okay, a little thread on cryptomarkets and what I think is going on:
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There's a potentially infinite number of cryptocurrency alternatives to Bitcoin...
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hard to see where any of them beat Satoshi's design
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What happens if someone controls 51% of the block chain and starts stealing coins and double spending?
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They destroy everything they own.
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1/ Intrinsic value doesn't exist 2/ Bitcoin is a commodity, not a currency. Its price is projection of its future value as a rare commodity 3/ the maximum Bitcoin can fall is its 2013 high, which is $1,195. 4/ above is *extremely* unlikely, but 50% retrace is common w/ parabolas
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5/ 50% retrace from current price is $8,500, which is still extremely good unless you bought your Bitcoins yesterday
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