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I'm feeling bearish overall. I've got enough BTC so that I will regret pouring money into it if it fails, but not enough invested that would cause me to be broke if that happens.
I can't help but feel that, as we approach what seems to be legalisation or legitimacy of Bitcoin, the global movers and shakers (the top two or three financial powerhouses) are shaking Bitcoin to death with controlled bursts of pump and dump. I feel that they either want it dead or are shaking people out in order for them to buy up large quantities before the mass public get involved. They could be using the trends of regular traders and bots to their advantage.
I've no proof of this, just a hunch that the powers that be would never allow crypto to take over without them having a controlling stake and it makes me feel like they're ruining it.
Someone tell me I'm just being paranoid, or is there any good reason to feel this way?
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I feel your pain, but unless you are heavily invested beyond your comfort zone I would stay strong and avoid the urge to sell. Me? I'm currently moving some more BTC into alts. I think this squeeze is just here to test us and I would still stay in the game to an amount that your comfortable with.
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Bookmarked for when I'm less tired. Thanks!
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How does MaidSafe differ from StorJ? Edit: off-topic, but there's nothing else to talk about in this thread tonight!  |
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...
imagine an entity would set a buy wall of 4,2 billion dollar on an exchange - the price could never be lower than 200$ again...
Imagine if that 4.2 billion dollars is removed from an exchange, and is offered instead for a metric ton of my poop? My bowel movements would make me exceptionally wealthy. Sadly, my scenario hinges on the same improbable event as yours: Someone being batshit crazy enough to part with 4.2 billion dollars for our respective treasures. Could you send your poop halfway around the world in under ten minutes? Thought not. I'll keep buying my poop local. |
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^not being able to read a thread properly... you are really making the forum a better place.
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^only if they smell of crude toxins! |
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Look! ISIS can (and/or will) use Bitcoin to facilitate terrorism!
Look! ISIS can (and/or will) use a suitcase of dollars to facilitate terrorism!
Look! ISIS can (and/or will) use Litecoin to facilitate terrorism!
Look! ISIS can (and/or will) use Darkcoin to facilitate terrorism!
Look! ISIS can (and/or will) use Doge to facilitate terrorism!
Look! ISIS can (and/or will) use PGP/GPG to facilitate terrorism!
etc..etc..etc
It's the digital age, gentlemen. If a terrorist can use YouTube he can use a digital wallet. Why blame it on the Bitcoin?
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Yeah. In a previous job mine used to deposit in the early hours of the morning (UK time) on the last working day of the month. I believe a lot of people get paid over the next few hours. Might make something of an impact to the current low volumes.
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Isn't it payday for a lot of western salaried workers in ten minutes?
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True. If BTC fails and there's a demand for alts then more websites allowing exchange of fiat straight to alts will exist. Supply and demand.
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That was partly why I replied to chaoman. You can't say that alts will always be seen as relative to BTC. It doesn't make sense. There are lots of other variables. Look at PoS coins. They often aren't as affected by BTC ups and downs.
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So why do you get altcoin charts, with them moving in respect to BTC?
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Yeah, I hadn't thought about it in enough detail to see how useful Bitcoin is to the major players. I see it now.
One last thing to add though:
Should we be worried about a goernment (say the US) gradually stocking up on a vast number of BTC until they have enough in reserve to be able to crash the market? Would 1M BTC be enough?
They now have one legit exchange to use, others sure to follow (Winklevii etc.) and probably use agents to buy BTC across the country. Would this be an angle of control that they would be interested in?
I'm gonna leave this thread for now but it's been most interesting. Ta!
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How would Bitcoin work against guerilla armies then? Surely it enables them to distribute arms money without borders or limits and actually works against the USA if they plan for world domination? Or are you arguing that the US wants its opponents to be well funded because they have the firepower to crush them anyway?
Edit: This post was in response to MatTheCat.
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I also see a big name getting involved as a way to smash the delusion in the mind of the public that Bitcoin is all about drugs/illegal porn. With the new exchange we can finally say "Look. It's being used legally on this website here". However, since the sheeple aren't generally interested in some stock exchange website it would be better to have a household name come out and accept it.
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Yeah, I do agree with you that the tech is good enough.
Do you think that trading is bad for Bitcoin? That somehow the US authorities have thought about how to destroy it and have struggled to come up with a better idea than "let the greedy trade it to death through volatility"? Just a thought.
IMO, trading is a net zero for BTC as a big picture. Yes, there are winners/losers, but until BTC is heavily regulated (in the future), it serves no action on the price. Bitcoinland needs massive fiat injections to bolster the price. This requires the user base per capita fiat injection to increase. The massive volatility is most likely from the buying and selling of coins on the customer level. People get scared and they dump. People get excited and they buy. I don't think the US authorities want to destroy it, they want to see it through. In fact, I believe the front running of legislation/regulation before the infrastructure is even available supports this idea. The US stands to make a lot of money through the taxation and regulation of BTC. This could also be a new way to open commerce on a digital level. New loans/credit lines can be extended to banks and lenders and the UST can sell bonds to the Fed in exchange for worthless and overly inflated fiat to pump into its governmental programs that support digital currencies as well as commercial banks. All of this will come full circle by BTC customers through their own acceptance (an naivety) of what this technology could, by pushing the technology as "an awesome way to pay for shit in 2015 and beyond." That's settled a fear that I had about the US wanting it dead. I'd like to see two things in the next year or so... 1. A strong stance from the Bitcoin devs that if any outside entity tried to mess with the protocol it wouldn't happen. Even if the US pump billions into it they won't have a say. Any changes would be made purely for performance gains over the network (faster Tx etc.). 2. Adoption by some mass consumer entity, such as the McDonalds teaser that appeared on the forum today. Someone like McDonalds might "cheapen" the image of Bitcoin or have thousands of non-tech types losing coins from bungled transactions but it could be just what Bitcoin needs. |
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Yeah, I do agree with you that the tech is good enough.
Do you think that trading is bad for Bitcoin? That somehow the US authorities have thought about how to destroy it and have struggled to come up with a better idea than "let the greedy trade it to death through volatility"? Just a thought.
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So what's stopping a break off into "bitcoin 2.0" then? Copy the software and modify it, eabling everyone to dump it for an alt in the time it takes to log in and out of an exchange.
Oh, there are already loads of options.
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