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Author Topic: [2017-09-23]When 95% of all cryptos are gone Bitcoin will still be there  (Read 4214 times)
CryptoBry
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September 23, 2017, 08:43:20 AM
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The Wall Street Journal this week published an article declaring Bitcoin’s value to be “probably zero.” Last week finance and tech outlets discussed JP Morgan CEO Jamie Dimon’s assertion that Bitcoin was “a fraud.” If you’re keeping score, these are two big names in the financial world declaring the world’s most popular crytpocurrency worthless. Is it?

Spoiler alert: It’s not. Bitcoin has seen some choppy seas of late. Fluctuations related to China’s market-shaking bans on ICOs and the closing of exchanges sent ripples through the community causing the price of a coin to shudder and drop below $3,000 for the first time in months. Over the last week its value has rocked back and forth between three and four thousand dollars (as of writing it’s at $3,616).

The Wall Street Journal article, like many others, points out that Bitcoin is a great currency for drug dealers. The author doesn’t point out that it’s also a great currency for CEOs or janitors. And let’s not kid anyone, the US dollar is still the currency of choice for drug dealers around the world.

Bitcoin makes it easier to deal drugs in the same way that Tesla makes it easier to rob banks. Someone with a deep understanding of finance might find Bitcoin to be unsustainable; many will point out that there’s a 21 million coin limit and at some point speculation will cease. There’s also a limit on how much money we should print, but the US is overdrawn by trillions of dollars on that account.

You could also point to the cryptocurrency developers who insist that Bitcoin doesn’t play by the same rules as fiat currency. The fluctuations in value don’t bother them because they’re playing with house money and betting blockchain.

Don’t be fooled by sheep in wolves’ clothing though. When JP Morgan’s CEO declares Bitcoin a fraud it’s important to remember that the company has a blockchain department. If you’re investing a dollar in Bitcoin, it represents more than $1.00 lost business to JP Morgan; the implications of any future transactions you perform further cut out middle-men, like JP Morgan.

Bitcoin, in theory, makes any transaction easier — not just the ones that evade taxes or purchase drugs. It’s easy for banks and traders to whip the average person into a frenzy – farmers don’t know why they need Bitcoin yet, but most decent people are pretty sure they don’t want to support darkweb drug markets.

Read more about this here...


Right now, Bitcoin has been under attack from many sides of the fence. Although the most important attack comes from the continuing deluge of bad news emanating from China, there are others who got lucky in getting the media attention they need by riding into the crest of bad publicity for cryptocurrency.

However, all of these things can be gone months from now...maybe after the November hard fork. Maybe if there is one thing that all of these attacks are helping Bitcoin it is the fact that we almost buried what can be happening in November.

Yes, Bitcoin will still be here because it is resilient and strong enough to withstand all of these unnecessary explosions aimed at making it weak and worthless. We can prove them wrong soon.
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September 23, 2017, 09:37:32 PM
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The storms will always comes, but bitcoin still tanks and stand still.
The most important rules come from bitcoin supporters, if people lose their faith of bitcoin, then it's worth nothing, but as long as people believe bitcoin worth more than current price, it will continue to rise, just simply like that.
Now, there are some big news about China ban exchanges, but it has passed even though the 2 biggest exchanges will close their services by the end of October. There's misleading information and FUD come from Jamie Dimon tried to spread the fear to whoever has invested in bitcoin, but only works for newbies and traders obviously. Nothing to worry about imo.
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September 24, 2017, 12:53:30 AM
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The storms will always comes, but bitcoin still tanks and stand still.
The most important rules come from bitcoin supporters, if people lose their faith of bitcoin, then it's worth nothing, but as long as people believe bitcoin worth more than current price, it will continue to rise, just simply like that.
Now, there are some big news about China ban exchanges, but it has passed even though the 2 biggest exchanges will close their services by the end of October. There's misleading information and FUD come from Jamie Dimon tried to spread the fear to whoever has invested in bitcoin, but only works for newbies and traders obviously. Nothing to worry about imo.

True, bankers started the war but bitcoin will finish it. We are going to face all of them and as many as them in the future. But then again bitcoin is resilient and every time they attack bitcoin recovered strong and the price going strong as the previous one. The China hangover still looms up to the end of the month, so we might take solace from the fact that the price is still good. But come of the end FUD popping up left and right once again, trying to floor the price as much as possible.

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hatshepsut93
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September 24, 2017, 01:12:18 PM
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This is true because Bitcoin not only the first cryptocurrency, but also the best cryptocurrency - it is the most decentralized, the most secure, has the most hashpower, it's being run for the longest time and process the most transactions, and it also has the best team of developers and contributors. All this means much more than its market share, as all altcoins are actually pegged to Bitcoin. Bitcoin can easily survive without altcoins, but if Bitcoin will for some reason die, alts will die with it.

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September 24, 2017, 06:33:30 PM
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Bitcoin will resist all this attacks and its value will be even bigger. Actually gold had the same problem of people resisting and not been certain of its value and yet it did resist. Actually banks and institutions are talking about bitcoin because they are scared about its evolution and growth. If it was worthless they would not care and less try to keep people from investing in it.     
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