Is Bitcoin Finished?

210
Found 1st FebEdited by:"scottswaha"
Bitcoin is dropping like a lead balloon, could be below $9k by the end of the day...

Whoah, Crypto...what is it good for? Is it finished?
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Let me know when they have a 10p yellow sticker on them and I might have a punt.
Supermod
It isn't just Bitcoin which experiences these dips and drops. Of course having the biggest market capital it'll get the most headlines but look at the other big cryptocurrencies.

Do I personally think Bitcoin is finished? Nope. The increases were hardly sustainable but if you asked people who held Bitcoin a year ago would they take £6600 per bitcoin on 1st Feb 2018 i'm sure they'd bite your hand off.
210 Comments
People have been buying bitcoin not because they think it has any intrinsic value but because they believe someone else in future will be willing to pay them even more in the future... in other words classic case of 'Greater Fool Theory'. It still has another $9.5k to fall from current levels.. hold on tight
Original Poster
astreix4 m ago

People have been buying bitcoin not because they think it has any …People have been buying bitcoin not because they think it has any intrinsic value but because they believe someone else in future will be willing to pay them even more in the future... in other words classic case of 'Greater Fool Theory'. It still has another $9.5k to fall from current levels.. hold on tight


Agreed

They compare bitcoin to fiat currency, forgetting of course that, say the pound or the dollars value is actually based on the economy of a country.
Looking pretty bad from here, but i’m gonna hope it climbs back to at least £7.5-8K
Original Poster
FUAARRKK4 m ago

Looking pretty bad from here, but i’m gonna hope it climbs back to at l …Looking pretty bad from here, but i’m gonna hope it climbs back to at least £7.5-8K



Was the writing not on the wall when the 'Whales' cashed out?
Yes.
10 mins to verify a transaction. That's no good if you want to buy a coffee. You going to stand there? Still wish I bought at $3.. Dam.. Thought then it was to risky
Original Poster
wayners5 m ago

10 mins to verify a transaction. That's no good if you want to buy a …10 mins to verify a transaction. That's no good if you want to buy a coffee. You going to stand there? Still wish I bought at $3.. Dam.. Thought then it was to risky



10 minutes for coffee? How much change would you get if has went up £3k in that time? It is quicker if you want some coke.

And of course that's the usual problem...By the time you hear the bandwagon, it's too late.
Until it's regulated out of existence, it'll be around because speculators will take advantage of idiots who think cryptocurrencies are the future.
Original Poster
HotEnglishAndWelshDeals3 m ago

Until it's regulated out of existence, it'll be around because speculators …Until it's regulated out of existence, it'll be around because speculators will take advantage of idiots who think cryptocurrencies are the future.



The 'wise' guys will be making $$$$ on the journey up and the journey down...
Invest in gold...can you eat gold?
Edited by: "scottswaha" 1st Feb
I bought some of these when they were about $5 each. Lost them in my silkroad wallet when the site went down, or was robbed or whatever happened.
Cryptocurrency doesn't need to be THE future. It needs to have A future as an "alternative" currency for "alternative" situations, mostly to satisfy darkweb activity but some additional uses will inevitably be part of the landscape as well.
Original Poster
Krooner3 m ago

I bought some of these when they were about $5 each. Lost them in my …I bought some of these when they were about $5 each. Lost them in my silkroad wallet when the site went down, or was robbed or whatever happened.



That'll be around $50k...that's a sore loss, $40k....think what you could've bought with $30k...that's quite a chunk of change, $20k...
Original Poster
chaywa7 m ago

Cryptocurrency doesn't need to be THE future. It needs to have A future as …Cryptocurrency doesn't need to be THE future. It needs to have A future as an "alternative" currency for "alternative" situations, mostly to satisfy darkweb activity but some additional uses will inevitably be part of the landscape as well.



Why do we need a currency that is more unstable than what we have?

Because, I suppose it's not based on the greed of countries?

But the greed of individuals, how noble.
Edited by: "scottswaha" 1st Feb
chaywa13 m ago

Cryptocurrency doesn't need to be THE future. It needs to have A future as …Cryptocurrency doesn't need to be THE future. It needs to have A future as an "alternative" currency for "alternative" situations, mostly to satisfy darkweb activity but some additional uses will inevitably be part of the landscape as well.


But that's the problem. It's unstable and its inability to be traced is or more worth to people wanting to buy kiddie porn on the dark web then a latte in Starbucks.

Truth is that a new type of currency would likely be backed by big corporations, so you have the bank of Amazon for example.
scottswaha29 m ago

The 'wise' guys will be making $$$$ on the journey up and the journey …The 'wise' guys will be making $$$$ on the journey up and the journey down...Invest in gold...can you eat gold?


Gold has a long term and liquid market.
scottswaha15 m ago

Why do we need a currency that is more unstable than what we have? …Why do we need a currency that is more unstable than what we have? Because, I suppose it's not based on the greed of countries?But the greed of individuals, how noble.


Crypto currencies are established now. Even if a government bans them they will still exist in some way shape or form. I'm not saying that they need to exist, but the fact of the matter is that they do exist and they aren't going anywhere.

Nobility has no place in capitalism, and you could argue that crypto is the purest form of conservative capitalism, whether that turns out to be stable or not.
Let me know when they have a 10p yellow sticker on them and I might have a punt.
Original Poster
chaywa10 m ago

Crypto currencies are established now. Even if a government bans them they …Crypto currencies are established now. Even if a government bans them they will still exist in some way shape or form. I'm not saying that they need to exist, but the fact of the matter is that they do exist and they aren't going anywhere.Nobility has no place in capitalism, and you could argue that crypto is the purest form of conservative capitalism, whether that turns out to be stable or not.



Sure, but are crypto currencies not presented as being 'of the people' as having some sort of ridiculous 'noble' purpose...
Edited by: "scottswaha" 1st Feb
Supermod
It isn't just Bitcoin which experiences these dips and drops. Of course having the biggest market capital it'll get the most headlines but look at the other big cryptocurrencies.

Do I personally think Bitcoin is finished? Nope. The increases were hardly sustainable but if you asked people who held Bitcoin a year ago would they take £6600 per bitcoin on 1st Feb 2018 i'm sure they'd bite your hand off.
Bitcoin and other cryptocurrencies, hashgraph are implementation of DLT. Bitcoin's drawbacks are fixed by Hashgraph and possibly extended by further implementations.

Full consensus distributed ledger technology, DLT (which includes the internet), if you don't know, read the report from the UK Government Chief Scientist published in 2016, "DLT beyond Block Chain", it is the technology that truly has the potential to store your personal effort (labour) as money. (Note Hashgraph is emerging after Block Chains and an implementation of DLT). DLT is as big, if not bigger than the invention of the internet. When DLT is combined with the internet, they have the potential to mark human history, ~1960-2020, as did the invention of paper, the wheel and electricity.

Nevermind Brexit, Trump, immigration, May, Blair..., Hitler, Trotsky, this is it, DLT, a solution for freedom and bring back personal control, namely, when DLT is fully implemented and unhackable, ~90% of financial hocus pocus, and its industry and central banking functions and their monetary policies will be eliminated and much of regulation on how people transact with one another will be gone, along with trade barriers, you will be in total control of storing your personal labour as money (represented by cryptocurrency) and the central banks and financewill not be in control of your personal worth and they will be unable to cream >3% off your labour effort.It is like going back to the "gold" standard where the market governs the exchange of your personal worth and no government is in control of "gold" DLT technology. Governments will no longer print paper currencies like confetti to debase and devalue your personal worth. (Remember the Weimar Republic, remember how £1 was worth US$5 before WW2?)

As stated above here is the Distributed ledger technology: beyond block chain ( UK Government Office for Science)

This is an extract from the above government report:-

Foreword

The progress of mankind is marked by the rise of new technologies and the human ingenuity they unlock.
In distributed ledger technology, we may be witnessing one of those potential explosions of creative potential that catalyse exceptional levels of innovation.

The technology could prove to have the capacity to deliver a new kind of trust to a wide range of services.

What can you do? (this is my opinion)

If you believe in bring back personal control and your value as a person and your identity, embrace DLT and its implementation, use the cryptocurrencies, avoid speculating on them, the ups and downs of bitcoin is due to speculation as ups and downs happen to gold, diamond and gemstones. Use them to trade, look to Hashgraph...read on yourself to find out what DLT can do for you in your freedom (academic and UK government's Scientific Office).

Edited by: "splender" 1st Feb
splender15 m ago

Bitcoin and other cryptocurrencies, hashgraph are implementation of DLT. …Bitcoin and other cryptocurrencies, hashgraph are implementation of DLT. Bitcoin's drawbacks are fixed by Hashgraph and possible extended by further implementations.Full consensus distributed ledger technology, DLT (which includes the internet), if you don't know, read the report from the UK Government Chief Scientist published in 2016, "DLT beyond Block Chain", it is the technology that truly has the potential to store your personal effort (labour) as money. (Note Hashgraph is emerging after Block Chains and an implementation of DLT). DLT is as big, if not bigger than the invention of the internet. When DLT is combined with the internet, they have the potential to mark human history, ~1960-2020, as did the invention of paper, the wheel and electricity.Nevermind Brexit, Trump, immigration, May, Blair..., Hitler, Trotsky, this is it, DLT, a solution for freedom and bring back personal control, namely, when DLT is fully implemented and unhackable, ~90% of finance hocus pocus will be eliminated and much of regulation on how people transact with one another will be gone, along with trade barriers, you will be in total control of storing your personal labour as money (represented by cryptocurrency) and the central banks and financewill not be in control of your personal worth and they will be unable to cream >3% off your labour effort.It is like going back to the "gold" standard where the market governs the exchange of your personal worth and no government is in control of "gold"DLT technology.Governments will no longer print paper currencies like confetti to debase and devalue your personal worth.What can you do?If you believe in bring back personal control and your value as a person and your identity, embrace DLTand its implementation, use the cryptocurrencies, avoid speculating on them.Use them to trade, look to Hashgraph...read on yourself to find out what DLT can do for you in your freedom (academic and UK government's Scientific Office).


which one's DLT and which ones Hashgraph?
scottswaha29 m ago

Sure, but are crypto currencies not presented as being 'of the people' as …Sure, but are crypto currencies not presented as being 'of the people' as having some sort of ridiculous 'noble' purpose...



scottswaha29 m ago

Sure, but are crypto currencies not presented as being 'of the people' as …Sure, but are crypto currencies not presented as being 'of the people' as having some sort of ridiculous 'noble' purpose...


Like most things in life, it's mostly PR guff regarding "mission statements" of noble purposes.

Unregulated markets with no consideration of externalities is the end goal for some people, and always will be.
davewave5 m ago

which one's DLT and which ones Hashgraph?



Hashgraph and Block Chain are implementations of DLT, to effect full consensus.
Edited by: "splender" 1st Feb
The price was inflated when bankers started trading and buying it, then everyone jumped on it, schmucks buying 0.0000001 of a bitcoin and thinking they would be millionaires. Then future trading was allowed and a it bubbled and burst, no surprise.
Like many have said it won't ever be gone completly a massive community on the darker side use it as its anonymous and ability to take money from all countries easily
splender2 m ago

Hashgraph and Block Chain are implementations of DLT, to effect full …Hashgraph and Block Chain are implementations of DLT, to effect full consensus.


consensus of what?
catbeans2 m ago

The price was inflated when bankers started trading and buying it, then …The price was inflated when bankers started trading and buying it, then everyone jumped on it, schmucks buying 0.0000001 of a bitcoin and thinking they would be millionaires. Then future trading was allowed and a it bubbled and burst, no surprise.


blaming bankers...too funny!
davewave6 m ago

consensus of what?



consensus between anyone, like those involved in a purchase of a slice of pizza, to generals giving commands to other generals duing a war ..etc,
splender9 m ago

consensus between anyone, like those involved in a purchase of a slice of …consensus between anyone, like those involved in a purchase of a slice of pizza, to generals giving commands to other generals duing a war ..etc,


and whats that got to do with Bitcoin?
davewave21 m ago

and whats that got to do with Bitcoin?



Bitcoin is the first cryptocurrency and its transactions are recorded on the BlockChain platform, and BlockChain is an implementation of a ledger in full consensus DLT.

Think of it as in ancient times, people had traded for their personal labour and they had total freedom, the whole world had reached a consensus in using gold and silver and there was no central government(s) and central banking.

This DLT is hugely important to mankind (or personkind), think of all human history from stone age up to the invention of central banking, how civiliations emerged, how they did business without central banking and monetary polices and regulations, no Euro, no dollar, no European army...
Edited by: "splender" 1st Feb
Ethereum is the one that people are getting into .
My brother invested £1000 for me and he invested around £5000 8 months ago . I tripled my money and took it out . He turned £5000 to £30,000 and they took it out .
It’s about getting in early and being happy with 3-5 Times your money . He invests with Ethereum .
If it was finished i would have expected a bigger and faster drop.

Also Ethereum is up today so far so i guess the drop doesn't apply to every crypto.
splender12 m ago

Bitcoin is the first cryptocurrency and its transactions are recorded on …Bitcoin is the first cryptocurrency and its transactions are recorded on the BlockChain platform, and BlockChain is an implementation of a ledger in full consensus DLT.Think of it as in ancient times, people had traded for their personal labour and they had total freedom, the whole world had reached a consensus in using gold and silver and there was no central government(s) and central banking.


and the consensus is with this bloke?

33179294-IU8HK.jpg
It's not untraceable, quite the opposite.
It's one of the features of the blockchain, it's a publicly distributed ledger.
I still have a couple, I'm not selling yet, easy come easy go
davewave9 m ago

and the consensus is with this bloke?[Image]



Yeap, anyone, it is global consensus.

Edit:
Allow me to add, DLT, its elegance, is it is fair, honest and trustworthy for each individual.
Edited by: "splender" 1st Feb
Krooner1 h, 44 m ago

I bought some of these when they were about $5 each. Lost them in my …I bought some of these when they were about $5 each. Lost them in my silkroad wallet when the site went down, or was robbed or whatever happened.


Stolen by the fbi
bryanhaines3995 m ago

Stolen by the fbi



33179366-Iwai2.jpgCant get hold of foreign currency but the Bitcoin on the other hand!
Original Poster
splender1 h, 31 m ago

"DLT, a solution for freedom and bring back personal control"...


So, the bankers/corporations and big government are just going to roll over and not want their 'vig'....
Come, look here, I have a nice Bridge in London I can sell you...
Original Poster
CoeK44 m ago

If it was finished i would have expected a bigger and faster drop.Also …If it was finished i would have expected a bigger and faster drop.Also Ethereum is up today so far so i guess the drop doesn't apply to every crypto.


?
scottswaha6 m ago

?[Video]



I can't access youtube on this PC.
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