There have been many negative predictions regarding Bitcoin's demise so I don't expect to be taken seriously but here's my take.
Three fundamental factors are in play:
Firstly people are realising virtually no one is using Bitcoin for payments and likely will not, why would they given the hoops they jumped through to buy it.
Secondly without a valid payment example, cryptos don't have consumer support and consequently investors have tacitly recognised that no one other than the crypto community gives a damn about regulations.
Finally and most importantly PoW, once seen as a pure solution, is increasingly seen as flawed as there is now a credible alternative, something that Dan and DPoS can take some pride in revealing.
In summary the fanaticism that kept Bitcoin alive has simply run out of air.
In my view Bitcoin it's simply kept alive by a tight Chinese business model stemming from the need of the cadres to discreetly move money out of China.
As this reality sinks in a vacuum is being created, one that the Bitshares platform can fill but only if we see it associated with a currency that is 'used' by consumers and adopted by the existing Bitcoin infrastructure.
I see you, and raise you one Wall Street Pump.
All your points have merit, are quite reasonable and I am agreeable on the whole.
However, I am not sure any of it matters at this point.
Remember what WS did with mutual funds?
Bitcoin is orders of magnitude more profitable to fleece Main Street with.
The finance/banking complex is accumulating off-market while depressing price on-market.
A bit tin-foil, but it's pretty hard not connect the news from GABI/SM/Charlie Shrem to the rather well-timed/high slippage market sells that have been going on (why sell hundreds/thousands at once on one exchange over and over? Why not sell off-market or use a bot to drip sell?).
This will continue until off-market supply begins to dry up and buy pressure moves to exchanges.
Then the marketing pump will start - buy recommendations, ETF's going live, media coverage, perhaps a few pension/sovereign funds.
Does BTC need to be adopted, regulated and sustainable for the big money to make a big profit? Nope.
So I would not count BTC as down and out just yet. There's very likely one huge pump coming.
Thereafter it is very likely a 2.0 platform will address the adoption/sustainability/regulatory issues and much of the crypto-value will dump BTC and head for the next big thing.
Say, something like Bitshares...
Show Posts
