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So the price of Bitcoin in the last 12 months has been absolutely unbelievable.
It now stands at $7902 to 1 BTC.
What the fook.
Forbes just announced they can see it going to $30,000 in the next 10-15 years.
How do you lot envisage cryptos going, do you see it replacing physical and even plastic currency?
Do you want to invest/learn or do you think it is a bubble that will vanish or just be used by uber geeks ?
I think anything that threatens the traditional money markets will either have crazy legislation put on it to limit or take control or the powers that be will put a stop to it one way or another. Weren't they banned in China recently?
Im not sure what happened to it but a lot of BTC was seized when Silk Road went down and people were saying it may be used to flood the market and crash the value. This may have happened by now and obviously had no effect or they may hold them still.
It's something that interests me but I just haven't had time to learn about it properly and know nothing about the new forks. Would love for it to thrive but just can't see it remaining out of the hands of the big banks/governments.
If you think of it, a lot, if not most use of money/transactions we use nowadays is already kind of digital - on plastic. I personally don't carry a lot of cash unless I'm out on the piss and so use debit/credit for most of my daily buying. Personally, I don't think the leap is that great.
Some crypto can be an used in real life situations - there are for example visa and mastercard cards that can be loaded with various cryptos and then used to pay in real world situations. TenX and Monaco platforms are examples of this and once they mature are great examples of how the 2 worlds can integrate.
Other cryptos are stores of value or have quite specific uses that will not translate obviously to real world usage. The blockchain technology behind each platform is, at a simple level, designed to be a transparent and un-hackable public journal of information which can be a money transaction - which is how most people relate to crypto, or a record/ledger of anything - file storage, shipping tracking, medical records, academic qualifications, fantasy sports betting - the list of applications is pretty much endless. Check out steemit.com, dtube.video for examples of how the blockchain is evolving.
Ii think Bitcoin itself can be mostly seen as a storage of value/investment nowadays - think gold rather than dollars/pounds but it can obviously be and is used as a currency too. It will correct now and then but generally its value should keep going up. Even at $8000/£6000 it can still be an investment but the gains are not going to as great say as buying something now at a fraction of a dollar/pound and see it going 10x-100x if held for long enough and be a good platform. 'Investing' is after all a gamble, and insane gains can be made and huge losses to be considered in crypto if you want to dabble. Lots of research needed together with luck, patience and due diligence.
Piggzy, to answer your last question, I'm no uber geek by any stretch but have doubled my money in 3 months but that figure a) could be more if I hadn't lost on half of my 'investing' so far and b) is only a paper profit and won't be a profit until I actually sell, and c) bubble or not, it's worked so far. Timing also has a lot to do with it and I can see how/why people have given up work to trade full-time.
No the ban in china incorrectly reported by the media (which caused a massive crash in alt coins but not in Bitcoin) the ban was actually only on ICO's (initial coin offering) which is a method used by new cryptos for fund raising the inital project setup. Sort of a crowdfunding type setup and it is only this that was banned in China.
With regards to the silk road seizure most of this has since rumored to have been traded, by whom and to whom is still unknown obviously but the transactions can be seen in the block chain. I would imagine some has been held back.
A newer currency sprung up and was gaining massive support but then rumors started flying around it was a government/bank funded project not sure how true. (Trying to remember which coin) They will want to control it somehow and without a doubt the powers that be fucking hate it. The nature of the way it works though makes it VERY difficult for the powers to control it. Even if they ban it, it will continue imho
There is a newer chain that is about to launch. So far pretty much all coins are a fork or slight rewrite of the original BitCoin blockchain, with a change in encryption or an introduction of a few new features, but a completely new ground up chain is about to be released called HashGraph. On paper it puts bitcoin tech to shame but time will tell. It solves a lot of bitcoins problems.
Again who knows where these analysts pluck their data/claims from but Forbes announced last week that they believe Bitcoin will hit $30,000 within 15 years. hmmmmmmm
I think its to do with the fact that 99% of coins will be mined in the next 10-15 years, the last 1% will take about 100 years to mine so they are saying the price will shoot up at this 99% period. as to the exact figure of $30,000 no idea how they come up with that.