"For the first time in history we are looking a bubble in an environment of deflation rather than an inflation one. That is why believe people can not get their head around it."
100% true.
"BTC is designed to go up due to scarcity."
Yes, but there are so many other things that are scarce. We need to look at what Bitcoin is backed by.
#1 The absolutes of Mathematics.
#2 Utility
#1 is common to all cryptos. So we can cut it out and boil things down to utility. Bitcoin doesn't exist in a vacuum. How does it compare?
https://www.dashforcenews.com/bitcoin-disincentivizes-community-harmony/
https://www.dashforcenews.com/dash-12-2-update-doubles-block-size-lowers-fees-bitcoins-segwit2x-fails/
From a technological POV Bitcoin is just pathetic. No matter what happens, markets always catch up. Unless a massive financial crisis happen to shoot up the Bitcoin price, BTC is bound be left out in favor of alt-coins with better utility.
Don't get me started on Digital Gold BS. Bitshares have already solved such non-issues of having a stable reserve currencies.
I've predicted below $500 BTC by 2020. I don't give that much time for BitConnect. Coincodex and malwarebytes have taken steps against this ponzi. Things are less likely to continue more than a year. I have to crystal ball and I'm not 100% sure. But I know it's highly likely.
Thanks for your input.
You make good points - I agree that Bitcoin tech is out of date but I have been around long enough to know that Bitcoin is not defeated so easily - "the bubble and the rat" story by Anton Antonopolous will tell you that - Bitcoin will respond as ti always does because there is one thing that dictates lover reason and that is money. For most of the investors coming into the market fck all about tech - they just want to jump onto the money band wagon. Many alt coins are way better I can not disagree with you at all on that point but make no mistake Bitcoin will climb again it always does because rats are hard to kill and those who live in a bubble become weak easily.
However, Bitcoin Cash will now grow- and is as I write this ( of which I predicted and was laughed at and even scorned for saying it- but still is I bought a load of it and and making a lot of money right now.
I knew this because people underestimate Rover Ver. I met the guy once and I can tell you he is a powerful force of nature. He is a doer not just a talker- He virtually built the entire Bitcoin infrastructure in Japan on his own - and now he is doing the same in Asia with Bitcoin Cash. hmm how big is the Asian market?
Bitcoin ad been dependable since 2009 do you think it will die so easily my young friend. You are right on your technical view point but wrong on how human beings actually react when money is involved. That only took me 30 years to learn but I wont charge you for that bit of info.
Totally agree on BCH and Roger Ver. I've expressed my opinions here:https://steemit.com/bitcoincash/@vimukthi/a-love-letter-from-dash-to-bitcoin-cash-and-roger-ver-my-venture-into-the-crypto-sphere
I too faced a lot of ridicule when I said BCH would stabilize above $1000. Asia is also far more cyrpto friendly compared to the west. The regulations and governments aren't too tough on most places with China being the only big obstacle. Above all Asians are not government worshipers. Japan claims 50% of trading volume while USSA with over 2.5X population only claims 25%.
BCH almost had 50% gains while BTC was going down. Markets always eventually catch up. Mainstream attention could pump Bitcoin some more. It might even go past $10000. But That attention will get eventually shifted to alt-coins. Most people only know about Bitcoin. When they gt in, they'd realize there are 900+ coins and some of them are super awesome. I've been telling that the eventual demise of BTC will come out of its own popularity. ETH and BCH could play a big part in this.
I'm not as experienced as you are. But I know that switching between BTC and alt-coins is getting easier and there will be people who'd just want things fast and easy. When some momentum is picked up it'll go all the way. BCH almost surpassed BTC in volume. I've seen similar (though not on the same scale) price/volume action with EOS and XLM recently.
The snow has piled up on BTC. It really won't take too long for the final snowflake to come. It's bound to happen under 3 years IMHO.
Finally we come to a point where we can agree, for I more or less agree with you on all these points. And I must say I have thoroughly enjoyed our little conversation and it shows that two people are capable of having a heated discussion and still show respect for each other and at the end do not wish to kill each other lol - if only people on power could do the same- I wish you only a positive future my good fellow @vimukthi- following you now : )
Thank you.
Intelligent people can have a heated discussion because it's about communication, spreading and consuming information and figuring out what's right. People of power have hidden agendas and lot's of ego involved. College snowflakes would just die if they couldn't find something to be offended about.
The great thing about steemit is that it's full of people who can have a great discussion with. Here we have respect for individuality and self-improvement.
I too had a great time and learned a few things. I've been following you for some time.
Well said : )