Bitcoin going mainstream had the opposite effect than I predicted.

jseverson

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Quote from: CryptoRobert on January 02, 2018, 07:10:31 PM

Quote from: HabBear on January 02, 2018, 02:15:05 PM

Quote from: mk4 on January 02, 2018, 10:32:49 AM

Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment.

Bitcoin only has itself to blame for not being a method of payment, but the value runs higher if Bitcoin remains an investment asset class. A currency can't have wild swings. A currency needs to stabilize and then have only modest gains year over year. People won't spend something today that they believe will be worth more tomorrow.

Quote from: mk4 on January 02, 2018, 10:32:49 AM

It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

What's wrong with this? When the dumb cash out the smart come in from the sidelines and bid the price back up. The best thing Bitcoin has going for it is that its value won't erode over time due to inflation in the money supply...that reason alone is enough to make Bitcoin an excellent alternative for savings.

Bitcoin is doomed to be used as a speculative asset, I am afraid. And with the current fees it could anyway not be used for small payments any more. Other currencies may eventually take it's place for actual payments, which Bitcoin will be stored like gold, for not being used.

That's true at the moment, and it looks like it will continue to be in the near future. It's not by design though, but rather by limitations. Under normal network conditions, Bitcoin shouldn't have any problems with small payments, or really any other kind of transaction. It's going to stay an investment until then, and it's not even necessarily the best in that aspect with other alts posting much better growth.

That being said, once the Lightning Network is implemented, Bitcoin could reverse all that in a hurry. That can't come any sooner.

Cryptoshops

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I think Bitcoin is not looked upon as an everyday currency anymore Its become more of an investment coin. I think and sorry to say it but, Ripple coin might do better as an everyday spending coin because I think the banks would control its price and not let it get out of hand like Bitcoin has done

Bobby park

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Quote from: grumpygit on January 02, 2018, 10:09:59 AM

I have held Bitcoin for quite a while now and done very nicely, OK there was the dip in December, but you won't hear me complaining after the great year we have. I have also studied Bitcoin best I can, and apart from it being a great investment in my opinion it also has the power to do so much good in this evil bank ruled world.
Bitcoin never ceases to amaze me and more often than not does the opposite to what I thought it would do. When Bitcoin was attacked by JPMorgan in August along with China closing exchanges I thought we had a year of downside to contend with, wrong. I have always thought that when Bitcoin arrived at the eve of it going mainstream I thought all the real fun would start, and I believed it did go mainstream when it $10,000 in December, well it did in the UK and I am sure the USA was the same, it was all over our mainstream news. But what happened, it took fright and there was a big fall and a slight rally and now it is flat lining.

What a great ride owning Bitcoin is, but I am All in and going all the way

Yeah! Bitcoin will never be vanished, as what people said during its dumped days. Bitcoin will continuously grow and grow. Bitcoin always be on top cryptocurrency list. If I earn bitcoin someday, I will hold it until its price doubled. I think there is no lose in bitcoin, eventhough sometimes there are dipping down, bitcoin price will always recover and goes up!

bitfools

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Quote from: mk4 on January 02, 2018, 10:32:49 AM

Unfortunately though, the "mainstream" we are currently achieving isn't the kind of "mainstream" we're looking for. Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment. Which is depressing if you ask me. It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

INVESTMENT is long term, the assholes day trading bTC don't give a shit about BTC, they're just trying to scam other suckers and bail,

It's not investing, its speculating, its betting, its playing the horses,

2017 BTC went parabolic, all things that go parabolic come back down, there is NOTHING new under the sun in human history.

BTC has too many failings to win long term, its a case study and nothing more, just a matter of time before BTC is broken, and blows to bits in the wind, long term serious thinking should focus on BTC 2.0, or 3.0

DUMB MONEY can't cash out, pretty much all they can do is flip-flop in & out of BTC and play alt's and slowly the fee's eat away any 'wealth' that moron may have had,

A real winner, who cashes out at a 'bank' will quickly get a knock on the door by the 'tax-man', and see that he owes 150% over his winnings, this is the nature of the tax collector.

***

Smart ppl accumulate BTC by mining post 2009, and HODL, and wait for US DOLLAR to collapse, then move to friend BTC government where that wealth can be spent, for now crypt is a waiting/hodling game.

Using FIAT to buy crypto's is stupid, because as soon as you BUY cryptos, the GOV knows U R a HODLER, best for GOV to never see u on its gaydar

DerekGT

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Bitcoin and crypto is an amazing thing in our world if you ask me.
But that same Bitcoin is old technology, as a matter of fact not even one coin is ready to go mainstream yet.
And by that I mean to replace the fiat money. I'am waiting that day

CryptoRobert

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Quote from: HabBear on January 02, 2018, 02:15:05 PM

Quote from: mk4 on January 02, 2018, 10:32:49 AM

Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment.

Bitcoin only has itself to blame for not being a method of payment, but the value runs higher if Bitcoin remains an investment asset class. A currency can't have wild swings. A currency needs to stabilize and then have only modest gains year over year. People won't spend something today that they believe will be worth more tomorrow.

Quote from: mk4 on January 02, 2018, 10:32:49 AM

It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

What's wrong with this? When the dumb cash out the smart come in from the sidelines and bid the price back up. The best thing Bitcoin has going for it is that its value won't erode over time due to inflation in the money supply...that reason alone is enough to make Bitcoin an excellent alternative for savings.

Bitcoin is doomed to be used as a speculative asset, I am afraid. And with the current fees it could anyway not be used for small payments any more. Other currencies may eventually take it's place for actual payments, which Bitcoin will be stored like gold, for not being used.

shursight

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The problem in here is that everybody is always trying to leave the ship once that it start to go down.

Quote from: tyuner4 on January 02, 2018, 10:27:44 AM

Bitcoin is still going strong with all these fuds going on in 2017. This make me believe in Bitcoin more and still holding. I expect to see more fuds in 2018, but my faith will always be strong too.

That is the main reason of why the price is always dropping when there is a bad season for bitcoin.

And THAT is the main reason of why i am always trying to hold as much as i can, the last time that i sold some bitcoins was at $20000 each, and i am not looking to sell more.

grumpygit

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Quote from: HabBear on January 02, 2018, 02:15:05 PM

Quote from: mk4 on January 02, 2018, 10:32:49 AM

Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment.

Bitcoin only has itself to blame for not being a method of payment, but the value runs higher if Bitcoin remains an investment asset class. A currency can't have wild swings. A currency needs to stabilize and then have only modest gains year over year. People won't spend something today that they believe will be worth more tomorrow.

Quote from: mk4 on January 02, 2018, 10:32:49 AM

It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

What's wrong with this? When the dumb cash out the smart come in from the sidelines and bid the price back up. The best thing Bitcoin has going for it is that its value won't erode over time due to inflation in the money supply...that reason alone is enough to make Bitcoin an excellent alternative for savings.

Agree

And Bitcoin will stabilise at some point, Right now it is massively under priced for it's potential, when it gets there and banks have had their bums spanked and Bitcoin is as mainstream and used as fiat is today a 10% rise in a year for Bitcoin will never be seem again, definitely not in an hour like now

HabBear

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Quote from: mk4 on January 02, 2018, 10:32:49 AM

Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment.

Bitcoin only has itself to blame for not being a method of payment, but the value runs higher if Bitcoin remains an investment asset class. A currency can't have wild swings. A currency needs to stabilize and then have only modest gains year over year. People won't spend something today that they believe will be worth more tomorrow.

Quote from: mk4 on January 02, 2018, 10:32:49 AM

It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

What's wrong with this? When the dumb cash out the smart come in from the sidelines and bid the price back up. The best thing Bitcoin has going for it is that its value won't erode over time due to inflation in the money supply...that reason alone is enough to make Bitcoin an excellent alternative for savings.

trolliban

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Bitcoin going mainstream actually had a weird effect, evn though it went mainstream that happened on a domestic fashion, i'm pretty sure you hear your friends now talking about BTC but is not a trending topic on the news and companies are not expanding massively to include btc as payment methods. It needs to become really marketable and some development is still required

grumpygit

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Quote from: mk4 on January 02, 2018, 10:32:49 AM

Unfortunately though, the "mainstream" we are currently achieving isn't the kind of "mainstream" we're looking for. Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment. Which is depressing if you ask me. It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

I have to partly agree.

But!

I have always thought the way this is going to play out once all the hard work is done, somebody/something is going to see a beautiful payment system and currency that is all boxed up and waiting to be used and jump in and be the first to use it followed by others. I can see no reason why a small once corrupt and problematic country with skills or a product use it as their main currency.

bip76

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Quote from: grumpygit on January 02, 2018, 10:09:59 AM

I have held Bitcoin for quite a while now and done very nicely, OK there was the dip in December, but you won't hear me complaining after the great year we have. I have also studied Bitcoin best I can, and apart from it being a great investment in my opinion it also has the power to do so much good in this evil bank ruled world.
Bitcoin never ceases to amaze me and more often than not does the opposite to what I thought it would do. When Bitcoin was attacked by JPMorgan in August along with China closing exchanges I thought we had a year of downside to contend with, wrong. I have always thought that when [Suspicious link removed]ived at the eve of it going mainstream I thought all the real fun would start, and I believed it did go mainstream when it $10,000 in December, well it did in the UK and I am sure the USA was the same, it was all over our mainstream news. But what happened, it took fright and there was a big fall and a slight rally and now it is flat lining.

What a great ride owning Bitcoin is, but I am All in and going all the way

I think you are wrong in saying that bitcoin took a fright after going mainstream, I feel like it got a lot of publicity and attracted new money an pumped too high, now a correction occurred and we are back at a normal level. The way you phrased it sounds as if the new money lowered the price.

mk4

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Paldo.io 🤖

Unfortunately though, the "mainstream" we are currently achieving isn't the kind of "mainstream" we're looking for. Instead of the new people looking at bitcoin as a method of payment, they mainly look at it only as an investment. Which is depressing if you ask me. It's pretty much almost nothing but lambos now. I fear the day that bitcoin's price becomes stable for months, as the dumb money might all cash out.

tyuner4

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Activity: 322

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Bitcoin is still going strong with all these fuds going on in 2017. This make me believe in Bitcoin more and still holding. I expect to see more fuds in 2018, but my faith will always be strong too.

grumpygit

newbie

Activity: 60

Merit: 0

I have held Bitcoin for quite a while now and done very nicely, OK there was the dip in December, but you won't hear me complaining after the great year we have. I have also studied Bitcoin best I can, and apart from it being a great investment in my opinion it also has the power to do so much good in this evil bank ruled world.
Bitcoin never ceases to amaze me and more often than not does the opposite to what I thought it would do. When Bitcoin was attacked by JPMorgan in August along with China closing exchanges I thought we had a year of downside to contend with, wrong. I have always thought that when Bitcoin arrived at the eve of it going mainstream I thought all the real fun would start, and I believed it did go mainstream when it $10,000 in December, well it did in the UK and I am sure the USA was the same, it was all over our mainstream news. But what happened, it took fright and there was a big fall and a slight rally and now it is flat lining.

What a great ride owning Bitcoin is, but I am All in and going all the way

Topic: Bitcoin going mainstream had the opposite effect than I predicted. (Read 162 times)