1 BTC = $8.2k, it’s up 735% this yr UPDATE 5/19: BTC @ $42k :damn:

[Skooby]

'I come to bury Bitcoin, not to praise it': UBS 

'I come to bury Bitcoin, not to praise it': UBS

• It's time to "bury" bitcoin, UBS' Paul Donovan says.
• It was "obvious" that the bitcoin rally would end badly for people not "protected by any kind of regulation and got sucked into the process," he says.

UBS Paul Donovan, who has never been a fan of cryptocurrency, wrote earlier this week: "I come to bury Bitcoin, not to praise it."

"These things were never going to be currencies. They're not going to be currencies at any point in the future," he said Thursday on CNBC's "Fast Money." "They're fatally flawed."


Bitcoin received lots of love during the 2017 holiday season when it began rallying to nearly $20,000. But Donovan was skeptical then, warning that it could be "destructive" in the long term.

"Right from the start of the hike in late last year, it was fairly obvious that this was going to end badly, unfortunately, for some of the people who weren't protected by any kind of regulation and got sucked into the process," he told CNBC.

After peaking, bitcoin is now trading around $4,330. Overall, the cryptocurrency market has lost about $700 billion since reaching highs in January.

Donovan thinks the cryptocurrency could be in its "death throes" because losing 80 percent value "is not healthy." Government, he said, is "one of the main obstacles" to bitcoin, adding the idea of digital currency replacing the dollar "is quite a leap."

"The main problem with these things, the absolute fundamental flaw, is that they're never going to be a store of value," he said. "Every economist knows the store of value is about balancing supply and demand, and with cryptocurrencies, you cannot control the supply in response to the drop in demand."

 

[newworldafro]

@3769.54 right now

Ouch.

 

[Arithmetic]

Update title @JordanWearinThe45 lol

 

[JordanWearinThe45]

Update title @JordanWearinThe45 lol

Man don’t remind me

 

[GnauzBookOfRhymes]

NASDAQ, NYSE, Morgan Stanley, Fidelity. The biggest financial markets & institutions in the world are getting ready to launch products for their clients to buy into crypto and yall want to miss the boat?

their own products. theyre not fukking with bitcoin. shyt is gone.

mark my words. come back to this post after it happens. there is going to be another MASSIVE bitcoin "theft" in the near future (within 6 months) that is going to represent a significant percentage of its total market value. the hackers/founders are not going to let the opportunity to make one more fat bag before it hits a death spiral

 

[I Really Mean It]

their own products. theyre not fukking with bitcoin. shyt is gone.

mark my words. come back to this post after it happens. there is going to be another MASSIVE bitcoin "theft" in the near future (within 6 months) that is going to represent a significant percentage of its total market value. the hackers/founders are not going to let the opportunity to make one more fat bag before it hits a death spiral

XRP's price is going to skyrocket soon.

 

[Lord_nikon]

 

[Reece]

NASDAQ, NYSE, Morgan Stanley, Fidelity. The biggest financial markets & institutions in the world are getting ready to launch products for their clients to buy into crypto and yall want to miss the boat?

Greed and fear drives every market

People more scared of losing the little $5 they got instead of thinking long term

Don't worry about trying to convince people, they'll see what's what in 5-10 years

 

[Actually6Foot3]

It was all good just a year ago


Headlines last year were saying itd be at 100K by now.

 

[Reece]

their own products. theyre not fukking with bitcoin. shyt is gone.

mark my words. come back to this post after it happens. there is going to be another MASSIVE bitcoin "theft" in the near future (within 6 months) that is going to represent a significant percentage of its total market value. the hackers/founders are not going to let the opportunity to make one more fat bag before it hits a death spiral

Marriott just jeopardized like 500 million people's personal data. Blockchain is definitely here to stay. Bitcoin can't scale without choking the system, the miners control most of the computing power, and it's expensive to run. But that's like saying because computers were the size of living rooms in the 70s that the internet wasn't going to work out. People are just going to create more sophisticated and efficient systems going forward.

 

[DirtyMoney]

It’s almost time #tothemoon

 

[Reece]

This is why I think people who throw around that "major corporations have adopted crypto" bs are talking out of their ass.

Why would a a company like Amazon or Walmart take as currency something that loses 30% of its value in two weeks? shyt lost 10%+ of its value overnight two days ago. No major company is looking at volatility like that as a worthy investment.

I got out the game way earlier in the year. It's too speculative right now. I really don't know what crypto does better than real world money or how it's that much more secure than any major bank with a database. It definitely isn't more convenient to use than real world money, that's for sure and people like to use simple things.

I pretty much agree with the criticisms of it in this thread:




















Maybe I'll take another look if it drops lower, but I'm not wasting time researching.

This isn't anything like the dot com era. Think about the 10 year jump from 1995 to 2005 with the internet, how has that compared to the 10 year jump from 2009 to 2019 with bitcoin?

"The internet" didn't start in 1995. It was developed over decades, and then its commercial application started to take off in the mid-1990s. Your comparison is off to begin with.

 

[null]

This is why I think people who throw around that "major corporations have adopted crypto" bs are talking out of their ass.

Why would a a company like Amazon or Walmart take as currency something that loses 30% of its value in two weeks? shyt lost 10%+ of its value overnight two days ago. No major company is looking at volatility like that as a worthy investment.

I got out the game way earlier in the year. It's too speculative right now. I really don't know what crypto does better than real world money or how it's that much more secure than any major bank with a database. It definitely isn't more convenient to use than real world money, that's for sure and people like to use simple things.

I pretty much agree with the criticisms of it in this thread:















Maybe I'll take another look if it drops lower, but I'm not wasting time researching.

This isn't anything like the dot com era. Think about the 10 year jump from 1995 to 2005 with the internet, how has that compared to the 10 year jump from 2009 to 2019 with bitcoin?

Private blockchains are useful. My brother is working for a financial one and it is a good idea in principle with a clear usecase. The difference between a blockchain and a database is authority isn't it?
Also transactions on public blockchains can act as latches/mutexes to off-chain technical transactions and there again I think there is a use case and scalability.
Finally I think there is a usecase for interoperability projects (e.g. ADA) as these will eventually be needed to tie together whatever forms of digital currency we decide to use in the future.

 

[TrebleMan]

Private blockchains are useful. My brother is working for a financial one and it is a good idea in principle with a clear usecase. The difference between a blockchain and a database is authority isn't it?
Also transactions on public blockchains can act as latches/mutexes to off-chain technical transactions and there again I think there is a use case and scalability.
Finally I think there is a usecase for interoperability projects (e.g. ADA) as these will eventually be needed to tie together whatever forms of digital currency we decide to use in the future.

From my personal experience as a software engineer, I saw a lot more jobs for blockchain at the beginning of the year and a lot of the interest has faded, especially with the current crash.

Regarding the bolded: see, that thing has to be a simple abstraction. Right now we're keeping things very simple, and people love that - Amazon and other major retailers are linked directly with our banks or credit cards plus all the real world tech in terms of physical devices for credit/debit cards. Very few security leaks compared to the amount of transactions that take place and if there is a security issue, people are held accountable. Issues are a phone call away if there is a dispute or fraudulent activity.

Adding one more layer on top means you're making a more complicated system, which is something people don't seem to care for.

 

[null]

From my personal experience as a software engineer, I saw a lot more jobs for blockchain at the beginning of the year and a lot of the interest has faded, especially with the current crash.

Regarding the bolded: see, that thing has to be a simple abstraction. Right now we're keeping things very simple, and people love that - Amazon and other major retailers are linked directly with our banks or credit cards plus all the real world tech in terms of physical devices for credit/debit cards. Very few security leaks compared to the amount of transactions that take place and if there is a security issue, people are held accountable. Issues are a phone call away if there is a dispute or fraudulent activity.

Adding one more layer on top means you're making a more complicated system, which is something people don't seem to care for.

I mean B2B not B2C.

And Blockchain is not Crypto right?

Re. "if there is a security issue, people are held accountable. Issues are a phone call away if there is a dispute or fraudulent activity".

In new economy that is no longer guaranteed especially outside of the USA and esp. with primarily online companies (and yet that doesn't stop people flocking to them).