[Survivorextreme]

This author seems to think so. It seems many posters here think it will disappear and fade into obscurity but even after all the scams and huge drop in price, it is still in the news every day. I wonder if it is a good time to buy in? What do you guys think?

Crypto will survive FTX, Sam Bankman-Fried

Today, there are people all over the world committed to cryptocurrency's endurance.

www.axios.com

 

[Jack Swilling]

Yes on the way to zero value. No inherent value. One of the worst forms of musical chairs this side of Russian Roulette.

 

[rriley]

Probably the existing coins will be replaced by a coin that corrects all of the present coin shortcomings.

 

[PoorRichard05]

I don't know if it will come back or not but I find myself wondering what the purpose of it was to begin with. It seems to be just that- a currency with no purpose.

 

[Clifffalling]

Well, i sure hope so. LOL!

 

[charliemeyer007]

I'm sure there will be a FedCon as soon as "they" figure out how to exempt the "special people" like CONgress from tracking their bribes and kick backs.

 

[ActionJackson]

This author seems to think so. It seems many posters here think it will disappear and fade into obscurity but even after all the scams and huge drop in price, it is still in the news every day. I wonder if it is a good time to buy in? What do you guys think?

Crypto will survive FTX, Sam Bankman-Fried

Today, there are people all over the world committed to cryptocurrency's endurance.

www.axios.com

It will when the banks take over and squash the free market. It'll likely become incorporated into the coming "cashless society" where all of our money will become "crypto" whether we like it or not.

 

[Springnook]

There is so much delusion surrounding crypto it's nigh impossible to make any analysis about them. Michael Saylor, a self proclaimed expert on bitcoin states bitcoin is unlike any of the others That it in fact a true commodity, like oil or gold. The original sales pitch for these digital units claimed they were "People's money, a store of value, went up in hard times" Of course no one wants to mention these Original fundamentals because they were all proved wrong.

And that's about the only thing you can say of bitcoin with any confidence, that whatever people are claiming today is it's strong suit will be proven to be a falsehood. Look at the claims relating to it's prior bull runs, look at the chart, it's meaningless.

There is no pattern here at all, aside from the deadly double top on the RHS, a well recognized chart signal which spells doom for the market. But what if we claim that bitcoin has had two big collapses before this one and made a recovery, so what? Who was buying it back them? I'll tell you who, brigades of mouse-pushers, people like coin dealers and others in the financial industry. It was always an insider geek thing, right up until the corona virus shutdowns, then it went mainstream and big institutional money began taking positions in order to make big profits. To make a profit by the way you have to sell. Hodling is not something billion dollar hedge funds engage in.

It's illegal usages were also ramping up as tens of thousands of cashed up Chinese used it as a way to circumvent currency controls and get their money out of repressive China. Supply and demand, pushed it up up up. So here we are today, asking ourselves what drivers would push it back up to the "Moon" since everything ever written about it has turned out to be a lie. And that's the truth. Bitcoin is a Lie, It doesn't help with anything not illegal, it's just a big fat burden on the planet's electricity grids and the curse of yet another generation of mom and pop investors who have seen their life savings stolen by techno-turds like bankman fraud and Saylor.

 

[evilwhitey]

Assuming no crippling global sanctions, yes, recovery is likely but I think things will nuke 40-50% from here before that though with a recovery in 2024-2025. People went all in on meme/scam stuff that had no actual product and no future this cycle. Nobody bothered to look and see if there was any substance, they just FOMO'd into whatever was pumping. That may mean that next bull market people are less reckless but I doubt it.

Americans are fairly ignorant given how little knowledge and experience they have with global conditions and also trust their government far too much so I understand the resistance to crypto displayed in here. That said; globally, decentralized currency/banking is desperately needed and is already seeing adoption. Personally, I'm not a huge Bitcoin fan, but I do respect it more than any other crypto besides Ethereum. Time will tell.

 

[Springnook]

Have a look at this chart.

MicroStrategy Incorporated (MSTR)
Michael Saylors company. The collapse on the RHS of the chart was to do with fraudulent accounting practices he and his senior staff engaged in. The Securities and Exchange Commission brought charges against Saylor as well as two other MicroStrategy executives in March of 2020 because of inaccurate reporting of financial results. They were fined heavily $10 million roughly, but when the real financial results of the company were published the stock price fell precipitously and Saylor lost $6 Billion off the value of his shares.

That's just a bit of history, but look now at the LHS of the chart. Microstrategy was once worth well in excess of a thousand dollars a share. That was the blowoff top of the IT bubble, the .com bubble. Yes bubbles exist, and when big ones pop they destroy said markets for decades and decades. I would say the crypto markets 10 year run is over, they rose out of obscurity to fool an entire generation of gullible people, but are they worth holding, for the 10 or 20 years while they lay on the scrapheap? No, at the end of the day they are DVD players, VCR players even, simply a technology, and in the years to come they will be superseded into obscurity just as the iPod was.

The marketers of bitcoin were very clever when they linked their scam to an image of a Golden coin. It gave it legitimacy in the eyes of the gullible

I wonder how well it would have performed if this had been the marketing icon instead?

 

[stAGgering]

Oligarchs gave freedom of crypto for the minions to test and build a crypto infrastructure, as well as crypto educate the masses.
To expect monetary freedom of any form in today's world; is foolhardy.
Certainly gains to be captured.
Even more certain, total and complete control sought be those already in total control.

 

[DKR]

Bitcoin, biggest Ponzi scheme yet.

 

[Avocadoman]

This author seems to think so. It seems many posters here think it will disappear and fade into obscurity but even after all the scams and huge drop in price, it is still in the news every day. I wonder if it is a good time to buy in? What do you guys think?

Crypto will survive FTX, Sam Bankman-Fried

Today, there are people all over the world committed to cryptocurrency's endurance.

www.axios.com

The first time I got into Bitcoin it was $400/coin and I got in because it was a good idea. It's still a good idea. By the time it went to $3000/coin I decided I wanted to see where I could spend bitcoin and ended up spending most of it on household items over about a 6month period. I also recognized that due to the newness and unfamiliarity of crypto along with the technophilic speculators that its volatility would remain high and would always have major sell offs after stellar rallies. Generally when there is a big negative news event surrounding crypto and the naysayers are screaming "see I told you it was a Ponzi scheme," that's a good time to buy. When the technophiles are saying "Buy crypto, it's the new normal, it's the next big thing, you can never lose," you should probably be selling. I have not been disappointed as the trading behavior of BTC has followed my expectations. That being said, I just bought $2000 worth at the low $16,000 range a few weeks ago. If it makes another major dip, I will buy more. Crypto is a good idea, and bitcoin is here to stay.....is the US dollar?

 

[Big_John]

NO.... It won't

But there will be Govt Cryptos that will be the thing of the days....

 

[Avocadoman]

NO.... It won't

But there will be Govt Cryptos that will be the thing of the days....

no offense sir, but anyone that thinks BTC will not continue a long term rally, does not comprehend how BTC or the US dollar works. Your claim is literally impossible provided BTC is valued in an inflationary fiat like the US$

 

[Avocadoman]

NO.... It won't

But there will be Govt Cryptos that will be the thing of the days....

Those that participate in crypto do so precisely because they are not issued or controlled by any government. Government crypto will flop.

 

[Big_John]

no offense sir, but anyone that thinks BTC will not continue a long term rally, does not comprehend how BTC or the US dollar works. Your claim is literally impossible provided BTC is valued in an inflationary fiat like the US$

Respectfully you under-estimate the power of Govt,,,, The Cryto's will crater, respectively... turning into a singular, US crypto, based on the US Dollar.

 

[Avocadoman]

Respectfully you under-estimate the power of Govt,,,, The Cryto's will crater, respectively... turning into a singular, US crypto, based on the US Dollar.

they would have to shut down the entire internet to do that, not happening bud. I would recommend learning more about how crypto works BEFORE forming strong dogmatic opinions.

 

[Big_John]

they would have to shut down the entire internet to do that, not happening bud. I would recommend learning more about how crypto works BEFORE forming strong dogmatic opinions.

I'm sure you are heavily "bought in".... and want to defend Cryto. I get it.

But the Big Boys will rule this roost.... and it ain't you.

Independent Crypto is a blip... and a great way to make some bank, but you gotta get in and get out.

But a World Wide Crypto is soon coming and anyone in independent Crypto will break even, or loose their ass.


,,,,,,,,,,,,,,,,

 

[Avocadoman]

I'm sure you are heavily "bought in".... and want to defend Cryto. I get it.

But the Big Boys will rule this roost.... and it ain't you.

Independent Crypto is a blip... and a great way to make some bank, but you gotta get in and get out.

But a World Wide Crypto is soon coming and anyone in independent Crypto will break even, or loose their ass.


,,,,,,,,,,,,,,,,

not at all I just understand how it works and it's clear from your comments that you don't. Most of my crypto I spent once it was over bought like I said.