Bitcoin crash, what does joelkatz think_ - off-topic - xrp chat bitcoin exchange market

Bitcoin crash, what does joelkatz think_ – off-topic – xrp chat bitcoin exchange market

Has anyone heard david schwartz’s position on BTC? He liked this tweet, so I assume he thinks the notion of a BTC crash is absurd, but I’d like something more concrete. I’m particularly interested because I think BTC has no inherent value, no use case, terrible technical performance, and as our own CEO stated, I’m paraphrasing, scalability issues.

Given all that, and thus a significant divergence between its price and value, imo, and the increasing dumb money going into BTC lately, coupled with macro-economic outlook, global shifting towards monetary policy of deleveraging, consensus that equities/bonds will heavily correct within 2+ years, and record levels of liabilities outstanding, especially household debt relative to earnings, would it really be so surprising if a bunch of people/institutions get caught with their pants down right as interest rates spike, debt becomes impossible to service, and people panic sell BTC to cover their losses?Bitcoin exchange market

I’m asking because obviously david knows more than I’ll ever know about crypto, so I’m really keen to read a substantial opposing view if he holds one in earnest.

Edited december 17, 2017 by guest

Regarding BTC’s price, here are a few points to consider how some of the bottom may fall out of BTC:

1. If BTC started yesterday and all other crypto were already on the seen as they are today, how much would BTC be worth. In other words, how much would people value it; how much of a need to they have for it?

Not much. There are many other crypto that can do the same and better.

So what has given its price today?

It being the first on the market has given it the time and attention of the market to grow.

2. At a certain time, BTC will lose its perception in the market as the king of crypto.

Why are so many people even considering it?Bitcoin exchange market

People are considering it because of its price. This is the main reason. People are not considering it because of its use. It is the price and nothing else that is attracting the masses, and the masses buying is what has raised the price.

As ETH and LTC move closer to $1,000 mark, BTC loses its perception of being king. BTC has always been seen as the one with the high price – and again, it is MAINLY the high price that is the driving force behind pushing its price higher – but as the other crypto start raising their price closer to the 1,000 more people start thinking, get some alt coin can also go high. This will steal BTC’s use case, ie. The price rising. So, just as with the .Com bubble, interest and money went from the high priced to the high utility, the crypto world will eventually start doing the same.Bitcoin exchange market

We are already started seeing some of this. As ETH, LTC, and XRP rose, BTC seemed to slow down.

However, those people who are calling a BTC bubble are not coming from this direction, but seem to be viewing all of blockchain in a similar manner.

Has anyone heard david schwartz’s position on BTC? He liked this tweet, so I assume he thinks the notion of a BTC crash is absurd, but I’d like something more concrete. I’m particularly interested because I think BTC has no inherent value, no use case, terrible technical performance, and as our own CEO stated, I’m paraphrasing, scalability issues.

Given all that, and thus a significant divergence between its price and value, imo, and the increasing dumb money going into BTC lately, coupled with macro-economic outlook, global shifting towards monetary policy of deleveraging, consensus that equities/bonds will heavily correct within 2+ years, and record levels of liabilities outstanding, especially household debt relative to earnings, would it really be so surprising if a bunch of people/institutions get caught with their pants down right as interest rates spike, debt becomes impossible to service, and people panic sell BTC to cover their losses?Bitcoin exchange market

I’m asking because obviously david knows more than I’ll ever know about crypto, so I’m really keen to read a substantial opposing view if he holds one in earnest.

Edited december 17, 2017 by guest

Regarding BTC’s price, here are a few points to consider how some of the bottom may fall out of BTC:

1. If BTC started yesterday and all other crypto were already on the seen as they are today, how much would BTC be worth. In other words, how much would people value it; how much of a need to they have for it?

Not much. There are many other crypto that can do the same and better.

So what has given its price today?

It being the first on the market has given it the time and attention of the market to grow.

2. At a certain time, BTC will lose its perception in the market as the king of crypto.

Why are so many people even considering it?Bitcoin exchange market

People are considering it because of its price. This is the main reason. People are not considering it because of its use. It is the price and nothing else that is attracting the masses, and the masses buying is what has raised the price.

As ETH and LTC move closer to $1,000 mark, BTC loses its perception of being king. BTC has always been seen as the one with the high price – and again, it is MAINLY the high price that is the driving force behind pushing its price higher – but as the other crypto start raising their price closer to the 1,000 more people start thinking, get some alt coin can also go high. This will steal BTC’s use case, ie. The price rising. So, just as with the .Com bubble, interest and money went from the high priced to the high utility, the crypto world will eventually start doing the same.Bitcoin exchange market

We are already started seeing some of this. As ETH, LTC, and XRP rose, BTC seemed to slow down.

However, those people who are calling a BTC bubble are not coming from this direction, but seem to be viewing all of blockchain in a similar manner.