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When will Bitcoin implode
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Anyone else reckon some of these forumites who are continually starting threads on this Bitcoin subject come over a little jealous that they didn't get in there earlier? (Not that I'm a Bitcoin investor so can be a little more balanced).
Warning other posters is one thing. Spamming the forum another - its as zzzzz as people bigging Bitcoins up.
Marked as Spam (again) and awaits Bananas rabid response and them reporting me (again).0 -
OK I apologise, I read your post.
I'm just trying to counter balance some of the irrationality and gleeful ignorance about bitcoin, I wish it was 'worth' £100, it's getting way ahead of itself in terms of value and there's no way it's ready for the sort of mass adoption the price seems to be suggesting.
It's a conundrum that I support the concept totally but the enthusiasm being generated around the current price is coming from folks who seem to have no idea what it is, it's making me align with the sceptics.
There are major development and implementation hurdles to overcome, many of which will cause conflict, before it's anything like ready for mainstream adoption.
Then again perhaps the elevated value will accelerate and help to resolve that process. One thing for certain though a lot of people new to it are at serious risk of being badly burned if they think it's money in the bank.
You are surely aware that even senior figures in the financial world do not understand what Bitcoin is. I certainly do not know what it is. There are claims that the blockchain is a significant invention that will revolutionise the moden world. I do not understand the implementation details, and the descriptions I have seen thus far are too superficial for my tastes.0 -
Implode is a too severe word. For sure there will be corrections, and probably large ones. To claim that bitcoin will be gone for good, that's relatively exaggerate. It will only go if something else able to replace it comes out, and this does not depend on bitcoin itself. Of course, the rise in price may drive the development of new currencies and technologies better than bitcoin, but that is likely to take longe rthan 3 months.0
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I am hoping to cash in some of my holding over March/April (assuming it reaches my first target) so I am hoping the next massive crash doesn’t happen before then. It can do what it likes afterwards.
I think those of us who lived through Mt Gox are possibly a bit more laid back about catastrophic crashes than those who haven’t.
Is March and April your target dates so that you can sell in two different tax years, and therefore use your CGT allowance twice?Chuck Norris can kill two stones with one birdThe only time Chuck Norris was wrong was when he thought he had made a mistakeChuck Norris puts the "laughter" in "manslaughter".I've started running again, after several injuries had forced me to stop0 -
BananaRepublic wrote: »You are surely aware that even senior figures in the financial world do not understand what Bitcoin is. I certainly do not know what it is. There are claims that the blockchain is a significant invention that will revolutionise the moden world. I do not understand the implementation details, and the descriptions I have seen thus far are too superficial for my tastes.
There really isn't much to understand. The blockchain is a massively distributed ledger (along with all the inefficiencies that entails). Anyone who doesn't think it is a big deal is accused of not "getting it". As a payment platform, it is fundamentally flawed. As a trade, it is a dream.0 -
There was a lot of talk about bitcoin imploding, being a bubble, about to collapse four years or so back when it hit $1000. So those people were bang on then.Proud member of the wokerati, though I don't eat tofu.Home is where my books are.Solar PV 5.2kWp system, SE facing, >1% shading, installed March 2019.Mortgage free July 20230
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This is part of the danger of bubbles. Naysayers (myself included) are "shown wrong" by continuing increases in price right up until the point where it all completely implodes, after which it is clearly too late to listen to such warnings.onomatopoeia99 wrote: »There was a lot of talk about bitcoin imploding, being a bubble, about to collapse four years or so back when it hit $1000. So those people were bang on then.
This is precisely why warnings should say that the price may well continue to surge upwards for a long time, as bubbles do not have to be only very short term phenomena. A bubble only means that exuberance drives price rather than actual value, and even the staunchest bitcoin supporters should be able to admit that this is exactly what is happening. After all their underlying asset isn't doing anything differently now compared to, say, six months ago, therefore the underlying value hasn't changed.
Bubbles can make a lot of people very rich before they eventually burst - indeed this is largely how they form in the first place.I am a Chartered Financial Planner
Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.0 -
chucknorris wrote: »Is March and April your target dates so that you can sell in two different tax years, and therefore use your CGT allowance twice?
Ideally yes, but I know I’ll be incredibly lucky if it neatly works out so I can spread the CGT.Hmmmm, need new siggie :cool:0 -
There really isn't much to understand. The blockchain is a massively distributed ledger (along with all the inefficiencies that entails). Anyone who doesn't think it is a big deal is accused of not "getting it". As a payment platform, it is fundamentally flawed. As a trade, it is a dream.
There is more to it than that. For example, when a transaction occurs, how is each copy of the ledger updated?0 -
This is part of the danger of bubbles. Naysayers (myself included) are "shown wrong" by continuing increases in price right up until the point where it all completely implodes, after which it is clearly too late to listen to such warnings.
This is precisely why warnings should say that the price may well continue to surge upwards for a long time, as bubbles do not have to be only very short term phenomena. A bubble only means that exuberance drives price rather than actual value, and even the staunchest bitcoin supporters should be able to admit that this is exactly what is happening. After all their underlying asset isn't doing anything differently now compared to, say, six months ago, therefore the underlying value hasn't changed.
Bubbles can make a lot of people very rich before they eventually burst - indeed this is largely how they form in the first place.
Yes. And in the financial world you are better off following the herd. If as a financial wonk you warn everyone, and then suffer huge losses while other enjoy huge gains, you lose your reputation. If however you follow the herd, and suffer huge losses, you simply say that everyone lost money, it was not foreseen, and you maintain your reputation.0
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