It is not something that an average Joe would agree to

First of all, you will have to use a whole host of tools to allow for the extreme volatility of Bitcoin (not even speaking of other cryptocurrencies). That's definitely doable but it requires skill and effort that is not just beyond the average Joe's ability but also beyond an average Bitcoin holder's capacity as well. Then, you won't be able to spend crypto directly most of the time, which means you are going to use a Bitcoin payment card. This is another can full of worms in its own right. Further, you have to secure your local storage, be it a desktop wallet, hardware device, or piece of paper, which can be a pain in the ass on its own. And the list likely goes on and on

Rather a journey toward $2000

Kidding aside, don't have a lot of hope for 20k in the near future as we may not see that price tag in our lifetimes again. Well, maybe, I'm a bit pessimistic here but let's be realists as it is not possible to get there without extreme speculation. That means we will crash as quickly as we get there. So I'd prefer small but steady gains which are backed by real adoption. In this way, you can be sure that Bitcoin won't crash overnight. And Bitcoin is definitely not the only pebble on the beach. There is also Litecoin if you wonder

I'm not surprised at Ethereum being in the top three

But I'm not sure whether private coins like Ripple and EOS actually make it to the top. With public cryptocurrencies like Bitcoin or Litecoin it is easy to estimate their market cap, but how to do that with private coins? I mean it is not a secret how many bitcoins are mined and we can pretty much trust this figure. But what about Ripple, for example? How do we know that its market cap actually reflects the amount of coins in circulation? How can we be sure that the real supply of XRP matches the reported one?

This is a second installment in a series of posts about Bitcoin Cash and its fall. You can read the first part here

It is obvious by now that people behind Bitcoin Cash have created a lot of pain in the ass for Bitcoin and its successful and wide-scale adoption via defaming it, diluting its value, poisoning its veins, and by doing a lot of other things we might not even think of. Even if this pain is only short term (think of it as a catharsis of sorts) and in the long run it will actually be good for Bitcoin (as these bastards will never be part of Bitcoin again), it is not something which we should just write off or forget (as the damage is real)

Moreover, right now it looks like the price of Bitcoin Cash (you choose which exactly) is being artificially propped up. You can see that whenever Bitcoin starts to rise, its grows is instantly arrested by sell-offs. Yes, it may be people shorting Bitcoin (I short it too, just in case), but people should be shorting (or just selling) Bitcoin Cash as well, so shorts shouldn't matter much in this case. Rather, it is people like Ver and Wright skillfully selling their bitcoins and supporting Bitcoin Cash (their varieties) with the proceeds

So my question is, how long will it take till this shitcoin bites the dust finally and stops being such pain in the ass?

Can you help me understand a few things? Thank you

As I got it, you talk about trading and traders, right? So, first of all, what is this topic doing in the Gambling section of the forum? If it is more about gambling than trading (personally, I'm okay with that), maybe, you should make that point clear in the OP, though so far I don't see how it relates to gambling at all

Further, you mention about the function of tracking quotes, so my question is, what is the source of these quotes and how do we know that they are not rigged in the process? In other words, how can we check in practice if your system is actually "provably fair"?

I understand your pain

And to alleviate it somehow, let me tell you that I in no case consider all altcoins shitcoins. In fact, far from that. If that was your first thought, you can now safely abandon it. I don't know what ICO is unless you refer to Initial Coin Offering, of course (though in that case it is not clear why do you mention it after Ethereum), but to make things clear, I don't consider Ethereum a shitcoin, either. While it is certainly easy to call everything not bitcoin a shitcoin, I'm far from that as well. Quite the contrary, some altcoins are quite useful and can even be Bitcoin's proxies as a means of payment for daily necessities (for example, Litecoin)

That is in fact a double-edged sword

Which also cuts both ways at that. At first, scarcity may actually contribute to giving Bitcoin real value as that's one of the factors required for a currency to be money (even as a purely speculative asset). It kinda goes without saying and is easily understood by everyone and his dog. But then, after a certain point, scarcity becomes a hindrance since it starts to create imbalances and interferes with further expansion and adoption until it actually prevents this expansion and adoption from achieving their true potential determined by the real value of something (in this case, Bitcoin)

That's an impossible combination

That is, you can't expect no further fall and at the same time not wait for a significant recovery (sorry for double negatives). Well, I don't mean that you literally can't, you can indeed, but if you base your trading decisions on these non-expectations, so to speak, you will likely get caught unprepared by a sudden price movement by far exceeding that lack of expectations when that time comes

Yeah, I definitely understand how it feels. The longer the market stays in a certain range, the more inclined you are to think that it will continue to trade sideways in the future. This is a delusion (or wishful thinking if you please). In fact, the longer market remains the same the closer we are to the point of a sudden dramatic change. It is universally true with respect to any speculative market

Shitcoins, despite their multitude, are inconsequential

Even if their numbers are in the thousands, their effect on Bitcoin's price is likely in the thousandth of a percent. In any case, this effect wouldn't be greater than the margin of error provided Bitcoin is actually used as a conversion device (which itself adds another level of doubt). People with shitcoins use exchanges where you can exchange them directly for fiat without the hassle of multiple conversions (for example, Cryptopia)

If anything, it is Bitcoin's price moving a couple of percentage points with shitcoins crashing like there's no tomorrow

Your approach clearly demonstrates why it should be taken with a grain of salt and followed with caution (read, avoided)

Basically, you simply look at the stats without taking into account the underlying forces that move the markets. I suspect that in the dotcom era there were enough people who also looked at the data when everything had already begun collapsing and thought along the same lines ("you cherry pick and ignore previous data"). If it worked like that, we would all have been billionaires by now, while in actuality most of us are hapless bagholders

Removing supply without actual adoption mostly leads to volatility

That is, it doesn't lead to price growth as many erroneously think or assume. Interestingly, it works for both ends of the price stick, i.e. when the price is low and when the price is high due to supply squeezes (look here and here if you feel interested). You may ask that, technically speaking, real adoption also leads to a diminishing supply available for speculation which in turn should also cause an increase in volatility. But this your home assignment to answer why it doesn't

OP is late with his post (article) at least for a couple of years


This is my thought exactly (which I decided not to dwell on in my post)

Nevertheless, I can give you one example where the blockchain technology can make a difference, actually a life-changing one, though it doesn't have anything to do with corporations in particular and business in general. The blockchain technologies can really help with the electoral system by making it totally transparent and incorruptible (we just need its Satoshi Nakamoto to pop up). It kinda goes without saying that the corrupted governments will never agree to a possibility of tamper-proof elections, but that's a different question


It's in fact an age-old adage about selling shovels in a gold rush

Well, are you sure about Bitcoin growing in price and number of users?

In respect to price, we can see that it is not growing (and far from that), so you kinda have to check your sources. But how do you know that the number of Bitcoin users is actually increasing? What metric are you looking at specifically? Number of wallets (addresses)? Given that any user can create any number of addresses, it is a useless and utterly misleading metric

Other that that, I agree that Bitcoin is the epitome of the blockchain, while cryptocurrencies in general are likely the best use cases that this technology could potentially have. That's why they are evolving while the blockchain doesn't (outside cryptocurrencies)

That's hilarious

You know, in almost every country there is an idea or concept of an attempted murder. It basically comes down to you trying to kill someone but being stopped by somebody or something. And then you are pleading innocent in court on the account that you didn't actually kill anyone. Obviously, it won't help you as it doesn't matter since such was your intention. This is what the criminal law actually says. But please don't say you were there just for kicks

As I say, beware of still waters, silent dogs, and boring markets

If anything, the current "boring" market is in fact quite scary. The same shit happened in September through October (and early November) last year, when the price had been stagnating in a similar pattern in the 6-7k range. And within two weeks (or so) it crashed 2 times. Folks say that it was because of the hash wars but personally, I think they were only a trigger, if at all. So let's all hope and pray that the price won't crash lower

Technically, we don't know how things really are in Venezuela

I mean, with respect to your assumption that people still need bolivars for everyday needs. But I can tell you how it was in other countries that went through the periods of hyperinflation in their past. It is exactly as assumed here, with shops and merchants refusing to accept local currency. It doesn't of course mean that they are ready to accept cryptocurrencies, but the latter is rather a problem of cryptocurrencies, not merchants as such (let's be honest here, there is still plenty of room for improvement)

Typically, the US dollar is being asked for payment in these circumstances but it can be some other stable currency which is circulating in the area. And if the local government is unable to efficiently squash hyperinflation, the end result is just that, i.e. local currency being completely abandoned, at first by simple people and then by the government itself. The most notorious and well-known example of such an outcome is Zimbabwe (and their Zimbabwean dollar), but it is definitely not the only one

That's a poor man's logic

You could just as well say that if someone sells their litecoins for fiat, Litecoin loses value and that would do just fine as an explanation. In other words, you will have to leave no stone unturned if you actually wanted to find an exchange that would trade Bitcoin for fiat and would not trade Litecoin for the same fiat at the same time. Obviously, it is not the case with most shitcoins, but who cares about them and their holders anyway?

I think I can answer this question

Back in the day, when FreeBitco.in was only a Bitcoin faucet, their main stream of revenue came from ads by Google. It was before they added the dice part. Right now, it looks like they are generating enough profits from it to allow free rolls for everyone without any ads. I think this is a unique and distinguishing feature of the site and if they disabled it, they would lose a lot of clients since their dice is nothing of the ordinary, honestly speaking, and can't be compared to the industry leaders like PrimeDice, for example (though I don't dice a lot lately and your opinion may differ from mine)

Okay, it is something more real than a few billions

So if one ticket costs 2 satoshi (last time I checked), 7.5M of them will cost you 15M satoshi, which is 0.15 BTC if I'm not mistaken. If you make 10 rolls per day, with 1000 satoshi you get 10k satoshi, and just to break even you will have to free roll for 1500 days on end or about 4 years. On the other hand, free rolls also give you tickets, though they are "lost" every week unless you can use them to boost your bonus somehow. Let me know if I missed a variable or two here

It depends on how many free rolls you have made so far

And obviously it depends on your current tier. So if you are anywhere close to the cherished amount, you will have a lot more free rolls to make as well as buy a lot more tickets to get to the next level. Though I agree with you, the statement like "play jackpots in MULTIPLY BTC to increase your bonus 4x faster and buy lottery tickets to increase it 20x faster" is not quite clear about the base that we should multiply the number of our tickets with, i.e. what is to be multiplied by 20x exactly. A bit of clarity on this matter definitely won't hurt