Hmm, the surface should be around 65k USD, it's dive mode for the sub (das boot) again, back to listening for sonar pings, avoiding sink bombs and fixing leaks.
  Finally back at the surface again! |
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TLDR
If you say Shitcoin, you should include the fiat currencies as well.
I did mention, but you missed it (TLDR). The pivot points are still: (De)centralization and Inflation.
Bitcoin (the protocol) was created to solve both, very basic problems of financial systems, while all the other Shitcoins failed to do so.
Sure, there are always some caveats, for example the 51% theorem in regard of Decentralization, but basically using Shitcoins for payment systems is only better (or more widely) supported, yet.
Definitely decentralization, but back in 2011 - 2013 I don't remember ever thinking about using Bitcoin as a hedge against inflation, it was for mining profit, payments and the wild west beginnings of speculation/trading. People dismissing Bitcoin in those days usually talked about ponzi schemes, bubbles and scams (remember Pirate@40?). Altcoins like Namecoin and Litecoin were OK, different tune now. Although after accepting Bitcoin payments as an online business since 2011 I did notice that by waiting a few months or so before cashing in usually meant significant increase in fiat value compared to other payment methods like PayPal and Credit Card which only meant fees (around 4%). If you are really interested in free (as freedom) money, you should not be interested in getting any support for shitcoins.
I'm thinking "free" as in not directly possible to block by government when you disagree with them which is becoming reality with credit cards and even bank accounts as of late. Are you thinking of something else? (Not even mentioning services like PayPal here, especially as a "seller", their acceptable use policy is getting worse by the day, frozen account for pretty much any arbitrary reason.) Lightning is a step on the evolution of Bitcoin as a global payment system. Pretty clever, as it also solves a big part of the scaling problem, but that's just my opinion. Agreed. Let me transform your original question to be more compatible with this thread's topic:
What does Bitcoin need to replace shitcoins and centralized payment systems?
Interesting, to me Lightning is the perfect fit but it currently lacks adoption, because somehow people can't think of using their Satoshis (Lightning is still Bitcoin), only stack them. |
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This is probably the last thread to get any support for altcoins (aka shitcoins), but not for lack of trying.
Still, to me there is a key difference between investing (as a store of value) and using it as a payment system.
Personally I think using altcoins as a pure payment system for small transactions is better than using something like PayPal (or Venmo), because at least altcoins are decentralized for the most part, and some of them tries to improve privacy.
I really like the lightning network (LN), but have to admit also using Litecoin for payments especially after they introduced MWEB (optionally making it more like cash). If using lightning or altcoins fail I try to resort to cash (fiat) but it slowly gets harder and harder to use, especially in Europe, perhaps in the western countries in general, last resort is to use something like Credit Card or pay direct via bank transfer by scanning QR code using phone app.
What do you guys think about payment systems? Shitcoin worse than Credit Card?
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a free market capitalist system,
In a free market capitalist system, high prices mean efforts are made to meet the demand. What we have is centrally controlled artificial scarcity. If you refer to the 21 million BTC cap, it's decentralized scarcity based on proof-of-work (PoW) in a consensus system. Any change to the 21 million cap in the source code would require a Bitcoin Improvement Proposal (BIP) which must be approved by at least 90% of the miners and the final most important decision comes from the Bitcoin community who have to upgrade to the new software version (which we most likely would refuse in this case). EDIT: Never mind, this was about fees, but still doesn't make sense. |
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Nasdaq futures shows a 4.4% dump.
Expect a major Wallstreet cascade that will likely drag Bitcoin with it to $40k - $45k.
FED will anounce an emergency rate cut first and perhaps printing more dollars to save markets from implosion, actually they are forced to something.
Stocks and Bitcoin rebounds.
Interesting, but also notice resistance at $50k. But it is called "support" when we are talking about prices below the current price, and it is called resistance when referring to prices above the current price. My mistake, I meant support, and happy it held so far.  |
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Nasdaq futures shows a 4.4% dump.
Expect a major Wallstreet cascade that will likely drag Bitcoin with it to $40k - $45k.
FED will anounce an emergency rate cut first and perhaps printing more dollars to save markets from implosion, actually they are forced to something.
Stocks and Bitcoin rebounds.
Interesting, but also notice resistance at $50k. First recommended video when I opened YouTube. Another scammer. Using a fake Saylor AI voice as well to say what it says on the screen. Look at the viewcount of that stream. YouTube really is pathetic at not policing this AT ALL. What a sorry state of affairs. It just gives BTC a bad name.   Wow, double your BTC, when it's most tempting to do so, the scammers are upping their game. The deal looks too good to be true, but other than that, professional. EDIT: Running live in parallel with the real feed, noticed that now. EDIT2: No, it's two scammer feeds, one was just looking legit for a while by showing real recorded content. |
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Great idea, set the lifeboats (Bitcoin) on fire when the ship is sinking (other markets). Irrational people makes me tired. who is going to be the next mindrust?
Not me, but I was just thinking that. Some people will be panic selling for sure. I don’t use leverage to trade but I did consider opening a long but it’s not my thing so I didn’t. I’m balls deep in Bitcoin, more so than at any point in this cycle so I have limited fiat reserves for dip buying. If we sell off even more once US markets open or Iran starts bombing Israel then I will find the fiat from somewhere to buy a few coins. HODL the line, do not panic sell. Don’t do it publicly any way because your username will be engrained on the WO forever like dear old mindrust. Agreed, I'm balls deep in Bitcoin as well (and it's not the first time during a crash, always sucked at timing). Hmm, the surface should be around 65k USD, it's dive mode for the sub (das boot) again, back to listening for sonar pings, avoiding sink bombs and fixing leaks.  |
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Here's hoping my "Bitcoin standard" (aka "Fort Knox BTC") theory pans out, or that the masses finally wise up to buy the dip, preferably both at the same time, because the alternative will suck for everyone (not just BTC holders).
Hyperinflation leading to WW3 or buy Bitcoin, the choice is yours, now or never.
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Red candles rain.
Oh this fucking pain.
Take us to the 70s again.
#NotReallyHaiku
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Kicked in the nutsack
On a regular Sunday.
Corn does this to you.
Somehow it helped, thanks.  |
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No lame Haiku’s from the Dude in these price ranges
Not that they are lame, but I can feel the pain anyway. |
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I don't see how this might help much
The regulation imposed isn't the major issue
Cause they might implement friendly to encourage growth.
The issue is using Bitcoin to service their debt.
We can see the danger of countries owning Bitcoin in the market and selling.
Worse case scenario it might cause a chain reaction
When this country see the other selling
They might want to too, not to be the bearer of a loss.
If only the various countries could check and balance one another in it, then that would be better
But that's just wishful thinking.
The more people who own Bitcoin, the less of a problem selling will be, besides, governments can use BTC <-> BTC transactions on the blockchain between countries which will not affect the rate; 1 BTC is always 1 BTC. EDIT: This old (but still relevant) meme comes to mind...  |
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I am also not really opposed to the idea of various governments trying to shore up their treasuries with bitcoin - even though surely bitcoin is also meant to be for the people to be able to transact directly and to hold their value - or at least have various options of financial self-sovereignty, so there can be various ways that governments might end up employing policies that pump our bags yet may still not be so good for our abilities to transact directly with bitcoin... so we have to be careful if we are allowing governments to take over bitcoin and/or to influence the self-sovereignty aspects of bitcoin.
Definitely agree about the risk of government regulating Bitcoin. What I'm hoping for is that adoption by the masses will go through the roof (exponential) as they watch the BTC rate when governments start stacking BTC seriously, that should mitigate some of the risk as it becomes unpopular for governments to impose strict regulation. |
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oh another great fix would be only oral sex for five years in a row. worldwide which would lower demand.
Good one.  btc may be the best hedge.
Agreed. CCMF.   |
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It is kind of funny how so many bitcoiners worship that dweeb as some kind of a god (and even frequently reinterpret benevolent or well-intentioned or even 5-D chess meanings into his statements), but on the regular he either says a lot of pretty dumb shit or he is so obviously over-the-top when it comes to his narcissism.
Still, after watching Trump's talk at the Bitcoin Conference 2024, even if only a fraction of what he promised would come to pass I think it would be great for Bitcoin, and as a foreigner and holder that means more to me than other issues. Worst case, all of the promises he made are neglected or outvoted, even the fact that he just showed up at the Bitcoin Conference meant something. Overall, as inflation increases (with the threat of hyperinflation looming) in current fractional reserve banking system, considering the volume of debt and interest involved for many countries, holding Bitcoin might be the only solution for governments to slow down inflation where BTC has the potential to outperform the interest from debt. I don't know exactly how that Bitcoin financial construct would look like in the end, but either way it's the most bullish proposition I can think of at the moment, guaranteed CCMF to the moon! Think "Fort Knox" with Bitcoin. Do you know how many companies Trump bankrupted? I think it is 6 Corporate Bankruptcies https://www.thoughtco.com/donald-trump-business-bankruptcies-4152019He uses bankruptcy as a technique to weasel out of debts. Do you know how much debt the US government has 35.06 trillion https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/Do know which president did the most national debt in 1 term Trump has the lead over Biden since Biden still has a few months left Biden could pass him. All that spells to me is Trump will manipulate bitcoin to fuck with the national debt. Why not fuck with a 1.2 trillion asset to fix a 35 trillion debt? To me it means boom or bust for btc. Ie 1 million a coin or under 10k a coin. I have place a lot of time into BTC not sure If I like Trump plans for BTC. Last term he did the China Tarriffs which cost my mining over 35,000 in tariffs . he did the end of like kind crypto trading which means I have 200-300 page tax returns. Noted, what do you think of the "Overall" part which was not related to Trump, but more of a global solution to inflation? |
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It is kind of funny how so many bitcoiners worship that dweeb as some kind of a god (and even frequently reinterpret benevolent or well-intentioned or even 5-D chess meanings into his statements), but on the regular he either says a lot of pretty dumb shit or he is so obviously over-the-top when it comes to his narcissism.
Still, after watching Trump's talk at the Bitcoin Conference 2024, even if only a fraction of what he promised would come to pass I think it would be great for Bitcoin, and as a foreigner and holder that means more to me than other issues. Worst case, all of the promises he made are neglected or outvoted, even the fact that he just showed up at the Bitcoin Conference meant something. --- EDIT: Not related to Trump below. --- Overall, as inflation increases (with the threat of hyperinflation looming) in current fractional reserve banking system, considering the volume of debt and interest involved for many countries, holding Bitcoin might be the only solution for governments to slow down inflation where BTC has the potential to outperform the interest from debt. I don't know exactly how that Bitcoin financial construct would look like in the end, but either way it's the most bullish proposition I can think of at the moment, guaranteed CCMF to the moon! Think "Fort Knox" with Bitcoin. |
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Starting to believe that this is not the place for me anymore.
Even off-topics are not fun anymore.
WO turned into a cult with people what they want to hear.
Initial years where great thought.
Kind of agree with that as well, you would be missed, here's hoping you will reconsider. Say what you like. Who cares?
It does not matter if the rest of us agree with your perspective or not.. ..
Of course, if you are just trolling, then that's another story, you are likely to get backlash, but even if you were a troll, the trolls usually also get away with a certain amount of posting non-substantive and meaningless nonsense. That does not seem like your historical posts.
Not a troll, and it matters to me what you think because learned a lot from your posts, even if disagreeing at times. On the subject, I do miss proudhon, he used to balance this thread nicely. |
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It doesn't seem a great reason to justify the current dump. These guys are being hunted and assassinated all the time. It's more like Bitcoin crashed and news' portals couldn't find any good reason to explain it, so they just used an event which just happened simultaneously to explain the bearish tendency.
Tucker Carlson claimed Bitcoin was a CIA project yesterday. Put what weight on that you like but any opportunity to beat the price down seems to be jumped on these days. CIA was definitely bullish on Bitcoin at one point according to Gavin: https://bitcointalk.org/index.php?topic=6652.0 |
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Israel assassinated 2 Hamas leaders increasing tensions in the Middle-East even further especially when Iran retaliate with support from other arab shitholes that will lead to a market meltdown.
It doesn't seem a great reason to justify the current dump. These guys are being hunted and assassinated all the time. It's more like Bitcoin crashed and news' portals couldn't find any good reason to explain it, so they just used an event which just happened simultaneously to explain the bearish tendency. Anyway, this dump is very strange. The scenario doesn't look unfavourable for Bitcoin right now... Bitcoin had all the conditions to remain stable around 69,000$ or break the 70,000$ line again. All things considered, feels pretty good being "ignored", guess I'm not a virgin anymore. Regarding reasons for dump, it seems like the bulk of the MtGox selling is over, which feels positive. I sometimes forget this thread is more about Bitcoin promotion and holding rather than "Wall Observer BTC/USD", so when finally sitting on some useful information, didn't even realize it was adding to the FUD when sharing it (assuming that's the reason for the "ignore" part). Will try to remember this going forward. |
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