Incoming Bitcoin crash

Maciano

Kingfisher
Vincent Chase said:
Incoming Bitcoin Crash?

Put your money where your mouth is and take all your money and short bitcoin at 100x.

Let us know how it goes.

Exactly.

I'm sure it will correct, but when and how much is anyone's guess.
 

dasher

Woodpecker

Road_Less_Taken

Woodpecker
pitt said:

Good video. I think its a big time bubble, I wont touch it, independent of the price. I think why on earth do we have a whole forum devoted to crypto here. We don't have a forum devoted to the stark market, or anything. The video is right it sounds so much like an MLM. Everyone trying to promote it, adds on my Facebook. My grandma knows about it for gods sake.

Most people I know who have it do not have an exit plan.
 

Samseau

Owl
Orthodox
Gold Member
Maciano said:
Samseau said:
Maciano said:
Samseau said:
Maciano said:
You clearly haven't been thinking this stuff through.

1) The word "crypto" is a red herring. There's bitcoin, and then there are scamcoins. All these non-bitcoin cryptos are useless, senseless and long term worthless. Bitcoin, however, is useful, valuable, sensible and valuable.

Non-bitcoin cryptos combined are a worse investment than fiat because they proliferate like rabbits and are indeed hyperinflationary. That has nothing to do with bitcoin.

2) National crypto is a contradiction in terms. Cryptos are designed to be denationalized, global. A national crypto is complete nonsense. It is so ridiculous an idea that it can only come from a government agency.

3) The whole idea behind bitcoin is that it can't be censored. It can't be banned, because you can't ban P2P systems, especially when you use them smart and safe. Just like governments can't ban bittorrent. Also, bitcoin can be send by satellite, radio, USB stick or the internet -- transmission methods are endless. It's unstoppable, unless the internet gets switched off completely. But even then, it's doubtful.

How is Bitcoin any better than Monero? Monero actually provides security, Bitcoin is a just a slow overpriced coin that rides on hype. Bitcoin will get taxed and regulated to death, and people will wonder why they ever bought it in the first place.

I actually like Monero, and Litecoin for that matter. Useful altcoins that are not hindering bitcoin in any way. I don't know why I should hold Monero because it hasn't got the network effects of bitcoin to make much of a difference. Though, if I wanted to buy drugs, I'd definitely use Monero (no diss, I think this is a good quality.) But come on, man... Monero scales much worse than bitcoin. Just check out what lead dev Riccardo "FluffyPony" Spagni has said about this himself.

According to his website, Monero has built in scalability. They are working on bulletproofs to reduce the size of transactions by 80% or more by next year.

I don't think you know what you're talking about here. The dev himself says it scales and its working Blockchain is proof that it can scale amazingly well.

Bitcoin is secure enough, if you go buy bitcoin from localbitcoins.com with cash, you're 100% pseudo-anonymous. It will be impossible to trace your bitcoins back to you. (If you're interested in this, I recommend you read Kristov Atlas' book "Anonymous Bitcoin")

While this is somewhat true, you're missing the point. The point is to be able to spend your currency without being known. Having to use cash to buy something is already fairly anonymous but not entirely since all bills are traceable.

BTC isn't useful as actual currency, which is why it is a giant bubble scam. What is the usecase of BTC?

It's got hype. Great. Hope you can sell before the market collapses and no one can pull out because the mempool is clogged up the ass.

People are buying bitcoin because it's the biggest crypto and its tech is cutting-edge. I'm not going to spell out why Segwit, Lightning, Rootstock, CT, MimbleWimble, sidechains, drivechains matter. You really are going to have to google and understand this stuff yourself. The only crypto that comes close in dev activity & projects -- and with close, I still mean very far behind -- is Ethereum. And Ethereum is 100% shit. For the life of me, I can't understand why this stuff is even on a blockchain. :s

While I will not defend the other altcoins, if BTC was cutting edge why is it unable to handle transactions at 16K right now? BTC has been around for 8 years and there has been no real progress on its development. The original dev is nowhere to be found, and the people working on the project spend most of their time on bureaucracy instead of actual coding.

While I will not deny that BTC's price can go much higher, the risk involved is not worth it, and the people running it do not inspire any confidence whatsoever.

But in general, I'm not against Monero at all, I think it's a cool project and it's got a useful usecase.

Monero actually has a use, unlike BTC and all the other scamcoins. Currently BTC's only claim to fame is that it's an "investment," which will be popped as soon as the current global market bubble pops.

Once people rush back into fiat, BTC will crash and burn like the fad it always was.

Samseau, go buy monero.

We'll compare in 3 years.

We'll see who did & didn't understand.

Sure. Add the 10 year mark too.

Monero has already gone up by a factor of 34 this year, compared to Bitcoin's factor of 23-24. Keep telling yourself people are going to buy a coin with no intrinsic value, riding only on hype, versus a coin that offers true power and has 10x the room for growth.
 
I plan on selling a decent amount in the 20k-30k range and plan on buying a bunch in the 10k range if and when it falls.

I guess we'll see. I definitely did a horrible job predicting how fast crypto would go up. So take my advice with a grain of salt.
 

Thomas the Rhymer

Ostrich
Gold Member
Vincent Chase said:
Incoming Bitcoin Crash?

Put your money where your mouth is and take all your money and short bitcoin at 100x.

Let us know how it goes.

I have no idea how to short Bitcoin, though. (I've actually never shorted anything in my life). Can anyone explain to me how to do this? Googling the topic just leads to me an enormous amount of big words that I don't understand. I'd like a simple how-to.
 

Razor Beast

Woodpecker
Vincent Chase said:
Incoming Bitcoin Crash?

Put your money where your mouth is and take all your money and short bitcoin at 100x.

Let us know how it goes.

Why would anyone need to be short bitcoin to have anything other than a positive opinion on it? Shorting something is a trade, not an investment, which carries different risks than buying and requires prudent risk management. Considering bitcoin has crashed 80+% in value numerous times before, I don't see why it is so outlandish to suggest another crash will happen, especially when most of the new buyers right now have no idea what they are actually buying.

Are you all in long bitcoin with all of your net worth or something? Usually the only people who talk in those extremes are themselves way too over leveraged. I don't think it would be prudent for anyone to have more than a very small single digit percentage of their net worth in something that is purely speculative, and they should be willing to lose 100% of what they put in and not think twice about it if they incurred the maximum loss. Good luck.
 

Razor Beast

Woodpecker
Rossi said:
Having worked in Wall Street for 3 years, I spoke with a lot of friends in Wall Street. They also don't know much about the current crypto trend. I mean, there are just a lot of speculation. Some of them say, it's great investment idea and some say, it's gonna be like dot com boom. The more I've read about it and more confused, I got.

It is like the dot com boom and bust. Overspeculation leads to a huge crash, which leads to regulation, all the garbage will be eliminated or regulated out of existence, and the handful that rise from the ashes will in 10-20 years become the new standard, better than before. Look how long it took some of the dot coms who came into existence around 1998-1999 who survived the dot com crash to recover their value at the peak. Stocks like Priceline went from 1000 to sub 10 and took 12-13 years to get back to their bubble peak value. I think you will see a similar trajectory for whatever coins survive the bust and become the new standard.
 

Maciano

Kingfisher
Bill Brasky said:
I would only define a crash as bitcoin going down significantly and not ever recovering. Otherwise, it's just a n5ormal correction/dip.

If that's your definition, then i can confidently tell you bitcoin will not crash.
 

sync

 
Maciano said:
sync said:
When the stock market crash. Bitcoin will also crash.
Its too late to invest in cryptos.

I've heard that since bitcoin was $30.

People said it, too, when bitcoin crossed $1 mark.

The last crash was 2008, when bitcoin did not exist.
Good luck, in my opinion its overhyped.
 

Adonis

Pelican
Gold Member
I think 2018 will be a big year for BTC and cryptos in general.

CA legalizes recreational cannabis on 1 Jan.

California considers ‘green banking’ as it transitions to fully legal pot

The issue has implications beyond California. Twenty-nine states have legalized the possession and sale of marijuana for medical uses, and eight of those have approved cannabis for recreational purposes. Several other states are expected to have marijuana legalization measures on the ballot next year.

Marijuana remains illegal under federal law so federally regulated banks have refrained from handling industry proceeds.

Officials in Gov. Jerry Brown’s administration have quietly met with representatives of 65 banks and credit unions over the past few weeks about creating a network of financial institutions that would accept funds from pot businesses in a way that would guarantee federal banking regulators that the cannabis industry money is subjected to special tracking, oversight and transparency.

The green banking proposal: To designate one bank as a central correspondent bank that would hold accounts from other banks that are doing business with marijuana firms.

Perfect use case for crypto-currency. I'd say that's bullish.

Tx times and fees are the killer for small amounts of BTC so maybe it will give some of the other alts (BCH, LTC) a leg up.
 

Laska

 
Corrections on cryptocurrencies are going to be severe given how much and how fast the prices have increased. The main problem, however, is predicting the few winners among the many eventual losers, especially when the ultimate winners of this contest may not exist yet. As an asset class, cryptocurrencies are a good investment, but every asset class has times where it's good to invest in, and times where it's bad to invest in. Just like I wouldn't buy or short stocks at this point, I'll decline cryptocurrencies for now. Instead, I'm trying to find a good mid-grade bond fund.
 
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