Serious Will Bitcoins be like Tulipmania?

[Hangover]

Bitcoin bubble dwarfs tulip mania from 400 years ago
https://www.cnbc.com/2017/07/20/bit...ip-mania-from-400-years-ago-elliott-wave.html
US$4000 now, just US$500 two years ago.

Tulip mania
https://en.wikipedia.org/wiki/Tulip_mania
Tulipomania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble.

 

[halsey02]

Bitcoin bubble dwarfs tulip mania from 400 years ago
https://www.cnbc.com/2017/07/20/bit...ip-mania-from-400-years-ago-elliott-wave.html
US$4000 now, just US$500 two years ago.

Tulip mania
https://en.wikipedia.org/wiki/Tulip_mania
Tulipomania was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble.

If IMF & all the Central Banks in world, expect PRC now, pull the plug off the convertibility of virtual currencies to legal currencies, it will become virtual 'monopoly money'. Your 1 bitcoin supposedly now worth USD4,000 + will become worthless & unlike legal currency, you cannot go to the currency board & exchange or even complain.

Your real money will be sucked into a 'financial black hole' & the virtual currencies miners...will be laughing all the way to the bank ( the real bank).

 

[Hangover]

If IMF & all the Central Banks in world, expect PRC now, pull the plug off the convertibility of virtual currencies to legal currencies, it will become virtual 'monopoly money'. Your 1 bitcoin supposedly now worth USD4,000 + will become worthless & unlike legal currency, you cannot go to the currency board & exchange or even complain.

Your real money will be sucked into a 'financial black hole' & the virtual currencies miners...will be laughing all the way to the bank ( the real bank).

Then you suggest we park our wealth in properties or gold?
Bitcoin is good because it can help people get their money out of countries with currency controls, eg. China

 

[halsey02]

Then you suggest we park our wealth in properties or gold?
Bitcoin is good because it can help people get their money out of countries with currency controls, eg. China

Gold is good in times of war...I use to buy 10gm, 20gm pieces when they were 'cheap' & sold them when it hit the top...still buy 5gm pieces, the only one I could afford these days...in war..all currencies are worthless.

Understand you on the bitcoin...if I am doing shady business, it is best you pay me in bitcoins....it is portable across countries. Until central banks or IMF decide to legislate bitcoins, tracing the flow of where the money goes is not that easy...

 

[Hangover]

Gold is good in times of war...I use to buy 10gm, 20gm pieces when they were 'cheap' & sold them when it hit the top...still buy 5gm pieces, the only one I could afford these days...in war..all currencies are worthless.

10g and 5g gold bar commands steep premiums of 20-30% above spot price.

 

[Reddog]

A computer geek can create bitcoins from his pc at home. It is called mining.