Will the Bitcoin crash be like Wall Street Crash 1929

I bought a couple hundred $ worth of Bitcoin to make an purchase at a place that didnt accept Visa. I didnt believe in Bitcoin, and it made me nervous to make the buy. I knew the price per coin had come up from the 50 bucks I had heard people discuss earlier, to a whopping over priced $1000 a coin, and I didnt want to be stuck with any of it.

Well I was. I cant remember how much was in there, maybe 30 bucks. I decided to let it ride. Damn! I wish I would have bought 40 -50 coins back then . That 30 bucks is sitting north of $600

originally posted by: Baddogma
Anyone else remember the article from some months ago that quantum computers (Google, was it?) had "broken" all codes? It disappeared from the net the next day or so, but at the time I wondered how banking and crypto currency would work, now, if every password was insecure?

It's logical that with enough computing power anything with a password is accessible. I can see that 'the system' wouldn't want folks thinking about that, though.

Yes, and there was just an article this week about a new advance in quantum computing by China. Wouldn't password still be safe since they usually limit login attempts to a few and then lock you or make you wait a certain amount of time before attempting again.

a reply to: ThatDamnDuckAgain

My boss is heavy into bitcoin and some of the alt coins.

I talk to him about it quite a bit, but it's just not my cup of tea at the moment... I'm in some other investments and am tied up.

But hypothetically, as currencies inflate, crypto price will rise to adjust if you believe the intrinsic value of the coins before the inflation.

In theory, gold value always stays the same. The price difference is more reflective of the change in value for currency against it rather than gold being worth more. Obviously there's more to it than that, but that's how i typically see it. Most crypto being finite in their quantity should be similar.

Edit: I butchered my train of thought here... Take this one with a grain of salt.

a reply to: peter_kandra

Wouldn't password still be safe since they usually limit login attempts to a few and then lock you or make you wait a certain amount of time before attempting again.

Awww .. . you're cute!

But really, where there's a will and a decent computer, hackers find a way. When the whole system, hardware and software, can be modeled in moments, along with all the nifty backdoors the intelligence agencies have installed, I can't see security being possible.

But now I'll be cute and say that maybe the operators of the quantum computers are all pillars of ethical behavior... and will continue to be in perpetuity.

Not to say I don't play with crypto... I tripled my meager investment in 5 months. But nothing done electronically is actually secure, even before the onset of the quantum beasts.

I'm not a computer scientist, but I stayed in a Holiday Inn ... and got hacked.

a reply to: Baddogma

Once the equation p vs np gets figured out, we'll have to rework modern security.

Crypto's value is derived from scarcity and anonymity.

Scarcity means that the value can't be inflated away like a typical fiat currency where government continues to print money with nothing backing it except the faith in government. This is why the gold standard worked so well as you knew every dollar was backed by X amount of gold.

Crypto's scarcity is that whatever the mathematical properties used to create it allow that no more than a certain amount can ever be found from the "mining'.

My issue is that I think most investors don't really understand the math behind it. In addition, if that scarcity is guaranteed. The creator of the crypto is unknown which is problematic. In addition, given computing power, someone may figure out how to efficiently mine all the coins disrupting that scarcity.

Finally, the anonymity means govt's are not going to want crypto. They will figure out a way to remove this component because it means they can no longer control financial transactions, both legal and illegal.

I am not an expert and the math is certainly above my head... I just know from prior experience when my FedEx delivery guy or strippers are dropping stock tips and telling me to invest in crypto, the ship has sailed and the market will be crashing soon.

a reply to: Edumakated

I am not an expert and the math is certainly above my head... I just know from prior experience when my FedEx delivery guy or strippers are dropping stock tips and telling me to invest in crypto, the ship has sailed and the market will be crashing soon.

I agree there will be a large market correction in our near future... But I don't know if crypto will suffer the same concequences seeing as it's insulated from the same ailments of fiat.

They evolution of cryptocurrency is searing hot at this moment.

I don't expect Bitcoin to fail persay but I do expect other blockchain projects with currencies to cover more of the gap.

Cardano chief among them.

The one common denominator among all crypto is the ability to scale with usage and users.

When/if that issue is solved in a provable and secure way, we will start seeing the actual adoption phase. Unlike the accumulation phase we are currently in.

This logic is what big money is banking on.

The Crypto market will crash : a week after poor old Nothin finally 'invests' in it.

originally posted by: Nothin
The Crypto market will crash : a week after poor old Nothin finally 'invests' in it.

They usually say by the time someone tells you to buy it, it's too late..

a reply to: JAGStorm

I've been in the market since I called the last bottom at $3K. In early 2018.

There have been multiple corrections since then and now we're bouncing between 18.6K and 19.5K.

20K won't be broken before the new year.

BTC is reaching its logarithmic targets right on time.

There will be a planned crash, and more people will invest into it.

china, EU etc. are already working on their own cryptos.
as soon as they are official currencies, bitcoin is dead.
also, if there's a bigger blackout (and it will come) bitcoin is dead, as people realize you can't do # with bitcoin without power.
cryptos may be the newest fancy stuff but inreality they are vulnerable and only work in an ideal world.

furthermore, i wouldn't buy shares from companies i don't know. do bitcoin owners know the inventors and about their goals?
imho, bitcoin and others were created to get people used to central bank currencies which, sadly, are the future.

Bitcoin isn't just a digital currency that people spend too much money on.

The blockchain protocol that underlies this technology solves one of the hardest problems in computer science up to that point; how to make digital information immutable, fungible, and transferable like property.

Its value is derived from mining, usage, and speculation. It is NOT 100% anonymous. It can be, depending on what you do with it, but all bitcoin transactions are recorded to the blockchain and forensic analysis can and has tied BTC transactions to specific crimes. Know-Your-Customer regulations bind most crypto-exchanges. However, there are Decentralized Exchanges that do not keep track of customer identities or even login information.

These days bitcoin can be and is used anywhere debit or credit can be used.

Bitcoin follows a logarithmic pattern. This is due to a few reasons. The amount of Bitcoin available vs. how much is mined, how much is held by how many, and how much has been destroyed or become inaccessible due to various factors that take them out of the supply. It is also the inflation rate. The inflation rate is based on the rate of new bitcoin created in return for the validation of transaction blocks solved by the use of powerful computers. Then there's the block reward which is the miner's reward for solving the block. Solving is NOT guaranteed and does rely on a certain amount of luck. Similar to prospecting.

The block reward is cut in half every 4 years until the last bitcoin is mined in 2140. If all circumstances were to remain favorable that means there will be exactly 21 million coins ever mined. Creating an appreciating asset class that only becomes more valuable over time. However, due to the aforementioned reasons and circumstances, that supply might never reach 21 million. It is estimated that by the time the last BTC is mined, there will only be a total supply of 17-18 million BTC.

If you are holding bitcoin today and ignore the peaks and troughs of trading activity, you will get a significant return on your investment.

Currently, the market is worth about a 1/2 trillion dollars overall. The Gold market, in contrast, is an 8 trillion dollar market.

Crypto is still young and has much more room to grow.

a reply to: CriticalStinker

If you're tied up and happy with your current way then stay with it. Coins tie up a lot but it wouldn't hurt to invest in newcomers and let it sit for a while. You can get far with a couple bucks. BNB has been so far my best horse, sold at five times the amount I bought. It's peanuts though, compared..

About metals like gold, I know you know more than me about financials. I think the technology market and ultimately China has more influence than ever. Even if it is just a fraction, it has become larger since they started buying up rare elements and precious metals big time.

Hope you and family are fine over there

a reply to: projectvxn

Good info thanks. I've got XRP, not much but enough so if it rockets I'll be happy!

I sent you a message a while ago mate.

originally posted by: and14263
a reply to: projectvxn

Good info thanks. I've got XRP, not much but enough so if it rockets I'll be happy!