I am the most hated person on steemit. This statement may be true in a few years from now. Yesterday I wrote a post about about Bitcoin and some basics of it.
Today I will turn my hat around and tell exactly how I feel about it.
It has been the history of humans to seek rapid wealth. Whenever there is a scheme/ idea/ foresight, many will get rich but most will lose. Sure a lottery ticket can make you rich in an instant plus the 5 mins you wasted at a 7 11 line. The odds are a little better with Bitcoin for a much smaller sum of money.
What's holding the price of Bitcoin up. How did it get so far. Well it rode on your back. You parted with some cash and got some cryptos. Maybe you made a few hundred thousands back. Good for you. But it won't be like that for most.Most of the Bitcoin mined so far is held by fewer than a thousand people.
The US government is the largest holder of Bitcoin
Some say Satoshi holds the most Bitcoin. If you believe in Satoshi as an individual, please invite me so I can smoke some.
Surely you say what is Fiat currency backed by? US dollar is a scam. Take my dollars and gimme some Bitcoin.
Cryptocurrencies are running on blockchain technology which is a combination of some old ideas. Nothing new about it. Nothing fancy about it. What's the big deal. Anonymity? There is no technology in existence today that can guarantee anonymity. There will never be one. Any algorithm can be cheated.
Who would care about Bitcoin if it wasn't buying you more dollars over time. Suppose 1 Bitcoin equals one Dollar and stays that way for 10 years,why would you buy it except for money laundering purposes. For a scam to be successful it has to appear to be profitable in the short term to medium term. What is backing your Bitcoin when it smashes the dollar and someone says enough is enough.
Bitcoin is an experiment and it ends when it ends.
Since 2-3 decades ago multiple theories were published on use of digital currencies and implementation. I had placed some references in one of my previous posts. This has been in the works long before they we had the immaculate conception of Satoshi.
Very few people hold the majority of Bitcoin and thus the price action is easily controllable. If you think thatUS and Chinese governments don't have desks running crypto trading then I am not sure I have much for you to read here.
Read the tea leaves. See what happens to the price when a large order sells and flash crash happens and then the exchanges are stuck for the small traders while the big sellers buys back at a smaller price. It is very neatly controlled and a very centrally controlled decentralized currency.
ETHEREUM is running in the back of Bitcoin. There are multiple other currencies that can be exchanged for each other based on a standard. What is that standard?? How to you value an ICO? The experiment will continue until all stuff is hashed out. Then the real stuff gets implemented.
I can see a world where a universal digital currency will be introduced for all the world, it could even be Bitcoin. Countries on the back of that will be allowed to have their own digital currencies, such as ETHEREUM or others. I am certain names will not be the same. This is the most likely outcome of the experiment.
I won't call this a scam because it is more than that. It is a prelude to the real thing. No government is banning it. Why?? China allows it but something'happens and it regulates it bit by bit. Same wil happen here and you see the push for it.
When people like Bill Gates talk positively about cryptos, you must know that there is an agenda. Great publicity will be given to such speeches. Stories of new Bitcoin millionaires will be paraded in the press. There will be companies and services accepting Bitcoin.
As this happens you and I can profit from it. But the day will come when it ends and is replaced. You just have to be careful and watch all movements and then analyze all movements with a keen eye.
The whole hysteria about monetary freedom for everybody will be repeated over and over again.
On platforms such as steemit and YouTube there will be videos where people show their profits and trust me these posts will be trending and promoted. Can't you see why. Did you forget the hysteria that internet will free the world? It is the means now by which you are controlled and spied upon.
I think I will stop yapping about this for the next few years. Ride the good times but don't put everything into it. This is not what you think.one day this will become one of the biggest failures in history. As you profit take your money and buy assets.
When you listen to all the crypto pumpers, somewhere in the back of your head harken to my tidings. Play it safe. It is you against those that have controlled the world for millennia.
A world reset has to occur and cryptos won't be your friend then. For now the dollar has to be revalued and it will be pushed down more, a lot more. If you don't see a big rise in Bitcoin price, maybe that's your sign. You will see posts saying it's the soft fork that is holding it back. Hogwash. Satoshi is holding it back and Satoshi is everything and everywhere.
Everything's a waiting game. Some good points, and agree that governments are very likely holding majority ownership (in fact i read somewhere the largest 'known' holder of BTC is the FBI - go figure). However, regardless of the rise & rise of crypto, we need to understand why it's getting attention. It's not thru governmental promotion,in fact the US is locking down as we know).
People have lost faith in the money system, we can see it clearly breaking down, and even the less fiscally-education people can see that the epidemic levels of debt are not recoverable, so cryptos offer save harbour for smart money. Who knows if it will continue to climb or not, it depends how you look at btc. I dare say you look at it as an investment, whereas I look at it as an alternative to a broken system.
I don't see myself gearing up to re-enter the fiat system in a big way anytime soon. Hedge your options, and be light on your feet when the signs start presenting more clearly.
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Thankyou for your well thought out comment.
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I tried to hate you, but the further along I read, the more I liked you ;)
Keep the ideas flowing Ned!
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I thought I was going to get scalped. Thanks
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You are too kind
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how could you say that bro?
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Franky, frankly I thought my head was going to roll on this post. I has not yet. Glad to have people like you
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Great I'm impressed
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Thanks vida. It's just an opinion but I have lost and made a lot of money trading and read a lot about it. I have no idea what the future holds but just one mans views. Thankyou for visiting. Keep coming back
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Good job here keep going
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Thankyou so much. Following you now.
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Can't hate on logic.
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I love you too brother
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I was telling my husband exactly the same thing the other day. When the governments and the elite start to see crypto as a viable alternative currency you know something is up. Don't put all your eggs in one basket.
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Exactly my sentiments. Thanks bodless. If my god damn voting power wasn't at 63, I would show my appreciation. I will follow you though and remember your kind words.
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Thank you. I'm touched.
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common sense. I am here to make money. it doesn't matter who runs the show, I want profit. I hope you too. :)
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That is the exact gist of my post. Just asking folks not to go all in. And to be careful. Thanks
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Not bad ned, I'll follow. I also think this stuff has a time limit.
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Shall do the same
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Excellent article. The crypto market space is still extremely immature and very much unregulated. Therefore there are meany posibilites which makes it all very interesting.
I wish I was part of a pump group: https://steemit.com/meme/@valderrama/whale-schemes
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I think you sound a well argued note of caution about the crypto game and the many signs that the mainstream powers that be already inside the machine and can take over at any time. I don't think they can control everything, at least not for a long time. I.e., there is a lot of growth left in bitcoin and the others. There may come a time when we'll all need to get out and it pays to be eternally vigilant. Thank you for your contribution. Curious what minnowsupportproject is - guess I'll go check that out next.
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You must check out minnowsupportproject. It is a project led by @aggroed to help the nwebi s and idiots like me find some support and grow. Also known as PAL for peace abundance liberty. You can make connections, use some bots etc.Thanks for your comments
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Sounds awesome, thanks! I'm still pretty confused by everything here and not even sure how to participate in things, like discord. But I'll keep stumbling around trying to figure it out. I'll head over to the minnowsupportproject.
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Remember me when you are rich
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:-)
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Very well said, as fun as the market is with its huge volatile swings it is still a huge gamble. I think you said out loud what we all know in the back of our heads. We all gamble on being the ones who cash out at just the right time, good on those who do, but chances are most will time it wrong.
Personally I view it as a bit of fun to enjoy such a crazy market but my gamble is on silver so that's where most of my spare money goes.
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It is a common assertion that we are at peak oil right now. This is why wars in oil rich countries are being so meticulously orchestrated (it's more complicated than that, but this is a comment not a blog). So what happens to the petrodollar as the oil starts to dwindle? This, to me, may mean the future will be cryptocurrencies, and I think many small investors are, at least partly, motivated by this. The petrodollar doesn't really mean squat anymore other than people having faith in it. Very interesting times we live in. I hope the experiment works. The Australian govt are making bitcoin taxable very soon. Here come the regulations.
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Congratulations! This post has been upvoted from the communal account, @minnowsupport, by nedspeaks from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
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This post received a 2.7% upvote from @randowhale thanks to @nedspeaks! For more information, click here!
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