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November 08, 2019, 12:52:31 AM
Last edit: November 08, 2019, 01:19:07 AM by MarquiseMuseum |
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Bob Loukas is a self admitted speculative trader with zero social and technological awareness of crypto or mainstream industries.
I made this reply on his channel and it doesn't mean his price predictions are wrong on the contrary I think he is right so I feel obligated to take the counter argument against top 5 because delusion and false premise is driving the crypto market and it would utterly suck to enter 2020's in another speculative driver that is 100% baseless and detached from reality as is evident for anyone who can chop out of top 5 and focus on the wider market and industries outside crypto space and how society is maintained and has been for thousands of years.
Blockchain is a powerful invention but top 5 is potentially a trap for newcomers and here's why:
(Bob says in his video if BTC goes back down he would be surprised and that there must be something seriously wrong). His awareness of this tech and social order is so low that it has entered subconscious level like a sleepwalker in the night and now he is trying to push BTC on everyone by 4 year super cycle hype to build an army of more zombie sleepwalkers who will become eternal bagholders of doom or more probably part of the new crypto proletariat)
There is someting seriously wrong with bitcoin because of many reasons:
-Lightning network is centralized and operated by elite banks
-without it bitcoin cannot scale (this is 10 year old tech)
-Bitcoins original devs are gone and there are multiple iterations, forks of the coin, it is fragmented and now competing with itself through BSV and BCASH not to mention 3000 other cryptos of which most (but not all, important to remember, there are solid projects in there) are scams or not actively developed
-It was not designed for merchant onramping for business who want to use crypto like high tech multi function stocks and soon every one will want their very own branded coin/stock. XCP is extraordinarily primitive compared to competitor platforms like waves and stellar and its price performance has been punished severely for it
-Bitcoins value is ten times higher than top 5 and I consider top 5 overvalued by 90%
-Other altcoins will surge and vastly outperform top 5 in the next parabola, top 5 prices may increase but it is for all the wrong reasons exemplified by this very video. Pure speculation without any technology awareness, this is a trader who made this video and chances are retail buying BTC will pay for the next real parabola which will have zero to do with top 5 which is obsolete and ancient 56k modem tech by now.
-The pattern is too obvious to repeat, it should tank back to $200-$1200 level and then fade away in a few years when centralized NASDAQ Dollars come online with their portfolio of fortune 500 clients. Unfortunately may hit 35k for max pain before delusion goes away from market
-BTC was a hedge by fiat elite in case of success, evidently the very same entities that were always in control are now in control of bitcoin and its devs (blockstream), I believe that index platforms will get cloned by governments who will migrate to blockchain, this will render BTC obsolete
-Energy waste of Bitcoin. I bought ETH in early 2016 because it optimized energy use and it eventually outperformed Bitcoin by a factor of x3 ($430 to $20k vs $10 to $1400)
-I seriously urge ever new investor to carefully examine the facts at hand and make informed decisions, this is a potentially toxic asset and unfortunately people got stuck on top 5 but there are thousands of altcoins most are scams but some are very promising and well positioned to capture trillion dollar market from merchant onramping parabola, x1000 to x10000 gains.
-There is 1 use case of Bitcoin and top 5 left and that is by observing who are actually adopting this chain in the present to lend an indication of the future: it is failed states like venezuela. Bitcoin is banking for the unbanked or whatever the 2017 slogan was, and it is true, it is the crypto for the underclass after fiat collapse.
-No, BTC will not profit from fiat collapse, top 1% will by then already be fully migrated to blockchain.
One of his believers proclaims how "fiat collapse will come as a shock to everyone". I once more take the counter argument and reply:
No, $20 trillion in annual retail sales will not simply evaporate, there is zero indicaton that the military industrial complex will permit any losses of their millenia old hunter gatherer system and there is zero indication that 99% of the population who are not yet on crypto will suddenly wake up and become expert banking security programmers capable of managing their own funds or spring to action as crypto anarchists. Quite the opposite. The actual movement in reality is of increased willingness voluntary or forced, by top project devs to partner with governments and launch enterprise (centralized censorship permitting) solutions for top 1% (fortune 500) onramping. Fiat phase out is well prepped and once it happens top 1% will already be on custom platforms such as NASDAQ Dollars.
All the money is in top 1%
venezuelas underclass have already pumped top 5 to max capacity, literally and economically by hitting a scaling wall. Blockchain as a tool will prevail but alot of prospecting investors will get blindsided by top 5 visibility. The most sober action by high ranked exchanges would be to immediately delist btc and pair promising alts with USDT (petrodollar) until another dominant ecosystem emerges (index crypto). I blame exchanges inaction for this largely because of vast top 5 holdings and that is part of the reason that promising projects are forced to pair with BTC and top 5 when they are only hampered by those obsolete inventions.
Top 5 right now in my view is like someone trying to tape together a bunch of 1999 telephones and hail it as the second revolution in mobile while I am cruising AR hyperspace on a 2020's smart tablet. Crypto is extremely simplistic to understand if the perspective of mainstream utility is adopted.
Crypto is like high tech multi function stocks and that is where trillion dollar market caps will emerge, in large part because of migrated value.
After this phase, the true power of blockchain will be revealed when integrated with AGI, Androids (the robots not the phones) and the world brain. Blockchain is singularity enabling but people are missing the mark completely by investing (x100 leveraging!) in top 5.
You want free money? not part of top 1%? not doing due diligence on 3000 projects reading 10 hours per day? not spending more than full time unpaid working on your own project? investing in top 5? 2020's may not be for you.
A real and fair reboot of this entire industry could emerge by launching a crypto that can mainly be obtained for effort and not fiat or other crypto. The entire premise of this invention was false ever since 2009 due to fiat gateway. It is technologically possible to construct a UBI system on this technology and mix socialist and capitalist economies. But no one is doing this because of $$greed$$.
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