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Author Topic: [2019 - 11- 25] The 4 Possible Bitcoin Scenarios In The Long Run  (Read 172 times)
EdmonLeung
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November 25, 2019, 12:44:57 AM
 #1

Bitcoin Leaves No One Indifferent

That’s obvious, but I think that pointing this out is important.

Some are the Bitcoin’s absolute supporters and its revolution. Bitcoin is a real opportunity for them to restore a fully decentralized and trust-based financial system. Among these supporters are the famous HODLERS who are conscientiously accumulating Bitcoin month after month, whatever their price, because they are convinced that in the future their price will reach new heights.

There are central bankers, economists and politicians, on the other hand, who see Bitcoin as a major risk. Nonetheless, Bitcoin’s mass acceptance may clearly undermine its ability to create infinite money.

Then there are the media that use Bitcoin and cryptocurrencies to create sensational headlines without bothering to understand the ins and outs of this revolutionary technology.

Lastly, in the midst of all this, the general public is not sure what to think about a Bitcoin whose excessive volatility and potential role in money laundering is constantly underlined. Therefore, many people clearly do not know about Bitcoin’s potential and how it might well transform their lives in the future.

The Bitcoin Future Price Makes You Imagine

Whatever your position on Bitcoin, I’m sure you’re intrigued by at least one thing about Bitcoin. I know because almost everyone on Earth is intrigued by this thing.

Everyone asks what the Bitcoin price will be in the future.

Bitcoin’s future price makes you fantasy. Everyone therefore has a small prognosis: from Bitcoin influencers to economists, everybody seems to have their own views on the issue.

A well-known venture capitalist with significant investments in Baidu, Skype and Tesla, Tim Draper has long believed in Bitcoin and that’s why he purchased, for example, 30,000 BTC in June 2014. Consequently, its predictions on Bitcoin’s future price are necessarily influenced.

Tim Draper predicts a $250,000 worth of Bitcoin in 2022!

Read more at DoggBitCoin
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November 25, 2019, 03:10:22 AM
 #2



There are many people who are asking themselves: Is Bitcoin really needed on their lives at least in the aspect of finance, money and banking? We have to accept that the impetus of the creation and existence of Bitcoin years ago have already faded today and many people do not care anymore about how the government and traditional financial institutions can be intruding into their lives for as long as these people get what they want in the process. In other words, we are now slowly losing the vision for Bitcoin and when only a handful of people are really sticking to the core beliefs and philosophy of Bitcoin then we can have a big problem and right now the symptoms of these problems have already started to surface. Let's just hope that eventually Bitcoin will be as it should be.

 
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November 25, 2019, 03:10:49 PM
 #3

I still hope that bitcoin will exist for a very long time, I hope...
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November 25, 2019, 05:48:50 PM
 #4

What could make Bitcoin virtually disappear?

Next, its substitution at the top of the market with another cryptocurrency. From Ethereum to Ripple, EOS or Bitcoin Cash, there is no shortage of competitors....

I think if Bitcoin could be substituted by any of those coins, it would have happened already. There are tons of faster coins with cheaper transaction fees, and yet most people prefer to use Bitcoin, and the main reason for that is that its blockchain is much more secure than that of any other crypto coin.

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gentlemand
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November 25, 2019, 07:52:13 PM
 #5

There are many people who are asking themselves: Is Bitcoin really needed on their lives at least in the aspect of finance, money and banking? We have to accept that the impetus of the creation and existence of Bitcoin years ago have already faded today and many people do not care anymore about how the government and traditional financial institutions can be intruding into their lives for as long as these people get what they want in the process. In other words, we are now slowly losing the vision for Bitcoin and when only a handful of people are really sticking to the core beliefs and philosophy of Bitcoin then we can have a big problem and right now the symptoms of these problems have already started to surface. Let's just hope that eventually Bitcoin will be as it should be.

I think the opposite myself. When I recall what banking was like only ten years ago it was a lot more logical and a lot less offensive and Orwellian than it is now.

You actually got interest on your savings. Cash was king. There was much less of this AML reporting and zero talk of restricting cash transactions above certain amounts. It's only going one way.

Cashlessness and the spectre of a governmentcoin will be a wake up call to enough people to make them question what's going on. BTC will be waiting for them.

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November 25, 2019, 09:33:03 PM
 #6

I think if Bitcoin could be substituted by any of those coins, it would have happened already. There are tons of faster coins with cheaper transaction fees, and yet most people prefer to use Bitcoin, and the main reason for that is that its blockchain is much more secure than that of any other crypto coin.

It's technically not even about Bitcoin's security since most people don't care about that. In fact, it's mainly Bitcoin's network effect that makes it so desirable. If you look at what coins are being listed the first on exchanges, it's always Bitcoin. If you ask people in crypto if they accept Bitcoin, even when they are hardcore altcoiners, they'll do it.

By always being the first with everything, you position yourself stronger in the market year after year. Look at the volume of exchanges that are reputable, it's Bitcoin as single coin that generates most of the volume. XRP is truly a joke with just $20-$40 million in overall volume when you look at its market cap. Ethereum is doing better on that front but it still is no match.

With lightning faster and cheaper transactions can be tapped into already. I'm using it on a daily basis and thus far haven't had a single transaction fail. The only inconvenience I experienced thus far was that it took about 30 seconds for a ~$200 transfer to settle (likely related to routing) but it settled. The fee was a whopping 26 satoshis, which on lightning is a lot actually. Cheesy

If I for a second worried about an altcoin that potentially could overtake Bitcoin in every aspect, I would be holding quite a chunk of it. I don't see it happen.

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November 26, 2019, 08:16:21 AM
 #7

In other words, we are now slowly losing the vision for Bitcoin and when only a handful of people are really sticking to the core beliefs and philosophy of Bitcoin then we can have a big problem and right now the symptoms of these problems have already started to surface. Let's just hope that eventually Bitcoin will be as it should be.
Maybe, but that will eventually change when we have another government or global banking fuckup. If banks are doing fairly well, governments in most financially strong countries too, people have no need for safe havens.

We will have to see whether the 'looming' recession really strikes one day, but that might be such a catalyst for people to finally start appreciating what Bitcoin brings to the table. People need to be uncomfortable first to explore new alternatives.

 
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November 26, 2019, 02:32:20 PM
 #8

I believe that the success of the revolutionary idea (Blockchain technology) "which proved by Bitcoin," will attract everyone to it, from governments to central banks and others, but everyone will try to take advantage of it to achieve his interests.
The cash will soon turn into digital money but it will be centralized and Blockchain may work over it.
If Bitcoin failed or succeeded, it has already proved that it can make a difference.

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November 26, 2019, 07:17:12 PM
 #9

When I recall what banking was like only ten years ago it was a lot more logical and a lot less offensive and Orwellian than it is now.

You actually got interest on your savings. Cash was king. There was much less of this AML reporting and zero talk of restricting cash transactions above certain amounts. It's only going one way.

Cashlessness and the spectre of a governmentcoin will be a wake up call to enough people to make them question what's going on. BTC will be waiting for them.

People seem pretty comfortable with their online banking apps, Zelle, Venmo, Cash App... even my mother, who's in her 60s. Everyone is willingly going cashless, particularly young people. I'm not sure they're going to question anything until fiat currencies start imploding.

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November 26, 2019, 08:37:15 PM
 #10

People seem pretty comfortable with their online banking apps, Zelle, Venmo, Cash App... even my mother, who's in her 60s. Everyone is willingly going cashless, particularly young people. I'm not sure they're going to question anything until fiat currencies start imploding.

I can't recall anyone who hasn't moaned about the truly pitiful savings options out there or the ever rising costs of living. Day to day convenience has upped but the fundamentals of what they're earning and saving in are shakier than they used to be.

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November 26, 2019, 09:12:03 PM
 #11

People seem pretty comfortable with their online banking apps, Zelle, Venmo, Cash App... even my mother, who's in her 60s. Everyone is willingly going cashless, particularly young people. I'm not sure they're going to question anything until fiat currencies start imploding.
I can't recall anyone who hasn't moaned about the truly pitiful savings options out there or the ever rising costs of living. Day to day convenience has upped but the fundamentals of what they're earning and saving in are shakier than they used to be.

Of course, but we're talking about two different things now. I was speaking to the bit about cash controls and moving towards cashlessness. People don't seem too worried about that.

Inflation and low interest rates are a whole other can of worms.

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November 27, 2019, 12:10:53 AM
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 #12

Of course, but we're talking about two different things now. I was speaking to the bit about cash controls and moving towards cashlessness. People don't seem too worried about that.

Inflation and low interest rates are a whole other can of worms.

Is it not two sides of the same coin? Your money is becoming increasingly controlled and at the same time it's becoming increasingly worthless. If you add the two together it makes for an ugly future.

I've heard a few people voice the dystopian possibilities and I don't think they had much or any awareness of crypto.

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November 27, 2019, 01:00:07 AM
Last edit: November 27, 2019, 12:58:17 PM by Carlton Banks
 #13

Is it not two sides of the same coin? Your money is becoming increasingly controlled and at the same time it's becoming increasingly worthless. If you add the two together it makes for an ugly future.

such a basic equation: the more your money is controlled by someone who's not you, the less it's yours. If money you don't control is anything, worthless is it Cheesy it's main value is held by whoever's giving you permission to use it (the most extreme case being "you have my permission to give all your money to me" Grin whose money is that? why ever call it yours?)

the dystopian future world can stop me paying you or you paying me, but all that's doing is guaranteeing the inmates will start their own money system (spoiler alert: yep, we're more or less free-range cattle in tax cults)

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November 27, 2019, 05:54:36 AM
 #14

As long as there are hardcore hoarders out there, that believe that the Fiat system is on a path of self destruction, then Bitcoin would have a future. We know most Fiat currencies does not last longer than a 100 years, so these people are looking for alternative payment options, when these Fiat currencies fail.

A lot of these currencies has already failed, like the Zimbabwean Dollar and the Argentine Peso (ARS), so they are failing one by one and people are turning to Crypto currencies like Bitcoin to protect their wealth.  Roll Eyes

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November 27, 2019, 09:41:39 AM
 #15

It's good to be optimistic, but we have to look at the possibility that in future the price is not too high as most people imagine, let's look at the current scenario as a great example:



we are 169 days from halving and the price is more likely to end the year under $ 6000. this can be a presage that next year even after halving the price remains below 10,000 and it is unbelievable that there are people who say the price will reache $250,000 on 2020, which is absurd.

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November 27, 2019, 12:20:21 PM
 #16

we are 169 days from halving and the price is more likely to end the year under $ 6000. this can be a presage that next year even after halving the price remains below 10,000 and it is unbelievable that there are people who say the price will reache $250,000 on 2020, which is absurd.

A bit pointless making price predictions but the concept of an enormous move seemed no more or less absurd than the last one or the one before that yet they happened. And price action was indifferent/dead leading up to and around the previous halvings too.

I don't really see why anyone's paying much attention to current prices unless they're leveraged to the hilt. It's all a bit of a nothing.

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November 27, 2019, 08:19:41 PM
 #17

it is unbelievable that there are people who say the price will reache $250,000 on 2020, which is absurd.

It's not about the prediction being realistic or unrealistic, but about the people making these predictions to get the media exposure they are after. News portals have a habit of donating exposure to tards like McAfee. No one in his right mind believes that Bitcoin will reach $250000 in 2020.
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November 27, 2019, 09:26:39 PM
 #18

No one in his right mind believes that Bitcoin will reach $250000 in 2020.

then count me in! Grin

peak to peak ($1000 in 2014 to $20,000 in 2017) was a x20 increase last time, 20x $20,000 is a new ATH of $400,000. Which would last about 5 minutes before the new world record is set for biggest ever market correction Cheesy

anything could happen though, including a great big nothingburger

Vires in numeris
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November 27, 2019, 09:27:53 PM
 #19

Of course, but we're talking about two different things now. I was speaking to the bit about cash controls and moving towards cashlessness. People don't seem too worried about that.

Inflation and low interest rates are a whole other can of worms.

Is it not two sides of the same coin? Your money is becoming increasingly controlled and at the same time it's becoming increasingly worthless.

Sure, but that's not the popular perception. People don't associate rising cost of living with cash vs. plastic/mobile. They may bitch about the price of rent and food increasing but they certainly aren't complaining about going cashless. They want to go cashless. Merchants and black marketers love cash but mainstream consumers have us all by the balls in that regard.

I don't foresee anyone putting up much of a fight against the incoming cash restrictions we're seeing around the world.

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November 28, 2019, 12:36:20 AM
 #20

I don't foresee anyone putting up much of a fight against the incoming cash restrictions we're seeing around the world.

go to independent businesses in Switzerland or Austria. No cards. Cash. Only.

Vires in numeris
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