Re: Does anyone think the price is unsustainable? Only bears please and seriousness.
So stock, property are not man-made? Why do you think something has no value because it's man-made? Cash is also man-made.
Holding BTC has only one risk, that is suddenly everyone throw it away and think it is valueless, which I've said only will happen when something much better replaces it. Otherwise, it is much safer than any other investment.
Buying property, you are betting on the politics, economy, security, and many other things on the location of your property. You have to worry about the earthquake, fire, flood, storm, hurricane, or typhoon.
Buying stock, you are betting on the market, competitors, the leadership of the CEO, and many others. Moreover, you have to worry about insider-trading and fraud in accounting.
Buying gold or silver, you have to find a safe place to store them and then you need to find a safe place to sell if you want cash.
I believe now you will agree with me why I said investing on BTC is the safest and the easiest.
That said, I'm not saying it is risk-free. It is highly risky, but investing on anything is risky, and holding fiat without investing is even more risky.
Holding BTC has only one risk, that is suddenly everyone throw it away and think it is valueless, which I've said only will happen when something much better replaces it. Otherwise, it is much safer than any other investment.
Buying property, you are betting on the politics, economy, security, and many other things on the location of your property. You have to worry about the earthquake, fire, flood, storm, hurricane, or typhoon.
Buying stock, you are betting on the market, competitors, the leadership of the CEO, and many others. Moreover, you have to worry about insider-trading and fraud in accounting.
Buying gold or silver, you have to find a safe place to store them and then you need to find a safe place to sell if you want cash.
I believe now you will agree with me why I said investing on BTC is the safest and the easiest.
That said, I'm not saying it is risk-free. It is highly risky, but investing on anything is risky, and holding fiat without investing is even more risky.
Man made from thin air thats what i meant , and i didn't say it has no value but certainly not 900 , stocks are different you make earnings from it , its business anyway i didn't say go ahead buy stocks it is safe , BTC is risky as an investment especially at these prices and risky as an asset , your wallet may be hacked at anytime , thieves may steal your password under gun threat ... etc it is not safe at all , the general public certainly wouldn't know how to properly secure their coins , and it is not the easiest to use lets face it you have to know how to use the client and dowanload it and then sync it for few days - growing size of GBs - , and then learn how to buy your BTC and verify your exchange account and fund it and then transfer BTC to your wallet and secure it by encrypting your wallet and have a backup and then know how to send and use your coins and how to transfer it to another person and know about fees , confirmations , waiting time ... etc , believe me it is not the easiest to use not for the public anyway , and btw it is not the fastest as they say , CC wins here - speed wise -, most of bitcoiners are hoarders it is currently a speculative asset and should be treated that way .
I agree with what you say here 100%. I must say that I had the same thoughts in 2011/2012 when I could have bought in the $2.00 range. I was actually waiting for it to go to $1.00 to buy big. I actually think the same now. The currency is difficult to use, secure, easy for theft, etc. There is no way the general public could safely use this as currency.
With these same thoughts the price rose from the low I saw of $2.00 to almost $1000.00 in about 2 years. I would never dream of bitcoin rising to the levels it has today.
One thing I that seemed fairly consistent back then was bitcoin price always seemed to fall. Maybe not back to the levels at that time, but to more reasonable levels that the supply/demand support now. Bitcoin is obviously larger than it was 2 years ago, however, I doubt it is exponentially larger.
Some other things I noted recently, since I have practically been away for two years, is that it is so difficult to actually buy bitcoins now. In the past it was much easier, just open a dwolla account, fund mt. gox. Buy your bitcoins and you were set. Now it has been a nightmare to find a exchange that is easy to fund and is trustworthy. I simply do not see new money flowing into bitcoins very easily and especially at the levels to support a $1000 coin.
It really seems to me that the price is manipulated. The price is always pumped up and then let to fall again. It seems that the manipulated high price is only held so high for so long.