BTC bubble bursting and fate of Feathercoin
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Nothing indicates the bubble is bursting right now. It lost 15% in 24 hours. That is completly normal and happend so often before. Never trust linear graphs. If you look at the logarithmic graph you can see that there were way bigger drops in the past.
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In my opinion, the price stagnated for a while at around £6K BTC, then the hype of what could happen etc Korea / China etc, kicked in and the price doubled to 12-14K.
Bitcoin was a wonderful thing, but people (well me included) traded the hell out of it, then they did the same to top 200 coins, again and again, ripple at one point being worth £90 billion, to me its - come on - very very inflated.
6 months ago BTC was around 50% of the total cryto market, now its around 35%, when more people started to know about it and started to use the technology, the price went high, money came in the btc (300 - 400 billion), I don’t think many people would have known about neo / stellas / etc to invest directly, out of that billions, money went into alt coins, so that traders can pump and dump it. So what will happen, no one knows, my 85 year old grandma might turn out to be more accurate than the winklevoss twins. Noone can really predict. but that’s not stopping me lol.
Tomorrow: It might go to 15K
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people are running out of coins to pump, there are only 1000 coins, everyone catched up on this, if someone made a profit last month, someone made a loss, BTC / Litecoin / Feathercoin even Dogecoin for me they are secure investment. If all fails these wont.
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500 Bn is nothing globally, Trillions of money from institutions hasn’t come in yet, when that happens, god knows.
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At the moment its all been hyped, the potential of the technology has not even started and its worth this much, what if when the blockchain truly starts to become the reality.
Tomorrow : It might come down to 6K:
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See not many people want to make money by just keeping FTC / BTC, so more and more want to trade, by this the %cap will decrease.
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What is the true value of BTC £1 or £1Million?
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Govt Bans and Regulations, that should have a big impact, especially if America does something, most of the world will follow.
Conclusion: We are in the middle of a revolution, probabaly only 1% of the population knows about this, be a part of it, whatever wealth we have, put 10% in this, for me these are the secure investment, long term - 2-3 years, in order: BTC / FTC / Litecoin / BCash & Bgold / Dogecoin / TrezarCoin (New but works and potential of growth is higher but so is the risk).
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First of all I must confess I am almost completely new criptocurrencies so please forgive me if I ask/say some stupid things. Secondly longterm speaking I agree, nothing significant should happen as ups and downs are normal in this world. It is however hard not to see pattern in the linear graphs which as I see it, indicate drop in BTC price. If one looks at DOGE graphs same pattern can be observed. Soif you are late to the party, like I am, i think it would be wise to wait with buying any coins for a week or so and observe what happens. But all in all I have little doubt that I future BTC and other coins will continue growing and therefore hopefully we will be able to profit from investing into them :)
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@ag2288 well yesterday you may have been late to the party but today with altcoins dropping, 30% (call it burst - I have never seen that happen) welcome to the party, best time to invest, tomorrow will be an interesting day, BTC might be 6 or 10, I don’t think it will stay 8. But let me ask my grandma lol
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I have three rules of Crypto-Fight Club:
- Mine altcoins that have proven developer support, are innovative, and don’t have scammer devs
- Hold them, trade them for other ones, or cash out on Kraken when the time is “right” (matter of prefs/needs)
- NEVER EVER EVER “INVEST” HARD-EARNED CASH
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Agree with you on first and second, but the third one: as blockchain is a revolutionary product, not many of us can mine, people who mine I agree they are the true pioneers , but some of us want to be involved in it and part of it. Reason could be for an experience , thrill, amazement, exploration or even exploitation, we would need to put in our hard earned cash for that, it’s like any other investment property or any other invt you buy (Apart from your house that you live in), it could be seen as leeches but the funding helps the blockchain community somewhat.
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@vigospqr
Not looking to argue. :) My guess is you’re likely under 30-35 years old, perhaps unmarried, still generating a career of sorts. Probably fine if you don’t have significant debts to cover in case of a “life event”. :thinking:My view of cryptocoins is that there isn’t a shred of anything meaningful, physical or monetary as it relates to the real world, backing BTC or any altcoin. None. No real collateral whatsoever. (If you know of something, please show it to me.) The technology is open source.
If it all collapsed in an instant tomorrow, there would be no crisis in the world other than tears for those who lost their shirt investing large sums of money getting caught holding the bag. Talented devs would simply find another job programming something somewhere.
The only other real losers in the altcoin game would be AMD and nVidia.
But that’s my 0.02 BTC from someone over 50 and married with kids. ;)
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@bluebox I see your point and I complete understand your view. I’m never here to fight but to gain experiences, Knowledge, and see other people views. So your view does make sense. Yet Fiat does not have backing anymore also.
Let me explain it as short and clearly as I can. If you want me to go deeper I’m always up for a great learning conversation. Anyways to prove that I’m not looking for an argument and more other people views and seeking knowledge I happy to share my views, opinion, and knowledge. So, I am a 28 year old Male with a wife two kids, renting an apartment and finally got a job that I hope I can advance in as it is in my field doing Integration/development for a logistic company. Also my Wife (Married for one year as of March 10th) has a job in her field also. I do have my degree in Software/Game Development. With that said now you know i’m not looking to spark a fight.Continuing Fiat (AKA CAD, USD, EUR) are not back up by “GOLD” or the amount of gold a country obtains. It based of a debit system, as in how much that country is deemed worth based on the country has. So your somewhat right there. As “Crypto Currency” does not have a foot to stand one.
In my opinion they do, well the “real” coin anyways. What I mean is the coins that are out proving, advancing, innovating, and solving the problem a Digital Currency if trying to replace Fiat. Giving us the power back to control our own money and gain in ways you can’t with a bank. (that another topic using as example). To me they do have backing. What well the innovation as in “what can the Litecoin/Feather Coin project can do to make the current system better”. Like keeping transaction private or able to prove that a purchase took place did take place and much more. It’s the advancement in the coin itself that makes the coin valuable. to me anyways. It not about who’s supporting it but why they support it.I hope this makes you take another look with an open mind at the real Crypto Currency Coins. Let me know if you want to hear more.
Sorry for any of my grammar mistake that maybe in here. Having A.D.D and all. -
@bluebox said in BTC bubble bursting and fate of Feathercoin:
My view of cryptocoins is that there isn’t a shred of anything meaningful, physical or monetary as it relates to the real world, backing BTC or any altcoin. None. No real collateral whatsoever. (If you know of something, please show it to me.) The technology is open source.
Re: backing BTC or any altcoin. I can show you some POW miners.
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90%+ fall in market value would feel like a burst bubble wouldn’t it? The market is still liquid i.e. you can still cash in.
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I think BTC is more stable now. And I think it will be more stable as time goes by. And about the feather, the truth is BTC more or less controls all the crypto currencies. So, if Bitcoin become stable feather coin will also show the same trend.
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Few things:
BTC is an old coin, slow and expensive to make transactions. If “lightning” works and takes off I think this coin will fly again. But otherwise I can no longer see BTC being used for what was intended, a replacement for Fiat. I expect the Altcoins to continue to make better progress and BTC prices to normalise. BTC prices are very inflated, they are only so expensive due to marketing, it’s an inferior coin, so why is it 8000X times more ?
The government regulation bans are causing these price drop scares as people sell off their coins, as we fear more countries will continue to adopt this and this will effectively close the market.
We are still in a good place in that Cryptos are being marketed, talked about and “normal” every day people are becoming interested and buying them. Although most of them are buying them as they see them as an inflating “stock” / get rich quick strategy, but this doesn’t matter as it all helps improve the usage of the coins. At this stage I think we are showing that this can work, we now need more merchants to start accepting crypto.
I think whoever has the best security ,transaction fees and transaction time is going to corner the market for adoption. Yesterday I read Starbucks will start accepting crypto and of course won’t be accepting BTC as it’s far too slow and expensive at the moment
As I have said on many other threads, I am looking forward to having a universal wallet on my android, that is cloud based i.e no block chain files stored on my SSD! . Using my fingerprint to unlock + NFC I can tap to use Oyster (tube travel), buy my lunch , buy my plane tickets. Fly to Europe and tap and buy my lunch there. Tiny fee charges and an instant conversion of fiat -> crypto. Prices are fairly stable, just like currencies. No crazy currency conversion fees or need to carry all these different cards, but “credits” that we top up from our paychecks.
Funny thing is, we could be there in a few years.Small shops hate credit cards, due to the high fees. If they accept crypto they only pay fractions of a pence, meaning we can buy our candy from a newsagent and not have to carry coins! etc
Futures looking bright, don’t care about the prices, care about the regulators! :)
