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All my finex coins lent out..
Hopefully we see a battle of the whales soon..
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Drifting higher. Almost all my coins are lent out on bitfinex although the swap rate is tosh. Thanks for the interest gamblers  |
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You could be right octaft.
Anyway pleasantly surprising to see us drift higher this weekend.
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Another inflection point, and it's looking less bearish that I would like. This may go up to about 380$ during the next days.
Never thought I would see a positive comment out of you  |
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A year ago, we had the start of the China-driven bubble. China has exchange controls; it's hard to get money out of China.
For a few months, Bitcoins were a safe, easy, legal, online way for people in China to get money out of yuan and into dollars and euros.
Then the People's Bank of China cracked down on Bitcoins. The bubble popped. It took a while to run down, and now it's over.
Are you as sure as you were in 2011? |
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It's affirming to every now and again do a show/hide on ole' shroomporkchops and see you did in fact make the right call.
It is difficult because interspersed in the drivel there are occasional comments worthy of merit. |
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isolated actors =! the majority, troll
Please don't quote him. |
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Why would otherwise sensible silicon valley venture capitalists invest so heavily in an ecosystem as small as bitcoin without evidence of user growth, or invest at all if 'the big fundamental fact' was bearish?
He answered your question in the very post you responded to. Bitcoin services can make money off fees regardless of the price. For that matter, investors are not infallible, and at the same time understand the potential for some of their investments to be flops. Can't hit a homer if you never swing. VC investment is of the order of $400 million dollars in the last 24 months for a currency with a market cap of 5 billion dollars. That is massive investment compared to the size of the current userbase and economy. That is investment with expectation of growth. Frankly this place is becoming a doomer echo chamber. Don't be so dramatic. I'm not calling for doom, I'm just pointing out that A) charging fees for helping others transact in bitcoin is a much safer way for investors to profit and B) while investors never expect their investments to fail (or else why would they invest?), they are prepared for the possibility. That includes investments in bitcoin. I think the point is the size of the investment relative to bitcoin adoption and use now. It will take a long time to recoup 30 million dollars from a bitcoin wallet company with no users. Venture capitalists throw darts at a wall in the hope a few will strike gold. But 400 million dollars is an awful lot of darts. |
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It's not used to trade goods and services. Or at least, it's used only marginally for that. Most of it's use comes from speculation, trading other currencies with it, that's why I said it's financial tool, an asset. Bitcoin is a vehicle for transacting other currencies, but it's not a currency itself. It could be a currency, but presently it's certainly not.
Sorry to disagree but it is used to trade goods and services. I buy take away with it once a week. I could buy a new laptop with it on dell, or a hotel on expedia. It is supported by the transactions on the dark web with items priced in bitcoin only. There is a large component of speculation in the price but i am not sure why that is relevant, given the global forex market which speculates with >4 trillion dollars in currency units exchanged per day, with global gdp being only 100 trillion dollars a year. When you buy something with it, you're not buying it with bitcoin, but with fiat it represents. Goods are priced in fiat, not in bitcoin. That's why I say it's a tool for transacting a currency. What you're doing is when you buy a laptop you're sending your fiat via bitcoin to a retailer. Purchasing power of bitcoin comes from fiat, bitcoin is just a way of transaction, but not a currency itself. Think about it. Your argument seems to morph with each rebuttal Dark web, lol. That's all you got? No but you ignored everything else when I proved that bitcoin is a currency by your own metrics. Anyway real life intrudes. |
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I respectfully disagree, we will not ever see 100 USD again, that is if we ever see it fall below - that would be the end of crypto. But this will not happen in a thousand years.
I do not know whether the price will go below 100$, but it is not impossible. The current price is basically the result of three major surges in demand: (1) Jan-Apr 2013 (that increased the price by about +125$, from ~15$ to ~140); (2) Oct-Nov 2013 (increased by about +660$, from ~140$ to ~800$), and (3) June 2014 (about +150$, from ~450$ to ~650$). The first two events left the price at ~800$ in Jan/2014. From Feb to May the price fell by about -350$; the most likely cause is partial loss of the demand that caused bubble 2, the only one that seems large enough to cause such a drop. That would explain also the continuing drop since Jun/2014 (by about -300$). If bubble 2 (only) deflates completely, the price may fall to 275$. A partial deflation of the other two bubbles would be enough to take the price below 100$. I suspect that bubble 1 is Chinese too, but in the special economic zones, and perhaps with a different demographics from bubble 2. I still don't have a clue about bubble 3, but I see signs that it may be deflating too. These are mighty strange bubbles. They never fully deflate and keep blowing bigger and bigger! |
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Why would otherwise sensible silicon valley venture capitalists invest so heavily in an ecosystem as small as bitcoin without evidence of user growth, or invest at all if 'the big fundamental fact' was bearish?
He answered your question in the very post you responded to. Bitcoin services can make money off fees regardless of the price. For that matter, investors are not infallible, and at the same time understand the potential for some of their investments to be flops. Can't hit a homer if you never swing. VC investment is of the order of $400 million dollars in the last 24 months for a currency with a market cap of 5 billion dollars. That is massive investment compared to the size of the current userbase and economy. That is investment with expectation of growth. Frankly this place is becoming a doomer echo chamber. |
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JorgeStolfi is the most sane, reasonable member on these forums.
I am still waiting for your prediction of prices to be sub 250 last month to come true. I might have been wrong about minor short term price movements, but I've gotten the big picture right. I.e.: I understood that price, generally, would head down. That's not impressive though, since any sane observer could see it coming. We saw a tiny DCB a couple of days ago. I think we might go sub 300 by the end of November though. Probably sub 250 by January. With quite a few DCB's along the way. I wasted five minutes of my life reviewing your entire post history last week. Big picture lol. Edit: need i remind you that less than a year ago you were calling for 10 to 100k prices for bitcoin. |
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It's not used to trade goods and services. Or at least, it's used only marginally for that. Most of it's use comes from speculation, trading other currencies with it, that's why I said it's financial tool, an asset. Bitcoin is a vehicle for transacting other currencies, but it's not a currency itself. It could be a currency, but presently it's certainly not.
Sorry to disagree but it is used to trade goods and services. I buy take away with it once a week. I could buy a new laptop with it on dell, or a hotel on expedia. It is supported by the transactions on the dark web with items priced in bitcoin only. There is a large component of speculation in the price but i am not sure why that is relevant, given the global forex market which speculates with >4 trillion dollars in currency units exchanged per day, with global gdp being only 100 trillion dollars a year. When you buy something with it, you're not buying it with bitcoin, but with fiat it represents. Goods are priced in fiat, not in bitcoin. That's why I say it's a tool for transacting a currency. What you're doing is when you buy a laptop you're sending your fiat via bitcoin to a retailer. Purchasing power of bitcoin comes from fiat, bitcoin is just a way of transaction, but not a currency itself. Think about it. Your argument seems to morph with each rebuttal |
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JorgeStolfi is the most sane, reasonable member on these forums.
I am still waiting for your prediction of prices to be sub 250 last month to come true. |
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correct, you told the fact! bitcoin is more likely going to $300 and lower
Sssh fallling. Jorge how much of the VC money invested in bitcoin in the last 24 months originated in mainland china? Why would otherwise sensible silicon valley venture capitalists invest so heavily in an ecosystem as small as bitcoin without evidence of user growth, or invest at all if 'the big fundamental fact' was bearish? I think you will be blindsided for bitcoin moves out of the 'dark' and is gradually globally legitimised as a store of value and a transactional currency. You will probably change your mind when central banks like the PBOC change their stance to it in the coming years. Of course by then it will have moved up in price (and distribution) considerably. |
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In the context of an 11 month bear market we have rising btc adoption, rising transaction volumes, rising merchant integration and astonishing VC funding into bitcoin companies this year. Fundamentals seem pretty bullish to me.
<snip> Wallet numbers are rising. This is perhaps faked with a service like blockchain.info but not at coinbase who have to follow KYC/AML to the letter. |
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It's not used to trade goods and services. Or at least, it's used only marginally for that. Most of it's use comes from speculation, trading other currencies with it, that's why I said it's financial tool, an asset. Bitcoin is a vehicle for transacting other currencies, but it's not a currency itself. It could be a currency, but presently it's certainly not.
Sorry to disagree but it is used to trade goods and services. I buy take away with it once a week. I could buy a new laptop with it on dell, or a hotel on expedia. It is supported by the transactions on the dark web with items priced in bitcoin only. There is a large component of speculation in the price but i am not sure why that is relevant, given the global forex market which speculates with >4 trillion dollars in currency units exchanged per day, with global gdp being only 100 trillion dollars a year. |
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The whole point of bitcoin is to squeeze the most fiat and the most profits out of it. Only bag holders and cultists don't seem to understand that.
I don't think you understand bitcoin at all. No, you don't. But don't listen to me, you just hodl, while others make money at your expense (I'm talking real money, like dollar, euro, pound) I am guessing you are a young man with few assets. I wish you good luck trading up your holdings. All I can say to you, wealth is not measured in bitcoin, it is measured in dollar (and other fiat). You're not wealthy how much bitcoins you have, you're wealthy how much dollars they're worth. So what you are saying is assets can be priced in different currency units? What if one doesn't live in the US? That's why I said other fiat in parenthesis. Just something is priced in different currency units doesn't make it same as them. Bitcoin is an asset, financial and speculative tool, but not a currency. Why is it not a currency? |
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I see many people thinking this way. Maybe it will happen just because of it, like self fulfilling prophecy?! In June there were awfully many people in these forums chanting about "moon soon". This had to change, and it did. Now we have awfully many bears chanting the opposite. This has to change by the nature's law of conservation of irony. Great opportunity to acquire more coins at a fairly good price. |
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Wonder what's happened to his BTC, hope he had enough time, maybe out on bail before prosecution to put them in cold storage & hide them somewhere in preparation for his release one day?
He is a flight risk and not released on bail. |
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