Topic: Why bitcoin will drop to $1000 and why we should be happy about it. - page 5. (Read 1343 times)
June 30, 2018, 04:14:14 AM
it sounds like you are trying so hard to convince yourself!
June 30, 2018, 04:08:45 AM
I disagree. Bitcoin is very useful as a payment method.
There is no reason to assume that no country will ever accept Bitcoin as a currency.
Governments like regulating a lot of stuff, but they can't, that is the problem. Using Bitcoin as a currency is safer for the whole government as it could bring it stability and safety.
I also disagree that it didn't solve any new problems as a payment method.
Every transaction is a script, like a small program, it allows us to do many fancy stuff, such as locktime and multisig, that you can't do with fiat.
It is a backbone of trusted payments, something that is very important.
As for the price prediction, that is the problem with predictions, if it was so clear that it would fall to 1000$ and then go back up to 6000$, it would never drop in the first place. No one is going to sell a currency under 6000$ if they knew it will be 6000$ next month.
There is no reason to assume that no country will ever accept Bitcoin as a currency.
Governments like regulating a lot of stuff, but they can't, that is the problem. Using Bitcoin as a currency is safer for the whole government as it could bring it stability and safety.
I also disagree that it didn't solve any new problems as a payment method.
Every transaction is a script, like a small program, it allows us to do many fancy stuff, such as locktime and multisig, that you can't do with fiat.
It is a backbone of trusted payments, something that is very important.
As for the price prediction, that is the problem with predictions, if it was so clear that it would fall to 1000$ and then go back up to 6000$, it would never drop in the first place. No one is going to sell a currency under 6000$ if they knew it will be 6000$ next month.
June 30, 2018, 04:02:33 AM
it doesn't matter how long a comment you make and how many reasons you bring, certain prices are simply impossible under normal circumstances. and you bringing reasons after reasons is jut showing that you don't know how the bitcoin market works and you are trying to convince yourself that it can happen.
you first come up with the price then try to think of reasons for it.
you first come up with the price then try to think of reasons for it.
June 30, 2018, 03:59:12 AM
I am not sure about bitcoin dropping down to 1000 but I am confident that the price of bitcoin will drop below 5k soon. 1K is a far reach for me at this point but I am not completely ruling out the possibility of this happening at some point. I am impressed at how you elaborated on this, it is a good read. I think that everyone should prepare themselves for the worst
June 29, 2018, 06:15:30 PM
Yes, its main purpose is investment coin. Bitcoin appeared as an investment project, there were no significant issues with payments that bitcoin could solve. So bitcoin introduced new technology at the mass scale and emerged mining industry, but as a payment method it is still in the quite infant stage. Now I think the whales just wait for the right moment to drop it, there is no reason for them to keep its value when they can get x5-x7 profit.
June 29, 2018, 12:50:55 PM
The topic is quite interesting and informative. In principle, I agree with her main arguments. However, I never imagined that bitcoin is an investment coin. I always considered it to be a coin for making payments, and therefore that its current use as a means of accumulating value for it is not inherent in it.
June 29, 2018, 11:59:24 AM
I have read through some recent posts on the forum and I see that many people don't quite understand the fundamentals of bitcoin, and so they may not be able to do reasonable investment decisions.
I have talked to many financial experts during real life conferences and in online chats and they all tell approximately the same. There are two types of currencies: Payment Currencies and Investment Currencies. In fact there may be other types of currencies, but lets focus on these two types for simplicity. So, investment currencies have different features as compared to payment currencies and they will develop differently. Of course, they always have mutual features and even may be a replacement of each other sometimes, but generally they designed differently and it will be a mistake to expect investment currency to behave the same as payment currency and have the same growth factors.
Bitcoin is designed as investment currency. We should just accept this fact. Of course it may be used as a method of payment, but it will never become a replacement for a fiat currency. Some future cryptocurrency will be, but not bitcoin. Bitcoin will never be directly supported by any major government. They may regulate it, legalize it, they may even invest in it through some bank or fund, but they will never support it directly. This is because government is about regulation, collection and distribution, government is not a player. If some G7 government decide to support cryptocurrency, they will create their own cryptocurrency with the features they need, they will regulate it as they need and they will treat it as the national asset.
So when investing in bitcoin we should not rely on the possibilities that will never actually happen to bitcoin. Instead, we should realize the nature of bitcoin and act accordingly. Saying that, since there are no more evident factors of bitcoin growth, we should allow it to drop. I estimate that it may cost at around $1000 as the bottom rock. And then bitcoin will grow again. In about a month time frame the whales and high-rollers will easily take it back to $6000 and the following buzz will rise it up to $10-15k in 2-3 months. This would be quite typical behavior of the investment currency. I also think that the miners industry will survive this drop without any significant issues, they will just have a month or two of loss, and then they will enjoy the long ride - quite usual wave in the business. And mostly important, if bitcoin drop down and then recover, this will be huge stimulation of the industry in general and bitcoin in particular - it will show that bitcoin can survive the crisis and repeat the growth. So we should get prepared for the drop and take it as the logical development of an investment currency, and not as the "death of bitcoin".
These are just my considerations, so please let me know your opinion.
I have talked to many financial experts during real life conferences and in online chats and they all tell approximately the same. There are two types of currencies: Payment Currencies and Investment Currencies. In fact there may be other types of currencies, but lets focus on these two types for simplicity. So, investment currencies have different features as compared to payment currencies and they will develop differently. Of course, they always have mutual features and even may be a replacement of each other sometimes, but generally they designed differently and it will be a mistake to expect investment currency to behave the same as payment currency and have the same growth factors.
Bitcoin is designed as investment currency. We should just accept this fact. Of course it may be used as a method of payment, but it will never become a replacement for a fiat currency. Some future cryptocurrency will be, but not bitcoin. Bitcoin will never be directly supported by any major government. They may regulate it, legalize it, they may even invest in it through some bank or fund, but they will never support it directly. This is because government is about regulation, collection and distribution, government is not a player. If some G7 government decide to support cryptocurrency, they will create their own cryptocurrency with the features they need, they will regulate it as they need and they will treat it as the national asset.
So when investing in bitcoin we should not rely on the possibilities that will never actually happen to bitcoin. Instead, we should realize the nature of bitcoin and act accordingly. Saying that, since there are no more evident factors of bitcoin growth, we should allow it to drop. I estimate that it may cost at around $1000 as the bottom rock. And then bitcoin will grow again. In about a month time frame the whales and high-rollers will easily take it back to $6000 and the following buzz will rise it up to $10-15k in 2-3 months. This would be quite typical behavior of the investment currency. I also think that the miners industry will survive this drop without any significant issues, they will just have a month or two of loss, and then they will enjoy the long ride - quite usual wave in the business. And mostly important, if bitcoin drop down and then recover, this will be huge stimulation of the industry in general and bitcoin in particular - it will show that bitcoin can survive the crisis and repeat the growth. So we should get prepared for the drop and take it as the logical development of an investment currency, and not as the "death of bitcoin".
These are just my considerations, so please let me know your opinion.
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