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The Bitcoin Thread (price and other bitcoin related topics) - Printable Version

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RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-22-2019

(12-22-2019, 06:57 AM)ChicagoFire Wrote: ^^ Monero has that privacy feature for private criminal activities. Just checked the price and it's a whopping $46. Go figure. I remembered Samseau going gaga over this coin.

If you all think America is going to get back up on its feet I got bad news for you. The upcoming grand solar minimum will lead to the earth cooling down for the next few decades. There's already crop failures. This will make the Middle East volatile once again. Cue in America to the rescue. America's enemies could come in and strike. Maybe Gen Z will turn things around, maybe they won't. I am keeping this short so I can move to my point:

Crypto benefits from disorder. I think crypto will gain acceptance from the mainstream or even a country adopting it as its currency once America collapses. There's been discussions that Etherum smart contracts can be used for this exact purpose to deal with foreign governments so individuals that are fed up with how our system is run can seek asylum.

With all that being said, I could be wrong about America collapsing (doubt it though). I won't back down on investing in general. Crypto, real estate, gold, etc has its benefits.

I did not see the word bitcoin in your post, once.

Maybe when you refer to "Crypto" you are referring to bitcoin?

Fuck monero and ethereum.  They don't really have the sound money aspect that bitcoin has, and the extent to which bitcoin is not correlated to possible downfall - or reversingly correlated is still to be seen.  

Hopefully, we are NOT going to experience Armageddon anytime soon because I have my doubts about whether Armageddon would be good for anyone, such as bitcoin or anyone else, even "crypto," whatever that is?


RE: The Bitcoin Thread (price and other bitcoin related topics) - billydingdong - 12-22-2019

ChicagoFire Wrote:^^ Monero has that privacy feature for private criminal activities. Just checked the price and it's a whopping $46. Go figure. I remembered Samseau going gaga over this coin.

This is misinformed. There are a lot of reasons that privacy features are critical if crypto (including Bitcoin) is to gain widespread adoption that have nothing to do with criminal activities.

Example 1: Personal safety. If I transact in Bitcoin (a non-private coin), you can trace how many Bitcoin I have in my wallet. This exposes me to theft, kidnapping, scams, blackmail, and other dangers.

Example 2: Commerce and negotiations. Let's say that my company is negotiating a large contract with a critical service provider. If the counterparty is able to obtain information about how many coins are in my address (as they are in Bitcoin), then they would be armed with information to act strategically and gouge me for a higher price.

(12-22-2019, 03:57 PM)JayJuanGee Wrote: Fuck monero and ethereum.  They don't really have the sound money aspect that bitcoin has, and the extent to which bitcoin is not correlated to possible downfall - or reversingly correlated is still to be seen.  

The 'Bitcoin as hard money' is a great meme but probably the biggest myth out there.

There's almost ZERO evidence that revenues from transaction volume alone will adequately incentivize miners for securing the Bitcoin network over the long term.  For this year, transaction fees are less than 3% of total miner revenue (the other 97% coming from block rewards to miners, AKA new Bitcoins minted, AKA inflation).

Monero, Ethereum and newer coins have taken a smarter approach and long acknowledged that these block rewards to miners are likely a necessary evil for securing the network. That's what the evidence so far overwhelmingly suggests.

For those that prefer actual analysis over shit tier commentary on Twitter, you can read a more detailed explanation of the hard cap problem in this blog post.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-23-2019

(12-22-2019, 05:57 PM)billydingdong Wrote:
(12-22-2019, 03:57 PM)JayJuanGee Wrote: Fuck monero and ethereum.  They don't really have the sound money aspect that bitcoin has, and the extent to which bitcoin is not correlated to possible downfall - or reversingly correlated is still to be seen.  

The 'Bitcoin as hard money' is a great meme but probably the biggest myth out there.

It's not a myth... so stop trying to act like a myth expert.. or is it a meme expert that you are purporting to be? Tongue Tongue

(12-22-2019, 05:57 PM)billydingdong Wrote: There's almost ZERO evidence that revenues from transaction volume alone will adequately incentivize miners for securing the Bitcoin network over the long term.  For this year, transaction fees are less than 3% of total miner revenue (the other 97% coming from block rewards to miners, AKA new Bitcoins minted, AKA inflation).

As stretch for you to be attempting to make your pie in the sky speculation concerns about sufficient miner incentives as a question that potentially undermines bitcoin's sound money.


Sure there are a variety of aspects to bitcoin's sound money claim, and scarcity is one of them. You are whining because bitcoin is too scarce in the future, so your concerns seems to be more about longer term security rather than the actual reality of an actual scarce asset. Your solution for such problem is to argue that bitcoin should be less scarce in order to fix its purported long term security issue. You theory makes little sense, but sounds good as a speculative talking point about something that is likely a hundred years to see if it really becomes a problem.. and sure, you can argue that the reward is going down a lot faster than one hundred years, then in that case it becomes way the fuck more likely that we are going to see a problem (if there were one) before one hundred years and consider whether such currently non-existing problem turns into a problem in the future.

Anyhow, seems a bit dumbass to continue to go on and on and on and repeat your arguments about a problem that currently does not exist but you speculate that it is going to exist and to presume that there is no fix to such a simple ass problem if it were to become a problem. Which it is not (Am I repeating myself, yet? Rolleyes )


(12-22-2019, 05:57 PM)billydingdong Wrote: Monero, Ethereum and newer coins have taken a smarter approach

Get the fuck out of here with your desire to pump that quasi-centralized nonsense and try to act as if either one of them is even close to bitcoin in terms of soundness and security.. current and/or future..


(12-22-2019, 05:57 PM)billydingdong Wrote: and  long acknowledged that these block rewards to miners are likely a necessary evil for securing the network. That's what the evidence so far overwhelmingly suggests.  

Yeah... good luck with those crap coins and your choice to invest in them... based on pie in the sky claims that are not likely to materialize, especially with ethereum trying to figure out if it is even going to be able to transition its scam 1.0 to scam 2.0 while keeping afloat.... You are going to need a lot of luck if you are hoping that investment can continue to be pumped under such circumstances of obvious smoke and screens attempting to cover up blatant holes, including lacking in any meaningful ability to share in mining and reward mining.. Oh? wait? They don't need to reward miners because they are moving to another scam idea, aka proof of stake, which is to turn the whole fucking scam into a pyramid scheme with whatever fucking corruption and weird incentives that come from those kinds of manueverings of stake.. and hoping that the whole thing does not come crashing down. So, now, scurry off and go talk about how great those two shit coin projects are in some other thread.

(12-22-2019, 05:57 PM)billydingdong Wrote: For those that prefer actual analysis over shit tier commentary on Twitter, you can read a more detailed explanation of the hard cap problem in this blog post.

Oh great.. you have a place in which you can analyze your shit ideas... So, go run along, now.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-23-2019

Here's a nice little tweet that highlights the number of bitcoin death proclamations by year


https://twitter.com/lopp/status/1208685877951635457



Quote:

>>>>>>>
[/url]

Jameson Lopp

@lopp

[url=https://twitter.com/lopp]




Bitcoin obituaries proclaimed per year:
2010: 1
2011: 6
2012: 1
2013: 17
2014: 29
2015: 39
2016: 28
2017: 124
2018: 93
2019: 40<<<<<<<<


Also shows the underlying article/website that has links to the death proclamations of each of the years.

https://99bitcoins.com/bitcoin-obituaries/

The perpetuators of these dumb-ass bitcoin is dead or about dead claims should be embarrassed by now, especially with the facts likely going against them, and also Lindy effects working against them, too, but of course, they are likely not embarrassed at all.. .


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-25-2019

Merry Christmas, Swoop the World members.

Here's a nice tweet of a chart that shows bitcoin's ultimate demise as a bubble... and accordingly compares bitcoin's price dynamics to other assets, including previously known bubbles.   On the other hand, many of us are going to recognize that bitcoin has a much more interesting zoomed out appearance, and many of us are still sitting pretty pretty, as long as we did not get to maniacally focused on the short term.

https://twitter.com/100trillionUSD/status/1209455953587974144

[Image: EMjZxndXUAIKODf?format=jpg&name=small]


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-26-2019

Can't complain about this little holiday chart, right?  The chart seems to show that the amount of the BTC price rise after the halvening is quite a bit reduced from the price rise of the previous halvening.  Maybe even 1/3 the size.... which would only indicate about a 1,000% or even less of a price rise after the halvening.   Is that what we get from these numbers?

https://twitter.com/Bitcoin/status/1209521632261398528

[Image: EMkVg75XsAAwZy3?format=png&name=small]


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-27-2019

Apparently, last week YouTube removed more than 100 bitcoin and crypto videos, and now is asserting that "mistakes were made."

https://decrypt.co/15590/youtube-to-deleted-crypto-video-sites-oops-we-screwed-up


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-27-2019

Here's an interesting tweeted way of phrasing the bitcoin marketcap dominance issue from Jameson Lopp.

https://twitter.com/lopp/status/1210267110829625348
Quote:>>>>>
[Image: Ti3zmF2L_bigger.jpg]
[url=https://twitter.com/lopp][/url]Jameson Lopp
@lopp

Bitcoin market cap dominance (a highly manipulable metric of questionable value) rose nearly 20% throughout 2019, extending and doubling the gain seen in 2018. The combined market caps of the thousands of altcoins does not even reach half that of Bitcoin.
<<<<<<<<>


[Image: EMu7hPHW4AI4J_x?format=jpg&name=small]


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-27-2019

Here's a great tweet from RhythmTrader:

https://twitter.com/Rhythmtrader/status/1210353731159646211

Quote:>>>>>>>
[Image: 5-amQlS8_bigger.jpg]
[url=https://twitter.com/Rhythmtrader][/url]Rhythm
@Rhythmtrader

Bitcoin doesn't compete with:
- Local banks
- Credit cards
- SWIFT
- PayPal/Venmo
- Any company

Bitcoin competes with:
- The Federal Reserve
- European Central Bank
- People's Bank of China
- Bank of International Settlements

Lightning Network is a different story though



[Image: 1f609.svg]

<<<<<<<<<<<<


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-27-2019

Interesting development in Japan that might be similar to Lolli and Fold


The Japan situation is a bit broader in terms of allowing for shitcoins otherwise known as ethereum and bcash.

https://www.theblockcrypto.com/post/51482/japans-amazon-rakuten-now-allows-users-to-convert-loyalty-points-to-bitcoin-ether-and-bitcoin-cash


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-27-2019

Here's some nice tweeting "perspective" phraseology with a glass half (full/empty) picture, too.

https://twitter.com/100trillionUSD/status/1210653170210357248

[Image: EM0aoyeWwAIUSn9?format=jpg&name=small]


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-28-2019

Here's an interesting assertion in an article from today about the hash ribbon converting to a buy signal... suggesting that bitcoin is bullish... 


https://libr.co/the-most-lucrative-signal-in-bitcoin-history-just-flipped-buy/


Here's a tweet discussion:

https://twitter.com/caprioleio/status/1210713524693024768


RE: The Bitcoin Thread (price and other bitcoin related topics) - Daryush Neubache - 12-28-2019

Quote:Bitcoin competes with:
- The Federal Reserve
- European Central Bank
- People's Bank of China
- Bank of International Settlements

Anyone who believes this is insane.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-28-2019

(12-28-2019, 08:38 PM)Daryush Neubache Wrote:
Quote:Bitcoin competes with:
- The Federal Reserve
- European Central Bank
- People's Bank of China
- Bank of International Settlements

Anyone who believes this is insane.

Apparently you don't understand what bitcoin is, and yes, the amazing aspect of bitcoin happens to be its soundness of money, which makes it a competitor of those systems and very powerful in that regard, in the event that bitcoin continues to develop and be adopted in that direction .... and the signs, so far, for anyone who is studying the space, continue to point towards bitcoin progressing in the macro money direction.  

Sure it is both insane and actually amazing, and that is why there continues to exist a certain high level of passion regarding the intensive aspects of the whole project... and that is likely why bitcoin's value has gone up so amazingly in its so far 11 years of existence, along with a large number of competitor wannabes that are likely NOT going to be able to touch the insanely amazing aspects of bitcoin.  Go figure.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-29-2019

I cannot recall if I provided this visualization earlier; it's a graphic of the major bitcoin forks, as of July 2019.

I am not sure how much it matters - except maybe sometimes to understand that some shitcoins have their origins that are somehow connected to bitcoin or maybe a fork of a fork of bitcoin.


[Image: A-Map-of-Bitcoin-Forks_V2.jpg]


Here's the underlying article that had contained the graph and discusses some of the different forks that might have had some connections with bitcoin's origin story in terms of base code or some other bitcoin heritage, for whatever good that does to know such information.  

https://www.visualcapitalist.com/major-bitcoin-forks-subway-map/


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-29-2019

Here's a tweet of a nice perspective, too.

https://twitter.com/100trillionUSD/status/1210984765739941888

Quote:

>>>>>
200 week moving average has never gone down, currently increasing at $150 (3%) per month<<<<<<<<

[Image: EM5IOOcXYAEeSqb?format=png&name=small]

In other words, bitcoin has continued to be a great long term return on investment, even though past performance does not guarantee future results.... dyor, ymmv, btfd  Wink


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-29-2019

About 10 days ago, bitwise sent a letter to the SEC in order to reiterate why it believes that a BTC ETF remains an important consideration.
 

https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-6563974-201035.pdf

Article commentary:

https://finance.yahoo.com/news/bitwise-reiterates-commitment-delivering-bitcoin-150052523.html?guccounter=1&guce_referrer=aHR0cHM6Ly9iaXRjb2ludGFsay5vcmcvaW5kZXgucGhwP3RvcGljPTE3ODMzNi41MTM5MDA&guce_referrer_sig=AQAAACgzvJaHgywK-yXdOR_6f12i8m8WkGTxKvr1c1AwtYpn89Rp9gWLscx7NazbSfbNpLcApTR-5kTJlNS1Lm8WVoLKZcq3Mqdde6Xiz8yoVsWq3kuTzrEWx96_uGN3P0j2rHpI0EGt62VK9K-NfjsoE_DkR97Thng6k5e6od6Y7RDE


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-30-2019

In the opinion of the author of the below linked article, four signs that bitcoin is on the verge of a bullish trend.

https://www.newsbtc.com/2019/12/29/three-indicators-suggesting-bitcoin-price-verge-bull-trend/

Of course, take with a grain of salt, dyor, ymmv, btfd.


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-31-2019

Good detailed article from today giving a lot of great analysis regarding short, medium and long term BTC price resistance points.


https://medium.com/coinmonks/bitcoins-increasing-price-resistance-uphill-short-and-long-term-36ab6f74e61a?


RE: The Bitcoin Thread (price and other bitcoin related topics) - JayJuanGee - 12-31-2019

Here's a good bitcoin article from a couple of days ago from Nic Carter.

https://medium.com/the-bitcoin-times/the-cat-is-out-of-the-bag-fc1344c46bc1