Originally posted by escapeUK
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Crypto double blow
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Originally posted by rossb2 View PostBitcoin will come back up. But where is the bottom? I used to think bitcoin was like gold, a place to move money in crisis. In the past it often was , particularly in the third world. Clearly it is not like gold. It’s not like currency. Gold is still the only safe place in a crisis, up 30% since Corona was announced
Gold (not the spot contract) the stuff you can touch with your hand & Bitcoin and entirely different asset classes from the equities and are now showing extreme volatility.
Gold is dropping like a brick and is going to $1300 - are you okay with that? I actually think the bottom for gold will be around $700
Why is it falling? Cause people need the money. And I think that's going to be the case like ever other recession we enter when society gets cash strapped.
Bitcoin will not suffer as much as gold just because the market capital compared to gold is tiny.
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by escapeUK View PostInteresting. I wonder why. With stock markets record breaking falls, why wouldn't BTC be seen as somewhere to avoid that? Not fiat. Not tied to any economy. hmmm
In 1929, 74, 87, the stock market did not have circuit breakers like today. The Crypto market is 24//7, you could see the panic without end. Unlike stock markets that only open during the waking day of that country, the global crypto market is a new beast.... it challenges / changes the way people think. Overnight desks will become a thing of the past in no time at all once the financial system is transferred to the blockchain. Exciting times ahead."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by Old Greg View PostHas no intrinsic value.
Just like the paper one dollar bill."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by scooterscot View PostJust like the paper one dollar bill.Comment
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Originally posted by scooterscot View PostJust like the paper one dollar bill.Comment
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Originally posted by Old Greg View PostYou just said people were selling gold because they needed the money.
Money = a current medium of exchange
that's anything anyone wants it to be, and that's becoming less and less the dollar. Russia, China, they've both reduced their exposure to it over the last 10 years"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
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Originally posted by scooterscot View PostJust like the paper one dollar bill.Comment
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Originally posted by scooterscot View PostMoney = a current medium of exchange
that's anything anyone wants it to be, and that's becoming less and less the dollar. Russia, China, they've both reduced their exposure to it over the last 10 yearsComment
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Originally posted by Old Greg View PostYou just said people were selling gold because they needed the money.Comment
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