Bitcoin easily subject to failure according to this article he makes some valid points. Makes you think, maybe the eggs are not so safe in the crypto basket? Thoughts?
ive already said the current price is a ponzi. This cant go on forever and when all the newbies who are jumping in and pushing up prices wake up to themselves, there is only one way it can end. (to be honest, its not newbies to blame, its the hodlers thinking their coins will be worth a fortune, maybe but the reality is it cant be anytime soon)
Yes, Bitcoin will crash again at some point but it doesn't go to zero unless there is some kind of technical failure. Even if it's heavily regulated it will still have a market price so I don't think it should be classified as a ponzi. If the tech was a ponzi then it would have been dead after the Mt Gox crash in 2013. If it was going to crash after this last run up I think it would have done so a week or so back when people had a right to be panicked from plunging prices.... This is the nature of the bitcoin beast, and the human nature of greed and fear playing out in a free market. The fact we didn't collapse in a heap the other week gives me optimism that we haven't yet seen the classic "blow off top" that would be typical of a truly speculative bubble bursting. The article is well intentioned, but it is full of FUD. Anyone investing in crypto needs to accept they could lose it all and never invest more than can, or should, be lost. I just think the article is technically incorrect and its timing is wrong
Strange, I just sold some for profit yesterday. Guess that makes me the other 1%? Then again I only have a small amount of BTC to begin with.
Yes, I believe you can borrow Bitcoin on the Poloniex exchange and then sell it. You would need some form of collateral to cover it. There is also margin trading there but I know even less about that. Good luck. I personally think shorting bitcoin at the moment is higher risk and would be potentially more devastating than having it crash to zero.....
the tech is not a ponzi, the market cap is based on promised fiat value. in this respect it is a ponzi. there is not enough fiat invested in the crypto currency market, therefore the actual value of the crypto markets are only what is held in the exchange reserves, and like mt gox, this can be called in overnight. if your local store accepted btc as currency, it is working perfectly, however until that happens, the few retailers that accept it are not enough to keep the current price afloat
Yes BTC probably will drop again shortly, it has already lost a fair bit of the market percentage over the last six months alone. BTC is not the only Alt currencey out there though, take a look around at the platforms and tech that is now on offer in this space. That and the complete lack of returns that fiat and PM's have had on offer over the last X years. Just take some time to really do some proper research on all this, the information is out there and the amount of money invested in Crypto's is a drop in the ocean compared to traditional wealth preserving assets. Gold and silver are a slave to the manipulations of many many vested interests, Superannuation alone is tax and fee grabbing rort beyond comprehension. If I had told you 2 years ago you could of invested $2000 dollars or less and be sitting on about $345,000 at this minute today as a result....... Who would of believed it ? Even if you only got half of that return, no doubt anyone would be happy with that sort of result. https://bitcoinmagazine.com/articles/crypto-investing-age-whales/ Just do some damn research and get an understanding of the "phenomena" first. Blockchain Technology is something we should all be teaching our Kids right now. Or at least getting them taught about, this is just the beginning.
lets look at the context of this thread. article quoted is headlined my response im not sure where your reading btc is a ponzi, because to further quote me what im actually saying is the market cap has been ponzied, not sure if that concept is beyond you guys though. please show me the exchanges accounting books, sure some are regulated, but fiat is a ponzi as well and its regulated. for sure, show me the non controlled exchanges? so far, people who choose to do so are cashing out, many having made profits. well there we go, sure there is a btc cap, but there is zero limit on how many coins we can creat to pump and prop up the ponzi (ripple, centralized and controlled, eth, centralized and controlled, both coins that have been part of this pump and fit your descriptions) of course though, this all goes straight over your head, cause btc is not of itself a ponzi, so its hard to grasp that the current pump is a ponzi. there are many in this category, if just one of them wanted to, they could destroy the current market cap, this seems very hard for some to also understand.
eth has gone from 20 odd dollars to over 300 in a matter of months. eth has a centralized dev team that it seems can do what they wish. eth had a pre release, of which those are cashing out it seems. the eth btc pairs are there, and they dident disappear, so btc upswing is riding on a speculative value, not fiat, yet people are pricing against fiat, and thinking there will never be a run on the exchanges. sooo to easily forgotten mt gox
You are missing a big part of bitcoin, the exchange. That's where I think some are operating a Ponzi scheme (poloniex). All the rules that apply to bitcoin don't apply to the exchanges. It's the exchange that is making cryptos have "value" atm and it's the exchange that can destroy it.
You don't have to store it in there full time, you just have to use it. If you are the unlucky person at the end of the ponzi with an exchange then it's game over for you. You only need to have it there for seconds for it to be gone. And let's be honest, all cryptos are good for atm is to speculate in exchanges. Don't be a fool and think it's more then that for 99% of people.
I think what you mean to say is Some people have everything in for a long period of time, as they can make much more money that way. And when it comes to making easy money people are blinded by what risks there are do silly things.