Crypto-currencies - a discussion

[cubes]

Total available bitcoins is at the moment is limited to 21m, however this isn't a hard, never can be changed limited. If 50% of the miners go with a change to bitcoin it can be whatever they want it to be.

I personally don't think any cryptocurrency has a long term future as it really doesn't do things much better than existing currencies imo, a few edge cases perhaps but these are the ones the governments would like to, and have the means to, close down if they really but their minds to it. The blockchain itself may have uses but that's unrelated to bitcoin itself.

[UndercoverElephant]

Total available bitcoins is at the moment is limited to 21m, however this isn't a hard, never can be changed limited. If 50% of the miners go with a change to bitcoin it can be whatever they want it to be.

https://www.youtube.com/watch?v=HP8sofAN4xc

[cubes]

Why do you think I'm wrong?

It's only a change in the protocol, that's happened already on other matters (and has caused the split with bitcoin cash etc). If the miners want it then it WILL happen.

Not that I give a shit, in 5 years the value of a bitcoin will be $0, which is where it should be.

[woodburner]

Not that I give a shit, in 5 years the value of a bitcoin will be $0, which is where it should be. Smile

It’s name will then be changed to shitcoin.

[cubes]

Should be called that already! Some people are going to hurt in the near future if they remortgage or borrowed heavily to put into bitcoin.

[fuzzy]

I think focusing on the demand for bitcoin rising faster than the supply is missing the point. There are currently 3 winners: those who have the currency as the price rises, those who mine it, and those who use it to move funny money around the world. The 1st and 2nd group may have crashes, but the 3rd will always be a demand.

[Lord Beria3]

https://www.palmbeachgroup.com/content/ ... 018/39324/

For all you crypto sceptics, here is Teeka's latest on the prospects for 2018;

Nick: Will a bitcoin ETF boost other cryptocurrencies, too?

Teeka: Look, what’s good for bitcoin is good for all cryptos.
Bitcoin is like a “gateway drug.� Once you buy some bitcoin, it sucks you into the crypto world. And you’re going to want to buy more.

So, all these newcomers to bitcoin are also going to eventually want to buy other cryptos. And they will demand other products… like a crypto index fund.

Let me give you an example…

Investors buy the SPDR Trust S&P 500 ETF (SPY) to get exposure to the entire stock market. Crypto investors are going to want something similar. They’re going to want an ETF that gives them exposure to the entire crypto market. And that will drive prices of everything higher.

Nick: That’s exciting stuff. Recently, you said bitcoin would reach $25,000 by the end of next year. With the recent run-up to $20,000, do you want to revise your price target?

Teeka: No. I don’t want to revise that yet. But I will say this: As soon as an ETF begins publicly trading, I will revise that target.

Once we get an ETF, bitcoin can easily go to $100,000 per coin. Here’s why…

It’s going to be so easy to buy bitcoin that all the money on the sidelines will come in.

It’s going to become a portion of just about everyone’s asset allocation. But here’s the thing… there just aren’t enough bitcoins to go around.

[woodburner]

I seem to recall John Greer has a slightly different view.

[johnhemming2]

Stick with tulips. They are prettier.

[Lord Beria3]

I seem to recall John Greer has a slightly different view.

Yes he does.

Greer specifically refers to bitcoin but also thinks that it is quite possible that the bubble will grow much bigger before it collapses.

Whilst Teeka does not think cryptos, including bitcoin, is a bubble, you could argue that a fusion of their approaches is that the the arrival of an bitcoin etf will lead to a massive rise in the price of bitcoin and the spreading of the bubble into the financial industry.

[UndercoverElephant]

Teeka: Look, what’s good for bitcoin is good for all cryptos.
Bitcoin is like a “gateway drug.� Once you buy some bitcoin, it sucks you into the crypto world. And you’re going to want to buy more.

So, all these newcomers to bitcoin are also going to eventually want to buy other cryptos. And they will demand other products… like a crypto index fund.

"Look, what's good for tulips is good for all flower bulbs. Tulips are like a gateway drug. Once you buy some tulips, it sucks you into the bulb worlds. And you're going to want more...."

There is a fundamental problem here, which applies to cryptocurrencies as much as it did to tulips: their value is entirely dependent on what people are willing to pay for them, and there is no physical or logical limit to their availability.

It is an enormous bubble and the whole thing is going to eventually collapse. Twenty years from now all cryptocurrencies will be worthless.. Or as near as makes no difference. Their current value is being driven entirely by speculative betting, exactly like tulips during tulipmania, and any company with a website during the dotcom bubble.

It’s going to become a portion of just about everyone’s asset allocation. But here’s the thing… there just aren’t enough bitcoins to go around.

These are the words of a deluded fanboy.

[woodburner]

It’s a great investment, it’s lost 35% of it’s peak value in the last month, don't worry though, it’s only lost 20% in the last week. Mmmm...........must get some, and quickly.

Must get some bitcoin

[kenneal - lagger]

Must get some bitcoin

The ten year graph looks like a Peal Oil graph to me. Peak bitcoin?

[Lord Beria3]

Crypto's are massively high risk and depending upon your viewpoint, are a highly volatile new asset class/technology similar to the early internet stock mania or a purely speculative bubble which will collapse at some point.

Teeka has made some amazing tips so far, including Ripple which was 20 pence and is now 2.20 dollars.

Only invest what you can afford to lose.

[woodburner]

For “invest� read “gamble�.