For the idiots that still think we're going to have a massive price rise, hear me out.
The dumb money is already in. As mentioned before, this is an entirely speculative asset. Why? Because in terms of improving the economy and the world in general, currency being transferred as a middleman was the only function. However, in a free, unregulated market, people will want to profit, and hence no-one would spend it for any services if they expect the price to go up or down.
This means that the price is basically based upon pure hype. What no-one seems to acknowledge though (apart from a few smart posters on this forum), is that hype is based on knowledge, not actual participation. So just because not every person in this world hasn't bought in yet, it doesn't mean the price will change in an uptick, and will instead continue to go much, much further down. Most of the world now knows about it compared to last year even when the hype was at its peak.
Why? A person buying wants to buy when his social-circle does not know about it (it gives them the extra rush they're doing something revolutionary and hence motivates them theat they'll become rich). We are at a point now where everyone knows about bitcoin and so person X, knowing that all of his friends Y know about bitcoin (even if they are not buying) will be more prone to not buying given the downturn of the hype. It's simple social psychology.
I made my money ever since 2013 and I knew the price always, literally always, has been based on pure hype.
You haven't seen anything yet. The world consists of more than the US of A.
Connor Gray
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Michael Thompson
>US of A.
Murica
Josiah Brooks
At this point it's trashy people and tech savy neets/students/general population (like Veeky Forums) who are in. The vast majority of middle and upper middle class folks haven't considered buying in but as soon as more tokens launch their products and more applications are developed on platforms that give coins fundamental value you'll see people who were smart enough not to fall for the bubble get in. For example once a huge amount of smart contracts are being written and deployed on Ethereum Ether will begin to have a real and quantifiable value that people who now have money in stocks and bonds will want to get in on through staking pools for a guaranteed modest return as it becomes a safer more quantifiable and understandable investment.
We're right around the corner from leaving the hype and speculation phase to real adoption. Don't get left behind.
Adam Hernandez
>6k cuckold FUD thread #657345782364
Liam Ramirez
no it isn't. I've personally been surprised by the number of people who have come asked me to help them get into crypto in the past 3 weeks.
Most of them over 40. a few in their 20s.
Samuel Butler
Again, something only leaves the hype/speculation phase if it has fundamental value. There is literally no use to cryptocurrencies apart from being used as currencies without a middleman. However, as mentioned in the post, no-oe will spend it since people will always want to profit off an unregulated market.
As for your other point, again, it's based upon knowledge, not actual participation, so it doesn't matter if those upper class or middle class men did not buy, but moreso how well they are aware of it and are choosing not to buy as of now. The percentage of people who have knowledge has grown drastically. The NEET phase was last year.
Benjamin Watson
yadayadayada all you say is true but thats not the reason Buttcoin is going down the drain, it is just simply massively overvalued old tech.
Also most people now know that BTC and Bcahs divide is simply a makebelieve designed to dump on fomo retard.
But you just wait it's seems like the core's pajeet batallion is in full force in Veeky Forums right now.
Connor Hernandez
>got in 2017 >understood the value proposition of crypto (ethereum) in a few days >mfw 2013 retards still don't understand crypto beyond the most primitive use of bitcoin
Samuel Murphy
Again, read what I wrote. It doesn't matter whether they are choosing to just participate but matters more as to when they found out about it. Most people did not find out about it right now but rather November/December.
Jayden Morales
Dot com bubble was over 5 trillion despite being only limited to American stocks. We're just getting started, there is still an easy 10-20x in the market before we devolve to stock market gains. Have fun getting your shorts liquidated, these threads won't convince people worth anything to sell.
James Hernandez
I started in 2013 and I can guarantee you there's no value proposition, given my arguments outlined. I still made money given the lack of knowledge of bitcoin. You, on the other hand, mistakenly thought there was some value proposition while suffering a 60-85% loss in the last month, while I (who understood the real reason behind the price rise) was able to recognize the impending downturn, cashed out, and even shorted some.
Take a look in the mirror before thinking that you're about to outsmart someone.
David Watson
>Again, something only leaves the hype/speculation phase if it has fundamental value. There is literally no use to cryptocurrencies apart from being used as currencies without a middleman. However, as mentioned in the post, no-oe will spend it since people will always want to profit off an unregulated market.
If you can't see that we're right around the corner from public platforms like eth, stellar, neo, etc., being implemented by corporations and huge dapps and think just because cryptocurrencies haven't been used meaningfully so far they never will, you're really dumb.
In the future it will be just like bonds. You buy 100 ether through vanguard, you get a 5% return. It's an entirely new asset class. The signs are already there. Coinbase is becoming a qualified custodian, Goldman Sachs is opening a trading desk, etc. You're in a bubble either because all your neet or college friends know about it or you follow too many colored people on twitter. I assure you the vast majority of boomers and gen x people with money don't know anything beyond bitcoin and even that they don't know anything about, but they will.
Luis Watson
Dot com bubble: Internet (connecting people), email (communication between people), online news media (spreading news from physical sources to anyone online to a potential audience of 6 billion people).
Cryptocurrencies: Oh I can send money without a bank. Wait, what's that? They're assets now in an unregulated, free market? Hm, I might as well just hold on to them and try to make money! In other words, no use in improving the actual world. Stop comparing the biggest technological breakthrough in history to a meme that was based purely on hype.
Julian Brown
>I started in 2013 and I can guarantee you there's no value proposition This is how we know you're an idiot. Literally everyone thinks smart contracts are the future but so far all the pieces haven't been in place to make them usable. Over the next year it'll start to fall into place and from their we're off to the races.
Connor Russell
>There is literally no use to cryptocurrencies apart from being used as currencies without a middleman.
There are so many coins that are more than just currencies at this point. You are either dishonest or retarded.
James Myers
Bonds are largely connected to companies that produce cash flows and provide actual services to people. If these digital tokens are meant as securities of companies, again, they're of no use, since you can already hold equity in companies through stocks. There is nothing revolutionary in cryptocurrencies. Blockchains can be useful in some respects, but decentralization in 95% of the applications out there are useless and in fact worsen performance. Regardless though, even if they do become used more, they're separate from cryptos which are 100% useless.
Ryder Edwards
ITT: OP has no concept of cryptocurrency and even less concept of the strength of FOMO
Brayden Nguyen
I know there are. Stop strawmanning me. I'm saying that that's not providing any benefit since there's a way to do that already through stocks and other assets. In other words, there's no ADDED value.
Compare this to other emerging (and actually successful) technologies like AI. AI adds value. It IMPROVES services. These currencies do not. It is an experiment based upon hype and speculation that has reached its peak and will fail. AI, VR, and other industries are also experiments that are bound to succeed.
Kevin Howard
ITT: No-one, apart from a few, responded to my arguments and just re-iterated the mantra they hear from reddit "Cryptocurrency is the future!". Why? Because they are scared of missing out on a gold rush, and want to escape the notion that they entered too late in this grand ponzi scheme. Stop being emotionally attached, recognize the truth, and make money elsewhere. There's plenty of opportunities but the more time you spend deluding yourself, the less time you will have to pursue other opportunities.
Jason Watson
"we are at a point now where everyone knows about bitcoin"
can you point to a statistically significant sample that backs up this statement? I'll even take some shitty online poll that isn't scientific
(your weekly anime club doesnt count you NEET)
Connor Wilson
People are already building on public blockchains. AXA is currently using Ethereum and there are many other examples of companies that see the value in decentralized networks. It's not for everything and most of the project now will fail but to say they have no real world use even currently is wrong . group.axa.com/en/newsroom/news/axa-goes-blockchain-with-fizzy
Ethan Nelson
>there's no ADDED value delusional. try not to kill yourself when >50% of the world GDP is tied to a blockchain within the next decade
Samuel Rogers
>there's no ADDED value. If you don't see how decentralized turing complete machines won't revolutionize almost every aspect of our accessing and altering information, you're beyond help.
>muh AI AI is in the buzzword stage and will be forgotten in 1-2 years, just like data science / big data were in 2016 and nobody talks about them now. I'm not saying there aren't real products but the term AI is used for things that are extremely far from resembling an intelligence. There are cool products that can (real example) revolutionize fields like radiology, but these things are dreadfully simple and resemble more of a gimmick than an intelligence. We're a few technological milestones away from having actual AI, just because it's a popular buzzword right now doesn't mean we'll get there quicker.
I'll lurk for a bit if you want to argue my points, any solid counter points will be highly appreciated.
Christopher Collins
AI and smart contracts are frequently mentioned together and will work together. Smart contracts will need to be able to ensure the data being fed into them is true and machine learning and AI can learn to identify when bad data is being retrieved and stop the contract from executing if so.
Luis Gomez
You're just a troll. You're shit and your thread is shit. And it's obvious that you know jack shit about technology behind cryptocurrencies.
Henry Russell
AI and Smart contracts have no reason to be lumped together except for in bullshit whitepapers and in the sayings of sociopaths who want your money.
>Smart contracts will need to be able to ensure the data being fed into them is true How are they gonna do that now? I don't know which whitepaper you're reciting but it's retarded.
Ian Young
And they're calling me a troll even though I provided argument after argument while they resorted to "HAHA you sold the bottom, didn't you??"
Leo Edwards
OP you are right, but underestimate how stupid people really are. If someone pumps the price at new ATH new people will throw money in. People are not only stupid but also greedy.
That's why I sold almost everything at last peak, and kept a few coins in case of another pump.
Either way, I made already 100k in profits.
Cooper White
Note how the delusional normies who bought in late in this thread can't even construct proper sentences. You can literally sense the intelligence coming from the bears like you (who were bulls last year) just from reading this thread. It's so fucking obvious.
Aaron Reed
Hedge Funds bulllish on bitcoin. Over a million people lined up for Robinhood. CFTC Chair Giangarlo endorses crypto. OP is is a sniveling dime a dozen doomsday faggot.
Julian Thomas
>more money in the market doesnt matter >people ever having heard of the market on the radio matters though genius
Aaron Flores
>You can literally sense the intelligence coming from the bears like you
Ryan Robinson
This isn't white papers, this is every financial institutions research department and independent market research groups saying this talking about fintechs and the future of traditional finance. You need some way of automating the decision process of whether or not smart contracts should execute and you need AI to do that or else you're back to square one and smart contracts are useless.
Lincoln Parker
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Lucas Lee
>the bears like you (who were bulls last year) this, all the retards fudding right now are the same idiots who were buying at 19k
Juan Johnson
Nice try. I bought bitcoin since 2013. I remember everyone would talk down on my friends and I when we talked about the impending price rise. Now, 80% of my friends have cashed out and are using that to short it even further. As usual, the mass (majority) continue to downplay us and we will be right again.
Ian Lewis
Nice numbers, you're mockery of op is blessed by the gods
Tyler Sanchez
Except I literally proved AXA is building on a public blockchain and dozens of other companies are as well and even more are interested and contributing through the Enterprise Ethereum Alliance.
Buying bitcoin ATH in 2013 after you heard about in on CNBC and bagholding for 4 years hardly makes you more knowledgeable than anyone else .
Thomas Ross
And yet you didn't respond to my primary post I'm not bearish yet, but my portfolio is 70% Ethereum and utility tokens.
>You need some way of automating the decision process of whether or not smart contracts should execute I don't believe you that the fintech industry requires AI that deals with money on its own (at least not yet). And I still don't see how it relates to contracts. Are you misunderstanding the term "smart" in smart contract?
Ryder Hill
Take your OPINION and go fight for a 8% ROI over a year on a Index fund you stockcuck
Tyler Taylor
fight -95 % ROI This year in crypto, son
Benjamin Flores
>most people know
so fucking wrong it hurts
Brayden Perez
So your first point in regards to decentralized machines has nothing to do with countering the fundamental uselessness of cryptocurrencies.
In reference to your argument on AI, you didn't explain why it won't be valuable. You admit that it would be valuable but that we are far away from it.
In terms of cryptocurrencies, I'm not saying that we're far away from them adding value. What I'm saying is that they don't add any value by definition: not now, not in 5 years, 10 years, of 50. Why? Because they are not improving anything in the world. It's as simple as that. The only improvement I mentioned already was the ability to send currencies without a middleman. As long as this is an unregulated, free market, that improvement will not happen since people will want to profit and not spend an asset that they think would increase or decrease in value.
Caleb Hernandez
What if, in desperation, wall street pivots to crypto as a new innovation to save their own asses from another crash? It could happen.
Jonathan Hughes
Wall street does not give a shit about crypto and never will. The sooner you realize that the better.
Jack Lewis
What you are not considering is cost cutting. All these people who work in the financial sector are being replaced by software. This will be the software that replace them all on a global scale. Why have 5 bazzilion people working on simple problems that are better suited for a computer. Finance cucks will fail to see this , they are like the horse breeders in the time the automobile is being invented. One by one these redundant jobs will disappear. It will not happen over night but it will happen none the less.
Nathan Bell
>uselessness of cryptocurrencies You can't have a decentralized machine without having the work it does associated with some kind of exchange of value between whoever requests it to work and whoever does the work. The currency in that situation is literally fuel. You can't separate the machine from this exchange of goods because nobody will work for free. It'll either be untrustworthy, and vulnerable to fraudulence, or centralized (resulting in potential fraudulence or unethical behavior). And to protect regular cryptocurrencies a little, until every currency is a cryptocurrency we haven't reached the peak. It'll happen and so far it looks like it'll start with rublecoin in 2019.
>AI I didn't try saying they don't add value, but AI and VR are meme technologies that have reached their peak, at least until we have actual breakthroughs and not commercializing technologies we had for decades because only now the supplemental tech is affordable enough. AI in particular isn't even born, we don't have real quantum processing yet. (D-Wave doesn't count because it's not really quantum)
