Time to get out of Bitcoin at 10,000
A recent post on Steemit Bill Gates Bearish on Bitcoin and Cryptocurrency Investments in my opinion puts a nail in the coffin in terms of Bitcoin price rising (it represents a sell signal) as there seems to be a lot of money on the sidelines looking for a way to short Bitcoin. Two major indicators are the fact that first the MtGox Trustee has a lot (and I mean a lot) of tokens for sale. In my opinion too many for me to feel safe buying Bitcoin due to the very strong probability of a dump or at least a price suppression due to so many coins being for sale. This MtGox scenario is that the Trustee has tens of thousands of Bitcoin for sale (400 million) and while this hasn't crashed the price so far it doesn't mean that these coins aren't reducing demand.
And the latest news is that Bill Gates is looking for a way to short Bitcoin. So not only is Bitcoin facing problems with coins waiting to be sold to suppress demand but also Bitcoin generates new coins via mining every day. On top of this, one of the richest men in the world is looking to find a way to short Bitcoin.
Interestingly Bill Gates specifically said he wants to short Bitcoin and highlights the fact that Bitcoin has no utility. This is not true for every token or for blockchain technology as a whole. Why might Bill Gates believe Bitcoin is not a good investment and should be shorted? Bitcoin doesn't produce anything, and doesn't provide utility. This is not the case in my opinion of cryptocurrency as a whole but this depends on circumstances. Cryptocurrency allows people to buy stuff online in privacy but depending on where you fall on this politically you may think it has no value or some value.
Conclusion
The problem of Bill Gates threatening to short Bitcoin is that it may be bad for the ecosystem. The ecosystem isn't JUST Bitcoin but if Bitcoin is shorted it negatively impacts Steem, EOS, Ethereum, actual projects trying to build utility will be negatively impacted in the short term.
The ideal situation to happen is an accelerated decoupling from Bitcoin. If Bill Gates shorts Bitcoin then in a decoupled ecosystem the money will flow to Ethereum or Steem or something which does provide utility. In that case if the ecosystem were robust enough, I would agree with Bill Gates doing the short. In my opinion money flowing toward utility is a good thing for long term sustainability of any ecosystem.
Short Bitcoin if it will make the money flow to higher utility blockchain technologies. This news and these signals confirm to me that 2018 will be the year of Ethereum.