Blackrock ETF/Bitcoin will destroy the (new) cryptocurrency industry soon...

[Skybuck]

https://www.youtube.com/live/2CcFUYjxrvM?si=jWMr2rERPwjcRPU2

Text from video:

Title:

Blackrock ETF + Bitcoin will destroy the cryptocoin / cryptocurrency industry very soon.

24 october 2023 by Skybuck Flying

Bitcoin will become an ally for the USA goverment/Whitehouse/Biden who want to destroy the cryptocoin industry to protect the USA Dollar.

Bitcoin is not the real threat. It is actually all the other new cryptocurrencies which are much much much more advanced than Bitcoin.

Bitcoin is old and obsolete compared to the new stuff.

So here is their plan:

The Blackrock ETF will be approved very soon and this will allow "wallstreet" to buy bitcoin.

This will cause major price surge of Bitcoin. Bitcoin will basically go to 1 million, 2 million, 3 million etc...

Thus will persuade owners of shitcoins to dump their shitcoins and buy bitcoins... which they can then sell again for USA dollars, so there will be demand for USA dollars.

USA also posses bitcoins from seizures, so they can lower bitcoin whenever they want somewhat, but that is beside the point, it would be a temporarely drop.

The last couple of days there have been Bitcoin Price Spikes.

It's now very clear that these are "TESTS" to see what would happen and to see how the market reacts...

It's a bit nasty right now, because it seems people are making a wrong decision, they believe if bitcoin rises that all other alt coins will rise too, so people are now buying a bunch of shitcoins everywhere... but these will soon crash very fast and very hard ! I warned you !

Sell your shitcoins while you still can.

Conclusion:

Major financial attack coming on the cryptocoin industry/cryptocoin currencies ! Most shitcoins will go to zero/become worthless.

My estimate would be: Destruction within one week, maybe even just a couple of days as people start to realize what is going on.

Whoever sells their shitcoins last, is going to be the major sucker....

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[Harambe]

I think it's nonsense. There is a strong correlation between Bitcoin and Altcoins. Altcoins will continue to rise because people holding Bitcoin have diversified portfolios, so the same people who profit from Bitcoin will put some of their profits into Altcoins, causing Altcoins to rise. Also Wall Street can already purchase Bitcoin if they want, an ETF is not really needed to do that.

[Charles-Tim]

These are what I did not like:

new cryptocurrencies which are much much much more advanced than Bitcoin.

and

Bitcoin is old and obsolete compared to the new stuff.

Bitcoin is not obsolete.

Meaning of obsolete:

1. no longer produced or used; out of date.
"the disposal of old and obsolete machinery"

2.
BIOLOGY
(of a part or characteristic of an organism) less developed than formerly or in a related species; rudimentary; vestigial.

3. cause (a product or idea) to become obsolete by replacing it with something new.
"we're trying to stimulate the business by obsoleting last year's designs"

So is bitcoin obsolete? No.

Also because of low transaction fee, less security and the new vulnerabilities of new cryptocurrencies, it can not be said that new cryptocurrencies is having advanced technology. The developers of new coins and tokens will say this to attract people and more people have little knowledge.

I think it's nonsense. There is a strong correlation between Bitcoin and Altcoins. Altcoins will continue to rise because people holding Bitcoin have diversified portfolios, so the same people who profit from Bitcoin will put some of their profits into Altcoins, causing Altcoins to rise. Also Wall Street can already purchase Bitcoin if they want, an ETF is not really needed to do that.

I agree to this but most of the altcoins will increase and fall back to the prices they were before bitcoin halving occured. Some may not also get to all-time-high.

[Fundamentals Of]

If this is the content of the video, I'd rather not watch it. This sounds like a poor conspiracy theory. It exaggerates too much. It generalizes a lot. And it also made wrong assumptions.

Even if BlackRock's Bitcoin spot ETF won't be approved, Wall Street can still buy Bitcoin. Bitcoin isn't some company stocks that are not available to everybody. Bitcoin is public. Nobody will require and evaluate forms and declarations in order to buy Bitcoin.

And whether BlackRock will succeed in its application or not, Bitcoin will get back to $69,000, reach $100,000 and beyond.

[Skybuck]

I think it's nonsense. There is a strong correlation between Bitcoin and Altcoins. Altcoins will continue to rise because people holding Bitcoin have diversified portfolios, so the same people who profit from Bitcoin will put some of their profits into Altcoins, causing Altcoins to rise. Also Wall Street can already purchase Bitcoin if they want, an ETF is not really needed to do that.

"Causing altcoins to rise..." to be then sold off again by those that could not get out.

If bitcoin would be 1 million dollar per bitcoin what do you think would happen to alt coins right now ?!

Concerning wallstreet argument, it seems to be a major hassle right now, taking months to get big order/buys approved, so you would be wrong about that !

[mk4]

Now that's some conspiracy theory LMAO. I'll have whatever you're smoking, please.

Bitcoin is not the real threat. It is actually all the other new cryptocurrencies which are much much much more advanced than Bitcoin.

Bitcoin is old and obsolete compared to the new stuff.

No offense, but you'd have to be absolutely illiterate to believe this — and I'm saying this as a person who holds a ton of altcoins. Bitcoin and other cryptocurrencies are simply in very different categories.

[Skybuck]

Now that's some conspiracy theory LMAO. I'll have whatever you're smoking, please.

Bitcoin is not the real threat. It is actually all the other new cryptocurrencies which are much much much more advanced than Bitcoin.

Bitcoin is old and obsolete compared to the new stuff.

No offense, but you'd have to be absolutely illiterate to believe this — and I'm saying this as a person who holds a ton of altcoins. Bitcoin and other cryptocurrencies are simply in very different categories.

Here is the thing: If you sell your shitcoins now, you can still get a good price for them and buy bitcoin right now, while it's still cheap. Then later bitcoin goes to 1 million and it will have been worth to sell of the shitcoins right now.

It won't take long for people to catch on...

[thecodebear]

Well that was a silly rant lol

[spectre71]

That tested the limits of my tinfoil beeny.

Well no institution is going to touch shitcoins, ever.

Check out the newish EDX exchange, the exchange of the giants.


https://www.coindesk.com/business/2023/08/22/crypto-exchange-edx-market-taps-anchorage-as-custody-provider/

They only will deal in BTC, BCH, LTC and ETH. You may see some outliers but that's it, that's what is going to be for now. When they announced this you can see a jump in LTC and BCH that is for the most part lasting.

This space would be better off without a thousand shitcoins and that market cap end up in the above preferably BTC. Nobody at the institution level gives a shit about features, fluff and window dressing.

[Yaunfitda]

Not sure what this youtube wanted to convey, but this is pure speculation and perhaps FUD. I don't think that anyone can destroy cryptocurrency as a whole. If it will fail, then we won't see the sudden and massive explosion in Bitcoin.

So yeah, this is pure non-sense, perhaps just wanted to promote this video here and got views. But for crypto enthusiast, we've seen wars already and then the pandemic, and it didn't have any significant effect on crypto market itself. And I guess that's make at least for Bitcoin to become more stronger is that it has 4 year cycle, based on bitcoin halving. So there is a sense of balance, as we have bear and bull cycle.

[AHOYBRAUSE]

Bitcoin is going to 1 million, 2 million or 3?
Haha.
It sounds as good as it is funny to hear that.

I guess this youtube person is just yet again hyping up something to maybe make a profit out of it, have seen that so often I can't count anymore.

Sure bitcoin has a bright future ahead (hopefully) but this kind of future they are predicting here is most likely not happening. And if it does it would be good for the most of us.

[Minor Miner]

Bitcoin is old and obsolete compared to the new stuff.

Bitcoin is undeniably older and outdated compared to altcoins, but importantly does new mean better? Has the bitcoin blockchain ever been hacked or attacked? Never, ever, it has never happened, but altcoins, which are considered new technologies, are attacked every day. So do we need such rubbish new technologies? Just like gold in real assets, it is thousands of years old and outdated but has anyone replaced it, or is it still the king of real assets? We need quality, not quantity or beautiful appearance.

[yhiaali3]

Here is the thing: If you sell your shitcoins now, you can still get a good price for them and buy bitcoin right now, while it's still cheap. Then later bitcoin goes to 1 million and it will have been worth to sell of the shitcoins right now.

Yes I agree with you on this point, all people who own Altcoin or shitcoins should get rid of their coins and buy Bitcoin before it starts to really rise and they miss the opportunity.

But what do you think would happen if people actually started dumping all their other coins and started a mad race to buy Bitcoin? The expected scenario is that there will be a significant dumping of the Altcoin market and the price of Bitcoin will rise very significantly as a result of the insane demand for the price of Bitcoin, and then what?

Logically, Bitcoin will reach a very high price, become difficult to buy, demand will decrease significantly, and it will begin to decline again.

[DapanasFruit]

While I agree with some of the ideas or fears presented here, there are also things am not so sure of. However, I do admit that it seems there are really some good number of people who are convinced at on the long-term basis ETF for Bitcoin will not be a good thing to have and its positive impact will be so near-term. Anyway, we are all just human so we can never be sure of what can be as factors can be moving parts that can be changing as time passes by. The thing is that there is no stopping people to file and set-up any ETF they wanted as Bitcoin is not liken to an exclusive village where only a few can enter.

[Poker Player]

If this is the content of the video, I'd rather not watch it. This sounds like a poor conspiracy theory. It exaggerates too much. It generalizes a lot. And it also made wrong assumptions.

I think the same. The summary alone is enough for me. Throughout the time I've been doing this I've heard a few: that if the Bitcoin was created by the CIA and things like that, and in the end, although some conspiracy theories may be true, today there are so many circulating that regarding the Bitcoin I believe the simplest, and in a practical way I only worry about continuing to accumulate not only for the price but for its characteristics such as the limitation of supply, or the difficulty of seizure and censorship.

[BALIK]

Here is the thing: If you sell your shitcoins now, you can still get a good price for them and buy bitcoin right now, while it's still cheap. Then later bitcoin goes to 1 million and it will have been worth to sell of the shitcoins right now.

Yes I agree with you on this point, all people who own Altcoin or shitcoins should get rid of their coins and buy Bitcoin before it starts to really rise and they miss the opportunity.

But what do you think would happen if people actually started dumping all their other coins and started a mad race to buy Bitcoin? The expected scenario is that there will be a significant dumping of the Altcoin market and the price of Bitcoin will rise very significantly as a result of the insane demand for the price of Bitcoin, and then what?

Logically, Bitcoin will reach a very high price, become difficult to buy, demand will decrease significantly, and it will begin to decline again.

But the problem is that not too many people will do it no matter how much advice we give. Many people still diligently invest in altcoins hoping to earn thousands of percent to become rich, many people don't even have a single bitcoin coin in their wallet. It's all altcoins because they think bitcoin grows too little and cannot satisfy their greed. That is what is happening in the market and it will continue to do so even if thousands more altcoins collapse like FTX or Luna. Not everyone is alert enough and knows how to control greed like us here.

[headingnorth]

Destroying the altcoins market would be the greatest thing to ever happen. 99.9% of altcoins are nothing but scams.

[Blitzboy]

The crypto community has long debated whether Bitcoin's merger with mainstream institutions will hurt altcoins. The idea is that significant financial players adopting Bitcoin would distract from altcoins. However, with wider exposure to Bitcoin, would the market realize the promise of other cryptocurrencies? After all, rising tides raise all boats.

I understand the concern of "shitcoins" being worthless, especially in unpredictable markets. Crypto's primary point is to upset banking systems, right? Shouldnt we anticipate newer, better cryptocurrencies to evolve like Bitcoin? Your call to action is strong, but investors should always carefully consider their options. Panicked decisions never work. Continue researching and asking.

[pooya87]

Text from video:
It is actually all the other new cryptocurrencies which are much much much more advanced than Bitcoin.
Bitcoin is old and obsolete compared to the new stuff.

These two lines show the degree of stupidity in the video you are sharing here and its FUD. I'm not sure it is worth spending any time watching it though.

This will cause major price surge of Bitcoin. Bitcoin will basically go to 1 million, 2 million, 3 million etc...

Thus will persuade owners of shitcoins to dump their shitcoins and buy bitcoins... which they can then sell again for USA dollars, so there will be demand for USA dollars.

USA also posses bitcoins from seizures, so they can lower bitcoin whenever they want somewhat, but that is beside the point, it would be a temporarely drop.

Here is the problem with this assumption, unlike a lot of things Bitcoin is decentralized and US regime does not and can not control it or own any major share of it. If they start this plan the way it is being assumed here, other countries can also buy up bitcoin and strengthen their shitty fiat similar to the dollar. Which means it won't work.

Besides, US dollar is already printed so much that even $1 million+ bitcoin value can not cover it enough to save it from demise in the long run. After all the trillion dollar oil industry with Petrodollar could not do it, why should the much smaller and more diversified bitcoin market do?

P.S. If US regime wanted to save the dollar they would have to find something they fully control, like a new centralized shitgovcoin a CBDC so to speak and actually in the past couple of months there has been talks of creating a garbage like that....
I don't know how effective that would be but that is the route they'll take not bitcoin which they can never control.

[adaseb]

Don’t really understand what you are saying. Is this about selling alts and moving into bitcoin? Or is it about selling bitcoin because the government will crash it by selling those frozen coins?

I don’t think it’s going to go to $1M anytime soon or ever. And if it was I don’t think the us government will have that much of a global influence as you think.