Bitcoin future?

MasterOfCoin

Well-known member
472 174
Crypto will fail its built on suckering in more punters like the the tulip mania.
Far from it. It's built on cutting out the middle man.

That's not to say that a bunch of fools can't speculate on price movements and create bubbles by doing so, but what they cannot do is deflate values by magically casting billions of extra coins into existence- unlike what we see with the fake fiat currencies at the whim of ignorant politicians.

Ultimately, a given cypto coin (once in widespread use for ordinary transactions) will settle around it's market value.

Speculators who buy in at wildly inflated values expecting to get rich may find that rather painful.

Try understanding crypto before misusing it in the hope of wealth.

Or you may be disappointed by results.

:)
 

0FXTrader0

Active member
144 17
What place will BTC have when ECB adopt digital Euro in 2yrs time...that will be a universally acceptable payment method worldwide with full backing of the central bank not the unregulated crypto sphere
 

MasterOfCoin

Well-known member
472 174
What place will BTC have when ECB adopt digital Euro in 2yrs time...that will be a universally acceptable payment method worldwide with full backing of the central bank not the unregulated crypto sphere
The 'cryto-sphere' as you call it, is far from unregulated.

To suggest otherwise is blatantly misleading.

The exchanges and brokers facilitating trading in cryptocurrencies are all regulated by Financial Authorities and traders and account holders are subject to the same KYC procedures as any other customers of finance products, be that pensions, bank accounts or credit facilities.

I don't disagree that the corrupt Central Banks will undermine the mass adoption of cryptocurrency for general use by launching their own centralized alternatives which will retain all the flaws inherent of fiat money. That's a given. But to infer that this will be 'backed' by anything (other than legislation) is nonsense.

Central Bank Currency isn't backed by anything.

Your 100 value unit paper bill can be presented at the Bank and exchanged for........ paper bills to the value of 100 units.

Their digital currencies will be no different, of this you may be assured.


BTC's place in all this is that it facilitates exchange of value without the need for Central Banks and ensures that it is the account holder and not a bank or third party that controls their transactions.

Ergo... in a Financial Meltdown (and we've had a few of those, have we not?), your Bitcoin wallet can't be closed, your spending limited or your funds frozen-- because there is no bank controlling the wallet.

I'd venture most folks who've had their 'money' vanish into a black hole during a banking crash would see this as a considerable improvement on conventional banking practices.

 
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0FXTrader0

Active member
144 17
Like I say the coin is higher based on more ppl buying in wrongly in my view its not gold 2.0 as it has not been used as a store of value for years and have a use value ie jewellery. If you look its up inline with the FEDs balance sheet when QE unwound BTC will have a value under $10 just the cypher punks left bag holding.
 

MasterOfCoin

Well-known member
472 174
''... the coin is higher based on more ppl buying in wrongly ... its not gold 2.0 as it has not been used as a store of value for years''

Now there we are agreed. Hence why I wrote;
''That's not to say that a bunch of fools can't speculate on price movements and create bubbles by doing so,''

Those piling into Bitcoin and driving up the price because they want to get rich may well find their Bitcoins worth far less than they paid for them when the bubble deflates. More fool them.

Bitcoin was developed expressly to be used as a currency- ie used to buy and sell goods and services just like cash.

Those who don't understand it's workings and nevertheless speculate on it's value will likely be disappointed.

However, it's here to stay, and many millions of people ARE using it just as was envisaged by it's creators.
Once they are vast majority of holders and the speculators have bailed out on their losses, then we'll see the values settle down. Not before.

:giggle:
 

0FXTrader0

Active member
144 17
Also its not the coin that is valuable it's the blockchain technology but the cb will replicate that, its if btc has any competitive advantage... at the moment all it has is first mover advantage.
 

MasterOfCoin

Well-known member
472 174
The advantage of bitcoin is that there is no central bank.
 

Eyon_MUS

Junior member
15 23
@hefoba @Eyon_MUS
Is ChickenGenius right like with Tesla?
I like his perspective but personally I am holding back for BTC as i still cant wrap my head around on this one.
Still lots of hurdles for BTC to overcome compare to TSLA. The bad days for TSLA had already passed.

Well, i guess that is what investing is all about. Risk/reward. Higher risk now will probably give those early adopter a much better R/R ratio then.
 
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