Quote from: cyberpinoy on September 23, 2014, 03:36:03 AM

Quote from: grendel25 on September 23, 2014, 01:28:15 AM

My opinion is that BTC value may be degraded as other crypto currencies take root:

1) A core belief in BTC is the value of cost effective financial mechanisms but other currencies can do this just as well. Therefore, what may be 'special' about BTC may also be easily duplicated in other similar mechanisms and for just as much if not a better value.

2) The hay-day of independent mining may soon end as the process is industrialized. Think about it, if everyone could print money, they would. It's not just that it's illegal, it's also that it's not cost effective for people to manage. Similar parallels can be drawn to the current scenario.

I'm all for BTC reversing it's current negative trend. I would even like it if mining were profitable to the layperson. But the above two thoughts occurred to me and I can see several good reasons for the future of the layperson in crypto currency to be grim.

Now, before you scream, "FUD", let me clarify that I think crypto currency has already proven to have a bright future. I just think the bonanza days are about done. Of course, I'm not selling my video cards just yet but I don't hold much hope for them being useful again. And my two thoughts above probably aren't all that original... just seemed like it is relevant to what is actually happening in the crypto economy.

Bitcoin can not be degraded in the tradable market by other cryptos. Right now Bitcoin is to cryptos as Gold is to fiat. The basis where the standard that is set. If you watch the market when bitcoin falls in price most if not all other currencies follow suit. I think the panic syndrome comes into play here. when people see a huge price drop in BTC they get nervous and sell off all the other coins they hafve. some of this helps BTC value and some does not. The ones that do not help are the markets that are not only on the BTC market but the USD market as well. Coins like Litecoin who have their own market that includes a USD market.

Your hay day will not come all that soon, but the end of mining as an individual rapidly approaches, I would not say mining will be industrialized completely but soon mining BTC will be more complicated to get started than its worth. HOWEVER there are ways around this no one said you HAVE to mine BTC did they?

Mining can be profitable and you do not have to mine BTC in order for that to happen, you just have to approach mining with a profitable mindset and not be afraid to do a little research.

And lastly "VIDEO CARDS" I hope this is not the mining potential you are basing this post on, I hope it was more just a phrase more so than the experience that led you to this post

If that is your basis on mining potential I can completely understand why you feel its not profitable LOL One word for you bro ZEUS hahaha

Fast forward to 2018 where crypto exchanges are adding "fiat to alt coin" deposit/withdrawals options instead of solely bitcoin to fiat (crptsy?, BTC-E?). What if when altcoins dump (along side bitcoin), sellers take the cash out of the crypto market in its entirety and dont go back into Bitcoin as they did in 2014. In the past the alts acted like out of the money support for bitcoin price and capital would flow back into bitcoin after a dip. This created capital not leaving the crypto ecosystem but now it easily can because of more exchanges enabling alt coin to fiat withdrawals. This could prolong the bear market of bitcoin to potentially be even worse than the 2014-2016 bear market. Everyone expects this bear market not to be as bad as the last one, but is anyone considering the scenario where this bear market could be longer?

Jon Connor

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