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Discussion The GBAtemp Crypto Currency Predictions thread

gbadl

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Let's have a prediction thread here on gbatemp. My prediction is this...

Tether / Bitfinex was supposed to hand over documents for something like 8 charges the NYAG brought on them in 2020. The deadline was mid January so they did a document dump of 2.5 Million pages to attack / stall them and got extensions until mid February to provide other documents for the remaining charges. They may get another extension in mid February and they keep pumping bitcoin and ethereum with fake tether but I predict at some point after the deadline the crypto currency market collapses after they get shutdown.

Reasoning. The crypto market is highly leveraged garbage with estimates being 50x actually dollars invested and highly illiquid. Tether has a market cap of 25 billion at 50x leverage that is 1.25 trillion dollars in monopoly money. Market cap of all crypto currency is 1 trillion which means real dollar value of crypto is in the negative.

What are your predictions?
 
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gbadl

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Anything is possible but that's my prediction. If bitcoin prices go under something like $8000 its kind of game over because mining bitcoin is not profitable and the security of the blockchain collapses if there are less miners.

I have to correct the original post. The NYAG is the ones charging them.
 
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Taleweaver

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Okay... I can barely understand the OP (sorry), but I agree with the conclusion, albeit on a technical field. Simply put : I don't trust the blockchain on the long run.


Since crypto currencies are digital, the only way to prevent people creating bitcoins by computer backing is by keeping track of ALL transactions ever.
Say I legitimately mine one coin. That goes in the register. I pay you. That goes in the register as well. You may someone else. That ALSO goes on the register. And so on. Keeping and updating this register is basically what mining is, so that means these currencies literally cannot work if no one is mining. But worse : the register continuously grows, and requires more disk space and computing power the more people use it.
So at one point I asked a friend of mine (a programmer) how this keeps up in the long run. Either his answer is wrong or the con is literally unsustainable : he said it continuously requires better hardware. So as long as Moore's law ensures a continously growing infrastructure, it can be sustained. But if it even hiccups... What'll happen then? Will transactions fail? Take longer? I don't know.

Look... I'm no expert on this, or on currencies in general for that matter. But to me this in itself is making the whole endeavor a naive pipe dream.

There's something to be said about other criticisms as well, obviously (like... Erm... Whatever it is the OP is about). But unless I'm missing a technological solution to the above (like... A way to shrink the register without corrupting it) , crypto currencies are a naive pipe dream that simply aren't designed for its intended use.
 
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notimp

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stormwolf18

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Anything is possible but that's my prediction. If bitcoin prices go under something like $8000 its kind of game over because mining bitcoin is not profitable and the security of the blockchain collapses if there are less miners.

I have to correct the original post. The NYAG is the ones charging them.

That doesnt make any sense . No one will stop mining at $8k. It is still profitable for large miner. Ppl will stop mining if btc = 0, nothing else.
 
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sarahmann

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Never trust cryptocurrency predictions. It is hard to predict how the price of a particular cryptocurrency will behave in the future. When I am buying cryptocurrency, I always buy verified crypto, which many people use. Most of all, I am using Bitcoin because it is easy to make transactions using it on many websites. Most of all, I like that with the bitcoin tumbler, I can easily make all my transactions anonymous by breaking the chain analyses. It allows me to pay fewer taxes from the income I have from cryptocurrency.
 
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elk1007

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I'm predicting sideways movement on BTC and ETH until the end of the month.
Crypto usually pumps at the end of the year, so here's hoping.

Papa needs a new pair of shoes!
(and some dental work lol)
 
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