When do you think the correction will happen?
It's weekend and usually people tend to take their profits at the weekends.
Not yet. We are stilll riding the post split wave of enthusiasm. most people werent aware of what the split really meant; there was a lot of fud and greed that jacked the price around. now that we are past that, folks have gone full retard. like Tropic Thunder taught us, you can never go full retard. This is a bubble, pure and simple. it pains me to say that, because I heart bitcoin, but I would ask anyone that reads this to explain to me why bitcoin is 3x the price of gold. and if you have an explanation, then come trade me my bitcoin for your gold. because if the electricity goes off, i will still have that gold. and you will have regret.
crypto aint everythang.
In the same way, explain to me why gold is a better investment than bitcoin?
Certainly
Let's start off by saying gold is real. To be honest that's a winner winner chicken dinner right there, but let me continue. Gold has utility. From medicine to art, from electronics to mechanics, gold serves a vital function because of its inherent chemical or aesthetic properties. Gold is rare and hard to obtain, and hence, along with these other features has been used as a medium of exchange for an eternity. Gold is trusted, gold is widely accepted, and if you know how, gold is actually fairly liquidable. And the price of gold is fairly stable.
Then there is bitcoin. Bitcoin, although indeed tasty, is not real. Bitcoin is literally 1s and 0s in a decentralized database. An upside is that you can't confiscate it per se (there is no substance). Bitcoin has no utility outside being a speculative assets and a medium of exchange. I can't eat a bitcoin (you can nibble on a paper wallet, but it doesn't satisfy). Also, to make a bitcoin txn I must be connected to the web. If there is no web, you essentially have no access. If there is no electricity, you have no access. Bitcoin, while highly liquidable on exchanges, are not widely accepted at all in the real world. And the price of bitcoin is like riding a mechanical bull. It's a blast until you get dumped on your ass
Have you ever considered why satoshi chose the term 'mining' to describe the mathematical process of solving a block?