Bitcoin is neither over-bought nor overvalued.
If the purpose of bitcoin is to be decentralized, then it's value should probably be zero due to the following: creating a "decentralized" currency is probably not even possible without the ability to make something like decentralized captchas where mining requires manual human intervention, otherwise it's just externalized proof of stake in practice - a Rube Goldberg machine that doesn't solve anything. If you can extract money from people simply by amassing a large amount of capital and using that advantage against them making it where they can't compete or they're forced to buy from you, that's called rent seeking usury, not decentralization.
This then goes back to the Warren Buffet argument about gold where he claims it's stupid for economics to be dictated by people digging something up from the ground then putting it back into the ground again (vault). It would be kind of the same with decentralized captchas/puzzles - people mindlessly staring at a screen all day doing nothing productive except solving a captcha for money. In both cases (gold mining and captcha based bitcoin mining) you're spending time and resources in a mostly unproductive pursuit. Current ASIC Bitcoin mining puts this process on cruise control, but the mere fact that it's on cruise control means it's just plain old rent seeking usury in practice and solves nothing in terms of economic monopoly. Bitcoin is currently designed as a usury system for men to have control of other men as slaves. It's externalized proof of stake - a closed entropy system in practice PRETENDING to be open entropy. |
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That's the other thing I don't understand. Nobody in this thread seems to be worried at all about the complete collapse of interest/trading/price in China. If China fails to be market leader simply by turning off wash trading, and then falls significantly behind the west in price on top of that, it kinda indicates the entire price was just being propped up by fraud in the first place. They don't call the Chinese the Jews of Asia for nothing. They're one of the only groups on earth who can compete toe to toe vs the heebs in financial fraud.
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Kind of hard for Bitfinex to Gox when it already did Gox and they just turned the power back on to the insolvent exchange anyway. They operate kind of similar to the too big to jail banks now - no standard accounting practices. Just fractional reserve to infinity. If you got 2 cents in deposits, just turn the exchange back on raise the dial on leverage until able to claim solvency!
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$1320 on Finex  I'm a bit speechless now, this will not end up well. No kidding. For the last eon Huobi has generally been the price leader and it's currently $1055 in yuan equivalent there and $983 USD spot in China. Literally a...$300 spread. To top it all off, you would think that with Bitfinex being in the process of Goxing they would tone down their fraud levels some at least for appearance sake, but nope, they've actually ratcheted the fraud levels upwards with Finex owners doing some big non-aggregate market pump while also freezing all deposits and withdrawals at the same time. It's literally an organized crime syndicate at this point. |
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aahh that would nicely clean your fud.. awesome
Not "fud", reality. Cryptocurrency has no purpose whatsoever in current state: Or, the realization creating a "decentralized" currency is probably not even possible without the ability to make something like decentralized captchas where mining requires manual human intervention, otherwise it's just externalized proof of stake in practice - a Rube Goldberg machine that doesn't solve anything. If you can extract money from people simply by amassing a large amount of capital and using that advantage against them making it where they can't compete or they're forced to buy from you, that's called rent seeking usury, not decentralization.
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Take that with a grain of salt because people like Mike Maloney, Peter Schiff, Steve St. Angelo (SRSRocco), Bix Weir, and most of these people you find in metals know barely anything about bitcoin. I've talked to several of them before. Most of them have a small amount "just in case" as a hedge and that's about all their relation to bitcoin is. Bitcoin also seems to have done a great job of advertising itself as having no drawbacks whatsover and is kind of getting by with false information at this point in regards to things like decentralization when no Nash equilibrium even exists. Nobody in metals dives into any issues like that, or the various selfish miner attacks, rough consensus attacks, failure of convergence without a block reward, ASICboost, LN routing, Chinese cartels, amongst millions of other issues in bitcoin. Most people buying bitcoin today seem to not know any of the problems surrounding it at all and think it's some perfect system designed by god and would go to infinite dollars assuming the state wasn't in the way. Or, the realization creating a "decentralized" currency is probably not even possible without the ability to make something like decentralized captchas where mining requires manual human intervention, otherwise it's just externalized proof of stake in practice - a Rube Goldberg machine that doesn't solve anything. If you can extract money from people simply by amassing a large amount of capital and using that advantage against them making it where they can't compete or they're forced to buy from you, that's called rent seeking usury, not decentralization. |
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This is the scammiest market I've ever seen in my life. $60 spreads while people pretend it's perfectly normal with no fraud at play. I think someone from Bitfinex is going to jail eventually, or will just disappear into the sunset never to be seen again with all the cash, Big Vern Cryptsy style.
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Bitfinex scammers have a $65 spread with Bitstamp and GDAX now. Pure fraud. I wouldn't put it past those people to claim their banking deposits and withdrawals were shut down by the banks solely to try and force people to buy high priced bitcoins in order to withdraw.
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Gold is really a thing of the last.. crypto including alts will replace the marketcap of gold with all safe haven money running for cover when gold collapses back to its real value
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Lol, what a scam. No, sorry Bitfinex owners, nobody is going to follow a fake pump on your fraud exchange when you already have more than a $40 spread with other exchanges. People aren't stupid. That price went straight up then straight back down. Fuck off Bitfinex scammers. This is complete MtGox style fraud. No legit market pumps using a $40 spread as a BASE LOL. These people are delusional frauding idiots.
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i am a native C++ programmer
WE CAN OFFER YOU what you have been promised
Everything...you say?  |
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Its about what is the most ideal money..
Which is why you should not refer to a Rube Goldberg machine as ideal money. Bitcoin is literally just a half assed multiplayer video game, nothing more. Calling a completely arbitrarly designed video game "ideal money" is worse than listening to some type of cargo cult religious fundamentalist. Repurchase some BTC with LTC after BTC's -30% crash.
They can probably prop BTC up at a little over $1000 when/if it dumps, so post stabilization probably only more like -15%, but the whole lower highs + lower lows deal is possible. |
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Right now is honestly the worst I've ever seen bitcoin chart-wise. The 6 month chart is a down channel about to drive off a cliff as I already posted: And the short term chart is a head and shoulders forming (at least on Finex):  While you also have some enormous Gox-like spread between Finex and other exchanges. Not sure why anyone would be holding right now. There's just a few manipulators trying to rig the market up because it's too illiquid for them to dump their entire $10 million+ stash all at once. These whales like Digital Currency Group know they're trapped because they can't just parlay the money over to Ethereum since they know the price of that worthless scamcoin is already far too high for anyone to want to buy it from them. Increasing the price of Eth just gets them trapped even more. About the only move for them left is either dump BTC for fiat and flash crash it, or transfer funds to Bologniex and try to segwit pump Litecoin. the splashes of the whales have frozen me in my tracks
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Except for the fact that they fucked up both 1broker and bitmex customers. Luckily for them their losses are going to be compensated by the owner from their pockets.
If you're trading on a bucketshop, the term "victim" is usually more applicable than "customer". |
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$46 spread between Finex and Bitstamp. I'm feeling a new Gox-like scandal incoming for Bitfinex. Nobody should have been allowing that crooked exchange to lead the market in the first place.
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You didnt read my post.. even if you own that gold it can essily be blacklisted
No, the gold can't be blacklisted because it's actually fungible, unlike bitcoin. You see, if you live in America or most 1st world countries, the govt themselves already issues coinage without serial numbers on it. There is no plausible scenario where they outlaw small coinage but allow only large serialed bars. That idea makes no sense whatsoever. Canadian coins, however, are not actually fungible because they have their little micro-engraving feature (but you could always just melt them down anyway and it's fungible again). I may trade some for gold (Provident Metals accepts BTC as payment)
http://www.jmbullion.com and http://silvergoldbull.com both accept bitcoin now and don't seem to have the shipping delays Provident does. |
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btc has no less counterparty risk than gold
You need to be flat out lying to claim bitcoin has equal or less counterparty risk than gold. It requires ONLY TWO parties in order to complete a transaction if there is no counterparty risk involved. Since you need things like active miners, active node archivers, and numerous other parties, bitcoin has QUANTIFIABLY HIGHER counterparty risk than gold and silver. There's ALWAYS more than two people involved in the equation, and the Nash equilibrium doesn't even exist in the first place, nullifying it's entire purpose. |
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BTC isnt money tho ^^ its a store of value.
Nothing could be further from the truth. Bitcoin is a currency, not money. It's not a store of value. I already explained why: You're acting like bitcoin has a finite supply. In theory it does, but not in practice since transaction fees are recycled and mining continues FOREVER. It's the equivalent of if platinum costs $1000 an ounce to mine at some point but people are recycling old cars and getting it for $100 an ounce. The lowest available price is the only one that matters. It doesn't matter if the cost of production was $1 million for a coin at some point. It's an open entropy system so if the cost of production goes to zero, people simply plug into the system and mine those recycled coins for free rather than paying you $1 million.
If there are no recycled fees to mine, it means the system was already dead in the first place. The act of making fees recycle is the equivalent of infinite supply, just with the store of value aspect of that supply resting on cost of production instead of scarcity. Each halving doubles cost of production, which enables you to increase price or lower mining input. If you run out of halvings and then lower cost of production, you should have a corresponding effect to devalue other already existing coins. Do you see now why cost of production actually does matter?
The thing is designed as some type of scheme where you need infinitely increasing cost of production to prevent it from imploding. Speaking of schemes, the people running Bitfinex are back putting up big walls with money that doesn't even exist again. Just Gox dollars in their internal system:  |
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Bitcoin Domination
dominating the ALTs ...  ... that's not the trend for 2017 ... trend is BTC is the high-end chip, for institutional players. ALTs are going to be the fast money, moving TX, at street level. Pump and dump highly centralized tokens aren't suitable to be used as money at street level. If any "coin" is used at street level, it's going to be a govt issued digital slave token or silver and copper. |
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