Wakeforest22890
Snowpom
Interesting day for bitcoin
2&2, can you explain the purpose of a wallet vs keeping everything on coinbase/binance/etc? how does one go about transferring from website to wallets?
bubble gon burst
Interesting day for bitcoin
Coinbase is shit, can't buy or sell on any movement, everything crashes.
Coinbase is shit, can't buy or sell on any movement, everything crashes.
I've started to share my concerns with friends over Bitcoin. Thought I'd share it here as well.
I think we're getting very close to this bubble popping. There's a couple factors in play.
1) If I told you that gas was going to increase in price from a couple dollars a gallon to $1000 a gallon. What are you going to do? Are you going drive around and use your gas or siphon it to sell later? That's what's happening with Bitcoin. Virtually no one is using it as a form of currency. But unlike gas or gold, it has no intrinsic value. It's a vicious feedback loop where the more valuable it becomes, the less utility it has.
2) I've heard a lot of friends get involved because they explain there are lots of very smart people talking about how it's going to continue to increase in value. Well yes, because those very smart people got involved early on. And if you own bitcoin, what are you going to say? You're pushing that the price is going to go up so you can either continue to hold and your investment is worth more or have the price go up enough that you'll eventually sell. And as it is now, there are more people buyers than sellers and hence the price goes up. But eventually, what are those people who got in early going to do? They're going to sell. And that's fine as long as there are still more buyers who believe the price will keep going up. But when they start unloading and eventually there are more sellers than buyers, it's going to crash so fast. A few lucky people will sell at the top, others along the way a bit, but majority will be stuck with whatever the floor is.
And now what is that floor? Well to the first point, there is virtually no intrinsic value for bitcoin as it stands now. If people aren't using it to transact, it's not valuable. And when you consider all the mining being done (using more energy than some countries) is with the goal of solving the next block and receiving an award of 12.5 BTC, at what point is it no longer feasible for those miners to be participating in the network. The long story is this has the potential to drop down to zero or a few dollars.
I was bullish on bitcoin from the beginning, especially when it had stabled out in the $350 range. But now it's become nothing more than a speculative (value-less) asset that is primed for a horrific crash.
End of day, can you make money on Bitcoin? Yes, definitely. And can you buy today and still make money? Yes. But eventually that bubble is going to pop and it's the people buying in now that are going to get crushed. All of the early investors have been playing with house money for months.
It's impossible to know when and thus I have no confidence but my guess is late January / early February. I do have confidence that it's going to burst and I don't think we're that far away.
I've started to share my concerns with friends over Bitcoin. Thought I'd share it here as well.
I think we're getting very close to this bubble popping. There's a couple factors in play.
1) If I told you that gas was going to increase in price from a couple dollars a gallon to $1000 a gallon. What are you going to do? Are you going drive around and use your gas or siphon it to sell later? That's what's happening with Bitcoin. Virtually no one is using it as a form of currency. But unlike gas or gold, it has no intrinsic value. It's a vicious feedback loop where the more valuable it becomes, the less utility it has.
2) I've heard a lot of friends get involved because they explain there are lots of very smart people talking about how it's going to continue to increase in value. Well yes, because those very smart people got involved early on. And if you own bitcoin, what are you going to say? You're pushing that the price is going to go up so you can either continue to hold and your investment is worth more or have the price go up enough that you'll eventually sell. And as it is now, there are more people buyers than sellers and hence the price goes up. But eventually, what are those people who got in early going to do? They're going to sell. And that's fine as long as there are still more buyers who believe the price will keep going up. But when they start unloading and eventually there are more sellers than buyers, it's going to crash so fast. A few lucky people will sell at the top, others along the way a bit, but majority will be stuck with whatever the floor is.
And now what is that floor? Well to the first point, there is virtually no intrinsic value for bitcoin as it stands now. If people aren't using it to transact, it's not valuable. And when you consider all the mining being done (using more energy than some countries) is with the goal of solving the next block and receiving an award of 12.5 BTC, at what point is it no longer feasible for those miners to be participating in the network. The long story is this has the potential to drop down to zero or a few dollars.
I was bullish on bitcoin from the beginning, especially when it had stabled out in the $350 range. But now it's become nothing more than a speculative (value-less) asset that is primed for a horrific crash.
End of day, can you make money on Bitcoin? Yes, definitely. And can you buy today and still make money? Yes. But eventually that bubble is going to pop and it's the people buying in now that are going to get crushed. All of the early investors have been playing with house money for months.
It's impossible to know when and thus I have no confidence but my guess is late January / early February. I do have confidence that it's going to burst and I don't think we're that far away.
I think alt coins can definitely have value, but don't have a specific one I'd call out.Are you bullish on any coin right now?