[2017-10-24] Hindu: Bitcoin will crash

[polynesia]

Bitcoin will crash

http://www.thehindu.com/opinion/op-ed/bitcoin-will-crash/article19913423.ece

It has proved many of its critics wrong over the years, but its long-term prospects may not be too bright

The price of bitcoin hit yet another lifetime high last week breaking the $6,000 mark for the first time across major exchanges. Many market experts now believe that the price of the digital currency could touch $10,000 very soon. Interestingly, the rise of bitcoin has also been seen as a serious challenge to national fiat currencies issued by central banks as well as physical gold.

While bitcoin has indeed proved many of its critics wrong over the years, its immediate and long-term prospects may not be too bright. This is for at least two reasons. One, the volatility witnessed in the price of bitcoin against major national currencies like the dollar does not suggest that the private currency’s trading price is reflective of its fundamental value. The fundamental value of any money, as a medium of exchange that helps in the exchange for goods and services, usually exhibits a fair amount of stability as people are willing to accept it in repeated transactions; if so, trading prices that track them are likely to reflect the same kind of stability. Bitcoin’s extreme volatility could thus be a sign that many, if not most, bitcoin buyers purchase the currency solely for the purpose of gambling. It might, however, be that many bitcoin investors believe that the currency’s fundamental value as a medium of exchange could increase significantly in the future and are thus accumulating it now. This might justify bitcoin’s current price and volatility, but one will have to wait and watch to see if the thesis turns out to be true.

[akablackhat]

The real paradox of Bitcoin is that, while its intention is to move beyond the U.S. dollar, its value is heavily influenced by the dollar itself.
 if Bitcoin somehow were to jump to a hypothetical $1 million per coin, you'd be hard-pressed to find anyone who wouldn't immediately liquidate every one of those coins into U.S. dollars

[goyal.dkg]

indian newspaper are free to write anything , they dont have capability to understand bitcoin , they said so on looking bitcoin short time growth ..
but in near future bitcoin will only rise (may fall upto 4500$ for once in coming 1-2 months) .

[TucoRamirez]

The real paradox of Bitcoin is that, while its intention is to move beyond the U.S. dollar, its value is heavily influenced by the dollar itself.
 if Bitcoin somehow were to jump to a hypothetical $1 million per coin, you'd be hard-pressed to find anyone who wouldn't immediately liquidate every one of those coins into U.S. dollars

what if the dollar went kaput before that?   s. America, china and Russia are increasingly preferring to conduct trade in non-US dollar terms....

[spov]

The interesting thing is many a people say the same thing, but Bitcoin moves forward hardly paying any heed to what others have to say.

[boysband1000]

indian newspaper are free to write anything , they dont have capability to understand bitcoin , they said so on looking bitcoin short time growth ..
but in near future bitcoin will only rise (may fall upto 4500$ for once in coming 1-2 months) .

It may be Indian Government behind this article, paying Hindu a money to print that article so that Indians invest in Stocks, Mutual funds or do FDs and not invest in Bitcoin just to prevent Rupee from collapsing

[spov]

indian newspaper are free to write anything , they dont have capability to understand bitcoin , they said so on looking bitcoin short time growth ..
but in near future bitcoin will only rise (may fall upto 4500$ for once in coming 1-2 months) .

It may be Indian Government behind this article, paying Hindu a money to print that article so that Indians invest in Stocks, Mutual funds or do FDs and not invest in Bitcoin just to prevent Rupee from collapsing

Whoever is behind this thing, it will hardly make a difference. China tried and failed. We can expect the same results incase of India.

[Factor2018+]

 BITCOIN has been described as the “biggest bubble of our lifetime” as an expert warned the cryptocurrency will likely spiral out of control before crashing.

[Arshdeep98]

Thanx for sharing this......it help alot

[cryptomoon1003]

Bitcoin will have the best time in next 3 months.. Q2 is very good for bitcoin in 2018

[kingshahi297]

It may be Indian Government behind this article, paying Hindu a money to print that article so that Indians invest in Stocks, Mutual funds or do FDs and not invest in Bitcoin just to prevent Rupee from collapsing

[reliable]

that is impossible!..lol!.. I think, it's just a matter of misunderstanding!...why don't you educate your people about crypto?...for them to see the benefits that they could get from it!..like Bitxoxo, this company offers an amazing services and features that will help the Indian people to live comfortably,earn money and secure their future!

Can you share what is bitxoxo offering that will help everybody in the country to live happily and how much returns will they earn on their investment. Also what if India bans the crypto currency will the bitxoxo continue existing or they will have to wind up from this country?