For people like you who have no reliable currency otherwise, it is. Venezuela, Zimbabwe, China, etc.

Dollars, Yen, GBP, Euro's are all far more reliable currency than BTC/ETH.

The thing is that currently no sane person is going to spend their crypto on goods unless forced to. If I buy a drink for 5 USD worth of BTC, and tomorrow BTC rose 10% I just hosed myself for 50 cents.

WHAT?? TEN THOUSAND??



Hey its datajunky

This post was edited by EndlessSky on Nov 29 2017 06:29am

True. But if it's an emergency and you need the fiat, you could do it with no remorse (since it's for something important).




Its about to hit 11k already lol. It's on 10,950 now. Although it fluctuates a lot.

This post was edited by Golden_Order on Nov 29 2017 06:44am

it is too unstable to safely use if you think of it like an investment rather than currency

this. unless it makes up such a small portion of your portfolio that u can mitigate that risk. I have some stored for shits, but its a tiny piece. anyone betting on bitcoin for retirement or marijuana stocks for retirement is playing a dangerous game.

Not a pyramid scheme, but every dollar gained by those who came in earlier will be lost by those who came in later.
Many will lose small amounts so that few can gain large amounts.
Reminds me of the obsessions with "multi level marketing" that people had in 2011 with brands like Vemma.

obvious from the hype that this will be happening soon
e/e/ lol looks like it's already begun

This post was edited by ringo794 on Nov 29 2017 09:32am

Yes and no. Let me explain:

What you say becomes true when people who bought before a correction (correction is when the value falls to a new low level), starts panic-selling and end up losing money. In other words, for example they bought at $10 (im giving a random arbritary number here just to explain myself) and then suddenly the market value lowers to $7, and those who bought at $10 end up selling at $8 or $7 out of panic, thinking it will crash to $1. BUT over the course of these 8 years (almost 9 years), and you can check in the bitcoin historic charts, you can see how every new correction is higher than the previous one, every single time has been like this because Bitcoin is deflationary and decentralized, which gives confidence to those who hold it, whereas fiat currency (US dollars, euros, yens, etc) are inflationary and they depend on whatever the corrupted central banks and governments decide. An extreme example is whats happening here in Venezuela, but this is an extreme example and it wouldnt be smart to compare the situation here with the situation is more responsible economic powerhouses countries.

If you are smart you can make money by HOLDING your position (keeping your bitcoins) even if it falls a bit, because they will eventually bump again and even higher (as you can see in the historic charts and the characteristics of the bitcoin which gives it more value in the long term). Another way to make good money is to SELL your bitcoins right before the new correction (aka the new fall to the new low level) and then BUY again when its at the correction level. This second thing is what expert traders with more info and more tools do to make more profit. But for the average Joe's like me and most of the people, holding the bitcoins (and other good cryptocurrencies) is a good option because it will continue increasing in value in the long term.

So yes, what you say can happen if the people who just bought before a correction starts panic-selling but if you have investigated how bitcoins works and behaves in the market, you wont panic during the next correction (which will happen eventually) and keep holding your BTC because they will rise again and higher than previously. The general tendency is to continue increasing in value.

Cryptocurrencies are the future, fiat currency is watching the beginning of his last years/decades. Im not saying fiat currency will dissapear tomorrow, it might take some decades, but right now at this very moment in history, we are starting to live the beginning of its fall, and the rise of the cryptocurrencies.

Like someone said before, cryptocurrencies are here to stay.

One big caveat here:

Something that still rings true to me every day:

Past performance is no guarantee of future results. You are still accepting risk. Losing some handon cash is no biggie, but the people who sell their homes to invest in crypto are the ones in danger.

I mean, every time BTC drops more than +10% there are links to suicide hotlines stickied to the top of /r/bitcoin. That's no coincidence.

This is totally correct. Nobody really knows the future but the characteristics (technology, how it works, etc) and behavior of BTC gives good hints that it will continue it's uptrend in the long term (despite the corrections on the way). Anyway, there is no 100% guarantee that this will happen. As you say there is a risk. Like everything in life.

This post was edited by Golden_Order on Nov 29 2017 11:57am

The expected correction has arrived. Its down to 9k now. I guess some people will start panic-selling, but im pretty sure the new correction level will be above 6k or 7k. This was expected.

The first smartest thing would had been to sell when it was around 11k (this morning), and then buy again at the new correction level (whichever it will be, 6k or 7k or 8k??).

Second smartest thing (if you missed the chance in the first point) is to keep holding your BTC, because its price will eventually bump even higher in the following months.

This post was edited by Golden_Order on Nov 29 2017 01:49pm