Investing

Do you think that bitcoin is a bubble?

  • Last Updated:
  • Jan 5th, 2019 10:43 am
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Poll: Will bitcoin crash?

  • Total votes: 397. You have voted on this poll.
No
 
111
28%
Yes, to less than $6000 USD
 
53
13%
Yes, to less than $4000 USD
 
26
7%
Yes, to less than $2000 USD
 
20
5%
Yes, to less than $1500 USD
 
8
2%
Yes, to less than $1000 USD
 
55
14%
Yes, to less than $500 USD
 
16
4%
Yes, to less than $100 USD
 
108
27%
Deal Fanatic
User avatar
May 11, 2014
6582 posts
9090 upvotes
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james211 wrote: I see your point but bitcoin is not just about price speculations or blockchain, its not only the innovation about flash money and i think you need to read a lot more, bitcoin is a new way to look at the financial system its a digital currency that offers you control, anonymity and transparency of your own finance. In every step of your practical life you are watched, controlled and played by the government. Your funds can be freezed spent and misused through corruption and other means without you knowing it just because you have now controll over it or you dont know about it. Bitcoin is based on a balanced ecosystem that is miners and transactors. if we do a simple comparison here what is fiat based on ? some jew just stocked some gold and released paper instead of that gold ? does that paper has any value ? no it doest. The people decide it by trading it and the control and transparency rests with whom ? you guessed it "the government" its time the masses take their privacy in their own hands and thats what bitcoin is about its for the people, by the people and of the people.
Without getting too bogged down in text...

Let's remind yourself that you are posting on an investing forum where the ultimate reason for the original posters pushing bitcoin/cryptocurrency is for the sake of obtaining more (fiat) money. So, really not sure why the merits of bitcoin/cryptocurrency have anything to with whether the price of bitcoin in fiat currency was a bubble or not.

Regardless of whether we want government control or not, let's not kid ourselves... in the current cryptocurrency market, there is absolutely no fair control of the currency. Bitcoin is controlled by a few accounts only based solely on the number of tokens they hold... hardly a fair system in place. Sure, transactions can be traced, but as it stands, there is very little control and there are many problems with hacking, lack of tracing in controlling crime and the fact that the practicality of the blockchains in place to actually allow for everyday transactions simply doesn't exist.

And while I do have privacy concerns in general with government, I also have faith in the system in general as there are rules and regulations placed in the system. While government monitoring via FINTRAC for example may "invade my privacy," for the sake of protecting society from financial crimes, I am ok with giving some of my privacy for that. And really my bigger concern would be my online privacy from other people/hackers over government hands down.

The fiat system if you have studied modern economics, while not perfect, today is controlled mostly by the private banks and not the central bank. Fractional banking, independent directed central bank and regulations tightly controls the value of currency and so it isn't a matter of issuing more "paper." In fact the money supply as it stands ebbs and flows accordingly to the needs of the economy. While it isn't perfect, it has been and has become much more stabler in recent human history.

Either way good luck selling your equipment that you posted for fiat. I get that you want to work toward this ideal currency system, but not sure if this isn't working out for you? Also, I would advise you work on your xenophobia.
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Jr. Member
Feb 1, 2017
149 posts
31 upvotes
xgbsSS wrote: Without getting too bogged down in text...

Let's remind yourself that you are posting on an investing forum where the ultimate reason for the original posters pushing bitcoin/cryptocurrency is for the sake of obtaining more (fiat) money. So, really not sure why the merits of bitcoin/cryptocurrency have anything to with whether the price of bitcoin in fiat currency was a bubble or not.

Regardless of whether we want government control or not, let's not kid ourselves... in the current cryptocurrency market, there is absolutely no fair control of the currency. Bitcoin is controlled by a few accounts only based solely on the number of tokens they hold... hardly a fair system in place. Sure, transactions can be traced, but as it stands, there is very little control and there are many problems with hacking, lack of tracing in controlling crime and the fact that the practicality of the blockchains in place to actually allow for everyday transactions simply doesn't exist.

And while I do have privacy concerns in general with government, I also have faith in the system in general as there are rules and regulations placed in the system. While government monitoring via FINTRAC for example may "invade my privacy," for the sake of protecting society from financial crimes, I am ok with giving some of my privacy for that. And really my bigger concern would be my online privacy from other people/hackers over government hands down.

The fiat system if you have studied modern economics, while not perfect, today is controlled mostly by the private banks and not the central bank. Fractional banking, independent directed central bank and regulations tightly controls the value of currency and so it isn't a matter of issuing more "paper." In fact the money supply as it stands ebbs and flows accordingly to the needs of the economy. While it isn't perfect, it has been and has become much more stabler in recent human history.

Either way good luck selling your equipment that you posted for fiat. I get that you want to work toward this ideal currency system, but not sure if this isn't working out for you? Also, I would advise you work on your xenophobia.
You're speaking from a Western point of view. Most people in the WORLD aren't as priviledged as us.

http://time.com/5486673/bitcoin-venezue ... oritarian/
Sr. Member
Dec 23, 2012
672 posts
532 upvotes
RICHMOND HILL
james211 wrote: I see your point but bitcoin is not just about price speculations or blockchain, its not only the innovation about flash money and i think you need to read a lot more, bitcoin is a new way to look at the financial system its a digital currency that offers you control, anonymity and transparency of your own finance. In every step of your practical life you are watched, controlled and played by the government. Your funds can be freezed spent and misused through corruption and other means without you knowing it just because you have now controll over it or you dont know about it. Bitcoin is based on a balanced ecosystem that is miners and transactors. if we do a simple comparison here what is fiat based on ? some jew just stocked some gold and released paper instead of that gold ? does that paper has any value ? no it doest. The people decide it by trading it and the control and transparency rests with whom ? you guessed it "the government" its time the masses take their privacy in their own hands and thats what bitcoin is about its for the people, by the people and of the people.
You are naive to think bitcoin is anonymous. Once your identity is linked to a wallet (and it will be if you're not using it as just cash, which makes it useless) all your past transactions are right there in the ledger. Promoting crypto as being an anonymous currency was a scam, it makes 0 sense.

The only hope for crypto as a real competitor to the current currency systems is efficiency and decentralization. If you can create a financial system using a cryptocurrency that is cheaper to operate than what we have and allows to do things like distributed transaction processing easily (which will, in a competitive market, mean lowest possible fees), we may see it rise as something other than a lottery ticket. One thing's for sure, bitcoin is not that crypto. And at that point it'll just be an innovative improvement over we what and still heavily regulated and controlled by banks and governments. An "anonymous", actual currency is a pipe dream.

That being said, I could gladly be proven wrong in the future :)
Deal Guru
Aug 14, 2007
12807 posts
3837 upvotes
--
alanbrenton wrote: Damn. All out of cash...

Bitcoin Price Prediction 2019 - BTC Price to Touch $23500 in 2019
https://coinswitch.co/news/bitcoin-pric ... 00-in-2019
Are these the same people that said bitcoin would hit $100,000 USD by the end of 2018?

Well, what happened to that?

I'm glad when I bought @ that crash where it hit $3000ish USD where some chinese exchange(s) were shut down, then a month later $20,000-$22,000 I sold... now look at it, sitting at $3670 as of this post. I may buy more in the future and store it on the ledger nano s but I'm on the fence about it now.

I was in and out of the crypto game for a little bit, and all I ever gather from these articles is the point to make a ton of people get excited and start buying in order to drive the price back up. The only problem is is that it no longer works from the looks of it.
Last edited by XtremeModder on Jan 5th, 2019 10:24 am, edited 1 time in total.
Banned
Dec 27, 2018
6 posts
1 upvote
I see your point but can you prove it ? and trace me ? i can provide you my wallet address if you need :) all the information you are telling me i already know it, prove your point by something original, trace me through my transactions and trace my identity without using any other information :) how about that ? maybe you'll do some more research on bitcoin instead of proving your point :) what say you ?
Banned
Dec 27, 2018
6 posts
1 upvote
Agreed but the best way is to be a broker in OTC trade, been doing that a long time only that way it gives a fair profit, mining is done (for now) but even when the market crashes or rises brokers are earning either way, its better to be a broker than a miner or trader :3
Deal Guru
User avatar
Sep 8, 2007
10978 posts
14474 upvotes
Way Out of GTA
Hard to believe “no” bitcoin will not crash was the most popular single option.
Deal Addict
Oct 29, 2010
4475 posts
811 upvotes
It’s not just Bitcoin though, these days Bitcoin is similar to the US dollar, everyone is trading fiat using USD and it’s the same with Bitcoin.
You have hundreds of alt coins that are tied to some blockchain technology innovation that your only way to invest in those is by exchanging Bitcoin.
I have about 15 altcoins and if you track the ups and downs of them all you will see they trend with Bitcoin.
I guess another way to look at it is Bitcoin is some index and altcoints are the companies being traded in that index.

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