucking straight up ladder for BTC and many other coins fells, so simpy this source is just trying to shill more and more people into getting into BTC so the whales can make more and more money.

Shitty source just trying to make more money, sorry OP.

How many bitcoins exist in circulation today? not more than 16.4M is there any other circulating supply that we don't know anything about it? if the whales are manipulating us into buying more bitcoin then let them do that, it's not like when they sell they can buy back from us for free or much cheaper, if I buy bitcoin and only sell them higher than what I bought them for then me earning profit is something that you have problem with?

Qartada

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Quote from: allthingsluxury on June 13, 2017, 01:37:10 PM

If you look at that chart, it is certainly due for a pull back. This doesn't mean the death of bitcoin, people should be embracing this for the long term good of bitcoin.

Pullbacks have been happening along the way.

Unlike ETH which has just rose over 3000% in the last few months, Bitcoin has been pretty steady by crypto standards and has had serious corrections ($2700-2000, $2950-2500, and so forth). That's not to say that ETH will definitely collapse or Bitcoin will definitely rise, but it's hard to judge whether it's too much growth to stay stable at this point.

To keep safe, just hodl and buy the dip.

allthingsluxury

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If you look at that chart, it is certainly due for a pull back. This doesn't mean the death of bitcoin, people should be embracing this for the long term good of bitcoin.

okbit

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It is not yet a bubble because so few everyday people even know what it is, and many serious investors are not aware of its potential. This trend has a long way to run.

cellard

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Quote from: squatz1 on June 13, 2017, 01:11:38 PM

Yet again, I feel all of this news is being manufactured by the whales and the big traders in Bitcoin, no one can even try to fight the claim that we're in a bubble right now. With the price increases per day it's pretty insane to even think of not being in a bubble, let alone writing it in a news site and then sourcing it on here. The price went up like a fucking straight up ladder for BTC and many other coins fells, so simpy this source is just trying to shill more and more people into getting into BTC so the whales can make more and more money.

Shitty source just trying to make more money, sorry OP.

Look at bitcoin's marketcap dominance compared to other alts. The irony is that bitcoin is not the one in a bubble, it's the alts that are in a bubble, specially Ethereum. Once Ethereum crashes it's going to be fun. BTC domination will go back to 80% and the altcoin bubble will burst, BTC will go even higher and we'll see what was really in a bubble.

BTC isn't experiencing abnormal growth, it's the alts.

squatz1

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Flying Hellfish is a Commie

Yet again, I feel all of this news is being manufactured by the whales and the big traders in Bitcoin, no one can even try to fight the claim that we're in a bubble right now. With the price increases per day it's pretty insane to even think of not being in a bubble, let alone writing it in a news site and then sourcing it on here. The price went up like a fucking straight up ladder for BTC and many other coins fells, so simpy this source is just trying to shill more and more people into getting into BTC so the whales can make more and more money.

Shitty source just trying to make more money, sorry OP.

Meuh6879

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Source : https://www.cryptocoinsnews.com/4-reasons-bitcoin-not-bubble/

Quote

Bitcoin will someday be in a bubble, but that time is far away, Martin noted.

One benefit of cryptocurrencies is that they coexist with other forms of money used for transactions. Bitcoin is not in a bubble. Instead, people are using it to park their dollars so central banks cannot destroy their value.

Volatility will continue for bitcoin, as nothing moves in a straight line. Martin believes cryptocurrencies will trade along with sovereign currencies and eventually replace them.

He will not be convinced that the growth of bitcoin’s price has stalled until its market cap rivals that of the United States’ money supply, which is $13.5 trillion.

Topic: Bitcoin is not in a bubble. people are using it to park their dollars. (Read 779 times)