Why bitcoin may soon be worth nothing

[paja93]

Most fiat currencies are not backed already, it doesn't mean anything... bitcoin and most POW cryptos in general at least have some background, real resources are spent to create them, so they are not really nothing. Hype is over and i am glad it is, we don't need hype anymore. Most interesting part behind cryptos is that blockchain(or similar technologies created by some other crypto currencies like TANGLE for example) and that gives them a value even more. Very few coins have a future, that's true, but cryptos or something similar are here to stay. Let's be real, future is all about technology and money will be digital for sure(even now, there is a lot of more money in digital format than cash).
But even if bitcoin is not really solution, not very good for daily transactions, it showed us some other way with dealing with money and presented a one way that blockchain can be used so i believe, bitcoin is going nowhere. Anyway, anyone have his/her opinion, but articles that say bitcoin is a ponzi are just to be avoided. Bitcoin is not ponzi in any way. There is no paid dividends, purpose is not to recruit new users and there is no centralized body or a owner and still, even without new users, he will have a price. Same is almost for all cryptos, but example of a ponzi was BCC(bitconnect). BCC in general is not a ponzi, but ponzi was their platform where you invested your money, they had a lot of promises, just in goal to raise the price, and they did it, price was about $250. Now, after all that failed, BCC still exist and still have users, but it worth it just about couple of dollars, because platform that pumped it price doesn't work anymore.

 

[Buzzika]

False info. It'll be at least 75k.

If bitcoin falls, I'm pretty sure that's the end to alt coins as well.

 

[ninja21]

No one can stop the blockchain tech, cryptocurrency is here to stay, no fiat currency has ever survived, bitcoin has a limit of supply like gold, so that's the future right there!

 

[awesomewebsites]

No one can predict this exactly.

 

[tb303]

This article has about the same amount of substance to back up his opinion as the ones on many sites that claim that BTC will be worth <insert random made up super $ amount> and goes to show you that there are those on both sides of the BTC value that just espouse speculative value to espouse speculative value.

Why bitcoin may soon be worth nothing
​

I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.

Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.

I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.

Got it! Ponzi scheme. Confidence game. Fraud.

Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

Source: https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/

I honestly thought you'd just copy pasted the intro to the article. Then I clicked the link. Thats some indepth unbiased content right there. I guess they must get some ad traffic from it though or there would be no point.

Price wise. Let it fall. Sub $1000 would be interesting times. The development will still continue as its not price driven. The only thing driven by price is all the people who got into it last year and the community as a whole would benefit by some of those being shaken out.

 

[tamal777]

no, you are completely wrong.

 

[ilais]

Listen, we as inverstors we can never understand how these things work!! there are people who are manipulating these currencies not only Bitcoin but also other ones.. they can Kill it and bring up another one and so on and so forth.
I don't really F*** with the trading forex market because most of the time it's based on assumptions, predictions etc. I don't controll it in antoher words.
I know people in my home country who are making millions out of Forex trading, but I'm not gonna do it.

 

[blogzandstuff]

This article has about the same amount of substance to back up his opinion as the ones on many sites that claim that BTC will be worth <insert random made up super $ amount> and goes to show you that there are those on both sides of the BTC value that just espouse speculative value to espouse speculative value.

Why bitcoin may soon be worth nothing
​

I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.

Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.

I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.

Got it! Ponzi scheme. Confidence game. Fraud.

Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

Source: https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/

The crypto naughty step is going to get crowded soon, you, me and @mickyfu are already there, how many of us " Haters " will join soon?

 

[paja93]

no, you are completely wrong.

Read first, then talk.

 

[BassTrackerBoats]

Listen, we as inverstors we can never understand how these things work!!

Seriously, if we as investors do not know how these things work, we have no business investing in that particular product.

Part of the process of actually investing is doing proper due diligence so you know what you are walking in to. Sure, you may not always make the right choice but if you invest without knowing how things work you are merely tossing spaghetti up against the wall and hoping it is wet enough to stick.

I don't mess with gamble with BTC anymore but I was sure it was a product that was easily manipulated as it is a small deal. The smaller the pool the easier it is to manipulate by those that hold large portions.

 

[virtualpurity]

I always try to stay away writing about this subjects, because of the majority of same-proclaimed crypto experts that are poping up nowadays and that will just piss you off with their expert comments.

But just to get this out there, i have known and have been working with bitcoin since its early start and when it had almost no value at all, and i can tell you that Bitcoin and cryptocurrency in general is not going anywhere, not in the near future.

Why ?? Well for the same reason it has stuck so long and for the same reason crypto was created, which is "Anonymity".
Billions of dirty $$ from politicians and underground organizations go through bitcoin each month, and Bitcoin is the "safe heaven" for all of them.
In the same time bitcoin can not be so easily stooped, since its not a centralized money system where you can just pull the plug on the server and make it stop working.
The only way Bitcoin will die out is when PEOPLE WILL STOP USING IT, which will never happen as long as its anonymous and in favor of the people/organizations mentioned above.
At worst case it can only be replaced with another cryptocurrency.
That is the exact reason why US started pushing regulations for Bitcoin and cryptocurrency, and once those regulations are in place, than a lot of people / corporations will start using it because of the other positive side of cryptocurrency and its technology which is instant payments / low fees / distributed ledger etc..

This was also mentioned in the US Senate hearing :

And before any "crypto experts" say "But he is talking about Blockchian Technology not Bitcoin" than rewind the video and make note of the sentence :

"Its important to remember, that if it weren't no Bitcoin there would be no Distributive Ledger Technology."

tl;dr Bitcoin is and will be used in the future by a lot of people, only way for US and every other country to handle its activities is to push and make regulations, and once those regulations are implemented than bitcoin will go mainstream.

Just my 2cents on the subject.

 

[CasTex]

Of course one day it will be die. Its cannot trackable, so its perfect for black money laundry. This means, most governments, maybe all will ban it. So its useless as fuck.

 

[paja93]

I always try to stay away writing about this subjects, because of the majority of same-proclaimed crypto experts that are poping up nowadays and that will just piss you off with their expert comments.

But just to get this out there, i have known and have been working with bitcoin since its early start and when it had almost no value at all, and i can tell you that Bitcoin and cryptocurrency in general is not going anywhere, not in the near future.

Why ?? Well for the same reason it has stuck so long and for the same reason crypto was created, which is "Anonymity".
Billions of dirty $$ from politicians and underground organizations go through bitcoin each month, and Bitcoin is the "safe heaven" for all of them.
In the same time bitcoin can not be so easily stooped, since its not a centralized money system where you can just pull the plug on the server and make it stop working.
The only way Bitcoin will die out is when PEOPLE WILL STOP USING IT, which will never happen as long as its anonymous and in favor of the people/organizations mentioned above.
At worst case it can only be replaced with another cryptocurrency.
That is the exact reason why US started pushing regulations for Bitcoin and cryptocurrency, and once those regulations are in place, than a lot of people / corporations will start using it because of the other positive side of cryptocurrency and its technology which is instant payments / low fees / distributed ledger etc..

This was also mentioned in the US Senate hearing :

And before any "crypto experts" say "But he is talking about Blockchian Technology not Bitcoin" than rewind the video and make note of the sentence :

"Its important to remember, that if it weren't no Bitcoin there would be no Distributive Ledger Technology."

tl;dr Bitcoin is and will be used in the future by a lot of people, only way for US and every other country to handle its activities is to push and make regulations, and once those regulations are implemented than bitcoin will go mainstream.

Just my 2cents on the subject.

Totally with you here, but just one thing you are wrong. Bitcoin is not for a "dirty" money anymore. It was meant to be anonymous, but is not. Problem is a public blockchain transaction list. But monero for example, perfect for that use, when you once get dirty money in monero and wash it through it couple of times, you are done, no one will trace you, ever. So yes, cryptos will exist while people need them, and people will need them always, at least some of them. While there are users, there is a price. Only way of crypto to go to 0 is to everyone decide to sell it, can't see that happening.

 

[dotc0m]

This reminds me of the 07' Stock market crash...

While everyone was losing money/committing suicide, I was coming out of HS, and had a little bankroll on me...

I saw it as a great opportunity to hold shares of high valued blue chips

Cashed out on that about 4 years ago...

and provided me with capital to embark the rest of my financial journey.

BUY BUY BUY BUY BUY

 

[virtualpurity]

Totally with you here, but just one thing you are wrong. Bitcoin is not for a "dirty" money anymore. It was meant to be anonymous, but is not. Problem is a public blockchain transaction list. But monero for example, perfect for that use, when you once get dirty money in monero and wash it through it couple of times, you are done, no one will trace you, ever. So yes, cryptos will exist while people need them, and people will need them always, at least some of them. While there are users, there is a price. Only way of crypto to go to 0 is to everyone decide to sell it, can't see that happening.

That is why i said : "At worst case it can only be replaced with another cryptocurrency." Once Bitcoin gets regulated and cant be used for laundering it will most likely be replaced with another coin, but than again once its regulated it will go mainstream because of its benefits, so again the chances of Bitcoin dying out are close to 0 in my opinion.

 

[blogzandstuff]

This reminds me of the 07' Stock market crash...

While everyone was losing money/committing suicide, I was coming out of HS, and had a little bankroll on me...

I saw it as a great opportunity to hold shares of high valued blue chips

Cashed out on that about 4 years ago...

and provided me with capital to embark the rest of my financial journey.

BUY BUY BUY BUY BUY

surely buying shares in blue chip companies with millions in assets behind them is a bit different to gambling? With a blue chip company you have a long term investment

 

[b1step-ahead]

It all went to shit when coinbase stopped taking cc's. I mean how are you going to be rich when you can't max out your plantimum cards for 20k so that you can tripple your money in a week.

 

[William702]

This article has about the same amount of substance to back up his opinion as the ones on many sites that claim that BTC will be worth <insert random made up super $ amount> and goes to show you that there are those on both sides of the BTC value that just espouse speculative value to espouse speculative value.

Why bitcoin may soon be worth nothing
​

I thought we’d finally get rid of bitcoin. But the fake “currency,” which I like to call bitcon, just won’t fade away.

Bitcoin’s price rallied to over $6,600 yesterday, but it had been well under $6,000 last week. Even at $6,600, bitcoin is still worth 70 percent less than it was at the beginning of the year.

I use the term “worth” cautiously because bitcoin is really worth nothing, since it’s backed by nothing or no one. It’s a confidence game that has value only because people are convincing other people that it’s worth something.

Got it! Ponzi scheme. Confidence game. Fraud.

Anyway, bitcoin is headed for a value of zilch. It’s only a matter of when.

Source: https://nypost.com/2018/07/04/why-bitcoin-may-be-soon-worth-nothing/

As I told you back at the beginning of January you are the reason I sold everything up. A comment you made in a thread back then really hit home with me. I managed to sell most of it at the peak but because of the limits on my Poloniex account i could only cash out 2k a day. It took me nearly two weeks to cash out all of it, by which time it was sinking like a fucking stone. I sold everything up and cashed out nearly $20,000 in profit. If I had kept them and still held on to them I would actually be $3,400 in debt right now from my crypto "investments"

So I definitely owe you a beer on that one lol

 

[- WSA - WordSmith Agency]

The world is changing faster and faster in every aspect of life. Cryptos are super fast ( banks are old and slow ) and BTC will hit to the moon. 70k in 2 years I believe.

 

[Safff]

gonna tell u... bitcoin WONT disappear in next years... Whales are dumpin price to make a space for others whales, that's how it works, u'll see in autumn what happen