The Bitcoin Thread (price and other bitcoin related topics)
(08-18-2020, 08:50 PM)bootknocker Wrote: Ok I'm write one last thing and be done bc some of you guys seem to think BTC is invincible compared to the other "shitcoins" well if you know BTC then it's obv that it's not. If you don't know or believe in one of the many things I'm referring to then you haven't research enough or completely delusional or both.

"BTC is invincible"....I don't think that's the correct word. "Antifragile" is more appropriate. It's a call option on the future. Do you see central banks maintaining the house of cards they have created? Perhaps for a time. But in the long run the house of cards will fall....Bitcoin is the strongest horse in the race.......and offers an alternative monetary system.

If you're referring to a 51% attack....that is likely not to happen as the BTC network continues to grow. I believe ETC (a shitcoin) recently went through one of these attacks.

Can other protocols exist alongside Bitcoin....sure. But the protocol with the largest network will provide the greatest value in the long term. Shitcoins can provide huge gains in the short term (no one is arguing that). However...if you get dumped on it is likely some these projects will never return value. Set targets and remain disciplined if you decide to gamble on some of the alts.
Here's a link to a nice little bitcoin magazine article in regards to taproot from about a week ago.

I cannot recall posting this article or this angle on the taproot topic.

Building On Taproot: Payment Pools Could Be Bitcoin’s Next Layer Two Protocol

Here's a little section from the article, too:


Quote:Taproot, a potential upgrade to the Bitcoin protocol first proposed by Bitcoin Core contributor Gregory Maxwell, is in its late stages of development. The technology consists of a clever combination of crypto-tricks that would let users hide complex smart contracts inside regular-looking transactions — the complexity is only ever revealed if parties to a contract are uncooperative.

Leveraging this idea, Bitcoin Core contributors including (but not limited to) Jeremy Rubin, Antoine Riard, Gleb Naumenko and Gregory Maxwell himself have been speculating about a general concept referred to as payment pools, joinpools or coinpools. These pools — we’ll stick to calling them payment pools for now — would let groups of users share ownership of the same coins (technically: UTXOs) as recorded on the Bitcoin blockchain, while letting any of these users make (or receive) payments with them. As the group and its individual members “hide” in a Taproot structure, all of them enjoy more privacy, smart contract flexibility and other benefits… and they potentially even enjoy these benefits off-chain, making payment pools a new Layer Two solution.
Bitcoin is unironically king. I posted in the shitcoin section my moonshot....and there will be many. I think only a few crypto will ultimately last the test of time. King Bitty being one of them. I own ETH, LINK, RSR, but my biggest holding is good Ol bitty. Nothing else is decentralized. TEAMS AND FOUNDERS. Satoshi can't be shut down.
Can't resist this visual, boyz.

[Image: PgySEfe.gif]

The below one is a nice little fantasy, too:
(08-19-2020, 09:15 PM)AmericanAnon Wrote: Bitcoin is unironically king. I posted in the shitcoin section my moonshot....and there will be many. I think only a few crypto will ultimately last the test of time. King Bitty being one of them. I own ETH, LINK, RSR, but my biggest holding is good Ol bitty. Nothing else is decentralized. TEAMS AND FOUNDERS. Satoshi can't be shut down.

Actually LINK is very unequally distributed, so I would be cautious with it. Buy back at lower prices and always check the LINK/BTC charts not LINK/USD charts
Oberma......$1000 EOY...."Didn't read never selling!"
(08-21-2020, 10:09 AM)Kangaroo Wrote: Oberma?

Oberma = Obermarschall (a fellow member of this here forum)

Also, regarding the price that AA (now banned, likely for different reasons) had mentioned seems to be related to a shitcoin, and thus off topic here, absent some, at least, attempt to connect the subject to bitcoin.

Regarding bitcoin's current price dynamics, we see to be in a kind of range of testing upwards resistance (in the supra $12k arena).. but still at the same, we have been consolidating too.. or maybe more accurately within a mini-correction - that may end up being deeper and longer in terms of potentially testing $10k support (even though the price might not get down that low - or stay there for very long).   There seems to be a lot of ongoing buying pressures in BTC... and of course, I am always thinking that more purging of froth is healthy if it were to happen in the shitcoin space - even though I am not really sure if such purging of froth is a condition precedent in order for BTC prices to continue upwardly in another passing of the ATH and of course further into a range that may be quite a bit beyond the expectations of many nocoiners, fence sitters, bitcoin naysayers and shitcoin pumpeners.

I had already suggested that I did not believe that we were really going to be safe from 4 digit BTC prices until we get above our 2019 high of $13,880, which would thereafter put $17,250 within range of the next resistance level.

Of course, much of these ideas are in the realm of speculation - which is part of what we do here... as well as point out that guys should be considering their BTC plan and putting it into practice.
Of course, when BTC price dynamics change, there can be all kinds of theories regarding where value is placed, including changes in price dynamics of related assets - and the below Coindesk piece from a couple of days ago speculates on a potential lessening demand for stable coins.

Stablecoin Demand May Drop if Traders Abandon Bitcoin ‘Cash and Carry’ Strategy
For some guys who might be itching for more ways to spend their BTC - on small ticket items, low transaction fees and even earn some fees back, Stripe seems to provide some possible ways to accomplish these objectives with some new lightning network releases coming available.
Here is a link to a quite biting article, and hopefully many of STW guys are on the right side of history, regarding this matter.

Why The Yuppie Elite Dismiss Bitcoin

Quote from the article:

Of course, this will all change as Bitcoin’s mechanics continue to play out, making Number go Up.  In time, everyone will have to face the painful realization that their reasons for writing off Bitcoin were wrong.  Because of the dynamics at work with the yuppie class, it may take longer for them to come around to Bitcoin than with most new technologies or trends.
There is some decent analysis in the below-linked Zerohedge article from earlier today - regarding bitcoin and gold and the strategical limitations in which governments can go in terms of their attempts to regulate or ban them.

Bitcoin Versus 'The Man'

There seem to be some things that seem a bit off or incomplete in regards to the angle of the analysis.. and I cannot quite place it - but still a thought-provoking piece.
Going to expand on the thoughts I shared on the crypto thread:

Bitcoin is the strongest horse in the race. Ethereum the second strongest horse. If you can get decent positions and hold throughout the span of the bull market (1-2 years) the gains can be life changing.

It takes discipline and patience to cancel out the noise of crypto twitter, "insanneee gains", and the next shiny moonshot. But my belief is that you will beat most other investors in this space with discipline and patience.

The strategies to adopt:

-Build Buy and hold positions
-Set predefined targets to sell (if you plan to sell)
-Buy fear
-Embrace and understand that volatility is natural in this market.

Altcoins can generate large gains, but risk should managed with much smaller positions. My focus has always been to increase my BTC stack as it is my thesis that this has the potential be a global reserve asset in the long-term (decade+).

I find it funny how much activity takes place on the crypto thread at resistance relative to support. Just check the December timeframe on the roosh forum.

Being a contrarian is always wise.

Winklevoss twins making their case for $500k Bitcoin.
Diehard Bitcoiners are jumping the shark.

From the article:

Quote:Elon Musk already plans to put humans on Mars (including himself) and recently won the contract to launch the aforementioned NASA Psyche mission. Since 1997, NASA has successfully landed four rovers on Mars. It seems entirely plausible that Elon Musk, the founder of a private aerospace company (SpaceX) and a tunnel construction company (The Boring Company), will be able to put a machine on an asteroid, drill a hole, and retrieve the extractions back to earth within his lifetime. Even a semi-credible effort that foreshadows this long-term inevitability will crater the price of gold.


Rather have my chips in DeFi which is proving utility and gaining insane adoption on Earth, right here and now.
Bitcoin has proven utility dingdong.
(08-30-2020, 12:20 AM)Nolimitz Wrote: Bitcoin has proven utility dingdong.

For sending + receiving. And, at that, just barely.

With a max of 7 tx per second and no plans to improve the protocol, it doesn't scale for anything resembling a global payment network.

At this moment, it's becoming painfully clear that smart contract functionality and programmability matter in order to enable a broad ecosystem of financial transactions from lending/borrowing to exchanges to stablecoins, and derivatives.

The adoption and opportunity is very clearly elsewhere.

And that point is underscored when Bitcoin's prominent investors are putting forth the silly possibility of Elon Musk mining gold on asteroids.
I disagree.
I bought Bitcoin today. Would love to pick more up on a dip to low 10's (big IF there).....if you experienced 2018, March, this is business as usual. If you don't have a position yet and are reading this, quit trying to time the bottom......still very early in the cycle.
I notice there tends to be unwarranted gloating by the "BTC maximalists" here when there are mere, unimpressive recoveries still far below the highs, and utter rejoicing at the buying opportunities when BTC is periodically dumped.

Are there any actual BTC millionaires here?  Affluence SHOULD be a goal after all instead of merely enjoying the dopamine ups and downs of the fluctuating price.
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