What do you guys think of rumours of eth to $1k, these pushes remind me a lot of the pattern of what most of us came to know of chips in 2015, and how they went from a floor of 800 or so, to a floor of $2500, and now back to a floor of $2500.
There was a very active 4L buyer here called Domainzy, most would remember, he recommended to me to buy eth at $12, there is a reason we haven’t seen him around in a while, as he was loading up.
I think a lot of this is technical, and a lot of it is portfolio shifting. People have made tremendous profits in the stock market this year, year end selling is huge, many can afford to take a risk and invest into crypto currencies. There is maybe 4 I really trust btc eth xrp and ltc.
To us as domainers we can see a function for crypto currency, but I have a lot of friends who are professionals, and they are hesitant, they know if they keep their coins on a mobile they can be hacked, they are scared of losing their cold storage device, it isn’t a efficient system in that respect. I can imagine there are many coins that simply are locked out forever. Many also cannot get over the sat/b rates, and having to up them for quicker transactions.
What I do tend to hear a lot of us that a small percent own the majority of the coins, I don’t know if it is true, but I would assume over time that gets sold off, to rich oil Barron’s in the Middle East, dictators in the Africa’s, titans in Russia etc... it’s just not us, Bitcoin thrives more in economies with unstable governments, and inflationary economies which there are many. I know China is trying to curb this randomness, but that is the only real downside, what can the government do to interfere wit this 800 lb gorilla.
To be honest, I think we are at a plateau right now, and people are calling for higher highs, but I can’t see it happening unless a company like amazon comes on board. We know eBay won’t, but it will take an amazon to move the pendulum.
Given there can only be 21M bitcoins ever, this is a small sample, based against a worldwide population. I understand both sides of the argument, at the end of the day bitcoin is really nothing more than a set of binary numbers, then again the paper that dollars are printed on are pretty much the same thing, just paper.