Quick someone PM kwuckduck, we need a new doom thread. Haven't had one in a few days weeks.

I knew that Bitcoin was going to be huge someday, and the price would surge when the masses started to realize it.

The only things I didn't know is when, by how much, or for what reason. Lol.

Don't trust anyone to claims to be an "expert" on cryptocurrencies and where they are going to go. They don't have a fkn clue, but will act like they do. I see a ton of these snake oil salesmen now on Youtube who have suddenly come out of the woodwork since January.

I remember so called financial experts popping up on CNBC in late Nov. 2013, when price first hit $1000, saying that Bitcoin would be hitting $2000 "soon". Not only were they wrong, they were off by 4 full years.

Exactly.

On his twitter account, Roger Ver posts photos of him paying for his meals in various restaurants all the time. I can guaranfkntee you that the transaction goes through before he even ponders the thought of having dessert.

Oh Bearstamp, you can't keep a lid on it forever you know...

I get the feeling that there is a LOT of money that wants to come into the Bitcoin market. The problem is, it can't do that overnight without the price skyrocketing. As we have seen, exchanges can quickly run out of coins. Miners must mine and release more, and they may be holding some back. So taking large short positions can be tricky. The OTC market might be drying up as well.

So where to go? Altlandia... ride it out, pump the alts, trade for btc when it becomes available. Depending on the amount of money wanting to come in, this could go on for quite a while.

One scenario those charts don't show, is the scenario where every middle class person in all 1st world countries age 20-55 with a bank account, put an average of just $1000 USD equiv. of their long term savings into bitcoin. Which I believe is more likely than them putting it into any other asset class right now outside of their long term mutual funds, 401k/IRA, etc.

What would the Bitcoin marketcap be then? Bigger moon?

So has Bitcoin finally flipped from a greed trade to a fear/hedge trade? The reserve currency of the crypto world?

The beginnings of mass lost confidence in the worldwide corrupt, debt-fueled fiat banking cartels?

If so, hang on to your butts. The next few years will be a wild ride.  

Good lord. And the ETH supporters, who were originally all principled Bitcoiners, now apparently don't give a shit about a permissionless, trustless cryptocurrency that can't be just rolled back, censored, or 'deleted'.

Talk about justifying one's position. Not to mention I think it's humorous that nobody but Vitalik really even knows how ETH works at the nuts and bolts level, or what it's flaws are. Gonna be a huge disaster in the future.

New concern trolling threads in this sub forum are at an ATH

Trolls must be getting desperate for a drop. And no Youtube, we are not falling for that ETH crap. Your constant video shilling won't work, we don't care about that shitcoin.

China ban bitcoin?

And dat hashrate! Go!

Nah, we can't be a nanny state society trying to save everyone from themselves. Education is all we can do. Obvious scams, however, do need to be cut off at the knees before they can harm anyone.

I see young people digging themselves into debt with credit cards and big overpriced houses, or eating and drinking themselves to death, or drug using. They have been guided by their parents (hopefully), and have education about this stuff at their fingertips with the Internet. But I don't want to live in a police state that tries to control what these people do with their money (or debt), or what they do to themselves with drugs or bad eating/drinking habits. People have to take some level of responsibility for themselves.

FTFY 

Only a trust-breaking exploit in the code could maybe do that (hence open source and code reviews), and that would be fixed pretty quickly. Otherwise, no it could not. Even if hash rate fell in response to weak demand, ASIC miners and exchanges still control the source/flow of coins to market and thus control price, until mining was profitable again. Just like the precious metal cartels.

r0ach, go back and look at the data from Nov 2013 to Jan 2015. Bitcoin demand (and thus price) fell for 14 months, but hashrate never fell. In fact it continued to climb the whole time.

And I suspect other previous prolonged bear markets were the same.

 
Agreed. However, the expenses to extract something is not enough by itself to give something value relative to fiat. You still need buyers that value it at the extraction price and rate to take it off the market so that miners can get paid for their effort.

And what is the motivation for buyers to buy? Simply "belief" that it has today and future value, for themselves and to others as well. That's the only way it can be money, as a proxy for stored value.

"Belief" is a sort of external confirmation. I.E., I do not care what it cost to mine Gold today, only that if I buy it, that one day in the future I can likely sell it for the same cost that I bought it for or more. Or that I can exchange it and get the same relative value or more for it.

Not disagreeing with you, but with Peter Schiff I don't even think it's that. It goes a lot deeper, to the psychological level. He seems to think that Bitcoin being backed by "nothing" (i.e., belief x 8 yrs) and precious metals being backed by "nothing" (i.e., belief x 3000 yrs) are completely different.

What he doesn't see is that they are EXACTLY THE SAME, the only difference is the amount of time that has passed to reinforce and strengthen the belief. As we move forward in time, the "belief" that backs Bitcoin will come up to the same level as the "belief" that backs PMs. Hence more people holding, using, and valuing it over time. And as fiat eventually fails and peoples' faith in fiat is shaken, this will begin to accelerate.

Incidently, PMs have nothing to worry about, as the "belief" in their eternal value has been indoctrinated over thousands of years, and they will never lose that status as being valuable on some level.

But if none of the ICO "applications" go anywhere and prove worth anything (which I believe nearly 99.999% will not), then ETH will go to zero. As it should, because it's worthless for anything else. No one is going to buy ETH just to use some type of dapp that doesn't make money nor even need a blockchain the first place.

Bitcoin on the other hand doesn't need apps. It IS the killer app. It's the network stupid^TM.

True, and they would be fungible without such censorship. I don't approve of what Coinbase is doing (or any other exchange for that matter). They're only going to strengthen the use of tumblers and tech like Mimblewimble in the future.

But tbh, just go try selling some PMs at a coin shop without being asked where you got it from, or without having to show proof of purchase.