BTC Warning

redjebo said:
Thanks for that really perfect description of all altcoins, appreciated.

Bitcoin on the other hand is just a misguided concept that could never work out, but still insists it has a potential, nevermind all it's shortcomings and pure delusions.
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Newsflash: When something works but "it wasn't supposed to work", it only means that your assessment was worth nothing. Maybe you want to consider using that as a learning experience instead of doubling down.
 
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jazzc said:
Newsflash: When something works but "it wasn't supposed to work", it only means that your assessment was worth nothing. Maybe you want to consider using that as a learning experience instead of doubling down.
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Can't really see what does work? Maybe you could point that out for me.
 
redjebo said:
Can't really see what does work? Maybe you could point that out for me.
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You can't see that BTC has succeeded in getting established and that it's here to stay? Bitcoin has a market cap of 150 billion and even if it were to drop back to 15 billion -which it won't-, it's a huge amount for something the "doesn't work".
 
bitcoin works, its not a ponzi scheme, try the technology before talking rubbish, the time to buy its NOW.
 
ExperimentalSEO said:
The mindset of the BTC community is such a millennial mindset, its more about the next month than where you will be in 30 years. The craze about it replacing currency ignores that you will still have to pay interest on a mortgage, car loan and credit card just instead of it being in USD or EUR it will be BTC.
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Was Bitcoin not created as a way to boost the economy in the guise of tax evasion?

If the poor invested their time in the tech in the beginning the rich were paying for the longterm gain?

Genuine question..
 
Javardo69 said:
bitcoin works, its not a ponzi scheme, try the technology before talking rubbish, the time to buy its NOW.
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Could you elaborate on "the technology"? Or are you merely repeating dross that you have read on Facebook and Redit?
 
mickyfu said:
Could you elaborate on "the technology"? Or are you merely repeating dross that you have read on Facebook and Redit?
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What do you prefer, pay 1% of $100.000 transfer from the USA to China threw a bank and wait several days or pay $10 fee(and this is extremely high) with bitcoin and get the transfer done in minutes?
 
mickyfu said:
Could you elaborate on "the technology"? Or are you merely repeating dross that you have read on Facebook and Redit?
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The technology behind Bitcoin is the Blockchain which has been proven to be a massive success. Of course you could argue that Directed Acyclic Graphs capitalise on the blockchain shortcomings, but the invention of Blockchain by Satoshi is quite possibly one of the biggest we have seen in the post Internet era. It is no surprise therefore that Blockchain is referred to as Web 3.0 and will revolutionise many industries.

In fact, the World Economic Forum made a report in 2015 that estimates 10% of global GDP by 2027 will be held on blockchain technology. That is trillions. See page 24.

https://en.m.wikipedia.org/wiki/Blockchain
 
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A Jason said:
In fact, the World Economic Forum made a report in 2015 that estimates 10% of global GDP by 2027 will be held on blockchain technology. That is trillions. See page 24.

https://en.m.wikipedia.org/wiki/Blockchain
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Right. Questions for me remaining are:
1.) Will the 10% of global GDP be distributed between a very few already existing cryptocurrencies? (Bitcoin, ETH, NEO, etc.?)
2.) Are we instead going to have cryptos for every single use case, how little distinctive they may be from each other?
3.) Is blockchain technology going to evolve to a point where we are actually utilizing cryptos that aren't developed yet?
 
Ensili said:
Right. Questions for me remaining are:
1.) Will the 10% of global GDP be distributed between a very few already existing cryptocurrencies? (Bitcoin, ETH, NEO, etc.?)
2.) Are we instead going to have cryptos for every single use case, how little distinctive they may be from each other?
3.) Is blockchain technology going to evolve to a point where we are actually utilizing cryptos that aren't developed yet?
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As far as I see, most cryptocurrencies (vapourware projects) will eventually cease to be useful/exist. There is absolutely no need for 1500 cryptocurrencies when <20 of them can do everything that is required. Most of the money will enter into real-life production level technology, and it will be winner takes all. Smart contracts, oracles, M2M payments, retail, privacy, financial settlements are some of the main aspects of cryptocurrency, many if not all these characteristics can be found in the top 10 cryptos today. So we have to ask ourselves, why on earth are some of these projects (ERC20 tokens etc) worth billions/millions at all, when all they have is copied code and their sole purpose is to make developers rich? Eventually in the long term, we will see money move out these random shitcoins and their demise will prove to be one of the best things that will happen to the crypto market in the long run.
 
"Bitcoin's price is not a reflection of its growing usage as currency; it reflects merely demand for the mirage of its speculative value. Its price is rising only because people all over the world are hearing stories of how others doubled or tripled their money in a short period -- and they don't want to miss out. Unsophisticated investors are taking out loans to buy bitcoins. Those who have spent the currency feel remorseful when they see its price subsequently increase, so they hoard it."

https://www.inc.com/linkedin/vivek-...ivek-wadhwa.html?cid=sf01001&sr_share=twitter
 
"Finance ministers seeking to crack down on tax evasion this week in Buenos Aires have cryptocurrencies like Bitcoin at the forefront of their minds.
The Group of 20 countries are moving to a consensus that cryptocurrencies aren’t money after all, but an asset. That means trades potentially could be subject to capital gains tax."
https://www.bloomberg.com/news/arti...in-not-a-bitcoin-when-it-s-an-asset-says-g-20

"The G-20 news over the weekend helped crypto prices. Or at least, the G-20 news could have been a lot worse," says Bart Stephens, co-founder and managing partner at Blockchain Capital.
https://www.cnbc.com/2018/03/19/bitcoin-moves-above-8400-after-news-from-g-20-regulators.html
 
Asif WILSON Khan said:
"Bitcoin's price is not a reflection of its growing usage as currency; it reflects merely demand for the mirage of its speculative value. Its price is rising only because people all over the world are hearing stories of how others doubled or tripled their money in a short period -- and they don't want to miss out. Unsophisticated investors are taking out loans to buy bitcoins. Those who have spent the currency feel remorseful when they see its price subsequently increase, so they hoard it."

https://www.inc.com/linkedin/vivek-...ivek-wadhwa.html?cid=sf01001&sr_share=twitter
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Isn't that generally a result of trying to fulfill two practical uses? Crypto wants to be a world currency but a store of value as well. You want bitcoin to grow in usage rate but its value increases when you do not spend it. How can both practical uses co-exist realistically?

Does anyone have any decent articles on this challenge?


Kind regards

Ensili
 
A Jason said:
As far as I see, most cryptocurrencies (vapourware projects) will eventually cease to be useful/exist. There is absolutely no need for 1500 cryptocurrencies when <20 of them can do everything that is required. Most of the money will enter into real-life production level technology, and it will be winner takes all. Smart contracts, oracles, M2M payments, retail, privacy, financial settlements are some of the main aspects of cryptocurrency, many if not all these characteristics can be found in the top 10 cryptos today. So we have to ask ourselves, why on earth are some of these projects (ERC20 tokens etc) worth billions/millions at all, when all they have is copied code and their sole purpose is to make developers rich? Eventually in the long term, we will see money move out these random shitcoins and their demise will prove to be one of the best things that will happen to the crypto market in the long run.
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I overall agree. However looking at the challenges that blockchain might not be able to overcome, I can see the end result being a mix of a few cryptocurrencies existing already and/ or an evolution and transition into superior technology (i.e. DAG coins, tangle by IOTA or hashgraph technology). After all experience in such a new and speculative space is key and recent experiences made in practical uses of crypto show blockchain's limits already.
 
Ensili said:
I overall agree. However looking at the challenges that blockchain might not be able to overcome, I can see the end result being a mix of a few cryptocurrencies existing already and/ or an evolution and transition into superior technology (i.e. DAG coins, tangle by IOTA or hashgraph technology). After all experience in such a new and speculative space is key and recent experiences made in practical uses of crypto show blockchain's limits already.
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It'll be interesting to see how DAG coins (especially IOTA) advance in the next few years, from my research they're a very promising prospect, with IOTA boasting free transactions, no miners and infinite scalability. Now in theory, that sounds far superior to the Blockchain but there are a few issues surrounding the coordinator and TPS speed. I'm keeping a very close eye on the roadmap because if DAGs (especially IOTA) can deliver their promises, 99% of other cryptos will be useless. All in all, very interesting times and innovation is happening insanely fast, we will soon see a mature, advanced crypto industry compared to the speculative frenzy today.
 
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