Poll: what will happen to the bitcoin price long-term?
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bitcoin will keep rising forever
25.00%
3 25.00%
bitcoin will stabilise at some point
0%
0 0%
bitcoin will crash but will retain some value
50.00%
6 50.00%
bitcoin will crash to zero and become completely worthless
25.00%
3 25.00%
Total 12 vote(s) 100%
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When will the bitcoin bubble burst?
#1
Bitcoin is such an interesting commodity... absolutely no tangible value, costly to produce and trading at $20,000 a coin because there is a strong belief amongst some that bitcoin is the currency of the future.

Cryptocurrency and blockchain technology will certainly be a big part of the future, but none of that means that bitcoin is worth so much money (it's not even the best cryptocurrency available at present).

My prediction:
2018 - bitcoin will at least double in price to $40,000
2019 - bitcoin will crash to under $5000
"Complexity, is just a lot of Simplicity"
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#2
,,,,,
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#3
all of them... nobody knows- the world has never seen anything like this
"Complexity, is just a lot of Simplicity"
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#4
,,,,,
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#5
Why would I need to wear a mask? I've never shown my face or even my voice...

but no i'm not Soros... he's a proper investor who looks at the numbers as well as the fundamentals of wealth creation.
Me- I more just understand the basics

Actually he would probably stay well clear of bitcoin because there's currently a "mania" around it which means price is based more on psychology than anything else
"Complexity, is just a lot of Simplicity"
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#6
ok... I just had a quick look at some numbers and i'm shocked.

Value of all cryptocurrency added together: $0.6 trillion
Value of all coins and notes issued by central banks: $6 trillion
Value of all bank balances added together: $60 trillion

If I have this right, then nearly 10% of the coins in circulation are crypto... that's just insane!
Of course, bank balances are as good as coins really, so a fairer view would be that 1% of the money in the world is held cryptographically.

1% is still a huge number though... if you create an extra 1% of money, then that should be seen in global inflation statistics... and it isn't.

there's going to have to be a market correction at some point... one extreme is that all us normal people who hold fiat money issued by governments lose 1% of it as inflation, the other extreme is that all the cryptocurrency speculators lose 100% of their money. In reality the correction will happen somewhere in the middle
"Complexity, is just a lot of Simplicity"
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#7
It's supposed to be used as a currency, not an investment. If it keeps rising and doesn't stabilise it won't server it's purpose.
help me change my tag
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#8
yup... almost all bitcoin transactions are currently "investments" made by speculators.

Hardly anyone is buying products with bitcoin, and heck why would they given that they expect the value of bitcoin to rise?

People are swapping make-believe government money for make-believe computer money.
There would be no problem with this except after doing the swap the market-based economy decides that there is now more money in existence after the trade than there was before! This can be true only on paper- as soon as people decide to spend their bitcoin either the price of bitcoin will fall or the price of products will rise. This is basic maths.
"Complexity, is just a lot of Simplicity"
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#9
12 hours ago when I wrote the above post, I also considered revising my estimate for how high I thought bitcoin was going to go in 2018... there was a slew of youtube videos and news articles saying how it's definitely a bubble, so I considered changing my 2018 prediction to $30,000 thinking it wouldn't even reach $40,000

Well I wasn't the only person having a more negative outlook... since last post bitcoin has dropped 25% down to $12600, along with other major coins. Currently the market puts the value of all cryptocurrency added together at $0.48 trillion.

edit: yeah I will change my estimates
2018 - over $30,000
2019 - under $3000
"Complexity, is just a lot of Simplicity"
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#10
Although in the past week the price has gone down by 18.1% it has still gone up by 79.4% this month. Just today it has gone back up 8.4%

Waiting for it to settle, there's large transaction fees and slow transactions due to this huge rush and some other shit I haven't been bothered to look into. Also CoinBase introducing Btc Cash as an alt coin which is effectively shite.

PS, could you stick those books in a chest in your base, Chad?
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