If you look at it that way how is crypto any different to squillions generated electronically by fractional reserve lending, derivatives, and all the other schemes of the big banksters? At least crypto is a distributed ledger open source solution using novel blockchain technology. There is a reason why all the big banksters are now trying to get into the action. Anyone who thinks crypto and blockchain are going away will be sorely mistaken.
I wonder if the 10% that voted it as not a bubble still think that? I haven't heard from southerncross for a while, probably drowned in his salty tears as he would put it. I assume he is sitting on his investment waiting for them to return to the high points again before posting on the forum again.
i think that it is a good time to post this again. The villagers (bitcoin investors) are starting to realize that they have been duped and are trying to get some money back A lot of monkeys lived near a village. One day a merchant came to the village to buy these monkeys! He announced that he will buy the monkeys @ $100 each. The villagers thought that this man is mad. They thought how can somebody buy stray monkeys at $100 each? Still, some people caught some monkeys and gave it to this merchant and he gave $100 for each monkey. This news spread like wildfire and people caught monkeys and sold it to the merchant. After a few days, the merchant announced that he will buy monkeys @ 200 each. The lazy villagers also ran around to catch the remaining monkeys! They sold the remaining monkeys @ 200 each. Then the merchant announced that he will buy monkeys @ 500 each! The villagers start to lose sleep! ... They caught six or seven monkeys, which was all that was left and got 500 each. The villagers were waiting anxiously for the next announcement. Then the merchant announced that he is going home for a week. And when he returns, he will buy monkeys @ 1000 each! He asked his employee to take care of the monkeys he bought. He was alone taking care of all the monkeys in a cage. The merchant went home. The villagers were very sad as there were no more monkeys left for them to sell it at $1000 each. Then the employee told them that he will sell some monkeys @ 700 each secretly. This news spread like fire. Since the merchant buys monkey @ 1000 each, there is a 300 profit for each monkey. The next day, villagers made a queue near the monkey cage. The employee sold all the monkeys at 700 each. The rich bought monkeys in big lots. The poor borrowed money from money lenders and also bought monkeys! The villagers took care of their monkeys & waited for the merchant to return. But nobody came! ... Then they ran to the employee... But he has already left too ! The villagers then realised that they have bought the useless stray monkeys @ 700 each and unable to sell them!
Lol alor, you just made me think of my brother, terrible with money and the sort of person who would rock up with a bike full of dogs when people are buying monkeys
Honestly due to cruise missiles and s400 air defence and tomahawk missiles and millions of heavily armed troops and of course a promise BUT A PROMISE BACKED BY ALL AFOREMENTIONED.
Try JPMorgan, Goldman Sachs, Bank of America, Citigroup, Barclays, BBVA, Commonwealth Bank, Credit Suisse, State Street, Royal Bank of Scotland, UBS, Banco Santander, Danske Bank, Sumitomo Mitsui Banking Corporation, Westpac and more. First few hits on google https://www.ccn.com/big-banks-are-i...chain-and-crypto-364-billion-investment-firm/ https://www.forbes.com/sites/forbes...-a-new-product-cryptocurrencies/#7a3f634e4dcc https://www.techworld.com/picture-g...e-investing-in-blockchain-technology-3625324/
I was one that voted it was not in a bubble. Depending upon your perspective I’d say I was wrong at the time. But, if taking a long-term perspective, as cryptos become adopted to a greater extent over time then the latest bubble may appear to be nothing more than the pimple we experienced in late 2013. That’s the alternative view and the one that many crypto investors would hold. This prolonged downturn is disappointing however it doesn’t deter me nor others from financially supporting the industry.
That story about the NZ beef trade using blockchain tech on another forum involved the bank of New Zealand too from memory.
Any bank with any sense at all has active teams working on some form of blockchain based crypto product or system, if not using it already for a range of internal services.
'the sort of person who would rock up with a bike full of dogs when people are buying monkeys' My mum always told me: if the market is big on monkeys, it's no good turning up with a motorcycle-rack-ful of dogs!! Seriously, in the 'bunker' that my alliance hangs out in, the amount of panic is nil. We've seen Bitcoin (which none of us hold -- we're all altcoiners) drift down to $US 188, then go to $20,000. Watch the global economy. [But Technical Note: the constraint of the CEX -- Centralised EXchanges -- will make future spikes slower.]
The down turn in bitcoin is solely based on paid for HASH power that BTCabc and BTCsv is paying for! The recent fork of ABC absolute backward c#%ts versus SV silly vandals is why crypto won’t progress
Explain why you think a reduction of Bitcoin Hash power will cause a massive sell off across all cryptos? Or are you being sarcastic?
