| TL;DR - just dump it on the bankers. Once they're into anything, it gets a bubble. Thats how bitcoin jumped so high in 2017. Get out before the last bank buys in. We can reevaluate whats left after they crash it with their money equivalent to the bandwidth in Reddit's hug of death. When is the last time anybody here used bitcoin as a currency? Bitcoin is those bankers' latest toy. Bankers and their money will hug Bitcoin to death like Redditors to a cute cat gif hosted on a Pentium3 machine. We already see it - how long is the backlog of transactions that bitcoin rolls over to the next 10min resolution? When I checked, it was nearly 2x as long as the miners can resolve in 10 minutes. Or worse, apparently: https://blockchain.info/charts/avg-confirmation-time Fucking traders, clogging our currency too much for us to use it, just so they can buy in on the thing that just goes up. It isnt usable anymore for exchange. They're using the collective wealth of the world (banks, being money safehouses, depositories, etc collectively have magnitudes more money than what circulates in the commercial economy) to try to join in on a craze they usually dont understand. They might just see users paying transaction fees directly, and grow a chub. When you understand that those investment bankers manage commodities and their futures, derivatives, bonds, real estate, and the stock market? http://money.visualcapitalist.com/worlds-money-markets-one-v... you understand that currency is only a tiny portion of the money in the world, and these idiots manage all of the rest of it as investments. And they're getting stupid about joining in on bitcoin. https://www.bloomberg.com/news/articles/2017-10-05/bitcoin-s... https://cointelegraph.com/tags/jamie-dimon Consequently, those bankers are now the reason it "just goes up" this sharply. When we run out of banker patsies to join in on the ostensible money-orgy, look for it to drop. The best/luckiest run at the peak. And then it drops. Panick ensues among the bankers... and the party turns to massacre. Intentional or otherwise, this hype-train turns functionally into the classic pump and dump scheme that youve see spammers do with penny stocks. (Catch up: https://youtu.be/ytDamqTjPwg
Or google 'spam pump and dump penny stocks' for some quick reads) If it recovers through the "moral"/financial defeat of such a crash by continue operating anyway, only after the rebound can we evaluate the value of bitcoin. In the meantime? Screw those bankers - sell them your bitcoin until we can have our monetary platform back. Or we could try a different one. I hear Etherium is nice, and has less brand recognition among bankers. |