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Cryptocurrency Warning:
The risks of trading cryptocurrencies are mainly related to its volatility. They are high-risk and speculative and it is important that you understand the risks before you start trading. They are volatile: unexpected changes in market sentiment can lead to sharp and sudden moves in price.
Please be aware that any information provided here can be the opinion of the author. Trade at your own risk.
Bitcoin Death is approaching
- Thread starter cornerpath
- Start date
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ill believe it when i see itSo much misinformation spread around regarding crypto! Cracks me up.. sheeple will believe almost anything. China want total control of everything in China, the fact that scores of mining equipment being transported to the USA tells me the complete opposite of what this post is about. Do some research and don’t believe everything you read.
Buy the dip and ride it out
Remember kids, only play within your means and stake what you can afford to lose.
Also I’m not a financial advisor
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Dollar is almost worthless, your government is printing bills and further reducing the value of your money
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We saw this in what? 2012, 2015, and 2018? Seems like a 3 year cadence. I think the intervals are decreasing slightly at that.
I anticiapte proof of stake is going to be the next point where this all flourishes again for the next bullrun.
$4000 per XRP would mean its market cap would be $399.9 TRILLION dollars, or almost 20x the US economy's GDP.
To put that in perspective, Bitcoin's PEAK market cap (not current), was 1.1 trillion dollars, which is the highest singular market crypto cap to date.
Don't look at individual coin cost. You need to look at current market cap. XRP still has room to grow, but it's a fully diluted market cap at ~$70 billion already. That's already fairly mature relative to the rest of the market.
Y are ppl such greed f#####s ?
Ever check up on your neighbor ?
Ever check up on your neighbor ?
Last edited by Deleted member 514389,
Proof of stake will kill crypto when people realise it's just a repeat of "the rich keep getting richer".
btc is high now because of greater fool theory. Once the economy recovers and people figure out that it's no longer some kind of democratic ecosystem, but controlled by the rich then why bother anymore?
Last edited by smf,
Proof of stake means the people with the most bitcoins control the network.
https://www.nbcnews.com/tech/tech-n...stake-offer-solution-energy-concerns-rcna1030
Last edited by smf,
Bitcoin isn't proof of stake.
Proof of stake coins reward people who "lock away" their tokens. Proof of work coins, like BTC, reward the people who use hardware to secure the network. In both scenarios both actors have incentive to keep the network integrity, to promote the value of their own investments.
In both systems, there is incentive to increase the value of the cryptocurrency.
In both of those systems, where there is a hard/soft-cap of token generation, they are relatively deflationary in respects to fiat which is is inflationary.
The rich get richer, but so does the poor get richer as the value of the the token increases. Of course this proportional to the investment.
The value plateaus at its ability to scale.
In terms of democracy, the choices that are made of a blockchain are rare rarely disputed. If there is a controversial decision, the coin will tend to fork, and a new cryptocurrency is born. (See BTC and BCH, and other derivatives, or ETH and ETC). The majority of the democratic process usually keeps the token name. The minority split usually takes on a new token name.
In the case of BTC, it has pretty much retained consensus and all derivatives were attempts to change the protocol without meaningful consensus (in respects to the network). In the case of ETH, it made the controversial decision to undo a great mistake by a large contract that was 3rd party, so ETH forked, leaving people who kept the original blockchain to become ETC. ETC is the "censorship resistant" version of ETH. The reason ETH kept the name despite being the new fork was because its great leader Vitalik was still operating as a monarch in the view of shaping public perception.
The argument of the greater fool theory is that the value exceeds its utility and people are only buying it because they want to sell it for gains.
If you have somewhere else you'd rather invest time and effort (or $$) it is definitely recommended that you do that. Spending free time to be dismissive seems like a moot point.
Proof of stake coins reward people who "lock away" their tokens. Proof of work coins, like BTC, reward the people who use hardware to secure the network. In both scenarios both actors have incentive to keep the network integrity, to promote the value of their own investments.
In both systems, there is incentive to increase the value of the cryptocurrency.
In both of those systems, where there is a hard/soft-cap of token generation, they are relatively deflationary in respects to fiat which is is inflationary.
The rich get richer, but so does the poor get richer as the value of the the token increases. Of course this proportional to the investment.
The value plateaus at its ability to scale.
In terms of democracy, the choices that are made of a blockchain are rare rarely disputed. If there is a controversial decision, the coin will tend to fork, and a new cryptocurrency is born. (See BTC and BCH, and other derivatives, or ETH and ETC). The majority of the democratic process usually keeps the token name. The minority split usually takes on a new token name.
In the case of BTC, it has pretty much retained consensus and all derivatives were attempts to change the protocol without meaningful consensus (in respects to the network). In the case of ETH, it made the controversial decision to undo a great mistake by a large contract that was 3rd party, so ETH forked, leaving people who kept the original blockchain to become ETC. ETC is the "censorship resistant" version of ETH. The reason ETH kept the name despite being the new fork was because its great leader Vitalik was still operating as a monarch in the view of shaping public perception.
The argument of the greater fool theory is that the value exceeds its utility and people are only buying it because they want to sell it for gains.
If you have somewhere else you'd rather invest time and effort (or $$) it is definitely recommended that you do that. Spending free time to be dismissive seems like a moot point.
Last edited by tabzer,
There are people who can't sell all their crypto because it would devalue the global economy, crazy
I don't know about the others, for me is the environmental costs involved. I read somewhere that bitcoin alone surpasses the consumption of Argentina, witch have population of 45 million people (living at same standard as some European Union countries).
I do like many characteristics of the blockchains, but for me it not will surpass the huge damages it is causing on an already struggling planet.
I had to read this far in for someone to actually give the reasoned/sound response lol. I was waiting for someone to finally chime in about proof of stake and fees being lowered dramatically due to proof of stake instead of PoW and miners essentially almost being eliminated compared to what they're current rates are now. People mine ETH with GPU's which they convert to BTC coins.
Once ETH 2.0 kicks in, it'll be much much harder for people to try and mine for coins and a much lower outcome where it's not even worth it to mine even with several miners, but to just buy in and stake your coins (you'll either earn money for your coins or earn more coins depending on which cryptocurrency you choose).
And also, even with BTC being fully mined when it finally does, the scarcity is what people find as appeasing and value. Think of your Nintendo Switch-- having a hard time getting them or even your GPU's? Wonder why they cost so much? Scarcity.
For the people who say scalpers, think of that as well with the value of bitcoin when it's harder to obtain because getting 1 will cost more than it did before due to scarcity.
I will add too, a lot of exchanges offer staking (just by holding the coins) to earn money over time by holding coins even as the value goes up or down.
I'm not a fan of Coinbase, but as an example it offers holding Algo currently at 4%. It was 6% not too long ago. A lot of people will look at that as earning more than just your money in your bank account. YES, there's risks involved like the value of the coin going down; but think long term as many aren't and they keep looking it as a quick microwave kid year thing but not the long term chart as to when Bitcoin started in roughly 2010 being offered as $.
Oh and to finalize my statement, yes, a lot of electricity is being used to mine BTC currently. BTC needs to adapt and overcome or it will become the dinosaur of cryptocurrencies. Longterm you will most likely see Ethereum outgrow BTC due to the technology and fundamentals that are backing it. If they change BTC to proof of stake then changes can look a bit brighter for BTC staying as king. Currently any time BTC moves up or down it moves the cryptocurrency market up and down. BTC is the market mover.
Last edited by ChronoTrig,
If you could quantify the damage being done by the banking systems in place you'd find yourself comparing a wildfire to the candle that crypto is holding.
Speaking of wildfire and banks.
https://www.ibtimes.com/elizabeth-w...retary-yellen-regulate-cryptocurrency-3260821
Warren is demanding Yellen regulate crypto due to multiple reasons like to "protect consumers" and "risks to banks". All I hear in there is that the US Govt can't manipulate the crypto market (like they do the stock market - they own the SEC) and the banks didn't buy in early so they're upset because the 2 trillion dollars in the crypto market isn't filthily in their (banks) hands.....
And the protecting consumers statement is such a crock of crap when it's let's keep the poor poor and let the politicians/govts play like they do with the stock market manipulation.
Anyone remember Mar 13 2020 or so when the stock market crashed and all the politicians had a heads-ups way before hand? Your politicians hard at work trying to help save your money from being stuck at the peak right there.
https://www.ibtimes.com/elizabeth-w...retary-yellen-regulate-cryptocurrency-3260821
Warren is demanding Yellen regulate crypto due to multiple reasons like to "protect consumers" and "risks to banks". All I hear in there is that the US Govt can't manipulate the crypto market (like they do the stock market - they own the SEC) and the banks didn't buy in early so they're upset because the 2 trillion dollars in the crypto market isn't filthily in their (banks) hands.....
And the protecting consumers statement is such a crock of crap when it's let's keep the poor poor and let the politicians/govts play like they do with the stock market manipulation.
Anyone remember Mar 13 2020 or so when the stock market crashed and all the politicians had a heads-ups way before hand? Your politicians hard at work trying to help save your money from being stuck at the peak right there.
Last edited by ChronoTrig,
What are you even saying?
If you mean people are greedy for having succesful investments, then idk what to tell you, maybe also invest?
Instead of buying that new $60 game earlier this week, you could instead have $80 right now, and still buy the game
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Cryptocurrency and cryptomining can both die in a dumpster fire. It's BS like that are what's causing chip shortages and components to skyrocket in cost.
Screw them both.
Screw them both.
Yeah well it's here to stay and is making a lot of people money
Saying you dislike crypto because it uses chips is like saying you dislike bread because it uses wheat.
Microchips are more rare than wheat but every product needs resources and resources cost money. Those with money and time buy resources and covert them to products. They then sell products for more money.
This is the way of the world. The only way to get ahead is to gather resources. Age of Empires showed me the way.
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