Quote from: The_Dark_Knight on August 17, 2017, 02:54:01 AM

Quote from: Realist247 on August 12, 2017, 04:22:02 AM

Quote from: cafucafucafu on August 12, 2017, 04:00:31 AM

Quote from: Realist247 on August 12, 2017, 03:08:48 AM

Quote from: cafucafucafu on August 12, 2017, 02:48:23 AM

I think that the mining industry in bitcoin will soon be monopolised by China and other places where electricity is super cheap. The vision of bitcoin was meant to be what you stated, for sure, but bitcoin has been transformed into something else.

This is where I believe that there is a window of time of 2-3 years (but probably less than 2 years) where BTC must establish itself as a mainstream currency of the masses that can be traded on FOREX and justify the loftiest of predictions on its future price. If this doesn't happen in this timeframe, another altcoin (probably government backed...maybe initially backed by gold?) will emerge that will be accepted by the mainstream and FOREX markets. That's actually another point of debate that people miss...just because BTC was around for years already doesn't necessarily mean that it will last for the same amount of time in the future going forward. Of the 1000 or altcoins out there I predict that the majority will disappear much like companies in the dot-bomb era. As of now it will be a race forward to see which currencies do the right things at the right times that makes them survive and go to the next level. As much as people want to believe the contrary, BTC is not Coca-Cola when it comes to brand recognition. Relatively speaking they are not even in the same Universe.

From where I'm sitting, this is where the idea of Tulip-mania creeps in. In the case of cryptos, things happen so fast and due to their completely virtual valuation, things could be uglier than when Tulip bulbs went from a value worth an estate...to whatever tulip bulbs have sold for over time. This idea of "buy and hold for years" echoed on this forum like gospel shows how little so many understand about investing and valuation of their investment. And I'd bet that most of these people claim to be experts in BTC and other altcoins. Those are the first people who will panic in a very bad way.

Yes, that is a very nice breakdown of what I said and I do agree with you. Tulip-mania (For people who don't know, he is referring to the first major financial bubble) seems to be present with Bitcoin and will only keep on being present unless Bitcoin establishes itself as a mainstream currency, useable in real life and digital situations. There are already project, for example cryptopay, which makes this a reality, but to we need to make Bitcoin itself, with no other outliers, useable in real life situations. Right now it is just too hard.

Even if the price of BTC crashes back down to $500-600 (regardless of it remaining the most valuable crypto per coin) I think that this will put a chilling effect on its specific place in the market where it trades in that range for a long period of time, just like the first time it was above $1000. The fanatics will insist that it will come back...but I think the party will be over should this come to pass. I believe that the smart money will cash out should it fall below what I said in my first post above and look for alternatives. I believe that everyone here is correct on most of what they are saying...just that I think that the tortoise that wins this race will be not be the hare on which most are placing their bets.

A crash like that is not going to happen, that is the equivalent to the crash of 2013 and there is not an exchange that is as big to cause such a big damage to bitcoin, the only thing that could have the chance to make the price go that low is if bitcoin was banned all over the world but that is not going to happen.

Yes, totally agree.. well said DK !!