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Security begins with the owner of bitcoins.
You need to be careful with your coins, because once they are gone, you won't get them back.
The computer can be compromised, the private keys on your usb-stick stolen by a so called friend, you can send your coins to the wrong address.
Everything above can be avoided when you work carefully and cautious.
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I don't think either that the price will fall forever. But it can stay down for a longer period of time.
All those guys who lost money will not come back so soon. Many of them brought new people in contact with bitcoin. That is something they will not do anymore.
I don't see much fresh money coming into bitcoin. And without that, there is no growth.
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No miner wold give away his coins for 20$.
I think they would rather let it stay in a wallet for all eternity. The investments that are necessary to create a bitcoin these day are so high, it does not make a difference to give it away for free or sell it for 20 dollars.
In both cases they would go bankrupt in days. And without miners, we have no new blocks, and without new blocks.. well, you know the game...
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I do not know anybody who bought high. The few guys I know that are in the bitcoin business, they all said it would getting too hot for them somewhen in the first week of December.
So they sold a good portion of their coins at that price. And I from all I have heared, none of them has bought back till now.
I still have most of my coins and did not sell, but I got them much earlier, before the big hype started.
For those who bought high, it's hard to sayt what is best.
Ultimately there are only two options: Sell if you think the price goes down even further, keep the coins when you think the bottom is reached.
I think the chances are 50-50.
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When I think ten years back, there was no privately developed crypto currency and people were able to live.
They had to use banks and cash and paypal. I think that a world without crypto currencies would not be any different than the world we had at that time.
In case all crypto currencies would disappear, I would wonder where all that money went that once was in it.
And I would wonder as well if the crypto currencies were able to create a distribution of wealth, or if they centralized wealth even more to only a few individuals.
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Dotcom buble did not end. A correction came out and prices started increasing again. Look at amazon or apple charts. They decreased when dotcom bubble exploded, but they are now far more valuable than that day.
We should all agree that 20 thousand US dollars was really high and was a real bubble for bitcoin, none of the experienced users would buy bitcoin at that price. This correction was inevitable and necessary. I think we have more way to increase
I think that exactly here we will see paralles between the .com bubble and crypto currencies. The world does not need a few hundred different crypto currencies. Maybe ten will survive, but that will be strong ones! And I am very optimistic that bitcoin will be one of them. |
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It might not have such a big impact but should be mentioned as well: the increasing interests on US government bonds.
Right now we have the highest interests on a ten year US bon for over three years.
That might bring some investors to move their money from a speculative investment form like bitcoin to something they consider to be more secure. Especially when you think of all the other facts that were already brought up in this thread.
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I can not tell what anybody else should do with their coins.
Me, I keep my coins. My plans for bitcoin reach much further ahead than the next two or three years.
I expect that with the coming halvings bitcoin will become much more valuable because of the decreased supply.
Bitcoin as the first currency has something like the first edition of a book.
I think because of that it will always be more desired than the second or third generation of crypto currencies.
Of course I have cashed out some profits in the past already, because in case my theory does not work out, I don't want to stand there empty handed.
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Bitcoin doesn't hold the promise it once did, explosive growth and adoption, now the only explosion in adoption is the number of segwit users. People are using the lightning network before it's ready, potentially damaging the bitcoin ecosystem.
So I ask you, what can we do to improve bitcoin adoption, reduce fees and protect bitcoin for being crushed by regulations?
When we talk about adoptation, we already are since a lot of people are coming into cryptocurrency most especially Bitcoin because it is what people and companies are attracted into due to fast transactions anytime and anywhere in the world. Newcomers know more about Bitcoin than any other crypto's because it was already in mainstream and some countries even legalize Bitcoin and made it as a payment method. When we say reducing fees, I don't think if we have the power to make it more lower than we have now because we are dependent on miners. In terms of regulations, we can do nothing about that because we are living in a place wherein governments rule or control almost everything we have. But for me, those regulations will also protect us from fraud, scams and anything that will make our funds compromised from bad elements though privacy issues and restrictions were present but still a win/win situation for us. I think that is the most important thing we all can do: not to abuse bitcoin. With the anonymity of bitcoin there are possibilities to use it beyond the boarder of legality. It already starts with not paying taxes on profits from trading. Keeping bitcoin on the legal side gives the media one reason less for reporting bad news. |
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Even with a decreasing price profit can be made. And as long as that is possible, bitcoin will find no end.
There is a possibility that the price decreases. But then bitcoin would return from being an investment back to being a currency again.
And everything could start again.
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Everyone here likes to "hodl". It makes sense. Bitcoin has spiked before and provided investors with 10x return or more, and then proceeded to talk 50-80%. This is normal bitcoin behavior and seems to happen again and again, and it always seems to recover and bounce even higher. From that perspective, I totally understand people wanting to remain steadfast and hodl.
That being said, it is now over. Bitcoin is done with this pattern and will not spike again like it has in the past.
The landscape for crypto has fundamentally changed recently. Bitcoin used to be the only option for many people to invest in crypto. The reason it would rise is because there was a large, untapped population of investors who were willing to log into Coinbase and invest because it was very easy to do, and there was a lot of money to be made. Now, this is being spread out among altcoins. While bitcoin itself is championed as being this great deflationary currency, ironically, crypto as a whole is infinitely inflationary as more and more alt coins are created, and made easily accessible on services like Coinbase.
Previously it was one choice - you log into Coinbase and you buy bitcoin. Now it is 4, and this number will only rise. This, on top of government threats, and technical/scalability issues with Bitcoin, are why this pattern is over.
I do not expect Bitcoin to ever set a new all time high again.
The way I see it, it was not only bitcoin that went down, all crypto currencies did. Most altcoins evenmore than bitcoin. Only the price of ETH is now about as high as six weeks ago. And I really do not think that the majority of the altcoins we see today will still be here in two years. I suspect that only a few will survive, and those will create new all time highs because the money will concentrate on them again. |
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I think that the lack of regulations is one big factor in the volatility of bitcoin.
Because bitcoin is a new kind of technology most countries have not had specified how they want to handle bitcoin. That allowed everybody to deal with crypto currencies as he was pleased.
More and more countries are now making rules for bitcoin, and nearly with each decision we see a larger movement in price.
Once all countries have made their rules, the volatility could calm down.
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Wealth is wealth, no matter if it is digital or physical.
It is more the question how much does it cost to participate at the form of wealth.
A bank account for example is not for free if you have no regular income. At this point already the door for poor people can close because they can't afford a bank account.
Access to crypto currencies and cash is free in most cases.
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Actually I have the local fiat included in my investment plan as well. Of course over time it is going to be eaten up by inflation.
But it is available immediatelly and it is accepted everywhere in my area. Those are advantages that might come in handy one day.
And the inflation losses are manageable in my country.
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Gold has always been a save haven for investor in times of trouble.
When you are a conservative investor and you are looking for something that keeps its value more or less, then gold will be the investment method you choose.
In fact, in times where everything else goes down, gold usually starts to rise. This way an investment in gold can compensate possible losses in other areas of your investment.
It is always the question what kind of investor a person is. Those who are willing to take risks choose bitcoins, those who want safety will choose gold.
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In five years the next halving will have occured, and that will bring bitcoin less supply.
Somehow that fact is forgotten in many of the doomsday crash scenarios I read.
In my eyes this shortage will be sufficient to compensate whate ever decrease in price might happen until that time.
And a few years after that, another halving is going to come which will shortage the supply even further.
To me bitcoin has always been a long term investment.
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I don't think that amazon will accept crypto currencies in the near future. Why would they?
Amazon is the biggest online shop. And the owners of crypto currencies are quite familiar when it comes to online businesses, otherwise they would not capable to handle crypto currencies.
That brings for amazon the question what advantage introducing crypto payments would bring. Everyone who is into crypto currencies will already have an account at amazon.
So I am thinking that offering a crypto currency as a payment method will bring more administrative efforts for amazon, but no real progress.
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I think that especially in the Philippines bitcoin can be a very important factor for many people.
Poverty is high, and earning options low. Crypto currencies in a regulated form can help the people to make their lifes better.
And the regulations are really neede so that the poorest won't get scammed for the little money they have.
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Ouch... I think that removing ads for a digitla good from a digital platform could hurt more than the usual rumors we see.
Earlier this year Zuckerberg said about crypto currencies that they 'take power from centralised systems and put it back into people's hands'.
When you look at it from the perspective of facebook, then they pass on the money they could earn through those advertisements.
That throws not a very shiny light on crypto.
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Transactions between normal wallets stay as anonymouse as they always have been.
What Sout Korea did was a regulative measure to prevent money laundering and to encourage the citizens willingness to pay taxes on the profit they make with crypto currencies.
Honestly I support such moves.
They help to create a positive image of crypto currencies in the public opinion.
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