It's all gone Pete Tong. I expect the price to go through the floor, can't believe it hasn't fallen even quicker tbh.
It's all gone Pete Tong. I expect the price to go through the floor, can't believe it hasn't fallen even quicker tbh.
BALLIN'!!
Just dropping in to bask in how right I was again.
Enjoy your digital beanie babies.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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Originally Posted by Tyde
Sonatine - Right "again". LMAO. What level do you expect others vs believe your own nonsense? I'm still waiting for an explanation on your last post about that BTC market....
Others -
This Hearn guy is a shill for a different technology. Nothing has changed recently except one of the main 5 guys decided he gets more glory and fame elsewhere and took up his podium to FUD about... and being who he is, a big podium it is.
Everyone reacts like this is some death knell. People are reacting, just like one would expect.
This whole process has been repeated numerous times and will happen again. Druff and Sonatine and others I forget will line up to say "I told you so" then when they're wrong... they won't admit it but say the same thing when something similar happens. Rinse and repeat. Eventually they will be right, or maybe not and BTC will outlast this site.
I'd like to see some concrete predictions for once, not just reactive nonsensical bs. Call the floor within the next 6 months... something.. anything... except preening non-existent feathers.
BTW I will answer any questions as someone who actually knows what they are talking about... if anyone has any questions or wants some nuance explained.
Worst case is the network's fees go up to prioritize and remove the smaller transfers. This makes BTC less useful for smaller purchases because transfer fees become more significant. Does this mean BTC as a store of value will be destroyed? Probably not...
Sonatine has followed and read as much as anyone and posted a ton of news and opinions, for years.
Explain some Bitcoin nuance to us? Go ahead and post some actual content for a change.
Lol, "store of value". How's that working out today? Would you have recommended it as a store of value to someone last week?
Interesting you can't even access the servers to some of the trading forums right now. What a day.
Coin at $371
I'm debating buying some at $350.
Sonatine has followed and read as much as anyone and posted a ton of news and opinions, for years.
Explain some Bitcoin nuance to us? Go ahead and post some actual content for a change.
Lol, "store of value". How's that working out today? Would you have recommended it as a store of value to someone last week?
Interesting you can't even access the servers to some of the trading forums right now. What a day.
HOF
Go to Bitcoinwisdom - select the weekly chart - and draw a line across the $370 level and see what coincides. Feels important right?
Do the same at $310, draw a line. Like a 100% retracement of last move? That would be a cool spot. Everyone who bought above $310 likely would have given up. No more selling pressure... For a while. Wait for the bounce and join the crowd after it looks like it's moving up.
If nothing happens, fuck it. There is so much else to gamble on - as you well know.
Last edited by Sanlmar; 01-15-2016 at 03:36 PM.
Thats good you are on Sonatine's tip. Now maybe you can explain to me that screenshot of an orderbook he posted and what was not legitimate about it???? Or is this the "content" that you talk about. "For a change".Sonatine has followed and read as much as anyone and posted a ton of news and opinions, for years.
Explain some Bitcoin nuance to us? Go ahead and post some actual content for a change.
Lol, "store of value". How's that working out today? Would you have recommended it as a store of value to someone last week?
Interesting you can't even access the servers to some of the trading forums right now. What a day.
I don't recommend BTC to anyone except when I told you guys to buy it at $50 but it only hit $55. I have no clue where it is going, but the problems Hearn pointed out are NOTHING new and do little to hurt Bitcoin as a store of value. Well, on a technical side, while they do spread distrust etc.
Nuance are many. You need to tell me what about it you don't get.
Most people just got from Hearn's FUD piece that Bitcoin is going down because it is broken. That is kinda laughable. Yea, the markets will react and build back up.
Bitcoin just won't scale without a serious overhaul in terms of the transaction throughput. I made fun of Micon for this years ago, because I understood how decentralization as a strategy/tactic is an expensive one. That has not changed. Idiots have said it can replace VISA. Not without some serious architecture change.
So what has changed? Hearn having new opportunities in life and backed from one of the most powerful societal groups in existence that likely led him to his blog post. If Bitcoin was so fucking dumb etc, then why the fuck is anyone listening to him now, when nothing has changed ? Think about it. You seem sorta bright at times.
He is one guy, who apparently introduced bugs to the codebase. He just follows around opportunities in life. There is even footage on youtube of a big banking conference where they're talking about this as it unfolds and talking about Hearn by name. It Bitcoin/crypto-currencies were such a joke, then why do such things happen? What about the RAND report? RAND didn't blow it off either although they aimed their report at crypto-currencies in general.
Look at it this way. If Hearn is such a smart guy then why'd he get into BTC to begin with? Like I said, nothing has changed. People have been talking about everything he said for well over a year now.
The funny thing is... all the shit Hearns complains about could be fixed and has been fixed in other projects. If those were to suddenly take off, you guys would have a mirror attitude. Thats what I was talking about, when I was referring to nuances.
"Oh a BTC developer said BTC sucks! THats the end for BTC." without even having a clue as to what the fuck is going on except having their minds made up already. Give me a break.
I hope it doesn't hit $300
https://www.reddit.com/r/Bitcoin/com...trategic_move/
This is interesting. At the very least, it shows that some people in the banking industry were well aware of NYT's publishing on this subject beforehand. I haven't tracked down the exact time stamps of it all, but it should at least give you some context about the FUD you are reading. (Which isn't all wrong, it is factually correct...)
It is a joke... but these guys are all concerned about it. Hmmmmmm.
Edit - This is also a big part of what makes this shit so compelling. You have old money type institutions and their minions legitimately concerned. (I didn't say scared, but concerned.) On the other side you have this group of crypto-geeks -> wider group fighting them to gain acceptance. I personally think government is needed to a large degree, but it is so wasteful. It also forces you to pay for immoral acts, or enforcement against your own source of income. (online poker)
Last edited by donkdowndonedied; 01-15-2016 at 04:38 PM.
If your only feeling about Bitcoin price occurred at $50 then what exactly is the point? Not price? Yeah, I think Bitcoin is a pretty cool idea too. I am pretty sure some other incarnation will surface taking advantage of this great idea.
The notion I took away from Hearn was exactly the question you keep asking, rhetorically. Nothing has changed and in this guys mind apparantly nothing will - at least for a long while. It appears we are pretty close to topping out on transaction throughput and there will be negative consequence to utility and cost. So it's value diminishes.
Even if the guy is just noise, sometimes bad news is ignored by traders and sometimes they respond to it. The news happened to hit after a nice run up and people just need an excuse to sell. Then the rest feel pain and you get capitulation. Good times.
I don't think anyone has ever said that Bitcoin wasn't clever and sometimes useful. I hate government so it is in my wheelhouse. This thread has been mostly about the bubble nature of this thing and the stupid value people place on it. It will be just as useful at $50 as $350.
Backlogs of unconfirmed transactions leading to reversibility isn't a problem?
Backlogs of unconfirmed transactions leading to reversibility isn't a problem?
It isn't reversibile if people stick to what has been suggested since I started following BTC. It is the same as it has always been but yes there are transaction backlogs. Yes, thats bad. No, that doesn't destroy BTC or the concept in any way. It means if you want to send someone $1, you might pay $.30 or whatever to get your transaction processed. I still send BTC every month or so and my transactions go through just fine. Anyone moving large amounts of money will take the suggestion on confirmations and it will be fine. These are the same rules people have always given. If you want to assume you've received your money before it is confirmed, then it is buyer beware like always. THat is the same for everything in life, except in the age of reversible transactions. (paypal/CCs/US bank accounts) In BTC, the more confirmations (blocks) the better.
You could look at the other side and say this is indicative of how far BTC has come. This is a growing up problem. While bad, it is also indicative of good things. (Growth)
The problem is there is a big trade off between decentralization and these other things. I find this subject quite fascinating. You could raise the blocksize to be really large and just throw out the concept of keeping it decentralized. Then you allow malevolent state actors to more easily cause problems.
Salimar - I agree with everything you said. What gets on my nerves is the "Oh I told you so". These posts are because of one blog post of information that isn't exactly new. It isn't like these people knew jack shit about what Hearn is talking about, but their take away from the FUD is exactly that, FUD. Just like Hearn intended. Amplified by the "mainstream media". (God knows how I hate that term)
edit - Wait, I disagree about utility in relation to price. The higher the marketcap the more liquidity etc which is needed to move in and out of the markets etc. Anyway, I think you'd retract that statement yourself if you think about it. Also the larger the price, the smaller the variance. This makes BTC based business far easier to handle when the swings are minor.
Last edited by donkdowndonedied; 01-15-2016 at 04:39 PM.
The heavy volume in USD-denominated trades drove the big price drop last week. China likely just came along for the ride given the lack of a comparable volume spike on BTC China. This is consistent with the "mainstream media" amplification in the U.S. contributing to the panic.
_____________________________________________
The heavy volume in USD-denominated trades drove the big price drop last week. China likely just came along for the ride given the lack of a comparable volume spike on BTC China. This is consistent with the "mainstream media" amplification in the U.S. contributing to the panic.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Anyone who read Hearn's blog properly cannot seriously think the price is going to go up in the short-mid term. Sounds like a complete disaster ready to happen IMO
BALLIN'!!
After reading Jeff Garzik and Gavin Andresen, the 2 of 5 bitcoin core developers who are on Hearn's side, I'm much less concerned. While they prefer a block size increase, it's not a critical issue and either course of action will ultimately be fine.
Gavin Andresen has stepped back from being involved, although I understand he is considering coming back.After reading Jeff Garzik and Gavin Andresen, the 2 of 5 bitcoin core developers who are on Hearn's side, I'm much less concerned. While they prefer a block size increase, it's not a critical issue and either course of action will ultimately be fine.
If the block size isn't increased the whole thing is going to reach it's limit soon? And the parties currently involved do not want a block size increase, in fact there is an incentive from China to stop btc growing it's user base.
I can't understand how the price has bounced back from $350
BALLIN'!!
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