Yes this will end in tears for many folks. I just witnessed the price of 'Bytecoin' and what a joke! When many lose their shirts you'll see this in the MSM. This will drag bitcoin back into the spotlight.
The narrative will probably be, 'We need more government to regulate this activity so this doesn't happen again!!'. Of course, more government isn't the answer. People that speculate (gamble) and lose on their alt-coins is their problem. When this shit blows, it will be epic!!
Grab some popcorn, your favourite beverage and just watch.
True, but how high will it go first before this happens?
I am concerned about regulation, for reasons. It seems to me that the banks aren't accepting of a currency that doesn't enable their shenanigans to concentrate it, in their hands. For at least this reason, I expect there will be moves to regulate, tax, and otherwise turn cryptocoin into cashcows for TPTB.
I have heard many times that cryptocash is immune to such, but, as long as people are entering the market, and xferring crypto to fiat to use it, there are easy handles to grab. Furthermore, as long as government is corrupt, banks are greedy, and propaganda greases those gullets, people will be susceptible to such attacks, meaning that cryptocurrency will be too.
If any have thoughts on this, I'd love to hear them.
Thanks!
Banks are embracing blockchain and will do everything in their power to reign it back in under their control. Just look at Ripple.
Bitcoin was suppose to be a new form of money, independent of any government or bank. Unfortunately, some people are desperately trying to tie the legacy banking system to it via an ETF, Ripple coin or anything they can put the word 'blockchain' in front of.
Predicting the future is tough, but you're correct that regulation is coming. I can't say that the bitcoin price will never crash or be gamed, but since it has no CEO, no President, no board of directors, you can't bomb it or place sanctions on it, I will just have to trust it. As more people continue to use it and flee the fiat paper system, I believe it won't go away anytime soon. Add to the fact that there will only be 21 million created means it can't be deflated away either. That's why I prefer it to keeping cash in a bank. Bank gives you no interest and it can be taken from you at any time.
No government can steal my bitcoin unless they have some mind reading machine that I'm not aware of.
Take care @valued-customer
Bytecoin is really a joke but nearly the 25% of the top 100 cryptocurrencies by market cap have some real value, even after a collapse in the market. Don't you think so?
Yes, some alt-coins have their place, but some of these are dog s*#t. Bitcoin is completely decentralised and has a cap of what can be created. Many of these alts try to emulate bitcoin's qualities but fall short. Like I said, only time will tell.
As for market cap, I don't really care how little bitcoin has of the total market. Irrelevant IMHO. When any Tom, Dick or Harry can create a new coin, what does it really matter? Big gov wants to come in and 'regulate'. Mark my words.