With such a sizeable fall from grace in price, was there any question the FUD would begin? Jordan Belfort, whose biography was chronicled in “Wolf of Wall Street”, has always been a staunch advocate against Bitcoin's existence. And now, he goes on record as saying this latest tumbling in price spells the beginning of the end for the godfather of all crypto. Though it must be noted that he does in fact believe in “Blockchain” technology as well as a handful of other digital currencies. However, he is a pretty big name and people will listen, being the reformed character that he portrays himself to be (and most likely is too). So, here’s my take on this.
I, like many out there, see cryptocurrency as the next evolutionary step in money. After all, it’s one of the last bastions of our social landscape that has yet to be “digitized”. And I believe it will take years to reach anywhere near a level of worldwide transactional acceptance. So for now and some time to come, it will be treated as a parallel instrument of finance together with our established institutions of monetary governance. But given enough time, I do also see Bitcoin ultimately dying out too, due to much newer and more improved technologies concerning blockchain and crypto, taking its place upon the throne. Whether or not BTC will eventually be seen as a “store of value” in the future or looked back on as the very first historic experimental leap into digitizing conventional fiat, has yet to be decided. Though you can bet your bottom dollar, that process will take ages to play out.
Every crypto out there right now, including BTC, is really speaking just a speculative gamble. We part with our personal fiat in the hope that one day, prices will see that astronomical rise in value to catapult us all into glorious riches. For some who got in early enough, that already holds true. However, the “big institutional” investment hasn’t even begun yet. You know, that game changing money. Another factor to consider is that many high stake investors have substantial amounts of money to invest “on a whim”. You know, those whales out in the real world who actually have the resources to move the market on their own. They couldn’t care less about the tech or whether a crypto has any use-case whatsoever. All they care about in a return of investment and judging by the gain BTC has enjoyed in the past, it would seem a solid bet to add to their portfolio. And given its small market cap at present, this “money” would have huge ramifications in regards to price. Additionally, you know where most of that money will be going, right? Mainly Bitcoin and Eth, straight up.
Now, I know over time as “blockchain” knowledge spreads and becomes more public and standardised, savvy investors will diversify into different digital coins, based on what they can actually do in the real world. But before that time comes, BTC is king and will be for a long time to come. So much so that the correlation it has with every other coin out there (bar tether) will continue indefinitely moving forward from here.
So, is Mr. Belfort right? As of now, I don’t think so. The market is nowhere near saturation and the capital lining up to flow into this market is in the hundreds of billions. You can be sure of that. But ultimately, I feel he may be right about BTC’s demise. After all, it’s price is only as reliable as it’s tech. A super bug discovered in the code or a successful 51% attack, as Bitmain are threatening to do at this very moment, and it could mean the collapse of BTC and crypto in general. Even if it’s only temporary.
Let’s see, guys. The crypto “big bang” only took place in 2009. And we’ve been playing it by ear ever since.
Great info!
I think this is why it's important for small-time, mostly-broke investors to be in crypto--it's the one place where our discretionary income stands a chance of becoming actual wealth.
At the same time, it's important to think about how we ride the rhythms; making sure we don't get swept away by either the explosions or the downturns. If you do it right, you're eventually playing with house money, which is a whole different level of freedom.
Exactly. Remaining vigilant in this market is key and there are huge opportunities if you look hard enough. Steem being one of them, I feel. :)
I love to see how responsive you are @ezzy. Steemit need people like you.
Yours, Piotr
I doubt Bitcoin will die anything soon. It has the widest distribution and also the widest ongoing distribution.
Bitcoin and Bitcoin whales also control the price of all other cryptocurrencies. Also, they are the biggest investors in all the other cryptocurrencies.
Totally agree, buddy. The FUDsters are all saying "I told you so", expecting BTC to spiral into a death knell, but we've seen this more on several occasions. As you say, the biggest stake holders won't allow that to happen. :)
Is certainly feels apocalyptic. But it also felt that way the first winter after Steemit got started, when my earnings fell to below $1 per post. It was tempting to give up. Only because I didn't was I able to benefit from that incredible price surge in December of 2017. "You can't win if you don't play".
The difference between the winners and the losers in this game. Keep your chin up, bud. :)
I want to believe that, but I've been here as long as you, yet I'm now down to an average of 3 SBD per post. That's mostly due to whales delegating or switching to automated vote selling for passive income, but it would not be such a big problem if not for this brutal downturn.
I don't know if you knew this but I may not be able to stay in this house much longer, if SBD does not recover soon. I'm not alone either, though for the most part the people depending entirely on Steemit for their living are in developing countries. It's surely worse for them, but at the same time cost of living, food, etc. is much less, which counterbalances the equation somewhat.
Sorry to hear that, man. But if I can be honest here, I feel it was a mistake to rely of "Steem" as a means of income supporting your daily lifestyle and expenses. The extreme volatility alone prevents us from that, especially in regards to the highs from which we are falling from. So for now, a sustainable way of supporting oneself via crypto remains nothing more than a pipe dream. I, for one, am hoping that will change one day.
I do hope you have some form of secondary income to get you out of your fix, but crypto in general is in a defined bear market, so until prices decide to recover, the direction is well and truly down.
I don't have any other options. I'm autistic and get fired from every conventional job I am hired for within a week or two. They never tell me why, but I can guess.
Again, I'm sorry things are difficult for you. But I'm sure the answer to those questions don't lie within the pages of Steemit. Just wish you didn't have to power down. Easier said than done, I know, but the "decent" stake you possess now may end up being your saviour. However, it's a waiting game and a long one.
I think blockchain as well as crypto are here to stay.
However, Bitcoin is essentially a useless coin. It did a great job in introducing a lot of us in to the crypto world, but faster crypto's that serve a double purpose (i.e. steem(social/crypto), eth(contract/crypto), etc etc) are where I'd focus for the future.
Defo, but for now, Bitcoin is the face of crypto, if you like. So, in essense, the "brand" will sell itself by name alone. And it will stay like this for a very long time until the rest of the world catches up to what we already know.
Very realistic view of current situation and future trends.
I think BTC will be a digital gold.
If something like 51% of Bitmain does not happened?
But why would somebody kill a hen,
if to wears eggs?
I hope you're right about your BTC prediction. :)
With BTC it's hard to pay 1 coffee.
Just like with real gold.
I do not currently see another candidate for "digital gold".
BTC is an ideal candidate.
My opinion.
To the question in your title, my Magic 8-Ball says:
Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.
crypto can repeat new history and become the most user and can get the peak, @ezzy ☺️
Let's see, man. :)
@ezzy from what point do you think bitcoin will rebound to new high
Hard to say, but I'd start buying from below $5,800 all the way down to $3,000...
Hi @ezzy. I've got an offer that might interest you as a content creator in the cryptos space. Please email me on [email protected]
Hi @ezzy
Just accidently bumped into your profile just to realize that we seem to share a number of interests :)
In particular that we both share a similar passion towards cryptocurrencies and blockchain technology :)
big fat upvote on the way! :)
I will follow you closely :)
Take care, Piotr