Can we be real about the possibility that BTC is past its prime?
Sure I've got a 5 yr chart up...
Go ahead professional TA's. Tell me what you see within the last 3-4 years?
What I see is that if you weren't in BTC between 2017 and 2018, or from early on... Chances are its a hell of a lot harder to get easy money out of cryptos in general, since (unfortunately) they have bounced right along with Bitcoin.
Ladies and gentlemen, can we be real for a minute here? I keep hearing that "the fundamentals of Bitcoin are still there!".
Hate to s*it on everyone's parade but let's be real for a minute about Bitcoin and its future:
1) As of the beginning of the year, roughly 20% of BTC remains left to be mined. Has anyone asked what happens to the price of it when it's all been mined? (Therefore practically functionally useless from the point of view of the product itself).
2) I've heard different figures, but by far the central ability for Bitcoin's existence rides on these huge mining farm operations that effectively have ZERO profit unless Bitcoin's value is somewhere around $4000-$5000 per coin. Have you ever thought what happens when these huge mining operations realize there is no long future left in mining bitcoin, slowly but surely they all start mining other cryptos that have better bang for the buck which have a longer future... The speed and reliability of the network starts getting worse, and you have a structural collapse way before the last bitcoin is mined...
3) One of the few reasons that Bitcoin is/was popular is because it has been/still used for illegal crap over the internet. Folks... Come on guys. Most of you got into Bitcoin trading BECAUSE of that aspect. Let's be real.
Let's also be real that what we once thought was fairly "anonymous", is anything but. AND unfortunately this goes to the further demise of BTC, because one of the major things it had going for itself was the fact that it was used illegally all over the web. It was new, it was fresh. It was the new Bonnie and Clyde of money laundering.
We have this thing called the government, and boy they hate it when they don't have control...
So guess what? That "anonymity" thing. No problem. They just have access to the entire internet on a network level (i.e. they have access to all carrier's switches - whoops)... So that solved that problem. Criminals start going down, all of a sudden, it's not what it once used to be: easy cash cow.
FINAL NOTE: Let's put it all together: We are trading technology that has been out there for several years (yes, the forks introduced different technology, BUT THE FORKS FROM BITCOIN ARE NOT THE SAME AS BITCOIN). It's not the fastest, not the cheapest. It's at the end of it's life, but unfortunately every other crypto basically bows down to it... So what we have setting up is this scenario: What happens and how does the entire market react once Bitcoin is not the king???
Think about that...
Ladies and gents, we are seeing the last few gulps of fresh air for Bitcoin. I won't dare say that as the last speculative thing it does before it completely dies off is not reach some sort of crazy value again.
BUT.... What if $20k+ was the craziest highest value it would ever reach?
I bet if more TA's analyzed it on a 4-5 year scale, that's likely the scenario they would give to you too. There is such a thing as "the end of Bitcoin", you know...
..... Just thoughts.
Go ahead professional TA's. Tell me what you see within the last 3-4 years?
What I see is that if you weren't in BTC between 2017 and 2018, or from early on... Chances are its a hell of a lot harder to get easy money out of cryptos in general, since (unfortunately) they have bounced right along with Bitcoin.
Ladies and gentlemen, can we be real for a minute here? I keep hearing that "the fundamentals of Bitcoin are still there!".
Hate to s*it on everyone's parade but let's be real for a minute about Bitcoin and its future:
1) As of the beginning of the year, roughly 20% of BTC remains left to be mined. Has anyone asked what happens to the price of it when it's all been mined? (Therefore practically functionally useless from the point of view of the product itself).
2) I've heard different figures, but by far the central ability for Bitcoin's existence rides on these huge mining farm operations that effectively have ZERO profit unless Bitcoin's value is somewhere around $4000-$5000 per coin. Have you ever thought what happens when these huge mining operations realize there is no long future left in mining bitcoin, slowly but surely they all start mining other cryptos that have better bang for the buck which have a longer future... The speed and reliability of the network starts getting worse, and you have a structural collapse way before the last bitcoin is mined...
3) One of the few reasons that Bitcoin is/was popular is because it has been/still used for illegal crap over the internet. Folks... Come on guys. Most of you got into Bitcoin trading BECAUSE of that aspect. Let's be real.
Let's also be real that what we once thought was fairly "anonymous", is anything but. AND unfortunately this goes to the further demise of BTC, because one of the major things it had going for itself was the fact that it was used illegally all over the web. It was new, it was fresh. It was the new Bonnie and Clyde of money laundering.
We have this thing called the government, and boy they hate it when they don't have control...
So guess what? That "anonymity" thing. No problem. They just have access to the entire internet on a network level (i.e. they have access to all carrier's switches - whoops)... So that solved that problem. Criminals start going down, all of a sudden, it's not what it once used to be: easy cash cow.
FINAL NOTE: Let's put it all together: We are trading technology that has been out there for several years (yes, the forks introduced different technology, BUT THE FORKS FROM BITCOIN ARE NOT THE SAME AS BITCOIN). It's not the fastest, not the cheapest. It's at the end of it's life, but unfortunately every other crypto basically bows down to it... So what we have setting up is this scenario: What happens and how does the entire market react once Bitcoin is not the king???
Think about that...
Ladies and gents, we are seeing the last few gulps of fresh air for Bitcoin. I won't dare say that as the last speculative thing it does before it completely dies off is not reach some sort of crazy value again.
BUT.... What if $20k+ was the craziest highest value it would ever reach?
I bet if more TA's analyzed it on a 4-5 year scale, that's likely the scenario they would give to you too. There is such a thing as "the end of Bitcoin", you know...
..... Just thoughts.