Bitcoin Skeptics

Discussion in 'Bitcoin and Cryptocurrency' started by Millard Baker, Dec 6, 2017.

  1. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  2. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    Millard Baker likes this.
  3. Old

    Old Member

    Depends on your expectations. If you bought 2 years ago your up 8 fold even with today's price.
    As soon as the 'investors' moved in, it went out of control. But everyone was happy when it went up out of control. When the major markets start to wobble, then speculative markets crash first and worst. Investors actually ruin it - they want easy money, not to invest. Same thing happened with real-estate which is more tangible then electronic money.
    The underground was the main power for bitcoin as it has been a way to exchange goods without government intervention. That need will remain whether its bitcoin or something new.
    The doomsayers point to the weakness and 'bubble' but most of that can be said of the major markets. They are mad they missed the upswing. Probably the governments would like it to collapse as its a tax/legality dodge and push for bad publicity. But if the major markets go (which may happen one day) then governments will fall.

    A few rules of investment:
    1. There is no such thing as a free lunch
    2. Never invest what you can't afford to loose
    3. Only a little of the market is value, the rest is public opinion
  4. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  5. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    Millard Baker likes this.
  6. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  7. BigNattyDaddy

    BigNattyDaddy Member

    Glad I don't have any Bitcoin, dropping like a rock lol
  8. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    Bitcoin turns 10 this year, but there’s not much to celebrate. Its price has tumbled to near $4,000, down 30 percent in a month, 50 percent in six months and almost 80 percent since December.

    The cryptocurrency experts, who clearly didn’t see this coming, are blaming all sorts of temporary culprits — from jittery markets to “hard forks” (blockchain jargon for radical technical changes in a digital currency). But they’re kidding themselves. This is a long-term unraveling of all of the lies, exaggeration and populist fantasies that drove last year’s market mania.

    Bitcoin was meant to make all of its investors rich, something that held particular appeal to a millennial generation hungry for a financial boost in a world of crushing student debt, income inequality and low-quality jobs. It was meant to be free of Wall Street’s corruption and the U.S. government’s meddling technocrats. It was meant to be secure, with a price that would go ever higher. For the hardcore evangelists, it would reward its acolytes when the inevitable financial apocalypse arrived. The dollar was destined for scrap.

    And it was meant to show that we should all stop listening to fuddy-duddy “experts” like Jamie Dimon, Warren Buffett and Jack Bogle. The old, closed ways of investing would be usurped by the buying power of the masses.

    Unsurprisingly, none of this has come to pass. The Bitcoin bubble of 2017 — mercifully short and economically contained — has enriched only insiders such as mining companies and crypto-exchanges, and the early birds and tech elites who cashed in at the right time.

    For the patsies who arrived late to the party, it has been a tool of financial impoverishment. About $700 billion has been wiped from the value of digital money since January. One Korean teacher told the New York Times in August: “I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us.”
  9. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    $BTCUSD closing in on the $3,471 target from the $6,000 break. Down $10/11% over the weekend so far ...

    Last edited: Nov 24, 2018
  10. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  11. Michael Scally MD

    Michael Scally MD Doctor of Medicine

  12. NorthMich

    NorthMich Member Supporter

    Watching my Shitcoin account dwindle to zero. Wonder how low it will go? Given the cliff it is currently free-falling from, could it become worthless and hit close to zero?
  13. bambam333

    bambam333 Member

    I doubt it I think smart money is starting to accumulate I trade it daily and have been seeing monster buy orders coming in. I usually short it because of the long bear market we have been in and have just started to accumulate again myself
  14. porky

    porky Member

  15. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    Just one year has passed since bitcoin enthusiasts forecasted that the cryptocurrency would hit a price of $1 million.

    But that was then. With the price of bitcoin BTCUSD, -0.28% having fallen almost 80% from its peak, and now trading well-below the support level of $6,000, everyone is wondering where it goes from here.

    The answer is, a swift and painful drop to zero.

    In a MarketWatch column I wrote last April, I explained what it would take for bitcoin to become worthless. Bitcoin is getting close to that point. As I argued, once Bitcoin’s price falls below its cost of mining, the incentive to mine will deteriorate, thrusting bitcoin into a death spiral. That is, without the mining activities supporting the ledger that maintains the records of who owns what — bitcoin is, after all, a set of encrypted numbers that cannot establish the ownership of anything — bitcoin will become worthless.
  16. bambam333

    bambam333 Member

    Hey doc is it possible to go to actual 0 with all the coins that are lost and not in circulation from forgotten keys and no access to even sell them?
  17. MindlessWork

    MindlessWork Member Supporter

    I am sure that's possible as there's no way to retrieve the "lost" coin as you'd need the private keys of all the addresses holding the lost coins.
  18. bambam333

    bambam333 Member

    Yea theres tons of lost coins out there I forget how many they said as estimate but it was alot from people who had it when it wasnt worth a shit and forgot about it then remembered when it was almost 20gs. I been shorting the shit out of it accumulating a nice little amount
  19. Michael Scally MD

    Michael Scally MD Doctor of Medicine

    But in recent months, one type of fraud has come to the fore: pump-and-dump schemes. In February, the US Commodity Futures Trading Commission issued a specific warning to consumers about these scams, and regulators have begun to actively pursue the ringleaders.

    Yet little is known about these schemes, how they are run, and how they work in detail.

    Today that changes thanks to the work of Jiahua Xu and Benjamin Livshits at Imperial College London. These guys have studied pump-and-dump schemes in cryptocurrency markets and now publish the first detailed account of how they work. The researchers even developed an algorithm that can predict when they are about to occur, which offers a promising way to subvert or prevent them.
  20. DrinkFlintWater

    DrinkFlintWater Member Supporter

    Like this guy?