I agree with hbdnrx and won't bet on this going up.
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tbf I'd probably bet on up before down right now if I had to pick.
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A minor bear market isn't enough to turn people off of the fad. The trigger is going to have to be something more. One of my theories is that transaction costs just get so high that fewer and fewer want to bother and the market and liquidity freezes like molasses in January.
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Yet scaling solutions are available now for drastically increasing use capacity.
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Yeah, I've read about that lightning network. The block chain technology absolutely has a future. The question is which implementation will be the Amazon and which will be the https://en.wikipedia.org/wiki/Pets.com ...
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BTC and a few others like ETH will come out fine. Most of the altcoin bubbles will die.
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I remember reading about it back in 2010 thinking it might be cool to set up my pc to mine. But what a silly idea... Couldn't the finance establishment still very easily invent / coopt a superior system that leverages their reputation & distribution to take BTC's thunder?
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They could try, but the fact that BTC is decentralized & uncontrolled by the financial establishment is a key feature of its value.
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It's both a key feature and its ultimate downfall (ie lack of tangible backing or force)
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Smart administration of our "fiat" banking systems is the main reason for the post WWII financial market and economic stability. Perhaps we need a cleansing purge... as painful as it would be? But among depositors / asset holders, such a purge would be pretty unpopular...
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A cleansing purge is desperately needed. Way too much ossification now
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