Bitcoin resumes its plunge, falling from 6700 to 6400 (now at 5900). A week ago everyone was ecstatic on Twitter that Bitcoin was coming back, only to watch the gains evaporate in the span of just 20 minutes. There are all these idiot Bitcoin daytraders on Twitter, and you can be sure none of them are making any money, but they sure tweet a lot. The Bitcoin community is built on hype and the elusive promise of riches. 2 people make money and 40 lose. The sad reality is, Bitcoin is going back to $1,000 in short order. It’s little more than a charity for fraudsters, with a payment processing application built in. It will never see any sort of mainstream adoption, and forever will be related to the ‘darkweb’. It’s like “yeah, let’s exchange our greenbacks, which are easy to use and are insured, for these digital coins which are hard to use and easily lost or stolen.”
If you think i’m being to hard on these people, many of these people who are held up as ‘bitcoin experts’ and or are self-proclaimed experts, are clueless and or intellectually dishonest:
Here an example:
“A v B” says Bitcoin is ‘hard to confiscate’, but as innumerable thefts have shown, this is not true. Second, Bitcoin is not decentralized, but rather controlled by miners who can potentially censor transactions through what is called a ‘soft fork’. Although it has never happened to Bitcoin, there have been a couple instances where accounts have been frozen and or transactions reversed, two notable examples being the DAO hack in 2016 (which resulted in a hard fork after the soft fork attempt was abandoned) and very recently EOS’ decision to freeze seven accounts, which has generated a strong backlash on social media and Reddit.
In the second screenshot, “A v B” demonstrates intellectual dishonesty by claiming that the Lightning Network bypasses the miners. This is not quite true, and is an attempt at misdirection on his part in the hope that people will not notice. In order to deposit money into a Lightning Network node, one still needs the blockchain to process the initial deposit, after which transactions can be processed off the chain.
Given my optimism over the stock marker, the US economy, and my bullish price predictions for Facebook , Amazon, and Google stock, but also my past history of being bullish on Bitcoin, one would assume I am bullish on everything or that I don’t have any way of discriminating between good or bad investments, but the fact I was able to time the top of Bitcoin and then tell people to get our while it was still in the mid-teens, is further evidence how how good this site is at predicting things and gauging trends.