Excellent! My ASIC miners in a data center with $0.02 per kWh are still very profitable. Thanks for the good news!
Yes, but it is without ASIC hardware prices ! (only energy cost) Soon price of btc will reach $10k
Igorr, can you confirm? For a given defintion of "Soon" My defintion of "Soon" is about 6 month or max 1 year, bitcoin will go to 4-5 usd. Professor Bitcorn, is that you? http://www.professorbitcorn.com/ |
|
|
|
But long-term (5 years from now), Proof-of-Stake cryptos will be the winner, as they completely eliminate these controversial points that he brings up for discussion.
Confirmed. Because you said so, so it must come true. |
|
|
|
I believe that you are correct. But, I would add: as long as Bitcoin remains the best-in-class of digital money.
If, one day, Bitcoin is replaced by another product which would inherit only its benefits (peer-to-peer and security of transactions, open ledger, etc), without its flaws; a collapse could happen. The major reason of Bitcoin (and clones) not to be accepted as a day-to-day currency, is its high volatility on the markets - clearly shown on the previous chart. For a currency to be considered "functional" and "desirable" for that purpose, the price has to stop increasing. Some fluctuations are tolerated by currency markets, but never to the extent demonstrated over the last 4 yrs by the Bitcoin model.
That is not the speculators fault entirely, it is due to the fixed release rate of Bitcoin. Bitcoin can't increase production of its units during time of high market demands - the supply is limited, by design. Therefore, by design, the price can only go up in those conditions. Basic economic principles.
This will remain true, until the specific model is no longer needed, because it has been replaced. It wouldn't be the first time a good idea evolves into a better one.
In my opinion, the question is not a matter of, if Bitcoin will be replaced - but by what, and when?
Until then, enjoy the ride!
I see a post exactly like yours almost every single day, either on bitcointalk or reddit/r/bitcoin or somewhere else. It's like all of you guys are believing something will be true without thinking it completely through. Just saying something will happen some day doesn't make it true or even remotely possible. So let me ask you a very simple question. Let's assume for sake of argument, that a cryptocurrency's price stability needs to be at ~$100k/unit (and in the hands of over 200 million users/holders) to be considered stable *enough* to be used as a viable currency. So do you believe that one day a better cryptocurrency will just pop into existence, and will have an overnight valuation of $100K/unit immediately upon entering the market, and immediately dispersed to 200 million+ users and millions of merchants accepting it? If your answer is Yes, then there's no point arguing with you because you believe in something that will never happen, ever. If your answer is No, then you must realize that any competing cryptocurrency's value will have to be grown from the ground up, just like bitcoin's. And currently, bitcoin has the lead in network effect of exponential growth. Any other competing cryptocurrency, while it matures in valuation, will have to go through the *exact* same volatility as bitcoin. And if this is true for all cryptocurrencies, then why would anyone switch horses from BTC to a less mature cryptocurrency when the ultimate goal is to get to a viable market saturation, merchant adoption, and thus relative price stability? It took bitcoin 4+ years just to get the valuation it has today, and so it would with any other. Not to mention that Bitcoin is open source and programmable, and can take on new features any time the core devs and miners decide to incorporate them. |
|
|
|
there is a good chance an alt will replace BTC.
Personally I think PPC,DOGE,LTC, XRP, EMUNIE, NEM and maybe NXT and XPM
are all long term hodl material.
PeerCoin in particular has had no competion in the backbone store of value arena from any alt.....it really stands out.
Download the peercoin blockchain you will see what I mean....really quick.
It would be really, really great if the altcoin pumpers would explain what makes their favored alts of the day so great. You know, instead of just saying that they are. This. Especially when Bitcoin is open source, programmable and can over time adopt new features of any alt coin out there. Also, who in their right mind really thinks that a currency named DOGE is going to take over the world? Can you imagine world leaders saying "We are supporting the DOGE currency for World trade." The stupid name alone will hinder Dogecoin from going anywhere, just like BBQCoin. Unless the future prophesized by the movie Idiocracy actually comes true, lol. |
|
|
|
segeln - thanks man!  Torque - I don't know what a shark trader or whale is, I don't know what a FUD article is, I don't know what half the things you said even are. I spent hundreds, if not thousands of hours working on the software that creates this, and I never said that I have some amazing predicting powers. In fact, I have been continually warning people that this can sometimes be wrong - there is no guarantee here. You obviously did not read anything I wrote on my site. Please don't make ridiculous accusations towards me based on literally nothing -_- Also I'm not working with anyone else on this - it's just me at the moment. Posted so you can't edit. Your first and second sentences clearly incriminate you. You don't know what those things are, but you've put 1000's of hours of time into a neural net prediction engine for bitcoin? Riiiight. |
|
|
|
Hey guys, so I have a slightly more reasonable prediction than the "prepare for march 16th dip" post made a little while back. As some of you may have seen in a post I made several days ago, I have been working on software that uses neural networks to predict bitcoin prices. The predictions can be seen at http://www.btcpredictions.com/The short term neural network has been consistently predicting a dip from around $585 down to about $562 and then back up to around $590 starting around 4am EST, reaching its lowest price around 7am and then returning to $590 around 10am. Obviously this program's predictions are not always right, and predictions that are further away are more difficult for it to make. However, it seems relatively confident about this dip. I believe the dip will occur, though the magnitude may be a bit off or the dip may be shifted in one direction slightly. So we'll see how well the software performs! Let me translate the OP's text for everyone: "Hey guys, I'm a newb that just create an account a few days ago. I'm really a shark trader and/or whale that is trolling, but I'm going to pretend that I'm an innocent and I've got some amazing bitcoin TA powers so that people believe me. I'm affiliated in some way or have insider knowledge of the group of whales that plan to post a fake FUD article about China banning bitcoin during the night. It should happen around 4am EST. When they do, the Chinese market is going to go into crazy panic sell off mode, and the price should [dip from around $585 down to about $562 and then back up to around $590 reaching its lowest price around 7am and then returning to $590 around 10am]. My cronies will then take advantage of the panic by scooping up cheap coins. But you'll think that somehow I have these amazingly predictive TA powers, and you'll give me kudos for being right and start following me in the Speculation forum. You'll also think my neural net software is amazing, when it really doesn't do shit. Yay me and my cronies for conning you all."  |
|
|
|
It is as it is. Would a goldbug complain about silver, platinum, palladium?
No, but a goldbug would complain if there were over 100+ other shitty PM derivatives created in the lab that were all sucking $$$ away from those 4-5 main natural ones that exist. Luckily for the goldbug, true PM alchemy doesn't exist... yet.  |
|
|
|
|
When I look over all the alt-coins at coinmarketcap.com (over 100+ and counting), I just feel sad. If all that money that is invested in alts were added up and put into BTC instead, then bitcoin would have a much higher marketcap and much high price right now.
One of the core tenants of bitcoin being capped at 21mil is that "Some Government Mandarin cannot just whisk new coins into existence" as Patrick Byrne of Overstock.com was quoted as saying recently. Well apparently he's wrong, as any idiot can just whisk a new alt-coin into existence, and lure fools in by trying to convince them that they are just as worthy as BTC long term. Remember IOCoin, anyone? Naw, didn't think you did.
I'm hoping others do indeed get "alt-coin fatigue" and start to realize that by overly investing in alt coins purely out of greed, they're hurting the overall core bitcoin agenda long term, not helping.
|
|
|
|
I don't have enough coins so that cashing out at $5000 would make a major difference in my life so I'll keep holding on them a little longer. Of course if the price was $50,000 it would be a much different situation.
This is exactly what I am thinking. I have so few bitcoins; cashing them out early wouldn't make my life any different, so I will just hold on to them until their fiat value does make a difference. And this is exactly what everyone will do that feels the same way, now or even new adopters of bitcoin in the future. And as the user base continues to grow exponentially over the next couple of years, what's to stop this line of thinking? If you think about it, it is what we NEED to have happen in order for demand to continue to outstrip supply. You WANT that guy/girl in the near future to say, "Well I finally have 0.1 BTC, but it's not enough now to cash out at $100K/BTC to make my life any different. So I'll just hold them until their fiat value does make a difference." And so on, and so on, and... |
|
|
|
1d and 4h charts:  OMG, it's a fractal pattern! Escher stairway to another universe!  |
|
|
|
Why people still think we can make it past 1000 anytime soon? 1. Because the sentiment was EXACTLY the same after every past bitcoin bubble. Case in point: May-Oct 2013: "Why people still think we can make it past 266 any time soon?" Jul '11-Jan '13: "Why people still think we can make it past 30 any time soon?" 2. Because 'exponential growth of user base'. Deal with it. 3. Because the rise of newbie troll accounts that get created every time post-bubble, coming in and trolling with negative press links, spreading FUD, and trying to get people to sell. Incidentally(if you are not into stocks) this type of activity happens on EVERY stock message forum as well, especially with pennie stocks. It is all a psychology game. The newbie bear trolls are the SHARK TRADERS, wanting cheaper coins. Don't you guys get that? Or are you just that gullible?? When you see this type of troll/bear activity heat up, you need to BUY not SELL. Because the sharks know that the bear market won't last forever. |
|
|
|
"Buffett said he'd advise people to "stay away" from bitcoins because they do not have any intrinsic value, although they are an efficient way to transfer dollars."
Then you can make the same argument of gold, because it was "just" collected in streams or dug out of the ground, although it was an efficient way to transfer money. Warren Buffett derides gold just as much as he does bitcoin. Also, anyone notice how Buffett is always asked about bitcoin on the days the stock market takes a beating? Wonder why? Hmmm. Most would claim "no I don't see the connection" but if you think about it enough, it makes sense. I.E., Where would those heavily invested in traditional stock markets NOT want to see investors drain $$ from stocks and run to instead for a better investment op? Anyone? Bueller? |
|
|
|
|
I think you guys are missing the OP's point entirely.
IMO it's not about bitcoin being easier to use, it's about the ignorant and stupid masses that seem to want to panic sell every single day/week there is an "OMG, Mt Gox!", "OMG they found Satoshi!", "OMG ancient coins on the move!"
If the gullible masses are so easily to manipulate to dump coins by the mass Media (who works directly for the Corptocracy, who in turn is in bed with the politicians, the banks and the WS sharks), then what makes the future of Bitcoin (or any cryptocurrency) any different than it is today? It's not like negative Media about bitcoin will just stop in 5 years.
|
|
|
|
I love how people keep spreading FUD about how Bitcoin is based on an outdated protocol... when it is open source, and the core developers keep adding to it and improving it every single day. Kinda like saying Linux is based on an outdated version of UNIX. |
|
|
|
Yeah, God forbid that the price of bitcoin actually stabilizes so it can be used as a viable currency. Who would actually want that anyway. /sarcasm Only: Off Radar Money Changers Black Market Participants Attention Seekers and the damn fucking greedy give two hoots about Bitcoin. If it isn't turning a nominal USD profit then it will get sold off. What we have is not a stable market. But greedy bastards holding out waiting on another big price surge. If it doesn't kick in, then increasing amounts of Bitcoin will start hitting the market and it will go down in value, right down to where the greedy with a longer term outlook think it is a good price, but they too have a tolerance thershold which will be broken if Bitcoin doesn't rise in value and turn them a buck. Don't be fooled by the Bitcoin idealists. All of them early adopters to a man. It's easy to be idealistic when you are 10000% up, perhaps not so easy when you are one of the unfortunates who was convinced by Bitcoin Nutter to go all in at $800, and that is if you didn't exit the market in the $500s, which you probably did. If Bitcoin is not going up in value, then it must go down in value. Aside from appreciating in value, Bitcoin has no use to 90% of those holding it. I'm not a Bitcoin Nutter as you say, but I am long on bitcoin's future. Matt, I actually think it'll be around a lot longer than you will, lol. Or you'll probably still be around a few years from now, somehow trying to make a few bucks on it's ups and downs. I mean if Bitcoin never makes it as a viable and stable currency in the long term, then NO CRYPTOCURRENCY will ever make it. And the price has to go WAY up from here before it can stabilize. To the point where the sharks and the market makers no longer control the market, because instead it'll reside with the masses. Actually, I first bought at $400's (during the Nov rise), but continued buying as it went up. Even bought a few at 1000. But then sold 35% of my holdings at $850, and then bought them all back at $510. So overall, I think I'm doing pretty well. The only mistake I really made was not selling them all when the price hit 1100, but then again I was a bitcoin newb and hindsight is always 20/20. |
|
|
|
|
It's almost as if someone is manipulating to keep it at 666, lol.
|
|
|
|
Yeah, God forbid that the price of bitcoin actually stabilizes so it can be used as a viable currency. Who would actually want that anyway. /sarcasm |
|
|
|
|
Well to be fair to traders, you can't really trade from a remote wallet. The coins have to be in an exchange wallet and ready to buy/sell frequently. The price swings so fast, and sending BTC from a remote wallet to an exchange wallet can take anywhere from 5-10 mins to in some cases an hour. By the time you are ready to sell them you may have missed the opportunity.
|
|
|
|
I must admit i saw the prices going lower after waking up to the Gox news. The dip to $400 unfortunately happened when i was asleep so for me it doesn't count, i managed to buy in this dip at $475 with some Fiat.
Same here, bought just before the dive to $400. Still managed to get some more under $500. We might go sideways for a while instead of steadily up, but didn't it do the same after June's final capitulation? |
|
|
|
The assumption is, the price would be crashed so wall st can load up on BTC. Maybe the price is being 'crashed' so that wall st can load up on GOX itself. They saw who was running it they saw it was flaky. The fucked with his exchange until he got scared. Now Mark is the one that has finally capitulated and given in and sold gox for pennies on the bitcoin. That would be how wall st does it Or maybe Wall St isn't happy entering a market where they know that Joe Blow is sitting with around 90% of all BTC in cold storage. Wall St want these BTC out of cold store and into their hands. For this they need to to totally fuck the market down a price level they would be happy to buy in at (double digits perhaps), and they will keep it their forcing Joe Blow to admit defeat and dump all his coins. I've discussed this theory before and i believe it has some legitimacy. I find it hard to believe once Wallstreet comes with Billions of dollars they'd immediately jump in at the first chance and buy like crazy, for sure some sort of manipulation will play out that tanks the market for them to buy in low. I believe that may have been what just happened. Also, seems to me that bitcoin related startups is where the money is really at, especially if Wall Street could invest in creating exchanges (or BUY one outright, wink wink). |
|
|
|
|
Show Posts
