Thread: RIP Bitcoin

Originally Posted by Mr Earl

It's real value as a secure asset away from fiat devaluations is very real.

but it's not a secure asset, as it was clearly demonstrated over and over again, so it has no value on that front

Originally Posted by Mr Earl

The quick and secure global transfers of wealth equals very real utility, no question about it.

you could say the same things of emails or electricity

again you are assigning purpose on that tech using your simplistic idea of the world, which is not working in reality

but hey, keep dreaming

^The old argument that the internet was no more significant than the fax machine was proven erroneous, long ago.

Bitcoin represents the internet of the future.

no it's not, with the internet you had real utility and it was clear from the start what its purpose and commercial applications would do

that's why like fire it caught up with everything, anyone would understand immediately what it meant

here with bitcoins, it's obscure, too much explanation for its utility, its future applications are unclear and keep moving away from the original ideas etc...

it's a recipe for failures, but that doesn't mean people will not make money on that over-hyped tech, plenty of suckers around waiting be fooked over

all the scam artists are on it

Originally Posted by Farangrakthai

buyers don't seem to be coming back into the btc market like they did on previous dips (once bitten, twice shy).

wouldn't be surprised if it falls next time to 5,000.

not coming back or are the big players moving out ?

I suspect a lot are holding it (see lulu) so there is no real market for it

need to check volume data, futures down to around 11,000 with little rollover spread between March and June

Originally Posted by Dragonfly

with bitcoins, it's obscure,

What is obscure about the largest, globally distributed computer network?

Bitcoin is very truly the internet of value and currency. Accessible to anyone and everyone 24/7.

perhaps you are the one who has his apparent logic and reason obscured.

Originally Posted by Dragonfly

not coming back or are the big players moving out ?

I suspect a lot are holding it (see lulu) so there is no real market for it

need to check volume data, futures down to around 11,000 with little rollover spread between March and June

of course, was at 5,000 just 3 months ago.

imagine it'll find support there.

Originally Posted by Farangrakthai

of course, was at 5,000 just 3 months ago.

imagine it'll find support there.

This time next year 11k will seem cheap.

Like when I had my epiphany and began buying BTC at $1900..

My last Bitcoin I bought for $5800 between a price variance of ETH and BTC.

Right now with the wall street money the market is much harder to predict.

Originally Posted by Mr Earl

This time next year 11k will seem cheap.

if there were more people who think like you then when btc failed to break resistance at 20k and dropped to 16k and then 12k,

investors would have been buying up as much as they could at those prices which would have pushed the price above 20k as demand was outstripping supply.

that didn't happen as obviously there aren't enough people who think like you, earl.

and unless something changes (information that's not already out there), don't think there ever will be enough buyers to push the price up to new highs.

just my two cents.

it's hard to predict for sure, but no matter what, without the cheerleaders and the silly rethoric about cryptomania, there is not much reasons for buying

Originally Posted by Dragonfly

ithere is not much reasons for buying

Privacy, the secure storage of value, highly divisible, and easily transported globally makes Bitcoin very attractive to anyone who studies it.
Very likely bitcoin will remain the foundation for all crypto to come.

Originally Posted by Mr Earl

Privacy, the secure storage of value, highly divisible, and easily transported globally makes Bitcoin very attractive to anyone who studies it.
Very likely bitcoin will remain the foundation for all crypto to come.

that can all be true if it settles around a price of 5,000 or 500, right?

Originally Posted by Farangrakthai

that can all be true if it settles around a price of 5,000 or 500, right?

The scarcity aspect means the value will continue to rise, as more and more people around the earth become aware of Bitcoin.

Originally Posted by Mr Earl

The scarcity aspect means the value will continue to rise, as more and more people around the earth become aware of Bitcoin.

think it's a pretty well accepted reality that btc will never be a widely used crypto currency.

other alts are more likely to.

btc is being considered as "digital gold" and once it's found a base (stops dropping) it will be easier to make the case (storage of value).

Originally Posted by baldrick

Another Japanese Exchange reported it was hacked yesterday

Something like $500M of XEM stolen and it dips for a few days and bounces back up.
Gotta give NEM points for resilience. That would've sent any other crypto plummeting.

Originally Posted by Farangrakthai

think it's a pretty well accepted reality that btc will never be a widely used crypto currency.

other alts are more likely to.

btc is being considered as "digital gold" and once it's found a base (stops dropping) it will be easier to make the case (storage of value).

I wouldn't count BTC out. Early adopters are just beginning to show up.
There will be such a huge market that plenty of room for alt-coins. (though many haven't been tested yet like BTC)
If Starfucks doesn't want to use BTC, so what! (The coffee there is shit anyway).
Bitcoin is still evolving. Fees are down, the scaling issues are being fixed.

More rumblings from USDT.
Are the rumours true?


Scared USD exiting USDT to other coins and CMC added the Korean exchanges back in their market calculations. Small pump underway.

Tethers are a no

tethers ?? someone bought buffalo coin. how much.

Originally Posted by Mr Earl

The scarcity aspect means the value will continue to rise, as more and more people around the earth become aware of Bitcoin.

sounds like pyramid scheme thinking, IMO:

more people around the world (who haven't yet made/lost money in btc, yet) will pour their money into btc pushing the price up to new highs.

Originally Posted by Mr Earl

I wouldn't count BTC out. Early adopters are just beginning to show up.

who would you guess are the holders of btc, currently:

85% - speculators
14% - storage of value (digital gold)
1% - using it as a currency

about those percentages?

the btc market is moved by emotion and technicals (day traders use). there are no fundamentals, obviously.

technically: btc is trading in a narrow range and will soon break out (up or down).

emotionally: the crowd isn't as gleeful/positive/confident about btc going "up, up, up" and are unlikely to pour money back in, IMO.

Originally Posted by Farangrakthai

sounds like pyramid scheme thinking, IMO:

more people around the world (who haven't yet made/lost money in btc, yet) will pour their money into btc pushing the price up to new highs.



who would you guess are the holders of btc, currently:

85% - speculators
14% - storage of value (digital gold)
1% - using it as a currency

about those percentages?

the btc market is moved by emotion and technicals (day traders use). there are no fundamentals, obviously.

technically: btc is trading in a narrow range and will soon break out (up or down).

emotionally: the crowd isn't as gleeful/positive/confident about btc going "up, up, up" and are unlikely to pour money back in, IMO.

Seems like you're asking the wrong questions while ignoring the fundamental truths about Bitcoin.

It certainly is not a pyramid.
Bitcoin is a phenomena previously unseen by humanity it will usher in an age trust and honesty.
The strengths reside in the global distributed network, the transparency, the accountability, the secure cryptography, along with being a platform for other coins and applications. The store of value, portability, and global transfer of wealth all contribute to the inherent value.

Originally Posted by Mr Earl

It certainly is not a pyramid.
Bitcoin is a phenomena previously unseen by humanity it will usher in an age trust and honesty.
The strengths reside in the global distributed network, the transparency, the accountability, the secure cryptography, along with being a platform for other coins and applications. The store of value, portability, and global transfer of wealth all contribute to the inherent value.

and that can all be true with btc at $500 or $15,000, right?

Originally Posted by Mr Earl

Privacy, the secure storage of value, highly divisible, and easily transported globally makes Bitcoin very attractive to anyone who studies it.
Very likely bitcoin will remain the foundation for all crypto to come.

Privacy ? you mean money laundering ?

Gold has value and easy transportable globally, and it's more secure than Bitcoins apparently

Fee for money transfer all over Europe is free for all SEPA accounts, don't need crypto, just good XML and Java

Seems to easy....

Another day, another cryptocurrency exchange under cyber attack – This time Coincheck, Japanese cryptocurrency exchange has been hacked and lost $534 million in NEM tokens.
One of Japan’s and Asia’s largest cryptocurrency exchange Coincheck has suffered a data breach in which unknown hackers have stolen 58 billion Yen of the virtual currency “NEM (Nemu)” ($534 million – €429 million) from its digital wallets.
According to local media, the Tokyo based exchange has confirmed that it has suffered what appears to be the biggest hack in the history of cryptocurrency business. In a press conference held earlier today, Coincheck’s president Koichi Wada apologized to the customers and said that the law enforcement authorities are already investigating the incident.
“Currently, credit card, Pay Easy, and convenience store payments are suspended. We sincerely apologize for these inconveniences and will continue to do our best to be back to normal operations as soon as possible,” said Coincheck’s blog post.

https://www.hackread.com/coincheck-c...illion-stolen/

all those exchanges are probably using crap Windows server as their backoffice ops,

any good Russian hackers can go there like there was no back door