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[Afro Republican]

Cryptocurrency peaked when Bitcoin was at it's highest point, but when it crashed and everyone ran (or cashed out), the whole market crashed with it.

Many of the most popular Crypto brands have died or are worth less than $1 in value. We have seen the State try to get involved and even mega corporations like Facebook attempting to inject life with their own brand of Crypto, but it seems that the honeymoon period is over.

The only reason why Bitcoin is still at the price it's currently at is because of people who have been holding hoping for a return, the ones who should have sold when Bitcoin was worth more than $10,000 per "share", but I'm sad to say, they'll be waiting for a long time.

It seems to me that the market is no longer excited for Crypto. Yes, there's still a group using them and purchasing with them, or illegally laundering money with them, but there doesn't seem to be anything that could generate the same excitement Crypto had before. The excitement that not only pushed Bitcoin to new heights but many other coins with it. So is it dead or do you think that Crypto will have another life? If you think the latter what event do you believe will cause this to happen?

 

[quickwhips]

I hope its not a fad i want to exploit it also.

 

[DanteFox]

I never really understood how crypto works, and I'm convinced 90% of people who preach crypto don't either. It just seems even less "learnable" than the stock market. The number one rule of investing is to never invest in something that you don't understand.

 

[cryptoadam]

Its dead.

Bitcoin will still kick around but it really has no use. Its too volatile to be used to purchase things on a mass scale. It makes no sense to buy/sell something in bitcoin when the value of that bitcoin in a day or week could be 10% less or more. Imagine having a business and selling something for 1 BTC which is (random number) worth 3000 USD, then the next day that BTC is worth 2500 USD. You just lost 500$ for no reason.

The rest of Cryptos are all BS scams. There maybe a few that have some interesting uses but there is no reason for them to have any value or to act like stocks.

I am sad to admit I got caught up in it but in reality its just a ponzi scheme/scam. Someone makes a random crypto, gets some hype so lemmings buy in, push the price up, and then pump and dump it drops. We could make a GAFcoin and if we were able to get enough hype and hustle enough we could get its value up to 1$ or whatever even though GAF coin does absolutely nothing and has no value outside of what people will pay for it. and that value only comes from p&d'rs hyping the coin so more lemmings will buy in so they can cash out.

Someone might point out 1 or 2 cryptos that acutally have a use case, but those don't need to be worth any $$$ value. If their blockchain actually is revolutionary then you would probably be better off buying into that company/ buying stock rather than buying a crypto.

BTC itself will probably see more highs and lows. I haven't followed it lately but I know it went from a low of like 3K back up to 10K then back down again. So maybe one day it will climb higher if some scammers get into and hype people up. But the only people who made money with BTC bought in years ago and then managed to sell out.

Also one last thing you have to take into account is volume and supply/demand. I know of a few trading sites that shut down. So even if you are sitting on a mountain of BTC you need to find a site that will allow you to trade it for cash so you can get your money. I think unless you are connected somewhere it won't be that easy to sell 100's of thousands of dollars worth of BTC.

So if you were lucky to get some BTC dirt cheap then congrats you can sell off a bit here and there and make some money. I have an acquintance who bought a bunch of BTC back in the day and thats what he is doing, just bought a 100K car cash. The rest of us ain't getting rich and quick off of it.

 

[Afro Republican]

I never really understood how crypto works, and I'm convinced 90% of people who preach crypto don't either. It just seems even less "learnable" than the stock market. The number one rule of investing is to never invest in something that you don't understand.

Stock exchanges treat it like a stock so that probably adds to the confusion. Usually people put them in digital wallets which allows you to spend them, if you buy Crypto on stock brokers you can't do anything with it since the stock broker holds the money in your name but gives you zero control, all you can do is just wait and see if it goes up on the charts.

If you use a wallet you can use Bitcoin to buy stuff or exchange for other currencies. Hopefully that clarifies things.

 

[EverydayBeast]

I would say cash is #1

 

[cryptoadam]

Stock exchanges treat it like a stock so that probably adds to the confusion. Usually people put them in digital wallets which allows you to spend them, if you buy Crypto on stock brokers you can't do anything with it since the stock broker holds the money in your name but gives you zero control, all you can do is just wait and see if it goes up on the charts.

If you use a wallet you can use Bitcoin to buy stuff or exchange for other currencies. Hopefully that clarifies things.

The thing with buying stuff with BTC is its value is too volatile. Its like if WalMart raised and lowered their prices on a whim. So you buy a new TV at 2000$ and then next day its 3000$ and you think wow great deal and then 2 days later its 1000$ and you are like I overpaid. Thats BTC. Same for sellers. You sell something for 1 BTC and today its worth 10K and then tomorrow its worth 8K, you just lost 2K on the item you sold.

Its best use it so shutter money around without anyone detecting it. So I can take 10 BTC from Iran and then sell it on an exchange and have the money deposited into an American bank account.

 

[Afro Republican]

I searched for Crypto on the Gaf search bar and I only see one thread made by EviLore who made a comprehensive guide, so maybe if he sees this he can jump in and give his perspective of where Bitcoin is and where it might go since he clearly has the expertise in this field.

The thing with buying stuff with BTC is its value is too volatile. Its like if WalMart raised and lowered their prices on a whim. So you buy a new TV at 2000$ and then next day its 3000$ and you think wow great deal and then 2 days later its 1000$ and you are like I overpaid. Thats BTC. Same for sellers. You sell something for 1 BTC and today its worth 10K and then tomorrow its worth 8K, you just lost 2K on the item you sold.

Its best use it so shutter money around without anyone detecting it. So I can take 10 BTC from Iran and then sell it on an exchange and have the money deposited into an American bank account.

But then what's the deal with Bitcoin Cash and all these other Bitcoin spin-offs? What is Bitcoin cash supposed to do?

 

[poppabk]

I would say the investor hyper inflation fad may be over but the worldwide Black market is worth trillions of dollars and a substantial amount of that is going to be done with some form of crypto currency so crypto isn't going anywhere.

 

[Durask]

I would say the investor hyper inflation fad may be over but the worldwide Black market is worth trillions of dollars and a substantial amount of that is going to be done with some form of crypto currency so crypto isn't going anywhere.

Then eventually it will be banned or severely restricted.

 

[zeorhymer]

Bitcoin is a pyramid scheme. All it is, is a speculation by a bunch of investors hoping that it will catch on and the average person will sink money into it. When the time is right, the original investors will cash out.

 

[Topfuel]

It is a fad like Rolex steel models and Porsche GT models.

 

[cryptoadam]

I searched for Crypto on the Gaf search bar and I only see one thread made by EviLore who made a comprehensive guide, so maybe if he sees this he can jump in and give his perspective of where Bitcoin is and where it might go since he clearly has the expertise in this field.



But then what's the deal with Bitcoin Cash and all these other Bitcoin spin-offs? What is Bitcoin cash supposed to do?

P&D schemes. BTC cash is apparently a fork of BTC. So its basically politics on the blockchain and some coders decided to make their own seperate BTC because they couldn't agree on some shit. Also good chance to scam some people who don't know the difference. I see its price is in the hundreds not thousands so I am sure you can get some dummies who think oh look at the deal on BTC lets buy it.

Why would you use BTC to buy something, when 1 BTC could be 3k today and 5K in a month from now. You just overpayed 2K for the product, or lost 2K by not Hodling. Paypal and CC's do exactly what BTC does and my money isn't going to go up or down by 50%.

Unless of course you don't want someone to know that you are buying something. Then sure its great to hide your identity. Or if you are a loon who hates banks and our centralized money system and wants to see the world burn.

 

[Afro Republican]

Then eventually it will be banned or severely restricted.

Isn't this true for some countries already?

 

[HoodWinked]

when the US economy hits a recession it will either drop with it or jump as people try to offload their assets into something else.

 

[Rentahamster]

It has a role to play and will stick around.

 

[Woo-Fu]

Cryptocurrency isn't a fad. Mining it in your basement on consumer-grade hardare might be.

 

[Chairman Tickles]

Until somebody breaks the encryption, no, it's not dead. Governments are now getting into it.

 

[Lrnex]

Cryptocurrency and the hype around it was/is completely insane to me. It was traded like a commodity except it doesn’t exist and has no use. So it’s not a commodity. Oh, but it’s actually a currency! Except it’s backed by literally nothing.

If proponents want Cryptos to succeed at being a legitimate currency, they need regulation and control so the value doesn’t violently spike up and down every hour. If they have that regulation in place then what’s the point? Why not just use an established currency that’s already stable?

 

[jacksondeam]

Crypto hype was insane, I agree. I found an article about gold vs bitcoin but I still can't make my conclusion about this. I don't think that crypto would replace USD but it may have some unique niche in the future.

 

[godhandiscen]

No it is not death, but businesses are just coming up with some real use cases for them. Moreover transaction speed is a limiting factor. An immutable ledger is a wonderful thing, but currently writing to the ledger is too slow.

Buy some ethereum on the chance that the next release manages to scale transaction throughput, it will open the possibilities of what can be implemented on top of it. BTC...meh.

 

[Pallas]

I don’t think it’s dead, but I might be biased since I’m invested time in the Pi Network. Which hasn’t cost me anything but timely since it’s value is zero currently and still in beta.

Cryptocurrency is pretty much here to stay if you ask me, just that no one has really replicated the success of bitcoin yet but I feel like it’ll happen soon.

 

[LisaMariaMartin]

Who knows. I remember when it was sub 5$ and one of my high school buddies tried to get our group to invest in it but we all laughed at him for suggesting it. Good times.

 

[LisaMariaMartin]

Until somebody breaks the encryption, no, it's not dead. Governments are now getting into it.

Pretty sure if someone breaks SHA256, bitcoin will be the least of our problems

 

[eot]

 

[M1chl]

It's not dead, accidentally I am typing from machine, which I bought from Dogecoins, which I mined back in 2013. So yeah, crypto is my passion and I am getting into programming scene and makes me think that some NeoGaf coin would be nice, so you can give reactions in coins, it would have low suply and it could be staked, could not be mined, just redistributed for member in here. Obviously everyone could do shitcoin, like ETH20 token. But some of them are pretty cool, I mined some 0xMR and now from 20 USD, I have 69 nice .

I am enjoying it. Also this is the thread for it, if you can join this Documentchain discord for me I would be grateful.
You can learn about project here http://documentchain.org
And here is my invite:

Připoj se k serveru Documentchain na Discordu!

Omrkni komunitu Documentchain na Discordu – má už zhruba 504 dalších členů, takže si tam můžeš skvěle poklábosit a užít si bezplatný hlasový a textový chat.

discord.gg

And all I am asking you, is just to join the discord and do nothing. And yes there is a crypto giveaway for x users invited, if I may add : )

 

[mango drank]

See what our nascent AI overlord has to say:

 

[Audiophile]

<1/8 of my 2 $UNI airdrops has paid for my PS5 purchase next year.

 

[Tesseract]

walled gardens are not good, you have to hold tangible assets on each liquid exchange without fiat controls

(these intuitions are prone to corruption and malicious attack and destruction)

once a decentralized bubble is fairly isolated, nobody wants to play ball and the whole thing collapses unto itself to start anew

 

[DeliciousDoc]

I'm just glad graphic card prices aren't (as) inflated anymore.

 

[StreetsofBeige]

Bitcoin and Ethereum have held up well. Bitcoin $10,000. Ethereum $400.

Everything else seemed to drop like a rock since those hey days a couple years ago.

 

[Taxexemption]

When the government makes it, it will become mandatory. Having an electronic currency is highly desirable for governments. When they make that currency they will gradually phase out physical currency which will make it much easier for the government to monitor the flow of funds, which will ultimately make it much easier to figure out whether or not people are paying their taxes, and make it much harder to hide money.


There will always be people hiding money. There is a huge black market future in crypto. I think gold and silver will also be more valuable in the future as people lose the ability to stuff dollar bills in their mattresses.


As far as I understand the main uses for crypto are,

1: Hiding money from the government for tax purposes

2: Avoiding sales tax

3: Hiding purchases of illegal goods or services

4: Having money in a place you believe is secure and separate from the rest of your money

5: Money laundering


Plenty of people deal with crypto and do not do anything illegal, but as far as I'm aware the main benefit of using crypto over other options is that it makes it slightly more difficult to determine whether or not you are committing illegal acts with money.


Digital currency is the future. We are living in the "wild west days" of cryptocurrency and it will be heavily regulated in the future.

 

[FreedomOfSpeech]

Soon the fiat fad will be dead.

There is constant money printing under names such as 'quantitive easing' or whatever, stuff no mortal really understands.

Only real currency is labor, then weapons and then 'precious' metals.

 

[Super Mario]

As far as will it ever be a hot investment market again, no. Too many people are in. There are too many currencies. This would only change if something monumentally innovative came in again.

As far as paying for stuff online with untraceable currency. That's going to continue to be a thing.

 

[diffusionx]

I will keep some crypto around purely for diversification reasons, like a commodity. I'll never get rich off it. While I kick myself often for not buying BTC when it was in the $500 range, in reality, I was never going to do that.

 

[MilkLizard]

Even my guy on the "dark net" accepts Paypal now.

 

[NecrosaroIII]

Isn't bitcoin used a lot in illicit circles?

 

[Tickrate]

Asking for an opinion but then providing biased/narrow poll options... ok.

 

[Bunker Hosted]

Think about this; Why are the regulating Crypto if it is useless and only harmful? If this were the case, they would just ban it..
Instead with have companies coming out saying they are holding Bitcoin as there primary reserve asset (Over USD) and other high net worth indivualds placing between 1% to 5% of their complete BILLION dollar portfolios into Bitcoin.

Yes a lot of shit coins and completely useless garbage is in the space, but if you buy a shitcoin without doing any research; thats your own fault.

Also, imagine the people that bought Bitcoin at 20k; Greedy idiots, did 0 research, just seen something is pumping to the moon and bought... Kinda deserve to get rekt there IMO

 

[FreedomOfSpeech]

Isn't bitcoin used a lot in illicit circles?

That's right.

But also fiat is used about 100x more in illicit circles.

 

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[mango drank]

literally watched that episode just yesterday

 

[Woo-Fu]

Isn't bitcoin used a lot in illicit circles?

You mean exactly like every other form of currency? If something is useful, organized criminals will use it.

Crypto or something like it is probably here to stay simply due to the demand for a currency that isn't tied to the rise and fall of any one nation. If hyper-inflation is still a thing we could be wiping our asses with USD this time next year.

Unfortunately speculators have made something that was intended to be less volatile more volatile.

 

[{insert code here}]

I would say cash is #1

 

[Myths]

This aged well I see.

 

[{insert code here}]

This aged well I see.

The day this thread was posted the total crypto currency market cap was 240 billion. Today it's 1.4 trillion. What a difference a year makes.

 

[longdi]

I hate to admit, but crypto seems like the gold rush we have missed out on.

I know a few people who have become millionaires this year.

 

[OmegaHunter]

If I had a dollar for everytime someone said bitcoin is a scam or a fad I would...actually still have less than my BTC holdings....

Carry on.

 

[FreedomOfSpeech]

What's the longest any currency has gone without going apeshit? Like hyper inflation or whatever else happens to currencies.

 

[Red Rackham's Revenge]

What's the longest any currency has gone without going apeshit? Like hyper inflation or whatever else happens to currencies.

Without hyper inflation, something like 700-750 years I think

Solidus (coin) - Wikipedia

en.wikipedia.org