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(CNBC)   Saudi billionaire investor Prince Alwaleed bin Talal says "bitcoin will implode one day". So it does behave like a real currency after all   ( cnbc.com) divider line
    More: Scary, Riyadh, initial coin offerings, digital currency, Saudi billionaire investor, Digital currency bitcoin, Saudi Arabia, House of Saud, total bitcoin trading  
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381 clicks; posted to Business » on 23 Oct 2017 at 10:20 PM (38 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



18 Comments     (+0 »)
 
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2017-10-23 02:56:21 PM  
I kind of agree with him. Cryptocoins don't have value in the traditional sense. They are anonymous bags that can carry money from one point to another (typically an exchange to another exchange). Their value is equal to how much money is being moved through the system at any one time divided by the number of outstanding coins. If everyone rushed the exchanges and cashed out, the few "investors" who held on would be stuck with empty bags.

It's musical chairs with dollars - and everyone's trying to guess when the music will stop.
 
2017-10-23 03:51:56 PM  
There's a whole lot of rich people bad mouthing bitcoin these days.  Usually they do that to keep the price down.
 
2017-10-23 10:23:37 PM  

Marcus Aurelius: There's a whole lot of rich people bad mouthing bitcoin these days.  Usually they do that to keep the price down.


They all have competing Blockchain coins to sell.
 
2017-10-23 10:30:24 PM  

Marcus Aurelius: There's a whole lot of rich people bad mouthing bitcoin these days.  Usually they do that to keep the price down.


I don't think it's badmouthing Bitcoin to say you think it's going to crash. It has crashed a bunch of times already. Kind of silly to think it won't happen at some point.
 
2017-10-23 10:34:06 PM  
I'm still holding out for my Chuck E. Cheese tokens to appreciate in value.
 
2017-10-23 10:35:39 PM  

Private_Citizen: I kind of agree with him. Cryptocoins don't have value in the traditional sense. They are anonymous bags that can carry money from one point to another (typically an exchange to another exchange). Their value is equal to how much money is being moved through the system at any one time divided by the number of outstanding coins. If everyone rushed the exchanges and cashed out, the few "investors" who held on would be stuck with empty bags.

It's musical chairs with dollars - and everyone's trying to guess when the music will stop.


currency is only as good as the faith people are willing to put into it. the USA dollar ceased to be backed by gold long ago. it's just printed paper that is run off the printing press around the clock. and Canada uses Monopoly money for gosh sakes. that's why i only buy things with stolen credit cards. that, and Philadelphia cream cheese. those cream cheese people will never do you wrong.
 
2017-10-23 10:43:58 PM  
Does anyone here actually use bitcoins for anything?
 
2017-10-23 10:45:58 PM  

KiwDaWabbit: I'm still holding out for my Chuck E. Cheese tokens to appreciate in value.


Got you beat with Showbiz Pizza tokens.

/and Aladdin's Castle
 
2017-10-23 11:03:35 PM  

JohnBigBootay: Marcus Aurelius: There's a whole lot of rich people bad mouthing bitcoin these days.  Usually they do that to keep the price down.

I don't think it's badmouthing Bitcoin to say you think it's going to crash. It has crashed a bunch of times already. Kind of silly to think it won't happen at some point.


My 100 Trillion Dollar Zimbabwe bill disagrees. "Real" cash crashes and you might as well use it for toilet paper. Bitcoin crashes... and it loses 10% or 20%... and regains its value in relatively short order.

It certainly is more volatile, but no more than most (non-penny) stocks.

psychosis_inducing: Does anyone here actually use bitcoins for anything?


Plenty of merchants accept Bitcoin, including NewEgg. Try to get out of your mother's basement once and a while. In Greece, they were using it as a hedge against the government stealing money directly out of their bank accounts; it provided a much needed stability for employers to pay their workers at a time when the central banking system failed them spectacularly.
 
2017-10-23 11:45:06 PM  
I know a guy who has a lot invested in Bitcoin. Seems to have his shiat together and a super nice guy but he is going to lose his ass one day and I hope he is smart enough to get out before crashes.
 
2017-10-23 11:52:56 PM  
Good thing I have all of my investments in Kriegeraands.
 
2017-10-24 12:33:09 AM  
I'm still up 470 bucks on my btc investment.
 
2017-10-24 12:37:00 AM  

psychosis_inducing: Does anyone here actually use bitcoins for anything?


I use them to tip strippers on nights when I don't mind (or perhaps am seeking) being greeted with acute indignation and particularly physical objection
 
2017-10-24 01:26:32 AM  

Marcus Aurelius: There's a whole lot of rich people bad mouthing bitcoin these days.  Usually they do that to keep the price down.


Maybe they just found a better way to move around money for hookers and blow.
 
2017-10-24 01:42:58 AM  

Mad_Radhu: Good thing I have all of my investments in Kriegeraands.


You realize those things are just gold foil on chocolate, right?
 
2017-10-24 10:42:14 AM  
In other news, the Saudi economy will implode the second those oil fields start running dry, and the Saudi 'royals' will be butchered like hogs by their former slaves  guest workers, and the CIA will do nothing to prevent it.   If I was a Saudi royal that would worry me more than the value of bitcoin.
 
2017-10-24 01:26:29 PM  
Good, can't wait for it to implode. I need a laugh.
 
2017-10-24 05:36:07 PM  
I cashed out $660 CDN over the weekend, was about 1/4 of the "couple bucks" (when it went down from $1k to $200USD) I had left after buying lots of Gyft cards when I used to mine... sold it on a CDN exchange (10 seconds), requested email money-transfer (1-2 business days, received it at 10am Monday), $648 actual hard spendable cash in my bank account... I'd also previously purchased a few thousand in Gyft cards (Amazon & Target mainly) when it was sitting at $1k.

I love the people who can't wrap their heads around the fact this is actual money... Reminds me of when I won the "lottery" in FFXI (MMO) in College, and sold 3/4 of it to chinese RMT's for about $6k CDN, and none of my classmates or family could understand how it was "real".
 
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