Bitcoin

Retireby40

TheAble said:

Retireby40 said:

All of a sudden from every crypto being up every day basically and increasing it looks now like its going the other way. This may be the start of it dropping significantly. So all of a sudden this weekend everyone who bought decided to start selling and nobody else is buying?

The people they are selling to are buying (by definition).
It may be the start of it dropping significantly, or it may not be. Who knows?

But if we look at past booms for example 2018 we seen exactly the same pattern. Around Christmas a rapid boom and weeks after Christmas into the new year a big drop. 

Why the change of attitudes and opinions so quick? Its like a week ago every wanted a piece of the action not just on bitcoin but even cryptos nobody had heard of and now all of a sudden everything's in the red and falling.

The_Green_Hornet

Bitcoin: be prepared to lose all your money, FCA warns consumers

https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets

bowlhead99

The_Green_Hornet said:

https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets

The article makes the sensible comment that ,' “The FCA is aware that some firms are offering investments in cryptoassets, or lending or investments linked to cryptoassets, that promise high returns,” the regulator said on Monday.'

I think most on this board would steer investors away from a provider offering investment products or crypto-linked lending that 'promised high returns', because such promises carry high risk of failure and may simply be unregulated scams. 

Of course, that does not mean that the cryptocurrency itself is a scam; the currency does not make promises of high returns. You could still lose all your money by buying the currency on an exchange, if the price drops to zero or you suffered some fraud event or major problem with the exchange, but that is a risk taken.  What the FCA are most concerned about are 'products' including derivatives or lending setups which are promising high returns when the promises might not be able to be kept and the people providing the promises are unregulated and perhaps running a scam or fraud.

BananaRepublic

The_Green_Hornet said:

Bitcoin: be prepared to lose all your money, FCA warns consumers

https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets

In my opinion Bitcoin is the dot com boom, a pyramid selling scheme, an ecological catastrophe and Groundhog Day all rolled into one spectacular scary amusement ride. 

bowlhead99

BananaRepublic said:

The_Green_Hornet said:

Bitcoin: be prepared to lose all your money, FCA warns consumers

https://www.theguardian.com/business/2021/jan/11/bitcoin-be-prepared-to-lose-all-your-money-fca-warns-consumers-risk-productis-cryptoassets

In my opinion Bitcoin is the dot com boom, a pyramid selling scheme, an ecological catastrophe and Groundhog Day all rolled into one spectacular scary amusement ride. 

Groundhog Day was an excellent romcom with 8 out of 10 on imdb.com ; references to it are a positive thing for me.

eskbanker

No doubt there'll be a Hollywood movie at some point in the future called MSE Bitcoin Thread Day....

BananaRepublic

eskbanker said:

No doubt there'll be a Hollywood movie at some point in the future called MSE Bitcoin Thread Day....

With Tom Cruise playing Bowlhead99, and doing his own stunts. 

I see it has lost over 20% in 24 hours. Fasten your seat belts. There’s nothing like a nice stable currency ... 

eskbanker

BananaRepublic said:

eskbanker said:

No doubt there'll be a Hollywood movie at some point in the future called MSE Bitcoin Thread Day....

With Tom Cruise playing Bowlhead99, and doing his own stunts. 

I see it has lost over 20% in 24 hours. Fasten your seat belts. There’s nothing like a nice stable currency ... 

....from which the horse has bolted?

2010

https://www.bbc.co.uk/news/uk-wales-55658942
https://www.bbc.co.uk/news/technology-55645408

BananaRepublic

2010 said:

https://www.bbc.co.uk/news/uk-wales-55658942
https://www.bbc.co.uk/news/technology-55645408

He expects the council to spend a fortune looking for a hard drive when they only have his word that it exists and provides access to millions of pounds of Buttcoin? And he's only offerring to share 25% of the funds?
Maybe it was recycled for the metals?