Loving the ride. Buying low as I can get on everything

....Damnit, 7200....another bs pump and dump

Not really. April 1 it was like $4900. Typically there is immediate contraction after a bull run and it stabilizes.

It was due. Parabolic moves aren't sustainable. Needs to consolidate for a few days/weeks before another leg. Once it broke support at 7650 people started panicking and hard stop losses got triggered and this is what happens.

Anderson Cooper doing a Bitcoin segment on 60 Minutes on Sunday night

The funny thing about Bitcoin is that you'll hear all about how much the price is moving up and down but no one talks about what they're buying with it or how they're using it. That's why it will never truly go anywhere.

I buy stuff with it.

Nobody talks about what they do with dollars either.

What? Everybody talks about what they bought with dollars. Look at the golf thread or the gun thread. It's full if people talking about how much $ X costs and how much $ they spent on Y. I haven't seen anyone talk about how many bitcoins they spent on anything because most people who own them are HODLING hoping to someday sell them and get rich. I mean, it's basically the whole point of this thread. Using crypto as basically a stock instead of a currency/platform.

What?

http://fortune.com/2019/05/13/bitcoi...ital-currency/

Exactly... that's what is a currency is supposed to be. You can't conduct any sort of serious business in a currency that's all over the map from one day to the next. And the volatility will never change because it's used almost exclusively by casual speculators trying to get money for nothing.

Real currencies change very little in value over days, weeks, months. If you can't count on a currency to generally hold value over time, then it's useless.

There are coins out there that offer better features, but those have no chance because there are so many that none will ever become a commonly accepted means of exchange. The fragmentation prevents any one from becoming widely accepted.

A currency can't become widely accepted until it stabilizes, and it can't stabilize until it's widely accepted. That's why the old entrenched currencies that are backed by government are still the standard - because the coins do not offer anything better.

Bitcoin was the worst thing ever to happen to cryptocurrency, really. It became the big bubble because of all the hype it received for being the first initially successful thing of its kind, but the technology as a whole wasn't ready for prime time and set the whole thing back years/decades.

When shopping online, I use ut as much as possible. The transactions are very secure and are rapidly confirmed. A ton of places actually give significant discounts if you pay using bitcoin.

1st sentence of that article proves my point. Yes they're hoping it takes off at places like whole foods and people use it but like the 1sr sentence says, crypto has struggled to enter mainstream commerce. The biggest market for crypto is drugs and other illegal stuff.

Cash is used far more often than crypto in illegal transactions.

Yeah but the numbers even out. With crypto there a huge dropoff after drugs.

Most people in crypto buy it to get rich quick. Not to replace their use of USD someday. That's why the HODL movement is so big and why this thread is about price movements.