[...] $9800 resistance should be too strong as the bulls are missing the firepower  Bulls have unlimited dollars while bears have limited bitcoins. Few understand this, but those who do are sitting comfortably. True, but don't forget about fractional reserve: do you believe every exchange plays by the rules by maintaining a full reserve? This is not the case and in fact by looking at the amount of BTC that are leaving exchanges this is becoming a big thing.But as you said, one day people will realize that their infinite dollars will not be able to buy limited bitcoins.  I agree that the exchanges are cheating, fractional reserves, front running, probably even allowing naked shorting to large whale members (or the house). But with even more fraction reserves they will attract the wrong type of attention, and true deep pocket whales with unlimited fiat will show up to rekt their tarders in a coordinated effort. The Bart moves and mega short squeezes will only get more intense. |
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I think all the bear trolling and attempts at scamming around Bitcoin is super weird. Go to any Precious Metals web forum and you never see bugs talking about TA charts, elliott waves, when to buy, when to sell, trying to call bottoms/tops, blah blah blah.
Interesting observation. Gold bugs are more at the preserving wealth stage. Coiners largely at the earlier hustling-to-get-wealth stage. The majority of the bugs I've seen on PM forums are self-admitted millennial age range, which blows a large hole in your statement. Unless you mean crypto tarders... who are in the hustling-to-go-broke stage. |
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With btc the KISS principle has always worked out pretty fucking well, and will continue to do so as far as I can see.
Buy bitcoin. Only sell if you absolutely have to. Like a loved one needs a kidney, or the bank is coming to repossess your house or some shit. In bear markets don't look at the price. Sometimes for years. Chill the fuck out. Don't think you are smarter than you really are, sure as fuck don't think you are smarter than the chaos that is bitcoin price movements.
Buy bitcoin. Don't stress. Don't sell. Don't be greedystupid.
I think all the bear trolling and attempts at scamming around Bitcoin is super weird. Go to any Precious Metals web forum and you never see bugs talking about TA charts, elliott waves, when to buy, when to sell, trying to call bottoms/tops, blah blah blah. Just "buy PMs when you like, and buy as close to spot as possible". They are just happy to be able to buy and hold, never to sell unless they have to. No talk about trying to get super rich with PMs, they just plan to hold for years/decades. And instead of panicking when the PMs price dips crazy, they instead talk about "backing up the truck". More people coming into Bitcoin need to think this way. |
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"oscillating difficulty adjustment" my Aunt Fanny. These leeches from bcash lol and soi disant bsv piggy-back on our security system - the mining network that was so carefully designed by satoshi.
As we mentioned, to run a sane business, you need to plan it out in some denomination of yearly (4 is good) cycles of investment and then profit.
These alts have second rate devs and third rate shills with no understanding of the great gift that satoshi sweated to produce; not the economics, not the game theory, not the incentive model.
The best devs gravitate to bitcoin, and do not muck about with such things, because it works just fine. Their prolific offerings of tweaks and layer 2 solutions are extremely carefully considered, and well worth the experiment. But they are optional and everyone concedes still in the reckless phase. You can indeed be a sovereign with an older version, but not with any of these ill-thought-out centrally-controlled muddles called bsv and bch.
The best supporters it hardly needs to be said can be found here and hereabouts, and it is an honour to observe with you.
To summarize:Shitcoin devs / fork devs: Butt hurt that Satoshi basically got it right the first time, Bitcoin TM works as intended and doesn't need any redesign to be the only digital money that the world needs. Also shitcoin devs / fork devs: Can't get rich off their shitcoin work because no one cares.  |
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Good interview, a bit more substantive than the usual cointelegraph fare... https://cointelegraph.com/news/defi-exec-believes-crypto-community-mostly-short-term-thinkersThe main thing that I think most people miss when they come to crypto is when they know they’ve worked in something on Wall Street or something on Main Street and they say, “Oh, my gosh. If I just take this and transport it to the blockchain, it's going to be the next big thing. All I have to do is take the best idea of how Wall Street steals money from people and deliver it on the blockchain, and I'm gonna be a billionaire.”
Thanks for posting this article, but after reading it I feel like Alex Mashinsky either still doesn't get it, or is like preaching to the choir. He also doesn't offer up any solutions of his own, only listing the current state issues. He talks a lot of shit about the community not "being proactive enough" in gaining mainstream adoption but I mean, where the hell has he been for the last 10 years? What does he personally plan to do about it today? For Mashinsky, the end goal of the crypto community should be “to create a new economic system.”
Uh, gee, thanks Captain Obvious? No shit, like that hasn't been the goal all along.  |
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Can't believe the hat crocs fad is still going on.
Me either dude, me either. |
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PSA - Hang around here long enough, and you see the patterns...  ...and they're all over Twitter and YouTube as well. Their ultimate goal is to win you over with their personality or tech knowledge, then eventually get you to follow them down the dark path of selling all your BTC near the bottom (with some crazy bearish BTC prediction), or dumping all your BTC for some fly-by-night shitcoin scam that they suddenly start promoting out of no where. They likely get kickbacks from someone to do this. Don't fall for it. Completely ignore these so-called "crypto experts" aka snake oil salesmen. |
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The more early coins get spent the better for Bitcoin in the long run.
Old coins hanging over everyone's head makes them more significant the higher the price goes.
When an old wallet is the GDP of a country...it affects many lives if someone finally decides to start spending their stash.
To play devil's advocate though, so you're saying that old coins are like a "sword of damocles" hanging over the heads of every person that buys BTC now and into the future? I call BS on that. Because wait until every 401K owner finds out that for every one of their favor stock-du-jour, some VC investor out there owns hundreds of millions of shares they got for fractions of a penny per share...that they can dump into the market at any time now or in the future. |
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One thing I do not see being discussed much is the level of opsec risk this entails. Adam Back get's it:  Even for some random dude from the mailing list back then... chances are they would not move coins this old without a purpose. Everyone talking about them wanting to spend the money on something is ignoring a fairly large issue. People who were mining back then, most likely mined at least dozens of blocks. We are talking about multimillionaires at today's prices. I think it would be very rare that this is some random 'Joe' who just mined a single block back in 2009, and just now decided to buy a nice car. It is more likely that the people who mined just one block have lost those keys years ago. No, the chances are better that this person has lots of bitcoin, and very likely quite a few much younger than these. If they wanted to spend 100k on some random thing they would be more likely to take the newer coins. If I were in their shoes I would avoid moving my oldest bitcoin until the price discovery era is over and doing so would be less of a shock. Also this person would likely also realize that they are opening up a lot of angles for the data miners, and "bitcoin archaeologists". And it comes at a potential cost to their own privacy. This person would have done this for a specific reason most likely. And I think the likelihood that it has more to do with the CSW claims than anything else is very likely. As it turns out faketoshi did list this address in their court documents as one he controls. And the pedophile claims he called CSW to ask if he moved this and faketoshi said no. Such a tangled web. So much fun to watch the weaving. Lol at all the bitcoiners losing their shit over this non-issue:  |
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Sad and humbling at the same time. Bitcoin has weathered a global pandemic with remarkable strength...yet look at the reaction this is garnering from moving just 50 coin.
One has to wonder at the timing of the move..sure seems to have cooled off the market in a quick hurry.
Pretty simple really, the constant smack downs are to prevent price from breaching $10,100. Because interesting shit starts to happen when it does. |
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Maybe someone should ask her to apologize to the public for that complete disaster of a movie called "The Crimes of Grindelwald". A crime against humanity is more like it! |
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A well known dude (@Davinci) is selling the house to buy bitcoin with proceeds (surprisingly, wifey is on board, apparently). https://twitter.com/Davincij15/status/1260243620956954624Reactions? A timely move or not? To me, maybe too much risk inasmuch as having a shelter has more meaning than just an investment. In fact, I never thought about the house as an investment, but more like as a place to live without getting bothered by a greedy landlord. Never bet the house. Because if you lose, then you don’t have a house. Sold my house. Put all the money from the sale toward BTC at around $660. Bet the house. Sold my stock and 401k. Put all the money toward BTC @ ~$700 cost average. Bought the house (free and clear). Still buying BTC, gold, and silver. 10/10 would do all over again. Remember: every second that does by, money printer goes brrr, and that (worthless) paper currency in your wallet or bank gets more and more worthless. You're entire net worth shrinks every second you are in currency only. |
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She is a billionaire. We don’t need to give her financial advice She doesn't need to bother asking the poor pleb masses what Bitcoin is, because she stopped caring about 3 seconds after she asked (while admittedly inebriated).
FTFY |
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https://twitter.com/jk_rowling/status/1261396891784413185"People are now explaining Bitcoin to me, and honestly, it’s blah blah blah collectibles (My Little Pony?) blah blah blah computers (got one of those) blah blah blah crypto (sounds creepy) blah blah blah understand the risk (I don’t, though.)" Unbelievably short sighted person She's richer than most people in the 1% let alone the rest of the population. And she didn't make her money with investments, she's a fiction author. She has very little motivation to learn other than a passing curiosity I'm sure. Bitcoin isn't designed for people like her, it's designed for the rest of us. She'll condescend and tune out the people that care about what Bitcoin is, but she'll sure as shit listen intently as her financial advisor tells her to "stay away from Bitcoin" and "herp derp just buy stonks". |
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Reality check:
The issue now is, without significant and rising buying pressure (volume) by numerous whale traders, the exchanges can just double their fractional reserve efforts with no real change in price.
That is, price will stay flat until the *real* underlying exchange float liquidity is challenged by constant, high volume buying pressure.
I think we'll continue to see more volatility,crazy barts up and down, etc., but no real change in price until the next rally....whenever that is. Right now traders aren't really flocking in, and haven't been back en mass since 2017.
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sketchy exchanges crashing/going offline before you can liquidate,
you mean like Coinbase yesterday? Yep. Pretty sad that one of the supposed *premier* Crypto exchange brokers in the world can still go down like that. After all these years, it's still flaky and suspicious behavior from them. Dare I say criminal? |
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Moral of the story: Stay the course, stay in Bitcoin, don't give in to shitcoins.
If he held on to Monero and sold near the top, he would have done just fine. Moral of the story: if you dump Bitcoin for a Shitcoin, be impeccable in your timing and choice. Yeah, but really tough to time that. Most often they sell way too soon, or hold through the crash. Plus there's almost no liquidity in shitcoins to get the price you want, sketchy exchanges crashing/going offline before you can liquidate, exit scams, etc. |
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Lol at the second poster zhalox. Here's the 2011 "I'm gonna stay in Bitcoin forever and I'll be rich someday" post: Are you currently putting all your money into bitcoin? If you say this, you show you believe it by your actions. I am putting all my money into bitcoin - I see a possibility of $50-$100+ per coin this year. Just think, once the "bankers" and hedge funds find out about this, we are going to the moon. Once my bitcoins are $1,000+ I will be able to pay off my growing college loans and maybe get an apartment, and my first car
...followed by the 2015 "I've dumped all my Bitcoin for a shitcoin" post: I personally favor Monero, since it's the anonymous encrypted internet money that the original Silk Road users once thought Bitcoin was, and is the world's first true digital cash. As a Bitcoin miner & trader since early 2011, I have loved it and still do for various things, but unfortunately Bitcoin is already legacy (e.g., Netscape Navigator). If you want true next-gen Bitcoin 2.0 cryptocurrency / digital cash, Monero is the new kid on the block (e.g., Google Chrome alpha/beta). Monero / XMR isn't a fork of Bitcoin but rather rewritten from the ground upwards, is fungible, untraceable, anonymous, & scalable (and they fixed the block size problem too), and some Bitcoin devs are updating Monero's code which gives it credibility, as well as multiple Ph.D. cryptographers. I've converted my BTC funds to XMR and don't plan on going back to legacy (except when necessary using services such as https://xmr.to). The free market shall decide...Moral of the story: Stay the course, stay in Bitcoin, don't give in to shitcoins. |
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I say you should only use credit to earn money, not to spend it.
Borrowing to spend on unnecessary luxuries like cars and phones is silly unless they are essential tools for earning money. Even then there are usually cheaper options that don't require borrowing.
Of course most people have been brainwashed by lifelong propaganda:
student loan, diploma, employee job, credit card, car payments, mortgage, overtime (or 2nd job), overpriced holiday package, designer clothing, etc.
They think borrowing and buying is the normal thing to do.
It's become so normal and prevalent in the U.S., that no one even questions it anymore. They get indoctrinated by observing what their parents and grandparents are doing with debt *cough* credit. Never mind the fact that assloads of debt that can't be paid back is what is making their parents and grandparents completely miserable. |
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