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Forums - General Discussion - Cryptocurrency is crashing, are you in or out?

Peh said:
It's another bubble that will burst soon, arf.
I've prepared popcorn and old 3D glasses when people will go jumping off rooftops, arf.

well maybe, or its here to stay. Are you gonna make fresh popcorn every week while waiting?



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Ultr said:
Peh said:
It's another bubble that will burst soon, arf.
I've prepared popcorn and old 3D glasses when people will go jumping off rooftops, arf.

well maybe, or its here to stay. Are you gonna make fresh popcorn every week while waiting?

Yes, they are cheap, arf.



Intel Core i7 8700K | 32 GB DDR 4 PC 3200 | ROG STRIX Z370-F Gaming | RTX 3090 FE| Crappy Monitor| HTC Vive Pro :3

spurgeonryan said:
https://www.google.com/amp/s/www.forbes.com/sites/cbovaird/2018/01/17/analysts-bitcoins-sharp-decline-a-temporary-pullback/amp/

I think unless some big countries start banning bitcoin it will go up again

"Iqbal Gandham, UK managing director at eToro, offered a similar take, emphasizing that "The market has corrected several times in 2017."

"This falls looks extreme because of the short time frame, but there is nothing fundamental wrong with the technology and the concept," added Gandham. "

There is nothing fundamental about crypto, period. Block-chain is an interesting technology, but there is almost nothing there to support a $500bn valuation. 

Pretty much everyone else quoted is high on their own supply. A guy from "CryptoCompare" thinks crypto is here to stay. You don't say? The co-founder of "Apex-Token Fund" thinks this is a grrrreat buying opportunity! 

Crypto currency probably has a lot of innate value, but how much of it's current market cap is driven by people who don't actually believe that value and just want a get rich quick scheme? I'm willing to guess; a lot. Even the so-called experts have no idea what they're talking about.

I sincerely hope that everyone buying and selling crypto gets as rich as they possibly could imagine. I'm dancing with the girl who brought me, though. (equities)



vivster said:
monocle_layton said:
I know the recent Asian news was a cause for the crash, but at the same time seeing this mass panic just reminded me of how little people truly know about Bitcoin. For them, it's simply some random currency that can get you money.

If people are viewing cryptocurrency as investing money to make money, then I'd be a bit concerned about its future. Hopefully people become more educated and study cryptocurrencies before making a boneheaded move. At this point it feels more like gambling than an actual currency to many people

There is no point anymore. Crypto currencies have long become just commodities for a handful of people to trade and make money from. They are as much currency now as stock.

Even if crypto currencies will be used as actual currency some day it will not get widespread due to inherent design constraints.

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

I'm quite certain that all crypto currency will never amount to more than being a plaything for rich people, a money laundering tool and payment for illegal goods. It was a neat idea but humans fucked it up.

Bitcoin has a scaling problem. Other coins don't. See: XRP, XLM, RaiBlocks, etc. They can do ~100,000+ transactions per second which is more than credit card companies. And they can do it in some cases for free.



It is obvious that it is a bad investment. Countries want to have control of their currencies and this disrupts their power. I wouldn't be surprised to see it illigalised in alot of countries. When/if that happens the value will naturally come down.



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Cryptos will bounce back, stronger than ever. I wouldn't chicken out, let it dip and buy even more. It will recover by the summer, next year it'll be more serious but it's in the 2020s when it becomes the next big thing (with tons of new players yet to emerge just like how it went with the internet).

If you buy coins with actual real world use, let it sit there for 5 years, you'll be making big bucks. But you won't, and you'll wonder in 5 years "damn if I just bought 100 pieces of Coin X I'd have a Lambo right nao". Kinda how people say that about bitcoin today.



OhNoYouDont said:
vivster said:

There is no point anymore. Crypto currencies have long become just commodities for a handful of people to trade and make money from. They are as much currency now as stock.

Even if crypto currencies will be used as actual currency some day it will not get widespread due to inherent design constraints.

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

I'm quite certain that all crypto currency will never amount to more than being a plaything for rich people, a money laundering tool and payment for illegal goods. It was a neat idea but humans fucked it up.

Bitcoin has a scaling problem. Other coins don't. See: XRP, XLM, RaiBlocks, etc. They can do ~100,000+ transactions per second which is more than credit card companies. And they can do it in some cases for free.

FYI, 100,000+ is not actually more than what credit card companies can do, it is more than what a single credit card company can currently do as they haven't needed to go beyond that yet, though collectively they easily far surpass 100,000 and have no real limit. visa for example does 2k per second but has current capacity for 60k per second to handle spikes. XRP by comparison is currently limited to about 1500, but has potential to scale up with off ledger transactions. Really though all current coins have varying problems, whether it is complexity, scalability, cost, volatility, speed or simply lack of backing and fraud prevention. I don't see any of the current crop of coins being a long term thing. 



OhNoYouDont said:
vivster said:

There is no point anymore. Crypto currencies have long become just commodities for a handful of people to trade and make money from. They are as much currency now as stock.

Even if crypto currencies will be used as actual currency some day it will not get widespread due to inherent design constraints.

https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

I'm quite certain that all crypto currency will never amount to more than being a plaything for rich people, a money laundering tool and payment for illegal goods. It was a neat idea but humans fucked it up.

Bitcoin has a scaling problem. Other coins don't. See: XRP, XLM, RaiBlocks, etc. They can do ~100,000+ transactions per second which is more than credit card companies. And they can do it in some cases for free.

But will those even grow enough if investors are turned off by bitcoin's eventual collapse? And will there be enough currency to go around for the general public? And will countries even allow an international currency that's not bound to gold or any fixed commodity and that's also not regulated by any official governing body?



If you demand respect or gratitude for your volunteer work, you're doing volunteering wrong.

I hope it all crashes and burns so that GPU pricing can go back to normal.



A friend of mine introduced me to BTC mining back in 2013.I managed to mine almost 22 Bitcoin but stopped because it became too tedious for the return I was getting back then.Had I known it was going to reach such prices I would've never stopped...but oh well.Anyways as time passes I keep losing more and more faith in BTC, there are so many crypto mining platforms nowadays that BTC is bound to become pointless eventually.

BTW my friend mined almost 350 BTC since he started in 2011, but the dumbass sold them for $50 each in 2013.Such a sad story that is.