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Topic: Bitcoin....the hen and the fox how I see it (Read 896 times)

copper member
Activity: 2898
Merit: 1465
Clueless!
August 30, 2014, 03:30:36 PM
#1

This is how I see the situation for the next few years....chime in.....the title of this thread will be evident at the end of this post....
try to be kind...all this thinking about BTC makes my head hurt...but as I see it...in my own mucked up way.

Again I very likely don't know what I'm talking about..but until something pops like Ebay taking BTC or the facebook twins ETF or some other large movement
towards 'adoption' by the masses...there will continue imho to be a slow bleed as the very large PH farms mine more coin and bleed it out to fiat as fast as possible..
it is like a slow leak to a faucet....

So again not that I know what the fu*k I'm talking about...I think that mining and the amount of BTC being HELD on the hope of future speculation/expansion/success vs
the anticipated future pain in the ass difficulty of mining say 1 BTC....again .these are so far ahead of the last leg of the 3 legged stool .....actual BTC useage worldwide
that for all I know BTC could settle down and trade at 200 usd or 100 usd....the level of say usd to btc depends on the above

so.....it is a waiting game you make your bets..if you think BTC is gonna survive as a viable virtual currency..then the only way to play imho is to go the long haul 5 to 10
years...it could plod along 200 -400 usd at best/worst/whatever for the next 2 years depending on worldwide useage/mining/and how stubborn people are to hold..all will
effect the scarcity and that is what the price/btc shows on any given day/week/month/year etc

I would like to think like most here..that Ebay would see this as a world wide improvement with paypal on expanding their customer base (you'd think?) and that the facebook
twins ETF fund would provide a way to bring in NEW institutional $$$ ..but also keep in mind we are one gov't over reaction or one terrorist claiming that BTC is the end all be all
for blackmarket purchases away from another crash and hopefully recover and likely over the next few years repeat that often

so....I buy and hold what I can afford (probably like most of you prob 10% more then I should) and plod along scratching my head.....but again...mining is way ahead
of the curve for the currency imho size wise output wise and probably only going to get weirder.....holding is also probably way out of proportion to the real risk in all this
in a normal market people would panic sell more..in the BTC market where 1000 folks are true believers and own 1/2 of all the BTC made so far...well...that is a nice
if artificial stability we have

but until the little guy with a cell phone on the Ivory Coast of Africa say can buy ..say a sewing machine for the wife to improve their lot in life..w/o having to bribe/deal
with large bank fees and say hyperinflation of their currency.....well...we need that acceptance...ie the ivory coast guy knows he can trust ebay with his btc transaction
and ebay does not need to worry about security/etc cause that is in the coin...when that pop's all hell is gonna break loose imho

but as to when I sit on my 50 btc nestegg like the rest of you and cluck cluck cluck hoping the fox does not show up and as they say in Game of Thrones....Winter is Coming!

Searing
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