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It certainly is and the bad news keeps coming. Bank Of America & Chase will no longer allow you to buy Bitcoin, etc on credit cards.
This is the mother of all implosions.
I know you guys say I always spin something to the positive but I personally see this as a positive. You can't buy stocks or ETF's or mutual funds with a credit card, so why should you be able to buy Bitcoin with a credit card?
Honestly if someone doesn't have the disposable cash they shouldn't be investing in Bitcoin in the first place. Add to that it's just a stupid thing to do, people are paying 5% or more extra in fees for doing so and that's not even counting potential cash advance fees.
Like or hate crypto it's being taken more seriously as an asset class hence the SEC/CFTC meeting this morning. You can't buy most other investments with credit cards with the exception of gold and silver so crypto IMHO should be no different.
I will say it's not good for the market in that it doesn't allow as much money into the markets since a lot of people were buying on credit but I personally don't see this as being a huge deal.
I hear some people saying its because crypto is too risky but if credit cards will allow you to take a cash advance out at a casino to play roullete they shouldn't have any issue with you buyign crypto so that's not the reason.
anyone jumping in on gbtc this week? or wait and see
how did they get that? through your coinbase account?
i don't have a coin base account . they somehow got my debit card numbers and made a purchase like a credit card .
got a letter of resolution though and it shows while the charge was pending when i saw it t the vendor pulled it back . no investigation needed it said
then it really does not apply if you don't own it . plenty had that 20k in their hands , didn't sell and now saw almost 2/3 of their balance evaporate in weeks . .
Lets put things in perspective. The problem with your line of thinking is that you only measure from the very peak to the very trough. Nobody had 20k in their hands as it never hit 20k. It was a massive spike to 19k for maybe 15 minutes in the middle of the night before collapsing. The idea that everyone could have sold at 20k and lost 2/3 of their portfolio is absurd. Your argument would hold more validity if Bitcoin traded at 20k for weeks or months before collapsing.
What many fail to grasp is that those who got in 6 months ago or longer made 500% or greater returns. Those who got in 1-2 years ago made 1000's of % returns. So it matters little that Bitcoin lost 60% of its value from 20k to 8k. Those people are still up huge and do not regret their choice to invest in Bitcoin.
Did some people lose their shirts? Hell yeah. Anyone who bought at 17k or greater is at huge losses. Let alone the guy who mortgaged his house to buy Bitcoin. But these unlucky few are a relatively small number. The majority of Bitcoin investors got in below currently levels.
i don't know about you but i sure am down in net worth by the amount of this stock market correction .
that has zero to do with what i started with in 1987 . i am up thousands of percent since then but what was was . all that matters is i had more 100k more in my account 2 weeks ago .
i don't know about you but i sure am down in net worth by the amount of this stock market correction .
that has zero to do with what i started with in 1987 . i am up thousands of percent since then but what was was . all that matters is i had more 100k more in my account 2 weeks ago .
Its apples to oranges. The stock market slowly rose over the course of decades and you averaged in during the course of life. The Bitcoin spike from 10k to 19k was extremely brief. Its not the same feeling of loss. If you bought in well below 10k, you didn't really lose 2/3 because you never really had it. If the stock market had a similar 2/3 plunge it would be much more devastating to investors' wealth. They would lose years of savings. Its just not the same as you are trying to portray it.
It's absolutely amazing that the Crypto Coin market worth about half a trillion dollars was created at all. The bitcoin white paper is less than a decade old. Ten years ago if someone had told you that a market in cyphers was possible, you would have said they were bonkers.
I know you guys say I always spin something to the positive but I personally see this as a positive. You can't buy stocks or ETF's or mutual funds with a credit card, so why should you be able to buy Bitcoin with a credit card?
That's because stocks, ETFs and mutual funds are investments. Bitcoins are, at best, virtual commodities. You can even buy gold and some other tangible commodities with a credit cards, and they really exist.
Lets put things in perspective. The problem with your line of thinking is that you only measure from the very peak to the very trough. Nobody had 20k in their hands as it never hit 20k. It was a massive spike to 19k for maybe 15 minutes in the middle of the night before collapsing. The idea that everyone could have sold at 20k and lost 2/3 of their portfolio is absurd. Your argument would hold more validity if Bitcoin traded at 20k for weeks or months before collapsing.
What many fail to grasp is that those who got in 6 months ago or longer made 500% or greater returns. Those who got in 1-2 years ago made 1000's of % returns. So it matters little that Bitcoin lost 60% of its value from 20k to 8k. Those people are still up huge and do not regret their choice to invest in Bitcoin.
Did some people lose their shirts? Hell yeah. Anyone who bought at 17k or greater is at huge losses. Let alone the guy who mortgaged his house to buy Bitcoin. But these unlucky few are a relatively small number. The majority of Bitcoin investors got in below currently levels.
Has nothing to do with luck at all.
Anyone who did their analysis and took a risk on CC's..... well I have no sympathy for their losses.
On the other hand anyone smart enough to get in at $1,000 or $3,000.... kudo's to them. They saw something that I didn't see. I don't begrudge anyone their profits either.
But I just don't see how this stuff changes the world in the long run.
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