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Author Topic: [2018-09-08]Crypto Uncertainties Won't Stop It From Sparking $20,000 Record  (Read 91 times)
Vladdirescu87
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September 08, 2018, 02:12:05 PM
 #1

The price of Bitcoin undulated marginally up to Wednesday, September 5, when it dropped 3% in just 15 minutes, caused by Goldman Sachs removing its planned cryptocurrency trading desk. Chief Executive of Digital Securities Exchange, Mike Romanov, believes this isn’t a long-term problem. He hopes the crypto market will revive from this problem quickly and Goldman’s exit will make effective regulation in order to attract bigger players to join with confidence and other financial institutions will go ahead to discover methods of offering strong custody answers for Cryptos.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-uncertainties-wont-stop-it-from-sparking-20-000-record/



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September 08, 2018, 03:19:01 PM
 #2

The price of Bitcoin undulated marginally up to Wednesday, September 5, when it dropped 3% in just 15 minutes, caused by Goldman Sachs removing its planned cryptocurrency trading desk. Chief Executive of Digital Securities Exchange, Mike Romanov, believes this isn’t a long-term problem.

I don't think it's a problem either, but I'm not 100% sure it will get back to $20k again either, or if it does it may take a lot longer than we expected and probably not within a year (just my opinion). I think the rapid rise during late last year could have been a bit of a fluke driven mostly by FOMO from the oodles or newbies getting involved on something that at the time looked like it was never going to end, but for such a value to be achieved again I think we'll need a string of good news with no FUD in between. ETFs getting accepted and other mainstream adoption will help but we'll probably keep needing that good news coming in to sustain the drive and make sure another bubble doesn't pop once people get a little spooked by a bit of a tumble.

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September 08, 2018, 09:58:56 PM
 #3

I don't think it's a problem either, but I'm not 100% sure it will get back to $20k again either, or if it does it may take a lot longer than we expected and probably not within a year (just my opinion).
Of course it will reach these levels again. The problem with all the noobs here and the idiots calling themselves perma bulls is that they believe we'll be back to Bitcoin's highs before the end of the year, which is completely utter nonsense. It's really frustrating seeing how the current generation of noobs are in no shape or form able to acknowledge the presence of a bear market.

You can easily seperate the good perma bulls from the fake ass perma bulls by just listening to their 'sales pitch'. Good perma bulls promote Bitcoin as decentralized means of exchange, while the other side only highlights Bitcoin as speculative object. Reality is that the latter group is the loudest of all and thus more likely to infect newbies with their poisonous way of thinking.

ETFs getting accepted and other mainstream adoption will help but we'll probably keep needing that good news coming in to sustain the drive and make sure another bubble doesn't pop once people get a little spooked by a bit of a tumble.
We don't need anything of that. ETF's and good news are temporary speculative events that lose their effectiveness after a while. We need people to use Bitcoin as money, and with LN (which I believe is Bitcoin's killer application) people will have the best ever form of money that they can wish for. If Bitcoin is good money, which it will be with LN, the use will be what's driving the price to record highs organically.

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September 09, 2018, 04:55:01 PM
 #4

...If Bitcoin is good money, which it will be with LN, the use will be what's driving the price to record highs organically.

The problem is how can we incentivize people to switch to using solutions
like the LN in the first place. Of course the LN is cheaper than credit card
payments by a magnitude, but the average user isn´t really aware of the
costs that are associated with credit card payments, because they are
hidden in the end price by the merchant. I´m not even taking into
account other advantages of legacy payment methods like
fraud protection or cashback and reward schemes here.

I´d argue that the better use cases for Bitcoin are still
being a store of value and being a means of making
censorship-resistant payments. The use as a payment mechanism
is just the icing on the cake, but not the main driver for the long-term
success of Bitcoin.


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September 09, 2018, 09:43:27 PM
 #5

The problem is how can we incentivize people to switch to using solutions
like the LN in the first place.
It's actually pretty simple. What made people love Bitcoin initially? It were instant faucets, instant bets (betting without confirmations), smaller payments that we right now consider dust, etc. If you can bring all this back, people will fall in love with it, especially all the newbies that are using shitcoins for these purposes right now.

Of course the LN is cheaper than credit card
payments by a magnitude, but the average user isn´t really aware of the
costs that are associated with credit card payments, because they are
hidden in the end price by the merchant. I´m not even taking into
account other advantages of legacy payment methods like
fraud protection or cashback and reward schemes here.
If you offer your products as LN merchant for a lower price than all other legacy merchants, you can be sure of the fact that people will notice it. The only thing legacy payment services do better is offer buyers protection, but it's a straight nightmare for merchants. You should know how much merchants are losing on a yearly basis due to false charge-backs. In case of larger merchants, it can add up to tens of thousands every year.

I´d argue that the better use cases for Bitcoin are still
being a store of value and being a means of making
censorship-resistant payments. The use as a payment mechanism
is just the icing on the cake, but not the main driver for the long-term
success of Bitcoin.
I strongly believe that Bitcoin's utility as a currency is just as important as the store of value aspect. It may not be like that for you personally, but I'm using Bitcoin as money almost on a daily basis (even more so than fiat) and it's incredibly important to have it advance to the next level with LN.

Gold is an overpriced piece of metal that has no real utility other than some minor industrial and commercial uses. Gold's store of value aspect has been lagging behind due to how it has no other utility to use as back up, and that just points out how important it is to have Bitcoin not become the same redundant asset.

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September 09, 2018, 11:25:45 PM
 #6

The price of Bitcoin undulated marginally up to Wednesday, September 5, when it dropped 3% in just 15 minutes, caused by Goldman Sachs removing its planned cryptocurrency trading desk. Chief Executive of Digital Securities Exchange, Mike Romanov, believes this isn’t a long-term problem.

I don't think it's a problem either, but I'm not 100% sure it will get back to $20k again either, or if it does it may take a lot longer than we expected and probably not within a year (just my opinion). I think the rapid rise during late last year could have been a bit of a fluke driven mostly by FOMO from the oodles or newbies getting involved on something that at the time looked like it was never going to end, but for such a value to be achieved again I think we'll need a string of good news with no FUD in between. ETFs getting accepted and other mainstream adoption will help but we'll probably keep needing that good news coming in to sustain the drive and make sure another bubble doesn't pop once people get a little spooked by a bit of a tumble.


Hold your faith mate bitcoin will be back at 20,000$ price in the right time but for sure not this year
2018 isn't for the cryptocurrency year becuase a lot of troubles facing of bitcoin
Increase in the right time of bitcoin i expect more than 20,000$ in the year 2019 until 2920

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September 10, 2018, 03:14:28 PM
 #7

...
It's actually pretty simple. What made people love Bitcoin initially? It were instant faucets, instant bets (betting without confirmations), smaller payments that we right now consider dust, etc. If you can bring all this back, people will fall in love with it, especially all the newbies that are using shitcoins for these purposes right now.
...

I agree that it would be great for Bitcoin if the LN would
enable the use cases that you mention again. But are newbies
actually using shitcoins for these purposes? I rather have the impression
that people bought them mainly for speculative purposes. The transaction
activity on literally all altcoin networks is extremely low.


...
Gold's store of value aspect has been lagging behind due to how it has no other utility to use as back up, and that just points out how important it is to have Bitcoin not become the same redundant asset.

Bitcoin is actually an improvement to Gold, because of its digital nature. E.g. you
can transport a huge amount of wealth in BTC far easier than transporting the same
amount of wealth in Gold. Not to mention the fact that BTC facilitates transfers and commerce,
because it is easier to send to someone else.



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Transparent.






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September 11, 2018, 03:23:10 AM
 #8

I also believed that but the bigger question is when? I'm sure that it's not going to happen by the end of the year and it's possible that it will only recover back to $10k. A lot of progress, good news and huge investors must be needed to be able to break that $20k record and that is not a simple task.

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September 11, 2018, 05:42:06 AM
 #9

I also believed that but the bigger question is when? I'm sure that it's not going to happen by the end of the year and it's possible that it will only recover back to $10k. A lot of progress, good news and huge investors must be needed to be able to break that $20k record and that is not a simple task.

No one really knows. It simply won't reach the height of 2017, unless noobs jump in and FOMO again pushing the price back to $10,000 at least. What's left are whales and speculators and smart investors, toying with us, making us believed that the market is already headed for bull run, baiting them to enter around the $6300-$6400 mark. So you will hear them shouting that its the end of the bear season, buying until $7300. Just when they though they knew everything, the whales shattered their dreams. LOL. From $7300-$6300, ouch, to0 much too handle for noobs. Opening threads after threads asking what to do next or what had happened.  Grin

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September 11, 2018, 11:17:36 PM
 #10

It's almost guaranteed that $20k would be reached sooner or later.

But it's definitely not near right now, given the bear market we're in at the moment.

All of this news regarding Goldman Sachs exiting their plans of having a trading desk and stuff like that are all going to be temporary. These price drops are also temporary, and aren't going to be of any effect on bitcoin's prices in the long run.

As adoption rises in the long run, and the cost of mining each bitcoin rises, while the supply stays steady, it's obvious to see why another all time high would come as just a matter of time.

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