Beastty (OP)
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July 20, 2021, 08:28:49 PM |
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Hopefully I'm not alone in this thought but what is the end game? The way I see it is that these last few years of price movement is just price speculation. Complete idiots are putting money in this machine and expecting a profit. Too many people don't know anything about how BTC even works.
I just don't get it. Am I just maturing in my opinions of this industry? What is the end game here?
I know what I did, bought low and sold high and moved along. My profits are measured in my local currency, I don't see how BTC will ever fill that void to be universal.
Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers? I miss the days when BTC was just this interesting internet money that was on the darknet.
Thanks for reading, would love to hear if anyone else has these thoughts on a daily basis.
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hatshepsut93
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July 20, 2021, 08:45:22 PM |
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My view is that Bitcoin will slowly continue to gain adoption, but will remain an obscure payment method used as a last resort for people who can't use traditional payment methods for some reasons. Lightning Network's official release would provide a boost to adoption, but it won't turn Bitcoin into a widely adopted global currency, because it also has limitiations, and because it doesn't fix other Bitcoin problems like price volatility.
Just because Bitcoin is not used by everyone and maybe never will, you don't have to be pessimistic and say that Bitcoin is useless. Bitcoin has its own niche, and IMO that already is a success.
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jackg
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July 20, 2021, 08:51:39 PM |
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Tldr: just invest if you like the technology. There's too much talk on smart money and dumb money - a lot of "smart money" is just big money that can inflate itself.
The market thrives from sensationalisation. Do you think people ever know what they're investing in? The stock markets have high profile companies worth a lot less than they should be (0.5-5x annual profits).
The network is odd and so it how company accounts are filed. Companies are generally assessed on their profitibility at the time and any short strategic statements they give, no one cares about their assets or about their market share unless they point it out...
I'm pretty sure investors, accountants and other people have the worst job satisfaction too - that's probably a strong reason for it.
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Beastty (OP)
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July 20, 2021, 09:11:18 PM |
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My view is that Bitcoin will slowly continue to gain adoption, but will remain an obscure payment method used as a last resort for people who can't use traditional payment methods for some reasons. Lightning Network's official release would provide a boost to adoption, but it won't turn Bitcoin into a widely adopted global currency, because it also has limitiations, and because it doesn't fix other Bitcoin problems like price volatility.
Just because Bitcoin is not used by everyone and maybe never will, you don't have to be pessimistic and say that Bitcoin is useless. Bitcoin has its own niche, and IMO that already is a success.
Well yeah. I was once positive. Most of the time I'm neutral or negative. I am sort of the outlet for crypto in my circles. Just have had so many people ask me about doge in the past few months. Maybe I'm just disappointed. You're right. It does have a niche. Maybe when media cools down more I can re-open my brain.
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Beastty (OP)
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July 20, 2021, 09:13:16 PM |
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Tldr: just invest if you like the technology. There's too much talk on smart money and dumb money - a lot of "smart money" is just big money that can inflate itself.
The market thrives from sensationalisation. Do you think people ever know what they're investing in? The stock markets have high profile companies worth a lot less than they should be (0.5-5x annual profits).
The network is odd and so it how company accounts are filed. Companies are generally assessed on their profitibility at the time and any short strategic statements they give, no one cares about their assets or about their market share unless they point it out...
I'm pretty sure investors, accountants and other people have the worst job satisfaction too - that's probably a strong reason for it.
I realized I was talking about any investment product when I typed this. I got to try to think less sensationally- I tend to overthink.
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Coyster
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July 20, 2021, 09:15:12 PM |
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Hopefully I'm not alone in this thought but what is the end game?
You're prolly not alone, but I'm afraid, the majority of people who share the same thought as yourself are either trying to spread unnecessary FUD, or do not understand how the network works and it's original purpose. I know what I did, bought low and sold high and moved along. My profits are measured in my local currency, I don't see how BTC will ever fill that void to be universal.
However you choose to use the network, spend or accumulate coins is your sole decision, but mind you that Bitcoin is definitely going mainstream, do not be confused, that's not to say that there'll come a time that Bitcoin will be the only currency used, Bitcoin is definitely going to be universal cause sooner or later, with all the dictatorial policies governments keep implementing, people wouldn't be able to resist the freedom and control of funds Bitcoin offers it's users, this will make more and more people to use it and hence mainstream adoption. Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers?
Like I already said, you can buy and spend the way you deem fit, but I am pretty sure that people who believe in the network aren't 'dreamers', it's (Bitcoin) actually a currency that can change the financial system for good.
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jossiel
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July 20, 2021, 09:56:44 PM |
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Yeah, you've became mature on this market. Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers? I miss the days when BTC was just this interesting internet money that was on the darknet.
Yes. That's better if you do that as the other people don't know what to do when they see the price of bitcoin goes down. They're probably thinking the same as it's already the end for bitcoin but no, it is not.
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just_Alice
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July 20, 2021, 10:26:25 PM |
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The way I see it is that these last few years of price movement is just price speculation. Complete idiots are putting money in this machine and expecting a profit. Too many people don't know anything about how BTC even works.
I can't disagree with you on that part. It is true that many people just buy because they can, simply out of interest or FOMO, greed, etc. But you should consider that there are other people as well, the ones that believe in Bitcoin adoption and buy it to gain more freedom. And the way I see it, the latter group has started prevailing lately. Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers?
Consequently, there's much more to the Bitcoin community than just "waves of dreamers", otherwise there would be no point and Bitcoin would have been long gone by now. There's an expanding loyal network willing to sustain adoption, which is why IMO we are nowhere near the end game.
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Hydrogen
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July 20, 2021, 11:23:52 PM |
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Everyone knows moore's law defines a rough cycle for transistor density increasing over time.
Bitcoin's history is defined by rough 4 year boom and bust cycles correlated with miner rewards halving.
Don't know the origins of the narrative claiming markets are fueled by speculation. Credit and savings for poor to middle class earners is at all time lows, while debt is at all time highs. Markets have not been significantly influenced by lower wealth brackets in decades. All trends and price movements are defined by hedge funds, banks and state QE.
If history repeats itself, we have already seen the end game in past eras of history. Its only a matter of identifying which past history bears a resemblance to the current one.
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Kemarit
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July 21, 2021, 01:07:42 AM |
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Bitcoin's market is still fairly young and this argument could benefit us in the long run.
Just look at the early adopters, now they are reaping their rewards for buying low with literally hundreds of BTC and hold for the next 10 years. End game? we are still far from it, and as we saw it despite it's still being new, the market is in a cycle, bearish/bullish and this is how we should look at it. We could learn that it's better to buy more when the price is cheap because we are in a bear market and then sold off some in a bullish market.
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goaldigger
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July 21, 2021, 01:32:57 AM |
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Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers? I miss the days when BTC was just this interesting internet money that was on the darknet.
That's your choice, you can buy and hold or you can actively participate in the market by just buying and selling. This is the cycle of pump and dump and currently we are on the dump trend so technically, buying at a cheaper price is always a good idea and you'll sell it later on once you already happy with your profit. This is not an end game, and if you already here for years then better to look at the price history of the market because it always like this. Many says the market will die eventually, but for me that's is FUD because until now we are still making a big difference and makes the financial system much better.
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Beastty (OP)
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July 21, 2021, 04:25:35 AM |
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Hopefully I'm not alone in this thought but what is the end game?
You're prolly not alone, but I'm afraid, the majority of people who share the same thought as yourself are either trying to spread unnecessary FUD, or do not understand how the network works and it's original purpose. I know what I did, bought low and sold high and moved along. My profits are measured in my local currency, I don't see how BTC will ever fill that void to be universal.
However you choose to use the network, spend or accumulate coins is your sole decision, but mind you that Bitcoin is definitely going mainstream, do not be confused, that's not to say that there'll come a time that Bitcoin will be the only currency used, Bitcoin is definitely going to be universal cause sooner or later, with all the dictatorial policies governments keep implementing, people wouldn't be able to resist the freedom and control of funds Bitcoin offers it's users, this will make more and more people to use it and hence mainstream adoption. Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers?
Like I already said, you can buy and spend the way you deem fit, but I am pretty sure that people who believe in the network aren't 'dreamers', it's (Bitcoin) actually a currency that can change the financial system for good. Well come on, you got to realize any immature new money are these "dreamers" who read headlines about massive gains on micro-caps or a friend who mad $6k on doge. Sure, there is also new money that may be smart and waited out for the market to mature a bit more. I think we both know what this rally was really supported on.
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Beastty (OP)
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July 21, 2021, 04:30:56 AM |
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Bitcoin's market is still fairly young and this argument could benefit us in the long run.
Just look at the early adopters, now they are reaping their rewards for buying low with literally hundreds of BTC and hold for the next 10 years. End game? we are still far from it, and as we saw it despite it's still being new, the market is in a cycle, bearish/bullish and this is how we should look at it. We could learn that it's better to buy more when the price is cheap because we are in a bear market and then sold off some in a bullish market.
But whats the end? If BTC is not the universal currency there will always be people selling for the more local or dominant currency. I just don't think this can work like this. I have always considered Bitcoin as computational digital gold. Not meant to a primary means of value exchange.
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Coin_trader
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July 21, 2021, 04:34:21 AM |
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You are doing good mate if your main intention to invest on crypto is for short term investment. But telling that Bitcoin is already approaching in an end game phased is quite not suitable just because you are referring on the price alone. The technology is still developing while many businesses are trying to adapt the blockchain tech on there system. The current market condition is just a result of whale manipulation. This is not new on Bitcoin since we experienced worst than this before.
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Beastty (OP)
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July 21, 2021, 04:34:56 AM |
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Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers? I miss the days when BTC was just this interesting internet money that was on the darknet.
That's your choice, you can buy and hold or you can actively participate in the market by just buying and selling. This is the cycle of pump and dump and currently we are on the dump trend so technically, buying at a cheaper price is always a good idea and you'll sell it later on once you already happy with your profit. This is not an end game, and if you already here for years then better to look at the price history of the market because it always like this. Many says the market will die eventually, but for me that's is FUD because until now we are still making a big difference and makes the financial system much better. Inherently, the market wouldn't die unless the underlying cryptographic "proofs" were no longer secure... I think. Or as others have said, legislation from the countries of the world. I find using 10 years of data (realistically its 4-5 years of real life use casa data) is extremely short minded and there simply has not enough time to call it the future. I do not have anti-crypto ideals, I just am disappointed of the state of something I held near and dear to me. I am afraid the average IQ of a crypto user will be too low for anything other than a digital gold.
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Beastty (OP)
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July 21, 2021, 04:42:39 AM |
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I think this is a point I completely glossed over. Like the TOR network and other "deep web" networks, there are groups of people in this world who have THRIVED having access to a decentralized internet currency. This is crucial for these people who may not enjoy the benefits of western civilization or a cruel regime. The amount of people I have met internationally through slack/discord crypto communities was extremely enlightening. However, hearing El Salvador introduce Bitcoin just feels wrong. I hope it improves the quality of life for those citizens.
This most recent bull run I did not deal much in btc txs. I tried to stay with lighter tx fees when moving funds (ltc,bch) if I was selling to USD. In 2017/2018, I do remember sky high fees & time. It is my understanding that BTC will always have a scalability problem. A quick google search shows me 4.6 txs per second or so, with visa doing about 1700 per second. Assuming that small countries will begin to onload their people to bitcoin would this not make dealing with BTC completely inefficient (pending any forks that can help this problem). I will provide a disclosure that this knowledge could be dated by a year or so. I will opt to do some more research into this issue.
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Lorence.xD
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July 21, 2021, 09:35:58 AM |
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The end game should be you and not the market, your end game should be getting a lot of profit out of crypto market as much as possible in a short span of time so you can enjoy life. I think what you were doing is already good so I don't think that you have to change anything.
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YOSHIE
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July 21, 2021, 10:03:09 AM |
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Do we just wait patiently, buy the dip over the next year or so, and sell our bags to the next wave of dreamers? I miss the days when BTC was just this interesting internet money that was on the darknet.
Apparently yes, you have to do that, be patient and......in the next year. But at least you can still play in a certain period of time, for example: $ 30,000 you buy and $ 35,000, you sell in / week, I see this system is still valid for Bitcoin at this time, honestly I see this week at least 2x changes. Your ideas above are great too, if you have the patience.
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Jawhead999
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DGbet.fun - Crypto Sportsbook
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July 21, 2021, 10:12:00 AM |
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It is my understanding that BTC will always have a scalability problem.
No, there's already solution for scalability problem it's called Lightning network. It will reduce significant fees when you made transaction, unlike on-chain network that often people use. You could pay small amount money without worrying the fees will overtake your micro payment. However it's still quite new and has bugs, so it need more improvement.
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paxmao
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July 21, 2021, 10:14:31 AM |
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End of game has been called endless times for bitcoin at 100, 1000, 10000 and perhaps it will be called again at 100.000. The fact is that non of us understands or can predict where this is going long term because it is still a innovative market and ecosystem - 10 years is nothing in the history of money. Demand is a strong driver of bitcoin, since the supply is known a fixed. That demand as of now is much higher than it was 5 years ago or even 2 years ago because investment funds are buying into the idea. The next step is widespread adoption and that may take another decade... a decade of growth.
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