Why bitcoin may soon be worth nothing

Windmm said:
This is a buy signal to me.
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hahaha love it

These are good times to start building long position but don't take my advice or anyone else's. I came from daytrading equities and trading crypto is just as awesome, same technicals apply. The key is to go into every trade with a plan and cut losses quick when that plan doesn't work.
 
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A friend of mine said that it's a good time to invest in zcash but I'm still unsure
 
Dozens of sellers want me to pay them in BTC... These reasons are awkward level. There is a reasonable sub-market that regular money can't maintain. Therefore BTC has its own value proposition.
The thing is that we are still waiting to see how much of this market BTC can absorb.
Even before the BTC bubble, I even had 4 friends already working out a lot of solutions to make BTC possible in the ground.

Therefore, I don't think BTC will fall to nothing, there are two possible outcomes
1. There is more market for BTC, therefore it will grow
2. The market is a little bit lower, but it will decrease another bit, maybe to the $1000 as 5 years ago?

But there is a bottom cap. I'm 100% sure that there BTC offers a real value, and I'm regularly using it to pay several services that can't be paid with other types of money.

By the way, I also have faith in Ethereum. The technology for contracts is really awesome, still under development... some years still to come.
 
BassTrackerBoats said:
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/
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I mean, bitcoin, a worthless scam, is traded by backed-by-nothing government currencies. So all in all, its just a scammers game
 
BassTrackerBoats said:
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/
Click to expand...
Blockchain would still be relevant and I believe it would be a game changing tech, bitcoin, not so much.. It's like betting on stocks instead of f&o.
 
BusinessSmack said:
hahaha love it

These are good times to start building long position but don't take my advice or anyone else's. I came from daytrading equities and trading crypto is just as awesome, same technicals apply. The key is to go into every trade with a plan and cut losses quick when that plan doesn't work.
Click to expand...

I know this is the bottom when Coinbase releases Index and shit.
Lots of VCs are joining also.
 
There are 3 kind of people
Pessimist
Realist
Optimist

There's only a glass of water right now and it's in front of them
They are debating about who should take it

While they are debating, there's another kind of people
He drinks it
And this kind of people is called the opportunist

So which one are you?
 
Correction this, correction that - blah blah blah, actually its just less people buying btc but selling it - therefore btc looses value.
 
you got to admit everyone, btc is looking really bullish right now... what a sexy chart :p
 
AryabhattZero said:
why isn't @mickyfu here yet
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To be honest. I haven't time to just keep repeating the same old crap. We all know what is going to happen. And some people who had "street cred" here, will have to live with the embarrassment of their posts, and lose all / a lot of their credibility, for not seeing crypto for what it is.
 
The amazing cognitive dissonance people impose on themselves in order to not hurt their fragile egos still makes me cringe.

This particular article author is especially funny because he starts by telling us in plain and simple terms that reality doesn't conform to his thinking.

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


And then tries to rationalize why it is **reality's** fault that his predictions were worthless. :D

Surely, it couldn't be that case that he is massively incompetent is assessing the value of stuff, no, that would be unthinkable.
 
jazzc said:
The amazing cognitive dissonance people impose on themselves in order to not hurt their fragile egos still makes me cringe.

This particular article author is especially funny because he starts by telling us in plain and simple terms that reality doesn't conform to his thinking.



And then tries to rationalize why it is **reality's** fault that his predictions were worthless. :D

Surely, it couldn't be that case that he is massively incompetent is assessing the value of stuff, no, that would be unthinkable.
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@jazzc when did you turn into one of those? This reminds me of the films The Faculty and Invasion Of The Body Snatchers.
 
mickyfu said:
We all know what is going to happen. And some people who had "street cred" here, will have to live with the embarrassment of their posts, and lose all / a lot of their credibility, for not seeing crypto for what it is.
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Just want to have this in quotes. :rolleyes:
 
mickyfu said:
@jazzc when did you turn into one of those? This reminds me of the films The Faculty and Invasion Of The Body Snatchers.
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I'm not sure what you mean by "one of those". You'll never find a "bitcoin will be worth $100k by the end of the week" or "omg you guys, X is the next one to explode, buy buy buy now!!11!!1!" post from me.

If you mean "a crypto proponent", I've been one since the moment I started to seriously take a look at it. I am totally convinced that the long-term valuation of it is going to be "yuuuuge". And the reason I have taken this position is because:

a) I seriously understand economics - I've spent a ton of time and energy studying about value and exchanges.
b) I am a cool-headed, rational thinker whose motto is "reality first, fuck my feelings".

That said, could I be wrong? Sure, since I'm not a demigod with palantir access. But that wouldn't be because I'm catering to my ego.
 
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jazzc said:
I'm not sure what you mean by "one of those". You'll never find a "bitcoin will be worth $100k by the end of the week" or "omg you guys, X is the next one to explode, buy buy buy now!!11!!1!" post from me.

If you mean "a crypto proponent", I've been one since the moment I started to seriously take a look at it. I am totally convinced that the long-term valuation of it is going to be "yuuuuge". And the reason I have taken this position is because:

a) I seriously understand economics - I've spent a ton of time and energy studying about value and exchanges.
b) I am a cool-headed, rational thinker whose motto is "reality first, fuck my feelings".

That said, could I be wrong? Sure, since I'm not a demigod with palantir access. But that wouldn't be because I'm catering to my ego.
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You're very intelligent dear. Please teach me how to become a gentleman like you.
 
Neon said:
You're very intelligent dear. Please teach me how to become a gentleman like you.
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I suspect you'll be happy to hear that the key component to being a gentleman is hunting foxes :p

sidesaddle-detail.jpg
 
It is and will always be a surprise, definitely.
 
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