Ok, so I get that the exchange rate between any side-chain unit and bitcoin can be "any deterministic function" with the obvious constraint that no more bitcoin can come back to the bitcoin-blockchain than left it in the first place. Additionally, as I noted above, Greg said: Part of what I want (pegged) sidechains to exist and be successful is so that I can spend less time telling people NO and more time telling them "Good Luck with that", without having to also be telling them to create something that competes with the bitcoin currency.
But I'm not sure that final clause is always true. What happens if a sidechain is issued with some fixed supply and some fixed exchange rate. Many of the IPO "2.0" coins use this sort of a model, roughly. Then if the side-coin becomes successful, BTC will move over up to the max supply issuance of the new coin. That part *does* boost bitcoin's purchasing power. But after that point, any further success of the side-coin in terms of purchasing power will not boost bitcoin, as far as I can tell. People would want the side-coin, but there's no built-in way to get it via bitcoin anymore, so at this point, it becomes the same as any other alt. That's indeed only one scenario, but it seems to me that much of what sidechains boil down to is just optionally providing a built-in means of exchange that's not really all that different, economically, than existing alt-coin exchanges? What am I missing?Emboldened is what I was getting at earlier. |
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the tenets that Satoshi did get right were the economic ones, mainly that of a fixed supply with a fair distribution.
the market has invested accordingly based on those. by allowing SC's to change or distort those economic assumption will cause confusion and uncertainty in the Bitcoin price.
we're seeing it right now.
I don't see how SC's can distort the original bitcoin fixed supply rules without being a total sham that no one will adopt. If side chains allow creation of new coins/tokens not originating through the 'two way peg' then why would anyone in their right mind use them? Edit: would appreciate an answer to this one please  Sidescams can propose any economic model they want, no different than altcoins. unfortunately, some ppl will be lured over to them and lose BTC. when lots of that activity occurs over years, then i will propose a truly revolutionary idea; let's totally separate these Sidescams technically from the main chain so as to not let ppl lose their BTC! everyone will then say, "great idea!" Yeah some people. Probably the same number of people who use altcoins. Any side chain is going to have the same problems as an alt. Noone will accept it anywhere - 'backed' 100% (or much much less) by bitcoin or not. At the same time bitcoin is achieving real utility as an online currency. |
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It will hit 250 by the end of the month im sure.
I'm bearish, but I doubt it will go that low in a week. There was a great deal of buying pressure that appeared when it went down to sub-300 briefly at the beginning of the month. I think it will test 300 again, but bounce up again. Just it wont bounce up quite as far as it did a week ago. That's my tuppence worth... So your prediction is down in a never ending bear market. Meanwhile every other metric in the bitcoin world points the other way. At some point the two will collide |
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the tenets that Satoshi did get right were the economic ones, mainly that of a fixed supply with a fair distribution.
the market has invested accordingly based on those. by allowing SC's to change or distort those economic assumption will cause confusion and uncertainty in the Bitcoin price.
we're seeing it right now.
I don't see how SC's can distort the original bitcoin fixed supply rules without being a total sham that no one will adopt. If side chains allow creation of new coins/tokens not originating through the 'two way peg' then why would anyone in their right mind use them? Edit: would appreciate an answer to this one please |
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bitcoin dead now at 356.6$
If it's dead now, how are you going to feel when we dip another $100? What are this week's lottery numbers? |
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If side chains become a reality their value is still presumably anchored in some way to the value of the original bitcoin blockchain. I.E there is no financial penalty to not moving over to the new (side)chain.
Is the blockstream (side)chain created empty, simply being comprised of locked coins flowing to and from the bitcoin chain?
Who is going to use bitstream coins online? Why would industry switch to a new protocol on a different chain when 0.5 billion dollars are invested in using bitcoin chain? In the future (now?) the vast majority of users will transact bitcoin in centralised wallet services, which are near instantaneous already. How is this functionally different in reality to people using altcoins at present. Instead of 'two way peg' between (side)chain and bitcoin chain, simply insert 'altcoin to bitcoin exchange'. Noone is currently using altcoins to do anything useful today.
If the blockstream (side)chain isn't created empty (or new coins can be created without bitcoins being 'locked') then it sounds like a great exercise in getting loads of bitcoins 'locked' from unsuspecting investors, then allowing early adopters of the blockstream chain (say the founders) to cash out back from the blockstream chain to the bitcoin chain.
Unless I am missing some giant innovation, I think this may simply fizzle out, especially if blocksize improvements occur soon. Would anyone more knowledgeable about this care to comment?
Edit: i don't buy the micropayments is needed for bitcoin success idea, i think that is niche and not really proven viable use case for btc (i could be wrong)
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Is this a silk road moment?
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Well i guess we can forget about that up trend now....  No. We are still on track. Just hold another couple of days. Still likely a shake out |
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...
It is documented on this very thread that I bought in at 301 or thereabouts with a big tranche of cash. ...
Not that I don't trust you, but how's about a link for the doubters? I am not going back to look for it but you can probably dig it out by using the date from the chart. I bought circa 301 and posted here (which i rarely do). The important question is, is this a correction before blast off? Or are we going to retest the low in some way. You know my guess Edit: shorts back up to 11,800. |
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Nagle is still posting bearish posts even today on the forum.
It must really hurt being that wrong about something. Even if it goes to zero this very afternoon, what a squandered opportunity!
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Somebody needs to keep these bulltards honest. Thank you NotLambchop
Thanks for the worthless commentary! this whole thread is about worthless commentary.  True. The spice must flow! |
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Somebody needs to keep these bulltards honest. Thank you NotLambchop
Thanks for the worthless commentary! |
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...
It is documented on this very thread that I bought in at 301 or thereabouts with a big tranche of cash. ...
It's also documented on this very thread that you were telling people to buy all the way down to 300. Lucky you yourself didn't have the $ to buy 'til that sell wall popped up, is all I'm saying Not that anyone should listen to any advice on this forum, but I don't tell people what to do. You are aware that most people have a portfolio of assets right? You think we are all in on btc (lol)? Myself I am gradually building as large a position as I am comfortable with (started in march/april 2013). Sure I will step in if i think the market is massively oversold as it was during the drop to 275. I am not able to time the market except in really extreme moves to trade with any success (learnt from past mistakes!) As I said, your motivations in trolling this forum remain shadowy.. |
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...bought at 300, sold out original stake at 399...
Every bull here bought @300 & sold at 400. ...while always being "all in." Your expertly timed paycheck cleared just as that 300 sell wall popped up. gg It is documented on this very thread that I bought in at 301 or thereabouts with a big tranche of cash. It is well documented on this forum I am a bull and long term holder. Your motivations are more shadowy |
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I'm buying with both hands. Wiring money over to buttstamp. Yolo
Hopefully we can hang on below 400 before my next purchase. Sounds like a safe bet. When r u planning 2 buy? When the salary clears. I tend only 'trade' when I see a big drop (bought at 300, sold out original stake at 399). I add monthly 5 - 10 coins as a 'dollar cost average'. Edit: Far more fun being a long term holder IMO. My job makes checking the price occasionally impossible for many hours at a time. |
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I'm buying with both hands. Wiring money over to buttstamp. Yolo
Hopefully we can hang on below 400 before my next purchase. Edit: hopefully a few more shorts opened up on that dump. |
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Bitcoin is over. Time to face the truth.
Stop talking your book you noisy troll. Pretty heavy volume. Any actual news or just the boys having fun? |
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One could suggest they are responsible for current price action.
... One could, if one was really desperate. You would know about desperation  I do. This thread oozed it ever since the bubble popped. Which of the numerous bubbles are you referring to specifically? |
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That would mean bitcoin at 74 by Jan 1st, 2013. Sounds quite possible.
So, what, like $500 by June, or something like that? Not June silly, November! Necrodigging is fun. $500 in November 2013 was such a funny joke back then, little did we know. Nice find! Great perspective for those who haven't figured out the pattern yet. All of this has happened before, all of it will happen again. Love battlestar |
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Sure an ETF giving access to investors (for the first time) who want to dabble in bitcoin in a tax efficient way will have no effect upon the price. That multi trillion dollar capital reservoir is not going to increase the price whatsoever. It is priced in!
Bears hoping for bitcoin to collapse and a) get rich on the decline, b) buy back in lower, are sounding a little silly now with recently outed bitcoin investors being a who's who of Silicon Valley entrepeneurs and billionaires.
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