"Bitcoin is a Bubble!" - December Footage of Vitalik Buterin Confirms our Worst Fears
Real Video Footage - Vitalik Buterin:
If the Bitcoin Bubble is popped, what is the next coin???
With bitcoin sliding, we should look at our options. Today, it hit me! The Doge.
When Doge hits $100+ billion in market capitalization, and is rocking out near $1 just because crypto does not require sane valuations, the visionary dogecoin millionaires will be real millionaires.
I estimate by the time I am an old man, if the dogecoin network still lives, just maybe, it could be rocking the 100 bil mark. The thing you got to understand about cryptocurrency is that it is worthless. Absolutely worthless.
BECAUSE it is worthless, we never have to decide if something is valued sanely. We can skip that step in the process of rationalization. Gold bars? Nope, you have to hold those in your hands, meaning their value will always be linked to an intrinsic value. When you remove the intrinsic value by not having any, we can value things however we want.
OK Ted - SirKnight's prediction.
China and / or Russia release Gold and /or Silver backed national cryptocurrency!
Gold up, silver up, cryptos reach top... except... those that have value in utility - EOS + Steem and a couple of others no doubt.
Oh boy how I am looking forward to the future.
SirKnight!
Cryptos have unique features which never existed before. Certainly there is a top to crypto, but that top is something like 12 to 20 trillion in market capitalization. So like a gold bar national currency, you generally can never send those internationally and have the transaction arrive within 3 seconds. With Steem you can. But Steem is not banking integrated. Ripple will have the banking integration.
I would just say that ultimately there is a market for cryptos into the long-term, and a market for gold and silver into the long-term. Gold backed Russia or Chinese cryptocurrency would put them a step ahead in the currency market but I doubt they're that forward thinking. Governments prefer not to have accountability when it comes to currency because it lets them manipulate markets.
back to the Vitalik what do you think happen to the crypto market when etherium will switch for proof of stake? There are tons and tons of video cards sold + tons of contracts which mine etherium.. Doesn't people would want to just cashout when mining for most of them isn't so profitable?
Good one. Apropos to this flash crash turning our crypto to trash.
lol!
Ouch. There is something that has been puzzling me more and more. When now 100's of Billions of dollars leave the crypto space within hours, where does it go? If it went to Tether or any of the stable derivatives it would still be in system, right? Does it necessarily happen through the exchanges?
So, it goes through the banks all over the world into the local currencies then, in fact that's where it came from! They wreck the late-comers who paid high prices for everything and now they are shaking them out.
I'm just reflecting on this, what say you crypto-investor?
When crypto leaves the market place, it goes into the national currencies. USD, EURO, AUS, CAD, Pound...
In theory, it would create an upward pressure on those currencies to be valued higher, but the net effect is negative toward all national currencies, since for the price to rise in the first place, those currencies had to be sold against BTC/ETH/ect.
Once in a national currency it can go a lot of different places, since a lot of it floods into individual bank accounts, my approximation is it redistributes wealth. Institutional money has been following the crypto investors into the marketplace, paying a premium for what we've been holding onto a while.
Yes the beauty of it is the early adopters get a nice payday.
But HUNDREDS OF BILLIONS OF DOLLARS WITHIN HOURS ! Hello, the banksters have definitely arrived. These billions don't come from some near-do-well hippies and libertarians living in their parents' basements. True there are wealthy stock brokers and other smart money participating but many people cannot even get small potatoes of their fiat back out of crypto due to the currency controls we find at every step. Certainly this is very big money coming in and out in the hundreds of billions!
Again the beauty of it is that it's very hard to shake out people who originally got in at much lower prices.
Unfortunately, if you have been seeing social media, the profits are going into the Lambos of some lucky people who have been in the space only for speculation and not to support the overall mission of achieving decentralized alternatives to the financial markets. Not saying it all that but I am sure that is a large part.
man I HAVE to ask you some questions about Dash.
I watch your channel on youtube.
find me on discord.
amiramnoam
#5915
Expected Dash to rise ... well ...
It appears the BitConnect ponzi has finally folded. Can't help but feel sorry for those who were ignorant enough to participate. Good on you and others for forewarning the community about its inevitable collapse.
Regardless of how many times I tried to explain my colleagues they just didnt want to listen.... anything that is piramid shapped is cancer, period.
At least you made the effort to warn your colleagues. It's the most one could have done in such an instance.
Excellen update news, very nice information post , thanks for sharing
hahah think about it that meme coin is rocking the crypto
bitcoin bubble bursts much. Sometimes its price decreases. Sometimes it is carried out so many high
Everybody Hold and get your coins out of the exchanges.
Hahaha, it's so absurd that it makes sense. 😄