Bitcoin price: Expert's SHOCK warning as price collapses: 'You could be left with NOTHING'

[rapchik]

Expert: No one will know risk of Bitcoin when the music stops :

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Bitcoin’s price fell to below $7,000 this week and David Vaile, Cyberspace Law and Policy Centre, warned about risks of the cryptocurrency. 

Mr Vaile claimed Bitcoin could leave investors “with nothing” and highlighted the problems with the cryptocurrency. 

He said: “There is no doubt that the underlying technology, the blockchain technology has a lot of potential uses. Whether any of those are as currencies, they are not really proven yet. 

“If the currency jumps by 10 percent a day then no one can really know what price they are paying for anything. 

 

GETTY•ALJAZEERA

Bitcoin price: David Vaile warned about the problems surrounding Bitcoin

“There has always been that problem, and there has always been a problem in terms of currency in that you cannot pay taxes in it which is one of the key features of a fiat currency. 

“As for an asset, the other question is what is it backed by? Increasingly it is obvious that it relies on confidence but in terms of anything else behind it, it is a matter of consensus.

“When the rocket is going up, the consensus suddenly gives you a $10,000 increase in the value in a very short period of time, but when it disappears you are left with nothing.” 

Speaking on Al Jazeera, Mr Vaile said the real problem with Bitcoin was that the cryptocurrency was all about “risk”.

David Vaile

“It’s about understanding what’s behind this and it’s also about the sophistication of the users,” he said. 

The comments come after Financial Analyst Martic Baccardax said there was a huge “potential for pain” when investing in Bitcoin. 

He said: “I think it’s a good point that the volatility has been around for some time but there is a great difference between trading at $1 and $3 then there is when trading at $9,000 and $19,000. 

“The potential for pain is a lot more significant and the stakes are significantly higher. 

“The one point I would make is that I do agree in 1994 we were all questioning the validity of the internet as a commercial vehicle, but there was only one internet. 

 

Cryptocurrency price: A year in charts

Tue, January 16, 2018

Compare crypto currencies (Ripple, Bitcoin, Ethereum, LiteCoin) on value, market cap and supply for the past year

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“We have got 13,000 cryptocurrencies right now and whether or not you believe this is going to be the transaction method of the future is really irrelevant, it is what is going to be the single token that we use or whether we use multiple tokens.” 

Bitcoin’s price is currently valued at $7,008.27 and is up 1.36 percent according to Coindesk at 14.40pm (GMT) on Tuesday 6 February.

Bitcoin and other cryptocurrencies could be set to bounce back ahead of a meeting this week of the US Senate Banking Committee which will discuss the regulation of crypto in the country.

The meeting could provide clarity for investors who have been sceptical about placing money it Bitcoin and other cryptocurrencies.

[xxxmen]

Elanti lanjidklu valle market dibtundi

[jesse_bb]

10 minutes ago, xxxmen said:

Elanti lanjidklu valle market dibtundi

enduku antha frustration. ekkuva pettinava endhi coins meeda.

[xxxmen]

Just now, jesse_bb said:

enduku antha frustration. ekkuva pettinava endhi coins meeda.

Ledu baa e dip li konna

[Satakarni_bali]

15 minutes ago, xxxmen said:

Elanti lanjidklu valle market dibtundi

bujjiiiii, cool amma, okadu zero avutadi ante iddaru 50k antunnaru...... ETH konnava

[jesse_bb]

5 minutes ago, xxxmen said:

Ledu baa e dip li konna

good.

[idibezwada]

picha lite ..i am waiting for 50k per coin

[ARYA]

couple of yrs back forbes vadu kuda pedda article rasadu..death of bitcoin ani 

[hello987]

idi chusi ipdu unna rate ki chaala mandi ammukuntaru emo

[Idassamed]

2 minutes ago, ARYA said:

couple of yrs back forbes vadu kuda pedda article rasadu..death of bitcoin ani 

so no one is an expert

[Hydrockers]

2 months back 1mn annaru

ippudu nothing aa

[ARYA]

4 minutes ago, Idassamed said:

so no one is an expert

no one cares as long as we earn  

[rapchik]

3 hours ago, xxxmen said:

Elanti lanjidklu valle market dibtundi

article rasthe avadhu kadha bhayya... i agree ilanti vati vala panic start avyuthadhi but