WHAT HAPPENS IF BITCOIN POPS? - page 3.

michellee

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Quote from: LordCarps on December 25, 2017, 11:39:32 AM

Hey ya'll, curious question from a newbie here. I was wondering what would really happen to everything if ever bitcoin does pop and lose a huge part of its value.

Can anyone give me understandings as to why that won't happen?

if there is a big community of bitcoin still give support to bitcoin then I guess bitcoin will stay in the cryptocurrency world and bitcoin will lead all altcoin in the future. but if somehow bitcoin crashed too deep and many people disappointed with bitcoin and they leave and abandon bitcoin then the change for bitcoin losing the value is big. but I don't think that every people will leave bitcoin especially the whales that have a big amount of bitcoin, they won't let this happen and will make sure that bitcoin still exist among us.

Enjel

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Quote from: sjefdeklerk on December 25, 2017, 07:43:57 PM

Quote from: Enjel on December 25, 2017, 06:58:27 PM

It is rather a store of value, with the legacy Bitcoin name, and limited supply. The reason gold has been valuable through the entirety of human history was just because it looked shiny and cool, and not because of its utility.
You never use gold to buy milk or make any general transactions, so it must be worthless right? Gold is one of the most manipulated commodities on the market, and the government pretty much controls the supply (which we don't know), so it must be worthless, right?

Gold is used in a lot of products and processes, from jewelry to audio gear to space technology to nano particles for chemotherapy. Bitcoin on the other hand is nothing, it's just an idea.

Actually, gold has been valuable throughout history, when those things didn't exist (or even a few hundred years ago). Kings made chairs out of gold, and were buried with it. It is actually just a shiny rock that doesn't perish. Bitcoin can have similar value, if you consider that. In the end, everything is really just an "idea". However, in the modern era, we now realize that computer code is just as real as something physical.

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Your other statements are misleading - who cares about Israel when the USA SEC approved CME futures?

China, Venezuela, Bolivia, Ecuador, Nepal, Morocco, Bangladesh and now Israel, the list of countries that are cracking down on bitcoin keeps growing rapidly. Do you think governments will just sit back and let some virtual currency replace the currency they control ? The EU is coming with legislation in a few months too.

At the same time, Bitcoin is legal tender in Japan? CME regulation is a big approval in the US. I actually agree that digital currency is threatened by governments. At the same time, with 200 trillion USD worth of financial assets (let's make this an estimate) circulating in the world, if even a small fraction of that is in digital currency, w/ 40% BTC dominance, we will have a massive price.

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Who seriously cares about these recent forks?

That's what people said about BCH too. BTC has become unusable as a payment system and some virtual coin WILL replace it some day. I expect that this day isn't too far away.

We will see about this. I won't try to predict the future.

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And of course, the tulip bulb mania is worlds apart from Bitcoin. The supply of tulips is not only infinite (uncapped), but anyone can just plant some, for starters. That alone knocks out the comparison.

Bitcoin itself is capped but anyone can start a coin that's limited nowadays. Just because it's limited doesn't make it valuable. In the end people will want to use it as a payment system, if that's not possible, the coin will die and will be replaced by a better one. Just like we're seeing right now.

Again, we will see. BTC dominance has gone down in the past too. There are a lot of "uncommon" metals that are totally worthless. Bitcoin is just the name that the public thinks of when they hear "cryptocurrency". The public investment is still very low, given the market cap.

As such, I stand by that BTC is an evolving currency with regard to transactional value, and that at least it can retain its value as "digital gold".

Wilhelm

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There are enough people that believe in Bitcoin .... I always wonder why people come here to tell us it's doomed.... somehow they need to come over and convince us .... Why? Missed the boat? Tongue

sjefdeklerk

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SODL

Quote from: Enjel on December 25, 2017, 06:58:27 PM

It is rather a store of value, with the legacy Bitcoin name, and limited supply. The reason gold has been valuable through the entirety of human history was just because it looked shiny and cool, and not because of its utility.
You never use gold to buy milk or make any general transactions, so it must be worthless right? Gold is one of the most manipulated commodities on the market, and the government pretty much controls the supply (which we don't know), so it must be worthless, right?

Gold is used in a lot of products and processes, from jewelry to audio gear to space technology to nano particles for chemotherapy. Bitcoin on the other hand is nothing, it's just an idea.

Quote

Your other statements are misleading - who cares about Israel when the USA SEC approved CME futures?

China, Venezuela, Bolivia, Ecuador, Nepal, Morocco, Bangladesh and now Israel, the list of countries that are cracking down on bitcoin keeps growing rapidly. Do you think governments will just sit back and let some virtual currency replace the currency they control ? The EU is coming with legislation in a few months too.

Quote

Who seriously cares about these recent forks?

That's what people said about BCH too. BTC has become unusable as a payment system and some virtual coin WILL replace it some day. I expect that this day isn't too far away.

Quote

And of course, the tulip bulb mania is worlds apart from Bitcoin. The supply of tulips is not only infinite (uncapped), but anyone can just plant some, for starters. That alone knocks out the comparison.

Bitcoin itself is capped but anyone can start a coin that's limited nowadays. Just because it's limited doesn't make it valuable. In the end people will want to use it as a payment system, if that's not possible, the coin will die and will be replaced by a better one. Just like we're seeing right now.

Enjel

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Quote from: sjefdeklerk on December 25, 2017, 05:34:10 PM

Quote from: 1Referee on December 25, 2017, 05:08:02 PM

there is no way that you can lose all your money if you just keep holding.

Right. It's just impossible that a coin with $55 transaction fee, a maximum of 7 transactions world wide per second, only 3 out of the top 500 online companies offering it (down from 5 from in 2016), and governments actively cracking down on it (see Israel today) and which is being forked once every week, will go to zero

A tulip will always be worth tens of thousands of dollars ! Or so they thought ...

Bitcoin has not been about the transactional value for a while now. People use this argument all the time to fud.

It is rather a store of value, with the legacy Bitcoin name, and limited supply. The reason gold has been valuable through the entirety of human history was just because it looked shiny and cool, and not because of its utility.
You never use gold to buy milk or make any general transactions, so it must be worthless right? Gold is one of the most manipulated commodities on the market, and the government pretty much controls the supply (which we don't know), so it must be worthless, right?

Your other statements are misleading - who cares about Israel when the USA SEC approved CME futures? Who seriously cares about these recent forks?

Furthermore, as you know there are proposed upgrades to Bitcoin to make transactions viable again. Some people on this forum call them hopeless, but actually what this implies is that *Bitcoin's transactional value is not fixed at all*.

And of course, the tulip bulb mania is worlds apart from Bitcoin. The supply of tulips is not only infinite (uncapped), but anyone can just plant some, for starters. That alone knocks out the comparison.

1Referee

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Quote from: sjefdeklerk on December 25, 2017, 05:34:10 PM

A tulip will always be worth tens of thousands of dollars ! Or so they thought ...

What's the point of referring to the tulip bulb mania? Bitcoin in no shape or form comes even close to that. Bitcoin serves an actual purpose, which is something more and more people start to understand. Also, if you can't see how Lightning Network will push Bitcoin to the next level, you're pretty short sighted. At that point fees won't play a role of significance anymore, and the number of transactions Bitcoin can handle per second won't form a problem either. LN allows Bitcoin to open itself up for mass usage, which is something people tend to overlook. All limitations that are holding back Bitcoin right now, will at that point not exist anymore. To add, forks get initiated out of greed, and that's really it - people are used to their insignificance.

sjefdeklerk

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SODL

Quote from: 1Referee on December 25, 2017, 05:08:02 PM

there is no way that you can lose all your money if you just keep holding.

Right. It's just impossible that a coin with $55 transaction fee, a maximum of 7 transactions world wide per second, only 3 out of the top 500 online companies offering it (down from 5 from in 2016), and governments actively cracking down on it (see Israel today) and which is being forked once every week, will go to zero

A tulip will always be worth tens of thousands of dollars ! Or so they thought ...

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

Quote from: LordCarps on December 25, 2017, 11:39:32 AM

Hey ya'll, curious question from a newbie here. I was wondering what would really happen to everything if ever bitcoin does pop and lose a huge part of its value.

If bitcoin dies, or if the bubble explodes, there are two possible things that will probably happen;

1* Everything goes down too, i mean, the whole crypto market will suddenly die among with bitcoin.
2* All the altcoins are going to go up as crazy, and bitcoin will go to zero.

Still no one knows what is really going to happen, well no one wants to see bitcoin dying, of course.

1Referee

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What if Bitcoin shoots up to $100,000 before 2020 and you're still a no-coiner? Will you hate yourself for not buying? Or will you buy at $100,000 levels and just try to forget about what you could have had by buying at current levels? I see how people worry about the price having gone down from near peak levels to where we stand right now, but they are totally blind considering the fact that they don't see that we at current levels are still up more than 1300%. It's probably the mainstream media trying to show how Bitcoin has gone down a lot, and that it is recommended to be extremely careful with Bitcoin because you can lose all your money. These baboons don't understand that there is no way that you can lose all your money if you just keep holding.

pereira4

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Don't panic, it's christmas season. We are coming from a 45% correction, any further corrections are going to be due people selling some bitcoin to buy christmas presents, pay some holidays, and whatnot, which could make people think that the bear move is still active, when it's not. We are already retracing, the last dip was a strong support. An all time high before 2018 is perfectly. Hold on to your Bitcoins and don't do anything stupid. And forget about future markets, they have no impact on the price. Never did, never will have any.

kaysersoze

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If bitcoin crashes, the price will be dead of course, it will probably go below $5000, and all the altcoins are going to follow the same pattern, so dont expect to see all the altcoins going in green, because that is impossible.

omonuyak

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Quote from: LordCarps on December 25, 2017, 11:39:32 AM

Hey ya'll, curious question from a newbie here. I was wondering what would really happen to everything if ever bitcoin does pop and lose a huge part of its value.

Can anyone give me understandings as to why that won't happen?

The bitcoin is going to pump in future and There is nothing one can do to stop it. Bitcoin cannot completely lose it value and if 80% of the investors dump bitcoin it will gradually move to a high level again as bitcoin is a discovered and like internet it will forever be with us. No pop can kills bitcoin and blockchain technology depends on bitcoin for it development.

baradfo

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Markets go in swings, all of them. Just how big the swing is depends on the market. Currencies do the same thing, even the dollar. Fiats go in swings on the pip level and that's how big players make money on the forex (foreign exchange) market when they play with 10k+ dollars for the market. The same is happening with cryptocurrencies, though with them being in the nascent stages their swings are much more dramatic. It has happened with any currency in history when they first come to being. Just stay with it, or hodl as they say, and buy the dips. Grin

Also, try asking newbie questions in the newbie section, or at least browse there first to see if your question has been asked before. It'll help the mods and admins here to cut down on the amount of posts to look at.

moynul2050

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Quote from: RodneyKings on December 25, 2017, 12:11:33 PM

If it does pop and lose its value then its obvious that investors will lose their money as well. It will cause a setback in crypto environment since most altcoin relies on Bitcoin. If just in case it will really lose its value and won't recover then I guess another altcoin will eventually play as replacement of Bitcoin. If you are worried about Bitcoin or other altcoin disappears in the future I think that depends if there won't be people making any computer transactions that time since crypto relies on computer transactions as far as I know.

Bitcoin's future is very bright, confidence in this currency is getting better. and this will make bitcoin difficult to be replaced by other coins including with hardfork.
If the internet is lost then that's when Btcoin is destroyed.

QuestionAuthority

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You lead and I'll watch you walk away.

What happens IF bitcoin pops? Have you been in a coma in your local hospital for the last two weeks?

iamTom123

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Quote from: LordCarps on December 25, 2017, 11:39:32 AM

Hey ya'll, curious question from a newbie here. I was wondering what would really happen to everything if ever bitcoin does pop and lose a huge part of its value. Can anyone give me understandings as to why that won't happen?

There are many varied parameters and definition of the word 'pop' as used in Bitcoin and cryptocurrency. Usually, critics of the cryptocurrency movement would easily associate the normal downs here as a crash or pop while people in the Bitcoin community will just smile and refer to this as correction. Take for example what is happening right now as Bitcoin is losing almost 40% of value that can be an alarming to an unbaptized people or those who are not yet oriented with how Bitcoin moves but not for many of us here in the Bitcoin community because it happened before, happening now and can also happen in the future. The only definition of a pop that can satisfies here is when Bitcoin would be dropping to maybe around $1,000 in value. Yet that level maybe impossible unless nobody will be buying Bitcoin anymore and all holders will be selling their shares. Will that happen? Can we unify all people with Bitcoin to act like a robot? I don't how that can be possible...maybe a big crisis that can affect the cryptocurrency movement will make that scenario possible.

RodneyKings

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If it does pop and lose its value then its obvious that investors will lose their money as well. It will cause a setback in crypto environment since most altcoin relies on Bitcoin. If just in case it will really lose its value and won't recover then I guess another altcoin will eventually play as replacement of Bitcoin. If you are worried about Bitcoin or other altcoin disappears in the future I think that depends if there won't be people making any computer transactions that time since crypto relies on computer transactions as far as I know.

Anti-Cen

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High fees = low BTC price

Well high transactions fees have slowed the volumes
https://blockchain.info/charts/trade-volume?timespan=30days
and as a result the price has dropped like you would expect because no one
wants a car that will only do 12MPG unless they are silly rich

Miners have broken the trust relationship and they have turned out to be even worse
then the fat cat bankers we are all trying to avoid.

mybitly

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History repeats itself. bubbles have previously popped on different industry/market. for a better answer, I would suggest doing some TA on the previously popped market. Tongue

Sundark

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Well, everything is simple - people who invested in bitcoin will lose their money unless they will trade it before bubble pops. Actually, the blow is possible because bitcoin is a virtual money and its price depends only on what's happening on the market. There could be speculations that can drop its price as well as make it high.

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