Bitcoin Forum

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

Well, practically the bitcoin is some kind of currency created for the purpose of supporting people's freedom in terms of moving and investing their money without allowing any third party interference. Well what you said is true that we cannot hide the fact that there is a chance for happening but regardless I thinking your pointing out that we are pointing that we are putting all of our investments, money, and effort for it but really we don't because bitcoin is something that allows you do something while earning from it. Also regarding banning I don't think that would be happening anytime soon because if you do your research most the successful businessman in the world are acknowledging and crediting the fast rise of cryptocurrency.

I agree with your points, although I think you worded your post a bit aggressively. Bitcoin is nothing more than an alternative method of investment at the moment, that's it. Nothing more. But when you look at the posts on the frontpage, they are always weirdly sensationalist: when will the banks close, when will bitcoin replace fiat etc. None of those points are realistic.

Not aggressively but arrogantly.  All of the points brought up have been discussed many times, and some of them are valid.  And he's right, most people on bitcointalk are young speculators, and I would add that a fair number of them are idiotic 3rd world sig campaign shitposters who don't care about bitcoin as anything other than a means to earn a living.  They can't write English and most likely can't even write in their first language.   Most people here have nothing to contribute and should be banned.

It's a noble aim to try and help people when they get too immersed in a (likely) bubble, but you're going about it the wrong way and making some statements that suggest your understanding of finance isn't applicable to the crypto world.
Regulating it wouldn't necessarily be a problem for most people.  If anything, it gives it legitimacy to people who are ordinary investors rather than the "uneducated and over-excited children" that you're talking about, which could help to take the price back to something reasonable.

As for banning it, the US government (and almost all other governments in the world) have consistently thought that attempting to ban BTC was a poor idea.  So while it's possible, I consider it unlikely.
Similarly to Mt. Gox, this would be a temporary problem in terms of price.  It's also important to note that Mt. Gox's volume was most of the entire BTC market (it was the exchange), whereas now there is no one exchange which would have such a huge effect.
If it's decentralised, the bank or government would have no more control over it, which means there would be little reason for them to create it.  If it's centralised, most BTC users would decide not to use it regardless.
You're right about this one.  It's an ongoing problem.
That's not how the system works.  Difficulty adjusts relative to the amount of hashrate directed at the network, so mining can never simply become unprofitable for everyone.

You may be correct in you assumption however most of the people here have been into crypto currency for a very long time, and been around long enough to know what is going on, and are extremely well educated in the movement of the market and of those related markets. Time well spent in educating ones self is called experience, and for what I know, and have known, “ experience is the best teacher”.

https://i.imgur.com/tElM2e3.jpg  ???

Have you been following the forum without creating an account? Or have you changed your account for just starting this thread?
Anyway, i don't think any of the matters you have mentioned can (quickly) bring down the value of Bitcoin to $0, because if that was something to happen, that would have happened by now. And, we surely are young and over-excited, but we are not uneducated children, and we don't treat digital currencies as a hobby, but we consider them as the future.
And, you said you are hopeful that a cryptocurrency will emerge in near future. How do you define "emerge"? If you don't consider a cryptocurrency, gaining a value as big as $10k, emerging.

Tbh though, isn't that exactly the lure of the crypto market for experienced traders? ;)

There's always someone that has to take the other side of your trade...

This is not the forum made for financial experts and for some narrow economist community but I agree here are some users without basic knowledge about cryptocurrencies and finances. The reason for that is that majority is made of young unexperienced users who are very eager about the profit and think that everything they need to know will find here on forum. That is not true, of course, but they don't deserve to be judged so harsh and everything could be learned, no one is born super smart.

You need to stop following the forum, and read some of the better threads about the mechanism and structure of Bitcoin.

None of your points is actually relevant to the long term future of Bitcoin. Also, you fail to address the real threat, which is a reduction in the velocity of Bitcoin due to the purchase and freezing of Bitcoin by those with vested interests in restricting its acceptance as a medium of exchange.

I agree with some of the points you are presenting here. However, generalizing or stereotyping the people involved in Bitcoin and cryptocurrency is not anymore acceptable given the status of Bitcoin right now. Of course, there would always be 'children' and even 'stupid' in here but that can be true in any investment tool too especially to a new platform like Bitcoin. All of us have to start somewhere.

Now, what I don't like a bit is you are 'preaching' what you believe and maybe you are assuming that your scenarios are the only available path for Bitcoin to get into. Well, guess what? Your guess is only good as mine and actually nobody can ever predict and project what can happen with Bitcoin years from now.

Anyway, thanks for sharing! Years from now, I am hoping we can go back to this post and see how things developed and if your predictions came true.

Be carefull not to get dizzy up there, on the piedestal you have put yourself.

Kind of paradoxically calling people uneducated children playing with digital currency, followed with the phrase ''bitcoin can go down to 0$ in a matter of days''.

1) You do know that the Us goverment is not the only goverment in the world right?
What would happen if the Us gov. would ban Turkish Lira or Swedish Crown?...do you think everyone will stop using them because the Us gov. banned them?

2) People will stop using that exchange and people associated with it will lose credibility.

3) :barf

4) Lightning network or someother solution

5) How? ...dont answer

''oMfG you're a N00B with 1 p0St'' -  seems prety accurate when Us dollars is the only way you can value bitcoins.

Sorry, but you have failed to open my eyes and bring me back to reality mister ''investor'' in many different markets and industries.

Btw, due to those young people optimism and enthusiasm Bitcoin is what it is today!

The reality is nobody can say for certain what would happen with your scenarios. For some it is just a hobby and if they do well with it all the better to them.

1. It can't be banned in democratical countries. To ban bitcoin you should set the extremely strong censorship to the internet. Without it cryprocurrencies will still be traded to a normal currencies or goods.
2. Never hold your money on exchange. It doesn't look like a fraud but exchanges still have some issues sometimes.
3. Legal issues depend on the country. Everything about the trust can be decided only by users.
4. Exactly. Those high fees are real cancer.
5. a. Why not?
    b. What profit do you expeect to get from a currency if you are use it in the normal way?

Being an active investor doesn't give you the right to judge the people on this forum,  honestly, you're being a bit arrogant. All those points you mentioned are merely conjectures based on your lack of knowledge about cryptocurrencies and especifically Bitcoin.

Ban it? Very unlikely, as history has shown that the govt, especially the US government, is always trying to gain and secure profits, so regulations are more feasible. If this happens, then it would be good news for Bitcoin, as adoption will be possible a lot faster and bitcoin will begin being accepted as a payment method nationwide, or pehaps worldwide.

If you think something like the Mt. Gox debacle is going to happen again, think again. There are way more exchanges than 4 years ago, when Gox was the main Bitcoin exchange and the largest one in the world.

Bitcoin offers a decentralyzed system with privacy/anonymity on top of it all, something the government can't give us. Why would anyone choose a cryptocurrency from the govt, knowing that govt can track your transactions or even close your account if they wanted to, over Bitcoin or any other cryptocurrency?

What are you even talking about? days? weeks? do you even use Bitcoin?

Says who? you?

You're right, you're absolutely right, we're all just floating around in the sea of wrong as you go by in your ship of right, throw us a lifeline and save us. Please, enlighten us. /s

Do us a favor and stop spreading FUD, you're probably a bcash supporter.

Although I agree with most of your points (excluding the few that contradict the purpose of crypto-currencies), I believe that if you're looking for a group of experienced Wall Street traders professionally maneuvering Bitcoin, we're going to leave your sorely disappointed.

Somebody here has missed the train ::)


If the majority of our is made of inexperienced users then it seems that you don't need experience to drive an asset to the moon. To push something from an Internet currency of a group of nerds that nobody cared about into one of the best investments of the decade. Hopefully in the nearest future it will become the best investment of the century. We're honestly not far from being able to say that.

Another one who missed the train? Still in time to join the excited children in the rocket going to the moon ...

The value of Bitcoin comes from trust in Blockchain, today this is something that no other asset provides, not with the ease that Bitcoin. Who does not understand this will continue to cry while the children are playing.

You have pass your point across which is something I am happy about but I equly have some. issues against some of your submissions

1. The community is just like a normal conventional setting where people of different levels of education and background and we all have to compromise in other to be peaceful while those who chose to ignore are shown the way out. To now generalise is something that is wrong.  I have seen quite a number of people on the forum exert so much amount of intelligence that one begin to imagine the level of education they would have to possess such knowledge.

2. Come to think of it, I don't think I need to know about economics to understand how money works while I bother myself about the effectively power of bitcoin, let the economists worry about how to keep the forces of supply and demand at par as well as dishing out policies to that effect. This is also applicable to bitcoin.

bitcoin was made to make the anonymous transaction around the world. US Govt can not regulate the decenteralized currency and whats the point if no one can make anonymous transactions

There's a rule in the crypto world (and in gambling, in the stock exchange investment, etc. everywhere you can invest) : Only invest the amount you can afford to lose. So if you only invest that amount, you won't cry if the price will drop by 50% for example. So if you don't mind losing that money you don't really need, you will not afraid of invest in crypto. Of course it doesn't substitute the rational thinking, but that is needed everywhere in the real life as well.
Everyone calculates the risk he/she is willing to take, so if someone has invested in crypto, the risk is acceptable for him/her.

You clearly need to educate yourself.

lol I like the way high-ranked guys came here to answer "superdave17" word-by-word  ;)

United States is not the only country in the world, they claim to be the number one country but most of the people don't believe it anymore. Of course US will eventually ban bitcoin because they will be the first country who will be affected if bitcoin is widely accepted.


How many Banks are fraud? Bitcoin owners can split their coins to multiple exchanges without IDs required.


When a government created their own crypto currency how will it be accepted worldwide?  It will just be a digital fiat of that country, are they willing to give up their fiat currency for it? I doubt it!


You always have an option to go with the higher transaction fees.


Mining will always be profitable, people who are claiming that mining is already dead are those who are either avoiding to have more competition or who are not really into mining bitcoin. If you really know economics you should know how mining will be profitable until the end.

Oh, and by the way - none is singular, so your title should be "None of you is a financial expert".

Expect replies such as these when you portray yourself as an educated financial expert. :)

Most rational people would only invest a very small portion of their net worth in Bitcoin. So even if the price does go to zero, they will live with it. Bitcoin as a technology has been truly revolutionary and has the potential to grow exponentially. So nothing wrong about people speculating about that.

Of course you're right. But Bitcoin is a good investment, if you do not, of course, mortgage the house to invest in it. In addition, many traders make a fortune on it. And the fact that people are driven into this market and do not understand anything about it, well, it's their problems. We can not put our brains in the mind of someone else so that he understands what's what.

I don't understand, didn't you see that everything above is happening and bitcoin keeps its path to the moon ?
I doesn't matter, no fud, no regulation, no prohibition can stop bitcoin to be used or mined.

You do raise many valid points, but your choice of words were poor if you ask me. Majority of the members in this forum including me work hard and try to earn as much money as possible through this forum and that is not a bad thing at all as long as the posts are constructive in my opinion. I do not support the shit posters though. You act like you know everything about this forum op which is stupid and silly and I advise you to keep your attitude in check.

1. If US gov't regulated it it would go through the roof. If they ban it nothing will happen look at how the world reacts to bans if is shrugged off within weeks!
2. Sure I will give you this it will crash the price heavily upwards of 90-95% of the value. But what will happen after that? The exchange goes away bitcoin regains confidence and life is normal again.
3. This is literally the most unrelated thing ever who cares if a centralized government makes a coin they will take some of the market but not enough because those who are in crypto are here for decentralization.
4. The scaling problem is constantly getting improved look at this last year and what that scaling improvement did. When there is a problem there is also a solution the that problem!
5. Mining will always be feasible as bitcoin will become everyday currency come 10 years from now and those fees will secure the network.

Last but most importantly you talk about us being uneducated, young, and overly excited. This may be true for some but there are also smart individuals here who are educated, older, and pragmatic like myself. Also the fact that you mention you are from different markets and industries says about enough for me, you probably have not done your homework thoroughly enough because you would not have made these points like you did.

Those are real issues. But, there is plenty of room for other crypto coins. Bitcoin will never go to 0, no matter how many regulations the US will make. Those are things that will affect the price of Bitcoin, but, won't put Bitcoin on the knee.

They will never do it because they do it then bitcoin will become the centralised currency which will have no difference between the normal forex market commodities and this. Then its value will be regulated and would be pretty much low. People will not invest into it, so government will fail.



Doesn't matter. The bitcoin will stay on the blockchain. If they try to sell in huge amounts then bitcoin will fall but as we know for sure the bitcoin has always stood up and started to run over the blockchain as they would do normally.

They will fail again and just read the 1st questions answer, thats what will happen again.

It will never happen, nothing will go over the days or weeks. We already experienced the transactions slowness last time when the bitcoin cash was being pumped out. But things came to normal again after the failed attempt of BCH.

Mining is not just about the feasibility and profits can be earned through the miners fees in the future if all the coins are mined already.

1) It cannot be banned. You lack technological knowledge. The exchanges could be banned.
2) Better for the rest. Less bitcoins, more price.
3) They are doing it. The problem being that people like the freedom. You lack technological AND social knowledge.
4) That would require an incredible increase. Sometimes there is saturation. Yoy lack technological knowledge again.
5) Mining self-stabilises and it is know that it will eventually be not profitable. You lack ANY knowledge.

Oh, by the way... did you buy your user? Any other for sale?

Do you think that the "financial experts", as you call them, are the ones who can have the best advice or the best opinion about bitcoin? For your information, a couple of years ago the Bank of America-Merrill Lynch published a study that indicated that the bitcoin could hardly be worth more than $1300, because reaching that value it can not be sustained and would end falling towards $400 or $300.

And the years go by and as the "experts" continue to fail to predict the "imminent death" of bitcoin, but some others of them, more analytical and prudent, are beginning to open the doors to bitcoin.

Everything seems to indicate that the stupid enthusiasts, as you see us, have defeated the great "financial experts" that you love so much.

The OP may mean well, however, a couple of points.

He sounds as if he has been annoyed a few times already, and recently, by the usual internet trollkin, and is lashing out a tad.  That is an assumption, but safe enough, lol, as who hasn't been.  Saying "most" are chronologically young is easy enough, most developers of software, in general aren't even as old as I am. 

The US government already, after a fashion, regulates BTC, take a look at the IRS guidance from 2014 regarding it.  Right now, you can still get away with "good faith" reporting of capital gains and avoid a hassle.  Having to avoid a "hassle" already smacks to me of regulation, your bar may be higher.

All currency is fallacious, unless backed up by something physical.  A can of beans in the cupboard is worth more than two dollars in the bank anyday.  Just made that up, I like it though, feel free to use it and give me credit. :P

How exactly? If they could then they should've done it already.


Like Mt. Gox? Then it will result to a similar outcome. The price will crash but this time, it will recover quickly.



Another shitcoin in the making. Don't be bothered about them doing what they do best.


We've been there and what happened? Bitcoin reaches 11k USD. Scaling is needed for Bitcoin. But rushing things like B2X is the worst approach. Sooner or later the devs will deal with this issue effectively.


As if miners will let that happen. Increasing the transaction fee might be a solution. But when the scaling issue was fixed, miners won't even bother thinking about this.


Forum ranks does not justify anything.

We are the True Believers instead! The Faith is ous Force!
..and most of that financial experts couldn't predict BTC and still don't know how it works at all!!

1) The US government already regulates fiat <> bitcoin conversions like it does with all transactions involving fiat. For it to attempt to ban bitcoin would be a bit like trying to ban gold. What's the point? There is no need for such heavy handed tactics when the simple regulation of fiat <> btc suffices. So far every indication they've given is that they consider bitcoin to be an innovation not a threat and the regulation of fiat <> btc bridges is sufficient.

Now if despite all of the above they do ban it then the price will obviously suffer. But there are other countries in the world besides the US so it won't be all that bad. It would require concerted global action to truly ban bitcoin and even then it wouldn't be entirely effective because of its decentralized nature.

2) This is guaranteed! In case you haven't noticed exchanges go down like nine pins in the bitcoin world. It's only a short term bump in the road especially since no exchange commands the market share that Gox once did. Bitcoin survived Gox so it can survive any exchange bust now.

3) These already exist! I mean not "crypto currencies" but regulated electronic payment methods. Paypal for example or any myriad other centralized payment systems. But bitcoin is unique because it is decentralized and not controlled by any single entity. It is a common newbie mistake to equate bitcoin with the many different epayment systems out there which is why it's FAQ number one (https://bitcoinspakistan.com/blog/bitcoin-beginners-faqs/#what-makes-bitcoin-special) on my site!

4) Yes this would be very bad for bitcoin. A sudden loss of hash rate would be very bad indeed. Maybe they'll hard fork to a lower difficulty to fix it? A hard fork with community support would be fine.

5) Difficulty adjust automatically to network hash rate so if mining is no longer profitable the less efficient miners leave, network hash rate falls, difficulty adjusts downward and mining becomes profitable again.

I am not young.  And, I don't hold much bitcoin.  But, OP, you comments betray you as being as ingorant about cryptocurrency and blockchain technology as you think the bitcoin community is about economics or finance.  As has been mentioned by various previous posts, for most of us, purchasing cryptocurrency is a calculated risk.  I only "invest" what I am willing to lose.  

I believe in the technology behind the cryptocurrency.  And, no one can deny that new technology has always driven economic and finance.  If you truly understand economics and finance, you understand that you must continue to think of them in new ways, as they adapt to new technologies.  OP, I hope we can open your eyes to the fact that we are not all as  young, uneducated, clueless, egomaniac children.  We just might be seeing the future in a way you never imagined possible.

That's paradox - people without deep knowledge about finances and economics earning big money in crypto world. And I see little hate from people wo are working with stock markets towards to Bitcoin traders. People who studied for years and working it that sphere for many years can't understand how with amateur knowledge and not professional desicions can make more money than these who are working full time job with stock markets.
Ok, my minds about your question. I love to answer "what if?" questions :D
1. Regulation of Bitcoin isn't really possible. But things around Bitcoin are already strictly regulated. Exchaging Bitcoin to USD requires to provide all personal details, ID. Don't forget about capital gain taxes.
Ban of Bitcoin in USA? Is it at least minimal possibility that may happen? But if it happen, yes, it would have terrible impact to Bitcoin, much biggern than ban of Bitcoin in China.
2. It already happens periodically. And it have impact only in short term. Just remember what happened when btc-e was closed by US authorities. And we can't compary any of current exchanges with Mt.Gox. Mt.Gox had huge dominance in market and volume. Now everything diversified between many exchanges, so 1 or 2 fraud exchange wouldn't have huge negative impact.
3. Well, governments are already trying to make their cryptocurrencies. Question what people prefer - decentralized Bitcoin or currency controled by government. Anyway, both currencies can be popular at same time - like Bitcoin and all altcoins now.
4. It's a serious problem. It already happens sometimes that we need days to get transaction confirmed, especially when spam attack happens. But weeks - you exaggeratated it a bit :)
5. Looks that you don't know how mining works - mining difficulty will just adjust to the current hashrate.
C'mon dude, we are already in reality. Do you really thinking that every Bitcoin investor is an idiot with purple glasses who don't have critical thinking. You are wrong. :)

I can't believe you're replying to that troll. He doesn't even bother to answer you and defend his statements. I bet he made this account just to tell you how inexperienced and dumb you are and watch you try to prove him wrong. I'm sorry that you haven't invested before the pump. You can still make it, we're going from one moon to another. Time to lock the thread ;)