Agreed. Some people, for some reason, feel that bitcoin is a scam, but somehow fail to see that the dollar isn't backed up by anything real. Money is a reference, and only that. Value is determined by demand, which in the case of world currencies is often manipulated by banks or countries. Cryptocurrency may be the least manipulated of all. That's its very purpose for existence.
Actually, cash is minted to be promissory notes, with the value set by the exchange rates and insured by the good faith of the government. Not unlike writing an IOU to a friend or relative. The banks and anyone who buys Treasury Bonds are making the loans against the Treasury. Treasury Bonds are essentially a promissory note to be repaid with interest by the good faith of the US government. This is why it is so important that our national debt not get so large that investors are reluctant to buy our Treasury Bonds.
Nobody is selling bonds with bitcoin or the US government backing them with a promise of repayment with interest.
Bitcoin is more like gold or diamonds, but with no intrinsic value.
Could go either way with that triangle in Bitcoin,but it is a descending which usually is bearish. They do break up in the B position... this looks impulsive though which should break down. The width of the triangle is usually a rough measure of the impending move.
UST are in a bear market and should accelerate down.
Nothing is written in this game though.
Bitcoin is not making the news anymore like it used to.
In 2017 we saw the rise of the speculative sun from the dark side of the moon.
In 2018 with less than two months to go bitcoin has vanished behind the galaxy oblivion.
The fuel needed for its propulsion has extinguished along with its proponents.
Hope is futile, bitcoin has turned into dust.
Looking back @ some of its preaching birds, they have lost their voices, they can no longer sing.
The music has stopped. Time for Elvis to take over ...
Bitcoin is a driving factor in making renewable energy affordable. They have demands high enough to create more use of it.
Where as the Canadian power company for Ontairo has fucked up so bad trying to force it, that they are trying to buy Avista (my current power company, and about the only one for PNW and beyond). They plan to buy it and raise our rates 3x to pay for their disatser in Canada...
Oh Canada is really screwed, don't tell me tell the ones who are leading.
...Cannabis, ultra sound guns from Cuba kept in Canadian secret while topnotch Canadian families are brain damaged, oil prices super low, bad management, bad investments, costly comments on Twitter by Canadian officiels, etc., etc., etc.
No you are right, Canada has nothing to be proud of, they are no better than the rest.
Bitcoin wasn't invented by a Canadian/Japanese guy who used to work for electric mining company? I'm just kidding of course,.
It's funny though today, we are @ 4K, and less than a year ago we were @ 20K.
Looking back @ the very very optimist predictions by some, nobody is talking anymore, they disappeared into the shadows of darkness.
Anyway, it has some more room to come down before it can bounce back. ...Say another 10-20%?
...Down to around 3.3K? I just don't know, there is still another six weeks till the end of 2018.
It's funny, I was just curious because I lost all interest in bitcoin...I have zero interest today.
But I do remember when the next support level to watch was 10,000, then 7,000, then 6,000, then 5,000, then 4,000 (earlier today it hanged just above that level, by not even hundred, but it recovered to around 500-700 above 4,000). Now the next level to seriously watch is 3,000 ... if if gets there it is very serious. And when it gets there the next level of support to watch will be 2,000 ... then it should be serious. And when it gets to 2,000 the next level to watch will be 1,000.
That will be a serious level. Then the next support level to watch will be Zero.
Zero would mean that the next level lower would be below zero!
This is underground serious and funny @ once.
What's next with this world ...
Good, all is not lost ... yet.
"Digital assets have now lost almost US$700 billion of market value since crypto-mania peaked in January, according to CoinMarketCap.com. Trading on futures markets, where investors can bet against Bitcoin, has soared."
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"While bitcoin has had a rough couple of days, experts say it may be poised for additional losses.
Earlier today, the cryptocurrency dropped to $4,200.22 and then bounced back, rising to $4,764.88, according to CoinDesk price data.
"While this upward movement represented a 13% gain, it took place after the digital asset fell through both the $6,000 and $5,000 price levels.
The cryptocurrency’s rally then proceeded to stall, sending bitcoin prices to as little as $4,076.59, additional CoinDesk price data shows.
Bitcoin’s failure to mount a strong recovery after suffering significant losses could point to further bearishness, said technical analysts."
