Bitcoin Controlled By Bankers? About To Take A Major Nose Dive? My Response To (Dollar Vigilante) Jeff Berwick's Video On Bitcoin (Uncertainty)
Dealing with cryptocurrency has been a learning experience that is similar for me to learning to deal with the wider world in other technology realms in the sense that most people are not engineers or technologically aware enough to know the full details of what they are talking about and I often have to adapt to that.. Bitcoin is no exception!
While I am not an expert in Bitcoin's actual source-code (or any code of any cryptocurrencies), I am very experienced in software in general and also quite experienced in banking systems and the internet in general. As a result, I often make observations about topics relating to Bitcoin and other cryptocurrencies that are only noticed generally by other 'techy' type people - all while the mainstream media's talking heads continue to blurt on about the topic as if they are experts when really they are just filling up air-time with distraction.
The issue of Bitcoin's transaction capacity, transaction fees and processing speeds is one that has been around a long time and it was immediately clear to me that it would be a major stumbling block for Bitcoin in the near future. The fact that the main Bitcoin chain has not been adapted to this and that the solutions to it are apparently not even close to being made live is a testament that something important is not present in the minds of those who are running the show. In the latest video from @JeffBerwick aka @dollarvigilante - he brought this point up quite well and interviewed one of the coders of the Bitcoin Cash fork of Bitcoin.
Aside from Jeff's apparent lack of understanding that Megabytes are not the same as Megabits - the general observations are relevant and worth listening to. The gist is that the suggested model of evolution for Bitcoin Core will take bitcoin away from it's original intention and towards something more akin to the traditional banking system, making Bitcoin Core something of a Trojan Horse designed to hook the population into using it and then ensnaring them into a control system that is not truly free. This is the standard method of operation for the planet's empire builders and psychopathic warmongerers who have placed themselves as heads of mega corporations and governments - so we are all obliged here to to do our due diligence research.
Effects on Short Term Trading
One interesting part of all of this is that while it is always wise to invest in the technologies that you yourself value and think should do well - the reality is that in the world of cryptocurrency, just like in the music/film/medicine industries it's not about the actual best succeeding at all! Those who succeed the most tend only to be those which are controlling the largest marketing funds that get them into people's minds over and over again. Most people are not educated or aware enough to truly know which options are the best at this point and so they rely on 'experts' to tell them and typically they are being programmed to trust shiny, plastic stooges instead of people with deep understanding and integrity.
The net result of this is that if you want to make money from trading cryptocurrency, you need to be aware that 'the crowd' are being herded like sheep towards particular options (Bitcoin) and that the price of Bitcoin surges in response to that. Therefore, it is possible to jump on the bandwagon and make money along with them. However, it is key to realise that Bitcoin is NOT the best cryptocurrency in terms of actual practical use, which means that at some point (likely quite soon) there will be a sustained surge in alt-coins (already starting now it seems) and this may very well see Bitcoin drop in price quite quickly.
The fact that many people still talk about Bitcoin as if it is THE crypto-currency instead of A cryptocurrency is testament to the degree to which people need to learn more about the big picture.
Jeff Berwick is someone who is listened to by many people on Youtube and elsewhere and often when he covers a story it has ripple effects in the wider world - I would not be surprised if this video from him makes some waves and contributes to the inevitable switch from Bitcoin to other coins!
thank you , i upvoted and follow
you are welcome, thanks!
Ultimately, these same arguments have been aired for a very long time and BTC has ignored them. John Maynard Keynes "The market can remain irrational longer than you can remain solvent."
hehe :)
You think BTC will be repleaced with BCC ?
It's certainly a possibility, but I think it's just as likely that people will just use entirely different coins that offer better features. I don't really understand why people don't jump on Steem as a worthy replacement.
BTC down 7%
BCC up 60%
All after Jeff realised video, I think it' not COINcidence :)
Yes - hehe.. Thankfully I sold nearly all of my bitcoin and bought bitcoin cash just before it jumped :)
Me too! I won't keep my money in btc ever again.
Have one question. Are all exchanges like Bittrex operating on in way that you can only trade alt coins with btc, not without btc? For example can I buy Dash with Monero anywhere? (Random example)
No, you can use Bitfinex, for example - which allows trades in USDT and ETH as well as bitcoin. ;)
There are many exchanges I have never used, but I imagine there will be more that do this.
This is Berwicks opinion and his view only! Do substance to this trash!
No, not really - it's the view of the Bitcoin Cash Core Developer in the interview and I share some of the views too - along with many other people. Ultimately, opinions are of no value to me - I am an engineer.
Ya, IMO most of the alts are still majorly undervalued (in general) and compared to bitcoin. This doesn't mean Bitcoin won't continue to rise either and a healthy correction is always welcomed. But, at this point anything is possible.
Fully agree - I think Bitcoin is a NWO plot but up until last week I rode on it for the profits, and then I traded most of it for alt coins.
I expect it to drop within a week, but have kept a small amount as an insurance policy in case Wall Street keeps pumping it for another few weeks.
All the people who worship Bitcoin are going to get screwed over I think! I'm riding the alt coins for a while now. Jeepers this is a buzz!
Investing is all about anticipating what the markets (sheep) will anticipate. Will be interesting to see how this shakes out, thanks for covering!
That is right, in terms of short-term trading I see that the technical fundamentals are far less relevant to mainstream movement. Currently, impact is made by Bitcoin being the nr.1 coin with largest brand recognition, Mainstream Media Headlines and anything Coinbase does.
However in the long term, the actual technical aspects of the projects will determine if it fails or succeeds and establish the real value.
Very insightful, thanks for sharing, I find it can be tricky to know what to do in the crypto-trading world but it's definitely a roller coaster. A good lesson in equanimity. Always a pleasure reading your blogs!