Any bitcoin investors?
The Blind Eternities forum
Posted on Dec. 22, 2017, 10:12 a.m. by 8vomit
For those who dont know much about Bitcoin, let me give you a quick summary as best I can. Bitcoin is the most popular and longest running digital cryptocurrency. There are tons of other cryptocurrencies that exist including Ethereum, Bitcoin Cash, litecoin, ect. You buy into it using whatever your native currency is, at its current value during your purchase. You can buy any amount, even a tiny fraction of a coin at a time.The idea is that it goes up in value and you sell your chunk. Bitcoin is truly its own stock market, just as magic is.
One Bitcoin is currently worth $11,794, which may sound like a lot, but if youre someone who follows or invests in bitcoin, that is hurt status. Bitcoin was recently worth over $20,000, and hasnt been lower than $15,000 until less than 12 hours ago. Alternative coins values have also tanked. The price often fluctuates, but not by this much. So theres a lot of people out there today with sad bank accounts.
So for those of you who know about bitcoin, what do you think about this sudden price drop? Do you think it will recover, and why? What caused it?
The scariest thing to me is that the majority of its value is held in a small number of accounts owned by rich investors. If they decide to pull out, everyone else is screwed. I think that may have been the case here. One or maybe a couple rich people pulled out.
I first heard of bitcoin in 2009, when it was maybe $2 for a whole coin. Cryptocurrency was unheard of, and I didnt think it was a safe investment. Man do I wish I had listened to my buddy that told me about it.
I almost posted this in economics, but decided this was the best spot since mtg is not involved.
Onlytruereject says... #4
Not to be that guy... and while this whole thread is very informative with good stuff... what does this have to do with Magic?
December 22, 2017 12:47 p.m.
Onlytruereject says... #6
Ah. I somehow missed what forum it was in. Thought I clicked one of the others lol
December 22, 2017 1:18 p.m.
Bitcoin currently cost $12828.
A big bag of popcorn is $2.
Reading the Bitcoin forums and having a giggle is free.
December 22, 2017 1:35 p.m.
sergiodelrio says... #8
Bitcoin will burst when everyone is in. That time is not now. Until then the emerged crypto currency market will evolve and grow, as most of the "altcoins" are designed with a purpose in mind. Hence, their value will steadily keep rising. Bitcoin however, much like gold, holds only idealistic value. Remember how the gold market kept crashing over and over in short periods of time? Me neither. This thing will one day hit seven digits and still have no/little use. Always keep in mind that there is no such thing, in none of the markets, as an inherent numerical value. Things are always worth what people think they are worth. Magic players should know... they pay thousands for a pile of paper cards. This is pretty much the last call to board the crypto train.
HunterEste says... #2
Anyone who looked at the graph showing the rate of growth...and couldn't see it was very unhealthy and a classic bubble waiting to burst, deserves these losses.
Bitcoin will continue to drop and likely stabilize out around the $6000 range which would have been a more reasonable level for it, had it been growing an a slower, healthier rate.
A fool and their money are soon parted.
December 22, 2017 10:45 a.m.