BTC can’t replace govt-backed/issued currencies because it’s (designed to be) deflationary, since the supply is limited, which would recreate (in a worse way than do Central Banks right now) the whole issue we have with concentration of wealth in the hands of a select few who just happened to be first at hoarding.
ETH might, not sure.
That’s true but if bitcoin goes into the toilet may be the cryptocurrency will die off, because I don’t know of any other stores that will accept any of the altcoins, and the whole cryptocurrency craze will die off like it should. But at the same time, I hope no one loses their shirt.
Could you please tell me why you apparently hate crytpos so much? Not investing in something is one thing, but wishing it to die off points towards a bit of loathing.
Jealousy for not getting in early enough. 
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GPU price inflation really sucks. That’s the main reason for most people.
Also the bubble bursting doesn’t just impact currency speculators and drug fiends-- real people are being hurt here, see this Washington Post article.
I mean, real stupid people. Drooling village idiots. But they’re screwed nonetheless.
Anyway, when articles like this show up in mass media, you know it’s time to get the F out of the market. The canary just died.
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Mainly this. I will not get into shouting matches or deny the positive aspects of crypto currencies. However making my hobby more expensive by 300% is a safe way to get me to dislike it.
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Well, that is one major downside of it sure. But then again, it would have happened sooner or later anyway, with Nvidia becoming the only real competitor xD.
@Ruffalo These people know the risks, as do I. The money can be gone the next day. That being said, nobody seems to have such a regulatory problem with gambling. For instance, (as posted by @kewldude007) creditcard companies ban crypto payments out of concern for the high risks involved. But going to Las Vegas and gambling seems to be perfectly fine 
Until EA gambled with two high stakes.
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Read the article, those people didn’t “know the risks”. They didn’t make an educated investment. They invested in Bitcoin to pay for their retirement. They are easily led fools who will be spending their retirement sleeping in a cardboard refrigerator box using a plastic bag stuffed with laundry as a pillow.
Nvidia isn’t the only competitor, AMD is finally competing on both CPU and GPU sides. Hopefully they will continue to do so.
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This. And many people did. In the future we will run into people that will say that they made it rich thru mining/coin trading.
Well, if they don’t know the risks than it’s their fault in my opinion. If they had not spent it on BTC, they’d have probably sent it to some Nigerian prince.
If you lose money in a 419 scam, that’s the Nigerian’s fault, he is culpable, not you. Yes you were stupid to get ripped off, but fault lies in the hand that pulls the trigger.
Anyway, my point is that when you see articles about losers and fools making it rich, the bubble is bursting. You saw the same kind of articles before the housing crash, talking about janitors with a highschool education and nothing in the bank buying $650k McMansions with $0 down on adjustable rate mortgages then flipping them after a year for $800k. You just know it’s past time to get out when you read crap like that, if you’re a clueful person.
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To a certain degree, yes. But I still believe that BTC will recover due to the technology it is based on. A real bursting would probably weed out the cashcoins with nothing to offer. But as mentioned above, there are other, different coins.
But we will be wiser in the future. Both of us have followed our own judgments so neither can complain in the future.
@kewldude007: I don’t get your picture, but my statement is based on this quote [1]:
There seems to be some good news after all this FUD:
Yeah, if that summary is true it’s largely a clueful response, the genie is out of the bottle, we can’t really control it, so lets do our best to protect consumers from fraud and exploitation.
I can get on board with holding fraudsters responsible. 
I sure hope not, I can come up with something better than Cryptocurrency as a means of exchange, and everyone would except it right away, no more need to exchange Cryptocurrency for some other means of exchange, so you can go to the grocery store and purchase your one week’s worth of food. What is this magical means of exchange you ask, well it is gold. And the only thing that needs to be done is for the world governments to reestablish gold as legal tender.
Despite the fact that gold is totally last millennium it has several disadvantages when compared to BTC:
- It is extremely heavy, when compared to any other cryptocurrency. Let’s assume for instance that I’d like to purchase a game from steam for 60$. This means I would need 1.4g of gold. This isn’t that bad, but considering I’d have to fly/drive to Bellevue (Washington) it is rather cumbersome. Of course I could also transfer gold via the traditional banking system, but then again I would have to trust a centralised system.
- It is rather easy to counterfeit it. Sure, there are ways to prove whether or not it is real, but a normal user would have to trust that the received gold is real.
- It is bad for the environment with no end in sight. Goldmining becomes more and more difficult and the more people we have on earth, the more gold we will need. We should not limit ourselves to this natural resource, especially when considering that when it comes to currencies, we can basically pick whatever we want. (The same does not hold for the semiconductor industry for instance).
1 and 2 are easily surpassed by BTC, 3 however is difficult. BTC as it is now is certainly bad for the nature, there is no doubt about that. However, if/when BTC switches to a PoS algortith, things will probably get better. That being said, there are already many PoS cryptos out there that could replace BTC.
Gold was useful and had its use as a currency, but today cryptos perform better in all (?) regards.
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but then I have to trust a decentralized system