fred891 wrote: It is about time. It reminds me of the biotech stocks that had no earnings plus they carried huge debt. People bought & bought. They usually bought at the high point and a little negative news made these stocks implode. Many people lost fortunes. I still don't understand the Bitcoins valuation even if it was worth $1000/coin. There is nothing backing this coin. The only positive thing is that there are only going to be a set number of them created and then no more. Yeah, I bet. Wait until Bitcoin comes out later and says they are going to create more of them. That devalues any Bitcoin that you have. Stocks that issue more shares do this to pay down debt.
It looks like a bunch of people just lost a great deal of money in just the last week of declining Bitcoin value.
I think it it too early to be buying this thing. I almost bought 6 months ago but got spooked away because it was acting like a NASDQ stock. Be careful people. The only right way to buy would to dollar cost average. Buy a small amount every month instead of buying it all at the same time.
When the Dow crashed in 2008 and went from 14,000 down as low as 6,700, I had a little free money and had my broker buy some index funds or something similar once a month. I bought as low as 6,900 and held on until last year when the Dow was near 20,000. I made out great with that trade, but I only had a few thousand to play with. The big boys who make the money have a statement. They make the most money when there is blood on the streets. Buy when people are scared and selling at a loss, then buy. It works. Of course I may be wrong about Bitcoin because I don't understand something that has no assets or pays no dividends, plus has no country backing it. Where is the value? I don't understand why people would buy something that has already made such a huge move up? Call me dumb.