Crypto coins

[Nemo]

Seems like it had a problem and has recovered from that one.

Nemo


https://www.cnbc.com/2017/12/26/bitcoin-jumps-more-than-12-percent-to-reclaim-16000-level.html

Bitcoin struggles to hold above $16,000; crypto marketplace Coinbase reports transaction delays

    The digital currency briefly climbs more than 12.5 percent to above $16,100 late Tuesday morning.
    Bitcoin has now recovered more than 50 percent from a low of $10,400 hit Friday in an extremely volatile day of trading.
    Coinbase said on its status website at 1:24 p.m., ET, that "Due to high volume, we are experiencing a backlog of outgoing transactions for BTC and ETH. ... Outgoing transactions of BTC and ETH may be delayed by several hours."

Evelyn Cheng   | @chengevelyn
Published 10 Hours Ago Updated 2 Hours Ago CNBC.com
After Friday's crash, Bitcoin climbs back above $16,000
Bitcoin climbs back above $16,000 
8 Hours Ago | 00:39

Bitcoin rallied Tuesday, recovering from a sharp sell-off late last week.

The digital currency briefly climbed more than 12.5 percent to above $16,100 late Tuesday morning and was trading near $15,965 late in the afternoon, according to Coinbase, the leading U.S. platform for trading major digital currencies.

However, Coinbase said on its status website at 1:24 p.m., ET, that "Due to high volume, we are experiencing a backlog of outgoing transactions for BTC and ETH. ... Outgoing transactions of BTC and ETH may be delayed by several hours."

The issue remained unresolved more than three hours later, according to the website.

With Tuesday's gains, bitcoin has now recovered more than 50 percent from a low of $10,400 hit Friday in an extremely volatile day of trading that had no immediately apparent explanation behind it. Trading on Coinbase was also down for more than two hours during Friday's sell-off.

Nolan Bauerle, director of research at CoinDesk, attributed much of Tuesday's price recovery to improved access to buying cryptocurrencies.

"After last week's sell-off, order books got some breathing room," Bauerle said in an email to CNBC. "Those that wanted to buy at all-time highs suddenly saw discounts and more importantly could actually buy from exchanges that worked through the backlog."

Bitcoin has soared more than 1,600 percent over the last 12 months, according to Coinbase. A surge of investor interest has helped turn the once-fringe item to an object of Wall Street's attention. CME, the world's largest futures exchange, and its competitor Cboe both launched bitcoin futures this month. Many see the launch as a step towards legitimizing bitcoin as an asset class for institutional investors.

The CME bitcoin futures expiring in January settled nearly 11.7 percent higher at $15,785, and the Cboe bitcoin futures settled up 13.3 percent at $15,810. Trading volume in the Cboe January contract was above 2,300, while the CME equivalent was near 2,000, according to their websites.

Ethereum traded 0.6 percent higher near near $770, down about 12.6 percent from its record high of $881.44 hit Thursday, according to CoinMarketCap.

The bitcoin offshoot, bitcoin cash, traded more than 1 percent lower near $2,806, according to Coinbase.

[Nemo]

I saw an article that bitcoin has recovered and gained value.  Should be easy to find into but I was bringing this over and just recalled.

Nemo




https://www.msn.com/en-us/money/savingandinvesting/heed-warren-buffetts-warning-bitcoin-is-pure-fomo/ar-BBHmI7q

Heed Warren Buffett's warning: Bitcoin is pure FOMO
MarketWatch, Mitch Tuchman, 13 hrs ago

To the surprise of nobody, billionaire investor Warren Buffett isn’t interested in bitcoin, the electronic currency that has zoomed higher in value over the past few weeks.

Bitcoin is a complex idea. Simply put, it’s a virtual currency that is created, owned and traded entirely online in anonymous and unregulated settings. In theory, there is a limited number of these physically non-existent digital “coins,” though that limit hasn’t yet been reached. A few years ago, bitcoins were almost worthless; earlier in December, bitcoin’s valued briefly topped $19,000.

Buffett is having none of it. "You can't value bitcoin, because it's not a value-producing asset," he said recently. Earlier, in 2014, when bitcoin was worth much, much less, Buffett said, "Stay away from it. It's a mirage, basically,” adding, “The idea that it has some huge intrinsic value is just a joke, in my view."

So what drives the value of an essentially value-free asset? FOMO — fear of missing out. underline added

The real danger

Who buys a home expecting it to double in value in a year? Who buys an unproven web startup certain that it will disrupt an entire industry in short order?

Think back to the housing bubble and, before that, the dot-com stock bubble. There was a time, early on, when these investments were nearly worthless.

Yet investors pounced on dot-coms and fixer-uppers. They feared missing out on a chance to get rich quickly.

As with dot-coms and real estate, the fuel driving the bitcoin fire is the continual entry of new investors, more and more people motivated by FOMO, fear of missing out. (Remember Beanie Babies? Exactly...)

This can happen to even large stocks, of course. Nearly every asset class has its heady moments. Yet stocks bounce back, over and over, thanks to Buffett’s notion of intrinsic value.

So what is intrinsic value? Imagine you buy stock in a company, say, Coca-Cola.

Huge numbers of people around the world consume Coke products. They pay cash, billions of dollars of cash, to buy and drink it. Whatever the value of drinking Coke might be, millions of people do so every day.

Now subtract the cost of making Coca-Cola, which is sugar, water and a few other ingredients, and you have a real stream of profits.

Waterfall of cash

Intrinsic value is this continuous waterfall of cash. It’s not the stock price of Coke but the actual cash flow of the business, after costs.

Buffett made his billions by divining when the gap is greatest between intrinsic value and a stock’s share price, then buying loads of shares, tickets to real cash flow other investors would want.

Given that bitcoin is supposed to replace cash, what is the ultimate source of cash flow from digital coins created on the internet? It’s dollars flowing from the pockets of buyers who want to own those coins.

Cut off the supply of new investors and the bitcoin craze ends.

The fact is, bitcoin has no intrinsic value at all. While many digital coin “investors” would argue that neither does a dollar, I counter that just about nobody thinks of American cash as an investment, except for perhaps currency speculators.

Rather, dollars are a temporary store of value, a means of transmitting that value from one person to another. As Buffett says, valuing bitcoin is like trying to value a paper check drawn on a bank. Pointless.

“But Mitch,” you might counter, “bitcoin is different. It’s a revolutionary new idea.” Sure, and it’s also an unregulated international marketplace rife with fraudulent actors. Just ask the Securities and Exchange Commission.

There is just one reason that bitcoin’s price currently is hovering around $15,000 rather than zero and that’s FOMO, plain and simple.

[Grudgie]

Warren Buffet, with all due respect, is a low IQ fossil. Lol.

Through trading crypto currencies I have accumulated the same inflation adjusted net worth Warren Buffet had at my age if that gives me any credibility. (Yes, argument from authority logical fallacy I know).

Intrinsic value is this continuous waterfall of cash. It’s not the stock price of Coke but the actual cash flow of the business, after costs.

Most assets don't have cash flows. Gold doesn't have cash flow. Neither does fiat currency. Having a cash flow is irrelevant to having a value.

Even if it was, hundreds of crypto tokens do have cash flow. Iconomi and Binance to name two. Iconomi has price/book ratios, quarterly reports, revenue distribution, etc just like any stock.

[pkveazey]

As a PREPPER, I can't seem to bring myself to have faith in non-existant money. To me its like stockpiling non-existant food.

[JoJo]

As a PREPPER, I can't seem to bring myself to have faith in non-existant money. To me its like stockpiling non-existant food.

I agree.  

[Grudgie]

As a PREPPER, I can't seem to bring myself to have faith in non-existant money. To me its like stockpiling non-existant food.

It exists. But I understand the prepper perspective. If you truly feel all the lights will go out one day and stay out for a long period of time, then BTC will be worthless in that situation.

[Nemo]

As a PREPPER, I can't seem to bring myself to have faith in non-existant money. To me its like stockpiling non-existant food.

I agree.

 

Nemo