Bitcoin currency of the future?

Discussion in 'Mayberry Lounge' started by CauseImbetta, Jan 1, 2016.

  1. Luminaire

    Luminaire Silver Belt

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    lol... this is going to be a disaster.

    [​IMG]
     
  2. therealdope

    therealdope Steel Belt

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    Unfortunately CiH is like a broken clock. It just takes the bank of England <or other equivalent> to issue a statement like, "Th bank of england is initiating an investigation into the legality of Bitcoin use", and the value will tumble instantly.

    I wouldn't be surprised to see investment banks pull a scam like they did during the Google IPO to shake out weak hands, out fury that they missed the bus.
     
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  3. rj144

    rj144 Red Belt

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    We'll see, but very soon the cryptocurrency market cap will be a "too big to fail scenario". I don't even know what they could do hypothetically since the entire point of crypocurrencies is that they are not backed by a central bank or government. I don't know, but it might actually rally in that case.

    By the way, I got in on cryptocurrencies because I believe in blockchain being ubiquitous in a few years which will naturally increase the demand for them. I didn't initially get in from a purely investment point of view. But, now I'm in a bit for both reasons.
     
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  4. Nik123

    Nik123 Purple Belt

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    Yes exactly. The market cap of the dot com bubble when it popped was several times larger than the market cap of crypto right now. And even then, dot com money was mainly US centric. Crypto investment is global, and if anything hugely driven by Chinese and Korean investors at the moment.

    It's a totally new asset class, a totally new era, a totally different market. Talk about bubbles based on past experience is largely irrelevant.
     
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  5. therealdope

    therealdope Steel Belt

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    No idea but never underestimate greed. It just takes one or two large gov'ts to see this as a loss of control and shit will hit the fan.
     
  6. Nik123

    Nik123 Purple Belt

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    Well a similar scenario already happened a couple of months ago - the China FUD. The Chinese government banned cryptocurrency exchanges. So what happened to bitcoin and other cryptos? There was a sharp correction. And then....things went right back up, and rocketed past previous highs. This is truly a disruptive technology and is also decentralised. So it is impossible to stop. Corrections will happen and with institutional money coming in there will be even more volatility. But long term...this is here to stay and is a game changer.
     
  7. rj144

    rj144 Red Belt

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    China already tried this and it didn't do a thing.
     
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  8. Nik123

    Nik123 Purple Belt

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    What can governments actually do? Ban exchanges? Sure, already happened. Didn't do much. Stop crypto currencies being produced and traded? That is physically impossible due to the very nature of the blockchain. Which is why most governments are working with the technology right now, and a lot of the better crypto teams are working with government to fit into regulation rather than circumvent it, because this is not a flash in the pan type thing.
     
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  9. meauneau

    meauneau Brown Belt

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    When is the right time to buy? I have some extra money I am considering buying bitcoin.
     
  10. therealdope

    therealdope Steel Belt

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    Well the Treasury dept could conjure up an anti-money laundering and counter terrorism act shit fest with the help of the NSA. Never underestimate the motivation of govt's to try to maintain their grip on money supply.

    Let me flip the question around and ask you; what would make you think that govt's would relinguish control of the money supply and control over cross-border transactions?
     
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  11. Nik123

    Nik123 Purple Belt

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    Nobody can tell you that for sure. Buy now, risk getting burned by a correction. Buy later, risk getting much less with your money. It's your choice, and ultimately your 'read' of the market.

    If you are investing for the long term (at least 2-3 years), then sure, just buy and forget about price movements, check your account in 3 years......and either buy a yacht or forget you ever had that money.
     
  12. rj144

    rj144 Red Belt

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    I don't know for sure, but I think it corrects in the next few days and goes down a bit. That's usually what happens. Buy then.
     
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  13. Nik123

    Nik123 Purple Belt

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    I work in a related field and work directly on large anti money laundering programmes and can tell you this; regulation around anti-money laundering, compliance, sanctions, terrorist financing etc is already a huge focus and most big crypto-teams I believe in are already working with the regulators to ensure everything they do is legal. Some of the shadier privacy coins may face issues, but that will likely just drive them to a black market and make them go even higher in price.

    Regarding your question - the governments would never willingly relinquish control of money SS; problem is, they may not have a choice. Which is why if you look beyond the wild speculation, the real promise and movement behind cryptocurrency and the blockchain is to give power back to the people. This was the founding vision behind bitcoin, as Satoshi coded it.
     
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  14. Nik123

    Nik123 Purple Belt

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    And by the way, if anyone is interested in hearing what i believe are the cryptocurrencies worth investing in outside of Bitcoin, happy to share my thoughts with you guys!
     
  15. Luminaire

    Luminaire Silver Belt

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    At this moment, everyone investing and holding is banking on a larger population of even dumber people to come along and buy more and continue pushing the price to a level that will make this a great investment in the short term and allow you to cover your ass in the long run.

    Believe me, someone is getting brutally destroyed in this game. It's only a matter of time.

    The #1 reason people are buying this is.

    Because it keeps going up.

    So what happens when it stops going up?

    [​IMG]
     
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  16. Der Eisbär

    Der Eisbär Banned Banned

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    IOTA is promising but its an absolute fucking mess trying to get ahold of them and store them right now. The tech apparently surpasses the block chain and they just announced a partnership with VW, samsung and microsoft.
     
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  17. Der Eisbär

    Der Eisbär Banned Banned

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    it already corrected today and dropped back down to 15.9 and has been climbing from there.
     
  18. Der Eisbär

    Der Eisbär Banned Banned

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    just download the coinbase app and buy on the dips. watch to see if theres a dip on monday, if not, buy away.
     
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  19. Luminaire

    Luminaire Silver Belt

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    Ethereum, Ripple, Litecoin!! That's right, Bitcoin even has competition in the crypto game. Don't let that stop you tho... BUY BUY BUY, BUY THEM ALL!
     
  20. Nik123

    Nik123 Purple Belt

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    I think IOTA is a live or die by the sword type crypto. The TANGLE, which is what it is based on, is better than the blockchain - but specifically for fast, zero fee micro transactions related to the Internet of Things (hence the name, as you know). But the Tangle has huge security issues that have not yet been worked out. Also, the partnerships announced were for a two month window, a fact many seem to have missed. So...not a bad coin for the long term, but not one of my top picks.
     
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