
Bitcoin dropping alongside global stock markets, discrediting safe haven theory - koolba
https://www.cnbc.com/2018/02/06/bitcoin-plunges-below-6000-alongside-global-stock-markets.html
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granaldo
The case of bitcoin being safe haven is probably only apply in the long term.
It's quite obvious the price is heavily speculated now.

As we speak market sees extreme volatility and we have a bit of green positive
[https://www.coingecko.com/en](https://www.coingecko.com/en) Do not imagine it
lasting again due to sheer speculation and negative sentiment.

Once it cools off, bitcoin will probably test it's attribute as safe haven
again only when the stocks and bond market gets hit in isolation. Even now we
do not see increase in gold price yet

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jjeaff
Bitcoin is too easily replaced to be a long term store of value. It relies
purely on public sentiment. Whereas things like precious metals at least have
utility and no easy substitutes.

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splintercell
> Bitcoin is too easily replaced to be a long term store of value. It relies
> purely on public sentiment. Whereas things like precious metals at least
> have utility and no easy substitutes.

But bitcoin has utility, in case of hyperinflation, capital controls, asset
protection etc.

Imagine if you are a Chinese billionaire who wants to move some of his wealth
out of China, you buy bitcoin for Yuan in China, sell a futures contract to
someone to cover yourself from the price fluctuation, and there you go.

Why is that not a legitimate use of bitcoin?

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geezerjay
> But bitcoin has utility, in case of hyperinflation, capital controls, asset
> protection etc.

It really doesn't, and in a blatantly obvious way. All it has is propaganda
pushed by those who are personally invested in doing the pumping as part of a
pump-and-dump scheme.

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splintercell
So your argument is "no it ain't"? I don't really understand your argument.

Are you doubting the part that people are using it for fleeing capital
controls in China or for asset protection or how they were using it during
Venezuala crises?

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TaylorGood
CNBC has routinely harped on cryptocurrency, namely Bitcoin. Their tweets end
up being retweeted into my stream, and they always seem to have a stance
against. This article is no different. However, Bitcoin has been on a
downslope for entirely different reasons than the stock market.

Edit: Particularly CNBC's Fast Money twitter: @CNBCFastMoney

