Crypto What happens when Bitcoin crashes?

If Bitcoin is the Ponzi scheme that it is promoted to be, who will bear the damage if (or when) it crashes?

Will traditional economies feel a ripple or be hit by a tidal wave like the GFC?

Will there be a bailout by the Reserve Bank or the Fed in the US? Do they care as it mainly affects the black economy?

 

People will lose money...lots of.money but I don't think it's big enough to trigger a gfc.

I don't think there's enough leverage to cause real damage.

That's today though....there's talk of hedge funds going all in, Bitcoin derivatives and ETFs....if that all kicks in then real pain is a total possibility. Especially when you consider that Bitcoin itself is becoming more outdated by the hour.

 

Taxi drivers will have to find a new topic to discuss since they moved on from Sydney housing boom to bitcoin 9 months ago

And the mum and dad investors who blindly piled onto the BC bandwagon at silly prices will bear most of the pain. May cause a slight economic blip as discretionary spending drops for a short while.

 

More like the dotcom crash than gfc. People will lose money, no impact on the wider economy. Banks and most people wont be affected.

 

Finally some common sense in a Bitcoin post

 

We laugh?

 

Will China sink the bitcoin miners?

 

Walking past the massage palour up the street a few hours ago and the sign out front said 50
% for today then Maybe just try and do the "Maths" on this compared to other items that one can invest in like Bitcion,the massage palour can drop 50% over a 24 hour trading session and so can Bitcoin..

As I try to look at the simple angle with "Bitcoin",does anyone knows the time frame --electricity --engineering start up time--hardware--infrastructure that would enable BITCOIN to change the global investment markets?.

Only from my simple blue collar mindset,but the electricity usage costs alone from start-up costs -then compare transaction costs in a straight line with someone like Western Union --Australian credit lines --"
Gold" ,then compare the market raw value to someone like Visa per dollar xx dollar to bitcoin ..

Someone like Visa a standalone no in-between's company would already know the predefined options with bitcoin ,and any forward thinking would be thinking very hard if bitcoin can quickly unwind several markets
that quickly then what comes next out of bitcoin? ..Anarchy and Brexit combined..

 

^^ When dubstep and Jerry Bruckheimer have a lovechild

 

Bitcoin.... not an investment, it's purely speculating.

Why Bitcoin is Stupid

 

So was the dotcom bubble (which hit 5 trillion+, Cryptocurrency sitting at about 600B). Yet here we are posting on an internet forum...with Google, Facebook, Amazon running our world

 

anyone who thinks crypto is not the future is just delusional. it has not come this far with no merits

 

I'm not sure there is a real need for cryptocurrencies, sure block chain technology will have its place but cryptocurrencies? It's tulipmania.

 

Absolutely. But I reckon it'll see a big price shakeup before it becomes the norm.

What is happening right now is simply unsustainable.

 

majority of the people in the world have no idea what a fiat currency is. they still believe their bank notes are backed by real gold.

crypto might be tulipmania but that doesn't change anything.

 

Yes. But as technology is disrupting everything why not currencies. This is just the beginning we will see where does it settle...

 

The motivation i'm seeing for people to buy cryptocurrency is to later sell it to someone later at a higher price and I can't see it have any other reasons. What fundamental value does that have?

 

Exactly, some people are just oblivious to the obvious.

 

I think Bitcoin is effectively a very fancy Ponzi scheme. It will cause financial damage when it crashes (all markets go up and down). How much damage is anyone's guess but with banks minimizing exposure hopefully it will be minimal.

There's always potential for another GFC but high mortgage debt will likely have a greater impact.

I am sceptical that anyone will bail out cryptocurrencies. It's a high risk (high return for some) venture and there's no reason the government should bail people out taking on this risk.