It appears that Bitcoin is vulnerable to fraud known as the Pump and Dump Pump & Dump: "Pump and dump" (P&D) is a form of microcap stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Once the operators of the scheme "dump" sell their overvalued shares, the price falls and investors lose their money. What will happen when addresses holding large amounts of BTC decide to sell off? Will fees skyrocket even more if this happens? I worry that the "dump" will happen so quickly that most people will get stuck holding their coins as they fall close to $0. Are Asia markets like China and Japan pumping up the price of bitcoin? It has gone from just $0.003 per coin to now $17,000 USD per coin!!! It is so scary to think about what happens when this bubble bursts and how quickly the price could tumble  |
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Should we all use BCH instead or some other shitcoin what do you suggest? I think in the end governments will make their own crypto-currencies Bitcoin, Litecoin, Ripple, IOTA, BCH, Ethereum appear to be the most popular coins as of right now. I don't see any of these lasting long term but I think there is plenty of money to be made until theres a bubble or some significant government ban/replacement. I think the main reason to invest in bitcoin and the biggest altcoins right now is because investor sentiment is very high and new money is coming in at a high rate. While I do feel Cryptos are a ripoff, I also believe a ton of money can be made off them. If one realizes that for each win there is a loss. And for each win or loss there is a fee. Those fees are becoming massive and cutting into profits - especially for small time investors. If you are going to invest in Crypto you need to have a solid strategy - especially an exit plan. |
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Nullius I am not sure why you come to all my threads and spam the same copy and paste over and over.
Please refrain from spamming in the future. It detracts from valuable discussion
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It is alarming how many new digital currencies are created every day.
A few days ago there was 1335, now there are 20 more and we are up to 1355!!!
All of the forks and new currencies make crypto feel like a rip-off. Surely most of these crypto currencies will not succeed.
Is Crypto one big Rip-O?
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especially those who are newcomers and earning a small amount only Great point. High transaction fees are going to ruin things like online tipping, faucets, signature campaigns, and other small BTC transactions |
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Fear Of Missing Out is a real concept.
This is not FUD
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High fees and unsustainable growth in price are the biggest problems Bitcoin has right now in my opinion
The fees are so massive now that the small investor is getting squeezed out
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How much higher can bitcoin go before the bubble bursts?
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First it was HODL - Hold on for Dear Life
Now it is FOMO - Fear Of Missing Out
Are people acting on emotion rather than logic?
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I don't invest in any "coins" and this is not FUD Just because someone has a different opinion than yours doesn't not mean they are wrong  I have clearly outlined the top reasons to sell bitcoin right now. Everyone is entitled to their own opinion without labeling it as "FUD" |
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I suspect many folks aren't going to do that and will hold on when the bubble pops, which it will do. The only question in my mind is when that's going to happen. Sir I actually agree with all of your post. But for me the time to sell is now, because I believe the bubble is approaching. Of course that is simply an educated guess |
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I will say that proof of stake is superior than proof of work What do you mean by this? I'm not familiar with the concept. |
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Mining used to be a fairly inexpensive. But it is now so intense that it requires dedicated buildings full of specialist bitcoin-mining chips running 24/7. And as the number of bitcoins in circulation grows towards the artificially imposed ceiling of 21 million, mining each new one takes yet more computation. This burgeoning industry is hugely wasteful
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That's only $1.70 at current price You are the first person I have heard say the fee is under $2. Can anyone else confirm how much the fees are right now? I thought much higher |
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Bitcoin can absolutely fall to $0 if the market crashes
Just because it cost a lot of money to produce bitcoin, doesn't mean people will keep buying it
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i almost can not believe price of bitcoin now When it seems too good to be true, it usually is. The price can not stay this high for too much longer |
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My guess would be the fees get up to $100s or even $1000s.
It was $10 a few days ago, $25 yesterday, $35 today... It appears to keep getting higher and higher as bitcoin prices go up
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It can promote efficient transactions Right now its 15 hours of wait time and fees as high as $35+ I would say bitcoin is not an efficient way to do transactions at the current time. |
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Is it more of a Pyramid Scheme or a Ponzi Scheme?
I think the exact definition can vary
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Voted for Yes, it's inevitable to fail as a currency with the current fees. I think it will fail as a currency as well. It is more of an investment at this point. And starting to be for only the wealthy because of fees Lightning transaction is the solution Even if the Lightning Network can provide instant transactions, won't the costs still be very high? As the price of bitcoin goes up so do the fees |
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