Armed Polite Society
Main Forums => The Roundtable => Topic started by: Ben on May 26, 2017, 10:15:21 AM
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Wow.
I've pretty much ignored Bitcoins since the first broohaha about them. I had absolutely no idea they have gone up this much. Back when they first came into the public eye, I was considering doing the same thing that this guy did - just getting a small amount to see what they were about. C'est la vie.
https://www.gizmodo.com.au/2017/05/i-threw-away-4-8-million-in-bitcoin/
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I've been watching it. We have around 20, from my son's estate. Peaked about $2800, then took a tumble yesterday. I wish I knew what was driving it.
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I've been watching it. We have around 20, from my son's estate. Peaked about $2800, then took a tumble yesterday. I wish I knew what was driving it.
Not all, but a big part is Chinese investors, in a new round of doing whatever they can come hell or high water to place money/assets in non-Chinese countries, currency, and investments.
For Bitcoin, the high valuation is "good" in that it shows it's still far from dead, despite the umpteen millionth smug prediction of it's demise. But it's bad for what IMO it really "needs" which is stability so people will be willing to both spend it, and save it as an actual currency, not just a paramutual betting investment etc.
Granted, you can transfer money via Bitcoin pretty quickly in a "get in and get out" manner that's bookended by other .gov issued currencies, or gold and other things, which is not very vulnerable to the volatility, but that's just making it into a weird form of PayPal.
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This reminds me. I need to see how much I've got. I know it's less than one. Got some way back when it was still pretty knew and you could get them for free to help get it started.