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The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

bloomberg.com

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Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#51

Post by decentralised »

pkulak wrote: post #22
decentralised wrote: post #16

In general, if you pick the all time high as a starting point for your "research" it's all the way down from there. Bitcoin's daily transaction volume is moving to second layer so the metric used is not very useful. More importantly, and I can't stress this enough, the FX value of a cryptocurrency is not directly related to the project's status (developer activity or security track record, etc) but it is correlated t…

By "second layer" do you mean lightning? Is that project off the ground yet? It's been a while since I paid attention.

I meant a number of second layer solutions, but lightning is one of the best examples right now.

Check this visualisation for a current view of the size of the network: https://www.easyzoom.com/image/126770

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#52

Post by spectec »

fastball wrote: post #33
spectec wrote: post #27

Earlier quoted context omitted.

>non-inflated currency >bitcoin Pick one.

> always inflating > fixed number of Bitcoins Don't think he needs to.

Google defines inflation as: “a general increase in prices and fall in the purchasing value of money“.

Let’s take a step back and remember how Bitcoin’s purchasing power has lost nearly $15,000 since its all-time high. So yes, he does need to.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#53

Post by Aqueous »

According to the finance industry and finance media, the cryptocurrency industry, and cryptocurrencies in particular, have been on the brink of collapse since 2008, when Bitcoin first surfaced and was worth $0.

I guess they're going all-in on the whole 'stopped-clock' prediction strategy, no?

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#54

Post by ramblerouser »

atomical wrote: post #36
superkuh wrote: post #31

Bloomberg absolutely loves writing these "Anything not a central bank is on the brink of implosion" scare articles. They must generate a tons of views. Unfortunately Bloomberg as a whole doesn't know anything about cryptocurrency beyond the speculation side which is similar to their existing competencies. But that's all they see. We have a blind man feeling an elephant's ass and telling us it's shitty. While true, it…

> Unfortunately Bloomberg as a whole doesn't know anything about cryptocurrency beyond the speculation side which is similar to their existing competencies. But that's all they see. They don't know anything? Even though they partnered with Mike Novogratz to create an index? https://www.bloomberg.com/professional/product/indices/bloom...

I agree Bloomberg knows a lot about it, but the financial industry as a whole would rather Bitcoin die because its a threat to their banking monopoly. Go read the Satoshi whitepaper. The recent buy-in from bloomberg and Goldman et al is just a "cant beat 'em, join 'em" strategy.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#55

Post by OedipusRex »

superkuh wrote: post #34
fastball wrote: post #28

Earlier quoted context omitted.

Quite the claim. Obviously you haven't heard of the NSA or the US Military.

For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.

Yes a nationstate does protect the value of it's money with a standing army but to imply the purpose is to protect the currency is false. The armed forces and stability of the country bring about the value of the currency, not the other way around.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#56

Post by superkuh »

mancerayder wrote: post #43
superkuh wrote: post #34

Earlier quoted context omitted.

For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.

The implication now is that there'd be no standing armies or other, as you say, tools of power? Do you believe this?

Not sure where you are going with this, but yeah, Bitcoin does not have a standing army. It secures itself from attack by proof of work.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#57

Post by School-Cotton »

Scoundreller wrote: post #11
fullshark wrote: post #7

Earlier quoted context omitted.

So illegal transactions and money laundering it is.

Iunno, if i were a billionaire, the idea of having $50m under nobody’s control but my own that I can take anywhere, anytime, doesn’t exist anywhere else. I can’t do that with gold. Bank deposits are always available until they aren’t. But Coinbase can’t do this either.

Edit: I calculated this wrong, please ignore this comment

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#58

Post by pvaldes »

coliveira wrote: post #24

Bitcoin and similars are the biggest waste of computing power and energy in the history of the planet. It will be nice for the environment when this is all over.

> the biggest waste of computing power and energy in the history of the planet

If we except the tetris, or minesweeper...

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#59

Post by kjullien »

pavlov wrote: post #10

An important harbinger of trouble to come is that the Tether (USDT) coin, which is supposed to be pegged 1:1 to USD, is now trading substantially below $1: https://www.bloomberg.com/news/articles/2018-10-15/dollar-pe... Billions of Tethers were printed seemingly out of thin air and used to purchase Bitcoin. It's part of the foundation of the house of cards that keeps Bitcoin at its current price: "Despite their modes…

Tether isn't what cryptocurrencies was/is supposed to be. It's as if you took Herbalife as a valuable/honest/model player in the dietary supplement market...

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#60

Post by s73v3r_ »

liftbigweights wrote: post #49

Two anti-crypto stories on the same day? "Blockchain isn't about democracy and decentralisation – it's about greed " https://news.ycombinator.com/item?id=18219256 I'm not a fan of cryptos, but it's fascinating how so much of the media ( even in different countries ) push the same narrative in almost a coordinated fashion.

Or maybe they just show up here because the community is interested in cryptocurrency.
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