Bitcoin currency of the future?

[Cool Hand Luke]

I wish I could guess at how long off it'll be but it's extremely hard at the moment. There are so many new things that'll happen in the crypto space this year. The Robinhood app being one of them. I believe something around 600,000+ people have signed up for it already and it's only available in a handful of states. They're bridging the gap between their stock base and crypto base. The Liquid World Book is launching this year aiming to be the 'Priceline' of crypto exchanges. This will hopefully solve or alleviate the issue of arbitrage. Scaling issues and TPS are getting better and better. More companies (such as mine) are looking into IoT and Blockchain tech. Once adoption starts taking hold, this market could boom. If IoT and Blockchain prove to be useful, it will set a new standard for companies to follow.

It very well could take a long time to rebound, but those mentioned above have me excited for 2018 and beyond.

1.2 million according to my app

 

[SwamiLeoni]

Those are anonymous coins(monero, ZCash, etc). Never heard them called "private coins" before. When I think "private coin" I immediately think of a coin run on a private blockchain.


Is that what kids are calling them these days or did something change?

As long as I’ve been in this game I’ve always referred to and read about them as Privacy Coins. Type in Privacy Coins into google and you’ll pull the same results you would with using Anonymous Coins.

 

[SwamiLeoni]

1.2 million according to my app

Even better.

 

[SwamiLeoni]

Understandable. I've don't question the long term viability of SOME of these crypto's. But there was still value is being able to identify what the market was doing and being able to take your chips down while you're ahead so to speak.

I'm unsure about where the market goes right now, it actually fell quicker than I expected as I was predicting a movement into the 8-10 range and it's dropped all the way into the high 5's at times. Apparently there is a TON of support in the 5400 range so perhaps that's a sustainable base long term.

I speak in terms of Bitcoin normally because it tends to be a barometer for the market at large, I'm considering getting back in here, but I think it's going to retest that low 6k high 5k level before it moves anywhere... not sure as I haven't identified support and resistance levels here yet.

Gotcha. I did read more than one knowledgeable twitter account saying that $5k was very likely, but below $5k could be a stretch. It’ll be interesting to see if BTC holds it #1 MC by EOY.

 

[JonesBones]

Yo @JonesBones you might wanna contact CFTC Chairman Giancarlo and tell him to tell his kids and his niece that bitcoin is a scam.

Also tell the two Senator's kids who are investing in cryptocurrency to stop buying scams as well.

Does that make it not a scam? Because a senator's kids have some? Is that really an argument? lol. Enjoy your bottom.

 

[HIMBOB]

I think that is a bad way of looking at things. The DOW is down something like 5% from it's high. Bitcoin has dropped roughly 60% from it's high . It has less money to lose overall because it doesn't have the same market cap as all of the stocks in the DOW.

Just putting some perspective on it.

It's very different I know but this is what investments do.

 

[drstrangelov]

BWAAAHAHAHAHAHAHA

That was great.

Btw, if you read between the lines here. He "would" definitely buy at these prices (but he can't because he has no money) and he hasn't lost any money because of the $3,000 he invested (his words) he's still holding every bit of it (currently valued at roughly $800) LMAO.

Let this be a lesson to the rest of you, Don't be like DerFraudsbar.

You're giving this guy all this trouble over a 3000 dollar investment? The price could collapse further, or soar to new heights, dude isn't making or losing much money.

 

[JonesBones]

One of the few comparisons crypto does have with traditional stocks is the sheer amount of money that can slide one way or the other in a relatively short amount of time. Investments are always a risk. Can't time it right every time so you just hope to make the right decisions most of the time.

The 8+ year Nasdaq bull run is pretty insane. Maybe more insane than the recent crypto run when you put things into perspective. 7k->26k DJIA is an enormous amount of capital. Trillions in growth but where is that money actually at? It's as phantom as the value in some of these scam cryptocurrencies imo. It's more phony than Dogecoin.

You mean penny stocks. Not real stocks. We have already been over this. Real stocks don't have that volatility.

 

[Luminaire]

Gotcha. I did read more than one knowledgeable twitter account saying that $5k was very likely, but below $5k could be a stretch. It’ll be interesting to see if BTC holds it #1 MC by EOY.

I think only Ethereum has a chance and I'm not sure it's a good thing if it does.

The fact that an Ether coin costs $700+ right now is built purely on speculation, and until they grow their network and start seeing widespread adoption, the currency that fuels their platform will not be in high demand for USE. AND for the moment, there isn't a capped supply, so it's subject to possible inflation.

For all the potential, I still think Ethereum is overvalued at the moment and has a long way before justifying it's current price. That's not to say it will go down in price because there's stronger belief in Ethereum than any other coin, but it has a ways to go before I'd be confident.

If I'm a Bitcoin believer and continue to believe it will be THE market leader as digital gold, then it's value as a scare store of value has a ton of room to grow. If it goes under 5k I'll be tempted to purchase a whole coin or two lol.

 

[weich]

Just putting some perspective on it.

It's very different I know but this is what investments do.

There really aren't a lot of traditional investments that have this amount of volatility. Traditional investments also have more history and more information available to make intelligent decisions.

 

[JonesBones]

The general manager of the Bank for International Settlements (BIS) has savaged bitcoin as a "combination of a bubble, a Ponzi scheme and an environmental disaster."

In a lecture given in Frankfurt, Germany, Carstens said there were cracks appearing in the "house of bitcoin" as too many copycat currencies had forked off the technology, including bitcoin gold and bitcoin cash. The banker argued this replication could only lead to debasement of cryptocurrencies to the point where they held no economic value at all.

The BIS is known as the "central bank's bank" as that is where the likes of the Federal Reserve and Bank of England hold accounts. Carstens cited trust as another problem for cryptocurrencies as they would never be governed or supported by such institutional infrastructure.

Carstens then called into question bitcoin's efficiency and legality.

"While perhaps intended as an alternative payment system with no government involvement, it has become a combination of a bubble, a Ponzi scheme and an environmental disaster," he said. "The volatility of bitcoin renders it a poor means of payment and a crazy way to store value."

"Cryptocurrencies piggyback on the institutional infrastructure that serves the wider financial system, gaining a semblance of legitimacy from their links to it," said Mr. Carstens, general manager of the Bank for International Settlements, a Basel, Switzerland-based institution that acts as a lender and think tank for central banks

https://www.cnbc.com/2018/02/06/bitcoin-and-cryptocurrencies-are-ponzi-bubbles-says-bis.html

We got the head of the BIS calling it a ponzi scheme. I'll take his word over somebody's daughters.

 

[Luminaire]

You're giving this guy all this trouble over a 3000 dollar investment? The price could collapse further, or soar to new heights, dude isn't making or losing much money.

$3000 is actually quite a bit more than I thought he had invested to be honest. lol.

Anyway the genesis of this is when the market really started to take off in early December I was encouraging people to be careful because it was a bubble and DerFraudsbar was over here hysterically encouraging people to BUY BUY BUY all the way to the moon.

Regardless, $3000 is all this dope has to invest, otherwise he'd invest more and his non stop irrational exuberance has led others to do the same. I attempted to be a voice of reason initially.

He's down 70+% on his original investment, which is hilarious all things considered. But he's intent on riding this thing out so I hope for his sake that his money is tied up in the right coins, otherwise I don't think he ever sees any return no matter how long he "HODL's"

 

[Der Eisbär]

You're giving this guy all this trouble over a 3000 dollar investment? The price could collapse further, or soar to new heights, dude isn't making or losing much money.

That dude is obsessed with me, it's really fuckin weird.

 

[BoxingFan123]

If you were early than you're good... you're only regret is not selling a month ago when it was much higher.

I applaud anyone who managed to get in early on some of these penny coins, even more so if they were wise enough to see unsustainable growth and sell at least some (most) when the market was out of control.

A return to that peak is a LONG way off.

Not really I've seen bigger drops and they come with higher peaks. Look at the tech bubble from 1990-2000 even if u invested at every ath you still would've made money, we're still in the midst of this bubble and haven't even hit the peak yet

 

[Luminaire]

That dude is obsessed with me, it's really fuckin weird.

Delusional Fraudsbar?

Just regal us with more tales of your 70% losses lol.

What are you currently holding you dope? Bet you won't say because then you'd be accountable.

 

[drstrangelov]

$3000 is actually quite a bit more than I thought he had invested to be honest. lol.

Anyway the genesis of this is when the market really started to take off in early December I was encouraging people to be careful because it was a bubble and DerFraudsbar was over here hysterically encouraging people to BUY BUY BUY all the way to the moon.

Regardless, $3000 is all this dope has to invest, otherwise he'd invest more and his non stop irrational exuberance has led others to do the same. I attempted to be a voice of reason initially.

He's down 70+% on his original investment, which is hilarious all things considered. But he's intent on riding this thing out so I hope for his sake that his money is tied up in the right coins, otherwise I don't think he ever sees any return no matter how long he "HODL's"

I mean, yeah it's funny when you've got a guy losing money hand over fist defending the decisions so fervently, but it's all very low stakes.

Really, most of the thread is voices of reason, this dude is essential to making it interesting.

 

[Luminaire]

Not really I've seen bigger drops and they come with higher peaks. Look at the tech bubble from 1990-2000 even if u invested at every ath you still would've made money, we're still in the midst of this bubble and haven't even hit the peak yet

You haven't seen bigger drops, even if you have percentage wise, you have never seen this market lose $450 BILLION in a month, and ultimately that's what matters. A lot of people lost A LOT of money, and many of them weren't lucky enough to be in early like you.

 

[BoxingFan123]

From the CFTC testimony today

DLT is likely to have a broad and lasting impact on global financial markets in payments, banking, securities settlement, title recording, cyber security and trade reporting and analysis.
When tied to virtual currencies, this technology aims to serve as a new store of value, facilitate secure payments, enable asset transfers, and power new applications.

 

[JonesBones]

Just putting some perspective on it.

It's very different I know but this is what investments do.

Ignorance of the coiners right here. You must have listened to Bigglesworth. Real investments don't jump around like that. Fuckin christ.

That is what I am calling you people now, "coiners". Like truthers. Or birthers. Or flat earthers. Or creationists.

 

[BoxingFan123]

Delusional Fraudsbar?

Just regal us with more tales of your 70% losses lol.

What are you currently holding you dope? Bet you won't say because then you'd be accountable.

Holding ETH/WTC/XLM/ICX