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[+][deleted] [recovered] (14 children) | Copy Link
Fuck that. That is a good way to lose money. Bitcoin is in a speculative bubble and will easily half its value. Maybe one day they should, but not buying that shit now.
[–]Pope_Lucious3 points4 points5 points (5 children) | Copy Link
[+][deleted] [recovered] (4 children) | Copy Link
No, it's fundamentals are not solid. It's price is solid because it is in a bubble. However, it's "fundamentals" are horrible. It can only do about 300k transactions per day. I guess with the latest change, it can do up to 450k per day once everyone upgrades their transactions types in a few years.
It doesn't even matter because bitcoin has had declining transactions. That is right, bitcoin use is going down, not up.
See the explosion of all these new coins? The new coins that have been popping up like the heads of a hydra dragon? It is taking network effects away from bitcoin.
Btw, the ultimate holy grail scaling solution for bitcoin so it will be more than a useless toy at 450k transaction capacity a day is called "lightning network". Something that has been in development for years and whose primary problem still is not resolved and has no solution in sight. It is called the "routing" problem.
Basically, without solving the "routing problem" the lightning network will be no more decentralized than paypal. The network topology will have to be basically everyone talking to a central hub. That ignores the economic issues with the lightning network.
So, no, you sound like you don't really know crypto at all. You think the "price" is "fundamentals". Here is a real fundamental for you buddy. Only 900 people declared bitcoin on their taxes last year. I am an anarchist, so great. However, that is not great for bitcoin.
Why? Because bitcoin is decentralized. It's value is NOT it depends on interaction with the banking system. Slowly, the federal governments are shutting down its use-cases. 1) Seized banks of btc-e 2) shut down dark markets 3) Forcing exchanges around the world to do anal-probing KYC.
That is just the start. Singapore central bank just stated that crypto may be used in terrorist financing. The special committee on crypto 3 months ago in congress also showed concerns.
It just takes one smoking gun of a big terrorist event using crypto and the house of cards will fall. Once governments start to put limits on the fiat gateways, then the value of these cryptos will implode. That could literally happen overnight and it is a huge systemic risk.
I get it. Right now it is a gravy train. I still hold crypto as I type this. But, don't think that holding it will be a winning strategy. Crypto is meant to be flipped like a hot potato at this point in time. The bubble is too strong and there is literally a house of cards.
One other thing you probably don't know is 300,000,000 of the crypto economy is funded by USDT. A dollar based peg by a company in Taiwan. The company that worked with btc-e recently as part of their money laundering offering. Not only is a dollar based peg likely illegal, but they likely have the company for money laundering.
Once those bank accounts get seized, that will take 300 million of USD out of the crypto economy, instantly. It is even worse than that. This "Dollar based peg" has no verification. No one knows whether the dollars for that peg actually exist. They literally could be printing USDT with no way to redeem it.
Why doesn't anyone know? Because the banking has been cut off to Tether, Bitfinex, and OkCoin. Basically, the 3 largest exchanges since late march / april. Do those dates seem coincidental to you? Oh yeah, that is right when the bubble started. And, it is right when Tether began printing 300 million in tethers that is somehow backed by USD even when it has no banking to receive said USD.
But, just keep your head in the sand buddy. Enjoy your 100% gainz that get cut by 80% overnight when this house of cards blows the fuck up.
[–]Sd4reddit1 point2 points3 points (2 children) | Copy Link
[–]cheesymold[S] 0 points1 point2 points (1 child) | Copy Link
[–]Sd4reddit1 point2 points3 points (0 children) | Copy Link
[–]cheesymold[S] 0 points1 point2 points (0 children) | Copy Link
[–]cheesymold[S] 2 points3 points4 points (4 children) | Copy Link
[+][deleted] [recovered] (1 child) | Copy Link
I already did. I bought bitcoins years and year ago. Anyone who buys it today is an idiot. The buy high sell low strategy is a losing strategy every time.
I completely recommend crypto to people in this sub. But, to buy crypto right now is fucking madness. That is a good way to turn $1000 into $200.
[–]cheesymold[S] 0 points1 point2 points (0 children) | Copy Link
[–]Squidhunter880 points1 point2 points (1 child) | Copy Link
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[–]CrazyMGTOWer 2 points3 points4 points (0 children) | Copy Link
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[–]jgirn811 point2 points3 points (3 children) | Copy Link
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[–]jgirn810 points1 point2 points (1 child) | Copy Link
[–]cheesymold[S] 0 points1 point2 points (0 children) | Copy Link
[+][deleted] [recovered] (3 children) | Copy Link
How much do you keep in alts?
[–]cheesymold[S] 1 point2 points3 points (2 children) | Copy Link
[+][deleted] [recovered] (1 child) | Copy Link
Yeah, I missed the NEO train. Think it's going to go the way of ETH?
[–]cheesymold[S] 1 point2 points3 points (0 children) | Copy Link
[–]zwuznduz 0 points1 point2 points (1 child) | Copy Link
[–]cheesymold[S] 0 points1 point2 points (0 children) | Copy Link
[–]RadicalAsceticMonk0 points1 point2 points (0 children) | Copy Link