The Great Coin Bubble of 2017?

[Neu Leonstein]

You could always use options in place of shorting.

Yeah, but who is reliable and writes options on dogecoin or whatever? That's my point, I would need some sort of reliable free market in which one can transact without being constrained to one view. Right now, when one believes the claims of the true believers after some of the recent hard reversals, you can't even close out long positions without prompting massive sell-offs. These aren't liquid markets.

[Minoa]

I don't know if dogecoin will be as valuable as bitcoin, since it was created for fun.

[Soldati Senza Confini]

Wow, I never expected Litecoin to be of such worth. I always thought it was as useless as bitcoin. I mean, it turns out they are even more useless than bitcoin, but still.

In any case, it really is a wobbly market, and it seems like there's a late bubble going on, yes. Considering how fast has the price of a bitcoin and litecoin have exploded.

[Soldati Senza Confini]

Hey don't hate. I have 100 pesos worth of DogeCoins on a friend's computer.

Now maybe it's because I'm used to USD but isn't that a metric shit ton of coins? Here's hoping it jumps up to $50 per and you can get rich.

Are you the one guy who said he owned coins and thinks it's a bubble?

Na that's me. I have some Bitcoin and Litecoin, I'm just still salty I didn't buy into Lite when it was $2 per.

100 pesos worth of dogecoin is $5.66 dollars worth of bitcoin right now.

Also, I never saw much future in bitcoin or litecoin. I was wrong, but I am not a poorer person because of it

[Nulla Bellum]

One AG Sessions asset forfeiture over a joint in the ashtray away from being Ponzi in prison

[Shofercia]

Some of you may have heard of it, some of you may even be involved in it: the huge rally in digital "currencies" that's accelerated hard recently.

First things first: I'm not an IT guy. I can do math, but I don't claim to know the ins and outs of this blockchain tech or that. I do know a little bit about monetary economics though, and given that at least with bitcoin initially some people claimed that these coins could be a form of money, I've tried to pay a little attention... and what has been happening the last couple of months smells like late-stage bubble mania territory to me.

To recap: what is going on now is that all sorts of businesses are popping up (thus feeding nicely into the "tech start-up" meme) which claim to make better use of one blockchain technology or another. To fund their great idea, they issue what used to be called shares. But share investments would be regulated (e.g. by the SEC in the US), making sure of such things as appropriate and error-free information going to investors, appropriate safeguards against abuse of funds and so on. But that's sooo 20th century, so now these shares are called "coins" and are sold in "initial coin offerings", or "ICOs".

You can check the market cap of these various coins here: https://coinmarketcap.com/ It's a lot. These numbers are going up fast, but last I read ICOs had raised $1.3 billion from people.

But I am rather skeptical. Most of those ideas being funded here are unlikely to be successful. Tezos recently raised money through their ICO, claiming that their blockchain tech is better than other blockchain techs for some reason. Their funding goals for $20m+ included "convince a country to use our coins as their official currency". They raised $230m.

Plus, the market is dodgy as hell. At one recent ICO hackers took $7m of investors' money within three minutes of launch. And some of the pioneers in the field seem to recognise that if the SEC ever cracked down on this, the whole thing would tumble.

So, what say you, NSG? Bubble or no bubble?

Links:
Crypto-Tulips
Bitcoin - Pick a number, any number.
In the crypto world you can get something for nothing
What does a crypto startup do with $230m?
ICOs and money markets
Ethereum Co-Founder Says Crypto Coin Market Is a Time-Bomb
It only took hackers 3 minutes to steal $7 million worth of Ether

Honestly, I'm not sure. There's too much speculation involved, so I didn't even analyze it properly.

[Minoa]

Worthy of note: http://www.reuters.com/article/us-bitco ... SKBN1A62T4

There will be no split, but most bitcoin wallets with the best features still remain hardly portable: I mean on a tiny thumb drive.

[Saiwania]

I don't know why or how Bitcoin is valued so high, but it reached a peak at the end of August but is still very high up as a commodity. 1 BitCoin is currently at $4,630: outrageously high, very volatile but super hot. Had I bought $1,000 worth of BitCoin in 2010 and left it alone until now- I'd be a millionaire right now, absolutely set for life. No need for any job.

But people who missed the boat can find solace in that nobody can accurately predict the future. I do wonder if it is worth taking out a loan to buy only 1 BitCoin just to sit on it. I'd have to dismiss that idea because I can't cover the interest and principal in any timely fashion.

I think it is mostly too late, but if Bitcoin ever collapses and you don't think it will go away completely- could be worthwhile to get as much of it as you can. How high can it go? It is just crazy the levels it is reaching. Stop the madness! Are people out of their minds valuing something "not real" so high?

[Ryanasic]

I hate things like bitcoin in general.
They're basically like the stock market but very shady.

[Mushet]

I think just about every thread on /biz/ is people talking about all these different cryptocurrencies.

[Greed and Death]

I don't know why or how Bitcoin is valued so high, but it reached a peak at the end of August but is still very high up as a commodity. 1 BitCoin is currently at $4,630: outrageously high, very volatile but super hot. Had I bought $1,000 worth of BitCoin in 2010 and left it alone until now- I'd be a millionaire right now, absolutely set for life. No need for any job.

But people who missed the boat can find solace in that nobody can accurately predict the future. I do wonder if it is worth taking out a loan to buy only 1 BitCoin just to sit on it. I'd have to dismiss that idea because I can't cover the interest and principal in any timely fashion.

I think it is mostly too late, but if Bitcoin ever collapses and you don't think it will go away completely- could be worthwhile to get as much of it as you can. How high can it go? It is just crazy the levels it is reaching. Stop the madness! Are people out of their minds valuing something "not real" so high?

Quantum computing will likely cause the market to crash.

[AiliailiA]

I don't know why or how Bitcoin is valued so high, but it reached a peak at the end of August but is still very high up as a commodity. 1 BitCoin is currently at $4,630: outrageously high, very volatile but super hot. Had I bought $1,000 worth of BitCoin in 2010 and left it alone until now- I'd be a millionaire right now, absolutely set for life. No need for any job.

But people who missed the boat can find solace in that nobody can accurately predict the future. I do wonder if it is worth taking out a loan to buy only 1 BitCoin just to sit on it. I'd have to dismiss that idea because I can't cover the interest and principal in any timely fashion.

I think it is mostly too late, but if Bitcoin ever collapses and you don't think it will go away completely- could be worthwhile to get as much of it as you can. How high can it go? It is just crazy the levels it is reaching. Stop the madness! Are people out of their minds valuing something "not real" so high?

You gravedug. July 23 to September 03 is a gravedig.

You've been here for years, you should know better.

I hate things like bitcoin in general.
They're basically like the stock market but very shady.

And four days later, not a gravedig but looks like you might have found the thread after a Mod buried it. Did you follow Saiwania?

Not replying to a gravedig is harder than not gravedigging. A new user can be excused for this.

---

EDIT: Mods notified.

[The of Japan]

I don't know why or how Bitcoin is valued so high, but it reached a peak at the end of August but is still very high up as a commodity. 1 BitCoin is currently at $4,630: outrageously high, very volatile but super hot. Had I bought $1,000 worth of BitCoin in 2010 and left it alone until now- I'd be a millionaire right now, absolutely set for life. No need for any job.

But people who missed the boat can find solace in that nobody can accurately predict the future. I do wonder if it is worth taking out a loan to buy only 1 BitCoin just to sit on it. I'd have to dismiss that idea because I can't cover the interest and principal in any timely fashion.

I think it is mostly too late, but if Bitcoin ever collapses and you don't think it will go away completely- could be worthwhile to get as much of it as you can. How high can it go? It is just crazy the levels it is reaching. Stop the madness! Are people out of their minds valuing something "not real" so high?

You gravedug. July 23 to September 03 is a gravedig.

You've been here for years, you should know better.

I hate things like bitcoin in general.
They're basically like the stock market but very shady.

And four days later, not a gravedig but looks like you might have found the thread after a Mod buried it. Did you follow Saiwania?

Not replying to a gravedig is harder than not gravedigging. A new user can be excused for this.

---

EDIT: Mods notified.

comeone, let us continue it

[Saiwania]

You gravedug. July 23 to September 03 is a gravedig.
You've been here for years, you should know better.

You know what? I think BitCoin reaching a new all time high right before I posted was relevant enough to over rule the fact that it might be grave digging. I'd much rather revive an old thread than to make a new thread that might not go anywhere. In my view, I'm just being conservative in making use of existing threads and not cluttering the forum beyond what is necessary. This thread is after all, not more than a year old.

This was a calculated risk and I think people do want to discuss this new development. BTC being valued so sky high is very relevant to this topic so far as whether it is in a bubble or not.

[Farnhamia]

You gravedug. July 23 to September 03 is a gravedig.
You've been here for years, you should know better.

You know what? I think BitCoin reaching a new all time high right before I posted was relevant enough to over rule the fact that it might be grave digging. I'd much rather revive an old thread than to make a new thread that might not go anywhere. In my view, I'm just being conservative in making use of existing threads and not cluttering the forum beyond what is necessary.

This was a calculated risk and I think people do want to discuss this new development. BTC being valued so sky high is very relevant to this topic so far as whether it is in a bubble or not.

You should have asked in Moderation first. Carry on.

[AiliailiA]

You know what? I think BitCoin reaching a new all time high right before I posted was relevant enough to over rule the fact that it might be grave digging. I'd much rather revive an old thread than to make a new thread that might not go anywhere. In my view, I'm just being conservative in making use of existing threads and not cluttering the forum beyond what is necessary.

This was a calculated risk and I think people do want to discuss this new development. BTC being valued so sky high is very relevant to this topic so far as whether it is in a bubble or not.

You should have asked in Moderation first. Carry on.

That's a ruling on the basis of 'new developments' and yet ...

I don't know why or how Bitcoin is valued so high, but it reached a peak at the end of August but ...

Bitcoin has hit a "record" five times in the last year and that's only peaks of similar prominence to Sept 3 (ie, what Sai calls the end of August). In particular, it hit peaks 15th to 17th August which were MORE prominent than the latest one.

Meh, it's a lax rule I know. I find the thread boring but not offensive, I really don't care if it rides or not.