BTC Warning

royserpa said:

Omg is that btb getting into crypto?

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I've had my hands in it for some time now.

I just don't think that I have much to offer in terms of what one should or should not do in that arena because I only see it as gambling and I have a few dollars to toss into a gamble like crypto.

If I win great, if I lose, oh well. My life won't change much either way.

elavmunretea said:

"A small lakeside town in upstate New York is fed up with Bitcoin miners using up so much of its low-cost electricity."

"For a year and a half, the almost 20,000-resident city will not consider new applications for commercial cryptocurrency mining. "

Jesus Christ boysss, sell your coinz now!

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Im sure more will follow this as the amount of electricity used to produce just ONE btc is crazy . Environmentalists will surely jump on this bandwagon for sure

BassTrackerBoats said:

I've had my hands in it for some time now.

I just don't think that I have much to offer in terms of what one should or should not do in that arena because I only see it as gambling and I have a few dollars to toss into a gamble like crypto.

If I win great, if I lose, oh well. My life won't change much either way.

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Exactly! That should be the mindset when getting into crypto. It go to 1mil or back to $1 but who kniws.

royserpa said:

Exactly! That should be the mindset when getting into crypto. It go to 1mil or back to $1 but who kniws.

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@BOB JAMES knows, he is an expert, just ask him anything!

naughtyguy said:

Im sure more will follow this as the amount of electricity used to produce just ONE btc is crazy . Environmentalists will surely jump on this bandwagon for sure

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This has been going on for quite some time now, and I was expecting Environmentalists to hit any time but they didn't, so either they're onto crypto, they don't care or there's nothing they can do

A Jason said:

Moral of the story? Do your own research, understand the concepts, the early adopters didn't fall for misinformation and now are sitting very pretty. Will Bitcoin succeed in the future? Who knows, just don't read an article from Washington Post, Business Insider, CNN etc and dismiss it.

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What if you do you own research, think about what you've read, and then come to the conclusion that bitcoin will fail? Is that OK?

If all these articles are wrong, then why do you doubt that bitcoin will succeed in the future?

What does it have that other cryptocurrencies don't?

Unreliable Witness said:

What if you do you own research, think about what you've read, and then come to the conclusion that bitcoin will fail? Is that OK?

If all these articles are wrong, then why do you doubt that bitcoin will succeed in the future?

What does it have that other cryptocurrencies don't?

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These are great questions, so I'll take a stab at them.

1) Yes it is totally OK. And the reason why is the same with the next point.

2) When it comes to non-trivial financial prediction, there exists no expert. Everybody is equal in pulling shit out of their arses. So in this regard, you (me) - the ignorant - have nobody to refer to as an authority. So why don't you take the time to place trust in your own mind instead of other people's ramblings? At the very least, you'll know that you're the one to blame/praise in the future.

3)
a) Momentum.
b) Its technical solution to the BFT problem has still not been surpassed for the generic usage of coinage.

Sorry for all the FUD guys, it must be the FOMO that makes me jealous.








But wait there's more ... https://www.forbes.com/sites/chuckjones/2018/03/17/chart-shows-bitcoin-hitting-91000-by-march-2020/#4256b9cc42e6
Just to show people I really am impartial

Vodaa Citaa said:

Except for the fact that it has made many millionaires?

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Seems you don't know what a ponzi scheme is....

jazzc said:

These are great questions, so I'll take a stab at them.

1) Yes it is totally OK. And the reason why is the same with the next point.

2) When it comes to non-trivial financial prediction, there exists no expert. Everybody is equal in pulling shit out of their arses. So in this regard, you (me) - the ignorant - have nobody to refer to as an authority. So why don't you take the time to place trust in your own mind instead of other people's ramblings? At the very least, you'll know that you're the one to blame/praise in the future.

3)
a) Momentum.
b) Its technical solution to the BFT problem has still not been surpassed for the generic usage of coinage.

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OK. I've thought about it a lot. I've read a lot. And I've still to be persuaded that there is something uniquely valuable about BTC that no other cryptocurrency or asset has.

But I do think it has massive flaws that other cryptocurrencies are trying to address.

Q2 was addressed to @A Jason, who seemed so sure that the articles were wrong, but who doesn't have an opinion as to whether Bitcoin will succeed in the future.

Q3 - buying it solely because everyone else is doesn't exactly inspire me that there is anything to it other than a bubble

Another question - before it had momentum, what made it a good thing to buy?

Unreliable Witness said:

What if you do you own research, think about what you've read, and then come to the conclusion that bitcoin will fail? Is that OK?

If all these articles are wrong, then why do you doubt that bitcoin will succeed in the future?

What does it have that other cryptocurrencies don't?

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If you do your research and conclude that bitcoin will fail, that's totally fine. As you saw from all those articles that I linked, many experts thought it would fail and they were wrong and underestimated it. But the issue arises when people start using these so-called experts to justify investing or not investing in such a currency. You should not rule out investing in Bitcoin because X person or news website told you it will fail, but you shouldn't invest in Bitcoin because Y person or website told you it will be 100k by 2019, both are insufficient means of justification. As @jazzc has rightly pointed out, why don't you take your time to trust in your own mind rather than listen to others' ramblings?

This is how early adopters/smart money entered Bitcoin, when the price was low they invested in the potential of the technology not because they thought it would be 20k by end of 2017 (at the time it would have been a ludicrous thought!). The dumb money bought later at astronomical prices because they thought it would go up forever to 1 million by 2025 or whatever stupid price prediction there was at the time.

Such is the nature of investing in disruptive technologies, and yes I believe there are far more superior cryptocurrencies than Bitcoin, hence why I will never hold Bitcoin. Bitcoin =/= cryptocurrency and vice versa, this is important. There is value in financial settlements through blockchain, and IoT/m2m payments will play a much wider role in the future with new networks such as 5G improving methods of data transfer. Of course, there are also smart contracts and oracles and these are also worth discussing.

That is ridiculous. '......take your time to trust in your own mind rather than listen to others' ramblings....' Nope that is not how trading works. You trade based on indicators, fundamentals, and technical analysis. BTC has none beyond 'people are buying because other people are buying'. There is no difference between 'trust in your own mind' and 'flip a coin'.

'....many experts thought it would fail and they were wrong...' Tell that to people who bought into the hype at $20k.

'....such is the nature of investing in disruptive technologies....' This is not, and can never be 'investing'. You are not 'investing' in anything except the possibility that price will go up because other people will buy. That is simply gambling - nothing wrong with it but don't fall into the trap of fooling yourself that your speculation is anything other than hope. By this logic you invest in roulette wheels and blackjack.

These are the kinds of posts I see by either non-traders or people who've 'read a couple of articles'. Far too many people think they're experts and they're not. Sorry if that sounds harsh but reality doesn't care about your feelings. As someone who has been trading since the last century I have seen bubbles come and go - this is one.

Unreliable Witness said:

Another question - before it had momentum, what made it a good thing to buy?

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Bitcoin was not the first attempt to create a robust virtual currency. So, while it may have been unknown to the most of us, there existed a niche for it. The initial pillar of support were libertarians/anarchist & cyberpunks. The second waves of support came from the underground markets. The third wave of support came from speculation. The bet here is if the fourth wave of support (institutionalization) will occur or not.

Robm said:

You trade based on indicators, fundamentals, and technical analysis.

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Technical analysis is literally mental masturbation for people who like to play with lines. If you study enough mathematics, it will become obvious.

I think countries' central banks will replace their currencies with crypto, their own crypto, and btc will either dissapear or remain small

jazzc said:

The bet here is if the fourth wave of support (institutionalization) will occur or not.

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This sums up everything. This is the make it or break it of crypto.
I'm still holding my coins even though I made huge changes.

IF institutionalization happens, there will be a new round of millionaires. If not, a new round of people on streets.

Robm said:

These are the kinds of posts I see by either non-traders or people who've 'read a couple of articles'. Far too many people think they're experts and they're not. Sorry if that sounds harsh but reality doesn't care about your feelings. As someone who has been trading since the last century I have seen bubbles come and go - this is one.

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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.

BassTrackerBoats said:

I've had my hands in it for some time now.

I just don't think that I have much to offer in terms of what one should or should not do in that arena because I only see it as gambling and I have a few dollars to toss into a gamble like crypto.

If I win great, if I lose, oh well. My life won't change much either way.

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Which is a serious understanding a lot of people seem to ignore, they risk more than they can afford to (possibly) lose. This applies to crypto but also other forms of speculating, such as day trading, spread betting etc.

jazzc said:

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