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Theflyingbird

What is the long term outlook for bitcoin???

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I'm just wondering what yous think the long term outlook is for bitcoin after it has plunged below $9000 and seems to  keep dropping?

Edited by Theflyingbird

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Look for Bitcoin to maintain around $8500 to $9000 until around March and then hang on with all you got cause you're going to see one hell 

of an explosion. That is not my opine as much as conclusion based on all the evidence presented in the news. 

Thus now is the time to buy as much as you can possibly get your hands on. :bagofmoney:

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Thanks sista,

This is why the crypto section is in the VIP section, to keep the children at bay. 

The sad part for them is that by Christmas they will know the folly of their mistakes. 

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I think the uncertainty is being driven by the recent world-wide government statements of concern over the nom-regulated crypto-currency markets. The more that you see volatility, the more likely they are going to have a reason to step in and screw everything up, or at least keep a much higher level of uncertainty in the market.

 

Indy 

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20 minutes ago, Indraman said:

I think the uncertainty is being driven by the recent world-wide government statements of concern over the nom-regulated crypto-currency markets. The more that you see volatility, the more likely they are going to have a reason to step in and screw everything up, or at least keep a much higher level of uncertainty in the market.

 

Indy 

 

Right now crypto is like a MLM scheme. The ones who got in early make the cash. There are no regulations, no control on getting your cash out, no standards on charges to use the currency, it is open to robbery by hackers and will not be accepted until the real value can be demonstrated. Right now the value is only based on speculation, which is why we see can wild swings based on emotion. Currencies must have something backing it up... I'm no expert this is JMHO.

 

B/A 

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3 hours ago, bostonangler said:

 

Right now crypto is like a MLM scheme. The ones who got in early make the cash. There are no regulations, no control on getting your cash out, no standards on charges to use the currency, it is open to robbery by hackers and will not be accepted until the real value can be demonstrated. Right now the value is only based on speculation, which is why we see can wild swings based on emotion. Currencies must have something backing it up... I'm no expert this is JMHO.

 

B/A 

 

B/A, I agree with some, but not everything you said (+1 for content).

 

The statement that "it [crypto-currency] is open robbery by hackers" is actually not true. The platform that crypto-currency is built upon, Blockchain, is considered the most secure platform that exists today. As a result, crypto-currency is the safest form of currency in the digital realm and far more safe than everyone who has a basic bank account with any modern bank.

 

As for "perceived value" , there is value in being able to buy/sale goods without having to use fiat currency or current banking systems to make a transaction. Also, crypto-currencies are also created with a limited number of digital coins and as a result, limited supply drives demand.

 

JMHO, so take what you will from my comments above...others may have more insights than what I have listed.

 

Indy

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7 minutes ago, Indraman said:

 

B/A, I agree with some, but not everything you said (+1 for content).

 

The statement that "it [crypto-currency] is open robbery by hackers" is actually not true. The platform that crypto-currency is built upon, Blockchain, is considered the most secure platform that exists today. As a result, crypto-currency is the safest form of currency in the digital realm and far more safe than everyone who has a basic bank account with any modern bank.

 

As for "perceived value" , there is value in being able to buy/sale goods without having to use fiat currency or current banking systems to make a transaction. Also, crypto-currencies are also created with a limited number of digital coins and as a result, limited supply drives demand.

 

JMHO, so take what you will from my comments above...others may have more insights than what I have listed.

 

Indy

 

I have only read about this and am no expert. But I have read it could cost something $8 in fees to buy a $4 cup of coffee.... Again, I haven't experienced any of this, but have read it. Have you tried to use crypto in a shopping experience?

 

B/A

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2 hours ago, bostonangler said:

 

I have only read about this and am no expert. But I have read it could cost something $8 in fees to buy a $4 cup of coffee.... Again, I haven't experienced any of this, but have read it. Have you tried to use crypto in a shopping experience?

 

B/A

 

I see two issues with maintaining crypto-currency going forward: 

 

1) Cost per transaction and inherent diminishing returns over time

2) Distributed network block chain validation complexity increasing over time and the resulting increase in cost per transaction

 

For (1), the cost of validating a block of transactions is spread across a distributed network of computers. When a block transaction is validated, the person or team associated with submitting the data is awarded a small percentage of the total amount of coins. Overtime the award is progressively reduced (binary reduction, or divide by 2) until all coins have been distributed.

 

For (2), as fewer and fewer coins are left in the block chain and each block chain validation becomes progressively more difficult to resolve, the computational power (and power usage) makes the cost of doing business more expensive over time.

 

Indy

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Just now, Indraman said:

 

I see two issues with maintaining crypto-currency going forward: 

 

1) Cost per transaction and inherent diminishing returns over time

2) Distributed network block chain validation complexity increasing over time and the resulting increase in cost per transaction

 

For (1), the cost of validating a block of transactions is spread across a distributed network of computers. When a block transaction is validated, the person or team associated with submitting the data is awarded a small percentage of the total amount of coins. Overtime the award is progressively reduced (binary reduction, or divide by 2) until all coins have been distributed.

 

For (2), as fewer and fewer coins are left in the block chain and each block chain validation becomes progressively more difficult to resolve, the computational power (and power usage) makes the cost of doing business more expensive over time.

 

Indy

 

One note about my comments above...they are focused mainly on Bitcoin. Hence, the creation of new crypto-currencies to address some of the issues discussed above.

 

Indy

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With the increased manner that crypto currencies are essentially competing with any given country's power via its currency, I think the out look for cryptos is poor. VISA (and probably Master Card) are at risk of having their charter pulled by the US Feds if they continue to allow their services to be used to buy crypto. S. Korea , one of the originators of cryptos, no longer allows cryptos to be purchased or traded within their borders; and similar moves against cryptos by other countries are bound to manifest. The only possible scenario that I could see myself buying a crypto (digital currency) would be if it was sponsored by a actual country and tied to its currency. If that happens, I will be in. Since I am not liquid at this stage, I hope it does not occur till after the RV/RI . JMHO. 

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14 minutes ago, Indraman said:

 

I see two issues with maintaining crypto-currency going forward: 

 

1) Cost per transaction and inherent diminishing returns over time

2) Distributed network block chain validation complexity increasing over time and the resulting increase in cost per transaction

 

For (1), the cost of validating a block of transactions is spread across a distributed network of computers. When a block transaction is validated, the person or team associated with submitting the data is awarded a small percentage of the total amount of coins. Overtime the award is progressively reduced (binary reduction, or divide by 2) until all coins have been distributed.

 

For (2), as fewer and fewer coins are left in the block chain and each block chain validation becomes progressively more difficult to resolve, the computational power (and power usage) makes the cost of doing business more expensive over time.

 

Indy

Sounds like a Ponzi scheme to me.

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Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says

 

The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc.’s global head of investment research.

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they’re replaced by a small set of future competitors, Goldman’s Steve Strongin said in a report dated Feb. 5. While he didn’t posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different coins to move in lockstep wasn’t rational.

“The high correlation between the different cryptocurrencies worries me,” Strongin said. “Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”

Today’s digital coins lack long-term staying power because of slow transaction times, security challenges and high maintenance costs, according to Strongin. He said the introduction of regulated Bitcoin futures hasn’t addressed those concerns and he dismissed the idea of a first-mover advantage -- noting that few of Internet bubble’s high fliers survived after the late 1990s.

More from Bloomberg.com: Stocks Recover From Rout With Best Day Since 2016: Markets Wrap

“Are any of today’s cryptocurrencies going to be an Amazon or a Google, or will they end up like many of the now-defunct search engines? Just because we are in a speculative bubble does not mean current prices can’t increase for a handful of survivors,” Strongin said. “At the same time, it probably does mean that most, if not all, will never see their recent peaks again.”

Strongin was more upbeat about the blockchain technology that underlies digital currencies, saying it could help improve financial ledgers. But even there he sounded a note of caution, arguing that current technology doesn’t yet offer the speed required for market transactions.

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Cryptocurrencies Are Like Ponzi Schemes, World Bank Chief Says

The head of the World Bank compared cryptocurrencies to “Ponzi schemes,” the latest financial voice to raise questions about the legitimacy of digital currencies such as Bitcoin.

“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” World Bank Group President Jim Yong Kim said Wednesday at an event in Washington. “It’s still not really clear how it’s going to work.”

The development lender is “looking really carefully” at blockchain technology, a platform that uses so-called distributed ledgers to allow digital assets to be traded securely. There’s hope the technology could be used in developing countries to “follow the money more effectively” and reduce corruption, Kim said.

More from Bloomberg.com: Get Ready for Most Cryptocurrencies to Hit Zero, Goldman Says

The value of cryptocurrencies soared in 2017 before slumping, with Bitcoin losing nearly two-thirds of its value since mid-December.

While cryptocurrency technology has the potential to reshape global finance, concerns have been raised about its volatility and the potential for money laundering or other crimes.

In a speech this week, Bank of International Settlements chief Agustin Carstens said there’s a “strong case” for authorities to rein in digital currencies because their links to the established financial system could cause disruptions. Federal Reserve Chair Jerome Powell has said that “governance and risk management will be critical” for cryptocurrencies.

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