iBankCoin
CAPS LOCK IS CRUISE CONTROL FOR AWESOME
Joined May 7, 2012
82 Blog Posts

What does it take to understand Bitcoin?

 

Let’s be clear about something… There will be winners and losers in Crypto. When the Internet was new people couldn’t envision how the web would impact their lives. Now, most people can’t take a crap without taking their smartphone with them.

I made great money trading dot com stocks. Most of those companies do not exist anymore but the survivors dominate. History doesn’t repeat but it does rhyme. Most of the current coins will die but the survivors will be here for 100+ years. So much money will move into the surviving coins it will be the greatest wealth transfer in history. Stay frosty, don’t fall in love, and keep your eyes on the prize.

For those who are swimming against the tide of Crypto you are fighting progress. Crypto isn’t going anywhere. This is not a drill. This *is* a game changing event.¬†Events of this magnitude come around every 30-40 years. Your choice when you turn the corner and switch from skeptic to interested to daily user. At the least, keep your options open. Should you go all in YOLO style? Definitely not. Should you put some play money into a coin to learn how it works? YES.

And remember, Cryptocurrency is <9 years old. It’s already changing the world. It’s going to be messy for a while. REALLY MESSY. This is easy to forget in our fast forward life. When in doubt, zoom out.

So call the crash in Bitcoin. It’s expected. It takes brass balls (and some good trading) to be in this market. But you SHOULD be in this market.

Current events: Bitcoin Gold forked from Bitcoin yesterday. In a month there is another planned fork for Bitcoin 2x. On August 1st Bitcoin forked to Bitcoin Cash.

That equals FOUR Bitcoins. What a mess. I warned about this months ago. The only thing that can kill Bitcoin is Bitcoin. My view on this is that only one Bitcoin will survive. It will be the coin that most closely follows the original design of Bitcoin. It’s going to get really weird in Q4. Bitcoin needs an enema.

I’m not here to convince anyone or offer trading advice. Well, except this call:

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15 comments

  1. Dr. Fly

    Bitcoin is fucking retarded. That’s all we need to know.

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    • lapens

      Oh ffs Fly. There is no doubt that I love you (no homo) more than the next guy (extra no homo), but this is getting ridiculous. The fact that you didn’t even know why the alts took off yesterday shows how out of touch you are with the crypto space. If you didn’t make 15%+ yesterday then you were either a) not in the crypto space or b) struck down by typhoid. As I noted in a previous comment, I thought the most surprising thing was that BTC held up and didn’t drop by more – interesting no? This whole move will happen again shortly with the Segwit2x fork.

      What I’m after from you is some constructive commentary on the biggest financial/technical move since the internet became a thing. I actually agree with some of your criticisms, but you have to frame it with a grasp of the fundamentals – stop providing headlines for no other reason than for clickbait. Frankly, you are currently embarrassing yourself and I do not like nor want this to continue. Lift. Please.

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    • CoinSpeak

      BANNED

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    • Mad Marsupial

      Few are talking about what happens to crypto-everything when the first Quantum Computers hit 50 qubit. All current crypto keys could become meaningless.

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  2. sarcrilege

    Blockchain is here to stay. That’s a fact. But nobody knows which crypto will survive in the long run. Nobody. One has to keep betting and hoping not to get wiped out. Just like during dotcom.
    This is fundamentally false:
    ~So much money will move into the surviving coins it will be the greatest wealth transfer in history.~
    There’s no wealth, just debt. Leveraged debt, encumbered and re-hypothecated assets. What wealth are you talking about? Transferring debt to the blockchain? Explain if you can.

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    • CoinSpeak

      Bitcoin cannot be printed into infinity. I’m not a big “the sky is falling the dollar will collapse” conspiracy person but I do think there will be a shift from fiat into money backed by math. Bitcoin fits the characteristics of money better than any other currency or commodity.

      I don’t have a crystal ball but I am betting the long game that Crypto will win out.

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      • CoinSpeak

        BTW one of the big players is gambling tycoon Calvin Ayre who owns Bodog. If he gets Bitcoin Cash approved as legal tender in Antigua that would change the rules around Cryptocurrency. It’s a rumor now but if it happens would be big news.

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  3. tonka

    Speaking of messy…how about the equity proxies? Dead money? Fun while it lasted?

    Long term, do you think it’s possible to see mass adoption without a liquid derivatives market? If I’m a retailer, I don’t want a 3 month bitcoin receivable that I can’t hedge. The thing could be 50%+ different from current prices. Further, if we’re going to have a liquid derivatives market, volatility has to come WAY down.

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    • CoinSpeak

      I’m not a fan of GBTC.

      MGTI is getting hammered but long term I’m still bullish on it. They are bringing on a lot of mining power in Q4. They have stated they will have the biggest mining operation in North America by Q1 2018. Bitcoin price will likely see saw which will swing MGTI but when the dust settles MGTI will be in a great position to print bitcoins going forward.

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  4. lapens

    BTW Coinspeak – nice work. Please post more.

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  5. Dr. Fly

    No banning. The old Fly is dead. This new Fly doesn’t care about nazis or insane bitcoiners cavorting around these halls. This is a period of detente. Enjoy it while it lasts.

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  6. ho_chi_min

    2 the fucking moon

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  7. George

    What the fork!?! So do you think BTC has peaked? What do you think of ETH? Thanks for the post. Always enjoy reading your insights and I am a follower on TWTR.

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  8. paganthal

    Following you on twitter. Thank you man.

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  9. sarcrilege

    What’s your take on asset backed tokens, i.e. BullionCoin, Intex, etc.? As well as some of the corresponding exchanges such as Bankchain Precious Metals, Goldmoney, The Royal Mint and Tradewind?
    https://tinyurl.com/y7fdpf4x

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