RE: Is Bitcoin becoming irrelevant?
So I think your quote doesn't apply because there isn't an elevator for most people.
I'm discussing an altcoin bubble (if one exist), which allows people to exit into Bitcoin at an elevators pace. However, Bitcoin is not immune to an elevator exit, regardless of tax implications.
The belief that Bitcoin's price is lagging behind where it should be due to the scaling debate is something I can get behind, so I don't think Bitcoin is in a bubble at all and am very bullish for many years to come.
It's inferior tech allows competitors, but a "Bitcoin maximalist" would tell you that any altcoin feature could be implemented in/on Bitcoin at some point (and I believe even in the video I link above they mention the "DCR proposal", that wasn't).
It's the "at some point" that may end up allowing one or more of the altcoins to gain even further ground on BTC, but BTC is what it is and the others are what they are and can all coexist without the "who's going to win?" that seems to go on constantly.
What if ... they all win?! =)
I don't want to cash out into fiat currency. I want to get rid of fiat currencies. #financial-terrorist
I don't think we're in disagreement on much, outside of how fast a price can fall.
So you do think people will even if all in Bitcoin decide to just get all the way out of crypto and pay unknown tax consequences? The IRS is already cracking down on Coinbase.
I haven't really put a lot of thought into this or heard views either way, so I'm just going off of a gut feeling on this specific question.
People are irrational and I believe that most don't even think about tax implications and some of those are probably not even aware of their existence.
If Bitcoin started nosediving, yes I think the majority of small hodlers would sell into fiat instead of altcoins or hodling BTC for the ride.
I would assume a 50/25/25 split on medium hodlers, just for safety since I'm guessing. 50% would hodl, 25% would hedge into altcoins, 25% would buy USD ... all depending upon how big a dive in price we're talking about and the bigger the dive, the more those percentages would change.
You, I and most people really into crypto are aware of the IRS situation, but the majority of the people I talk to that are new to crypto are either not aware, don't think it's a big deal, will take their chances or don't really give a shit ... "cuz I got guns" ... lol.
With large hodlers, I will assume most all are going to do the right thing, whatever that is for their situation.
I don't know what the split is or if anyone knows how much of the current supply is owned by large, med, small hodlers, but for shits & giggles I'm going to say the majority of BTC is held by medium players (pick your own #'s, whatever is "medium" to you) and that there are more small players vs whales. But that sounds like a lot of people that could cause a very irrational panic sell into fiat, based off of statistics I've pulled from my ass on the fly.
Sell! Sell! Sell!
#lines #circles #arrows
:)