Bitcoin demise

LOL. Turn Fox News off and go outside.

With an intrinsic value of zero that’s where I expect it to eventually end up. But it could fluctuate for a few more years from criminals and pimple popper robinhood amateurs speculating and gambling with it

I never have understood bitcoin. I took the advice of an investment counselor that if you don't understand it, you shouldn't put much into it.

stan the corgi wrote:

I never have understood bitcoin. I took the advice of an investment counselor that if you don't understand it, you shouldn't put much into it.

It’s extremely easy to understand. I think the question is more if you believe it’s sustainable or not. I don’t invest in it anymore because I’m fundamentally against it and Bitcoin people are some of the most annoying people alive.

It's supply halves every 4? Years or so. Therefore each coin will potentially be more valuable as time goes on. Bitcoin will have more and more competition as the big banks enter with their digital coins, so from that perspective it's value will take a hit at least by next year when these big banks start releasing their digital coins. The govt wants their tax money so they won't let bitcoin takeover the monetary realm and therfore these big banks are in process of creating digital currency. There's a wide scale of beliefs regarding bitcoin, with "experts" saying it will be worth a million, digital gold to them saying it's fools gold and worthless. So we'll just have to wait and see. Give it some time, there will be up and down volatility but the verdict is unknown.

Bitcoin is a Ponzi scheme. That being said, of course I wish I had been one of the people buying it when it was fractions of a penny so I could spend all day on Twitter telling Gen Zers to buy more. Wouldn’t touch it with a 50’ pole at these prices. Governments will eventually step in with their own digital currencies. Bitcoin doesn’t even make sense as a currency. What merchant would want to get paid in something that loses 50% of its value in a month because Elon tweets about it.

CNN plays the Russian collusion stories for 4 years, but Fox News needs turning off. Sure.

Eyes are looking Goodr wrote:

Bitcoin is a Ponzi scheme. That being said, of course I wish I had been one of the people buying it when it was fractions of a penny so I could spend all day on Twitter telling Gen Zers to buy more. Wouldn’t touch it with a 50’ pole at these prices. Governments will eventually step in with their own digital currencies. Bitcoin doesn’t even make sense as a currency. What merchant would want to get paid in something that loses 50% of its value in a month because Elon tweets about it.

It's a ponzi scheme because it's really volatile? Sure.

STEVE THE ADDICT^^^^^^""""""""--^' wrote:

It's supply halves every 4? Years or so. Therefore each coin will potentially be more valuable as time goes on.

The “supply” is a lot like inflation though. New coins being created out of thin air. It doesn’t exactly follow that if less new coins are created that a coin is automatically worth more. If demand drops, the price does. New coin creation at the current rate won’t drop to zero until about 2140. That said, this is simply an agreement by the miners. If enough of them wanted to change how this works they could. This artificial scarcity is not really immutable or controlled by anything other than an agreement of the majority of miners. If Bitcoin lasts long enough this will probably change at some point if the benefit of mining drops to an unsustainable level.

I do see the negative environmental impact gaining some steam. It’s been long known to be used for illegal activities.

I’ve traded it a few times, but never held long enough for big gains. I wouldn’t hold here. Yes, it could keep going for a few years, but I highly doubt it’s the currency our grandkids will be using.

capital fail wrote:

Today's crypto currency is about to tank. Our current government is about to take control. Mark this thread. Cash out now.

I’m assuming your keen analytical skills allowed you to make millions in the crypto market, congratulations. No doubt your incisive forecasts will continue to serve you well. However it’s hard to imagine that if you possessed anything resembling certainty regarding your prognostication that you would be inclined to share that with the public. I’m basically a stranger to intelligence such as yours so I hope you will forgive my skepticism. If you find time in the profundity of your awesomeness, perhaps you can tell us the future of EVs, SPAC, NFTs, BCBs and VAPs

PS

Is there any chance I can start paying you for your advice?

Herman Cain (blojos haha yo super serial) wrote:

With an intrinsic value of zero that’s where I expect it to eventually end up. But it could fluctuate for a few more years from criminals and pimple popper robinhood amateurs speculating and gambling with it

You realize that USD is fist currency, right?

If recommend collecting some fiat currency (bills and coins) now and saving them for 50 years. They may be a collectors item down the road with currency going digital. Also, the block chain tech industry should expand big time with digital currencies, although there are environmental concerns right now which are very legitimate but an effort is being made in some capacity to be more environmentally friendly.

Why do we need a digital currency? I just hold my iPhone up to a scanner and it processes instantly. No math problems required.

sup homies, im one of those "annoying bitcoin people," here to debunk some of these wide spread crypto myths.

First off, bitcoin isn't just created out of thin air, just like fiat cash doesn't just rain from the sky, there's a set amount of supply (21 million) and that will probably be finally mined in about 120 years or so. If you want to argue against it being just created, please do your research first.

Second, this notion that crypto supports illegal activities and funds terrorism is actually absurd to me. In 2020, just 0.34% ($10 billion) of all crypto currency transactions were criminal transactions (yes, one can argue that theres more that we may not know about, but that's what we know). According to the UN, it is estimated that between 2% and 5% of global GDP ($1.6 to $4 trillion) annually is connected with money laundering and illicit activity. So I think thats a relatively easy argument to debunk.

Finally, this environmental issue that has been a problem for a while. Bitcoin is not efficient. It can cost $20 to send $100 transaction and sometimes that transaction can take 30+ minutes (I've had a transaction take over 8 hours). Bitcoin is not the currency of the future. People need to learn that. No one, and I mean no one, believes bitcoin will be the currency our grandchildren use. Bitcoin was the first. Started an era of crypto currency. Bitcoin is more so a store of value (hence the common comparison to gold - you can't really buy anything with gold, yet it has a lot of value that tends to grow), yet there are soooo many other crypto currencies that provide cheap, immediate and decentralized transactions.

I've invested 90% of my portfolio into crypto, and within that, probably about a 40/40/20 split between 3 currencies, cardano, ethereum, and bitcoin. I am well aware that there is a slim chance my investments go to 0. I am not in this to get rich quick (even though I'm currently up 200% in 12 months all while were sitting at a 50% dip from Bitcoins ATH). Governments have been trying for years to stop crypto currency. Years of creating their own crypto currencies. Youre going to hate me for saying this, but crypto is probably (more likely than not) the future and I am 100% okay with holding my investments for 5+ years for the rest of you boomers and crypto snobs who do absolutely no research to hop on board and realize what is going on. And hey, OP could be right, crypto could (and i think it will) dip this coming week, I'm buying more. If you want to invest, and I've gotten soo many close friends to at least add some to their portfolio, there is a chance it crashes. I'm well aware it can go to 0. I'm confident it won't. good luck.

STEVE THE ADDICT^^^^^^""""""""--^' wrote:

If recommend collecting some fiat currency (bills and coins) now and saving them for 50 years. They may be a collectors item down the road with currency going digital. Also, the block chain tech industry should expand big time with digital currencies, although there are environmental concerns right now which are very legitimate but an effort is being made in some capacity to be more environmentally friendly.

Bitcoin and the USA Dollar... what’s backing either one of these fiat currencies..?! Faith and blind faith. In 50 years, you’ll be dead and be returned to the soil.

Good for you.

You are raping the environment with the ridiculous amount of energy used to fuel crypto.

And you can't explain that away.

You ought to be concerned because regulations are on the horizon which may not rid us of crypto, but it will discourage it enough to send investors heading for the doors, and the suckers left holding the bag.

1) better a fiat currency than a non-fiat non-currency. Bitcoin is at best a novelty voucher system usable for niche commerce only.

2) All paper money is fiat currency, whatever the standard. "This piece of paper means gold, says the government."

Crypto energy surpassed the amount needed to power a state. (I don't remember the state).

That seemingly triggered a climate change/ institutional trip wire. In addition, China took an official stance seemingly has placed a top.