Buying now is a good idea?
Personally, I would wait for either a capitulation candle or a reversal of the MACD on the 1 day chart. It's dangerous to try to catch a falling knife. Better to wait for some solid sign of a trend reversal. Sure you will miss the bottom that way, but not by a lot, and atleast you wont get wrecked by further decline. We could easily be on our way to five or six thousand. Remember, 5k, the previous high before the run up to 20k, never got tested. All that said, buying now is definitely a better idea than not buying at all, if those were the options. Well thats my 2 satoshis anyway. Except for the fact that you currently don't have any satoshis. Interesting talk by Thomas Lee (Fundstrat) for those who like to zoom out a bit, "The Economics of Cryptocurrencies | Upfront Summit 2018" https://www.youtube.com/watch?v=GGberGnxiJk |
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The main thing that gives bitcoin value is belief. Belief has to pay for about 5 billion dollars per year for electricity and hardware to run a payment network with 5 million users. That is a lot of weight on belief and belief can only do so much. Unnecessarily expensive and outdated systems like BTC PoW mining are dragging this market down.
I have been hearing this argument since < 0.5 billion dollars per year for electricity and hardware. Both 0.5 and 5.0 billion dollars are a drop in the ocean in the grand scheme of things. I wish I could run a business as competitive and efficient as the bitcoin mining. |
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Bitcoin is up 4.5% today
GBTC is down 4.72% today, shrinking that premium (by 10% in one day).
Interesting.
Any recent ETF news perhaps? |
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bit of a leg up to 10335. unexpected?
We had a 2 minute spot on Ellen today. I expected more. I don't want to be a poor sport, but Richard Heart might have had a point. Wall street is just selling to mainstream audiences now, first CNBC, now daytime television. What's left? Where's the next gangster payout for yours truly?  The other 7+ billion perhaps? And calm down now Bitcoin, easy does it. |
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Bitcoin bears are betting against a known limited supply of bitcoin. Bitcoin bulls are betting against an unknown unlimited supply of fiat.
/thread (for today)
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It just completely lost its professional appearance. Not sure why Anacs would want to hurt their brand like this, unless they just want to get rid of the whole crypto grading thing.
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[...]
It will be interesting to see if the hash rate crashes after the first change thus providing compelling evidence that there is currently asic mining of monero. Personally I doubt it but I will be watching intently regardless.
Wouldn't a proof-of-work change affect the botnet computers who can't be easily upgraded? The botnets have to upgrade for every fork anyway, right? Like everybody. A proof-of-work change requires an update of the mining software, which runs locally. Correct? I assume the botnet computers are pointed at a mining pool, which only requires the mining pool to upgrade its software during a 'normal' hard fork without a PoW change. Correct? |
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[...]
It will be interesting to see if the hash rate crashes after the first change thus providing compelling evidence that there is currently asic mining of monero. Personally I doubt it but I will be watching intently regardless.
Wouldn't a proof-of-work change affect the botnet computers who can't be easily upgraded? |
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[...] even if you are still spending a considerable amount of time trying to figure out what it is that you invested into, exactly. hahahahahaha [...]
Working on that on almost a daily basis since Q3 2013. And admittedly still barely have a clue. But since it glows in the dark I can't stop looking at it and investigate why. [...] Sitarow, would likely fit my rough relative timeline categorization of a BTC OG)...
https://www.urbandictionary.com/define.php?term=OG does not help me much here. What? |
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Thanks for sharing, gives me a bit of insight into the world of mining. It is much more easy to just buy those bitcoins straight. On the other hand it is much more fun to mine them. And when you see those machines humming all day, and realize how competitive and hard it is to obtain a fraction of a bitcoin, you consider even a single bitcoin very valuable. |
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Minor quibble: The potential [of Bitcoin] is known. The degree to which that potential will end up being realized, and the timetable, is the unknown.
I have to disagree. We could have never imagined the uses cases the Internet brought to us in the 90's and even early 2k. Even Bitcoin can be considered an extension of the Internet. It is therefore very hard to judge Bitcoin's potential, especially at this stage. |
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Was out of the office a couple of days. Today I heard a couple of collegues actually sold at the bottom! Shaking out the weak hands really works..... =(
Never owned more bitcoin than I do today. I am a lousy trader, which fortunately I know, so I haven’t had so little fiat for quite a while. Many are in for gaining dollars, euros or whatever fiat currency (not judging, perfectly normal). Few want to take the risk of accumulating a fixed stake in a truly decentralized ledger with mostly still unknown potential. I feel fortunate being able to spend most of my pay so frivolously. |
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Everyone is so bearish here that the bottom must be IN already.
No, people are still buying and HODLers are still holding. We need panic on high volume. The current bounce to $6xxx is pathetic. More to come. Agree. Saying that all along. A couple of days of $40BN+ volume, and a spike low. Doesnt matter where the low is, but ~$2000 feels about right (leaves a gap to the 2013 high of $1200). Price/time relationship is not yet right either. 6 months to 2 years is a more proportional bear market. You guys like Tera still live in the more early days. You can’t just ignore the massive developement and adoption since. That said, Bitcoin is not fully resistant against external powerful entities. It mainly can be harmed and surpressed on the onramps and offramps, which obviously will be reflected in the dollar value. |
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Personally I don't see much of a difference between tethers and "real" dollars displayed on an exchange after you sell btc or a shitcoin. I mean they are both virtual until you get the money on your hand. Many insolvent exchanges showed dollar balances that weren't reflecting the reality of the USD holdings of the exchange, whether it was MtGox or more recent ones.
So no matter if it says "USD balance" / "EUR balance" / "CNY balance", "USDT balance" or even "BTC balance", it always has a risk when you are dealing with an exchange.
Having said that, I think one of the best applications of lightning-type channels would be the ability to instantly remove BTC funds which aren't actively traded, through the use of the channel. Since exchanges represent a big source of on-chain transactions, it would quickly make transactions cheaper, while also reducing the dangers involved with keeping bitcoins on exchanges. Want to go off for a weekend? Withdraw the money to the channel. Want to trade on Monday? Resend the money back to the exchange - through the channel... do I want to get the btc right now? I just close the channel... etc etc... It should also theoretically reduce the exposure of exchange hot wallets to hackers - which should move less funds in and out, on-chain.
edit for something irrelevant: I did a <20sat/byte tx earlier in the day to consolidate some funds, it cleared within a couple of hours... don't even remember when I went *that* low...
Interesting thoughts, thanks. Two questions though: - Wouldn't it mean that if every trader has a channel with for example GDAX, GDAX basically needs to keep all those bitcoins in some kind of a hot wallet? This is how I understand Lightning works, to be able to setup a node you need to have access to the private keys. - According to Andreas in ' Let's Talk Bitcoin! #352', Coinbase would never setup a Lightning node (don't have the timestamp). This because Lightning by default uses Tor, so Coinbase can't track where the transactions they are passing through their node are going to. Andreas thinks Coinbase/banks have the legal obligation to track where the money is going to. |
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Since this place is so quiet (except for the obvious JJG spam attack).
In my mind Bitcoin has passed the point of no return. Bitcoin is here to stay. It does not matter much anymore for what dollar amount per bitcoin you are currently buying: you should just hoard as many as you can. Don't be cheap and try saving a few bucks, you might end up holding just dollars.
A year from now a single bitcoin <1000$ will be considered a bargain.
One of my few price predictions aged well, unless someone disagrees a <$1000 bitcoin is a bargain. Let’s see if my Q3 2019 prediction holds as well as this one did (>$500 billion marketcap). |
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Monero had not had leg up from end of August. So almost half a year. Maybe it is time for next x3.
I know the next big point is $1,000 for Monero but I can't understand the time for this. I'm preparing to buy some Monero before this action to take place. I think this will happen in the third quarter of the year. Monero simply doesn't run at that pace. If $1000 is going to happen, it will happen a lot quicker than that. I have you covered guys, it will hit $777 somewhere around the middle of June. Eager to use the first iOS wallet though, as soon as both are open sourced and reviewed. Mobile wallets are great for giving away small amounts to friends and people interested (they need to be open source though, reviewed and able to connect to my own node). There is no better way than showing how Monero works, instead of just talking about it. And with the inevitable increase in value and need for financial privacy, people slowly learn. Still sad I can't do this anymore with Bitcoin because of the high fees. The $5 bitcoin bits I gave away in 2013 - 2015 finally got people interested in 2017 when they suddenly had >$250 in their wallet. People are weird. |
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Theres whaleclub but I dont consider myself a whale, more of a dolphin.
A dodge dolphin. Someone with photoshop skills? |
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[...]
- I have goals I am looking to achieve, and will still be HODLing Bitcorn in the end. So the timing sucks right now. Oh well. I can't get greedy.
What kind of goals are you looking to achieve that require a sudden >$500k <$1000k, if I may ask. Wouldn't it otherwise be wise to hang on to a larger part of your bitcoin stash? That is if you are still long term bullish on Bitcoin of course (which you seem to be). |
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