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It is definitely a speculative bubble. I think we are in a similar position as 1998. The technologists can see that [the Internet]/[cryptocurrencies] are very i

It is definitely a speculative bubble. I think we are in a similar position as 1998. The technologists can see that [the Internet]/[cryptocurrencies] are very interesting technologies, with the potential to change the world. But retail investors are pouring in, without any understanding of the tech, and inflating both good and bad [companies]/[coins] in a pure speculative frenzy. If I had to bet, there is still lots of upwards runway left, but at some point, it will come crashing down, the bad [companies][coins] will be worthless, and out of the ashes will rise a more sensible market with some of these [companies][coins] truly changing the world.

jjawssd 9y ago
I think the big question here is what the crash will settle at for the big 3: BTC/ETH/LTC. Thoughts?
- bsdnoob 9y ago
  Why not Monero?
  - jjawssd 9y ago
    Simply to limit scope because Coinbase does not support Monero.
- wsc981 9y ago
  I believe BTC is here to stay, due to it being some form of "backing" currency for all other crypto currencies. I guess one could claim the same for ETH, since it's used for many ICOs. But apart from that I am not sure what the future of ETH or LTC will be. To me it seems some adaptations of ETH have a much clearer use-case and therefore are likely to raise a lot in value in the future. One of the ETH based coins that I really believe in is OmiseGo[0] (OMG) which will bring banking capabilities to many people that currently don't have a bank account. --- [0]: https://omisego.network https://omisego.network
  - zodiac 9y ago
    How is eth "backed" by btc?
eberkund 9y ago
I read somewhere that people are leveraging huge sums of money on crypto which may explain how it is going up by so much and so fast. If for whatever reason we start to see even a small downward trend then these people will be forced to sell their position and the whole thing will come tumbling down.
llamataboot 9y ago
There will be a lot of blood on the floor though. The rise of Bitcoin as a speculative asset (and its inevitable crash) will do some damage for sure. I'm bullish on blockchain technologies over the next decade or two, but we're gonna have to clean up for awhile. My hope is that blockchain enthusiasts are taking their profits and using them to invest in building something better. (There's also a lot to be said here about the hucksterism, shilling, get-rich-quick schemes, and an almost-fanatical belief in the power of a pure free market inherent in the BTC community from the beginning, but that's best left to another post)
- benmorris 9y ago
  I totally agree. I'm confident a crypto coin crash is coming to eclipse any we've had before. The combination of volume, transactions/second limits, and weak exchange infrastructure; when people want to get out things are going to get ugly.
  - averagewall 9y ago
    Whenever someone says they're sure of a crash, I assume their true feeling is isn't confidence of a crash but frustration at having missed out. Have you shorted Bitcoin? That would help you to profit from your belief.
    - benmorris 9y ago
      Sure I could short Bitcoin, but it cost me nothing to speculate about a crash. I also make the assumption when I see the FOMO argument that the person has a stake in Bitcoin/Crypto Currency. Perhaps both of our assumptions are wrong? Once the bubble burst then no one argues that they were in a bubble.
    - llamataboot 9y ago
      something something about markets being able to stay irrational longer than an investor can stay solvent
  - starlust2 9y ago

jjawssd 9y ago

I think the big question here is what the crash will settle at for the big 3: BTC/ETH/LTC. Thoughts?

bsdnoob 9y ago
Why not Monero?
- jjawssd 9y ago
  Simply to limit scope because Coinbase does not support Monero.
wsc981 9y ago
I believe BTC is here to stay, due to it being some form of "backing" currency for all other crypto currencies. I guess one could claim the same for ETH, since it's used for many ICOs. But apart from that I am not sure what the future of ETH or LTC will be. To me it seems some adaptations of ETH have a much clearer use-case and therefore are likely to raise a lot in value in the future. One of the ETH based coins that I really believe in is OmiseGo[0] (OMG) which will bring banking capabilities to many people that currently don't have a bank account. --- [0]: https://omisego.network https://omisego.network
- zodiac 9y ago
  How is eth "backed" by btc?

eberkund 9y ago

I read somewhere that people are leveraging huge sums of money on crypto which may explain how it is going up by so much and so fast. If for whatever reason we start to see even a small downward trend then these people will be forced to sell their position and the whole thing will come tumbling down.

llamataboot 9y ago

There will be a lot of blood on the floor though. The rise of Bitcoin as a speculative asset (and its inevitable crash) will do some damage for sure. I'm bullish on blockchain technologies over the next decade or two, but we're gonna have to clean up for awhile. My hope is that blockchain enthusiasts are taking their profits and using them to invest in building something better. (There's also a lot to be said here about the hucksterism, shilling, get-rich-quick schemes, and an almost-fanatical belief in the power of a pure free market inherent in the BTC community from the beginning, but that's best left to another post)

benmorris 9y ago
I totally agree. I'm confident a crypto coin crash is coming to eclipse any we've had before. The combination of volume, transactions/second limits, and weak exchange infrastructure; when people want to get out things are going to get ugly.
- averagewall 9y ago
  Whenever someone says they're sure of a crash, I assume their true feeling is isn't confidence of a crash but frustration at having missed out. Have you shorted Bitcoin? That would help you to profit from your belief.
  - benmorris 9y ago
    Sure I could short Bitcoin, but it cost me nothing to speculate about a crash. I also make the assumption when I see the FOMO argument that the person has a stake in Bitcoin/Crypto Currency. Perhaps both of our assumptions are wrong? Once the bubble burst then no one argues that they were in a bubble.
  - llamataboot 9y ago
    something something about markets being able to stay irrational longer than an investor can stay solvent
- starlust2 9y ago