I don't think this is the end of bitcoin entirely, but I think it might be the beginning of the end. We have seen some serious fundamental problems with bitcoin as far as scaling goes, which reduces any intrinsic value it had to virtually zero. Other cryptocurrencies have solved many of bitcoin's problems and are likely to eclipse it. Furthermore, there are no new buyers left for this unwarranted and insane rally we've seen over the past 12 months. This is looking like a typical bubble cycle and the price is likely to crash again like it always does.
Holding bitcoin now (and certainly trading it) is 100% gambling, and the odds are probably stacked against you. There is no logical reason to think it will stick around or rise in price.
Utter unshaved balls. No other alt has solved shit other than in theory. ETH was supposed to be the one yet its chain too was crippled by virtual kitties. In case you hadn't noticed this might be the year that BTC does finally address this and delivers lightning networks that give incredible capacity at negligible fees. It could all fail horribly or fulfil every possible desire. Let's see. In the meantime.  |
|
|
|
|
It would be very interesting to know what proportion of transactions really are truly peer to peer - ie one full wallet running a full node going to another. It's probably pitifully low at this point in time.
|
|
|
|
but of course it's hard to get through to emotional people.
Sit on their face and do a guff on it. |
|
|
|
can someone please call the bottom
9 grand ish or 5 grand ish. I can't be bothered to choose. |
|
|
|
So let me get this straight, people got involved in BTC without realizing attempts at regulation were almost inevitable... then panic sell at the first signs of trouble?
No. |
|
|
|
I don't understand the part with the lost coins, are they destroyed and if yes how, by who? I am really curious about this topic. Thank you in advance for your answer.
It's a pure guess for the vast majority and that guess is based entirely on them not moving for ages. I'd like a little more rigour before declaring them all dead. There are only a few tens of thousands that are absolutely certain to be lost and that'll be coins such as those sent to burn addresses with no private key or known lost coins such Bitomat which deleted the keys for 17,000 coins. |
|
|
|
 Pucker up, get rich quickers. |
|
|
|
You might get your wish! See
Well, as stated elsewhere it looks like the same suspects are taking their machines to other countries so we may well not be rid of the same characters. They still own all that mining grunt. Whether they'll get any power deals that remotely compare to anything China could offer is another matter. |
|
|
|
Big leg down tomorrow. Another 20% at least. Alts going down 40%. All the buyers in South Korea were shot dead. The US government is rounding up all holders of Monero. Your hard drive is about to crash and your seed is missing a word in the middle.
And I've used my crypto profits to book everyone here in for an involuntary sex change. |
|
|
|
That's why I've said 10yrs, taking into the account that people are holding for a longtime. So you propose that nothing should be done about those lost bitcoins?
Absolutely. It's not the Bitcoin network's job, or the developers, or the miners to second guess when it's likely someone's given up on their coins. They either paid for them or mined them and for all we know they might have decided to keep them there until their retirement 60 years from now. It's their responsibility and no one else's. Even if ten or fifteen million are gone it's more than enough to keep functioning. |
|
|
|
Are there any suggestions or works in progress to maybe return coins to it's original miner if the coins weren't touched in the last 10 years? Because by the time that last coin is mined, there will be a lot less coins in circulation (whole coins). Ignoring the possibility of some other coin like ETH replacing BTC.
That's a godawful idea that craps all over what BTC should be about. People have the right to expect coins they park somewhere will be accessible in a couple of decades. I don't believe this figure but I'm sure it is a significant proportion. And you can't label a coin as lost simply because it hasn't moved. We do reasonably often see very early mined coins moving these days. I've had coins that didn't move for 3-4 years. They were certainly accessible any time I wanted to. |
|
|
|
|
$800 is certainly ambitious.
I find this death of perma bull talk being necessary a deeply tired trope. Some people simply can't be talked out of it no matter what you do to them.
|
|
|
|
Coinbase really does need to get their shit together, but the bigger issue is how a single entity can have so much effect on the network.
Because it's the biggest entity by a country mile, and the slackest. There will always be a finite amount of space on the main chain. Hopefully lightning networks will be quasi infinite, but there have to be limits for the base layer to be functional. It's in their interest do something to ease the congestion they're causing and the means are here right now. |
|
|
|
This is funny. blocking domestic and foreign cryptocurreny exchange websites will not prevent people from china to buy and sell cryptocurrencies. people can just use services that offers vpn with it they can still acess those exchanges and how about over the counter or otc market how do they stop it if it is a decentralized market? china can never stop cryptocurrency just face it.
Correct, but expect them to go all out on VPNs too. They've been a constant thorn in their side. I'm sure the dedicated will continue to manage it somehow but VPNs may become a lot harder to obtain soon in China. They may be monolithic but they're no dummies. |
|
|
|
|
This is the first year that China is almost fully irrelevant is it not? It may not behave in the same way this time. Or it could be down to general human biocycles. Let us see what April/May ish brings.
|
|
|
|
good point and let's not forget Bitfinex is cancer too. Their Tether is a plague pandemic , a fraud which will collapse soon.
Yup. It's a great disappointment to me that Bitfinex hasn't been nuked from orbit. It's pretty much the final holdout from Bitcoin's seedy early phase. I only hope it has an orderly death. Its days are numbered whatever happens. |
|
|
|
Now all we need is the end of Chinese mining and the most toxic player in Bitcoin history will be gone forever. I will dance on its poorly constructed grave. China has been nothing but a cancer on every aspect since minute one. I hope it never comes back in any capacity whatsoever. The miners are staring to close them their "business" too. Let's not forget that China owns aprox 80% from miners.
Sadly the same operators are migrating abroad so we won't be rid of them any time soon. |
|
|
|
|
I'll be sticking around because I'm kind of weird like that.
You noobs go right ahead and sell at a loss. That's precisely what They want you to do. Then they'll sell it back to you at a much higher price than you sold it for and the cycle will do another round of rape and reprisal.
There's more than enough history to draw on now. If you can't see the wood for the trees then you should leave the forest entirely and never return.
|
|
|
|
|
Well $4 isn't exactly low, but the hype is dying down. It was recently revealed by an outage that Coinbase was responsible for a huge amount of the blockchain clogging by not batching and paying very high fees. The less general hype, the less Coinbase action there'll be as well as less action in general.
If they and a few other exchanges had implemented batched sendings and segwit it's possible there wouldn't be any transactions backed up at all and fees would be much lower. Let's see if they put it into action soon.
|
|
|
|
|
By arriving in September you've been spoilt rotten. Try heading straight downwards for month after month. Try what felt like months at $250.
This is traditionally a pretty dead time of year. Wait for a couple of months and you might see some identifiable action. Or tomorrow. No one knows.
|
|
|
|
|
Show Posts
