Bitcoin crash coming? - Page 4

Wayne 962 · Wayne 962's Garage

Another interesting write-up:

https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/

Considering that Bitcoin is not used for any commercial transactions these days (except for perhaps illicit stuff), it doesn't seem terribly useful and/or practical. Stuff that is not terribly useful tends to be outgrown over the years. Bitcoin has gone from the promise of a digital currency to a storehouse - I think the next digital currency to fix some of these inherent flaws will succeed a bit better.

-Wayne

brainz01 · brainz01's Garage

Agree with that. BTC is a highly inefficient digital store of value, but not a good currency.

thor66 · 02-15-2021, 04:21 PM

Let's slap a carbon tax on bitcoin!

uncle_scott · uncle_scott's Garage

Holding at $54,000 today. Kind of amazing honestly...

Wayne 962 · Wayne 962's Garage

Bitcoin volume: https://ycharts.com/indicators/bitcoin_transactions_per_day

318,347 bitcoins traded yesterday. Out of about 18.6 million. Or 1.7%.

In comparison, Amazon, is averaging about 4M per day over the past 30 days, with about 503M shares outstanding. Which is about .8%

GE has 8.76 billion shares outstanding with about 80M trading daily on average, or about .9%.

I was about to argue that the Bitcoin that is trading hands these days is somewhat thinly traded, which may or may not be the case. If a majority of shares are "off the table" for trading then that will create volatility. I think the fear-of-missing-out (FOMO) is at play here, as there really isn't an end-game necessarily with Bitcoin. It's not like Amazon stock 10-15 years ago, where people could imagine Bezos taking over the world (which he did, pretty much). Bitcoin is not used as a day-to-day currency or useful tool for much of anything, so it's future prospects as a daily-use currency are limited. Transactions are expensive too - in 2017, the highest transaction fee was $60 - these days it's about $10- $20. That's just not practical for much of anything other than very large transactions. So, it's future use as an actual currency may be limited. Right now, it seems to be a virtual storehouse of value, which is dependent upon other people willing to pay and trade with it. That will continue, until it doesn't?

-Wayne

sc_rufctr · 02-19-2021, 06:14 PM

Quote:

Originally Posted by biosurfer1

If you listen to the people in this thread, so is real estate, fiat currency, gold, bonds, and stocks

I have some bonds and stocks but most of my money is in real estate. .
Bitcoin has become scary... It's current value seems completely ridiculous.

Right now: 1 Bitcoin equals $56,148.30 USD!

jgreen · 02-20-2021, 09:58 AM

Overthinking this....first in, first out makes the money. Zero sum game.

biosurfer1 · 02-20-2021, 11:08 AM

Quote:

Originally Posted by sc_rufctr

It's current value seems completely ridiculous.

I'd say an electric car company that barely sells 500k car a year being valued more than all other car companies combined is way more ridiculous.

Just the world we live in today

sc_rufctr · 02-20-2021, 11:15 AM

Quote:

Originally Posted by biosurfer1

I'd say an electric car company that barely sells 500k car a year being valued more than all other car companies combined is way more ridiculous.

Just the world we live in today

I agree... And it makes me feel like a dinosaur.

Skillet83 · 02-21-2021, 02:25 PM

Will say it again, it is early in the game. BTC is good, but there are other coins in this sphere as well. Most of my investments are equities and real estate, but damn this if fun. I enjoy the tech side, the volatility, the massive gains. There are some really cool projects out there. You can go to coinmarketcap.com and look at the coins. They are listed by market cap. Take a look at the top 20 by market cap. Click on the individual listing and read about what they are doing. I am not some 20 y/o, mid 50's, 7 figure net worth. There is a chit ton of money to be made here in the next 5 years. I like the defi projects and the ones that are facilitating cross border payments quickly and at very low cost.

sc_rufctr · 02-21-2021, 04:21 PM

Mr Skillet, talk like that worries me.

Do you remember the Dot Com thing of a few years ago?
That turned out to be a bubble and it popped like all bubbles do.

What this whole situation reminds me of is the current modern art world.

Modern "Art" has always been over valued and right now collectors are having issues selling art.
A small group of experts predicted this years ago and guess what, they were laughed at by the established Modern art world.

Arizona_928 · 02-21-2021, 04:45 PM

Quote:

Originally Posted by Skillet83

Will say it again, it is early in the game. BTC is good, but there are other coins in this sphere as well. Most of my investments are equities and real estate, but damn this if fun. I enjoy the tech side, the volatility, the massive gains. There are some really cool projects out there. You can go to coinmarketcap.com and look at the coins. They are listed by market cap. Take a look at the top 20 by market cap. Click on the individual listing and read about what they are doing. I am not some 20 y/o, mid 50's, 7 figure net worth. There is a chit ton of money to be made here in the next 5 years. I like the defi projects and the ones that are facilitating cross border payments quickly and at very low cost.

My brother has made around 50k+ on all of the coins from 2017-current.
I put 10 bucks in at the same time, and am currently sitting at 57$ in my coinbase... lol

I don't see it lasting... Bitcoin, and all the other coins are primarily used for darkweb markets, and international money laundering. Once retailers accept it for payment like apple pay... well. the sky is the limit.....

dewolf · 02-21-2021, 05:05 PM

Quote:

Originally Posted by Arizona_928

My brother has made around 50k+ on all of the coins from 2017-current.
I put 10 bucks in at the same time, and am currently sitting at 57$ in my coinbase... lol

I don't see it lasting... Bitcoin, and all the other coins are primarily used for darkweb markets, and international money laundering. Once retailers accept it for payment like apple pay... well. the sky is the limit.....

Paypal do. Others will follow.