Why bitcoin may soon be worth nothing

[JuliaG1]

Rule number #1 in crypto. If the news says to do something, do the opposite.
News says buy XRP, sell XRP.
News says BTC is worth nothing, buy as much as you can.

Who is in charge of those news outlets?
Why would they purposely tell the general public that bitcoin is garbage when they already invested money. Hmmm, maybe to buy more at a discount.

Just one persons opinion in a highly manipulated market.

 

[DaPromo]

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.

Well laid out.
And one of Bitcoins biggest benefits over other coins is - it's existed for many many years, soon 10 years, and it's widely used with thousands of daily transactions, and it keep it's purpose of security and simplicity.
We have also Ethereum in the top with unfortunately a lot of security issues with Parity throughout the years. That's not to speak it has no value. The dev team is fantastic there.
And every other projects getting implemented by big companies, governments etc, they will need a token or the currency for this particular platform to use it securely.
As Satoshi claimed (the founder of Bitcoin, pseudonomy), fees are useful in automatic blockchain to prevent attacks. Who's gonna spam the network when it costs? And there is an incentive reason to operate mining - profit - attracting more and more people to setup nodes and mining equipment to encourage the decentralized nature of the network.
So if for example the UN actually decide to use Horizon for their voting, they will need millions of their tokens and need to spend money to buy this. Same goes with large companies who's even a member of EEA(ethereum enterprise alliance) will need ETH to pay for GAS, the currency to interact with the blockchain.
So it do have real world value, a ton of money is needed to actually use the decentralized ecosystems so saying it's worthless with crypto is flat out a stupid claim.

But the real question remains, how do you put a value to the market? What's a fair price? This is a new asset class and time will tell if we are still overpriced or underpriced.

 

[mrboozer]

when bitcoin goes up 100%+, i'll await for threads like "bitcoin on way to a million" or "omg, bitcoin is the future"

these are the type of threads that pull up when anything stock related or crypto related goes bearish

a popular saying "buy when you see blood in the streets". lets see what happens next year

 

[iamLucky]

Hello guys. I just want to say to John Crudele to go fuck himself.
Bitcoin has nothing to do with a PONZI SCHEME. Only fools would say that.

since it’s backed by nothing or no one

What is backing USD dollar and EUR?

Bitcoin is old.

New cryptocurrency will come to the front now

Anybody that treats it as a vehicle for investment and doesn't see it as a gambke is an idiot.

It's cryptocurrency not cryptocommodity

New technologies don't get adopted in a few years. Bitcoin is the dad of all coins, none of them can't pass it.

xrp will rise remember me

Because shitty people invest in shitcoins.

I believe in dollars and euros so I'll stick with them.

Why do you believe them??????????

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.

You won. Your comment is the dumbest one. Buying crypto with credit card is like a drop of water in the ocean. People use Wire !!

 

[nick nalisis]

Hello guys. I just want to say to John Crudele to go fuck himself.
Bitcoin has nothing to do with a PONZI SCHEME. Only fools would say that.



What is backing USD dollar and EUR?



New technologies don't get adopted in a few years. Bitcoin is the dad of all coins, none of them can't pass it.



Because shitty people invest in shitcoins.



Why do you believe them??????????



You won. Your comment is the dumbest one. Buying crypto with credit card is like a drop of water in the ocean. People use Wire !!

yes

 

[TheVigilante]

The moment you create fiat out of currency it's worth nothing but the value we give it even when backed. Not relevant anyways since our fiats haven't been backed by gold anymore in a long time.
I don't see bitcoin dying any time soon but I agree that the hype peaks are probably gone

Good points

 

[joseph15]

Don't think Bitcoin can or ever will be worth nothing, because there are too many people behind it. It's almost a cult, and crypto does actually solve a problem (inflation, privacy, decentralization, etc). Sure some people will drop out, but I would be extremely shocked if crypto died or even came close to dying. The space is still growing extremely fast despite the "hype" dying down and the price of bitcoin tanking. I don't know for sure if BTC or crypto will ever reach such high values again (probably will), but I can say with almost 100% certainty that crypto will still be around 10 years from now.

Consider this - BTC was being used and had relevancy even in 2010 when "nobody" knew about it - obviously to a much lesser degree; to say that in 2028 it will be less relevant than it is now is blasphemous.

 

[redjebo]

What is backing USD dollar and EUR?

The human, technological, military and economic power/capability of the US/EU to create goods you use to sustain yours and your family's life.
Drop it all and you are left on your own devices, how long would you survive without the concept of state, industry, manufacturing? Where will you be? In a cave.

 

[ddlmachine]

Of course anything can go to zero. Bitcoin may go to zero, but one thing is for sure, blockchain technology is here to stay. As blockchain and AI continue to forge ahead, I'm sure that some form of blockchain based currency ( or derivative thereof ) will be here to reign supreme; Especially those that have extremely fast tx times, and excellent privacy features.

Don't forget the crime world, crime and crypto go together like pizza and Lambrusco

 

[payal23j]

It's banned in India

 

[contentcreators]

Of course anything can go to zero. Bitcoin may go to zero, but one thing is for sure, blockchain technology is here to stay. As blockchain and AI continue to forge ahead, I'm sure that some form of blockchain based currency ( or derivative thereof ) will be here to reign supreme; Especially those that have extremely fast tx times, and excellent privacy features.

Don't forget the crime world, crime and crypto go together like pizza and Lambrusco

Yes, blockchain is here to stay but you can bet your bitcoin it won't be an open blockchain!

 

[HelloBTCMINER]

@BassTrackerBoats sir, I think bitcoin does have some sort of value because i can't send USD to india directly and if i do, i have to pay $50 SWIFT fees. BUT with BTC i can use that anywhere in the world. India have TOO MUCH regulations on financial transactions AND INDIA restricted BTC sir.

This is a general hype cycle (i think so )

 

[CyberHour]

Just remember that, years back, fake currencies like USD had zero value and was hardly accepted because people was trading with goods, gold etc.

 

[Deleted member 719276]

The endless fight with the endless arguments and counterarguments. The truth is that only 1 currency will survive in the long run and that's Chickencoin.

 

[HelloBTCMINER]

The endless fight with the endless arguments and counterarguments. The truth is that only 1 currency will survive in the long run and that's Chickencoin.

We should create @Neon coin now, that will beat BTC in no time for sure.

 

[CyberHour]

If BHW comeout with cryptocoin it will have great potentials

 

[Society Girl]

If BHW comeout with cryptocoin it will have great potentials

What about ModCoin? All members can mine it, but only mods can cash it out. Sounds good to me!
Thread Very Approved.

 

[HelloBTCMINER]

What about ModCoin? All members can mine it, but only mods can cash it out. Sounds good to me!
Thread Very Approved.

Then BHW should do a JV with coinhive to create a browser mining script.

 

[contentcreators]

If BHW comeout with cryptocoin it will have great potentials

I'd invest!

 

[Content Hourlies]

You could say its backed by large scale miners, take Bitmain for example, they have a vested interest in bitcoin remaining a certain price to be able to mine and sell miners.

There are ten thousands of other miners that see it as an opportunity to acquire more bitcoins while the prices are relatively low.

You say the price is still 70% less from its all time high, you could also say it's still 200% more compared to the price around this time last year.

So currently we're dealing with a marketcap of $113 billion.

Does that mean $113 billion went into bitcoin? No, not anywhere close that.

There are 17 million coins:

- 4 million coins are lost already, still 4 million * $6500 = 26 billion that's included in the marketcap.
- 1 million coins are owned by Satoshi * $6500 = 6.5 billion

So we're already down to 12 million coins or a total marketcap of $80.5 billion

How many of those coins are being hold by people is unknown, but let's assume that at least 50% is never being traded by anyone, reducing the marketcap to just $40 billion.

So to maintain this $40 billion, we only need investors that are prepared to spend that amount, Bitmain itself is a multi billion dollar company, all the exchanges are good for multiple billions or profits. Then we have some hedge funds that are interested, some institutional investors that will buy and hold for at least a year.

When you add everything up its not all that hard to maintain the price above the $5k, but let's say it does drop to $3500. Using the same calculation that half of those 12 million coins in circulation are actively being traded it only takes 6 million coins * $3500 = $21 billion to keep the price there.

Look how much there is being written about bitcoin, look how many people know about it these days, and think of how many people would love to step in at a price of say $3500.

In other words its practically impossible for bitcoin to die.

Yes the use cases are very limited, some sites already removed bitcoin as a payment method due to long transaction times but there are also solutions in the making for that, and more importantly, all coins get their price based on bitcoin, its the mother of all coins. If bitcoin dies all cryptocurrencies die so if you think bitcoin dies this whole blockchain thing will die.

Sure I have to admit that bitcoin doesn't have to be priced at thousands of dollars for blockchain technology to work. Take Ripple for example, they distant themselves from XRP nowadays as multiple lawsuits are coming in claiming XRP is a security and now they all act like they simply got those XRP tokens for free from some developers. Yeah right, that story won't hold up in court of course.

Nonetheless, there is too much money flowing around bitcoin for it to die a slow death, to many billion dollar companies that are involved that have the power to buy up all bitcoins at a certain price so although I can imagine there will be another crash, all the way down to $2500 (which is explainable with technical analysis of the charts), it really won't go below that, and after that there will be tons of speculation again, bitcoin will rise in price, drop in price and so forth.