When are you wrong about Bitcoin??

Discussion in 'Crypto Assets' started by GlobalMacro90, May 2, 2022.

  1. Here is a thought experiment, and one that can reveal if you are a healthy skeptic (nothing wrong with that) or a blind/jealous hater ... when are you wrong about bitcoin?

    This goes for either side! When are bulls/believers wrong? When are bears / "these are really just beanie baby" people wrong?

    Note I'm talking about the long-term here. The chart looks like shit right now, so I'm not talking about what's going to happen like next month.

    I'll start. I am a bitcoin bull and believer. I don't think I know everything tho, so I keep an eye out as to when I could be wrong. Here are some things that would change my mind, or at least cause me to go back to the drawing board, about bitcoin.

    If...
    - Bitcoin breaks below the 2017 highs of around 20k
    - Number of new users/holders (measured by wallet address) starts to roll over and decline
    - If the amount of $$$ value settled on the network begins to decrease for an extended time (its currently increasing exponentially)
    - If there was a significant technical issue. Such as the network being down for a significant period of time, faulty transactions verified, or a true hack of the network (not a hack of a third party such as a broker) such as a 51% attack.
    - If another crypto that is TRYING TO DO BITCOIN-LIKE THINGS starts getting a lot of tractions/market cap/users/value settled. Thinking here things like - bitcoin cash, bitcoin sv, zcash, monero, litecoin. NOT coins that have other use cases like Eth, Solana, stable coins, etc
    - If its proven Tether is really worth $0 (this wouldn't make me totally give up on bitcoin, but we are in a world of hurt at this point)
    - If we start seeing an about-face from the institutions that are in the space. Thinking institutions like Tesla, MSTR, Square, Fidelity, etc. If they change their tune and begin to be anti-bitcoin that is not a great thing
    - If the move to SUSTAINABLE mining reverses. This got a big boost after the China ban, they were by far the worst offenders

    Those are some things that would change my mind.

    Ok now Id love to know what would make the non-coiners on this forum change their mind?

    I think healthy skepticism is totally fine, especially for a new technology. HOWEVER, if there is basically nothing that would change your mind then you aren't thinking about this constructively. Emotions have taken over. You don't have an open mind.

    So bitcoin haters (or lovers) ... what would make you change your mind? When you would say "I am wrong"?
     
  2. xandman

    xandman

    When I have no choice but to conduct mundane, everyday transactions with bitcoin. This is analogous to the need of having a credit card when the vendor cannot take cash.

    Do you think this means that bitcoin should be worth more by then? Why?
     
    Nobert and murray t turtle like this.
  3. I personally think we are very far away from that day. I think people waiting for this view bitcoin as a better version of paypal, but I think its way more than that.

    But to answer your question, id think its way higher (and less volatile) before its widely used for payments. I think this is many years away
     
    johnarb likes this.
  4. Pekelo

    Pekelo

    Never. :)
     
    BONECRUSHER and murray t turtle like this.
  5. RedDuke

    RedDuke

    I am block chain believer. I think the turning point will be when SEC authorizes spot ETF, and this can only happen if fake stable coins are gone. And digital assets are traded for real money just like any other asset on the face of the planet.

    that being said, there will be a lot less love for crypto when it does as prices will be much lower than today.
     
    murray t turtle likes this.
  6.  
  7. Well at least your honest LOL
     
    murray t turtle likes this.
  8. johnarb

    johnarb

    For me, I love Bitcoin and will not change my mind even if it goes below $20,000 or $10,000

    However, I cannot foresee the reasons of why it went below those numbers above. There may be critical problems that caused the price to go there and maybe those reasons will turn me into a non-Bitcoiner
     
    NoahA and Tokenz like this.
  9. I dunno if the price is going much lower (neither do you) but I think these are legit points. I think your Tether fear is overblown as we have spoken about, but I concede it is A concern
     
    RedDuke likes this.
  10. To be fair to both sides this kinda shows you don't have an open mind either. :)
     
    #10     May 2, 2022