The Bulls**t FUD About Bitcoin (And In Turn About Crypto)
We all know Bitcoin is a scam. It is going to zero. The coin is nothing more than a ponzi scheme. It has no real world applications.
Did I miss any?
Here is how FUD works, it is not grounded in any reality. It is easy to make statements and present them as fact. This is especially true if you are known as a "trustworthy" source like CNBC or Warren Buffet. Hey, cut me some slack, I don't consider them that but many do.
Bitcoin is the crypto leader and, as such, leading the charge down. The granddaddy of the crypto world is down over 70+% while others, like STEEM, are down a lot more. No matter how you cut it up, it is total carnage.
So what about the scam coin that is destined for nothing? Should we delve into a few articles that point to something different.
The first is one that talks about Bitcoin payments are down 80% in the 4th quarter. 80%? That is a huge number and one that nobody can be proud of.
Of course, the FUDmeisters jumped all over this. Reuters, I guess, simply could not help itself.
Citing Chainalysis data, Reuters is reporting that Bitcoin retail payments were down 80% in September, and no mention of a rebound was present.
https://www.ccn.com/bitcoin-payments-down-80-in-4th-quarter-of-2018-chainalysis-data/
Checking the Reuters story, the headline is a catching one.
Bitcoin for payments a distant dream as usage dries up
The use of bitcoin for commercial payments has dropped dramatically this year, even as the original digital coin starts to fulfill one of the basic features of any payment currency: stability.
Do you get what is going on here? Nobody is using this scam coin. Bitcoin is a farce after all. The headline says so. IT IS A DISTANT DREAM.
For giggles, since I have a bit of time today, I will share another article with you.
Here is the title:
Big Milestone: Bitcoin on Track to Transfer More Value Than Mastercard Daily
Wow, Now I am confused. I thought Bitcoin was a distant memory.
Mastercard announced their 3rd quarter results showing they process about $12B per day in transactions. Bitcoin is processing about $8B according to Trustnodes.
The article does admit it is a bit of an unfair comparison since Mastercard deals with vendor transactions while Bitcoin encompasses more including cross border transactions.
Nevertheless, $8B a day is not something that is a "distant memory", is it?
https://www.ccn.com/big-milestone-bitcoin-on-track-to-transfer-more-value-than-mastercard-daily/
The reality of the situation is that Bitcoin is being used for larger transactions. People are not using BTC to pay something that costs a few dollars. It is being used to move $100M. That type of activity makes up for a lot of missed cup of coffee payments.
Another thing Reuters pointed out is the uncertainty of the Lightning Network. While this is accurate, there was something else that happened along the way to FUDville.
Lightning Network now has about $2M capacity. This is a record.
For those who are unfamiliar with this technology, the Lightning Network opens up channels. The $2M capacity is the money that is in smart contracts and ready to be transferred as payment.
https://www.ccn.com/2-million-lightning-network-hits-major-milestone-despite-bitcoin-price-decline/
Many see the Lightning Network as a way for Bitcoin to be used for merchant purchases. Bear in mind the $2M can be sent back and forth many times throughout the day so that is not the maximum amount of transactions. Plus, it is priced in USD which means the price drop has lessened the value yet it still hit a record. That tells me there is now more Bitcoin on that network than ever before.
Will Lightning be the answer? I have no idea. My point here is the fact that the FUD was flying yet is easily dismissed. By the way, these articles were all listed in a row at the top of CCN.
If you just read the Reuters story, you might be led to believe that Bitcoin was torched. Perhaps Buffet and Dimon were right all along. Nobody is using it. Well, $8B worth of nobodies is taking place on that network. That is a lot of nothing.
Or perhaps the mainstream mantra is total bulls**t. The facts show that Bitcoin is being used and in large quantities. Obviously, we cannot proclaim it on par with the traditional institutions, it is evident that it is stating to be a player in the world of financial transactions. This cannot be easily dismissed.
If you want to have success in the world of cryptocurrency, it is best to laugh at the stories like this. They are meant to drive people away since Bitcoin and the cryptocurrency market is a direct threat to the established system. Each Bitcoin transaction that takes place removes money out of the bankers pockets. One of the articles mentioned a transaction that cost $7 in Bitcoin fees versus $10,000 with the banks. Do you see why they are so threatened?
Do not buy into the negativity. It is meant to mislead you.
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Picture from article linked in post.
There are pros and cons to all these instruments. For transfer of large amounts, BTC works great, but no one will ever wait around in a store for 1 hour to wait for confirmation while your ice cream cone melts. Steem is still too volatile to be interesting for retailers, and the required transfer via BTC to fiat would again post a risk to retail; in that respect SBD would be a better choice in terms of volatility, but it still faces the transfer via BTC.
There are lots of politicians that point out that crypto is used to anonymously transfer funds in criminal activity, but they completely ignore the fact that most of the worlds illegal drug and weapons deals are paid for in cash; usually Dollars.
So yeah, they are lying to protect their own currency. Ironic that most Countries still use Gold as a store of value instead of their own fiat garbage.
I forecasted this bear market back in summer 2017 and said that it would technically last from Feb 2018 - Feb 2019. I believe that it will trade sideways for a while after that, but by late 2019 we will see new ATH's. The summer of 2020 is when I expect the next moon shot which I expect to peak in early 2021. The pattern of 2013 - 2017 will keep repeating (with shorter cycles) until mass adoption is achieved.
Hopefully we don't end up with the part of the world currently controlled by the banking system locked down in a digital dystopia, but this is more likely than I would like to see. Too many in the west will not do the right thing and obey authority right into the abyss of committing atrocities.
Honestly never felt the bull market was ever sustainble which is kinda why I stopped buying in 2017. I started buying again bc it feels more organic now.
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Honestly never felt the bull market was ever sustainble which is kinda why I stopped buying in 2017. I started buying again bc it feels more organic now.
Posted using Partiko Android
There are 322 article in the international mainstream media right now, what say, the bitcoin is dead.
Most of it from the past 5 years.
5 years.
Pretty long for a "dead".
Source:
https://99bitcoins.com/bitcoinobituaries/
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I am so sad that Steem is taking such a big dump.
Althought i am holding long term.
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Considering that is has taken Mastercard decades to be able to process $12B whereas bitcoin less than a decade also speaks plenty to the potential for the potential development of blockchain technology!
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I'm just tired reading any news related to bitcoin because it's filled with negativity total bullshit! Let's see what happens in January! 😃
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