bitcoin is a speculative asset of course it is going to go down in price when the stock market is crashing.

https://en.wikipedia.org/wiki/Tulip_mania

Juk

lol

This is exactly my take and has been since it started running up dramatically.

juk you don't really get to crow as long as Bitcoin is the best performing asset in the world since you started calling it a bubble.

do,
cashless society is not happening anytime soon. that would put lots of pressure on the power grid. attacks on it would pretty much make commerce come to a halt. Look at what happen in Puerto Rico after the hurricane, it went to being a cash only society for months. so your points on centralized coins taking out cash is not happening

also the fiat on ramp exchanges are centralized now. but they could become decentralized with fiat on ramps eventually because of the progress of fin tech.

I believe the Chinese were able to get around the local exchange ban by opening accounts in hong kong exchanges. The Chinese were able to transfer to their hong kong exchanges using wechat/alipay I believe. This maybe ended now but I remember reading about this like a week or ago or something.

I'm sure there have been some (actual) Ponzi schemes that would have returned more; if you could time them just right...

Juk

Banks will never move to bitcoin. If they decide to utilize blockchain technology then they can create their own coinless blockchain as long as more than 50% of the participating banks have an incentive to keep the ledger honest and in reality 99% will want to keep the ledger honest.

FWIW, this seems like the most legit spot where Bitcoin provides clear advantages. It seems like a far cry from these claims that Bitcoin will revolutionize business and destroy the banking system as we know it, but still I can see it being very useful for big-ticket money transfers and maybe some niche banking applications.

irock,
very very good posts. I appreciate it a lot.

do,
I think you keep saying other coins are more secure but no other coin has a similar network effect of hash power as bitcoin. making them way more vulnerable to bad actors. when state actors want to spend lots of money to try to kill or hack it, I think only bitcoin could survive a attack. check out this video on anton antonopoulos explaining a 51% attack without having a more centralized approach to it. https://www.youtube.com/watch?v=KUd8ZGgm6Qo

also with these centralized crypto coins, how will governments keep them secure I'm wondering when other state actors could possibly exploit them?

What is so fallible about current money transfer techniques? I've sent money through banks, paypal, etc. and can't recall ever having problems with it.

If 6k falls while im awake i'm going knife catching. No TA, just dart throwing. Don't even have USD on exchange so just got F5 on coinbase and see what they give me

This is amusing, because good old gold was up today. And I hate gold, but just saying.

go on any coinbase tweet and read comments. Wire transfers are too complicated for a lot of people.

So money leaving crypto and stocks, so where is it going? are people just holding fiat?

Perhaps Five to One provides a better prediction:

You don't get to feel like a James Bond villain.

This was all was able to muster today Have just started shorting some things tonight - and was just about to start to look around for some more to try tomorrow if things still look shaky tomorrow?

Did anybody else pull their money out of the market today? Have you moved it into something else like gold?

I did couple domestic bank wires to coinbase/gdax to move big money quick. I had to go to my branch, wait 30 min, they take like 30 min to do it at least. One time was like a 2 hour process. I should be able to just tap a button on my bank of America app to do this for free. But it's a huge hassle and it cost like $15-30 I forgot.

God dammmm that is funny

I don't want it to happen either because cash is the only thing that's truly anonymous. It's not a question of if, but when, our society goes cashless. It's going to happen. Who knows when? Who can predict what technological advances will happen in the next 2 years let alone the next 10?

What I said is other coins are more secure for an individual to use for grey/black market tx, such as Monero or ZCoin.

Network security is offset by speed and volume. A decentralized network cannot be both trustless and fast..yet.

You know, at this point this is a legitimate concern and probably the biggest reason why crypto is not as secure as people think. People think that if a large state wanted to attack bitcoin they couldn't? The United States probably has contingency plans to do this as we speak!

Not to mention quantum computing which while still theoretical will be able to break any level of encryption.

EDIT: watched the video. This guy is funny if he thinks a state sponsored military led program couldn't shut down libertarian bitcoin miners inside of a week if they wanted to.

Why in the world would they attack crypto when they can just make it illegal with the stroke of a pen anytime they want?

Hell at the rate it's going they don't have to do a damn thing anyway.

imo, if we dont see a rebound to 7 or 8k in the next 48 hours, we will be looking at 1-2k per coin by the end of February and even that wiil be propped up by the people who bought in at 15k+.

so glad I didn't get caught up in this BS.

speculating = willing participant of a giant scam