Wednesday November 29, 2017 - 18:01:30 GMT
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Bitcoin: When Will it Crash?
With Bitcoin on a relentless climb to briefly move above $11,000, logic would suggest it is more a matter of when not if this bubble will burst. However, as seasoned traders know, a market can stay irrational longer than we can stay solvent.
This was a topic of discssion on the Global-View Forex Forum today where a well respected and highly experienced trader, Dillon Al, posted the following:
Dillon AL 16:22 GMT 11/29/2017
When one thinks about Bitcoin and how the crash can and will occur then I suppose the top probably coincides with the CME launch of its futures contract or at least within 48 hours of launch
Despite it being a cash settled contract what worries me is the percentage moves where CME will have a scenario of locked limit every few hours. That is not a way to trade nor promote a product. Volatility is one thing but Bitcoin in essence is just a gamble due to the fact that it owns no assets, produces nothing except possible itself, has no business plan and it is totally invisible and last but least totally open to fraud and theft via the wallets. I.E. it has no substance and no backing. reminds you of the South Sea Bubble where enterprises were set up for the purpose of which we know not.
In reading the history of nations, we find that, like individuals, they have their whims and their peculiarities; their seasons of excitement and recklessness, when they care not what they do. We find that whole communities suddenly fix their minds upon one object, and go mad in its pursuit; that millions of people become simultaneously impressed with one delusion, and run after it, till their attention is caught by some new folly more captivating than the first.
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