None of you are financial experts, it's scary

[superdave17]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

[cipher-x_09]

Well, practically the bitcoin is some kind of currency created for the purpose of supporting people's freedom in terms of moving and investing their money without allowing any third party interference. Well what you said is true that we cannot hide the fact that there is a chance for happening but regardless I thinking your pointing out that we are pointing that we are putting all of our investments, money, and effort for it but really we don't because bitcoin is something that allows you do something while earning from it. Also regarding banning I don't think that would be happening anytime soon because if you do your research most the successful businessman in the world are acknowledging and crediting the fast rise of cryptocurrency.

[kueyen]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

I agree with your points, although I think you worded your post a bit aggressively. Bitcoin is nothing more than an alternative method of investment at the moment, that's it. Nothing more. But when you look at the posts on the frontpage, they are always weirdly sensationalist: when will the banks close, when will bitcoin replace fiat etc. None of those points are realistic.

[The Sceptical Chymist]

Not aggressively but arrogantly.  All of the points brought up have been discussed many times, and some of them are valid.  And he's right, most people on bitcointalk are young speculators, and I would add that a fair number of them are idiotic 3rd world sig campaign shitposters who don't care about bitcoin as anything other than a means to earn a living.  They can't write English and most likely can't even write in their first language.   Most people here have nothing to contribute and should be banned.

[Xavofat]

I'm hoping to open some of your eyes and bring you back to reality.

It's a noble aim to try and help people when they get too immersed in a (likely) bubble, but you're going about it the wrong way and making some statements that suggest your understanding of finance isn't applicable to the crypto world.

1.) The US government starts to regulate it? Or ban it? (GASP!)

Regulating it wouldn't necessarily be a problem for most people.  If anything, it gives it legitimacy to people who are ordinary investors rather than the "uneducated and over-excited children" that you're talking about, which could help to take the price back to something reasonable.

As for banning it, the US government (and almost all other governments in the world) have consistently thought that attempting to ban BTC was a poor idea.  So while it's possible, I consider it unlikely.

2.) Another exchange is found to be a fraud?

Similarly to Mt. Gox, this would be a temporary problem in terms of price.  It's also important to note that Mt. Gox's volume was most of the entire BTC market (it was the exchange), whereas now there is no one exchange which would have such a huge effect.

3.) A bank or government created it's own cryptocurrency that's legal and trusted?

If it's decentralised, the bank or government would have no more control over it, which means there would be little reason for them to create it.  If it's centralised, most BTC users would decide not to use it regardless.

4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?

You're right about this one.  It's an ongoing problem.

5.) Mining is no long feasible or profitable?

That's not how the system works.  Difficulty adjusts relative to the amount of hashrate directed at the network, so mining can never simply become unprofitable for everyone.

[BitCoinKeeper]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

You may be correct in you assumption however most of the people here have been into crypto currency for a very long time, and been around long enough to know what is going on, and are extremely well educated in the movement of the market and of those related markets. Time well spent in educating ones self is called experience, and for what I know, and have known, “ experience is the best teacher”.

[Aamir1]

I've been following this forum for a few weeks now...

 

Have you been following the forum without creating an account? Or have you changed your account for just starting this thread?
Anyway, i don't think any of the matters you have mentioned can (quickly) bring down the value of Bitcoin to $0, because if that was something to happen, that would have happened by now. And, we surely are young and over-excited, but we are not uneducated children, and we don't treat digital currencies as a hobby, but we consider them as the future.
And, you said you are hopeful that a cryptocurrency will emerge in near future. How do you define "emerge"? If you don't consider a cryptocurrency, gaining a value as big as $10k, emerging.

[Fileiro]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general.  

Tbh though, isn't that exactly the lure of the crypto market for experienced traders?

There's always someone that has to take the other side of your trade...

[BingoDog]

This is not the forum made for financial experts and for some narrow economist community but I agree here are some users without basic knowledge about cryptocurrencies and finances. The reason for that is that majority is made of young unexperienced users who are very eager about the profit and think that everything they need to know will find here on forum. That is not true, of course, but they don't deserve to be judged so harsh and everything could be learned, no one is born super smart.

[Jet Cash]

You need to stop following the forum, and read some of the better threads about the mechanism and structure of Bitcoin.

None of your points is actually relevant to the long term future of Bitcoin. Also, you fail to address the real threat, which is a reduction in the velocity of Bitcoin due to the purchase and freezing of Bitcoin by those with vested interests in restricting its acceptance as a medium of exchange.

[iamTom123]

I agree with some of the points you are presenting here. However, generalizing or stereotyping the people involved in Bitcoin and cryptocurrency is not anymore acceptable given the status of Bitcoin right now. Of course, there would always be 'children' and even 'stupid' in here but that can be true in any investment tool too especially to a new platform like Bitcoin. All of us have to start somewhere.

Now, what I don't like a bit is you are 'preaching' what you believe and maybe you are assuming that your scenarios are the only available path for Bitcoin to get into. Well, guess what? Your guess is only good as mine and actually nobody can ever predict and project what can happen with Bitcoin years from now.

Anyway, thanks for sharing! Years from now, I am hoping we can go back to this post and see how things developed and if your predictions came true.

[Tszunami98]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general.  

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

Be carefull not to get dizzy up there, on the piedestal you have put yourself.

Kind of paradoxically calling people uneducated children playing with digital currency, followed with the phrase ''bitcoin can go down to 0$ in a matter of days''.

1) You do know that the Us goverment is not the only goverment in the world right?
What would happen if the Us gov. would ban Turkish Lira or Swedish Crown?...do you think everyone will stop using them because the Us gov. banned them?

2) People will stop using that exchange and people associated with it will lose credibility.

3) :barf

4) Lightning network or someother solution

5) How? ...dont answer

''oMfG you're a N00B with 1 p0St'' -  seems prety accurate when Us dollars is the only way you can value bitcoins.

Sorry, but you have failed to open my eyes and bring me back to reality mister ''investor'' in many different markets and industries.

Btw, due to those young people optimism and enthusiasm Bitcoin is what it is today!

[btcprospecter]

The reality is nobody can say for certain what would happen with your scenarios. For some it is just a hobby and if they do well with it all the better to them.

[Beerwizzard]

1. It can't be banned in democratical countries. To ban bitcoin you should set the extremely strong censorship to the internet. Without it cryprocurrencies will still be traded to a normal currencies or goods.
2. Never hold your money on exchange. It doesn't look like a fraud but exchanges still have some issues sometimes.
3. Legal issues depend on the country. Everything about the trust can be decided only by users.
4. Exactly. Those high fees are real cancer.
5. a. Why not?
    b. What profit do you expeect to get from a currency if you are use it in the normal way?

[tomahawk9]

I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

Being an active investor doesn't give you the right to judge the people on this forum,  honestly, you're being a bit arrogant. All those points you mentioned are merely conjectures based on your lack of knowledge about cryptocurrencies and especifically Bitcoin.

1.) The US government starts to regulate it? Or ban it? (GASP!)

Ban it? Very unlikely, as history has shown that the govt, especially the US government, is always trying to gain and secure profits, so regulations are more feasible. If this happens, then it would be good news for Bitcoin, as adoption will be possible a lot faster and bitcoin will begin being accepted as a payment method nationwide, or pehaps worldwide.

2.) Another exchange is found to be a fraud?

If you think something like the Mt. Gox debacle is going to happen again, think again. There are way more exchanges than 4 years ago, when Gox was the main Bitcoin exchange and the largest one in the world.

3.) A bank or government created it's own cryptocurrency that's legal and trusted?

Bitcoin offers a decentralyzed system with privacy/anonymity on top of it all, something the government can't give us. Why would anyone choose a cryptocurrency from the govt, knowing that govt can track your transactions or even close your account if they wanted to, over Bitcoin or any other cryptocurrency?

4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?

What are you even talking about? days? weeks? do you even use Bitcoin?

5.) Mining is no long feasible or profitable?

Says who? you?

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

You're right, you're absolutely right, we're all just floating around in the sea of wrong as you go by in your ship of right, throw us a lifeline and save us. Please, enlighten us. /s

Do us a favor and stop spreading FUD, you're probably a bcash supporter.

[Rebldomakr]

Although I agree with most of your points (excluding the few that contradict the purpose of crypto-currencies), I believe that if you're looking for a group of experienced Wall Street traders professionally maneuvering Bitcoin, we're going to leave your sorely disappointed.

[darkangel11]

Not aggressively but arrogantly.  

Somebody here has missed the train

This is not the forum made for financial experts and for some narrow economist community but I agree here are some users without basic knowledge about cryptocurrencies and finances. The reason for that is that majority is made of young unexperienced users who are very eager about the profit and think that everything they need to know will find here on forum. That is not true, of course, but they don't deserve to be judged so harsh and everything could be learned, no one is born super smart.

If the majority of our is made of inexperienced users then it seems that you don't need experience to drive an asset to the moon. To push something from an Internet currency of a group of nerds that nobody cared about into one of the best investments of the decade. Hopefully in the nearest future it will become the best investment of the century. We're honestly not far from being able to say that.

[Silenox]

Another one who missed the train? Still in time to join the excited children in the rocket going to the moon ...

The value of Bitcoin comes from trust in Blockchain, today this is something that no other asset provides, not with the ease that Bitcoin. Who does not understand this will continue to cry while the children are playing.

[audaciousbeing]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

You have pass your point across which is something I am happy about but I equly have some. issues against some of your submissions

1. The community is just like a normal conventional setting where people of different levels of education and background and we all have to compromise in other to be peaceful while those who chose to ignore are shown the way out. To now generalise is something that is wrong.  I have seen quite a number of people on the forum exert so much amount of intelligence that one begin to imagine the level of education they would have to possess such knowledge.

2. Come to think of it, I don't think I need to know about economics to understand how money works while I bother myself about the effectively power of bitcoin, let the economists worry about how to keep the forces of supply and demand at par as well as dishing out policies to that effect. This is also applicable to bitcoin.

[Lord casanova]

I've been following this forum for a few weeks now and I'm honestly shocked as to how little 95% you know about economics or finance in general. 

The Bitcoin community is filled with young, uneducated, and over-excited children "playing" with digital currency/asset as a hobby.  None of you have the slightest clue as to how quickly the entire value of Bitcoin could be brought down to $0 in a matter of days.

Put aside your egos and "to the moon" mirages and think about the following.  How will Bitcoin react if:

1.) The US government starts to regulate it? Or ban it? (GASP!)
2.) Another exchange is found to be a fraud?
3.) A bank or government created it's own cryptocurrency that's legal and trusted?
4.) Bitcoin has trouble scaling and it take days or weeks for transactions to process?
5.) Mining is no long feasible or profitable?

I am hopeful that a cryptocurrency will emerge in the near future.  However, in my opinion, the issues above need to be addressed for any new cryptocurrency to even have a shot.

Save the "oMfG you're a N00B with 1 p0St" bullshit.  I am an active investor in many different markets and industries. I'm hoping to open some of your eyes and bring you back to reality.

bitcoin was made to make the anonymous transaction around the world. US Govt can not regulate the decenteralized currency and whats the point if no one can make anonymous transactions