I won’t pretend to understand all of this article; but it does bring up some interesting info up re:futures.
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Just curious of people’s thoughts on the topic?(I’m personally not changing anything. This roller coaster ride has been too much damn fun.........to the moon or bust!)
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https://www.coindesk.com/threat-bitcoin-futures/
I'm not sure what to expect either. I can think of bullish and bearish reasons.
Bearish: "buy rumor sell the news". People bought bitcoin for the run up into the event of futures trading. Now that its here, sell to take profits. The catalyst is over.
Inexperienced investors are learning that, with futures trading, no one is actually buying bitcoin. They may be dissapointed. Traders now have a way of trading bitcoin, without actually buying and selling bitcoin.
Bullish: Investors can now buy bitcoin and have a way to hedge. It gives bitcoin legitimacy so investors may feel more confident with buying. Traders can just hold onto their bitcoin in their storage devices, and just trade the futures to get that volatility.
The biggest reason I think this is bullish, is that it is the next step to getting ETF's. Not sure that ever happens, and it may take a year or two, but if we get an ETF product that includes bitcoin ownership, then look out.
Thanos was the hero
-Originally Posted by boneil
I’m bullish on this too because of the next step to ETF’s.........today has been a bit stagnant and I could see it $h!tting the bed tomorrow and the rest of the week; but long term..........I think all the major cryptos and their tech will climb back. Too many people/organizations taking notice for the right reasons.
The problem with Bitcoin in my opinion is that it can go to zero based on disruption. The technology behind it is sound but what happens if you get large banks or governments that use this technology and it becomes widely accepted. Then where is the demand for bitcoin? I never followed crypto but to me it seems like it is simply a program that governs the supply and demand of a market of digital coins and it just seems so susceptible to replacement.
Demand is simple if it went widely accepted... only 21 million bitcoin ever gonna be in existence. 3 million of them or so are probably gone in a landfill and never to be recovered... bitcoin is here to stay.
Demand is simple for block chain tech. Supply is limitless, thats what bitcoin bulls don't understand. Anyone can create their own coin, and lets not forget the scam behind splits. No one has to use bitcoin in order to use the tech behind block chain. Facebook, is rolling out their own coin, nothing to do with bitcoin. Major banks are also making their own coin, again nothing to do with bitcoin. Whats the bull case for bitcoin if everyone creates their own coin?
I hope, bitcoin goes up alot more for all the holders and they can all make a profit, but theres nothing special about it.
Thanos was the hero
The biggest threats to bitcoin are that it is becoming dangerously centralized, with one company running the majority of mining. And the fact that it burns an increasingly unsustainable amount of energy.
"Cryptocurrency" is not what you should be focused on for an investment. It's the blockchain technology that will change certain industries. I have my sights set.
Bitcoin is high risk and could possibly go to near zero, or possibly become more mainstream. It has collapsed several times off its highs, and been left for dead, but it's still here and getting attention yet again.
The US dollar is completely controlled by our government. They print the amount they want, set interest rates, and regulate the banks. The dollar in only ink printed on paper. It is not backed by anything other than trust in our government. It's subject to inflation, and can lose value, nearly all of it. I don't trust what our politicians could do in a financial emergency. They could confiscate bank accounts like Greece has done. They can seize money in the form of a wealth tax, above a set cap.
I see nothing wrong, crazy, or stupid of allocating 1-3% of your US dollars to bitcoin, as long as you understand the risks, and the responsibility of how to safely and securely manage it. I'll be good if it goes to near zero, or to the moon. It's worth the risk, and peace of mind for me. I just don't want to put 100% of my complete trust, and my entire savings in the US dollar and in the complete control our government. That's risky also.
Last edited by mossie3; 05-28-2019 at 11:11 AM.
Wouldnt it be easier for the govt. to seize bitcoin since there is a register of all holders? I think owning physical gold would be the way to go if you were worried about seizures. I am also concerned about the debt levels and social unrest we may see in the next financial crisis.
Bitcoin can be stored on an exchange, on a personal memory device like a trezor, a digital wallet on a phone or computer, on a piece of paper, or even in your mind if you have a photographic memory. I suppose the government can confiscate your account on an exchange and get the password some kind of way, or confiscate your phone, computer, trezor, or other device containing you bitcoin wallet, but they still they can't access the actual bitcoin on the wallet without the seed, pass phrase, or private keys. And a bitcoin holder then can just recreate his digital wallet with his seed which only he should know if he securely stored it, to have access to his bitcoin once again.
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