Bitcoin Forum

Hi,

Bitcoin failed to stop manipulation and control the mass down.

is this suicide / killed by any factor like bitstamp, bulls, difficulty etc., ?

just curious to know from bitcoin socialist.

Killed by the 90% of the stupid day-trading sheeps that had their coins at centralized exchanges for years, in Mtgox, Bitstamp, etc. And by the over-the-night CEO/COO, C-my-ass dragqueens like Ver, Karples and other scammers. At no point in the whole history there was a system subjected to such scams, thefts, sheer incompetence and stupidity. And think well, just the recent 19k btc is a big portion of whats currently in existence.

Otherwise bitcoin is good to go.

no socialits and no bitcoin bull here.
 
Inflation killed it. Inflationcoins are a disgrace. Bitcoin is a disgrace.

I'm extremely bullish for low inflation coins.

Bitcoin will stay down and we'll see a frenzy craze for the good rare and scarce types. People are going to fall over each other in the hurry to get their worthless bitcoin exchanged for something that can hold value.

Still time. It hasn't really begun yet.

You really don't do any research, do you?  Pirateat40

http://spectrum.ieee.org/tech-talk/computing/networks/sec-charges-texas-man-with-running-bitcoin-ponzi-scheme

You know what is killing the price? It's the 3600 new coins daily that are sold immediately to pay for hydro.

In my opinion, it's as simple as that. All 3600 coins need to be bought daily and then some for the price to go up. Supply is outpacing demand.

Sooner than later all mining farms will fail due to low BTC prices.  HObby miners can mine even if the price is $10.  Once the mining farms die things will get interesting.

Agree. It is better like this. Let the Bitcoin mining companies go bankrupt so we can mine again and have fun.

neo9436 is dead on, too much supply.

For the most part the miners are having to sell everything they mine to pay for expenses, hopefully this shakes out the mass of miners as the price is too low to turn a profit for most.

Personally if I was going to be a miner, I would of had the capital to mine and hlod for 5-10 years, selling some along the high points but hoarding for the long term and retiring early.

We keep forgetting that bitcoin does not need money to live, you do, but not bitcoin. This is also a difference between bitcoin and a traditional financial instrument like a stock or bond. Those things do need money or they will crash and leave the issuer insolvent. At that point a stock could be worthless. Not so with BTC. As long as two people on Earth are using it the system will work fine. I'm one... Anyone want to second that?

At $200 a BTC, that's $720,000 USD of new money that needs to be injected into BTC daily to keep the price where it is at.

I'm glad this is happening and I hope the price continues to drop below $100. All these big mining farms will disappear, we can buy in cheap and mine for fun again. I don't see the price going up until the next halving at the least.

Bitcoin needs a constant money supply to support the operation of mining computers.

me ;-)

still waiting for single digits :-)

Which can also be phrased:   No incentive for consumers to buy and use Bitcoin.

The real problem is this.  The 'real problem' isn't the 3600 coins dumped by miners.

We are 6 years into this, and consumers still don't give a flying f** about Bitcoin, and have no incentive to buy it.

That is the real problem.  Lets focus on solutions for that instead of whining about the miners selling coins.

-B-

You're absolutely right, nothing can be done about supply so demand needs to be addressed.

The price dropping will eventually lead to more demand, but then we will be right back where we are now without new solutions.

 ::)

*cough* ... well ...

Well what? Supply will halve in another year, until then....

After that year it's still too high supply to sustain a high marketcap.
Give it 5 years. You socialists are going to stagnate with this coin for years because you all love your inflation so much.
Bitcoin isn't a commodity at all. Hoarders go broke. Shortsellers will have the upper hand for years.

It was only able to briefly run up to that bubble-price because of its novelty. That's over now. Not going to happen again. Now you have to deal with your inflation.

A whole year of bearmarket topped off by an epic crash should start make you think about the fundamentals.

Compare Litecoin charts. They are even worse.

All you see there is the impact of the inflation. Why else would it have been unable to preserve value?

If bubbles based on novelty are the only thing that gives the token value it will be looking grim for the future. The high inflation delivered a major blow to this new technology.

Many of us thought about the fundamentals pretty deeply 3 or 4 years ago. Nothing's changed, except massive development and expansion of the ecosystem.

wow @ despair

 :P

Obviously you didn't think 'deeply' enough or lacked knowledge.
The higher the marketcap the bigger the impact of the inflation.

The inflation was leading to centralisation in mining and an unhealthy miningindustry.
Miners to this day are a big factor in the market. Miners have too much power in the market - that's what it comes down to.

Miners' influence on the market this late in the game should be much less - or else: see what you get here.

But people have been calling this for months now.

Someone is paying the bill for the inflation and it is the longterm holder as his holdings are devalued. So in the end nobody wants to hold it longterm because it's loosing money. So there is also no adoption for it because people hate to loose money, so they don't use it.

This.

True. But it worked fine when bitcoins were $0.06. It may not support the big mines with fancy ASICs, but bitcoin does not care about them either. It's kinda like gold. Most of the time gold mining is not profitable and most mines close. When the price goes up they open the mines again.

the fundamentals of bitcoin allowed for this big miningindustry and hashpower in the first place.

Compare here:
https://bitcointalk.org/index.php?topic=918068.0

All the incentive to miners and no incentive to investors (other than its novelty).

Bitcoin is just inefficient and a black hole for investors money. It uses huge electricity and supports far too big miningindustry.

Sure, Bitcoin works best when it's 6 cents, i would agree on that.

Bitcoin was never intended to be regulated through centralizations such as Bitpay, Coinbase and the famous exchange. Im sure Satoshi is revolting inside his anonimity as we speak. It was supossed to be cash 2.0, not fiat 2.0. We need stuff like Coinffeine more than ever now. Trusting exchanges was never a good idea.

Sure 3600 a day is a big problem. Not...
You're aware that just the four biggest exchanges have a total average trade volume of over 100k btc a day i hope?

Again, it's just like gold. When mining gold was panning in a stream it was easy. Now you must buy a 10 million mine and equipment. Gold pays for all this, until the price drops and they close all the mines. It's a brutal business.

All incentive to miners? I have never mined or sold a bitcoin, but I have made huge profits. And I never "invest" in bitcoin.

"tradevolume" is not "demand"

"price multiplied with inflationrate" (3600) gives you the costs of operation of the network for every day. That's the money wasted to electrictity.  

That's the fundamental number that ultimately puts a ceiling on the price. So the price of bitcoin is not unlimited in potential - it is limited by when constant demand equals or is greater than the costs of electricity/mining.

So an inefficient coin like bitcoin will not fly. An efficient one will.

The higher the price the bigger the mining-craze the higher the hash, the higher the costs. Giving miners this large share is the demise of btc.

100k btc a day of volume doesn't mean there is new money coming in to support the price...

Uno is same pow-algo as btc but runs on 30% of the electricity bitcoin would use on the same marketcap. Uno community found all this stuff out months ago.
You're welcome to join. The coin was fairly distributed during its inflationary stage that is pretty much done now after 1.5 years ... in case you'd be looking for a real cryptocommodity to store value in ... much less volatile too, despite the small marketcap. Would be extrmely stable coin on high cap i think. It's what 'scarce' should look like.

I'm holding, man. It's a sleeping monster. People will discover. Current price is a bad joke. But markets will turn rational in the end.

you people don't realize: you had millions and billions invested and this shitcoin burned it away. That money will not come a second time to the coin named 'Bitcoin',  which is only known for its volatility, use in drugmarkets and delusional community.
You will probably not see a new ATH with this coin. It had its 5 minutes of fame. Let it rest in peace. You're just annoying the hell out of everyone with advertising the shitcoin.

+1

pretending to 'think deeply' doesn't change your charts. The charts are proof your 'deep thinking' is worth jack shit.
Stop with the bucket-bong, you deep-thinking potheads.

Some serious hating going on here. lol

Arent you the idiot who tried to scam Pankaj ?

It's grim in here. Feels like Despair has arrived.

The 'deep thinkers' and fanboys are the same who advised people to hold during a 1-year-bearmarket and subsequent crash.

'Scammers' is what we call them.

Oh I think they are spot on. It's the fundamental utility of bitcoin that I look at also. The price is a function of a bunch of amateur speculators. The utility is what has attracted smart money. The fastest, safest and cheapest payment network is worth billions.

There are an awful lot of newbie accounts posting that bitcoin is dead today.

Whatever you say. You specifically have been seen to advise people to hold and buy all year long. You, sir are a failure.

3 years ago, I thought bitcoin had a 1 in 100 chance of main stream adoption.  Today it's 50/50 in my book.  Maybe better.   I don't think the price going far below the "cost of production" is a good thing to celebrate though.  Chip manufacturers will go out of business, etc.

Bitcoin is ready for a cartel to move the price up  I believe.  ;D

You're a noob trader and lost money. Get over it. ;D

Maybe surprises you but i didn't even loose money - i just lost time with this crap.
Your insider business with these coins is of no importance to the rest of  the world.
What rages me out are these dumb-smart know-it-alls who still think they can post here their bullshit after being wrong all year without any repercussion.  

http://qph.is.quoracdn.net/main-qimg-2ca1cb64c73f16605ec2d717a4fa781c?convert_to_webp=true

You tokeen tu mi ?

Not sure where you get that. I do not advise ANY speculation. But if this is failure, bring it!
I have spent more than 10 times what I bought. I buy guns, vacations, electronics, camping gear, dinners, pounds of gold, etc. The trick is having a strategy and the discipline to follow that strategy. I don't just make it up as I go. I have specific mathematical formulas for buying when the price is right and I never put in money that I need elsewhere.

So let me get it straight.

You are mad because you spent a year watching the price of Bitcoins fall and rise and fall and never even engaged in any form of interaction with the coins.

BUT

You want the people who did interact with bitcoin to pay or suffer some form of repercussions for your 'lost time spent watching others trade' ??
What kinda logic is that ?

You think one can have authority on Internet ?
Come on, get over it.
Trading BTC is a zero sum game. The money you lost is in other traders pocket, that's the game, you knew it.

If you'd spent your time on building a business or reputation instead of trading, you wouldn't have wasted your time.

That's "Taxi Driver" man.   Wrong script, but points for effort.  ;)

Simple point.. Well put!

Just to point out how much of an IDIOT the OP really is, for the above statement the OP left me a Negative rep... so now any of you guys can teach this idiot sob a lesson.

FYI : He really is a scammer.

Grow & Learn to renew your domains on time :P

or cry and left -ve feedback for other members. lol

his domain bitcoinbazzar.org , .biz also available now. if anyone registered it, you call them as scammer ?!

faceplam

BTW: This thread is not about your bullshit memory of your friend, leave comments on my related thread available on this forum.

You are comparing apples to oranges.  People are not going to run large scale mining needed to secure today's network at a loss.  You can't compare that to a few people running CPU's or GPU's.  Mining profitability is a major issue for Bitcoin survival.

I totally agree that no one is expected to act unless there is a profit motive. But that is how it scales. When prices are high it is worth the investment in equipment. When they crash hard and mining is not profitable, some mines will close. Because of open competition we should always be at about the lowest profitable transaction fee. That may not be enough for a large scale mine, but it will be enough for someone.

Single digits for high cost miners and diff...the reality!

Rich pedophile lures boy into cave with promises of adventure.
General degeneracy and crimes against nature ensue.

Well in that case why dont you sell his domains back to him ? Why are you rather blackmailing him ?
You are not only a scammer but an opportunistic thief, sure you own those domains now, and you could have resolved the issue like a matured person, instead you resorted to personal attacks. Moreover my involvement in this issue was almost zero but that was until you left the idiotic feedback on my trust page.
By the way, why dont you stop telling people what to do and go and learn the basics of english grammar first ?
Your original post makes no sense at all.

The question is whether it will be enough to secure the whole network to a sufficient level that people will use it.  Very difficult to predict how this will scale.