Readers of Barfstew recently ran across the link (shown below) from the cointelegraph.com about a hedge fund called Wedbush that listed the odds of a BTC price at ONE MILLION dollars by 2016 as ONLY 5,000 to one - they called it the `internet outcome' for BTC's price. Which set my mind into speculation about such a fantasy... and looking ONLY at selected aspects of such an fantasy occurrence.
As a trader of cryptocurrencies for the past 8 months... what do you think would happen to the other 600+ coins listed on the various crypto exchanges if BTC became 1 million dollars each? No one knows of course... but here's my fantasy prediction:.... and it is dependent on the steepness of the rise (remember in this fantasy this happens in the next four months)... with the first spike taking it to 1,000 dollars from the current 300 dollar levelish...lets say the rise happens in just 4 days, such as 400,600,800,1000 and the market cap for BTC triples roughly to the 12 billion dollar level.... what do YOU think would happen to the price level of OTHER crypto coins?
IN MY OPINION... they would CRASH and crash hard... as EVERYONE would be scrabbling to get as much BTC into hand as possible.
One coin after another would have whales selling entire positions into the buyers. Coins that would be worth 1000's of satoshi's before the BTC spike, would be going for FRACTIONS of what they were worth the days before (and these would be the FEW attempting to maintain some value in comparison).... I wouldn't be surprised in a quick rise as described above to see most coins sell for 1/10 their prior value (despite it being only a three fold increase) ...few will be spending the increasing value their BTC to buy the now perceived as `junk coins' at this point.
Then, as September approached... the value would again multiply by a factor of 10... to 10,000 per coin - with a market cap now approaching 125 billion for BTC..... more than enough to catch the attention of the stupid that simply follow whatever grabs the interest of the MSM. 1,000 week one, 3,000 week two, 6,000 week three and 10K week four (you a coin holder can feel your adrenaline rising, right) .....however now, ONLY a handful of coins exist in the exchanges anymore with any real value.....that said, that handful of 15 coins also has a marketcap of 12 billion now(meaning their value too would be growing in relation to previous fiat values) .... however, the `cryptocrash' (for all coins not of the elite 16) will affect the others deeply - with the other 580 coins having nearly NO value...perhaps worth a half billion total....before their final crash which is to come. All discussion in the crypto world now is focused on `how many coins are truly needed' - a discussion that will affect every holder of any cryptocurrency.
Because the market flushout is coming in October ... as all shakeouts do.
In October, yet another 10 fold increase, to 100,000 dollars a coin - which would finally attract the world money movers and governments... and consequently, the actual usage of BTC would have been altered significantly towards big players... hedge funds, governments, pension plans.... everyone wanting to get in before the now talked about 1 million dollar possibility... and with BTC at ONLY 100,000 dollars and with a marketcap of over 1 trillion dollars (as much money value as the IMF has in emergency funds) ... it, Bitcoin, has become the only player in town for some kinds of HUGE transactions between governments... fiat values for national coins are now being affected by the value of BTC - and how many holders might have some BTC in any society could determine the richness of the nation or society.... many stories surface in China and America, in their MSM's - about the early traders who are now millionaires...much like the first BTC spike years ago.
TONS of stories about the folks who ONLY had 1 or 2 full BTC's - and are now `rich' - and additional stories about the ones, the few individuals, still hanging onto a piece of a BTC coin hoping for even more.... however, with the price rising to 100K.... NO other coins even trade for BTC anymore on ANY of the EXCHANGES - and a whole second market of crypto begins to develop around the core 15 coins or so.... but the shake out is HARD now that coins NO longer have a value tied to the BTC platform.... even the core coins fall in fiat value from the very inflated figures prior to the cutoff of trading them for BTC.
Finally the Bitcoin Tulip Gold Rush happened in November and December as world markets adjusted to BTC becoming a 1 million dollar product worth a marketcap of 14 Trillion dollars (just about the PERFECT FIT FOR THE WORLD TRADE LEVEL OF 18 TRILLION OR SO).... could this be a goal...? Will BTC be the commodity for WORLD TRADE to end the problem of local currencies fluctuations?
The fantasy ends there as 2016 begins anew.. with a new world TRADE currency established by the money players.... while the banking sector takes a look at Ripple, making it a market leader amid a new crypto market that now looks for functionality - still worth billions more than before the BTC spike only 120 days prior - but billions less than before the cutoff with BTC exchanges. With traders kicking themselves in the butt for NOT hanging onto pieces of BTC as the spike was happening, or trading them for other, now worthless, cryptos on the way up... that soon crashed to zero in comparison to BTC.
IMO the big money could create any scenario they wished with the value of BTC... it's wise to have some...even tiny bits.
BUY YOUR FIRST BITCOIN AT COINBASE
I hope you enjoyed today's Bitcoin fantasy... how about spreading it on social media?
Links referred to below:
THE RETURN OF BARFSTEW - 2017 STYLE
FALL 2017 - CHINA BANS BITCOIN EXCHANGES AND ICO'S AND BARFSTEW RETURNS! I STRONGLY ADVISE NEWCOMERS TO THIS PAGE TO EXPLORE THE YEARS OF POSTS DESIGNED TO ENLIGHTEN AND ENTERTAIN - OVER 1000 POSTS...YEARS WORTH OF CONTENT.
BARFSTEW 2017 IS A BLANK CANVAS AS BITCOIN APPROACHES IT'S SECOND FORK IN 3 MONTHS AND THE POWERS THAT BE SEEM TO BE SCRAMBLING IN THE TRUMP ERA - WITH DISASTERS SEEMINGLY AROUND EVERY CORNER.
BARFSTEW 2018 - BITCOIN AT 19,000 AND THEN 6,000 - WHERE WILL IT GO? WILL ALTS LIKE RIPPLE, LITECOIN AND OTHERS ONCE AGAIN SHINE? SHOULD YOU BUY THE DIP?
THESE ARE `NO SCAM' AFFILIATE LINKS THAT SUPPORT THIS NEARLY GOOGLE AD FREE BLOG
- BitStew's Guide To Obtaining Bitcoin
- Genesis Mining - The ONLY Mining Firm Recommended By BitStew
- You CAN Gamble On The Internet - Enjoy 2018
- The USA's Biggest Opinion Firm (YouGov.Com) Wants Your Opinion - Earn Points Worth Money Or Fun Items - This Is Easy, And You Really Can Have An Impact
- Coinbase - The Best American Bitcoin Source - This Is My Affiliate Link - Where You And I Earn 10 Bucks Of Bitcoin If You Sign Up Using It (After You Buy Your First 100 Dollars Of Bitcoin)
EASY AMAZON PURCHASES - 1G TO 10G Gold, 1OZ Silver - Find Out Prices With A Click
THIS BLOG TRANSITIONED FROM THE `2013 BANNED' OUTRAGEOUS AND SEXY `BARFSTEW' - TO A BITCOIN RELATED BLOG IN OCT/NOV 2014. THE ARCHIVE IS WHY MOST PEOPLE ARRIVE - AND BITCOIN IS WHY THEY STAY. UPDATE - ONCE AGAIN....OCT 2017, A NEW TRANSITION.
THIS BLOG WAS VERY PROUDLY BANNED FROM THE INTERNET FOR 115 DAYS IN 2013-2014 - RETURNED AFTER 9 REQUESTS FOR REVIEW - NOW YOU KNOW - (UPDATE) IN MAY 2015 THIS BLOG WAS AGAIN WARNED.... AND CONSEQUENTLY DROPPED GOOGLE ADSENSE.... READ AND ENJOY THE BARFSTEW WHILE IT IS STILL FRESH IN THE POT AND NOT ON THE INTERNET ARCHIVE..... BECAUSE BARFSTEW BITCOIN IS A DANGEROUS BREW.
Be Daring If You've Never Been Here Before
Popular Posts Last 30 Days
You have to love the internet - each carving out a unique niche - like Psychedelic Videos ------ STEWABLE - http://dailypsychedelicvideo.com...
Sunday Worship Worthy And, Wait Til You See The Enlargement ========================================================= Today's ...
One certainly can't question the survey size on this `study' and the results are interesting. The article revolves around the differ...
Braco is a man who lets people pay 8 dollars to see him GAZE at them, personally, for about 3-5 seconds; a buddy of mine saw him when he app...
Every once in awhile it is fun to trot out the `edgy' exopolitics crappola (always from those `in the know') - that said, the source...
From the golden glimmer of hope category - seems some folks are standing up (one sex sits I know) for their rights in Florida; a tease: T...
The small town America mayor isn't worth mentioning by name - but - why is it you only read about this on THE BS? I mean the coziness be...
(click to enlarge) http://www.shorpy.com/files/images/8d24456u.jpg http://www.shorpy.com/node/9733?size=_original - with comments Ya gotta ...
Part of Barf Stew is bringing Barfsters the opinions that simply are not heard on your commercial (partly funded by political ads) TV networ...
This guy must have balls the size of grapefruits - a must see video, and one that needs to go to all of your friends too. Someone finally ...