[2018-12-08] Crypto, Bitcoin (BTC) Crash Just A “Bump In The Road”

[ruthbabe]

Diehards: Bitcoin (BTC), Crypto Slump Is Just A Bump

Since Bitcoin (BTC)’s first day on the block, if you will, there have been a number of diehard decentralists that have seen immense value in the world’s first blockchain network. And while much has changed since the launch of the project, originally headed by pseudonymous coder Satoshi Nakamoto, with the crypto industry seeing sweeping market cycles, zealous believers in this decade-old innovation haven’t faltered in their belief.

In a testament to this undying belief, at the Bloomberg Crypto Summit on Friday, a number of crypto-centric panelists and presenters doubled-down on their affection towards cryptocurrencies and related technologies.  Speaking on-stage, James Bevan, chief investment officer at CCLA Investment Management, a long-term return-focused consortium, touched on crypto’s recent collapse, which skeptics say is a precursor to a Bitcoin “death spiral.”

Bevan, who once lauded Bitcoin (BTC) as pertinent in the future of global transactions, said the following:

   “I don’t regard this as an existential crisis, I just regard it as a bump in the road and institutional investors have had plenty of
   bumps in the road in conventional currencies and transaction systems.”

Speaking with the Independent U.K., Angel Versetti, CEO of Ambrosus, echoed this sentiment that this is far from the end for cryptocurrencies. In an interview, the blockchain startup chief claimed that while many lambast cryptocurrencies for being in a Dotcom-esque bubble, this is far from the case. In fact, Versetti noted that he “doesn’t believe [that] we are, or were, anywhere close to a bubble with cryptocurrency.” The CEO of the blockchain upstart then added that the arrival of hotshot institutional players, who he dubbed “bankers” and “financiers,” indicates that the industry’s first bonafide bubble is still on the horizon, rather than in the present.

Attributing a figure to his call for an eventual bubble, the Ambrosus chief exclaimed that an eventual $15 to $20 trillion U.S. dollar market capitalization for all crypto assets is within the realm of possibility.

“I Can See A Huge [Stablecoin] Expansion”

After Bevan made his comments, other industry insiders also discussed stablecoins, a growing subset of cryptocurrencies that are aimed at more conservative investors — namely, institutions.

In recent months, a number of stablecoins have hit the market, with even Coinbase and Circle joining the fray. Keeping in mind that these new cryptocurrencies often are lauded as better than Tether (USDT), coupled with the recent downturn in Bitcoin, stablecoins recently saw an influx of buying pressure, as traders sought solace.

As noted by CoinDesk’s market analysis team, three USDT competitors, TrueUSD, USD Coin, and the Paxos Standard, recently entered the crypto Top 30, finding themselves around a ~$190 million market capitalization.

https://twitter.com/CoinDeskMarkets/status/1071149346643738629

And interestingly, Lewis Fellas, the chief investment officer a British crypto fund Bletchley Park, believes that this growing stablecoin dominance is only slated to continue moving forward, despite the fears regarding Tether and Bitfinex. Fellas explained that there are purportedly 120 stablecoin-centric projects, but this subindustry is still in the “early innings of the proliferation.” The CIO added that he sees “huge expansion” potential, presumably referencing the institutional penchant for this form of cryptocurrency, which is just like a digitized dollar with blockchain values.

The conference attendees also touched on regulation in Bitcoin markets, claiming that it will become a growing facet of this industry henceforth. Although some lauded regulation as a good thing for crypto entrepreneurs, Ryan Radloff, CEO at CoinShares, exclaimed that government intervention could pose challenges, especially if there are discrepancies between crypto-friendly nations, many of which are economically small, and Western powerhouses.

Yet, Marieke Flament, the global chief of marketing at Boston-based Circle, claimed that it is necessary for larger countries to lay a path for cryptocurrency regulation, instead of leaving nations to play a never-ending waiting game.


Source:  ETHEREUMWORLDNEWS

[pixie85]

I agree with him regarding the bubble. If you compare it to the rise of gold after it became a tradable asset or the dotcom bubble, Bitcoin is still nowhere near a real bubble.
This may look big, like a mountain on the all time chart of small hills, but those hills were once mountains too. In 2013 the 2011 bull market was like a small bump on the road. In 2017 the 2013 bull run was just a bump. That's the beauty of charts, they play tricks on your cognition.

[milewilda]

I agree with him regarding the bubble. If you compare it to the rise of gold after it became a tradable asset or the dotcom bubble, Bitcoin is still nowhere near a real bubble.
This may look big, like a mountain on the all time chart of small hills, but those hills were once mountains too. In 2013 the 2011 bull market was like a small bump on the road. In 2017 the 2013 bull run was just a bump. That's the beauty of charts, they play tricks on your cognition.

Im not fan on comparing or make it similar between crypto and other traditional assets or other related things but they do really have that similar thing when it comes to price history.
The good thing we are seeing that it is progressive as the years goes by.Lots of criticisms been passed that it would gonna die but look at we now.We arent still on the floor if we do base
on its history but you cant really avoid those people who do talk shit speculations.

[gentlemand]

After Bevan made his comments, other industry insiders also discussed stablecoins, a growing subset of cryptocurrencies that are aimed at more conservative investors — namely, institutions.

Erm, how does the average investor make a fucking bean out of a stablecoin? It just sits there and does nothing. If you find yourself scalping it as it wavers against the dollar then that's a neat sign to get out of it and not look back.

[BitHodler]

This may look big, like a mountain on the all time chart of small hills, but those hills were once mountains too. In 2013 the 2011 bull market was like a small bump on the road. In 2017 the 2013 bull run was just a bump. That's the beauty of charts, they play tricks on your cognition.

Agreed. Charts are as bullish or bearish as you want them to be. The 2013 peak looks like a failed pump if you look at the current all time chart. In the same way, the 2017 peak will look like a failed pump after 2020.

People tend to disregard the possibilities of Bitcoin to do the impossible until it actual does it. If you asked someone that we would hit $20,000 within 5 years back in early 2013, that person would tell you to stop talking shit.

On the other hand, if everyone believed in Bitcoin right from the start we wouldn't be able to buy at current levels anymore. This seems to be an ideal opportunity for average joes to be less average as time goes by.

[cryptofonia]

Bill Gates knows it too  https://cryptofonia.pro/news/billionaire-bill-gates-turned-to-be-cryptocurrencies-fan/

[slaman29]

After Bevan made his comments, other industry insiders also discussed stablecoins, a growing subset of cryptocurrencies that are aimed at more conservative investors — namely, institutions.

Erm, how does the average investor make a fucking bean out of a stablecoin? It just sits there and does nothing. If you find yourself scalping it as it wavers against the dollar then that's a neat sign to get out of it and not look back.

This is what I'm always curious to understand too. I mean, I do get that Tether served a purpose. A store of value against US dollar, so people could "book out" their bitcoin when it was at their good price, and then buy back at low price. Basically just a digital form of USD that they can in a way short Bitcoin without transferring it out to other crypto.

But that's it. Do we need 10 other stablecoins? And people say the most stable is the best, or the ones with more than 1 currency tied to it. What's the point? Did we forget why we moved to crypto?

[coinwizard_]

Amazon was part of the dot com bubble, it's value plummeted but while others closed down jeff bezos persevered and made amazon what it is today. Not all bubbles turn out to be bad