, longtime lurker, big bitcoin fan. I just wanted to put my 2 satoshis into the hat and give my opinion on what is happening with bitcoin. I saw a post on here about bitcoin being a virus and in some respects that person is absolutely correct. Bitcoin is consuming fiat currency at an apparently alarming rate to some. I personally do not see it as alarming at all, it is inevitable, and just the beginning. As the world we live in literally collapses around our ears, Bitcoin is THE perfect vehicle to store all of our wealth. We can see from the type of countries that are actively trying to ban bitcoin that this is a world changing paradigm shift, it’s good vs evil, it’s that important. Bitcoin IS going to change the world. I believe it to have reached a critical tipping point, there is no going back. For the first time in history the banks and governments of this world have been completely taken by surprise. They are scrabbling to try and legislate, categorise, and understand bitcoin. This needs to be done and I am all for it, however it needs to be done right. From what I’ve read in the press, and watched on Bloomberg, I’m worried the powers that be have no concept of what bitcoin actually is, they try to compare it with this thing and that, and don’t really grasp that the world has never seen anything like this before.
There will be a redistribution of wealth like no other. Money will go from traditional investments and initially to people of some (questionable) intellect (as this is reddit I’d better point out that this is a joke), bitcoin is complicated and it does take some intelligence to understand, access, and secure. Wealth will also be distributed to some poorer nations of the world (I’m not going to explain this, if you’d like to know more there’s an amazing thing called the internet, you may have heard of it). One elegant aspect of bitcoin is it’s ease of movement around the globe, even without exchanges. Banks closing exchange accounts down, forks, any attack on bitcoin just makes it stronger.
The amount of money bitcoin is feeding off of is now starting to take away from alt investment options such as real estate, gold, traditional stocks, etc. The difference between bitcoin and these other investments is that bitcoin will eventually integrate, and be used by, all of these other markets. Bitcoin is not competition to these traditional markets in the long game, it will make these markets more efficient and stronger. (There may be a bloodbath before it does, but it will ultimately make them more streamlined and accessible to all)
People are worried that the recent ascendance in price (to the moon) has something to do with traders, governments, or whomever pumping the market with the exchange trading coming up. This will make bitcoin more accessible to the masses than ever before. Finally people will be able to invest without the fear of their bank account being closed, (I’m hearing about this more and more, the banks need to accept it’s happening, adapt, and integrate). In my humble opinion the recent gains have been due to mass adoption, bitcoin is finally in the consciousness of the masses (my Mum’s talking about it with her friends) it’s on the front pages of many worldwide newspapers daily, it’s on Bloomberg every half an hour, bitcoin
has gone up by 100,000 subscribers in the last however long, exchanges are slowing due to usage, orders are backing up. I would be worried about a pump (ha) if none of this was going on, and it’s happening WORLDWIDE. That’s not to say a huge short isn’t possible, but unlikely in my opinion.
Only invest what you can afford to lose kids, but do invest. In my meaningless opinion, it will be the best decision anyone could ever make, it’s worth it just to experience the ride if you only put in what you can afford to lose. Also, do not invest unless you have done your homework and understand how to, buy, secure, and sell bitcoin. Try to find out about what your governments view on it is and the tax implications involved (Pay your taxes people). Once you understand all of this COMPREHENSIVELY, then invest what you can afford to live without (can’t stress this enough).
Should this post garner any interest please respect other people’s opinions. If we all felt the same we’d all be robots (beep boop).
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