Topic: A Noobs thoughts on BTC (Read 3090 times)

Anyone selling large amounts of bitcoin is literally doing the community a favor and helping a more fair distribution of it, if you want a stable market then go open a central bank in which you are able to control the market and have a stable price.
As difficulty increases the price naturally will go up and the only reason why we're not in $1500 range price is because the uncertainty caused by BU and the possibility of a hard fork.
Fiat doesn't need to go any where and we're good as long as people willing to pay fiat in exchange for bitcoin for now.
Bitcoin is not a replacement nor an alternative for fiat but just a new kind of currency which could be obtained in a decentralized manner.

If you want ETH and LTC then go start mining them while it's much easier than bitcoin mining.

I think bitcoin won't be spent much in the future because of the high value and high fees (by then). I think an altcoin will become more used for small purchases because it will be less scarce and cheaper.

So i was skeptical back in 2013 when btc made their initial splash into the mainstream radar.

I recently became interested in cryptocurrencies because i was finally able to wrap my head the ideas behind blockchain and now firmly believe it is the future.

I went out and bought some BTC, ETH and LTC

Obviously Japan recognizing BtC as a form of currency is huge but i am wondering which of these cryptocurrencies will be around in 10-20 years time.

Most holders of these cryptos are in it for purely speculative reasons and in turn, creating large bubbles.

The only way thes bubbles will resolve is from 3 things that need to happen:

-wider usage . Btc needs to be able to be used to be able to purchase anything that traditional fiat is able to. This is obviously a no brainer. Btc needs to be spread out in the hands of more people

- price needs to stabilize - the fluctuation in price is insane and needs to stabilize, in order for this to happen btc needs further distribution. Hoarders (chinese farmers and early miners) are a negative, see below.

- fiat currency needs to disappear- this is obviously a radical thought but fiat cannot be an option. The reason is, guys like the mysterious satoshi nakamoto, chinese btc farmers, the vinklevoss twins etc or anyone holding a significant amount of btc can literally tank the btc ecosystem by trading out a large sum of btc to lets say us dollars.

This would create a huge price instability, loss of public trust and then we circle back to square one.

Just wanted to share my thoughts.

I am in as a skeptical long term buyer but did want to address some possible pitfalls to btc

There are many things that we can get excited about with Bitcoin and cryptocurrency in general. However, there are also many ways we can get skeptical. Maybe because Bitcoin can not solve all of our financial problems on the global scale. It is not the messiah we have been waiting for to save the world. It is just another innovative man-made tool that can in a way revolutionize the way we look at money in conjunction with the digital age that we are already in. But it is not the kind of thing that can bring us to utopia. In fact, the current debate on how to fork Bitcoin is exposing the reality that we are still humans after all and that we are bringing many weaknesses into the table of cryptocurrency.

Well, there's apparently M-PEX or what is his name, too which is not very far from a million coins either.   So we are already at about 30% - 40% of the coins in the hands of just a few people.  When people shout about the DASH scam, in fact, bitcoin is not better distributed

Apart from that, I think there are not many people who continue to keep thousands of bitcoins. Maybe, these are the Winklewii bros and a few other guys like Vermin and Jihad, but they are only threatening to dump their stashes. But we all know that a barking dog never bites

Of course you can control the price if you have most of the coins, if you want the price to go up you have to hold, if you want it to go down you just have to sell, I mean that is basically what is happening, every time big whales sell the price goes down, and that is why all people are racing to get as much as they can so that one day they can control its price

i remember that day, when i still dont give a shit with bitcoin existence, that's basically chaos for the community, never keep all your bitcoin in an exchange for a long time or you will be risking it

Of course you can control the price if you have most of the coins, if you want the price to go up you have to hold, if you want it to go down you just have to sell, I mean that is basically what is happening, every time big whales sell the price goes down, and that is why all people are racing to get as much as they can so that one day they can control its price.

But what's the purpose of that?

Apart from that, I don't think that it is technically possible, you could control 99% of all coins issued but would you be able to control the price? Obviously, you won't be the only one selling as well as buying, so your efforts would be mostly in vain (even if there were some purpose in that). I guess it would be like dancing on the tip of a needle. You would have to not only control most coins but also places where coins can be traded as well as those who can buy and sell. In other words, that would be an exercise in futility totally pointless

It is a lesson to remind all of us, never believe in the same things. The risk is always there if we are not careful.

As difficulty increases the price naturally will go up and the only reason why we're not in $1500 range price is because the uncertainty caused by BU and the possibility of a hard fork

If you want ETH and LTC then go start mining them while it's much easier than bitcoin mining.

if you think any altcoin deserves the same attention as bitcoin you make a big mistake and you will pay for it with a lot of money lost.
be careful with eth in near future and in long term and then afterwards ltc in longterm

While I agree that Bitcoin is still the top dog by a long shot, I don't think its a bad idea to own some altcoins. I can guarantee you there are many people that have made a lot of money in a short time period on altcoins. Then you can turn around and sell the altcoin for more BTC.

But also be aware that a lot of people have lost a shit ton of money in altcoins.

i think he mean that regulation can increase adoption, we have a case in japan where regulation made adoption in japan far higher, this is also proven by the very high volume they have on exchange, the highest among all

so in theory if all country do the same, we can have a better adoption that will lead to more stability, which make sense

Of course, by putting more of it on the market, or by buying it back, just like the FED does.  If you have 99.99% of the stock, it is as if you had, as compared to the market, an infinite stock of it, so that you could "print" as much as you'd like.  In other words, you totally master the offer.  Note that 99% by itself is not going to last very long, but 99.99 % or even better, 99.99999% does.
You need to be able to, say, triple or divide by 3 the monetary mass available in the market: then you can set the price at the level where you want it (say, a slightly decreasing curve, or a constant price as compared to a basket of "value")