Let's Revisit the Bitcoin Crypto Mania Once Again....Dec 1, 2017
I thought at the time when Bitcoin was trading at around 1800 a coin that it was overvalued but yet may still go to 3500. Not only did it go to 3500 but it went to 4500, then to 5000, then to 6500, then to 8500 and lastly it hit 11000. Then it has been choppy as hell ever since rising and falling in 20% spurts. As of this moment it is sitting at around 8300 and falling.
You see it was recently put on the CME as a tool to trade. It has been on some platforms for a while but now is a legitimate trading tool now that there is about 150 billion in market cap.
Want to know why?
Money! Plain and simple.
There is money for the hedge funds now to begin their scalps of the little fellow investing at the top. How they have basically made their money for the past 70 years or so. Likely longer.
I will stick to my guns here my friends. There is no way to value what this currency really is worth. Do you know what it is worth and can you make a case that it should be this high? If anyone can I am all ears. That would mean you understand the underlying value and intrinsic value of the currency likely better than the guy who built the code.
Do you?
What you have to remember is these new highs are being hit almost weekly. I mean is the financial system that bad? Is this the alternative to paper dollars or digital currency?
No, it is not. It is simply computer code.
Does it have uses? Sure it does.
However to think that some won't abuse it or that it can't ever be hacked is simply hubris. Anything that has ever been coded has likely been hacked. It is not easy with Bitcoin but I am sure at some point someone will figure out how to compromise block chain. With the advent of AI how long do you think it will take? Probably not too long. measured in months.
Look it might go to a million for all I know. However because neither you or I know how to value it why on earth would you buy it at these levels or even past where I recommended you avoid it. Yep, you did lose out on a few thousand percent gain but the risk was far too great. I told you that a long time ago. I don't understand it and that makes it very unpredictable to me. They tell you flatly that if you don't know the business don't invest. Most people don't listen to that but then again most people lose money.
I have done my research folks and I can't find a way to value this market. It makes just as much sense to me at 1.00 USD a coin as it does at its present level. The market conditions were basically worse when it was 1.00 and so were economic fundamentals of most countries. Plus the financial system was in much more of a wreck than it is at the moment. So go ahead and jump in. Be my guest. Maybe it will go to a million a coin. Good luck with it if it does. Uncle Sam is going to screw you as I told you also. Have you been paying on your capital gains for those in the developed world. I doubt it if you are honest. Well folks that is a problem. A real big one that could put you in jail.
Ok that is all I have to say about it. The pattern looks eerily to me like a topping pattern for a long leg down. However that is simply my technical take which means nothing at the moment. I would look for government intervention on an international level very soon. So that is about it. I am not wasting a cent on this. As I told you long ago I bought when there was little to no risk. There will be many other opportunities that I steer you to in the future. Gambling is not my thing folks. Period.
You see it was recently put on the CME as a tool to trade. It has been on some platforms for a while but now is a legitimate trading tool now that there is about 150 billion in market cap.
Want to know why?
Money! Plain and simple.
There is money for the hedge funds now to begin their scalps of the little fellow investing at the top. How they have basically made their money for the past 70 years or so. Likely longer.
I will stick to my guns here my friends. There is no way to value what this currency really is worth. Do you know what it is worth and can you make a case that it should be this high? If anyone can I am all ears. That would mean you understand the underlying value and intrinsic value of the currency likely better than the guy who built the code.
Do you?
What you have to remember is these new highs are being hit almost weekly. I mean is the financial system that bad? Is this the alternative to paper dollars or digital currency?
No, it is not. It is simply computer code.
Does it have uses? Sure it does.
However to think that some won't abuse it or that it can't ever be hacked is simply hubris. Anything that has ever been coded has likely been hacked. It is not easy with Bitcoin but I am sure at some point someone will figure out how to compromise block chain. With the advent of AI how long do you think it will take? Probably not too long. measured in months.
Look it might go to a million for all I know. However because neither you or I know how to value it why on earth would you buy it at these levels or even past where I recommended you avoid it. Yep, you did lose out on a few thousand percent gain but the risk was far too great. I told you that a long time ago. I don't understand it and that makes it very unpredictable to me. They tell you flatly that if you don't know the business don't invest. Most people don't listen to that but then again most people lose money.
I have done my research folks and I can't find a way to value this market. It makes just as much sense to me at 1.00 USD a coin as it does at its present level. The market conditions were basically worse when it was 1.00 and so were economic fundamentals of most countries. Plus the financial system was in much more of a wreck than it is at the moment. So go ahead and jump in. Be my guest. Maybe it will go to a million a coin. Good luck with it if it does. Uncle Sam is going to screw you as I told you also. Have you been paying on your capital gains for those in the developed world. I doubt it if you are honest. Well folks that is a problem. A real big one that could put you in jail.
Ok that is all I have to say about it. The pattern looks eerily to me like a topping pattern for a long leg down. However that is simply my technical take which means nothing at the moment. I would look for government intervention on an international level very soon. So that is about it. I am not wasting a cent on this. As I told you long ago I bought when there was little to no risk. There will be many other opportunities that I steer you to in the future. Gambling is not my thing folks. Period.
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