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What is the Worst That Can Happen to Bitcoins and How Soon?

by tush
26 replies
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Fellow markers,
A week into the bitcoin industry, and I am just blown away by the potential I see. Before I sell all my belongings to inject everything into bitcoin, I am curious. What is the worst that can happen to this currency? Can governments wake up one morning and freeze their production? What other risks are we looking at here?

Thanks so much!
#bitcoins #cryptocurency #usi tech
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  • Profile picture of the author tagiscom
    Take a look at the way things were, just before the 1929 stock market crash, people back then were selling everything they had for a quick buck.

    History repeats itself!

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    • Profile picture of the author whateverpedia
      Originally Posted by tagiscom View Post

      Take a look at the way things were, just before the 1929 stock market crash, people back then were selling everything they had for a quick buck.

      History repeats itself!
      Why do you keep using 1929 as an example of a crash? 1987 was bigger than 1929. 2008 was bigger than 1987.

      A crash on the stockmarket is not even remotely similar to any crash in cryptocurrencies. If a crash does occur in cryptos it will be more like Tulipmania.
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  • Profile picture of the author Daniel22
    Originally Posted by tush View Post

    Fellow markers,
    A week into the bitcoin industry, and I am just blown away by the potential I see. Before I sell all my belongings to inject everything into bitcoin, I am curious. What is the worst that can happen to this currency? Can governments wake up one morning and freeze their production? What other risks are we looking at here?

    Thanks so much!
    If you are getting into this, first you must understand how bitcoin works.
    There are a lot of ups and downs, mostly because of the news, Right now we're at a situation where bitcoin is rising quickly due to the next forks that are coming, bitcoin price is at $5700 right now, will most likely jump even higher over $6000 soon, but you can expect a big decline after the forks, and then, it's the time you should buy.
    Will most likely drop to $4000-$4500
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  • Profile picture of the author OptedIn
    Originally Posted by tush View Post

    Before I sell all my belongings to inject everything into bitcoin, I am curious.
    If that's your plan, I believe the correct term is ridiculous. I hope you have parents that you can live with.

    Thank you.
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    • Profile picture of the author tush
      Originally Posted by OptedIn View Post

      If that's your plan, I believe the correct term is ridiculous. I hope you have parents that you can live with.

      Thank you.
      Lol, to make matters worse, I have young kids of my own, but that was meant to bring in some humor
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      • Profile picture of the author OptedIn
        Originally Posted by tush View Post

        Lol, to make matters worse, I have young kids of my own,
        I hope your parents have a large house.

        but that was meant to bring in some humor
        We missed that smiley emoticon, the first time around. :-)
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        • Profile picture of the author tush
          Originally Posted by OptedIn View Post

          I hope your parents have a large house.
          Well, some crypto millionaires might come to my rescue
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          • Profile picture of the author OptedIn
            Originally Posted by tush View Post

            Well, some crypto millionaires might come to my rescue
            They'll be asking you if your parents have any room for them, too. lol
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            • Profile picture of the author tush
              Originally Posted by OptedIn View Post

              They'll be asking you if your parents have any room for them, too. lol
              Lol, some wise ones would have ventured into other investments with bitcoin profits, as in diversification
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      • Profile picture of the author tagiscom
        Originally Posted by tush View Post

        Lol, to make matters worse, I have young kids of my own, but that was meant to bring in some humor

        And if you see a conseller, only pay him in bitcoins, lol.

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  • Profile picture of the author DWolfe
    Originally Posted by tush View Post

    Fellow markers,
    A week into the bitcoin industry, and I am just blown away by the potential I see. Before I sell all my belongings to inject everything into bitcoin,
    Never bet more then you can afford to lose, consider bitcoin speculation at this point. Most of bitcoin is being hoarded and not in circulation.

    What could go wrong ? The US and several other countries come up with there own version of Bitcoin, the bitcoin would lose a lot interest fast.
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    • Profile picture of the author tush
      Originally Posted by DWolfe View Post

      Never bet more then you can afford to lose, consider bitcoin speculation at this point. Most of bitcoin is being hoarded and not in circulation.

      What could go wrong ? The US and several other countries come up with there own version of Bitcoin, the bitcoin would lose a lot interest fast.
      Interesting perspective. Thanks
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  • Profile picture of the author Kay King
    You posted about just getting into Bitcoin - 3 days ago. What's the worst that can happen?

    Simple - you lose any and all money you put into the investment. ' How soon?' Do you expect someone to be able to answer that?

    If you can't afford to lose it - don't put it in high risk investments. Putting a little in to play with can be fun - risking more than you can afford to lose is a fool's game.
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  • Profile picture of the author tagiscom
    Originally Posted by whateverpedia View Post

    Why do you keep using 1929 as an example of a crash? 1987 was bigger than 1929. 2008 was bigger than 1987.

    A crash on the stockmarket is not even remotely similar to any crash in cryptocurrencies. If a crash does occur in cryptos it will be more like Tulipmania.
    Probably because it has the same rush to invest everything that this one seems to have.

    1987 was bigger, interesting.

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    • Profile picture of the author whateverpedia
      Originally Posted by tagiscom View Post

      1987 was bigger, interesting.
      Wall St fell 12.82% on October 28, 1929, and another 11.73% on the 29th. That represents a 23.05% over the space of two days.

      On October 19 1987, Wall St fell 22.61% on a single day.

      You musn't confuse the crash of 1929 with the Great Depression. The Crash didn't cause the Depression. Technically, the Depression began in September 1929 a month before the Crash occurred. It could be said that the Depression caused the Crash.
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      • Profile picture of the author tagiscom
        Originally Posted by whateverpedia View Post

        Wall St fell 12.82% on October 28, 1929, and another 11.73% on the 29th. That represents a 23.05% over the space of two days.

        On October 19 1987, Wall St fell 22.61% on a single day.

        You musn't confuse the crash of 1929 with the Great Depression. The Crash didn't cause the Depression. Technically, the Depression began in September 1929 a month before the Crash occurred. It could be said that the Depression caused the Crash.
        And the great depression was mainly due to record crop failure, caused by aggressive farming practices, and some drought l think.

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  • Profile picture of the author Facebloggerguy
    Bitcoin is there future of currency
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  • Profile picture of the author nickyz1
    there is a new coin that is taking over . its not even a month old but guys are investing in it like craiiizy the last time i checked it had 2,000,000,000 investments and its still at the list the only intresting thing is that you use bitcoin or ethiliam to buy it so i don't think it can affect bit coin in any way
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  • Profile picture of the author tush
    Thanks guys. Great insights out here. I always want to look at the darker side of things, before fully pulling the trigger. Thanks again
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  • Profile picture of the author whiteangelcl
    Don't make me sad.
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  • Profile picture of the author posinfo1
    The price of bitcoin seems really high. I get the impression that you may have missed the boat with this as an investment?

    Check out this site for up to the minute info on bitcoin.

    https://news.bitcoin.com/
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    • Profile picture of the author tush
      Originally Posted by posinfo1 View Post

      The price of bitcoin seems really high. I get the impression that you may have missed the boat with this as an investment?

      Check out this site for up to the minute info on bitcoin.

      https://news.bitcoin.com/
      I definitely missed out, but I am still glad that I jumped in a month when I did. I believe the price will go even higher.. so everyday is a better day to invest. I only wish that I had alot of spare cash to invest in; sadly I don't... but I am happy to be part of this revolution :-)
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  • Profile picture of the author Kay King
    Affiliate links in sigs are not allowed....crypto or not.
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    Saving one dog will not change the world - but the world changes forever for that one dog
    ***
    Dear April: I don't want any trouble from you.
    January was long, February was iffy, March was a freaking dumpster fire.
    So sit down, be quiet, and don't touch anything.
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  • Profile picture of the author bakerlisa510
    If you invest in Bitcoins your money will definitely grow in a trice, but the problem I faced was I wasn't able to withdraw the money afterwards when I needed it and I had to do so many follow-ups then only I did received the money.
    So the advice is that if you invest all the money you will surely face the problem if you are in need of that money later.
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