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MF Doom (OP)
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June 26, 2015, 07:40:48 PM |
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Seems like btc is in a multi-year bear trend. However, its gained a lot of mainstream attention, especially with all the global financial crises going on currently. I recently heard Ron Paul give warning about a potential dollar crash, and the ability of the fed to basically steal from people using high inflation. He was very clear that he has little faith in the USD.
Anyway, my question is, will it have to get that bad that the reserve currency of the world fails before BTC really gets the recognition it deserves?
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MF Doom (OP)
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June 26, 2015, 07:54:48 PM |
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I recently heard Ron Paul give warning about a potential dollar crash img snipped yup, that about sums it up! But with that I dont think Paul himself is a huge advocate for accumulating btc (he tells people to go for gold/silver and has a lot invested himself in precious metals as well as mining companies). I know hes said that he thinks btc has the potential to be huge, but is not fully sold on it (as far as I know) |
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afbitcoins
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June 26, 2015, 08:23:27 PM |
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Well I'll wade in with my opinion.
I think the US$ (and all fiat in fact) IS unavoidably destined to collapse in an extremely ugly way likely accompanied by major war, which the media will say 'no-one could have seen coming'. Fiat currencies usually collapse after 40 years or so, However this will be on a scale not seen before since all countries are on unbacked fiat at the same time. The signs are everywhere when you look, from all the QE being conducted by major central banks, to zero interest rates. The economy is still on life support. Despite a never ending story of recovery in the media it never materialises and never will. Increasing tensions politically as the US dollar being increasingly bypassed by countries such as China and Russia (who are quietly accumulating physical gold by the tons by the way).Everything in the mainstream media is fake, they do not wish people to protect themselves from this huge fiat wealth destruction.
Protection will be found by holding gold, silver and bitcoin who will see value of their monetary assets sky rocket. (Though bitcoin is the riskiest of these assets because it is uncertain how it will scale).
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Q7
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June 27, 2015, 06:32:35 AM |
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No. Even when there are indicators showing that the economy will get better, bitcoin will still have the room to grow, the only difference is it's faster or slowly. That's the rate we are talking about. This is mainly because we are in a niche market of our own. A completely different payment system with low cost transaction and that doesn't really matter if the economy is good or otherwise because people will still need to move money around.
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Amph
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June 27, 2015, 07:08:11 AM |
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i don't believe we need to wait for the collapsing of the fiat system, for bitcoin to be successful, bitcoin can work well in a nice market, or side by side with visa and mastercard, after all fiat has already his own fiat competitors
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chopstick
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June 27, 2015, 12:44:21 PM |
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Bitcoin often has 10% jumps on random tidbits of good news. It hasn't happened lately but it used to happen all the time. Now with this Greece thing happening, you can expect some delusional upward price action, just like during the Cyprus affair.
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Enjorlas
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June 27, 2015, 08:18:58 PM |
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I apologize for having to bring a little realism to this thread but..
No. Bitcoin will do POORLY in a crisis. Remember even gold collapsed 25% in the 2008 crash. The last thing on people's minds in a crisis is adopting some obscure speculative asset.
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PolarPoint
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June 27, 2015, 09:41:31 PM |
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I am pro bitcoin and wants to see more people using it. Bitcoin will become extremely popular but I cannot see Bitcoin becoming a reserve currency. Central banks and governments would rather buy gold than bitcoin.
Will it take a crisis to bring people to recognise bitcoin? We don't need a crisis to succeed, but a crisis would accelerate the growth of Bitcoin.
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Biodom
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June 27, 2015, 10:12:19 PM |
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I apologize for having to bring a little realism to this thread but..
No. Bitcoin will do POORLY in a crisis. Remember even gold collapsed 25% in the 2008 crash. The last thing on people's minds in a crisis is adopting some obscure speculative asset.
25% is less than >~50% by which the stock markets declined, but re bitcoin-I have no idea, although it is up now. I am pro bitcoin and wants to see more people using it. Bitcoin will become extremely popular but I cannot see Bitcoin becoming a reserve currency. Central banks and governments would rather buy gold than bitcoin.
Will it take a crisis to bring people to recognise bitcoin? We don't need a crisis to succeed, but a crisis would accelerate the growth of Bitcoin.
Central banks are notoriously bad at timing their buys and sells of gold. Remember Bank of England selling ALL of their gold at $250-290. Nice timing! |
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afbitcoins
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June 27, 2015, 10:14:19 PM |
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I apologize for having to bring a little realism to this thread but..
No. Bitcoin will do POORLY in a crisis. Remember even gold collapsed 25% in the 2008 crash. The last thing on people's minds in a crisis is adopting some obscure speculative asset.
By 2011 gold rallied to almost double its pre crisis price!! |
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damiano
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103 days, 21 hours and 10 minutes.
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June 27, 2015, 10:25:08 PM |
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I apologize for having to bring a little realism to this thread but..
No. Bitcoin will do POORLY in a crisis. Remember even gold collapsed 25% in the 2008 crash. The last thing on people's minds in a crisis is adopting some obscure speculative asset.
By 2011 gold rallied to almost double its pre crisis price!! Because gold has been one of the best store of value for hundreds of years, of course people are going to fall back on to it when they got the chance. People are not going to run to bitcoin in a major crash that is fairytale, people are not going to have the time to learn about bitcoin and what are they going to buy it with even if they did? Who is going to sell it. People will need to learn to survive from the land and to stay alive, nothing else. Fiat crashes bitcoin and everything won't be far behind. |
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masterluc
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June 27, 2015, 10:32:54 PM |
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You all talk here about paper gold... Like it is real gold, while it is not.
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Biodom
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June 27, 2015, 10:37:41 PM |
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You all talk here about paper gold... Like it is real gold, while it is not.
maybe it isn't, but it could be exchanged to $$/euro, while physical gold/silver cannot be easily and directly exchanged for goods (in person). I meant that you cannot go to a store and give them a gold coin as a payment, can you? This video is instructive: https://www.youtube.com/watch?v=RJm3cRRvPoMConclusion: populace has no clue what to do with physical silver (and gold by extension). |
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afbitcoins
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June 28, 2015, 01:08:38 PM |
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You all talk here about paper gold... Like it is real gold, while it is not.
Wether we like it or not paper market still dictates what I actually pay when I buy some physical bullion. |
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