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Crypto Crash! -$400,000,000,000


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#11 pdx5

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Posted 16 November 2021 - 03:47 PM

Some say bitcoin is worthless, but it gets high demand.  Anything is worthless including stocks if there is no demand and vice versa.  I see bitcoin will be much higher after this pullback as it has limited supply and unlimited demand...........................

At one time, Tulips were more valuable than gold. Why not Bitcoins?


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#12 fib_1618

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Posted 16 November 2021 - 04:11 PM

 

Some say bitcoin is worthless, but it gets high demand.  Anything is worthless including stocks if there is no demand and vice versa.  I see bitcoin will be much higher after this pullback as it has limited supply and unlimited demand...........................

At one time, Tulips were more valuable than gold. Why not Bitcoins?

 

 

Because it's not the same thing.

 

Fib


Edited by fib_1618, 16 November 2021 - 04:14 PM.

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#13 redfoliage2

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Posted 16 November 2021 - 05:22 PM

 

 

Some say bitcoin is worthless, but it gets high demand.  Anything is worthless including stocks if there is no demand and vice versa.  I see bitcoin will be much higher after this pullback as it has limited supply and unlimited demand...........................

At one time, Tulips were more valuable than gold. Why not Bitcoins?

 

 

Because it's not the same thing.

 

Fib

 

Perfectly said.  Also, we got the internet and going into ...............................................................................



#14 pdx5

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Posted 16 November 2021 - 10:24 PM

 

 

Some say bitcoin is worthless, but it gets high demand.  Anything is worthless including stocks if there is no demand and vice versa.  I see bitcoin will be much higher after this pullback as it has limited supply and unlimited demand...........................

At one time, Tulips were more valuable than gold. Why not Bitcoins?

 

 

Because it's not the same thing.

 

Fib

 

Well, OK Tulips were perishable, and Crypto coins are non-perishable, so that is different.

However there is nothing backing their intrinsic value, no gold, no silver, no government, no stocks, no dollars, nothing.

 

Only common thing between Tulips & Crypto is Demand by people who "think" they are valuable..


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#15 Rogerdodger

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Posted 16 November 2021 - 11:10 PM

Tulip Bulbs...those that were lucky enough to get out early were hurt later by the depression in the aftermath of the crash.

 

"As is often the case with economic bubbles, as the price rose to a point where it was obviously so incredibly inflated, some prudent people decided to get out and capitalize on the absurd prices. Then a domino effect took place where more and more tried to sell at ever decreasing prices. The truth is that no one is completely sure what lead to the cataclysmic demise of the bulb trade, but what is certain was that it caused unmitigated pandemonium and widespread panic throughout the republic.

This is when parties involved began to stop honoring contracts. Needless to say, this was cause for much hubbub, as people realized they had bet their whole life savings or family homes on these tulip bulbs. The Dutch government even had to intervene to try to curb the fall, offering to honor contracts at 10% of the face value, however, this only worsened proceedings, as the price began to fall even farther until the bottom completely fell out.

Of course, this resulted in financial ruin for many, as the bulbs that they had paid so highly for were worth virtually nothing. Debt disputes went on for years and even those that were lucky enough to get out early were hurt later by the depression in the aftermath of the crash."

https://www.focus-ec...h-market-bubble



#16 andr99

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Posted 17 November 2021 - 03:16 AM

One thing that is not really clear. If the classic currency made of paper represents the economy of a country or the richness of a country, when you put to the side of that classic currency a virtual one the representation of the richness of the country is split in two, half is represented by the old classic currency and half by the new virtual one. As a consequence the old value of the classic currency should be cut in half otherwise you have created richness out of thin air and your virtual currency represents nothing. So the question is, are we going to see devaluation of all classic currencies or are we going to see a new bubble as a consequence of unreal richness created out of thin air ? To me, it's the second one.         


Edited by andr99, 17 November 2021 - 03:18 AM.

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#17 pdx5

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Posted 17 November 2021 - 08:52 AM

One thing that is not really clear. If the classic currency made of paper represents the economy of a country or the richness of a country, when you put to the side of that classic currency a virtual one the representation of the richness of the country is split in two, half is represented by the old classic currency and half by the new virtual one. As a consequence the old value of the classic currency should be cut in half otherwise you have created richness out of thin air and your virtual currency represents nothing. So the question is, are we going to see devaluation of all classic currencies or are we going to see a new bubble as a consequence of unreal richness created out of thin air ? To me, it's the second one.         

US dollar was stronger this week. How about the Lira?


"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule

#18 andr99

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Posted 17 November 2021 - 09:15 AM

 

One thing that is not really clear. If the classic currency made of paper represents the economy of a country or the richness of a country, when you put to the side of that classic currency a virtual one the representation of the richness of the country is split in two, half is represented by the old classic currency and half by the new virtual one. As a consequence the old value of the classic currency should be cut in half otherwise you have created richness out of thin air and your virtual currency represents nothing. So the question is, are we going to see devaluation of all classic currencies or are we going to see a new bubble as a consequence of unreal richness created out of thin air ? To me, it's the second one.         

US dollar was stronger this week. How about the Lira?

 

 

I was thinking about this thing. Imagine that in a few years all payments are accepted only by credit cards and no paper money is allowed to circulate. That thing would provide many advantages. Criminal gangs and mafias would be killed instantly. And it would be good. But at the same time if you go to the night club which is legitimate if you want to, your wife would get to know that. And that would not be good. That is when cryptos would find the way to be exchanged I think. As for the Lira, you needed 1936.27 to get an Euro in A.D. 2001


Edited by andr99, 17 November 2021 - 09:16 AM.

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#19 hhh

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Posted 17 November 2021 - 09:51 AM

The real criminals would still be in charge, you know, the ones that run the system.



#20 redfoliage2

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Posted 18 November 2021 - 11:44 AM

It's the new development in the technological backdrop that is behind the rapid rise of cryptocurrencies.  The potential is huge ........................


Edited by redfoliage2, 18 November 2021 - 11:45 AM.