BTC Warning

[Wilson Grant Fisk]

Your issue here is that you're treating cryptocurrencies as a simple trading instrument, which they are NOT. I literally do not care if you've been trading for your whole life because cryptocurrency was never meant to be store of value but rather a p2p/m2m form of payments, this 'hodl' like mentality should have never existed. The aim of cryptocurrencies was not to buy x and hold till it reaches y price, but to facilitate payments through a distributed ledger. It literally does not matter if Bitcoin (or any other crypto) is worth $10 or worth $100,000 because its aim is to facilitate payments not to behave as some sort of 'gold 2.0'. This is the problem we see from 'traders' like you today treating cryptocurrencies purely as financial assets on which you can perform TA aka drawing meme lines on a chart.

Don't fall for the delusion that Bitcoin's success is tied to its price, the bitcoin network aka blockchain has already proven to be a success. It doesn't matter if the price is $1 or $1 million because the network has successfully proven to facilitate billions of dollars of payments every single day, and it is completely open-source and can be checked and verified by everyone.

https://github.com/bitcoin/bitcoin
https://bitcoin.org/bitcoin.pdf

So while you're staring at charts all day, institutions and firms are adopting this innovative technology and using it in thousands of ways in finance, business, IT, agriculture, health, automotive, you name it. Don't make the mistake of conflating the price vs adoption, the two are entirely different.

See the spoiler below of just a few real world use cases of these disruptive technologies I could find in about 5 minutes of research.

Spoiler

Coca-cola will verify suppliers with blockchain
How blockchain could save federal agencies billions
Congress Wants to Use Blockchain Tech to Make the Government ‘More Efficient’
IBM is Working on 400 Blockchain Projects with 63 Clients
Ripple Develops Blockchain Payments App With 61 Japanese Banks
Tunisia To Replace eDinar With Blockchain-Based Currency
First Government Blockchain Implementation For Russia
Deloitte to build Ethereum-based 'digital bank' with New York City's ConsenSys
R3 completes trial of five cloud-based blockchain technologies at 40 banks
Swiss Industry Consortium to Use Ethereum's Blockchain
MasterCard pushes ahead into blockchain tech
Why J.P. Morgan Chase Is Building a Blockchain on Ethereum
Oracle Launches Enterprise-Grade Blockchain Cloud Service
UBS leads team of banks working on blockchain settlement system
Russia experiments with using blockchain tech for land registry: Pilot project uses blockchain in Moscow
Republic Of Georgia To Pilot Land Titling On Blockchain With Economist Hernando De Soto
Sweden tests blockchain technology for land registry
IOTA: Partnering up with Volkswagen
The New Oil: IOTA, Microsoft, 20 Other Companies to Launch Data Marketplace
Santander becomes first UK bank to introduce blockchain technology for international payments with the launch of a new app

First you need to separate blockchain from Cryptos, although linked they are different instruments. Blockchain is going to revolutionise many industries.
Cryptos could be the future currency but that is no guarantee that BTC or any of the current Cryptos will be around in 5 years.
You seem to realise that BTC isn't being used as a currency but as a vehicle for speculation, this is its biggest danger and could be the main reason it could fail.

 

[jazzc]

29:20 is where he talks about Bitcoin and blockchain technology.

Damn, I did copy paste the link with the time marker but I didn't notice it jut embeds the whole video anyway. Thanks!

 

[jazzc]

Blockchain is going to revolutionise many industries.

I'd hold my horses on this one. Blockchain as a tech isn't really complicated (like, at all). Blockchain + PoW is the actual real deal and so the question is how many industries have problems of Byzantine Fault Tolerance (which is exactly what Blockchain + PoW solves). Not that many I assume.

BTC isn't being used as a currency but as a vehicle for speculation, this is its biggest danger and could be the main reason it could fail.

Actually speculation is one awesome emergent market mechanism to deal with uncertainty. Speculation is fantastic. You should like pray for people to be speculating on something you're invested in. Because it means it has a chance of hitting it big.

 

[A Jason]

First you need to separate blockchain from Cryptos, although linked they are different instruments. Blockchain is going to revolutionise many industries.
Cryptos could be the future currency but that is no guarantee that BTC or any of the current Cryptos will be around in 5 years.
You seem to realise that BTC isn't being used as a currency but as a vehicle for speculation, this is its biggest danger and could be the main reason it could fail.

I agree with this, personally I like to focus more on the technology behind these cryptos rather than their prices. As you rightly pointed out, most of these cryptos will not exist in 5-10 years, and @jazzc has linked a very good interview with Peter Thiel who explains that only a few will exist and prove to be useful in the future.

Also while we're on the topic of blockchain there are also alternatives such as DAGs (directed acyclic graph) which are being used by IOTA, Nano and a few others. From my research about these, they offer free transactions with no fees (as there are no miners), and potentially have some advantages over the traditional blockchain cryptos.

 

[Wilson Grant Fisk]

I'd hold my horses on this one. Blockchain as a tech isn't really complicated (like, at all). Blockchain + PoW is the actual real deal and so the question is how many industries have problems of Byzantine Fault Tolerance (which is exactly what Blockchain + PoW solves). Not that many I assume.

Well, I was including Proof of Work within the umbrella of Blockchain. And I think many industries including Legal, Financial and Distribution will benefit form the technology.

Actually speculation is one awesome emergent market mechanism to deal with uncertainty. Speculation is fantastic. You should like pray for people to be speculating on something you're invested in. Because it means it has a chance of hitting it big.

Don't have a problem with speculation and really hope people can make as much money as they can, even the clowns.
But as a currency it is doomed to fail if everybody is going to HODL, who is going to spend $10 of BTC today if they think it is going to be $20 tomorrow and when tomorrow comes their $10 of BTC is only worth $5?

 

[mickyfu]

I'd hold my horses on this one. Blockchain as a tech isn't really complicated (like, at all). Blockchain + PoW is the actual real deal and so the question is how many industries have problems of Byzantine Fault Tolerance (which is exactly what Blockchain + PoW solves). Not that many I assume.



Actually speculation is one awesome emergent market mechanism to deal with uncertainty. Speculation is fantastic. You should like pray for people to be speculating on something you're invested in. Because it means it has a chance of hitting it big.

Oh no he's really turned. This reminds me of a film I watched called The Faculty. I hope @Sherb and @Asif WILSON Khan don't turn too, or I may be on my my own.

 

[Wilson Grant Fisk]

Oh no he's really turned. This reminds me of a film I watched called The Faculty. I hope @Sherb and @Asif WILSON Khan don't turn too, or I may be on my my own.

 

[jazzc]

Well, I was including Proof of Work within the umbrella of Blockchain. And I think many industries including Legal, Financial and Distribution will benefit form the technology.

Certainly, I'm not claiming the world is going to be untouched. But I haven't seen anything that can be nearly as big as its use for money.

But as a currency it is doomed to fail if everybody is going to HODL, who is going to spend $10 of BTC today if they think it is going to be $20 tomorrow and when tomorrow comes their $10 of BTC is only worth $5?

It will work more as currency when the speculation volume decreases and has reached maturity. Think of it like a butterfly. It doesn't fly when it's in its caterpillar form. Actually, it would be counter-productive to throw caterpillars on the air just because butterflies are supposed to be flying. Instead, think of speculation as the metamorphosis that turns the caterpillar into a butterfly (or dead if it fails). Then, it can fly.

Oh no he's really turned. This reminds me of a film I watched called The Faculty. I hope @Sherb and @Asif WILSON Khan don't turn too, or I may be on my my own.

When was I against BTC?

 

[Wilson Grant Fisk]

...
It will work more as currency when the speculation volume decreases and has reached maturity. Think of it like a butterfly. It doesn't fly when it's in its caterpillar form. Actually, it would be counter-productive to throw caterpillars on the air just because butterflies are supposed to be flying. Instead, think of speculation as the metamorphosis that turns the caterpillar into a butterfly (or dead if it fails). Then, it can fly.
...

Yes but I think all the speculators throwing the caterpillars into the air just could kill the butterfly that is BTC

 

[jazzc]

Yes but I think all the speculators throwing the caterpillars into the air just could kill the butterfly that is BTC

I think of speculation more as nurturing. Let me give an example of the benefits of speculation that is more tangible.

Price of farming production is dependent on many factors largely outside of control (weather, production on other countries, tariffs etc). The producers though would really prefer if the price was somewhat known before hand, since they have to decide on how much capital to invest **before** the crop materializes. A bad prediction can seriously hurt the producer. So here come the speculators. A contract is drawn between the hedger (the farmer) and the speculator that the farmer will at a future point sell the produce to the speculator at a locked price X. In essence, the farmer buys a stable price now by selling the risk/profit to the speculator. Both are extremely happy about it.

 

[Wilson Grant Fisk]

I would say yes highly likely 7700 by midnight (UTC)!

 

[Sceptic]

We have a psychic here

 

[mickyfu]

When was I against BTC?

Seriously, do you think that bitcoin will rise again, and go past the 20k mark?

Personally I think it got over hyped, a lot of people lost, and I can't see it reaching those heights again. Simply due to the fact that it went to such extremes due to hype. When people lose the hype dies.

 

[jazzc]

Seriously, do you think that bitcoin will rise again, and go past the 20k mark?

Personally I think it got over hyped, a lot of people lost, and I can't see it reaching those heights again. Simply due to the fact that it went to such extremes due to hype. When people lose the hype dies.

My personal opinion is that in the long run it will be a winner. I do not expect it to rise over 20k within the next 2 years and it might take decades for it to actually win, but barring a "world goes down the drain" event I don't see it (or any other that displaces it from the king position in crypto) getting destroyed. I think it is quite possible to get well into the phase of institutionalization. In other words, my bet isn't on the next hype train. But yes, I don't gamble more than I can afford to lose

 

[soa0611]

Seriously, do you think that bitcoin will rise again, and go past the 20k mark?

Personally I think it got over hyped, a lot of people lost, and I can't see it reaching those heights again. Simply due to the fact that it went to such extremes due to hype. When people lose the hype dies.

i think it will probably reach, but not in Q2-Q3, or maybe not even in 2018
we need to wait hype v.2.
(i am full time crypto expert)

 

[Sceptic]

Seriously, do you think that bitcoin will rise again, and go past the 20k mark?

Personally I think it got over hyped, a lot of people lost, and I can't see it reaching those heights again. Simply due to the fact that it went to such extremes due to hype. When people lose the hype dies.

That’s just my opinion as well. As soon as people loose interest in Bitcoin and stop considering it an easy way to make money, it’s going way down

 

[Pow3r]

Cryptohipsters, anyone with half a brain would have known it will never work with hundreds of coins. The BTC is like the EU, the idea was good, the execution horrible.

Fck man you got a dank collection of memes homie

 

[Sceptic]

Fck man you got a dank collection of memes homie

Gifs aren’t memes

 

[VeeGeeN]

i think it will probably reach, but not in Q2-Q3, or maybe not even in 2018
we need to wait hype v.2.
(i am full time crypto expert)

i am ful tyn idiot wot is v.2

 

[Deleted member 657006]

the big picture is money londering and big orginisation abusing the btc coin to make big cash.

i really think unless the whole coin industry goes complete legit with proper registred coins as money will all fail and go underground completly as country band the coin use.