Do you know why nuclear explosions don't blow up the whole planet? Because the chain reaction needs a certain amount of heat to continue. Yes, it's an awesome event, but it doesn't last long.
why so grumpy? Well, I'm considerably upside down on my short, but I'm gonna let it ride. Coins bought at auction tomorrow will get dumped if we stay anywhere near this high. Somehow I doubt it will stay this high. But then again, I've been wrong before. Remember Remember the Fifth of November. Why do we always perpetuate the lie that auction coins are sold? You have no idea at what price they will be bought? With the end of the bear market seemingly in sight it could be the last time a chunk of coins like this can be bough so easily. They could easily go over market price. There's also no evidence that previous coins have been sold. Drapers coins haven't moved. The only evidence for auction coins being sold before if that 1 block that got sent to bfx, thats it. Typical FUD. No one is stupid enough to buy these coins to dump them on the market. |
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It takes big balls to short when a parabolic price rise is ongoing.
Especially when you pick calls based on the 3m MACD  |
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This is too early to call ourselves rich and upper class. But I'm sure our bitcoin will be more valuable in next years.
I wonder what people will call upperclass in bitcoins in a couple years. 1-10 btc will be upper class?  10-100 will likely be bitcoin elite very soon 100+ will be the Warren buffets of the crypto world... By that logic those with 10,000+ will own the fucking planet. |
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I've been all in since 2013.... will this be another huge bubble that will lead to a ATH? I hope so but who knows
Check gemini BTC volume last five days. Too many new ways the elite wealthy can play with their spare $100k. this bubble may have been kicked off by some people playing games but why wait for bitcoin to be work $10k before you decide it is for real.... lol $10k.... maybe during the bubble cycle of the 2020 block halving, but definitely not now. I'd be too rich I say 10k because if this is indeed a bubble like prior bubbles the game is completely different. China has bank deposits to exchanges and USA does too. This either did not exist in 2013 or was extremely limited. I bought all i dared in 2013 and it was a fraction of what I would have bought were the conditions what they are today. I think the Gemini surge is showing what is happening with easy market entrance. Panic buyers everywhere and TONS of money trying to find a speculative home..... What will the top be with these new circumstances?  ? GBTC has also been a good indicator. |
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He downplays the currency and merchant angle a lot. At that price level it would have to be one of the most desirable things on the whole planet. Considering the ease which it can be spent and transferred it's natural that the use as currency would develop. Maybe not for everyday stuff, but the big spends he's fretting about.
Even if you don't care for it as a currency yourself, there'd be no shortage of third parties willing to take it out of your hands so the things that people would customarily dump for - college tuition, medical bills, house deposit - wouldn't be necessary. You'd offload it and the market would trundle on. It would be a closed loop with the added bonus of fiat clamouring to enter at every possible opportunity.
Widespread use as some type of currency, even if it's only for giant transactions, is the endgame I think, not the beginning.
It most definitely is but not until Bitcoin's market cap is several orders of magnitude above what it currently is. In fact the promises of Bitcoin as a transactional currency will not fully realize until it good & services become denominated in Bitcoin which requires some sort of stability. (Although I'd argue Bitcoin will never be as stable as fiat). Wences is one of the few in the industry who understands well how this is going to play out. (Although his support of BIP101 was quite a dissapointing decision.) I often refer to this quote of his from an old presentation, I think it helps to put OP's comment in context: I think that something the Bitcoin community has to be honest about, at least amongst ourselves is what Bitcoin is about today and what we would like it to be. Sometimes we make it look like it's about things we want it to be in the future. The truth is when we look at the volume of people buying the "stock" of Bitcoin and the flow of people buying their first bitcoin. It's mostly about buying & holding. It's totally fine, it's a decent use case. It's not a two-sided market : for me to buy & hold it doesn't require a counterparty to accept Bitcoin. I simply have to agree to a price that someone is selling. It has been working for 3 years and I think we can depend on that. It's not some theory, some hypothesis, it's working and it can keep working |
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[–]solex1
Yes. I think the Bitcoin ecosystem will move to a big-blocks version whether Core updates or not.
However, there would be a lot more price volatility and bad publicity the longer Core Dev continues with the "settlement layer" fantasy.
[/i]
Yeah we get it. We didn't reject it. We're "just not ready". Seriously, take your meds. 'We' And who exactly are you?  |
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Calm down. Technically it's not your money until you've realised the profit.
How is that? When I put in $250 to buy a bitcoin, that $250 was my money. The agreement between myself and coinbase, I assume (perhaps I have to read the TOS more closely), is that the exchange of cash for the bitcoin means that I now own it, as in, I can now spend it or withdraw it from the account (just like any normal bank account) and, being that it is an EXCHANGE after all, I should also be able to exchange that bitcoin back for cash. I would understand if Coinbase sold on a spread (say 4 to 8 dollars under the listed price), taking some commissions on the sale like a normal exchange, but not freezing your withdraw function and erasing the sell button without explanation. PS: I'm not stressed, just disappointed. Yes, that is typically is what happened when you deal with a bank. Just move your money out of it and carry along. Hold on to that Bitcoin also for dear god did you not look at the price? |
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Some of the giant chinese mining pools are currently centralizing the validation of every transactions they mine.
Do you find that to be a concern?
I do. And I recall some of them paid dearly for that recently, so they might be thinking about it too. What part of "they're still doing" did you not understand? You'd think they would've stopped by now if really it wasn't profitable. But no, we'll just pretend that a couple of dropped blocks undermined weeks and months of cheating the system. "That'll make em learn"! |
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[–]solex1
Yes. I think the Bitcoin ecosystem will move to a big-blocks version whether Core updates or not.
However, there would be a lot more price volatility and bad publicity the longer Core Dev continues with the "settlement layer" fantasy.
[/i]
Yeah we get it. We didn't reject it. We're "just not ready". Seriously, take your meds. |
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What exactly happened? The 2-3 giant mining operations who accounted for a majority of GHash's power dispersed into different mining pools so as to camouflage their actual share of the network and give the appearance of decentralization?
Are you suggesting protocol level changes to combat this? Economies of scale guarantee there will be a relative level of centralization in mining. I'm not. Too be fair I'm not too concerned with miners centralization but it's another thing to pretend that things are all jolly and there's no consolidation going on behind the scenes. , trust in the network will dissipate and everybody looses..and especially them who has spend millions building top notch infrastructures. You're so close hdbuck Some of the giant chinese mining pools are currently centralizing the validation of every transactions they mine. Do you find that to be a concern? |
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What exactly happened? The 2-3 giant mining operations who accounted for a majority of GHash's power dispersed into different mining pools so as to camouflage their actual share of the network and give the appearance of decentralization?
Are you suggesting protocol level changes to combat this? Economies of scale guarantee there will be a relative level of centralization in mining. I'm not. Too be fair I'm not too concerned with miners centralization but it's another thing to pretend that things are all jolly and there's no consolidation going on behind the scenes. if the miners go rogue or gets too much power in a disruptive way, trust in the network will dissipate and everybody looses.. and especially them who has spend millions building top notch infrastructures. Absolutely agree with that. To be clear: I'm not concerned with miner's centralization under current parameters. Leaving them decision power over block size is just begging to fuck shit up and skew the incentives. |
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Coinbase is the devil. Sponsored by banks and is trying to wrestle power away from Bitcoin users by supporting an implementation that would soon make it impossible for regular users to run nodes without dishing out thousands of dollars. I suggest you don't use them.  |
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Fears of centralization are real, fear of 3 tps being a huge bottleneck are real.
Calling large miners centralized is like saying Kenya rigs the Boston Marathon. Bitcoin needs to be competitive. Should they limit the run to only white middle-class factory workers from Peoria? Watching them drop dead from heart attacks wouldn't be much fun, nor does watching blocks take days to process and get dropped. You can't make rules that exclude people because they are good at what they do. "This forum is comatose" Lulz. Looks like the bitco.in forum exiles are back in full force. Go back to your ad hominem thread instead of destroying this thread. Sorry, wrong guy. I don't own any forums and I was never banned. This forum is no longer used much by devs, mostly it's for speculators and non-bitcoin related discussions. It's still fun to come here every once-and-again. I couldn't sworn you were part of frapdoc's little clique? Oh well, my apologies. |
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What exactly happened? The 2-3 giant mining operations who accounted for a majority of GHash's power dispersed into different mining pools so as to camouflage their actual share of the network and give the appearance of decentralization?
Are you suggesting protocol level changes to combat this? Economies of scale guarantee there will be a relative level of centralization in mining. I'm not. To be fair I'm not too concerned with miners centralization but it's another thing to pretend that things are all jolly and there's no consolidation going on behind the scenes. |
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Miners are sufficiently incentivized to choose an appropriate block size. Too big and their chances of being orphaned increase. This is the decentralized solution for a decentralized system.
I'm not sure if you're thinking of "no block size limit" or BIP100, I'm guessing the latter. As a miner myself, and from keeping an eye on the mining field, I can tell you that giving miners this kind of power might lead to some very odd behavior. Most of the companies and pools should not be trusted with that kind of power. It's no point with incentives if you don't understand the consequences of your actions. Just look at Ghash.io's 51% attack scare last summer. There's also the fact that we have no idea who the big actors in the field will be in five years time, nor their motives. The devs need to find a clearly defined solution and implement it. Preferably before we hit the wall. I meant the former. BIP100 adds a convoluted voting mechanism in an effort to mimic what the free market would do on its own. Go ahead and look at the Ghash debacle, it will show you that mining isn't quite as centralized as it appears. The miners already have the power, it's just that right now Core serves as a veneer of "community" central control. The same factors that prevent malicious mining behavior (killing the golden goose and mutually assured destruction) will work in this case too. On the "before hitting the wall" vs "after"... wholeheartedly agree. What exactly happened? The 2-3 giant mining operations who accounted for a majority of GHash's power dispersed into different mining pools so as to camouflage their actual share of the network and give the appearance of decentralization? |
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Fears of centralization are real, fear of 3 tps being a huge bottleneck are real.
Calling large miners centralized is like saying Kenya rigs the Boston Marathon. Bitcoin needs to be competitive. Should they limit the run to only white middle-class factory workers from Peoria? Watching them drop dead from heart attacks wouldn't be much fun, nor does watching blocks take days to process and get dropped. You can't make rules that exclude people because they are good at what they do. "This forum is comatose" Lulz. Looks like the bitco.in forum exiles are back in full force. Go back to your ad hominem thread instead of destroying this thread. You wouldn't be trying to censor me now would you  |
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Fears of centralization are real, fear of 3 tps being a huge bottleneck are real.
Calling large miners centralized is like saying Kenya rigs the Boston Marathon. Bitcoin needs to be competitive. Should they limit the run to only white middle-class factory workers from Peoria? Watching them drop dead from heart attacks wouldn't be much fun, nor does watching blocks take days to process and get dropped. You can't make rules that exclude people because they are good at what they do. "This forum is comatose" Lulz. Looks like the bitco.in forum exiles are back in full force. |
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Smallblockers happened to me. Scale or die.
Terabytes of blockchain that are to be filled with junk, with near zero cost, does not equal scaling but an open-wide attack vector to destroy BTC. We should put you in charge. you seem to know how people should spend there money! remind me again who in bitcoin land has the power to decide which bitcoin transactions are junk? money velocity is not junk, its a fundamental measure of an economy, we have a limited supply so the only place to grow is increased velocity. and "at near zero cost"? what planet are you on! we are paying miners with Bitcoin inflation 25BTC every 10 min. it's still early days and needed for security while we grow economies of scale. you choose: Limit Block Size we'll see 1MB blocks push tx fees above $10. per transaction. (if the new users think its a good idea and pay to use bitcoin it may gorow - demand in bitcoin is not a given dispirit what some Core Developer - Experts think) or lets the free market decide and let in an extra 1000 transactions generate the $10 fee along with added security in diversity. Why you here? Getting a little boring over at bit.con forum? |
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Smallblockers happened to me. Scale or die.
Terabytes of blockchain that are to be filled with junk, with near zero cost, does not equal scaling but an open-wide attack vector to destroy BTC. Then fuckin find a solution that works! I don't give a shit how it's done but it's got to get done. Years and years to figure out a way and if they can't come up with a scaling solution, then either they are incompetent and need to be replaced or they are intentionally obstructing progress and need to be replaced. god .... you guys, pull yer heads out of yer arses and look around. you lost the argument, get over it. there's solutions all around and many more on the way, for real. Just because you're not technical doesn't mean you're not being listened to ... but come on, when better brains say "we got this" then let them get the fuck on with it without all the back-stabbing!!! Well to be fair technical stuff is not his strong suit... How's that supposed to work? How many "blockspace" do I get for 1 bitcoin?
Easy. 1/21,000,000th of the whole chain. I answered your question, now you answer mine. If I'm not buying space on the blockchain when I'm buying bitcoin, what am I buying?So for 1 bitcoin I get 1/21,000,000th of the whole chain? Are you for real? Were you hit over the head with something?
Nope. I get one twentyone millionth of the whole damn chain. 4 eva. If you think that's too much, then perhaps you are selling your coins too cheaply. If I'm not buying blockspace when I'm buying bitcoin, then what the hell am I buying?
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this shorter is going all in
What shorter? There's only 9300 BTC swaps on BFX. It's just a seller. BTW, thanks bulls. I just made so much money shorting today, that I can dump again if you wanna take another swipe at $420. So you opened you're just when exactly? When we busted through 380? 400? I call BS |
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