No, $60mln USD was hacked/scammed which is irrelevant in the bigger picture of current market cap, which is $250mld.
Also, here's official statement from NiceHash:
https://www.reddit.com/r/NiceHash/co...t_by_nicehash/
I bet it's gonna get solved and stupid people's BTC will be returned. Sorry, but someone who doesn't keep his BTC in an offline wallet deserves to be called stupid
if I had bitcoins I would just cash them out.
Can you cash them out?
No idea about Japan, but I know that one city in Switzerland allows paying the taxes in bitcoins (just as you can in Euro and Dollars in several cantons).
But you just pay according to the currenct exchange rate plus a exchange fee, so what's the advantage? The Bitcoin then still has no inherent value in Switzerland, but only the value it has when you exchange it into CHF.
BC transactions now take several hours and have high transaction costs. Steam isn't accepting them as payment anymore....
And here's the thing... The last episode of the BIG BANG THEORY had a lot of Bitcoin talk in it. About 14 mill people in the US are watching it. What a coincidence it went up even further! How's BC use to anyone if the network is near collapsing? And people saying they'll eat their genital if it doesn't reach a certain value def have a part in it.
Also the door to trading futures has been opened which brings it near the stock market but far away from its original purpose.
https://www.reuters.com/article/us-m...-idUSKBN1DY0Y2
If you do some research on Crypto Lending Programs (and I think you should do) then you'll notice it has some of the same charakteristics and it's a snowball in the end.
The time to cash out of BitCoin is when it starts being accepted by major retailers.
The reason is that central banks don't like competition very much. That's why we have legal tender laws. Legal tender laws in the United States, for example, dictate that you are only allowed to pay for goods and services with Federal Reserve Notes (not "dollars").
If BitCoin ever starts to pose a real threat to central banking then there will be a massive multinational crackdown to "shut it down" as they say.
It would be nice to believe that BitCoin could succeed at bringing down central banking. Humanity would be better for it. But I'm not that naive.
In the meantime there's no harm in investing in it. As always, the rule for investing in risky assets or for gambling is only bet what you can afford to lose. Then even if you get completely wiped out you still won't lose your shirt.
Everything has "actual worth" fyi, I don't think you understand what that means or using it in terms of accounting but if you want you can declare it under your assets so it does have that as well . Also you do realize, you are basically describing how all currencies work right as well as stocks and bonds? non of those pieces of papers you carry in your pocket have "inherent value", US can decide to default on treasury bonds (no one in their right mind would agree to in government.. but we have trump right now so who knows) or a major market can collapse and all you can do with those papers in your pocket will be toss in the fireplace to keep you warm. They have no intrinsic value.
Also, I don't think you understand how an economic bubble is formed either. A bubble is not caused by placing price on an asset or trading said asset that has "no value", it is caused when the price of <anything> go way above its "value" (which is really REALLY hard to define and see in many real life cases) followed by extremely high amount of investment and market activity for that said "thing". After the price reaches an unsustainable level, it is quickly followed by sellout and major crash in price and collapse of the market. This can happen to literally anything regardless of its "worth".
It is a bubble because it has no actual value is not a valid argument
Beneath 1000 dollars, would entail 0-999 dollars, so I am not sure where you see the flaw in that? Unless you want to argue that they gave BitCoins away at some and that it was negative?
Also are you kidding me? You don't see the difference of growth between 10 USD and 5000 USD? You do understand that this is money and not isolated math?
Yes it is, the USD is a fiat currency. It's not backed by anything, like the GBP and Euro. You haven't been able to revert back to gold or silver for any major currency for decades now.
I am the lucid dream
Uulwi ifis halahs gag erh'ongg w'ssh
I have like 5k euro on my bank account, can't even buy one bitcoin
Milli Vanilli, Bigger than Elvis
Of course you can cash them out
I used to have a loooot of bitcoins. When it was around $700, it was stable around that amount for some time.
I thought "such good idea to make half million now" and I sold around 1000 of them and made 500k euro.
That was huge mistake, since had I kept them, they would be MUCH more now.
But lesson learned. the ones I have I keep until they reach high 6digit number each