BITCOIN as an alternative to regular currency

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Zenyatta
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hype_cycle.jpg
Yes, I do think we've finally entered the 'blow-off' phase of the hype cycle, and as I was saying earlier in the thread...we're just moving out of the 'bull trap' and the crash is proceeding (see attached 'hype cycle' graph again).

Precipitous decline today, with bitcoin down below $11K now on the back of bad news about increased crypto-currency regulation in Asia. I'm guessing it won't level off until we reach the cost of mining ($1K - $2K). Other coins simply following Bitcoin price and declining as well.
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Orixian
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Zenyatta wrote:
Wed Jan 17, 2018 4:44 am
hype_cycle.jpgYes, I do think we've finally entered the 'blow-off' phase of the hype cycle, and as I was saying earlier in the thread...we're just moving out of the 'bull trap' and the crash is proceeding (see attached 'hype cycle' graph again).

Precipitous decline today, with bitcoin down below $11K now on the back of bad news about increased crypto-currency regulation in Asia. I'm guessing it won't level off until we reach the cost of mining ($1K - $2K). Other coins simply following Bitcoin price and declining as well.

Whilst the death of bitcoin would be horrific for the price of all other coins in the short term It would almost certainly be good in the long term. Bitcoin is a failure as a project now, its failure to solve the scaling problem even though its core team have know about it since day one has left it utterly useless as a currency and I question why its a better store of value than other currencies with demonstrable utility. Other coins deserve a lot more attention and should get them in due time. Also other coins will be much more likely to get on with regulators. Ethereum is very compliant and is essentially ruled by a governing body.
mcfc1981
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Would have thought Crypto is here to stay.......in what form who knows
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northbound
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mcfc1981 wrote:
Wed Jan 17, 2018 2:08 pm
Would have thought Crypto is here to stay.......in what form who knows
Agree.

My guess is that the next phase will reward platforms that embrace regulations and compliance.

THE OLD - BANKS. They hold and custody our assets for us. That money is ours, but technically a government can shut banks for a few days and steal some of that money (Cyprus 2013).

THE NEW - UNREGULATED BLOCKCHAIN. You hold and custody your assets yourself (bitcoin, tokens, etc). However, banks and governments make it increasingly difficult to withdraw bitcoin to cash.

POSSIBLE FUTURE SCENARIO - REGULATED HYBRID. Think a blockchain where you have full control of your assets (bitcoin, tokens, stocks, etc). A financial company lets you link and verify your blockchain address through proper KYC/AML checks. Now you can trade fiat, cryptocurrencies, stocks, without limits, following regulations and without giving banks/governments the ability of stealing those assets from you.

Ethos are building something like that and I feel it has great potential.
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Euler
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Guarantee you people are anchored to their purchase price of crypo's so when that is breached new selling will set it.
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Euler
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‘Seriously don’t buy these tokens,’ say the creators of a new cryptocurrency—but investors are taking no notice of the warning

https://www.wsj.com/articles/beware-eve ... 3?mod=e2tw

Wait… is this a joke? Is it a scam?

Neither! This is real—and it's 100% transparent. You're literally giving your money to someone on the internet and getting completely useless tokens in return.

https://uetoken.com/
dragontrades
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OK im calling bottom on this and going in big on ltc and btc and take half out at when btc is 13k
spreadbetting
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I'd wait for it to start climbing before calling it the bottom, it's not going to go shooting up straight away so you'd miss very little profit. I imagine it'll be a gradual build up whilst people regain the confidence to invest.
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Orixian
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I wouldn't be calling bottom, we are seeing double digit red across the whole board again today. China and Korea have yet to act on their very real threats too so that has yet to come. Despite the sell off it may not be priced in by the market.
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Orixian
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Euler wrote:
Wed Jan 17, 2018 4:38 pm
‘Seriously don’t buy these tokens,’ say the creators of a new cryptocurrency—but investors are taking no notice of the warning

https://www.wsj.com/articles/beware-eve ... 3?mod=e2tw

Wait… is this a joke? Is it a scam?

Neither! This is real—and it's 100% transparent. You're literally giving your money to someone on the internet and getting completely useless tokens in return.

https://uetoken.com/
Yup seen this the other day its brilliant. What made it even better was it rose significantly in value.

https://coinmarketcap.com/currencies/us ... eum-token/
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Orixian
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Euler wrote:
Wed Jan 17, 2018 4:09 pm
Guarantee you people are anchored to their purchase price of crypo's so when that is breached new selling will set it.
Sound logic but at what price is that? People have been buying at different prices all the way up. Its more likely to be a psychologically key number like the $10,000 mark I think. If BTC crashes through that over the next few days and stays low then that will be curtains for a while. Also some of us that have been in the game for years have seen bitcoin retrace by 80-90%, dust its self off and carry on. We are also massively net because we sold along the way so we will create a floor. I haven't sold a thing, the last two times I did I passed up on enough money to retire so Id rather risk what I have left in the market than do that again. (I also highly rate the coins I hold)
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Euler
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I think that's a very sound approach to a speculative position.

Some of my best long term investment gains have been from going in heavy when I knew there was value and then reducing the position when it matured but letting a fair bit run. Had some massive returns that way.
dragontrades
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For me when the bubble truly bursts it will be the altcoin bubble and to sell altcoins you have to go back into btc and eth so if there is a 90% crash it will not be on btc.
If btc gets over bought again like it seems to do in every cycle then I can see somewhere between 30-40k in march/april before another correction to the 20k levels.
This is one of the most emotional markets i have ever seen because people are putting in more than they can afford to lose and so there is so much panic so frequently, combined with huge FOMO and hype when the price is running up.
Surely perfect trading conditions
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Euler
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This was a nice balanced read: -

The only blockchain project that has crossed over into mainstream recognition so far is Bitcoin, which is in the middle of a speculative bubble that makes the 1990s internet I.P.O. frenzy look like a neighborhood garage sale. And herein lies the cognitive dissonance that confronts anyone trying to make sense of the blockchain: the potential power of this would-be revolution is being actively undercut by the crowd it is attracting, a veritable goon squad of charlatans, false prophets and mercenaries. Not for the first time, technologists pursuing a vision of an open and decentralized network have found themselves surrounded by a wave of opportunists looking to make an overnight fortune. The question is whether, after the bubble has burst, the very real promise of the blockchain can endure.

https://www.nytimes.com/2018/01/16/maga ... ubble.html
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marksmeets302
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Bitcoin's price swings are so huge that even ransomware developers are dialling back their reliance on the currency, according to researchers at cybersecurity firm Proofpoint.

https://www.theguardian.com/technology/ ... developers
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