"Bitcoin is a Fraud" and "Worse than tulip bulbs"

systematic said:
IF we could monetize decency and goodwill we would have a better currency to trade with than a spinning computer chip ...
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If we really do want to maximise decency and goodwill, rather than platitudes or whinging, then we need a free market. Decency and goodwill has more potential to be maximised in a free market, as opposed to a centralised one. Cryptos therefore by their nature offer greater opportunities as they are decentralised in the main.
 
What I think is a tremendous force behind Bitcoin is the immense market cap: 167 billion USD

That's bigger than some countries' GDP. And that effort/money is simply "in it".

Should any banking crisis occur in Europe, the USA or elsewhere, people will run even more towards Bitcoin. And it'll be a self-perpetuating phenomenon...
 
Seven of nine said:
This is crazy, you guys can brag all you want about cryptos and good luck to you, but if everybody actually did buy it then sure as day turns to night and night turns to day - it will crash. I'm not buying something that's way over priced only to see it crash very soon and lose my money. Or for a hacker to hack my account and steal it all. I need to fully understand it first. If I knew what the future would.bring and I could indeed make money from it then certainly I would.buy some. But my gut feeling says lto leave it alone because I am not one of those lucky people who will make money so easily.
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G'Day 7 of 9. Hope you are well. Best wishes for Christmas. always enjoyed your opinions on this site. _JOHNLGALT.

p.s. The thread has been dead for almost a month, so I know? no one will object to this message.
 
Bitcoin now... around 13,000 USD after it dipped from a peak above 19,000 bucks:

btc-chart.png
 
There was a great loss on those who panicked but some people remain calm on both peak and deep. I learned a lot on both.... If you are afraid to lose, do not go with digital currency. They are digital - just numbers, i learned my math better.
 
Beautiful explanation, The panics from 20k down to 13k can make a problem if just entered last week. It is nothing if you went through it last November.

Attitude rules when facing that trend. Social media affects a lot as well. The society needed to learn a lot as BTC evolve and mature in our financial world.
 
More strong arguments on why Bitcoin will collapse:


The crypto market is very manipulated. Bots buy and sell repeatedly to pump up the price.

Bitcoin is probably the biggest "pump and dump" the history has ever seen.

It's limited, therefore deflationary. People will hold it and the price will decrease.

Too many Bitcoins are in the hands of few, powerful cartel-like groups (miners, speculators...).

Bitcoin is not a commodity and not a currency. It's a speculative asset. It's being bought and sold for gains, it's rarely being used to pay for services/products.

Bitcoin's market cap will tank. It will be full and deflation will crash the price. People will escape from Bitcoin like rats from a sinking ship, bringing the price further down.
 
Here is the last month of Bitcoin, prior to which there was a lot of media about the rise to 10K and futures trading. I would be surprised if its hit 20K soon.

yZsacqV.png
 
It's popping and yet again - it's that eerie asset bubble-shaped chart again:

asset-bubble-bitcoin.png


In 2012 I came to this forum and started talking about gold and a possible bubble. Many old members will recall the countless debates and arguments.

Now it happened again. Bitcoin was in a bubble and it popped (about to go much lower, I think), just as I said it would.

Fact is: when something skyrockets so high vertically and the main driving force behind the momentum is due to speculative "let's buy and get rich" mentality/intention, then it doesn't last...

It's pretty much like getting drunk and falling in love with the bartender girl... well, that might actually last longer! :D
 
Most definitely applicable to this asset class. I think we've reached the despair stage but only time will tell. I also think I called the mania stage correctly at the end of november see here too.

What sets this "bubble" apart from probably every bubble previously in history is that blockchain technology is the future. Tulips will always be flowers and houses will always be houses, but blockchain technology will revolutionise the way in which we transact with each other. It's not a passing phase, so even though the archetypal bubble chart may be applicable to the crypto market, it's not the first time the top has blown off, and it probably won't be the last. Currently we're back where we were on about december 12 last year. But in the long term, the technology will become mainstream because it's neither a scam nor a pretty flower, it's real and it offers value. So I'll be keeping some long term holds - and expect to be rewarded handsomely for it.

This why blockchain technology offers real value when compared to fiat:

Jason Murphy said:
BARRIERS TO ENTRY

The cryptocurrency community has very low barriers to entry. Sure, individual crypto-currencies manage the number of coins they issue — bitcoin supply is capped at 21 million, for example, 80 per cent of which have already been mined.

But the potential total supply of cryptocurrencies is infinite.

What makes national currencies valuable is their monopoly status in each country.

There’s mostly one currency per country. (In fact there are fewer — most of Europe uses the euro, etc.) But so long as the central bank doesn’t print too many (hello Zimbabwe), we agree they’re still valuable and we use them.

Cryptocurrency enthusiasts love to talk about subverting the central banks who control the money supply.

But without central banks monopolising that supply, any of us could print banknotes and flood the market with cash. If it were profitable and legal to print cash, people would.

It is profitable and legal to produce new cryptocurrencies so of course people are doing so.
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http://www.news.com.au/finance/mone...t/news-story/4f6e95945ad2bdfbf097bbf5cac5edd6

Now I'm getting the impression Murphy is not a fan of private, multiple currencies. Why would he? He's a mainstream economist. But he's basically acknowledged that the only reason fiat currency has any value is because we are forced to adopt it. In fact, many of us have a preference for barter as opposed to using fiat depending upon our circumstances and the goals we have in mind. However we are forced to use fiat because of the near impossibility of avoiding all the regulatory hurdles we would face if we chose to use an alternative currency when transacting in our mainstream lives.

He then goes on to say that if it were legal and profitable to do so, any of us could print bank notes and flood the market with cash. This is nonsense. Even if we possessed the resources to do so our bank notes would only be considered to be cash or money if they were reputable or if we could force people into using them. The coins and tokens associated with blockchain technology are considered a currency because we view them as offering some value. Not everyone agrees that they offer value but there are enough early adopters to drive a market in crypto-currencies.

We have no need for a government to force us to use a mandated currency and we have no need for a centralised authority to monopolise policy and the distribution of that currency simply because blockchain technology offers us a future and the market in reputable crypto-currencies will evolve over time and we'll be left with a strong, reliable means by which we can store or exchange our wealth.
 
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