But I think the best explanation for Bcash drama is the idea that Bitmain is just squeezing profits from their own equipment, so this is why they've created a new SHA256 network. They are also playing with difficulty adjustment periods - when BTC difficulty increases, they switch to Bcash and vice versa. Before Bcash there was no major SHA256 coin to do this.
that was just a short term game plan which was super profitable with their EDA hack on BCH and they milk it as much as they could before it was removed. the long term game plan is that they have created demand! as a business it is sometimes not enough to have the supply (ASICs) you also have to create demand (ASIC buyers aka miners). and creating a new copy of bitcoin which they could mine and make profit was that demand creation. |
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Satoshi Nakamoto 2008 bitcoin paper!
not exactly a direct thing but page 4 section 6. Incentive is talking about how new coins are created and it is comparing it with mining gold and how those finding blocks by using their CPU and electricity are like gold miners.
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It has reached the point where a few miners have turned off their rigs as mining is no longer profitable for them, or switched them to other coins.
you say this as if it has actually happened. but it has not. it is only in theory that they say miners may turn off their rigs if .... you can check the hashrate charts if you like. this is the hashrate of past 6 months versus the price:  it looks a little messy because i used photoshop to change the color of the price line to make it look different. you can see the charts here: https://bitinfocharts.com/comparison/bitcoin-hashrate.html#6mhttps://bitinfocharts.com/comparison/bitcoin-price.html#6mas you can see the price has been going down but the average hashrate has been rising instead. the fluctuations are normal, they don't exactly show miners turning off anything. they are common all over the chart. |
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BCG has 21 billion supply
BCD has 210 billion supply
For sure I can compare their market cap as the price of the latter is expected to be 1/10 of the first to have the same market cap.
Supply number is irrelevant information taken alone, even more than market cap.
you misunderstood my reply. i did NOT say you should use supply on its own. i am just pointing out that using market cap is wrong because manipulating supply is easy and when you do, the market cap is also manipulated. {snipped}
I did not understand why I can not compare two companies on this criterion?
This is just the right criterion for comparison. What is the problem?
you keep repeating the word "company" in your comments but these are NOT companies and that is why you should not use the characteristic of a company (market cap) for altcoins. these are altcoins. and for an altcoin it is easy to create it and its supply. it is as easy as clicking a button to copy a whole project and start your own with a different name but everything else the same. a company can NOT summon shares out of the CEO's ass. but an altcoin can pull billions of supply out of the developer's ass. and that increases the market cap of that altcoin by that much. and in case you forgot: market cap = supply * price |
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i don't think this news had anything to do with the rise. there is a lot going on right now that such news from India is lost among them. and this price level has been resilient enough so far that causes the bounce back on its own without needing any news.
not to mention that the Indians have proven they don't care much about what their government and banks say. they have lost their faith in them a while ago. i remember we had the same drama last year too and bitcoin price went about 40 to 60% higher in India than in USD markets because people were buying bitcoin more even though there was a shortage of bitcoin over there.
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I would like to find out what the sentiment on this is... some people are considering a triple bottom situation in which we'll not dip much further below the $5k range, and the beginning towards the next bull period will start, or at least a good rise if not necessarily reaching ATH without further big dips. Let's say testing $10k after a triple bottom, would do, then followed by a dip, then going for ATH.
Others say triple bottoms are like unicorns and it will just not happen, it's too rare, so we are going lower.
It's now or never, if there is a triple bottom, formation must happen rather soon, time for a poll.
Bulls are still managing to hold onto the $6,000 level for now, so we can't rule it out. But in terms of predictions, I'm in the "unicorn" camp. I've never really seen triple bottoms work on any instruments I trade. I also wouldn't consider $5K and below a triple bottom. That's 16% + below the first bottom. But if we hit that range and see signs of accumulation, it could play out as ProwdClown is predicting in his thread: https://bitcointalk.org/index.php?topic=4466954.0Maybe the theory of miners not leaving Bitcoin go below $6,000 is real? remember that there is this big rumor of $6,000 being the price in which miners would start losing money. What dumb miner would sell their Bitcoin at a loss? I think this may be true after all. They will keep it above this range until bears give up, then the rest will FOMO back in. it doesn't really have to be true! what else so far has been true that caused some rise or fall in bitcoin? i say so little. the market is mostly excited by the news and speculation. sometimes in a bad way and sometimes in a good way. so far people seem to have come to consensus about $6000 to be the bottom. and they have all sorts of reasons for it. from it being "triple bottom" to it being "threshold where mining becomes unprofitable". and that has been enough to keep the price up there because of the strong buy support that has shaped up. |
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to some extend yes.
and i say it because i have witnessed cases that i can not explain any other way but calling them whale manipulation.
for example when price was $10k and the market sentiment was not negative at all and price had a tendency to stay above it and even rise more. by that time we kept seeing big sell orders take place. for example price went up a little but a big dump took place in 1-3 orders that crashed it. and that continued until price successfully went below the strong buy support at $10k.
what i saw on exchanges can not be explained other than whale manipulation.
but of course when the initial dump is done and price is successfully broken the market will do the rest. the other investors trying to "stop loss" and get their money ready for buy back, the panic sellers panic selling!....
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I agree. I don't understand why people buy when the prices are high. Maybe they buy becaause they get hyped by people saying it will reach $50,000, $100,000 or even $200,000. Many new investors get hyped so easily while old investors look for the bottom price before they buy. If we all do that then we will all get profits instead of losses.
because most people have no idea what they are doing! most of them don't even know what bitcoin is and some don't even have a bitcoin wallet. they go on an exchange, buy and hold there out of fear of missing out, until they panic sell. they don't have to exactly do it at the peak. they do it on the way. for example they buy at $14200 then sell at $14000 then buy back at $14500 and so on. |
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it is just like Tom Lee, McAfee,... all over again. they call a dumb high price that is not going to happen in their time frame and these other group are calling a dumb low price that is not going to happen at all.
in the end they are all fishing for attention and trying to push the market in the direction that benefits them the most.
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it says mysterious then it says it is Chinese. LOL. sometimes these article writers crack me up.
here is the summary of this article:
"we found a bitcoin address that contained a large amount of bitcoin. then we made an article about it. to make it inetersting enough so that people take the bait and click it, we added the Chinese drama to it. we call ourselves journalists..."
So, your thought mate that is not true? If this happen probably bitcoin now was bouncing back in the market because that is too much huge amount that hold by mistereous Chinese holders. Well, I don't think if that only one person maybe that an exchange or having a business that related with crypto. I personally amazed that there is one person holding that biggest amount of bitcoin and holding in one wallet. that's the point i am trying to make. that is NOT one person. that is one address. there is a difference between an address and a person. what we have is an address containing a large sum of bitcoin and some transactions coming in are from certain exchange. that is all the information that we have. nothing more, nothing less. last time a news like this was published the address they were speculating about belonged to the exchange itself. it was their cold storage! |
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it is because you shouldn't even be using Market Cap in first place! it is wrong and the fact that websites like coinmarketcap.com and many others use it to rank coins doesn't make it right.
for example two of the coins you named:
IOTA has 2,779,530,283 coins
Byteball has 645,946 coins in circulation
and market cap is price * supply. you can't even begin to compare these two coins because of the huge difference between their supplies.
While we do agree on the conclusion, we don’t agree N the reasons. Who cares about supply? I could split each byte to have exactely IOTA supply, the price would be split exactely the same way... and still you couldn’t compare. you are talking about market cap so you do care about the supply since it is based on supply, but you don't know it. and regarding "split" you can't split anything without needing to create a fork of that blockchain. there is a certain amount of each of these coins available and that is not going to change without changing the entire system. if there is 1 there is 1. if there is 1.000 then there is 1000 times 0.001 nothing else. |
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it is because you shouldn't even be using Market Cap in first place! it is wrong and the fact that websites like coinmarketcap.com and many others use it to rank coins doesn't make it right.
for example two of the coins you named:
IOTA has 2,779,530,283 coins
Byteball has 645,946 coins in circulation
and market cap is price * supply. you can't even begin to compare these two coins because of the huge difference between their supplies.
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it says mysterious then it says it is Chinese. LOL. sometimes these article writers crack me up.
here is the summary of this article:
"we found a bitcoin address that contained a large amount of bitcoin. then we made an article about it. to make it inetersting enough so that people take the bait and click it, we added the Chinese drama to it. we call ourselves journalists..."
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maybe someday in the past they had some significant effect but like anything else when you overuse the same thing a million times it will lose its effect. these bullshitting techniques in the social media is so 2013! these days majority of people know what they hell is going on when someone is spreading some bullshit online. and it doesn't matter if it is negative (FUD) or positive (hype) in both cases they will be ignored.
these old see through techniques may still work in the altcoin market though.
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well, one view is that you are getting involved in a brand new technology at its very initial stage. this requires you to sometimes hold what you have bought and turn it into an "investment" of sorts but that doesn't have to be a bad thing in my opinion.
in the end it all comes down to what you see bitcoin as. if it is a currency that you see and you hold then you are doing fine, if it is a money machine that you are holding then that is the problem.
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there is no risk about transferring money with bitcoin if you know what you are doing. in fact after learning a bunch of easy things about securing your wallet using bitcoin is the safest thing in the whole world for transferring funds.
large transactions like this are common. there are also thousands of different services out there that sometimes move their funds around. exchanges, payment processors, gambling sites, wallets (like coinbase), mixers, merchants, miners, mining pools, early adopters, .... and lots more have such funds.
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you need to read ALL the news not just the FUD parts and then discard the rest. https://news.bitcoin.com/the-mt-gox-whale-explains-his-crypto-selling-strategy/the FUD part was all during the drop which they scared you into thinking just because Mt Gox trustee is selling bitcoin then price is falling. but they didn't tell you all the facts. facts such as them selling bitcoin from mid 2017 which was the heat of the rise and price still continued going up. facts such as them not even selling on the market (on exchanges)! |
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Wow! I didn't know that it is possible?! Im not familiar with that wallet and I rarely used BTC blockchain. Well, I always used my BTC wallet here on my country where I can buy it using our fiat money and their charge for transaction fee is super unfavorable. Is that somewhat depending on the miner who will process your transaction?
it is somewhat depending on the bitcoin transaction fees but it is not all there is. these places where you buy bitcoin from (the third party services such as exchanges) always charge more fees. it is both because they want to cover the transaction fees and also have some revenue. it may not seem like much but considering the number of withdrawals some of them have per day it is a lot of money. you can always check the transaction to see how much actual fee they paid. so you can see how much extra they charged you. for instance they pay 500 satoshi fee and charge you 100,000 satoshi fee. |
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as a merchant you get the security that you will not lose your money anymore because the customer charged back and you lose your money because those payment processors are flawed. but when using bitcoin there is no charge back.
as a customer you don't have to also reveal your identity each time you want to make a tiny purchase. you keep your privacy. and also you never need a third party in the middle to handle your money, you do that all by yourself. this means you can transfer money at any time anywhere in the world and pay a tiny fee!
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