Bitcoin

onthebench

Peter Schiff has been trolling bitcoin owners for years. He has been saying it was worthless since it was worth <$1k. He just does it for fun now, he will never change his tune.

[Deleted User]

onthebench said:

wiseonesomeofthetime said:

https://uk.finance.yahoo.com/news/bitcoin-slides-10pc-record-weekend-105223942.html

Oops!

Yes, it crashed all the way back down to where it was... ooh, three days earlier. And is currently up 80% in a month.
Past performance does not guarantee future etc etc etc but since I bought at £9k in October and have taken out more than my original investment, wherever it goes from here is immaterial, and the upside potential is still pretty good IMO.

Bitcoin keeps crashing... Upwards. 😅 Another all time high today, it's up 14% in 24hrs as of this morning.

RichTips

onthebench said:

Peter Schiff has been trolling bitcoin owners for years. He has been saying it was worthless since it was worth <$1k. He just does it for fun now, he will never change his tune.

https://twitter.com/peterschiff/status/1303009420713111553?s=21

This was a poll done in September when Schiff asked whether people should follow his advice or that of his 18-year-old son, who had recently bought Bitcoin. It's price has done a x3 since then.

HansOndabush

I'm with Schiff. Bitcoin is a scam/ponzi scheme.

bowlhead99

HansOndabush said:

I'm with Schiff. Bitcoin is a scam/ponzi scheme.

Yes, we know you're with Schiff as you've posted his videos before in support of gold etc in last year's threads.

Still, 'allowing something to change hands for money, that only has speculative value' doesn't constitute a 'scam'.  The value goes up because people hope someone will buy it off them, for a higher price further down the road (the 'greater fool' theory of speculation), much as the value of a block of relatively inert shiny metal such as silver or gold can go up when people make judgements about what people will pay for it down the road. Such metals have industrial use, just like a barrel of oil has a use, but much of their value is driven by people's opinions of future demand (from investors / speculators, not just from end users) and relative demand for other investments.

So, I don't see BTC as a 'scam' in itself. People are free to buy what they want - and when they know they are only buying it, not for its own sake but because they hope someone else will pay more to take it off their hands later... they are not being 'scammed' unless something has been promised that isn't intended to be delivered or can't be delivered.

What has been said before is that the nature of it (high tech, volatile, FOMO driving high valuation percentages) is something that can lead to the all sorts of scam businesses popping up to set up fake trading sites and the like. So people like OP should be careful and beware of vested interests when someone tells them to 'get into it' or which apps to buy it from, etc. Their 'friends' telling them to buy it through a certain website might be out to do them harm, or may be recommending something with very good intentions without realising that they've fallen for something.

Retireby40

There's a drop coming. It can't just keep going up 15% everyday for the next 1-2 years. When that drop comes who knows.

But it will come like it always does.

I know some people posted articles but its just random for me that on the mouth of Christmas during a global pandemic people thought throwing hundreds and thousands into something they know nothing about was a good idea.

Malthusian

RichTips said:

onthebench said:

Peter Schiff has been trolling bitcoin owners for years. He has been saying it was worthless since it was worth <$1k. He just does it for fun now, he will never change his tune.

https://twitter.com/peterschiff/status/1303009420713111553?s=21

This was a poll done in September when Schiff asked whether people should follow his advice or that of his 18-year-old son, who had recently bought Bitcoin. It's price has done a x3 since then.

That is an absolutely inspired way to give your 18-year-old son a leg up and boost his Twitter readership. (Though it would have been better if he'd spelled his son's handle correctly.)

I bet Schiff Jr got thousands off new followers off the back of that tweet - far more than if Schiff Sr had said "My son's a genius, follow his Twitter account".

HansOndabush

When teenagers rebel, it usually takes the form of staying out late, drinking etc. but in Schiff junior's case he just buys bitcoin.

Retireby40

Any other reasons why bitcoin etc peaks in December/January. In 2018 it was exactly the same. In the space of 3/4 weeks it goes from relatively nothing to the sky. Then within 4-6 weeks drops like mad in Feb and March 

Exactly the same thing has happened. 3-4 week period exactly same time as a few years ago jumps like mad this Christmas and January.

The time when arguably people have less money and more financial commitments. 

I find it incredibly hard to believe that this Christmas unlike 2019 people decided oh let's throw the kids Christmas money at crypto.

planteria

the thing that surprises me with these threads is that some contributors consistently demonstrate their real passion to argue that bitcoin is a bad place for anyone to put their money, whilst also commiting to fail to understand it.
the institutions and corporates that are investing in bitcoin are in the public domain, the graphs are clear and easily accesible.
fwiw i'm still hanging on to see if there's a significant drop, to back below £20k, so that i can buy some more.