IF CSW has access to 1.1M BTC and IF CSW and/or allied miners deign to mount such an attack, then that may be devastating to BTC. Seems a lot of coin tosses would have to land on edge for such to be the case, but...
Heck, I wouldn't even think such an action unethical. It's just part of the game theory. It's not as if these ideas have not been hashed and rehashed publicly since years. Anyone astonished by these ideas either has not been paying attention or is in active denial.
Like to omit the inferences to the rest of that dramatic story, don't you jbreher? Like afterward life will be great, and the entire crypto community will all be singing kumbaya in BSV land? If any of that would to occur (which we all know it won't), it wouldn't suddenly endear ANYONE to BSV, BCASH, or any other Bitcoin shitcoin/derivative thereof. If BTC were destroyed due to CSW's actions, it's not like when the smoked cleared all the existing Bitcoin TM advocates, users, merchants, exchanges, brokers, and investors would suddenly race toward BSV or BCash. Quite the opposite infact. Sorry to disappoint your glorious troll 'vision'.  |
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So potentially if millions of people all over the world buy Bitcoin infrequently (as a store of value), and hold for long periods of time, years or even decades, then the whole "transaction throughput problem" is overblown and over-hyped, is it not?
Since they won't be doing daily transactions with it?
Just like PMs. Nobody buys a silver coin just to turn around and try to buy a hamburger with it.
I think it remains to be seen if something on the order of 10 transactions/s will suffice at scale, I did say "may". The idiot BCH and BSV camp have the same problem with incentive. No one is going to buy either of those shitcoins just to use for daily transactions, because of the hassle of acquisition in the first place. Plus they have even less merchant support (almost non existent except for Bitcoin Judas' one Japanese coffee shop). Doesn't matter what theoretical future transaction throughput problem their blockchains purport to solve. So the joke's on them, lol. |
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Let's start with this problem first:
"Why would I go through all the hassle and fees to buy Bitcoin so I can buy stuff with it (and then have to report the transaction to the IRS), when I can just use my bank account fiat and not endure any of that aggravation?"
The "store of value" proposition obtains here. There is currently no need to "buy stuff" given the evaporating value of fiat holdings. Agreed. So potentially if millions of people all over the world buy Bitcoin infrequently (as a store of value), and hold for long periods of time, years or even decades, then the whole "transaction throughput problem" is overblown and over-hyped, is it not? Since they won't be doing daily transactions with it? Just like PMs. Nobody buys a silver coin just to turn around and try to buy a hamburger with it. |
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We'll see...
It may yet turn out that we have a transaction throughput problem with the current configuration, not to mention an L2 centralization problem.
And no, I am not overlooking the chainsize/full node maintenance centralization problem of the alternatives.
These problems, they need solving.
Let's start with this problem first: "Why would I go through all the hassle and fees to buy Bitcoin so I can buy stuff with it (and then have to report the transaction to the IRS), when I can just use my bank account fiat and not endure any of that aggravation?" |
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One can only hope that the free market of ideas will allow a really workable solution to rise to the top.
Isn't that what's happening right now? Bad actors can only keep a really good idea down for so long. I remember there was this documentary from 2006 called "Who Killed the Electric Car?" Well, it turns out the answer is "nobody." Actually the real answer all along was "absence of viable battery technology". But some of the conspiracy theorists (the idiot ones) had their heads in the sand over that issue. It was more fun and more policy-targeted to blame the oil/gas industry. |
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Well, to be fair, aussie man is pretty fucking disagreeable.
It would be way better for you guys if you could find a way to throw off some of these offensive personalities...just sayin'.
If you can explain to me how to 'throw off some of these offensive personalities' from a permissionless system, that might be doable. But that would be abandoning perhaps the most foundational principle. Quite the conundrum. TheRealSatoshi walked away from Bitcoin TM. But FakeSatoshi remains, because he controls the mining cartel for his little shitcoin and can't leave the profit behind. Quite the conundrum, eh? |
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Well, to be fair, aussie man is pretty fucking disagreeable.
It would be way better for you guys if you could find a way to throw off some of these offensive personalities...just sayin'.
Like off a cliff, for starters. |
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Well, I don’t know if you referred clown also to Plan B, but he’s actually truth to model how supply and demand impact bitcoin price.
You can model Bitcoin supply and demand all day long, with mathematical predicative models, stats, etc. But behind the "demand" component of S & D, there are real fucking people. Not just 'the mysterious ether out there'. Demand is driven by the emotion of people en masse opening actual accounts and buying Bitcoin with their fiat. Not by magical levitation. So I say again, where is this magically spurned emotion of epic buying going to be coming from to move the price to $1M by 2020? McAfee doesn't say jack shit about that, and neither do the other talking head idiots. They are just pissing in the wind. Yes I am still a long term bull, but come on. |
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What do you make of his $1million btc prediction? I don't think it will happen
Overly ambitious. But I wouldn’t definitively rule it out. Specifically, McAfee predicted $1M by the end of 2020. A raging bull market may peak at $1M in q4 2020, but assuredly a major bear market will follow in the event. McAfee prediction is based on his own “mathematics”. But he never disclosed why and how BTC will get to this level. PlanB also predict multi millions values for bitcoin, he clearly states how we will get to that valuations. Part of the story is als o the fact that USD will lose much of his value (BTCUSD going up not because BTC going up, but because USD going down). Still, difficult, not impossible. 2020?hardly doubt so, even if halvening effect fully takes place. Hilarious that these clowns like McAfee make these outrageous Bitcoin price predictions, like the price will just magically "rise" to these astronomical levels on its own, in a supposed vacuum. They never talk about people. As in, price rises when people fucking buy Bitcoin. As in public demand outstripping supply. So what is going to spur this amazing and sudden demand? Everyone I've talked to has no plans to create an account and buy any Bitcoin, no matter what the price does. tldr; Bitcoin price doesn't just magically rise on its own. /rant |
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Have to add I'm deeply disappointed with Lambie lately. He was a permabull when he first appeared but it seems he has turned into a bear now. What is more alarming he started posting his bearish prophecies of the so-called "one last dump before up" theory and now this $4900 bottom post. I'm worried that's a way how most beartrolls earn their merits and post count (also respect from other members) - post bullish things first, turning into bears later. So guys be smart, think twice! We're getting surrounded by werewolves.  Guys, this is exactly how trolls on this and other forums work. 1. Come in as a neutral friendly 2. Gain trust, gain merits and status 3. Gain supporters/followers 4. Slowly flip their sentiment bearish, and eventually outright hostile 5. Try to influence others Why do you guys think that these trolls want to desperately hack or buy Legendary pro-Bitcoin/bull accounts? The bigger question is why do the fools fall for it over and over again. |
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FYI to those who are wondering where the market might be going. The IRS doesn't bother to send out letters reminding 10,000 crypto owners that they can report capital losses on their crypto sales. 'Cause why would they do that? Just sayin'.  |
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This thread is more dead than r0ach’s sex life recently
Which is a good thing. I love how $10K is now a meh thing. That helps consolidation in the long term. I remember a time of low 3 digits, where both advocates and trolls would laugh (heartily) on this very forum at the notion of Bitcoin hitting $10K, much less hovering there near a stable price. It seemed like a pipe dream to almost everyone. Now it's here. In just a few years after. Which means that it's no only achievable to go much higher, but everyone has set their expectations way too low. |
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hmmmmmmm  any brave soul want to report what Roger has at 185.56.81.35 ? U like backdoors, bro? I wouldn't run that shit on my worst enemy's computer, let alone my own. |
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WTH happened at Coinbase? I see they are back online now.
It's Deja Vu. A glitch in the matrix. It usually happens when they change something. |
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I think Libra will be the most convenient stablecoin. With a BTC/Libra pair, you can easily use your BTC trading profits to order a taxi with uber/lyft, renew your Spotify subscription or book a hotel on booking.com. There is no need to sell your BTC for usd/euro and then withdraw from exchange to your bank account which takes what? 2-3 business days?
Libra is what all those shitcoins/tokens have tried to accomplish for 2-3 years now by making a crypto card that allows you to easily spent your crypto on goods and services. If it works well and is convenient to use it will make the lives of Bitcoiners easier, if you are willing to sacrifice some of your privacy.
...and only the Millennials, GenZ'ers, and other clueless pleebs will be willing. Zuckerberg, is that you? |
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So I'm thinking this libra nonsense will get heavily regulated, the states would be insane not to. And that will then be used as an excuse to regulate crypto in general, and bitcoin especially. It might be a good time to get around to moving elsewhere for those planning to do so.
Facebook has the money, clout, and kompromat to bulldoze through regulation. They already track FB account user data to sell to the ad agencies, retail companies, and government agencies. The next logical step is to link your captured user data to what you routinely spend your money on, and how much of it. Libra will help them do just that. And that will be perfectly fine with the regulators. |
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but stop with this arrogant elitist bullshit.
No. #AllBtcForksAreShitcoinScams |
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Fiat continues to dump into bitcoin in short chained pulses possibly signalling larger buyers are running out of normal OTC options and are having to resort to market buys.
Having to buy on the market exchanges just like retail Mom and Pop, oh the horror! |
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The Boomer Panic (tm) Indicator is my favorite one.
When boomers on twitter start celebrating how Bitcoin is dead = the bottom's in and it's time to accumulate.
When they start panicking = the next bull run towards ATH begins.
The question is, at what point do those guys admit that they are wrong? How many ATHs does it take specifically? Or do they perpetually stick around like our resident Peter Schiff realr0ach?
They dont, thats why they are called "boomers". Its not related to generation anymore, but to technological backwardness. A few of them deserve some credit, but most of 'em don't. Reason being, every Boomer I've ever spoken to who retired wealthy/early divulged to me that they invested in things that they didn't fully understand at the time (Microsoft, Apple, Google, Amazon, etc.) They admitted that most of their friends, family, and colleagues did not invest...and paid the price. |
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