Yes I should have been more clear. Most people are in crypto for investing though.
Monitoring the Crypto Bubble
- Thread starter Bullion Baron
- Start date
TreasureHunter
Well-Known Member
Watch gold soar, as people lose confidence in crypto fiat and the economies slip...
We're going to be back to the shiny yellow metal. Unusually, it started rising now towards the New Year, as Bitcoin and other cryptos went down.
We're going to be back to the shiny yellow metal. Unusually, it started rising now towards the New Year, as Bitcoin and other cryptos went down.
TreasureHunter
Well-Known Member
Or, you'd better stay away from it for good. People will be begging for Bitcoin to reach 19,000 $ again.
If the bubble drops very deep (it can even sink to 2,500 $, I don't see why not), then people will stay away from it. In the end, Bitcoin is more of a speculative asset than currency or commodity.
I think hundreds of other cryptos will get wiped out with this crash.
Naa i don't expect a quick bounce back up. If anything i would be happier if the price sits there for a while and developers spend more time developing software instead of making twitter posts
Plus I'm more of a user then a speculator, so a stable price would be fine for me.
I would love it if 90% of them get wiped out.
I'm not surprised at all with how the market has been over the past 2 weeks - in fact I was expecting this
You only need to check out the markets to see that most of this is attributed to people withdrawing to USD/USDT, and a lot of that is due to tax reasons in the USA with the new year approaching
I've been telling my friends for a while that I expected this to happen, and I think Jan will start off a little similar to how things are now, but I do think that mid Jan things will start to pump again and all of the money that has left the market will re-enter at these much lower prices and I still expect 2018 to be a very big year
It's frustrating as a hodler, seeing your profits dwindle, but you just have to focus on the long term and not get caught up in the short term. If you sold at the highs with the intention of getting back in at a later date then well done, but if you're still holding then just continue to do so, because it will all get better in due course. I imagine so many people are FUDing and selling out a loss at the moment which is the worst thing you could do imo
The market needed a correction, and with the culmination of the new year approaching it probably makes things seem worse than what they actually are. Personally, I'm not bothered one bit, and will be using this opportunity to buy at great prices, whilst hodling everything else and am very excited about what 2018 will bring
You only need to check out the markets to see that most of this is attributed to people withdrawing to USD/USDT, and a lot of that is due to tax reasons in the USA with the new year approaching
I've been telling my friends for a while that I expected this to happen, and I think Jan will start off a little similar to how things are now, but I do think that mid Jan things will start to pump again and all of the money that has left the market will re-enter at these much lower prices and I still expect 2018 to be a very big year
It's frustrating as a hodler, seeing your profits dwindle, but you just have to focus on the long term and not get caught up in the short term. If you sold at the highs with the intention of getting back in at a later date then well done, but if you're still holding then just continue to do so, because it will all get better in due course. I imagine so many people are FUDing and selling out a loss at the moment which is the worst thing you could do imo
The market needed a correction, and with the culmination of the new year approaching it probably makes things seem worse than what they actually are. Personally, I'm not bothered one bit, and will be using this opportunity to buy at great prices, whilst hodling everything else and am very excited about what 2018 will bring
ParanoidAndroid
Well-Known Member
I stopped trying to convert people to crypto about 6 months ago fearing I may be talking them into getting on after the horse has bolted.
I've only recently begun saying that everything before now was people boarding the elevator on the basement level car parks.
I'm now the guy pressing the open door button as they begin to shut in the hope you get in before we leave ground floor.
Ive even taken a small portion of my own money to put in for my nephews and younger brothes so they at least have some skin in the game.
I've only recently begun saying that everything before now was people boarding the elevator on the basement level car parks.
I'm now the guy pressing the open door button as they begin to shut in the hope you get in before we leave ground floor.
Ive even taken a small portion of my own money to put in for my nephews and younger brothes so they at least have some skin in the game.
At this moment (which can change in few weeks) I think it’s risky. Only time BTC isn’t risky at the moment is when it going up. Because the price of BTC is beholden to people who knows nothing about it.
Doesn’t it remind you of when gold or silver was going up, who drove the price up that high, it wasn’t pumpers nor stackers, it was by people who knew nothing about PM. Basically it was mum and dads buying thinking it was a sure bet, safe bet or Jan/Jason the local hairdresser said it was a winner.
No matter what people say BTC price is a faith based, just like US dollars or Venezuelan Bolivar, people believe BTC is worth money and people hoard it so goes up.
Sure banks might use blockchain, but BTC isn’t Blockchain. It’s not like if BTC goes to zero, BTC owners gets a royalty from selling the intellectual property.
The people I don’t trust with bitcoins are people who bought bitcoins with hard cash who never considered mining nor own shares directly and even has less concept of currency as investment.
Basically what I’m saying is how old time miners, geeks and idealist look at Bitcoins is very different to how the drivers of btc price looks at it aka mums and dads and the keeping up with Jones crowd.
Mums and dads and Jones bought BTC because it’s going up, they don’t want to wait a year for respectable 10% gain they want they money doubled or tripled tomorrow.
Doesn’t it remind you of when gold or silver was going up, who drove the price up that high, it wasn’t pumpers nor stackers, it was by people who knew nothing about PM. Basically it was mum and dads buying thinking it was a sure bet, safe bet or Jan/Jason the local hairdresser said it was a winner.
No matter what people say BTC price is a faith based, just like US dollars or Venezuelan Bolivar, people believe BTC is worth money and people hoard it so goes up.
Sure banks might use blockchain, but BTC isn’t Blockchain. It’s not like if BTC goes to zero, BTC owners gets a royalty from selling the intellectual property.
The people I don’t trust with bitcoins are people who bought bitcoins with hard cash who never considered mining nor own shares directly and even has less concept of currency as investment.
Basically what I’m saying is how old time miners, geeks and idealist look at Bitcoins is very different to how the drivers of btc price looks at it aka mums and dads and the keeping up with Jones crowd.
Mums and dads and Jones bought BTC because it’s going up, they don’t want to wait a year for respectable 10% gain they want they money doubled or tripled tomorrow.
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That's what tulips do....... grow, flower, & die
I've head many people give this reason as to why cryptos will be worth more money and it's a terrible reason. Even if every company in the world starts using blockchains to manage some part of their system it would not make any crypto today worth $1 more. Blockchain is a open source idea, so if a company like Amazon wants to use a blockchain then they will just pay a programmer to integrate it into their system. The programmer gets paid for his time and that's it, they wouldn't buy out a pre existing tech. (why would they when the idea and code is free for all to see) Also any big company would never use something like Ethereum, as it's to vulnerable and inconsistent.
So the only way any crypto will have and maintain value is if a lot people start using it as a currency. Which unfortunately is the one thing most people are not doing.
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So what happens when a company creates a blockchain project that can then be exchanged with other cryptos? It has NO IMPACT on any cryptocurrency today? Interesting.
ParanoidAndroid
Well-Known Member
But after they die the remaining bulb multiplies to more bulbs, so next time it flowers there are multiple tulips.
Kind of like a return on initial investment.
A blockchain doesn't mean it needs to be a form of currency. It could just be a centralised ledger for them to keep track of stock in a more efficient way.
That makes sense leo25 but I also look at blockchain as infrastructure. A bit like the internet is infrastructure that a blockchain is built on, the blockchain is infrastructure that apps can be built on.
The network effect of the underlying infrastructure blockchain will have value. People will buy the token/coin of the infrastructure blockchain to get access to the apps built on it. A bit like a PCs Operating System or a Cloud Based Hosting Service, this is the next technological step and the infrastructure will have value even though competitors can freely use the tech and set up competition.
The network effect of the underlying infrastructure blockchain will have value. People will buy the token/coin of the infrastructure blockchain to get access to the apps built on it. A bit like a PCs Operating System or a Cloud Based Hosting Service, this is the next technological step and the infrastructure will have value even though competitors can freely use the tech and set up competition.