RE: Bitcoin $10,000: What Does It Mean?
I strongly believe massive down turns are out of the picture for bitcoin now. Its seriously been through the ringer and every time the price increases to all new highers.
We had China ban it, then as the price kept going up they said oh shit perhaps we should start trading it again lol
Hard forks like crazy which even the largest ended up sky rocketing bitcoin prices instead
Coinbase FBI says they want inside scoop on traders and still goes up.
Every time there has been a correction but every time we hit new highs which means one thing.
Demand continues to skyrocket and for the foreseeable future will continue to while demand is in a limited supply.
Most HODLers say they wont let go of their bitcoin till we hit 100k + which will further reduce the supply. I see us getting very close to the 50k mark in 2018
I agree, and disagree. I think that BITCOIN in some form will most certainly achieve those lofty heights. At current BTC has brand name recognition, just like HERTZ before AVIS (BTC, BCH).. and then came Enterprise (X coin unknown at the time). I think that BTC is a good basis point, but the legacy developers are strangling it by failing to advance the technology, thus allowing splits to occur. In order to keep market share they should be advancing technologies in order to kill spin offs before they can even start. Evaluate a technology, segwit, lightning, block size increase (this needs to happen seriously) and implement it before a competitor can. Think (Myspace vs Facebook), Sure Myspace was first, had the market, but failed to adapt to the competition and either buy them up or crush them before they could gain a following; thus FB to murdered them. In the short term the charts seem to indicate a downward trend before consolidation to reach these lofty highs you speak of.
https://steemit.com/bitcoin/@pawsdog/12-2-2017-the-market-view-and-trading-outlook
@pawsdog
BTC is kind of planning its own path though and when you start to look at it it seems like a solid and understandable plan. They look at bitcoin as a store of value (what is currently used to get into the markets and then start trading with) They believe other chains over top of BTC are what will be used for day to day transactions such as the lighting network. When you start putting all the peices together it increased the value of BTC because lets be honest here everything trades for BTC. Its going to be very hard and a long time till another coin overpowers BTC in terms of branding. Right now when you talk about crypto it always starts with bitcoin if you try and start it with Ethereum for example they have no idea what you are talking about. Love the input btw voted ya up :D
I again agree and disagree to a point. I believe that those with a good understanding see it as a long term store of value, not a payment method for everyday things. At a blistering 7 transactions per second, that is really all it can be. I also see a great many other players as well notably miners and governments whom in reality control the block chain, though we wish it were not so.
https://steemit.com/bitcoin/@pawsdog/is-bitcoin-really-decentralized-or-are-we-being-led-like-lambs-to-the-slaughter
Not being a conspiracy theorist, but I have to look at the finances of the miners and take that into consideration in terms of price, future growth and sustainability. As the blocks get more difficult, the costs to solve them will increase proportionately to a point of diminished returns that can only be offset by an exponential increase in transaction fees, appreciation in price and block rewards. At a point all the coins will be mined, so that well will run dry and be removed from the equation. Necessitating even higher fees, this will lower the total number of transactions, leading to further increases in fees to offset the fewer transactions etc. Which could force it into a long term store of value due to prohibitively high transaction fees. That however would also destabilize the rest of crypto market as who is going to pay $100 fee to trade for $100 worth of Alt Coins or Bittrex? I think the Concept shows so much possibility, but the business model needs work.
Enjoy the banter.. Your followed...
@pawsdog