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Bitcoin [BTC] price can fall much lower and last significantly longer, says Tone Vays

Akash Anand

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Bitcoin [BTC] price can fall much lower and last significantly longer, says Tone Vays
Source: Unsplash

The cryptocurrency market’s bear run looks to have made the Bitcoin [BTC] community, as well as investors, look around for solutions to change the current scenario. The qualms of the crypto verse have also forced a lot of analysts and prominent members of the cryptocurrency community to come forward and voice their opinions on the market.

Speaking to CoinTelegraph, Tone Vays, a well-known cryptocurrency analyst, gave his two cents on where the market could go and what the holders can do to buckle down. Vays stated that there is never a single cause that causes the market crash or rise, but rather, it is a culmination of a multitude of reasons. He said that Bitcoin [BTC] has been overpriced for over a year now and the drops are consistent with the cryptocurrency behavior. In his words:



“Bitcoin drops to make sure that people know what they are doing. A majority of the players in the community are in it for all the wrong purposes or to make a quick buck. Some even think that getting into Bitcoin or Ethereum will make them famous.”

Vays was also of the opinion that the people who are into cryptocurrencies and do not value long-term benefits should exit the system immediately. The Bitcoin analyst went on to say that Bitcoin has not bottomed yet and that there exists the possibility of the cryptocurrency falling much lower for sustained periods of time. He added:

“Over the last few weeks, people have understood what a bear market can do. People are still happy about the market and the BTC ecosystem has the ability to put people in a sad place. Once that happens, then the prices will hit bottom and then shoot up to new highs.”

Tone Vays was also explicit in mentioning that Bitcoin is not about the price, but rather, about the mentality held by the community. According to him, if the fringe members leave the Bitcoin community, then the prices will surely shoot up, albeit after some time. He was also candid while saying:

“If you were planning to quit your job and get into the Bitcoin space, I suggest you hold on for a little while longer, probably a year. Once the governments start regulating fiat currencies a bit and the people realize that the tax bracket is a bit too much, then Bitcoin will enter the big picture.”





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Bitcoin

Bitcoin [BTC]: Debating on king coin’s transaction speed is a red herring argument, says Charlie Shrem

Akash Anand

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Bitcoin [BTC]: 'Debating about BTC's transaction speed is a red herring arugument', claims Charlie Shrem
Source: Pixabay

The debate around Bitcoin [BTC] and its effectiveness in the current financial atmosphere has been a long ensuing debate in the cryptocurrency industry. The supporters and naysayers of the world’s largest cryptocurrency have locked horns on various aspects of the coin, be it the coin’s characteristic as a store of value or the amount of time it takes to settle Bitcoin transactions.

In a recent tweet, Charlie Shrem, the Founder of Bitcoin.org and one of the most popular Bitcoin proponents, spoke about the topic, directly addressing critics who had a problem with settlement times. His tweet read:

““Transaction speeds” when debating #bitcoin vs other faux-crypto’s is red herring argument. There were plenty of fast ways to move money before bitcoin. That’s not why we’re here. We’re building a censorship resistant value network that can-never be controlled by a single party.”

Bitcoin proponents had always made it a point that the cryptocurrency was never meant for fast transactions, but rather to compete with Gold as the standard for a ‘store of value’. Even Samson Mow, the CSO at Blockstream had earlier claimed that BTC was never meant to be fast by adding:



“If you want money, it does not need to be very fancy, and a lot of the altcoin projects; I don’t wanna go into it but they are just based on gimmicks. What you really want is sound money, something which is reliable and bulletproof.”

The ‘BTC is not effective’ camp had responded voraciously many a time by stating that something aimed at changing the financial dynamic should be nothing short of fast or else there was no way it could become an effective form of value. This rebuttal for this argument was that Bitcoin’s goal was to create a cryptocurrency integrated mainstream structure and even though it was not lightning fast, the transaction speed of Bitcoin was still faster than that of current methods like Visa and MasterCard.

Charlie Shrem was also in the news recently when he stated that when Mt Gox imploded, the market created the first “token as debt”. The statement was made in connection with the massive loss of funds which occurred following the hack of the then largest cryptocurrency exchange.





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