USDT and Bitcoin: Could the USDT scandal crash BTC?

All crypto currencies should be considered short term investments at best. A get in make you money and get out proposition. They will all crash and burn at some point, and those who got into the game too late will be left taking a huge financial hit.

Best case, values correct and drop to below the dollar. Worst case, they crash, burn, and disappear. I'm not saying there isn't money (real money) to be made off of it, but the day is coming, and sooner rather than later.

a reply to: usernameconspiracy

I disagree. I think that eventually, we will see this become the future of how transactions are done in the global marketplace. There are some very REAL business problems being solved by some of the crypto currencies out there, but it will take TIME for adoption and widespread usage (and for folks to UNDERSTAND exactly what it is, and WHY it's a thing. If they didn't feel there was a need to be filled, then these larger companies wouldn't be looking at partnering with them, and they are.

However, I don't see we'll see a boom like last year for maybe a year or more to come. So I'd posit the opposite, that getting in and out soon, is going to possibly make you money, or make you lose it all, but staying in with a small stake, and watching it grow in years to come, is likely more the scenario, or at least the one some of us like to suppose. And if it doesn't, well we're keeping the investment small, so the risk is pretty minimal. Nothing ventured, nothing gained and all that.

originally posted by: Gazrok
I thought it was the founder of the LTC website, not the coin, that sold his off....

Charlie Lee is the founder of LTC. He's the one who sold off his entire stake.

originally posted by: usernameconspiracy
All crypto currencies should be considered short term investments at best. A get in make you money and get out proposition. They will all crash and burn at some point, and those who got into the game too late will be left taking a huge financial hit.

Best case, values correct and drop to below the dollar. Worst case, they crash, burn, and disappear. I'm not saying there isn't money (real money) to be made off of it, but the day is coming, and sooner rather than later.

It's a great technology, encrypted blockchains and it has the potential to eliminate banking entirely because it's an accounting system that cannot be altered and it is administrated by the users.

But IMO it needs to have applications, for instance you develop a piece of code that is useful to some function say a script on the internet and to use that function (call) you exchange say bitcoins. Or you write an article or you produce some image and whenever it's used, the users pay for it's use, in those coins.

So it's useful in building a new system over time, it cannot supplant or replace the existing system it however can be used to create a system that is independent of the existing system so in time it will have it's own value which the old system cannot counterfeit.

a reply to: projectvxn

Less than 24 hours later, the fruits of Davos.
Regulators moving on crypto market

Worse, India goes full on ban hammer.....sending it all tanking even more.

a reply to: Gazrok

That's been news since December.

It's not like they didn't know this was coming.

What India doesn't know is that you can't ban Bitcoin.

a reply to: projectvxn

true, but any statement pretty much sends it tumbling...

I'd wager the uncertainty about crypto that this incident caused, is STILL at the heart of the way crypto is crashing this month. Will be tricky to determine just where it will all bottom out.

a reply to: Gazrok

BTC is at 7300 right now.

I'm waiting for the 4985 bounce off.

If it goes lower than that then USDT is a far more widespread problem then I gave it credit for.

a reply to: projectvxn

Should we feel sympathy for those duped into buying bitcoin at $15,000-$19,000?

Won't be long before it's back at those levels.

Should we have sympathy for people buying BTC at ATHs?

Not really, but if they're patient they'll regain their losses and then some.

a reply to: ausername

As one of them, I feel sympathy for me, lol. I bought into it when it was about 13K I think. So close enough.
At the time though, I had diversified into all 4 of the currencies supported by Coinbase, and then bought some Ripple using an exchange and a Ripple wallet.

Since that time, I've lost a little over more than half of what I invested at the beginning of Jan. But, as the above poster said, if we're patient, it is likely to go back up, and the hope is that eventually it will be more than what we bought into it at.