Bitcoin Forum
October 26, 2021, 08:11:32 AM *
News: Latest Bitcoin Core release: 22.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 »  All
  Print  
Author Topic: CoinDesk says - Crypto Winter Is Here and We Only Have Ourselves to Blame  (Read 203 times)
bitfocus
Member
**
Offline Offline

Activity: 532
Merit: 15


View Profile
December 03, 2018, 01:52:48 PM
 #1

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame
1635235892
Hero Member
*
Offline Offline

Posts: 1635235892

View Profile Personal Message (Offline)

Ignore
1635235892
Reply with quote  #2

1635235892
Report to moderator
1635235892
Hero Member
*
Offline Offline

Posts: 1635235892

View Profile Personal Message (Offline)

Ignore
1635235892
Reply with quote  #2

1635235892
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
bitfocus
Member
**
Offline Offline

Activity: 532
Merit: 15


View Profile
December 03, 2018, 01:53:38 PM
 #2

I would like to hear what you have to say as common bitcoiners or traders, or whales - from anybody who is in Bitcoin.
freightjoe
Full Member
***
Offline Offline

Activity: 238
Merit: 109


View Profile
December 03, 2018, 01:55:55 PM
 #3

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame

You can disagree as much as you like - that does not change the reality stated by the author.

Bitcoin "investors" sound more and more like the people who defend the flat-earth theory. Totally blind and deaf to reality.
kingcolex
Legendary
*
Offline Offline

Activity: 2366
Merit: 1258



View Profile
December 03, 2018, 01:56:43 PM
 #4

Sounds to me we haven't hit the bottom and capitulation is still setting in or possibly we have and it's taking it's time before the next parts of the cycle are hit.
bitfocus
Member
**
Offline Offline

Activity: 532
Merit: 15


View Profile
December 03, 2018, 02:10:23 PM
 #5

@freightjoe, just calm down, please don't forget that your reality is not the only reality, their could be many versions of reality depending on who yu are and what your brain is trained for, or if your brain is open or closed.
bitfocus
Member
**
Offline Offline

Activity: 532
Merit: 15


View Profile
December 03, 2018, 02:11:14 PM
 #6

Sounds to me we haven't hit the bottom and capitulation is still setting in or possibly we have and it's taking it's time before the next parts of the cycle are hit.

maybe, maybe not, i will wait up to see the trends next year.
freightjoe
Full Member
***
Offline Offline

Activity: 238
Merit: 109


View Profile
December 03, 2018, 02:11:45 PM
 #7

@freightjoe, just calm down, please don't forget that your reality is not the only reality, their could be many versions of reality depending on who yu are and what your brain is trained for, or if your brain is open or closed.

fact is that outside the small cult of Bitcoin-believers no-one gives a crap about the value of Bitcoin. However, the value of major fiat like USD is something that truly matters in the economy.
bitfocus
Member
**
Offline Offline

Activity: 532
Merit: 15


View Profile
December 04, 2018, 10:06:21 AM
 #8

@freightjoe, just calm down, please don't forget that your reality is not the only reality, their could be many versions of reality depending on who yu are and what your brain is trained for, or if your brain is open or closed.

fact is that outside the small cult of Bitcoin-believers no-one gives a crap about the value of Bitcoin. However, the value of major fiat like USD is something that truly matters in the economy.

few things:
if you hate Botcoin such way, why are you wasting your time here?
do you know that USD is not money anymore? it has become a currency, a debt based currency since 1973?
what is the percent or purchase power USD lost since 1973?
is USD backed by equal ratio of gold anymore?
btc-room101
Member
**
Offline Offline

Activity: 154
Merit: 23


View Profile WWW
December 04, 2018, 10:08:31 AM
 #9

Sounds to me we haven't hit the bottom and capitulation is still setting in or possibly we have and it's taking it's time before the next parts of the cycle are hit.

Reality slaps the face at $1k, $400 is capitulation.

The way this is shaping out is the HODL morons will be begging for a GOV bailout Sad
btc-room101
Member
**
Offline Offline

Activity: 154
Merit: 23


View Profile WWW
December 04, 2018, 10:11:03 AM
 #10

@freightjoe, just calm down, please don't forget that your reality is not the only reality, their could be many versions of reality depending on who yu are and what your brain is trained for, or if your brain is open or closed.

fact is that outside the small cult of Bitcoin-believers no-one gives a crap about the value of Bitcoin. However, the value of major fiat like USD is something that truly matters in the economy.

few things:
if you hate Botcoin such way, why are you wasting your time here?
do you know that USD is not money anymore? it has become a currency, a debt based currency since 1973?
what is the percent or purchase power USD lost since 1973?
is USD backed by equal ratio of gold anymore?

Apples & Oranges,

US Dollar is Back by MURDER

Bitcoin is backed by Unicorns, Fairy's religious fervor.

There is a reason USA destroyed Libya, Iraq, Syria, ... IRAN, North Korea, ... all country's don't want to trade in US Dollars, you go off the dollar, and the US sends in the marines, and everybody dies.

What is BTC backed by ? Bullshit
Red-Apple
Hero Member
*****
Offline Offline

Activity: 1470
Merit: 655


View Profile
December 04, 2018, 10:27:21 AM
 #11

the crypto winter has been here for many months now. it seems like some people have had their heads in the sand. and i am not talking about the price drop. but mainly pointing out the fact that a lot of money has exited this market mostly because of the 2000+ shitcoins that we had pumped last year and they got dumped and most of them died completely.

--signature space for rent; sent PM--
btc-room101
Member
**
Offline Offline

Activity: 154
Merit: 23


View Profile WWW
December 04, 2018, 10:30:32 AM
 #12

the crypto winter has been here for many months now. it seems like some people have had their heads in the sand. and i am not talking about the price drop. but mainly pointing out the fact that a lot of money has exited this market mostly because of the 2000+ shitcoins that we had pumped last year and they got dumped and most of them died completely.

I think we only have the exchanges to blame, you really can't blame 'bitcoin' the source-code for what the assholes running the exchanges did to bitcoin.

I certainly don't blame the morons who bought bitcoin, I pity them.

Yes, the shit-coins, but they were largely launched by the exchanges so they could pull ICO's and coin out of their ass and sell to the public for 'real bitcoin'.
munareal
Full Member
***
Offline Offline

Activity: 644
Merit: 102


View Profile
December 04, 2018, 11:07:42 AM
 #13

 The dollar is the global currency that is accepted for trade throughout the world so it is the benchmark currency for now. The author did not say anything wrong and I agree with his analysis for the crypto Winter is here and a lot of people have lost confidence in cryptocurrencies. What we need is education as whenever new products are produced, they have a harder time struggling with acceptance. Whether we like it or not, message and image are important  for mass adaptation of bitcoin.
avikz
Legendary
*
Offline Offline

Activity: 2156
Merit: 1357



View Profile
December 04, 2018, 11:47:07 AM
 #14

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame

This is an investor's mindset and it is very true from their perspective. It is also a practical approach. Benchmarking is always required when we want to measure the performance. Without benchmarking, performance is not possible so the best benchmark we have is USD. The economy of the world is quantified that way.

I want to disagree with author's statement but that is not possible if I want to keep practicality in mind. Bitcoin has not yet reached such level of adoption to become a benchmark to real world economy.

slaman29
Hero Member
*****
Online Online

Activity: 1722
Merit: 570


★Bitvest.io★ Play Plinko or Invest!


View Profile
December 04, 2018, 12:20:11 PM
 #15

Agree and disagree. Agree that everybody needs to stop thinking about USD and start using Bitcoin properly instead of keeping it on exchanges or flipping it but at the end of the day, Bitcoin is yours to do with as you so choose to do so.

Disagree because if we want to be realistic, we have to see that 99.99% of people who got into Bitcoin after 2012 only bought it because they had the USD value in mind. And that includes me. If I have 1 BTC and it became 1 million dollars tomorrow. Trust me I will sell it all and maybe just keep altcoins until Bitcoin falls down again.

I'm honest, I always say I love Bitcoin and use it but in my mind, it will never become 1 million and I will never get 1 BTC.



BIG WINNER!
[15.00000000 BTC]


▄████████████████████▄
██████████████████████
██████████▀▀██████████
█████████░░░░█████████
██████████▄▄██████████
███████▀▀████▀▀███████
██████░░░░██░░░░██████
███████▄▄████▄▄███████
████▀▀████▀▀████▀▀████
███░░░░██░░░░██░░░░███
████▄▄████▄▄████▄▄████
██████████████████████
▀████████████████████▀
▄████████████████████▄
██████████████████████
█████▀▀█▀▀▀▀▀▀██▀▀████
█████░░░░░░░░░░░░░▄███
█████░░░░░░░░░░░░▄████
█████░░▄███▄░░░░██████
█████▄▄███▀░░░░▄██████
█████████░░░░░░███████
████████░░░░░░░███████
███████░░░░░░░░███████
███████▄▄▄▄▄▄▄▄███████
██████████████████████
▀████████████████████▀
▄████████████████████▄
███████████████▀▀▀▀▀▀▀
███████████▀▀▄▄█░░░░░█
█████████▀░░█████░░░░█
███████▀░░░░░████▀░░░▀
██████░░░░░░░░▀▄▄█████
█████░▄░░░░░▄██████▀▀█
████░████▄░███████░░░░
███░█████░█████████░░█
███░░░▀█░██████████░░█
███░░░░░░████▀▀██▀░░░░
███░░░░░░███░░░░░░░░░░
▀██░▄▄▄▄░████▄▄██▄░░░░
▄████████████▀▀▀▀▀▀▀██▄
█████████████░█▀▀▀█░███
██████████▀▀░█▀░░░▀█░▀▀
███████▀░▄▄█░█░░░░░█░█▄
████▀░▄▄████░▀█░░░█▀░██
███░▄████▀▀░▄░▀█░█▀░▄░▀
█▀░███▀▀▀░░███░▀█▀░███░
▀░███▀░░░░░████▄░▄████░
░███▀░░░░░░░█████████░░
░███░░░░░░░░░███████░░░
███▀░██░░░░░░▀░▄▄▄░▀░░░
███░██████▄▄░▄█████▄░▄▄
▀██░████████░███████░█▀
▄████████████████████▄
████████▀▀░░░▀▀███████
███▀▀░░░░░▄▄▄░░░░▀▀▀██
██░▀▀▄▄░░░▀▀▀░░░▄▄▀▀██
██░▄▄░░▀▀▄▄░▄▄▀▀░░░░██
██░▀▀░░░░░░█░░░░░██░██
██░░░▄▄░░░░█░██░░░░░██
██░░░▀▀░░░░█░░░░░░░░██
██░░░░░▄▄░░█░░░░░██░██
██▄░░░░▀▀░░█░██░░░░░██
█████▄▄░░░░█░░░░▄▄████
█████████▄▄█▄▄████████
▀████████████████████▀




Rainbot
Daily Quests
Faucet
dothebeats
Legendary
*
Offline Offline

Activity: 2716
Merit: 1282


www.Crypto.Games: Multiple coins, multiple games


View Profile
December 04, 2018, 12:33:15 PM
 #16

He isn't wrong on his point, everyone seems to be too obsessed on the price in USD that we tend to forget on enhancing the fundamentals and have focused more on value. As such, we have this wild fluctuations in price leading to profits and losses, and the big guys have seen this as a weakness and have exploited the said weakness up to its core, causing the market to be highly unstable. If we want to move forward, we need to create more platforms, services etc. that's bitcoin-centric (or somewhat focuses more on bitcoin) in order to relieve the notion that most are after USD ultimately, and to have a wider use-case for bitcoin and crypto, not only for speculation.

████  ███████  ███
██████████
███      ███████
███      ███████████
██████████████████
████████
███   ████  ███████████
███ ███████████████
█████████
█████████████████
███  ███████
██████████████
███        ████████
███████████▀▀███▀▀███████████
██████▀▀     ███     ▀▀██████
████▀   ▄▄█████████▄▄   ▀████
████▄▄▄███▀  ▀█▀  ▀███▄▄▄████
██▀▀▀██▀      ▀      ▀██▀▀▀██
█▀  ▄██               ██▄  ▀█
█   ████▄▄         ▄▄████   █
█▄  ▀██▀             ▀██▀  ▄█
██▄▄▄██▄             ▄██▄▄▄██
████▀▀▀███▄ ▄█ █▄ ▄███▀▀▀████
████▄   ▀▀███▄█████▀▀   ▄████
███████▄     ███     ▄███████
███████████▄▄███▄▄███████████
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
██
..PLAY NOW..
███  ███████  ████
██████████
███████      ███
███████████      ███
██████████████████
████████
███████████  ████   ███
███████████████ ███
█████████
█████████████████
███████  ███
██████████████
████████        ███
ribowo76
Full Member
***
Offline Offline

Activity: 784
Merit: 101

The World's 1st Waste to Green Energy DLT Project


View Profile WWW
December 04, 2018, 12:47:16 PM
 #17

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame

This is an investor's mindset and it is very true from their perspective. It is also a practical approach. Benchmarking is always required when we want to measure the performance. Without benchmarking, performance is not possible so the best benchmark we have is USD. The economy of the world is quantified that way.

I want to disagree with author's statement but that is not possible if I want to keep practicality in mind. Bitcoin has not yet reached such level of adoption to become a benchmark to real world economy.
I agree with you, with the current level of adoption. Bitcoin still needs a benchmark to determine its value. On the other hand, the USD is now recognized as a global currency. But even so, I believe. When bitcoin has been adopted globally, it will no longer apply. In fact, bitcoin will be a benchmark for others
FuryBeast
Jr. Member
*
Offline Offline

Activity: 65
Merit: 1


View Profile
December 04, 2018, 12:56:11 PM
 #18

That's quite funny to state "Let's forget about the price." People won't forget about the price, especially those invested at around $20k. However, it's a good cure to forget about btc at least temporarily until the winter ends. Somme rest and inspiration would be great for everyone.
kryptqnick
Legendary
*
Offline Offline

Activity: 2170
Merit: 1204


Join the world-leading crypto sportsbook NOW!


View Profile
December 04, 2018, 01:02:05 PM
 #19

Just a few minutes ago, found an article on CoinDesk titled "Crypto Winter Is Here and We Only Have Ourselves to Blame" - and the author, Michael J Casey concluded with "Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

I strongly disagree with the conclusion, what about you?

Article Link: https://www.coindesk.com/the-crypto-winter-is-here-and-we-only-have-ourselves-to-blame
If you strongly disagree, yo should provide your reasons in the post. The conclusion is not meaningless. It is true that we we should be moving away from fiat, because bitcoin is itself a currency with its own value, expressed in bitcoins. However, I believe that what determines a value of a currency is its purchase power. It is hard to determine bitcoin's purchase power, because there isn't much to purchase at all. When we do determine it, we rely on the fiat price and then convert in into bitcoin. For as long as this is the case, we can't "quit this ugly obsession". At the same time, it remains unclear whether we'll ever use bitcoin for purchases. It seems more likely that it will be some standard for other cryptocurrencies and have a value in itself. We don't buy food for gold is what I'm saying.

  ▄▄█████▄▄███████▄▄
 ███████████
     ▀▀███▄
█████████████        ▀██▄
█████████████          ██▄
███████████            ██▄
██▀▀█████▀▀              ██
██                       ██
██                       ██
▀██                     ██▀
 ▀██                   ██▀
  ▀██▄               ▄██▀
    ▀███▄▄       ▄▄███▀
       ▀▀█████████▀▀
███████████    LEADING CRYPTO SPORTSBOOK & CASINO    ███████████
MULTI
CURRENCY
1500+
CASINO GAMES
CRYPTO EXCLUSIVE
CLUBHOUSE
FAST & SECURE
PAYMENTS
..PLAY NOW!..
CryptoBull31
Newbie
*
Offline Offline

Activity: 29
Merit: 0


View Profile
December 04, 2018, 01:08:41 PM
 #20

"Let’s quit this ugly obsession with price. After all, it simply validates the notion that the benchmark that matters is not bitcoin or some other cryptocurrency but the U.S. dollar."

This is quite common sense and a position that has been presented for a very long time by lots of influential developers within the community. Personally I find this to be natural for anyone who's not here to just scrape some small amounts of fiat. The goal should be accumulating bitcoin and being obsessed about the USD pairing valuation is just high time preference.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!