Re:Bitcoin – Millennials Fake Gold
by adameast9000 on Saturday December 09, 2017 @09:10PM
(#15889420)
Yes. I may have not been clear, I do think BTC is in a bubble. When my 60 year old parents, who can barely figure out how to use netflix are asking me if they should buy bitcoin, there is a serious problem. Though I do not think it will be as bad as people like OP are predicting. 1000 entities control 40% of the circulation of BTC. They will be much less likely to liquidate in any event. Thus you have some solid stability there I suppose.
On a semi related note, I'm curious to know more about the profile of altcoin holders. In the event of a BTC fallout, would these crash as well? Or will we see a rush to those currencies due to the inevitable difficulty in converting BTC->USD/EUR/etc? I have so many questions...
True, but the rise in price seems to have largely been due to newcomers entering the market who don't share the attitude of longtime HODLers. See: Coinbase shooting to #1 on the App Store. I think that raises the odds of a crash considerably. The new crowd is in it because they expect the rally to continue and if they realize it won't, they'll want out en masse ASAP.