Crypto Party is Over

[TheMoneyShot]

I am surprised Bitcoin lasted as long as it did. It offers nothing unique to other cryptocurrencies besides it's market pentration. They all use the same/similar technology. Transactions are too expensive, and confirmations take too long. Cryptocurrency is the future, but Bitcoin is the myspace in my opinion. It's holding on right now because people are buying it to invest which will not last for a currency. The sustainability comes with actual use. Once the money launderers move onto something better bitcoin will crash. If you are lucky bitcoin will split off to the currency of the future and you will get both in the split.

I've been on the bitcoin train since long before it made it to SBR and you check my post history, I was the first one talking about it here along with one other guy I can't remember his name. I have been bullish on Bitcoin through all the past ups and downs, but I really do think the end is near for bitcoin. I would not be investing in the currency at this point. To much false value with everybody and their cousin buying it for no other reason than to "make money". Once there is sign of trouble they will all dump and that will be it. It's not going to surge again in the likes we've seen in the past. It's likely another currency, or multiple currencies, will eventually take it's place.

I agree. I think you're going to have one more run in Bitcoin gains from now until the Super Bowl.... then right when the Super Bowl is over... you're going to have a sh#$load of sell offs. Might tank to the lowest point ever.

[PharaohUB]

You think Ether could pass it or no? Same here man If I could have only kept that damn coin out of the books

I would think something along the lines of z-cash with high anonymity would be the next big thing. Seeing that the major use case for Crypto use is their anonymity, and bitcoin is weaker than most think in that area. I'm not saying go invest in z-cash. I'm just saying I'd look for something with those qualities. I don't keep up with at as much these days, I'm pretty busy with my job. I just don't see what makes bitcoin special outside of market penetration. That alone is a huge deal though don't get me wrong. Just something to think about before someone puts their life savings into bitcoin without considering they do have competition.

[Arky]

This time last year Bitcoin was 85% of the crypto market, it's now only 34%. That is a pretty telling sign IMO.

https://coinmarketcap.com/charts/#dominance-percentage

That's a tad misleading. Last year at this time there were only about 660 coins. Now, there's is more than twice that. Bitcoin is still #1 with "others" (all 1000+ of them) likely to pass Bitcoin in the future.

What will be telling is the day that Bitcoin moves from #1 to #2 on the main list....

[The Kraken]

Isn't that the way Ponzi schemes work ?

Yes, exactly

[The Kraken]

I would think something along the lines of z-cash with high anonymity would be the next big thing. Seeing that the major use case for Crypto use is their anonymity, and bitcoin is weaker than most think in that area. I'm not saying go invest in z-cash. I'm just saying I'd look for something with those qualities. I don't keep up with at as much these days, I'm pretty busy with my job. I just don't see what makes bitcoin special outside of market penetration. That alone is a huge deal though don't get me wrong. Just something to think about before someone puts their life savings into bitcoin without considering they do have competition.

I think anonymity is a major obstacle going forward. There will always be the desire for anonymity by some but as a whole I think security and privacy are more important than anonymity. Governments will never allow trillions of dollars to move without accounting for the identities of the parties involved. And lets be honest, blockchain type tech goes nowhere without the blessing of governments. It's naive to believe otherwise.

[hotcross]

I agree. I think you're going to have one more run in Bitcoin gains from now until the Super Bowl.... then right when the Super Bowl is over... you're going to have a sh#$load of sell offs. Might tank to the lowest point ever.

for what its worth, I've tried to apply that logic in previous years (multiple years), but it wasn't a significant correlation

[raiders72001]

Bitcoin is very useful for legitimate reasons. It keeps a ledger that can't be doctored. Banks are cut out of the equation since there isn't a need for a middleman.

There are ways to lower fees and speed up transactions that haven't been implemented yet.

[raiders72001]

Whenever the US government needs money, they just print more. One day this isn't going to be good for the dollar.

There will be a finite amount of bitcoins. We need universal currencies without bank intervention.

[PharaohUB]

That's a tad misleading. Last year at this time there were only about 660 coins. Now, there's is more than twice that. Bitcoin is still #1 with "others" (all 1000+ of them) likely to pass Bitcoin in the future.

What will be telling is the day that Bitcoin moves from #1 to #2 on the main list....

Misleading how? Bitcoin is losing market share that’s all that means and what I intended it to mean. The amount of coins is irrelevant.

[Arky]

Misleading how? Bitcoin is losing market share that’s all that means and what I intended it to mean. The amount of coins is irrelevant.

Because the market is growing. Hundreds of new alt coins to buy into. It's very natural that Bitcoin will see reduced share.

The presentation makes it sound like Bitcoin is going downhill - not the case. It's going to be a while before people stop investing in Bitcoin and it loses its #1 ranking....

[TheMoneyShot]

Whenever the US government needs money, they just print more. One day this isn't going to be good for the dollar.

There will be a finite amount of bitcoins. We need universal currencies without bank intervention.

Raiders... how many Bitcoins did the creator make??? Why do I feel like there's more now?

I thought the value of Bitcoin was solid because the creator claimed there would never be anymore made?

[LVHerbie]

Raiders... how many Bitcoins did the creator make??? Why do I feel like there's more now?

I thought the value of Bitcoin was solid because the creator claimed there would never be anymore made?

There are still bitcoins being created but the total amount to ever be created is capped at 21 million. The amount be created slows down over time and should cap in 2040.

[LVHerbie]

I think anonymity is a major obstacle going forward. There will always be the desire for anonymity by some but as a whole I think security and privacy are more important than anonymity. Governments will never allow trillions of dollars to move without accounting for the identities of the parties involved. And lets be honest, blockchain type tech goes nowhere without the blessing of governments. It's naive to believe otherwise.

Without closing down the internet how does government stop crypto-currencies?

[Forearm Shiver]

Are we gonna look back at this in 50 years like it’s the xfl?

Very good analogy.

[Bsims]

Bitcoin is very useful for legitimate reasons. It keeps a ledger that can't be doctored. Banks are cut out of the equation since there isn't a need for a middleman.

There are ways to lower fees and speed up transactions that haven't been implemented yet.

Agree and disagree. If bitcoin does implement the proposed changes to speed transactions and lower cost they will significantly address the negativity and have a positive impact on its price.

But as its price increases it becomes less useful as a means of transactions. People will have a tendency to hold an asset increasing in value rather than spend it. A real dilemma.

[raiders72001]

Raiders... how many Bitcoins did the creator make??? Why do I feel like there's more now?

I thought the value of Bitcoin was solid because the creator claimed there would never be anymore made?

LV beat me to it.

[raiders72001]

Agree and disagree. If bitcoin does implement the proposed changes to speed transactions and lower cost they will significantly address the negativity and have a positive impact on its price.

But as its price increases it becomes less useful as a means of transactions. People will have a tendency to hold an asset increasing in value rather than spend it. A real dilemma.

great points and things change fast.

[k13]

Without closing down the internet how does government stop crypto-currencies?

Easy. Banks/CC preventing you from depositing/withdrawing it.

It will still exist but the growth will end.

[SnakesPicks]

Easy. Banks/CC preventing you from depositing/withdrawing it.

It will still exist but the growth will end.

That already happened, that's why you use P a y eer... or some such method. Always a new way popping up.

[Otters27]

Got to admit bitcoin is a little worrisome here now

[convick]

Got to admit bitcoin is a little worrisome here now

Ether, Bitcoin cash and Litecoin looking good to you right now? Bloodbath everywhere I look Otto.