Long term outlook for Bitcoin and Crypto currencies

Legacy_user

Does anybody have any thoughts as to what this technology is going to be used for ultimately?

Browntoa

Long running thread

https://forums.moneysavingexpert.com/discussion/4513615/bitcoins

TBC15

In answer to the title, on a thread far, far away if I had my way.

Thrugelmir

More interesting than the currencies themselves is blockchain. That's where the future potential lies.

TBC15

Any chance of another vote on should crpto buffoonery be a separate forum, I think I've made my mind up.

parking_question_chap

Long term outlook will imo be a load of people looking around wondering where the Crypto Devil has taken all their money.


Its just the modern day bubble.

https://www.youtube.com/watch?v=V1tmkAFb_Os

kinger101

I thought posts about gambling weren't allowed.

Reaper

The world only needs 1 crypto coin at most not the 2000+ floating around today.

My bet is it will turn out to be one that hasn't even been made yet, one that doesn't appeal to speculators because it has price stability built in.

And that's the best case scenario. The worst case is they all fail because they all fail to do what a currency needs to do - be stable, simple and widely accepted.

Aegis

Luc118 wrote: »

Crypto is our future and it is the best time to accept this. those who have not switched to digital money, then will pull their hair out, that they did not buy it right now, when the rate is good. Take even bitcoin, at the end of 2017 it grew to 20 000, now about 8 000, so why not take it, then it will grow to 50 000

Because it could fall dramatically instead of rising. I've yet to see anyone who can rationally explain why bitcoin should be valued at £50,000 per coin, or even the £8,000 it's currently worth.

Malthusian

Reaper wrote: »

My bet is it will turn out to be one that hasn't even been made yet, one that doesn't appeal to speculators because it has price stability built in.

That was the OneCoin sales pitch and it didn't end well

It isn't possible to create something with price stability out of thin air. Not unless you can control the price of every good and service on the planet. Dollars and pounds have price stability by the mutual consensus of billions of people, but you can't create your own currency and make people believe that its price will be stable from day one.

You can create a crpytocurrency that piggy-backs on the price stability of some other currency by pegging the price to it. There are already cryptocurrencies pegged to the US dollar. The problem is that there is no rational reason why anyone would hold such a cryptocurrency. The crypto-dollar and the dollar should have exactly the same price, but the dollar can be used to pay your tax bill while the crypto-dollar can't.

The majority of people who have bought cryptocurrencies have done so in the hope they can sell it to a greater fool later. Take volatility away and the vast majority of the 3,000 cryptocurrencies will simply cease to exist. Bitcoin would not cease to exist because it would still be used by criminals. But because it would only be useful for buying a limited range of goods and services which, by nature, have a very volatile supply and demand, it would still fluctuate dramatically in value - just as the value of cigarettes in a prison fluctuates considerably more than cash.

Luke86

kinger101 wrote: »

I thought posts about gambling weren't allowed.

:T Nice

Anyway, it doesn't need bank's endorsement, as it's use it really online. PayPal went huge with it's connection to eBay.

It needs a similar connection. eBay, Amazon, PayPal, Stripe.