/z/ - zaibatsu — finance and economics

They're an interesting concept and the idea of decentralizing currency management is a very nice one.

As for the currently rather random fluctuations of valuation/devaluation, I wish I'd gotten bitcoin back when it was basically worthless.

IMO speculating in crypto right now can still make you a good amount of money, but can have you lose money if you don't know what you're doing and don't research the coins you're buying for yourself.

As a concept, cryptos have a lot further to go before they ever reach mainstream acceptance. I think they will, at some point, but not until they can offer the value, stability, and ease of use that government-backed fiat currencies can. Most people with whom I've talked to about Bitcoin still say "lol it's a ponzi scheme what's the point of digital money i can just copy more". The idea of a blockchain and how mining is determined by proof of work are over most peoples' heads, and until a crypto can come along that successfully appeals to the mainstream, the markets are going to be entirely speculative.

>>4
Well, OP. I think cryptocurrency should have a lot more time to evolve. The concept alone, yes it seems to be falling in perspective, but hopefully soon it does expand where it once started. Even though 1BTC equals a whopping $4000.00 USD. It's a good investment, in a way. Unless Bitcoin suddenly blasts as a universal currency, you're fucked. Mining for countless months for 1BTC, all that time wasted when the worth decreases to $10 USD.

>>7
I hope you realize that bitcoins aren't mined in integers.

>>7
Bitcoin is a store of value, like gold, it's not going to be currency you purchase groceries with.

>>4
I think it's the fucking best, our generation is too late to buy cheap real estate, too early to invest in space real estate, but just in time to hoard all the currency of the future.

I'm holding Bitcoin for the long term.

>>10
Horded currency is worthless currency. Currency only has value if it circulates.

>>15

People hoard gold, yet it has value. Bitcoin is the gold of crypto - a limited supply of something that people store value in. ARK or Ethereum is more likely to be used as a day-to-day currency. Bitcoin transfer times are slowly making it not ideal for that purpose.

I want cryptocoin to work but…

Look at what happens when a market like Silk Road for example (http://money.cnn.com/2015/10/06/technology/bitcoin-silk-road/) get seized. The government auctions off the coins. Whether or not that was all the bitcoin available after the seizure is up to you. I'd imagine they kept some for themselves for reasons which will be upcoming.

The Mt. Gox hack was also probably state-supported, and I'd imagine whichever government pulled it off is either keeping them or selling them in small bits to avoid suspicion. The blockchain might audit everything but it can't tell people what is actually going on behind the scenes.

If a large bank like JPMorgan (https://news.bitcoin.com/after-the-boss-calls-bitcoin-a-fraud-jp-morgan-buys-the-dip/) is getting involved you can be sure that the game is rigged, somehow.

If a real state actor wants to shut everything down, they'd be working it perfectly at this point - get everyone to put their money in to a specific coin type and then completely shut it down by crashing the market. If you think the NSA isn't the largest owner of bitcoins, well, I'd probably put my tinfoil hat on.

Since the hat's on anyway, China's shutdown of their exchanges (https://arstechnica.com/tech-policy/2017/09/china-may-be-getting-ready-to-ban-bitcoin/) is another example of how the US government may be in control of the whole scheme. China's seen the future of the crash and is taking preemptive measures.

But all that being said, I already cashed mine out, so I might be biased.

>>15
it's the opposite. bitcoin's price would drop if it actually started to circulate.

I have some ethereum and i hope it works out

>>20
I said value, not price. In economics, the two are related, but are not synonymous. They're linked through the exchange mechanism.

Neoclassical economists consider value and price to be synonymous, but neoclassical economics is bullsoykaf, and its proponents might as well be reading tea leaves and chicken entrails for all the real-world-accuracy they bring to the table.

>>19
>Since the hat's on anyway, China's shutdown of their exchanges

It's probably just that they want to keep control over the population, of if you listen to the rumors lunch their own crypto/exchange, but you got me spooked there.

But my strategy is to get more and more until every normal person has crypto, only then is the end inevitable.