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What happens when someone steps in to regulate all this?
That's my worry.
That will only benefit investors, since right now there's a lot of uncertainty when it comes to using the exchanges. I would love it if coinbase became a bank.
Government is really slow to adapt to any sort of change... it will take them 10 years just to get their head out of their ass. They should have stopped minting cents 20 years ago but I'm still throwing them on the ground. In the meantime, bitcoin is actually quite useful for rich people, so I don't expect it will be regulated any time soon. They can't shut it down... all they can do is simply shut down the exchanges and make it so people can't exchange it for fiat.. then you just drive it into the black market.
How is it useful? Because of these civil asset forfeiture laws, it's a great place to store assets. If they don't have your private key, they don't have your money. Regardless of the circumstances, it's wrong to seize people's assets without charging them with a crime. How is that even constitutional? It also acts as a sort of one world, global currency, that can be used in other countries. That is a novel use of the currency because we DO need a one world currency. The downside is that bitcoin is a power hogging dinosaur with high fees and slow confirmation times. A new blockchain tech (NEM, Mijin, Catapult) needs to take it's place. Unfortunately the piggies have chosen the inferior technology Ethereum right now.
Seems to have exploded already. The value of bitcoin has doubled in the last two months. Seems like a bubble to me, wouldn't touch it with a 10 foot pole.
You give absolutely 0 basis for stating why this is a bubble nor do I think you even know why the price is up? Bitcoin was a bit overvalued, it's settled back down and found a solid foundation around $2200 or $2300. I wish people who didn't have a clue about cryptocurrencies would stay out of the debates about them. This logic your giving is like saying don't invest in stocks the market is at 21,000. Just because the market is at 21,000 has 0 bearing on whether it can go to 30,000. Back when the dow was at 8,000 people said it couldn't go any higher.
I would not invest here. Wait for the dust to settle. You could make money but the easy money has been made. I had a stake of nem and have sold about 1.3 million coins for a profit of around $250,000. I still think NEM could overtake bitcoin and be the future of the blockchain, however the market cap has gone from 50 million to 1.8 billion in a few months. Clearly a bubble. I'm selling as fast as GDAX let's me withdraw as I take advantage of good prices. If any coin in the top 10 will outperform it will be NEM though. Maybe I'll keep holding 750k coins because I believe in the coin. 4 years salary in a matter of a month. Needless to say I'm pleased. Going to invest it in stocks and altcoins as I find them if I like the tech.
I also own Ark and Xtrabytes. I might get in on the WAGERR ICO as well.
Fidelity and coinbase are teaming up to show bitcoin value in fidelity account. That will be nice.
If you're looking to dump contact me I'd buy or would trade ETH or BTC and we can cut out some exchange fees. I'm into NEM at like 0.04, 0.09, 0.14 and still getting in even at the 0.20 price range, then again I don't have anywhere near as many as you lol.
Good call on getting in on the NEM early. Any other speculative ones you think would be worth throwing some money at?
What happens when someone steps in to regulate all this?
That's my worry.
Most can't really be regulated. The only thing they could do is stop banks from allowing you to transfer to fiat which would probably knock a lot of people out of the game, however even then you could sell coins locally through Craigslist or Localbitcoins.
That will only benefit investors, since right now there's a lot of uncertainty when it comes to using the exchanges. I would love it if coinbase became a bank.
Government is really slow to adapt to any sort of change... it will take them 10 years just to get their head out of their ass. They should have stopped minting cents 20 years ago but I'm still throwing them on the ground. In the meantime, bitcoin is actually quite useful for rich people, so I don't expect it will be regulated any time soon. They can't shut it down... all they can do is simply shut down the exchanges and make it so people can't exchange it for fiat.. then you just drive it into the black market.
How is it useful? Because of these civil asset forfeiture laws, it's a great place to store assets. If they don't have your private key, they don't have your money. Regardless of the circumstances, it's wrong to seize people's assets without charging them with a crime. How is that even constitutional? It also acts as a sort of one world, global currency, that can be used in other countries. That is a novel use of the currency because we DO need a one world currency. The downside is that bitcoin is a power hogging dinosaur with high fees and slow confirmation times. A new blockchain tech (NEM, Mijin, Catapult) needs to take it's place. Unfortunately the piggies have chosen the inferior technology Ethereum right now.
Hey buddy, you seem pretty knowledgeabout about cryptos, had a quick question if you don't mind. I've been in BTC for years but shied away from some alt coins after getting burned by Cryptorush and other exchanges years back. Now getting interested in some alternatives. I keep hearing about ICO I guess initial coin offering, I think the most recent was BAT. It seems a few big fish got all the coins. What's your thoughts on this? Is it a big scam if only 190 people can control the entire thing? Also are you aware of any ICO's happening in the near future that are worth investigating?
Too costly and volatile for my blood, aside from the fact I don't understand it.
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