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In reality bitcoin is the only coin that really matters because of the way that it is set up. It solves the byzantine general's problem and networking effects have been being built upon it since the genesis block... There are nine networking effects that are outlined by Trace Mayer, and you can easily look them up in order to better attempt to understand the importance of bitcoin and it's paradigm shifting contribution to securing value in a way that is outside of centralized authorities that has never been available before it, and might not even have been possible until the internet had reached a certain level of maturity in recent years.
bitcoins dominance and inspiration of 2009-2011 WAS based on the above.. so from 2009-2011 yes bitcoins blockchain vs price. bitcoin was winning based on blockchan features, because the price was low compared to other currencies/mediums of exchange in the world, and the features bitcoin offered were far more valuable than its price but.. 2011-2013 then came altcoins that also used thee same solution. thus other coins utility of a decentralised network meant bitcoin no longer had a unique feature that any other currencies couldnt offer. bitcoins dominance then became price and merchant utility. merchants didnt use litecoin as their "we accept.." paymnt method. but while other coins were offering faster confirmation average times or more data per block or more/less coin reward per block.. bitcoin started losing the utility race. 2013-2015 with less unique codebases of differing node clients, and the war against other 'generals' had started to rip(REKT) apart the byzantiines solution, thus losing bitcoins uniquenase, features and benfits further 2015-2018 and now the reliance on one source of new rule/upgrade path (core roadmap/mandatory upgrades) the whole utility of consensus(bysantines solution) has nearly disapeared completely due to this whole drama of the last 2 years. and now merchant service tools are now opening their gates to other coins. so bitcoin is now losing the merchant adoption race too. soo.. now it seems bitcoins only promoted 'feature' is first to market (which didnt play well for myspace or napstre) leaving people to now only prompt the price as the reason to try inticing new people now with all that said. market cap and price are both illusions. if i called 1000 apples shares as a 'cookingapple' (large apple) then the price per unit would be bigger. if i made an altcoin of 5 trillion coins and sold 1 coin for $5 the market cap would be $5trillion. think of it this way. look passed the ilusion of the basket terms of measure. many people say that bitcoin is $6500 per unit and gold is only $1800 per unit(btc vs oz)... but what if i told you bitcoin was only $0.0065 a unit and gold was $38k a unit. (bits vs KG) so with people starting to measure bitcoin as ubtc(bits(100sat)) the price per unit will drop from ~$6500 per unit(BTC) to ~$0.0065 per unit(bits) thus in future bitcoin will show as a under penny per unit price and other altcoins will hav a higher price per unit. and alts will have a higher market cap. p.s i love bitcoin. but im a realist not an ass kisser. its far better to reveal the issues and hope the community wake up and then help sort the issue, rather than kiss ass, hide the problem and let it continue/get worse. .. summary. watch trace mayors SEVEN network effects video. https://www.youtube.com/watch?v=D3n6lLeuPQAthen ask in 2018 do all these 7 network effects still apply to bitcoin uniquely in my view the only one remaining is point 4 (mining hashrate). which the cost of mining upholds the price support (the low of a year) where people refuse to sell below their cost of obtaining bitcoin I am totally lost in this one, I need to go make some research so that I may be able to have something to say, but in any case, I'm glad I even convinced myself to asked the question baceuse I almost considered it as irrelevant to bring it up here, but I managed to convince myself to ask the question and here are several detailed explanations that would move me to make more research to understand Bitcoin more and it's associated technologies. Thanks for sharing |
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Many people use cryptocurrency and most of them are altcoins and tokens, I think so many people should know how to run it along But learn at the right time
The gradual use of the crypto coins and also the general adoption is what that we do the magic to the crypto world |
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This would definitely happen, considering that banks are there for their profit
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Wow! This is really a nice development, this will bring about more adoption of the bitcoin in several endeavors of man. I hope this will bring massive change of mindset of the Bitcoin pessimist
It's really hard to get bitcoin out of your business because many people do not know anything about it. And those who know may be against. But still there are people who use it, so it's worth joining it to medium-sized businesses everywhere. I believe we are gradually approaching a time where more businesses will be integrating the crypto in their regular business a d increase its use |
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I'm not sure if in the future Bitcoin will be the digital currency that helps everyone in the world, but hopefully Bitcoin can be said that way in the future, a lot of negative issues that lead to bitcoin now, and not many people think that these issues are related to falling Bitcoin prices. Bitcoin alone in my opinion can be said to be not safe to be chosen as your investment instrument. Apart from uncontrolled price fluctuations and only relying on speculation, bitcoin is also not protected by legal institutions, therefore there are not many crimes found in Bitcoin itself.
The existence of phishing, scammers and others, one of the reasons why fraud and closing of fake companies often take on the name of bitcoin investments is because of its decentralized nature. That is, bitcoin systems that do not have central authority to regulate their circulation. This also causes the value of bitcoin to be very volatile.
What really happened? Is it true that the price of Bitcoin is down because of these things? how to handle it? while Bitcoin itself is not protected by legal institutions?
I have come to learn in my years in this market that that is already a constant. Once you have come to learn about this market works, and how it's coins gain and lose value. You would somehow note that there are so many things that affects its, and unfortunately, most of them are negative and that it really affects the market in a bad way. However, the beauty of this market comes from the fact that it can recuperate and find ways to still rise up despite having so many obstacles. The market is a reflection of people's reactions and that results in price changes. Remember each time a coin moons people were actually making real purchases that resulted to that, no magic anywhere |
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When something progress, there will be people to depress its growth. Similar thing is taking place with bitcoin as well, but this can be overcome with the trust. When it comes to negativity, users who doesn't find a perfect opportunity to profit big initiate negative speculation against the growth. This in one form or other makes some sort to impact over the growth.
This is very common with humans, not everyone will be genuinely happy with the progress of others, some even caught depression because they feel that another person's success means their own failure... That's why there are antagonist to Bitcoin |
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It never gets end, even now we are still buying it, neither do I feel lost anywhere, this is the beginning of another ride, you can catch us at 20k again, Bitcoin has no end
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Who doesn't know that everything that has to do with money is risky, even in my country Nigeria, we believe the same so its not only in US they feel that crypto is risky but globally and yet it can't stop us not even in 10 years from now... Signed:cryptodigitz
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none of what you said makes any sense!
you say "many negative issues about bitcoin" then only talk about two things that are not "negative issues". one is price volatility and the other is some people scamming others!
the volatility is because of the smaller nature of the bitcoin market and the fact that it is still growing by the millions at a time each time there is a rise.
and the scams are happening like anywhere else in the world since money is involved and bitcoin is a currency like any other currency.
bitcoin price will not be affected by these.
You are very accurate and well stated is your points, no need for me to repeat what you have said, I wondered the many negative issues, even the topic can scare the hell out of heart throbbed investors especially him talking about security which has no where related to Bitcoin itself. |
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Very accurate, we are all learning and willing people to know more, even the experts never stopped at the expert otherwise their knowledge would have been outdated and they become morons with past expert experience. Learning is daily and must be willing to update our knowledge with the right materials
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This is a very useful website that is going to advertise the opportunity to use cryptocurrency to make easy purchases on variety of items especially ones not well known to people. It's a welcome development and many people will get to appreciate what you have there.
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Imagine what it would be like when this community would unit with one mind and avoid hash selling of Bitcoin, just imagine the nature of price hype that will naturally happen and a great recovery that could cause. Looking forward to seeing BTC recover well
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That is the way it has been and we are all getting use to it and most importantly learning to get use to the risk taking is the key
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The only thing that can crash the Bitcoin is anything that is capable of altering the security system of Bitcoin blockchain, other than that we can say that the system and the entire cryptocurrency cannot go extinct and therefore will not crash
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A combination of factors makes the bitcoin currency very crash resistant. A crash would occur under a mass sell out. Considering a very significant event that undermines the security of the bitcoin system would have to occur for a mass sell out to be rationally justifiable, such as a government or other powerful group/individual spends massive resources to break the system, a hacking or some form of take down on mtgox occurs that involves many losing their bitcoins, or some entity creates a quantum computer capable of breaking the SHA256 encryption in reasonable time and starts targeting bitcoin accounts, I think it's safe to say with a very high probability (at least at the current state of events) that a mass sell out would occur due to snowballing speculation/panic selling combined with or initiated by large investors getting their bitcoins out. Such a mass sellout will happen from time to time due to natural market movements. However any massively significant crash, such as going from 30$/bitcoin to <1$/bitcoin or even <5$/bitcoin is very unlikely because of one thing... the community. In order for the bitcoin to crest and crash the market would have to be overtaken by speculative investors. And by overtaken I mean a significant majority of all bitcoins must lay in the hands of these speculative investors. Only then will the sell rate be unsustainable and have no buyers to keep up with it. However, due to the bitcoin architecture, the strongest currently are early adopters. Many of these people have a vested interest not in just making a quick buck, but to see the bitcoin be adopted globally. At the current moment, with these people in control, the bitcoin will not crash. There isn't enough market initiative sufficient to make it crash. This means we have NOT REACHED the start of a bitcoin bubble as of yet. It will happen, as the bitcoin gets more popular, and the balance of power shifts over to more powerful investors, that market activity will get even more extreme than is now. But whether or not that balance of power shift that would allow a massively significant crash to occur... could even occur, is debatable. The graph on http://buttcoin.org/im-going-to-post-this-update-so-you-can-follow-along-at-home is actually pretty accurate. The thing is the "mean" for the "return to the mean" phase has not been reached, and you can help that mean be as high as possible by doing the following. WHAT YOU CAN DO: 1) For people with large vested interests in bitcoins: you should be aware that you have a lot of power on the market. Be aware of what you do, as any large actions could come back to bite you in the ass. But also be aware certain large actions could be necessary to save your investment. 2) For businesses: make using bitcoins to purchase things attractive. You could aim for simply breaking even or even selling at a slight loss based on the current market value of the bitcoin. Because there is potential for the bitcoin to rise in value significantly, you would be simultaneously offering customers prices that can't be beat, but also making a large profit as bitcoins rise in value. The only way this is sustainable is because bitcoin customers are growing exponentially. The bitcoin is increasing in value due to its inherent ponzi-scheme-esque exponential growth values. The only difference is that at the end (when the bitcoin is largely accepted and exponential growth becomes unsustainable) instead of a crash, the value stabilizes. 3) For everyone: you don't need to have a single bitcent in your account for the purpose of hoarding to do this. Simply when you need to buy something, see if it's for sale using bitcoins. Then buy however many bitcoins you need and spend it on that item. If buisnesses follow what I suggested above, it would be the best deal your money could buy anyways! Or separate your investment account from your account for spending power. I think hoarding is a very proper thing to do at the moment, but realize if you spend bitcoins (even if you just buy them and spend them immediately), you're helping raise the eventual "mean" that is referenced in the above graph. The bitcoin is a potentially very profitable environment for dealers, as you can sell a $10 item now and a month later, with raised bitcoin prices, have effectively sold that item for $20,$40,$100 or more. By buying items you're raising demand for buisness, and by raising demand for buisness, you're helping the bitcoin become globally accepted. Why the bitcoin won't crash because of it's demand. The demand of bitcoin affect the bitcoin's life so the bitcoin won't be crash. The bitcoin is very powerful because they can change any one's life just using and working here on bitcoin. The earnings of bitcoin cause the people to use it so the demand of bitcoin are continuously increasing. That's why the bitcoin won't be crash. Saying the demand as the reason why it won't crash is like identifying the byproduct and ignoring the target product, there is something that pushed people towards demanding for Bitcoin and that is the Bitcoin technology the blockchain, people have confidence that it won't fail and so that's why they are demanding for BTC |
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This one big reason I encourage anyone not to stop at just buying and selling Bitcoin but to go extra mile to know the product BITCOIN itself and its associated blockchain, the government are not fighting Bitcoin because they like those investing in it that's it
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It looks like you are really angry and pissed, but understand that every market is a combination of positive and negative forces which is why it fluctuates
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Yes, a lot of the airdrop activities is just a mere waste of time energy and resources, I don't even know why some people feel that airdrop is free, it is never free, lost of them is given for exchange of your personal information plus you will still have to promote the project for a penny shiitcoin that may never be listed. It is so pathetic, I feel the same way too
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It's really no magic, it has always been like that, each time Bitcoin is moving up, it bullies the Altcoins and makes them kiss ground, Altcoins only recover when BTC price is stable.
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