Black Monday

[bottomfeeder]

Bitcoin would have to be the biggest rip off that looks legitimate today. The ones who started it up became wealthy. Now any good maths wizard can mine bit coins for free, while any other individuals have to buy them. Who would want them. Sounds like the "south seas bubble all over again" Buffet got it right by saying, keep away.

[Baa_Baa]

Bitcoin would have to be the biggest rip off that looks legitimate today. The ones who started it up became wealthy. Now any good maths wizard can mine bit coins for free, while any other individuals have to buy them. Who would want them. Sounds like the "south seas bubble all over again" Buffet got it right by saying, keep away.

That's a fairly shallow assessment I'd have to say, on the mining side (creating bitcoin) any maths wizard with a decent computer has been able to mine bitcoin from day one. You'd need a massive investment in compute power to do so profitably nowadays though, which is well beyond the lay person, or even well funded entrants. The additional expense of the infrastructure and particularly the power to run the mining farm is the critical disabler of the mining business case. Think massively massive compute capability sucking heaps of gigaojoules, for a declining return in mining a limited asset.

Rather than slag bitcoin, or the other digital currencies, the punter has an opportunity to assess the market that trades the 'currency'. That's easier to understand and participate in than creating the currency. One can't ignore that genuinely big money is being made in digital currency.

The issue as I see it is that there is no one single digital currency and no barrier to entry for other digital currency, except the know-how to create it. So Bitcoin, Ether and the others are the beginning and have already made their makers and early investors fortunes. Standing aside and discounting that is ignoring a wealth creation opportunity, which like all other wealth creations requires early investment in understanding, as well as capital to invest and participate.

None of this has much to do with a Black Monday, (euphemism for a shock downturn in financial markets) except that there are emerging synergies between traditional markets and how the digital currency markets are performing. They are forming correlations, while one goes up the other goes down and visa versa, a bit like gold and silver, but not the same. But solid reliable correlations are still not apparent.

In any event, the digital currencies are evolving as legitimate and accepted forms of monetary exchange and there is a very substantial total value invested already, which will only continue to increase.

It's confusing for sure, but worthwhile learning about, keeping an eye on and an open mind and possibly participating in the exchange market. There is little to suggest that the fiat currency experiments of the past few decades will be any different to history and all of them will fail eventually, as have all before them.

Digital currency seems certain to not only disrupt fiat, but in time replace it, in some form that we cannot literally describe today.

[Jinx]

Bitcoin would have to be the biggest rip off that looks legitimate today. The ones who started it up became wealthy. Now any good maths wizard can mine bit coins for free, while any other individuals have to buy them. Who would want them. Sounds like the "south seas bubble all over again" Buffet got it right by saying, keep away.

Right, stocks aren't my main game but crypto is.

To think that bitcoin is a random scam with no use is a ridiculous understatement. The underlying technology behind bitcoin - the blockchain - is an industry changing.
Ethereum (blockchain tech) is developing what is effectively internet 3.0. And Bitcoin is the first step in this chain, I personally hold 10+ cryptocurrencies none of which are Bitcoin but crypto assets are going to become hugely important(and valuable) in the future. (http://www.sharetrader.co.nz/showthr...rrencies/page4 for more)

[James108]

Bitcoin would have to be the biggest rip off that looks legitimate today. The ones who started it up became wealthy. Now any good maths wizard can mine bit coins for free, while any other individuals have to buy them. Who would want them. Sounds like the "south seas bubble all over again" Buffet got it right by saying, keep away.

Thats a bit like saying any miner with decent know how can mine gold for free.

[janner]

Thats a bit like saying any miner with decent know how can mine gold for free.

He can. If he has the know how and the ability.

[James108]

He can. If he has the know how and the ability.

And yet gold has been a store of value for millenia.. really makes you think.

[janner]

And yet gold has been a store of value for millenia.. really makes you think.

Not really... I have a bag of food ... You have gold.. Why would I starve myself for your gold ????

[couta1]

A brighter day on the NZX coming up I'd say after US markets finish positive, not sure about Monday, all depends how the Trumpet is blown.

[Hoop]

A brighter day on the NZX coming up I'd say after US markets finish positive, not sure about Monday, all depends how the Trumpet is blown.

Nice...................

[bull....]

im looking at a chart of nz:nz50 on bigcharts and i dont see any double top formation you suggest we are still 150 odd pts below the previous top so sorry i disagree. In fact im quite bullish the nzx at the moment big support around 6900 resistance around 7500 so any break from the range would be super bullish.
nzx has done well last mth but still is flat last 6mths so is underforming relative to some other markets so plenty of scope to catchup i reckon.

enough crystalball gazing time to go make some money

hit the 7500 top to perfection now just chopping around in the range so have to wait see which way it breaks.