Quote:
Originally Posted by SkinnyPupp
I agree with all that you said, especially using it like a currency. Unfortunately that's hard to do when it fluctuates so much.
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This is exactly why Bitcoin is useless. It's so volatile because it's based on nothing. It's a completely groundless and speculative investment. As threezero stated the first assets to go in times of need are the speculative ones and Bitcoin is being absolutely destroyed. Blue chip stocks are down 15-20-30% over the last week and they're based on multi-million dollar corporations. Today, Bitcoin is an absolutely useless asset and is being dumped. I wouldn't be surprised to see it go to essentially 0. It was $9100 USD a coin five days ago and today alone is down 42% to $3900 and still falling.
Sorry to say Skinny, but you're taking the position of Bear Stearns on this one. I think this crash proves the value of cryptocurrency: 0. No one will be talking about Bitcoin in 10-20 years. I hope you're not losing your socks.
EDIT - As I posted that, it has shot back up to $5100. Swings like that are just stupid for investors. Likely a dead cat bounce as circuit breakers are going in Asian markets. Tomorrow will be another bloodbath in the markets.