You are viewing a single comment's thread from:
RE: 7 reasons why Litecoin could go to $5000 dollars in a couple of years
I'm worried about the overall trust in crypto currency after BTC starts to fall down.
BTC is the only crypto currency that get media attention in the 'normal' media.
So if BTC fails then the general public probably thinks crypto currency overall is in a bubble.
I'm equally worried - I do believe the BTC is very much overpriced now, people are buying because the price is increasing and the price is increasing because people are buying. Most of the new investors have no clue about such things as the capacity limit. They are either just buying on the FOMO, or they are buying on the promise that Bitcoin may become the dominant payment rails of the future. I fear that Bitcoin will crash hard as soon as the mainstream media picks up how bad Bitcoin really works. Quite some Bitcoin Cash fanatics hope for this "flippening" moment when the Bitcoin value crashes completely and some other crypto takes its position ... but no, I believe you are quite right that this will hurt a lot for the whole crypto community and not only BTC.
Luckily there seems to be quite many potential bag holders that will hodl to their precious bitcoins no matter what :-)
Our national media covered BTC a few days ago, and literaly explained it like this:
They aren't even talking about the potential use or the technology anymore. They just treat it like something to speculate with.
I wouldn't worry much about that. Even though the media is portraying Bitcoin like everyone owns it, almost no one does. (0,01-0,05% does) And those who do buy other cryptos for their BTC profit. If BTC would fall, that money would flow into alt-coins because the people invested in BTC at this point understand the utility of blockchain based "currencies"