How far will bitcoin and other cryptos fall?
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@tonyshowoff said in How far will bitcoin and other cryptos fall?:
As for bitcoin and other coins go, yeah people pump and dump and the instability basically makes it a casino, but that's not what most people I know, including myself use it for, it's used to near-instantly convert currency and/or purchase things, and very little time is spent as bitcoin. I never would keep any more stable hard currency as bitcoin. I think people in the west often lack the experience of dealing with two currencies at the same time, one stable and one unstable, the idea that one which is unstable is useless or a scam is missing its use, especially when it comes to dealing with states (governments) and grey/black markets. There's also black market currency values as well but that's not really relevant to bitcoin.
:thumbs_up:
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I think the better question would be when is bitcoin not worth it for miners to mine anymore.
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@Harry-Lui said in How far will bitcoin and other cryptos fall?:
I think the better question would be when is bitcoin not worth it for miners to mine anymore.
In many cases it already is - a person at my gym has several hundred miners. They are all turned off right now. Power costs are higher than income currently (which is odd considering cooling is near free right now).
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@Harry-Lui said in How far will bitcoin and other cryptos fall?:
I think the better question would be when is bitcoin not worth it for miners to mine anymore.
For a business that time has already come. For an individual who is playing the speculation game, it may still be something they might do.
Just like everything else in tech, there is a business side and a tinkering side. The tinkers will operate a loss for a while since it is a hobby and they are playing the long speculation game. Some companies may also be willing to take the risk. Although, I would assume that they would do it at a smaller scale when unprofitable vs profitable.
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@IRJ I can only think about this guy I read about who invested a 100k in mining equipment and was doing it full time
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The BIGGEST problem with crypto and bitcoin is the fake volume. When you spend a ton of time in exchanges every day, you realize 98% of the volume in many exchanges is fake. Which means the value is inflated. What we saw in late 2017 / early 2018 had real volume and created a real price increase. The problem with a 80% drop in value is that you are going to lose traders and ALOT of them. So many people kept buying down and literally have a fraction of what they had before. If you bought alts it was even worse.
So fake volume became very prevalent in many exchanges. Now this isnt much different than the stock market other than central bankers / government officials dont have same level of control that they do in the stock market or forex markets. Since they write those rules.
All that being said, I feel like there is a real chance that a crypto currency could become mainstream someday. It definitely wont be 1500-2000 of them like are listed on Coinmarketcap. I also believe the winner may not even be bitcoin. Which menas the majority will be worth zero one day.
I could of treat crypto like hot potato at the moment. Get in and get out. Observe how the waves roll and just ride them for short periods of time. Things are more predictable than one may think (in the short term).
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@jmoore said in How far will bitcoin and other cryptos fall?:
@IRJ I can only think about this guy I read about who invested a 100k in mining equipment and was doing it full time
When everyone is doing something like they were one year ago...it is usually time to do the opposite. Following the herd always leads to the slaughter.
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@IRJ said in How far will bitcoin and other cryptos fall?:
@jmoore said in How far will bitcoin and other cryptos fall?:
@IRJ I can only think about this guy I read about who invested a 100k in mining equipment and was doing it full time
When everyone is doing something like they were one year ago...it is usually time to do the opposite. Following the herd always leads to the slaughter.
Yeah, leading the crowd can make money. Bucking the trends can make money. Following the herd always results in plunging over a cliff.
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@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
Remember... currencies are not investments. It's just different cash. You'd never say that you were "investing in Canadian dollars" or "investing in pesos". In some ways, everything is an investment, I get it. But nothing is "less" investment than cash and Etherium is a form of cash. It's the farthest thing from an investment that you can do with money.
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@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
People "invest" in currencies all the time.
I'll leave the draconian definition crap to @scottalanmiller this time.
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@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Wow. It was $600 or so last time I looked. I'll stick with real businesses to invest in, someone that does something and makes money.
Crypto is not for people who want to invest. It is for traders and if you know trading it is more profitable percentage wise than most businesses. If you dont know what you're doing then stay out. It is impossible to make 100% gains in a day with other ventures. I know many people that have lost over 95% as well.
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Buying and Trading are two different things.
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@JaredBusch Haha got it!
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As far as I am concern, ALL cryptocurrency fails as currency.
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@JaredBusch said in How far will bitcoin and other cryptos fall?:
@jmoore said in How far will bitcoin and other cryptos fall?:
@scottalanmiller Your right, I just hear a lot of people say they are investing in these currencies. I have heard people say they are investing in some currencies though so people do use that language. I just don't think its a good idea regardless of what you call it. I looked into it briefly because of all the news about it but quickly decided against it.
People "invest" in currencies all the time.
I'll leave the draconian definition crap to @scottalanmiller this time.
They do, but it's like "investing" in not investing. Like I said, everything is investing depending on how you look at it. But currencies are the absolute limits, the "approaching zero" of investing. If there is something that is a real investment and something that isn't, currency is the farthest thing from it. But in the real world, we generally consider literally everything to be an investment, and that makes sense.
The thing about currencies is that they are the one and only thing that is the alternative to investing.
Think about the way people talk about investing.
"Oh, you just have cash in your wallet? You should invest that." People always talk about holding cash as the opposite of investing. What would "not investing" look like? Currency. That's the one thing that people consider not investing.
That was my point.
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@scottalanmiller I think of it in car terms. It's like you use your car to buy an equal value car, and then pray the value of your new car goes up. They are both cars. Just like dollars and bitcoin are both currencies. It's just that your new car value is now way more volitile than your old one.
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It seems to me that everything will get better, as there are always some deviations for a while. Everything is not forever and everything changes. If you are very worried about the safety of your cryptocurrency, do as I transfer through the redacted to another currency and not lose anything
