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Hey guys we have to be negative and bash bitcoin constantly on here. It is a doomer troll bear market, remember?
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Transaction times eh? You see a lot of complaints by the users do you?
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Because there are almost no users. According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" ( https://en.bitcoin.it/wiki/Scalability) Average doesn't mean maximum. Visa is capable of handling 30,000 tps. Thirty thousand transactions per second. Bitcoin can only handle seven transactions per second. Not seven thousand, just seven (7). Good luck, new world currency  Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison! 7 transaction per second is hardcoded into Bitcoin. Adding more hashpower/infrastructure/whateveryoucallit won't change that. Nothing short of a hardfork (basically making a new coin) would. P.S. Never use the word "nascent" unless to mock it--it's even gayer than "disruptive technology." Bitcoin already had several hardforks. The next one to increase the blocksize limit will be no different. A hard fork can be & do anything, it's basically making a new coin. Many major players don't want this hardfork. Which part of my post do you disagree with? Yes and the proposed hardfork will increase the theoretical TPS and allow the block size to scale. Not sure why you don't get this. |
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Every rally is just short covering. Basically short every bounce
You keep saying this but it is entirely inaccurate. You are aware that bfxdata shows the BTC swap interest as public data? Short interest remains just below the all time high. |
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Transaction times eh? You see a lot of complaints by the users do you?
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Because there are almost no users. According to Bitcoin wiki, Visa alone "handles on average around 2,000 transactions per second (tps)" ( https://en.bitcoin.it/wiki/Scalability) Average doesn't mean maximum. Visa is capable of handling 30,000 tps. Thirty thousand transactions per second. Bitcoin can only handle seven transactions per second. Not seven thousand, just seven (7). Good luck, new world currency Comparing a nascent payment network with the largest payment gateway provider in the world is a great comparison! |
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So what are we guessing the bottom lies? 255? Or do we push higher and retest 300 first?
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Last three posts are the most obvious altcoin shilling troll posts I have seen for a bit. Jesus. we should launch a campaign asking for everyone to put in their signature "boycott bitcoin"
I agree.
Bitcoin has become pretty much the opposite from what it stood for initially.
I can only hope people will realize they are getting scammed and invest in the NXT best coin.
bitcoin is a shitcoin with mental disorder and dillusions of grandeur.
The hard-fork issue shows:
-nobody cares about decentralisation
-nobody cares about the wider userbase
-nobody cares about consensus
-bitcoin is malicious and fearful towards altcoins
-the bitcoin community is greedy as hell
Time to burry it. I have started to boycott it because it has failed already with the high inflation and i perceive it as cancerous to the wider altcoin industry. Lunatics thinking it would be worth more than the current cap are just that, lunatics.
It is overhyped and overvalued and has fully lost its way. It's in no way what it should have been.
The fork-issue and long bearmarket has shown us the real face of that community.
I convert my btc to alts and fiat. Fork you!
Bitcoin needs to end. Crypto can not evolve or even survive with bitcoin in place. It needs to go.
People need to demand the end of bitcoin and start to boycott it. It's time.
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Price going down because of the tps limit... i don't so. But one thing for sure is that if bitcoin aspires to one day grab hold of all the credit card companies market shares, this limitation needs to be seriously addressed
Which is exactly what the hard fork proposes with a scalable block size. |
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or instance, if the price would have stayed at 200$ for the first part of 2014, then it would have slowed down mining expansion and that would have meant less cost for the network and less selling pressure. Biggest buyers of coin jumped in too early and only exhausted their resources in paying the overheated and senseless mining network.
Congrats on selling @1061$! But if price was 200$ and less miners switched on because of that how would that mean less selling pressure? Please be more specific The more people spend on producing coin, the bigger the sum will be that they want back to earn ROI, and the only place that they can draw money is from the market, meaning from the pockets of speculators. So, the speculators have to put more money into the market, then the miners take out, to keep the price rising. The miners can accumulate and wait, but most of them can do it for only as long as they can operate with a loss, by paying their loan, work-hours and electric bills. If the bitcoin network costs a lot to sustain, then someone has to pick up the bill, and the final bill will be payed by the speculators. Sounds great. But actually the market sets the price of a bitcoin - not miners. If miners cant mine profitably then they go out of business, regardless of how much money they spent on 'producing coin' and someone else does instead. Over the longer term the bitcoin network only costs what the market will bear, nothing more. |
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<I sold at the top you fools!>
What is rather strange is that you sold right at the top of the last bubble with perfect timing, then didn't bother to register your account until three months later. Why are you still here? |
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Or it's falling because 3600 coins a day are released and there's obv not $1 mil/usd flowing into the market on a daily basis to buy those coins. The price of BTC needs to fall ALOT more before it stops falling.
This is going to happen for another year and a half! then even once they halve it will be 1800 coins/day which is still alot for another 4 years! This pig ain't going anywhere for the next 5-10 years
That completely makes sense. Obviously there is not enough capital flow coming in, thus driving the price down. All the new coins being generated daily are being dumped on the open market and if there is not enough buyer, miner are pretty much willing to let go as low as possible in order to convert all that to usd. Furthermore, very few ever put into consideration how cheap electricity are in certain countries which we all thought was 280,the level for miners to break even, but that was obviously not the case. Jesus the IQ's on here.. |
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<doomer alert>
Let me guess, you are wearing a placard saying, 'the end of the world is nigh (sell bitcoin)'? |
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Has this source been corroborated or is it just a dodge website?
This is not a ripple forum.
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OK, the market is flat. I can accept that. But the volume figure looks completely made up.
It is pretty common knowledge on here that Chinese exchanges with no fee trading have meaningless volume which is easily faked. High volume attracts clients. Is it any surprise that volume on Chinese exchanges is manipulated higher? |
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This is what you call a frustrated bull. Trying to give the impression that the coin is pumping. We'll meet at 250, you abortion!
Even a cursory glance at the chart shows a complete retracement of the earlier dump on finex and stamp. |
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Two points. It isn't in miners interest to sell coins at ever lower prices, certainly not in multi thousand coin tranches very suddenly. Simply looking at the price and corresponding volume on the charts tells the simple story that the price is being driven down by heavy selling that is not interested in obtaining best price.
The problem is that miners have real expenses in $$ (or other fiat). They have to cover that. Well, they can work at loss for a while, but sooner or later they have to pay the bills. Of course, mining can be a way of acquiring coins ; it is a different way of *buying* coins. But when it starts to be cheaper to buy coins than to mine them, it would be totally ridiculous to spend your $$ on mining, while you can get more coins buying them. In any case, whether you spend your $$ on mining, or you spend them on buying coins, that is fiat that is flowing into bitcoin. So it doesn't matter. You can abstractly consider that a miner "sells his coins to himself" if he's holding them. Normally, the mining cost is close to the market price in any case. You are entirely wrong saying bitcoin has one fundamental price support, it's use as a nascent currency for medium of exchange. In fact speculation (hoarding) as a store of value with sound money properties are the main source or value and probably will be for decades.
People will flock to bitcoin once the price rises and re enters a bull market again. The trigger could be a price point which cannot be breached by colluding whale traders or some exogenous event.
You give the exact reason in your second paragraph why your first is wrong. If it would be right now a fundamental of bitcoin for people to "store value in for the long term" (so, WITHOUT the idea of getting more out of it than the economic growth, which is what stabilized sound money brings you ; so WITHOUT the speculation on seigniorage), then those people would not "wait for a bull market". A more or less flat price would be good enough for them. It would be a STORE of value, and not a means to GAIN. Point is: 1) last year bitcoin has been going down for the whole year: you must be a nutcracker to "store value" in something that is loosing value on the short term so much 2) bitcoin only exists for 6 years ; you must be a nutcracker to store value for a much longer time in something that even didn't exist for that time. 3) bitcoin is NOT YET "sound money" with an inflation rate of about 10% So all these reasons indicate that it is totally absurd to consider - at this moment - bitcoin by any measure a "store of value" for the long term. I agree with you that "store of value in the long term" is ALSO a fundamental. It is most of the price of gold, and part of the price of real estate. But right now, for bitcoin, that doesn't make any sense. There's no long term proof of faith (like gold and real estate). In order to want to put value in a "store of value" you want to have long term faith in its ability to KEEP its value. First of all, bitcoin is too young, and second, bitcoin has shown for more than a year that it can go down severely. However, and that is what your second paragraph indicates: people buying into bitcoin do this for *speculative* purposes: to get much much more out than they want to put in. To "go to the moon". That is nothing else but the "greater fool" principle. "greater fool" is NOT a fundamental. It is a strong price component... until the bubble bursts. Once the belief in "greater fool" is gone, it's gone. Your reply is too long to break down as my time is short. Your first reply regarding miners entirely missed my point. Miners have no financial interest in smashing the price in a manipulative manner by selling huge tranches of coins in a single sell. They have costs (although we know that many are either VC backed or have significant fiat reserves and sell OTC instead) but a business which relies upon selling a commodity generally wishes for the best price when they sell it. Unless of course they are trying to drive other miners out of business - this is a possibility but if the price falls much lower then the bitcoin ecosystem will be harmed for some time, which in turn will damage mining companies prospects over the longer term. For the second point. You do not seem to understand that bitcoin has very little current or past usage as a medium of exchange for goods and services. It has algorithmically exponentially falling inflation with each block reward halving. Yet the price has rocketed up from 0 to where we are today in only a few short years. This despite an inflation rate much higher than now. How is this? The calculation amongst holders that buying now and previously will result in future gains. Why, when inflation will still be ~10% until mid 2016 and the block halvings are four years apart? Clearly because of two things IMO. Firstly there will only ever be 21,000,000 coins. And secondly 10% inflation sounds a lot but is it really? Obviously we are in the depths of a bear market but the reality is that even then adoption of bitcoin is rising significantly more than 10% a year. It will continue to rise more than 10% a year and therefore anyone buying now (barring unexpected disaster) is highly likely to have an advantage over those buying later. You are focussing on the price and saying that because the price is falling adoption is failing and bitcoin is dead (points at last year on chart). You miss that this has happened several times before and yet we are still here several orders of magnitude higher in price  |
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PS. I suppose you view those funds as good things. Well, I have a very negative opinion of them: they are trying to sell bitcoins as 'safe fabulous investments' to people who do not understand what bitcoin is, and therefore do not understand the risk. In fact, I believe that the funds are even riskier than bitcoin itself. See SMBIT suspension of redemptions (withdrawals). Have you read the "risks" section of the Winkles' filing? Have you read the GLD prospectus? |
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Look like the avalanche is set to fall..
Still just a pretty pathetic 3000 coins to 300. |
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Or it's falling because 3600 coins a day are released and there's obv not $1 mil/usd flowing into the market on a daily basis to buy those coins. The price of BTC needs to fall ALOT more before it stops falling.
Actually, there was, as long as many of those buyers thought ("greater fool") that it was going "to the moon soon". Now that it is clear that the moon is at about 400 000 km still, that flow is drying out. You're willing to pour in a few $ 1 million a day if you think you'll get out 5 or 10 times more in 6 months from now (not realising that this means that people will have then to pour in a few $ 10 million a day, thinking that they will get out 5 or 10 times more 6 months from there, which means that they think tht people will have then to pour in a few $ 100 million a day .....). The absence of rally in november and december made these people realize that the flow of greater fools was drying out. The only fundamental price support is by necessary demand, for buying stuff (as a currency) for instance. Until last year, bitcoin's price was essentially determined by speculative "greater fool soon" hopes. These are gone now. Two points. It isn't in miners interest to sell coins at ever lower prices, certainly not in multi thousand coin tranches very suddenly. Simply looking at the price and corresponding volume on the charts tells the simple story that the price is being driven down by heavy selling that is not interested in obtaining best price. You are entirely wrong saying bitcoin has one fundamental price support, it's use as a nascent currency for medium of exchange. In fact speculation (hoarding) as a store of value with sound money properties are the main source or value and probably will be for decades. People will flock to bitcoin once the price rises and re enters a bull market again. The trigger could be a price point which cannot be breached by colluding whale traders or some exogenous event. |
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It is actually funny looking at the finex chart today. A single 3000 dump to drag the price down 10 dollars.
A quick glance at the order book and I see that a single 3000 buy would take us right back up to 300.
Real life calls. Trolls/alts/doomers you can have the thread back.
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