How soon until Bitcoin crashes?
- Thread starter Liar Loan
- Start date
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That's not true. The full faith and credit of the US is extremely valuable.
Think of it this way. If government currencies didn't exist and they were all privately created, would you rather use a currency created by Warren Buffett, or the currency of some 21 year old tech bro that lives in a filthy dorm in San Francisco? Who would be more likely to dilute the currency for personal gain?
Our current money system may go through some major changes when AI/automation replace majority of human workforce. People will be under-deployed and be on universal basic income. I have a suspicion that the basic income may not be paid entirely in dollars. Part or whole might be stamp scrip or local social currency that expires after 60-180 days and must be spent (to prevent hoarding).
To me Bitcoin is like a fast moving roller coaster, versus real estate is a slower moving roller coaster. Between the two I choose real estate because it's physical property.
Liar, regarding Bitcoin, one thing to keep in mind is that every other coin is valued against the value of BTC. In fact, I cannot even buy the other alt-coins without first buying Bitcoin or Ethereum, and trading for the other alt-coins. Bitcoin dominance has dissipated a bit, but if you look at the charts of any other coin, it is a mirror image of Bitcoin. When Bitcoin crashes, they all crash and vice-versa on the way up.
That will change someday, and in other countries they can in-fact purchase other coins with Fiat (no need to trade BTC for them)...but as it stands the main value in Bitcoin is that you have to acquire it to trade for other coins.
You download Coinbase yet? Haha
It wouldn't work that way in reality.
It would go back to the barter and trade days. Don't you watch post apocalyptic movies? Drinkable water would become the new bitcoin.
Man you are beyond me...I don't even know what you're referring to. But would love to know...I'm curious whenever I hear the word "leverage"..haha.
Funny that you mention xrp...that was one of my best trades to date. I can remember the price going parabolic, and checking on my phone while running errands. I was starting to panic, and had to rush home to sell as I knew it was in total melt-up mode, and would reverse quickly
It has worked that way in the past.
https://en.wikipedia.org/wiki/Private_currency#Private_bank_notes
In the United States, the Free Banking Era lasted between 1837 and 1866, when almost anyone could issue paper money. States, municipalities, private banks, railroad and construction companies, stores, restaurants, churches and individuals printed an estimated 8,000 different types of money by 1860. If an issuer went bankrupt, closed, left town, or otherwise went out of business, the note would be worthless.
I don't think it would work that way if the meteor/zombie virus/nuclear warhead hit today.
A value system would need to be established locally/regionally/countrywide and that would have to be based on goods that have utility value initially.
A new paper currency system would not emerge until much later.
But I forget you don't watch much TV so you may not watch Fear The Walking Dead or any Mad Max movie.
I haven't seen either of those, but yeah in the event of societal breakdown either barter and trade, or precious metals would be the default.
irvinehomeowner
Well-known member
Isn't all currency vaporware nowadays?
US Dollar not backed by anything anymore... I miss the days of trading goats for chickens... or sheep for wood.
US Dollar not backed by anything anymore... I miss the days of trading goats for chickens... or sheep for wood.
Liar Loan
Well-known member
irvinehomeowner said:Isn't all currency vaporware nowadays?
US Dollar not backed by anything anymore... I miss the days of trading goats for chickens... or sheep for wood.
That's not true. The full faith and credit of the US is extremely valuable.
Think of it this way. If government currencies didn't exist and they were all privately created, would you rather use a currency created by Warren Buffett, or the currency of some 21 year old tech bro that lives in a filthy dorm in San Francisco? Who would be more likely to dilute the currency for personal gain?
momopi
Well-known member
irvinehomeowner said:Isn't all currency vaporware nowadays?
US Dollar not backed by anything anymore... I miss the days of trading goats for chickens... or sheep for wood.
Our current money system may go through some major changes when AI/automation replace majority of human workforce. People will be under-deployed and be on universal basic income. I have a suspicion that the basic income may not be paid entirely in dollars. Part or whole might be stamp scrip or local social currency that expires after 60-180 days and must be spent (to prevent hoarding).
To me Bitcoin is like a fast moving roller coaster, versus real estate is a slower moving roller coaster. Between the two I choose real estate because it's physical property.
morekaos
Well-known member
Well I won't get into the debate about whether it's replacing this or that...just that trading cryptocurrency is a lot of fun, and most definitely isn't going away anytime soon. The amount of liquidity on the buy and sell side is amazing for the top coins.
You don't have to buy a full Bitcoin, or Ethereum...you can put in $500 (or even less) to start on Coinbase, transfer that coin (or fraction of your coin) to Binance, and start trading the myriad of coins/tokens on the exchange. It really is a great hobby, with lots of characters and personalities in the space. And who knows, maybe you can make some money. The hardest part is selling as it's going up, as you don't want to miss out on further gains...and vice-versa, equally hard to buy when it's crashing...but that is the way to play it. Volatility is insane, but if you can do the opposite of what your emotions tell you, you will definitely do okay.
The best part is the community has as much fun going down as it does going up, and always manages to keep a sense of humor.
https://www.youtube.com/watch?v=uocHIz2W_-E&t=308s
You don't have to buy a full Bitcoin, or Ethereum...you can put in $500 (or even less) to start on Coinbase, transfer that coin (or fraction of your coin) to Binance, and start trading the myriad of coins/tokens on the exchange. It really is a great hobby, with lots of characters and personalities in the space. And who knows, maybe you can make some money. The hardest part is selling as it's going up, as you don't want to miss out on further gains...and vice-versa, equally hard to buy when it's crashing...but that is the way to play it. Volatility is insane, but if you can do the opposite of what your emotions tell you, you will definitely do okay.
The best part is the community has as much fun going down as it does going up, and always manages to keep a sense of humor.
https://www.youtube.com/watch?v=uocHIz2W_-E&t=308s
nosuchreality
Well-known member
Liar, i disagree with your analysis however not your conclusion. Im not convinved bitcoin needs new blood to remain or gain. Bitcoin is about circumventing government controls, taxes and and tracking. Just like Amazon's original model was really driven by predatory pricing and tax avoidance by consumers. Our airbnb, uber and lyft sidesteppjng city and county ordinances.
Are there enough countries and people wanting to move money without wating to prove its origin, deal with transfer rules, etc to keep it going
For Joe Nonwhale, its really a question of who will gouge you more: the blackmarket, the banks or the government?
Are there enough countries and people wanting to move money without wating to prove its origin, deal with transfer rules, etc to keep it going
For Joe Nonwhale, its really a question of who will gouge you more: the blackmarket, the banks or the government?
Liar Loan said:
this is a must read article for anyone looking to understand the potential of blockchain and why things will never be the same again, bitcoin crash notwithstanding .
Beyond the Bitcoin Bubble
Yes, it?s driven by greed ? but the mania for cryptocurrency could wind up building something much more important than wealth.
https://www.nytimes.com/2018/01/16/magazine/beyond-the-bitcoin-bubble.html
Beyond the Bitcoin Bubble
Yes, it?s driven by greed ? but the mania for cryptocurrency could wind up building something much more important than wealth.
https://www.nytimes.com/2018/01/16/magazine/beyond-the-bitcoin-bubble.html
Liar Loan said:
Liar, regarding Bitcoin, one thing to keep in mind is that every other coin is valued against the value of BTC. In fact, I cannot even buy the other alt-coins without first buying Bitcoin or Ethereum, and trading for the other alt-coins. Bitcoin dominance has dissipated a bit, but if you look at the charts of any other coin, it is a mirror image of Bitcoin. When Bitcoin crashes, they all crash and vice-versa on the way up.
That will change someday, and in other countries they can in-fact purchase other coins with Fiat (no need to trade BTC for them)...but as it stands the main value in Bitcoin is that you have to acquire it to trade for other coins.
You download Coinbase yet? Haha
Power Ledger is exploding right now...must be the news about them expanding into North America
https://medium.com/power-ledger/pow...enewable-energy-trading-to-north-5e08c57c2009
Or their presentations in Davos
https://medium.com/power-ledger/dr-...ockchain-business-forum-in-davos-783085b20bbb
https://www.forbes.com/sites/jemmagreen/2018/01/24/just-add-crypto/#2b37366150a7
https://medium.com/power-ledger/pow...enewable-energy-trading-to-north-5e08c57c2009
Or their presentations in Davos
https://medium.com/power-ledger/dr-...ockchain-business-forum-in-davos-783085b20bbb
https://www.forbes.com/sites/jemmagreen/2018/01/24/just-add-crypto/#2b37366150a7
irvinehomeowner
Well-known member
Liar Loan said:
It wouldn't work that way in reality.
It would go back to the barter and trade days. Don't you watch post apocalyptic movies? Drinkable water would become the new bitcoin.
id_rather_be_racing
Active member
Halos - FYI, Bittrex will be rolling out sometime this year USD trading pairs for their alt coins. Until more exchanges offer this (Bitfinex doesn't count since US customers are banned from trading there), BTC will dictate how most coins/tokens move.
I've actually started looking into assigning betas using BTC as the base. You'll be surprised at the results (e.g. XRP behaves like 3x leverage).
I've actually started looking into assigning betas using BTC as the base. You'll be surprised at the results (e.g. XRP behaves like 3x leverage).
id_rather_be_racing said:
Man you are beyond me...I don't even know what you're referring to. But would love to know...I'm curious whenever I hear the word "leverage"..haha.
Funny that you mention xrp...that was one of my best trades to date. I can remember the price going parabolic, and checking on my phone while running errands. I was starting to panic, and had to rush home to sell as I knew it was in total melt-up mode, and would reverse quickly
Liar Loan
Well-known member
irvinehomeowner said:Liar Loan said:
It wouldn't work that way in reality.
It would go back to the barter and trade days. Don't you watch post apocalyptic movies? Drinkable water would become the new bitcoin.
It has worked that way in the past.
https://en.wikipedia.org/wiki/Private_currency#Private_bank_notes
In the United States, the Free Banking Era lasted between 1837 and 1866, when almost anyone could issue paper money. States, municipalities, private banks, railroad and construction companies, stores, restaurants, churches and individuals printed an estimated 8,000 different types of money by 1860. If an issuer went bankrupt, closed, left town, or otherwise went out of business, the note would be worthless.
irvinehomeowner
Well-known member
Liar Loan said:irvinehomeowner said:Liar Loan said:
It wouldn't work that way in reality.
It would go back to the barter and trade days. Don't you watch post apocalyptic movies? Drinkable water would become the new bitcoin.
It has worked that way in the past.
I don't think it would work that way if the meteor/zombie virus/nuclear warhead hit today.
A value system would need to be established locally/regionally/countrywide and that would have to be based on goods that have utility value initially.
A new paper currency system would not emerge until much later.
But I forget you don't watch much TV so you may not watch Fear The Walking Dead or any Mad Max movie.
Liar Loan
Well-known member
irvinehomeowner said:Liar Loan said:irvinehomeowner said:Liar Loan said:
It wouldn't work that way in reality.
It would go back to the barter and trade days. Don't you watch post apocalyptic movies? Drinkable water would become the new bitcoin.
It has worked that way in the past.
I don't think it would work that way if the meteor/zombie virus/nuclear warhead hit today.
A value system would need to be established locally/regionally/countrywide and that would have to be based on goods that have utility value initially.
A new paper currency system would not emerge until much later.
But I forget you don't watch much TV so you may not watch Fear The Walking Dead or any Mad Max movie.
I haven't seen either of those, but yeah in the event of societal breakdown either barter and trade, or precious metals would be the default.
Following this crypto and blockchain craze for some time now and while I get the concept , still cant get my arms around why is it not taking off yet .
I mean if this thing was really that useful, you would see geeks and techies quietly installing this technology and putting it to work stealthily just to get stuff done. I saw it happen all the time back int he 90s with internet tech.
All I see is big announcements and launches and consortium this and consortium that and ICOs and what not - exactly the type of stuff that should not be happening and feels more like a "check the box " thing so many CTOs can make their bosses go away and tell their boards, hey we are also cool with this stuff.
mining etc cost thousands of $$ in money and their is no intrinsic value - so unless someone , somewhere is getting very good returns on their investment with this thing, feels very flaky.
I am not the type to be dismissive of new things automatically but I would have liked to see more "underground " progress here in terms of applicability , which I just don't. Maybe someone can educate me.
I mean if this thing was really that useful, you would see geeks and techies quietly installing this technology and putting it to work stealthily just to get stuff done. I saw it happen all the time back int he 90s with internet tech.
All I see is big announcements and launches and consortium this and consortium that and ICOs and what not - exactly the type of stuff that should not be happening and feels more like a "check the box " thing so many CTOs can make their bosses go away and tell their boards, hey we are also cool with this stuff.
mining etc cost thousands of $$ in money and their is no intrinsic value - so unless someone , somewhere is getting very good returns on their investment with this thing, feels very flaky.
I am not the type to be dismissive of new things automatically but I would have liked to see more "underground " progress here in terms of applicability , which I just don't. Maybe someone can educate me.