Topic: "Future of Bitcoin" or "Explaining what's wrong with asking where is the bottom" (Read 320 times)

you basically saying FU to me here. well FU too)
I tried here to put in perspective bitcoin price and where its ecosystem is.   you had no  counter argument to my main points. none at all!
pls tell me why there could not be better and stronger coin? coin that will draw ppl from bitcoin in long fall?   right now  only well known name and size gap whats holding bitcoin afloat.
pump and dumpers that made last wave now have resources to sink bitcoin and pump new coin.  also there could be some country like Sweden creating its own coin.
decentralized exchanges can work only crypto 2 crypto. and whats the point of that?   for usd they will only bring more scamers in.

ROFL  

Governments will try to "copy" Bitcoin to create their own Blockchain based technology, but it will not get the same support. People have seen what happens when governments are placed in charge of the monetary system and they are not going to support a private/centralized GovCoin like that.

Bitcoin is also not just going to fade away, because a lot of people have joined Bitcoin for the right reasons.  

Well,speculation is root of all evil. First of all i dont think bitcoin has the potential to replace the current financial system because it is not even big threat as payment method for known reasons like confirmation time, double spend issues, unstable mining fee etc.. Inflation is closed circle and it has potential to overwhelm the advantages of latest techoloigcal solutions to banking system.

Regulations make things more harder and non-understandable for average Joe. Governments have power to control total turnover but decentralizaed exchanges are second to none solution to bypass this easily.

You still seem to be, and the timing isn't really surprising at all.

I do agree there is a lot hype around crypto, but that's what people buy themselves into, right? Speculative assets are never priced fairly because they are always ahead of the actual utility and potential usefulness.

Exchanges are quite problematic as well, but we're seeing more exchanges comply with the jurisdiction they operate in, and that strengthens the market as a whole as time goes by. You need to take the market with a grain of salt.

If you think you're right and aren't open to any form of input, I don't know what there is left for you to do here. Sell your bags to fiat and be freed from this space.

i was also naive and optimistic some years back LOL   

Bitcoin right now is very speculative.

However, the thing that I think that you're wrong in terms of speculation is that it doesn't mean that in the future, it won't have any more utility other than being speculative. With bitcoin, I can comfortably say that it will, either by being the currency that is accepted widely as an global form of payment, or as a sort of a reserve asset that hedges against inflation.

But I do think that this is quite normal for bitcoin, as in what is happening right now, as prices are dropping due to the bear market. It might not have bottomed out yet, but I think that it's fairly probable the recovery will come some time next year. I simply do not think that given the current level of demand, $400-700 is a very likely spot for bitcoin to end up at all.

Also, what you mentioned with the exchanges is completely separate from bitcoin itself, imo. Non-compliant exchanges can obviously be shut down whenever the regulators want.

The truth is that no one is able to predict the price of BTC or where the bottom is. People write around the forum that bottom in on $4k , $3k .. just to convince themselves that it will be like they think. It's just a psychological trick to believe that this is the end of panic on the market. 

based on what?  fail of shitcoins? lol
even hugely problematic ETH had some rally.   any big resource or big name will make a huge competition for BTC. thats not a stretch by any means

I don't think that there will be a new coins to replace bitcoin. I think you already got your answers with Bitcoin Cash last year. It was pump so hard that they think they can replaced bitcoin. Regarding countries creating their own coin, it been happening as well, but the problem with any government back crypto is the high tax, that's why we haven't heard any success stories about any government crypto coin. Bitcoin will still be here, no matter what and just maybe the price could literally skyrocketed in the next 5-10 years.

Lolzzz… nobody knows the bottom. If you keep looking at what most of the people are saying here you will just end up making a huge mistake. I don’t think anyone knows what the bottom price is. I saw a lot of people say last four months that $6000 is the bottom and that there will be a Bull run on October but it all didn’t happen. So nobody knows that, just buy whenever you know you can afford it.

You know that each chart has a continuation, and such as its creators want. You can endlessly say that 7000, 6000, 5800 is a support line and draw lines, trends, triangles and flags. BUT as soon as the price goes not according to your scenario and leaves the drawn figures - at once there is other figure and other comments.
This is the psychology of man and it is always aimed at the scenario that he needs. There are always factors that are not taken into account, it is impossible to know where the price will go!  I can only say one thing - it will go RIGHT!!

I get strange feelings reading users been sure of themselves saying with full conviction that bottom price for bitcoin is 7000, 6000, 5000...  drawing waves and lines on selective parts of charts...  Guys, come on!
Let me clear a little bit where we are right now as an ecosystem. Bitcoin is still just a speculative commodity with highly manipulative and artificial price making. As bitcoin market is "too free"- even black market operators see its as a risk of loosing money, so they prefer old but more reliable dirty cash. So there are ICOs(just another bubble) , gambling and speculators of all sizes. That is the foundation of bitcoin economy. No manufacturing, no big investment funds into something real and stable like textile. Just speculators.
I remind you, after everybody knew about bitcoin and there were already industrial mining price was stagnant around 100$ +-40% .  Then came the market-makers and started their waves. Good old pump and dump came to bitcoin. What we saw last two years is just another wave of pump and dump. And if not strange buy and sell habits that changed price in steps should have tipped you off, then the  amazing syncing of movement and absolute price on all major exchanges. There is no way for bitcoin price to be  exactly same on all exchanges unless there is some coordination or price fixing.
I can see some substance for bitcoin price to be around 400 or 700, but 4-7000?  No, thats a pump.
Now, what is really we should be worried about: will there be mass closure of exchanges with frozen funds and mass scam showed to all?(they are all ready been investigated). Or, will there be another coin created by the same pumpers, and bitcoin killed as an example for crypto enthusiasts at the same time as the new coin will be pumped for two years.
If next 10 years international markets will get turbulent (and likely they will) some country more respected then Venezuela can blink and go for their own bitcoin in desperate try to save themselves. Where will Bitcoin be then?