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As far as I know bitcoin is not illegal yet even though it seems you'd like it to be. Anyway, pointless arguing with someone like you and I can no longer be bothered my point has been made.
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Ah rarity coin, you deleted your comment did you. Probably a wise move.
Anyway too late I saw it. They can ban bitcoin all they want by the way but it is decentralised so they can't stop it or stop people using it.
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This is all very interesting sidetrack but my main point is that bitcoin is a very attractive alternative for storing value when banks start imposing negative interest rates and banning cash. Which they must do in order to try and prop up their failing monetary system.
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We are quite unique living in a world where money devalues constantly, generations before us used to enjoy stable prices that lasted their lifetimes.<snip> Right.  Quote post to see chart  ok i grant that devaluing money currency has gone on longer than 1971, but if chart went back to the days before central banking I'm betting you would see stable prices i was referring to. Fed was created in 1913. |
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Throughout my lifetime the worlds monetary system has been a system of unbacked debt based money. We are quite unique living in a world where money devalues constantly, generations before us used to enjoy stable prices that lasted their lifetimes.
But cracks are starting to appear in this system which is unsustainable and must end. So far they are papering over it, propping it up and trying to keep it going but even so the day of reckoning is coming. Every country on earth is heavily indebted to banks, and the debt growing bigger and bigger in unsustainable fashion. It is impossible to pay back the debt because all the money would also disappear with it. The debt literally is our money used in day to day transactions. Stated another way the money in your bank is someones debt it is not representing an asset somewhere. It must grow because the interest on debts which have gone before is still there needing payment.
Look at all the talk today about zero interest rates not being enough! Realise what this means. They are forced into a corner, to keep it going they will need more repression, they will need negative interest rates. They will need to ban cash. Clearly this will meet huge resistance, especially when things like bitcoin exist which people can flee to.
I guess my point is that capital controls becoming more and more restrictive will make decentralised, bitcoin look more and more peachy.
We may not get a gradual migration of banks to bitcoin but a flood of people using it as the fiat system goes into death throes.
These things can happen quickly, the world was gold backed then one day in 1971 suddenly it wasn't.
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Thanks for this thread afrikoin, its interesting and has a good balance.
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Jezus Christ, I was trolling about the moonlanding for fuck sake.
We're never gonna win this battle if one bitch ass troll is able to hijack this thread with 1 motherfucking trollgument and bring this thread 3 pages further with bullshit.
What the fuck guys. Was my name no spoiler alert?
Quit the moonlanding bullshit (although it is one big ass hoax) and stay the fuck on topic.
You all make me sick of this crap.
This whole god damn place is infested with (legendary) trolls who are replying to themselves with multiple accounts.
Wake the fuck up morons, don't waste your energy.
I actually don't mind this diversion into moon landings but maybe its because I'm weird or something. I have delved into the theory that it was hoaxed but still have doubts either way. Current feeling is that they did go and land men on the moon but I also think lots of the footage looks bogus. Don't know why they'd do that though. |
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I wanted to post an updated chart on the one month anniversary of my original post pointing out the golden cross. I think the picture sums up my thoughts at this point. Please post with thoughts/suggestions/questions.
Didn't know about the golden cross. Thumbs up, I like this analysis ps I've also notice the horizontal level you talk about which is now providing support where used to be resistance. I shared my thoughts in this thread https://bitcointalk.org/index.php?topic=1263134.0 similar conclusion to you I think bitcoin is primed for big moves as a halving mania gathers steam. |
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I'm sure they all think man-made satellites and the ISS are fake too, don't worry. The level of conspiracy theories in this thread is absolutely insane.
It is interesting to wonder why we don't go to the moon anymore or have a base there though.. |
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Sigh...
This thread contains many examples of why scientific literacy is so important.
I don't know that there's much hope for Hyena in terms of readjusting their thought processes.
Given that his/her posts are riddled with absolutes, they don't appear to realize that this undermines their credibility, regardless of the topic.
This displays a fundamental lack of knowledge regarding what our science has discovered about the nature of reality since the mid-1900's.
...
I'd say science is stuck in the dark ages today. I can't really believe that galaxy rotations are explained by dark matter which has gravity but no other existance and no-one knows what it is? Or dark energy? Or black holes? Scientists wank around with computer models which have zero connection to reality. But that doesn't seem to bother them. Or they pimp themselves to whoever is funding them. But just like preists in days of past they hold the truth. supposedly. Also there is big reason to doubt that red shift is a function only of distance which casts doubt on the entire big bang hypothesis. Not that you'd know that by reading mainstream scientific literature. So in conclusion I'd be careful that you are not also falling into trap of believing absolutes which are not so. |
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At the moment I think people are trying to get in before the halving mania takes hold
It's easy to say so, but no one knows exactly what is making the price go up right now. People said in the previous rally that it was due to people who are buying before the block halving, and people were guessing the price would reach a minimum of $700. But the opposite happened. It went down very HARD after reaching $500. Whatever it is causing the current rise, it's nice I understood the previous one to be driven by chinese capital controls, however in reality there is no one reason. In large part people see price going up and jump in too or see price go down and sell. Its like a shoal of fish all turning together |
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I was waiting for loads of comments about Technical Analysis being shit and sock puppet accounts telling me bitcoin is going to zero ? whats going on? are bears turning into bulls ? Have they given up?
Yep! Time to sell  Honestly though, I don't really like that channel. Two points on the bottom makes for an unreliable channel base line. Basically, it can be moved infinitely until it works. The true channel bottom (which had 4 or 5 bounces on it) was broken nearly a year ago. We haven't even retested the underside of it, So upside is a great possibility, but to automatically assume we are heading to new ATH's is a bit premature. I do think a 50-61.8% retrace of the entire bear is in order, but definitely not guaranteed. The top may have been the $500 high and we are still trying to figure out the oscillations before finishing the bear. I remember the channel you are talking about, I used to call it the 'long term channel' or something like that. It looked particularly good on charts where MtGox data is also available and was a big blow to bulls when it finally gave way. This is just me honestly looking at the new trend on a new chart with recent data, which I'm seeing as bullish. Might be wrong, but this is my speculation. My arrows projecting at the end is based on trend holding and a halving mania occuring next year. Maybe instead of that there will be a collapse because of scaling issues and XT takeover of the blockchain or something. Who knows? edit: Just to add I personally judge bullish outcome as more likely and when bitcoin gets bullish it really gets bullish and there aren't many bitcoins to go around for something like this which has global attention. |
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But I'm still unclear about what happens to the bitcoins in your wallet in practical laymans terms. Say they get more than 70% of network and fork to XT. What does that actually mean? Does that mean you have to download an XT wallet to be able to use your bitcoins ? What happens to the ones on the old core wallet ?
The fork is structured so you don't have a say, it either happens to the network or it doesn't. The Bitcoins in the old core wallet have to be 'approved' by the new network. If XT goes ahead and you don't like it, you will have to abandon ship. Think of it like a validation layer, while the 'blocksize' stuff is just there to justify this takeover. Edit: One possiblity is that if XT is about to go ahead, the Core developers may release an update, so if you want to stick with 'traditional' Bitcoin, then you will have two blockchains splitting off. You will have plenty of warning if that is the case. Thanks dragonseer I think that clears up my understanding of it. I have to say all of this just makes Dash even more appealing. Dash has built in governance, masternode operators will vote on any such changes. Additionally developers have a budget paid by the blockchain. Much more democratic much better position to grow from. |
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Has XT not gone away yet?
So what happens if XT diverges from bitcoin, do you have the same number of bitcoins on two different blockchains suddenly. Sorry for noobish question but I don't really understaned the repercussions.
Most agree that it's not wanted or needed.. Similarly though, people didn't want to launch an invasion of Iraq either and that happened regardless. Technically, I believe that if 70% of nodes are running XT, then the network has forked. So even if you don't update your client, the new network is in effect. This new network maintains a blacklist (connections are blocked if they come from a TOR network, however, this blacklist can be updated so your coins will be not be able to be transacted out of your wallet if the maintainers put you on their naughty list) and that is why it is such a horrible thing to do to Bitcoin, which is non-discriminatory in nature. Thanks for the reply I agree XT doesn't appeal to me either. I didn't know that about blacklisting TOR connections though. But I'm still unclear about what happens to the bitcoins in your wallet in practical laymans terms. Say they get more than 70% of network and fork to XT. What does that actually mean? Does that mean you have to download an XT wallet to be able to use your bitcoins ? What happens to the ones on the old core wallet ? |
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Has XT not gone away yet?
So what happens if XT diverges from bitcoin, do you have the same number of bitcoins on two different blockchains suddenly. Sorry for noobish question but I don't really understaned the repercussions.
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At the moment I think people are trying to get in before the halving mania takes hold
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Black Friday, Cyber Monday. WTF!
Any excuse to consume. Yay its Black Friday lets buy stuff, yay cyber monday buy stuff, yay christmas buy stuff, yay valentines day buy stuff, yay easter buy stuff, yay halloween decorate the house and buy stuff, yay everything is awesome
I always thought black friday was Friday the 13th when did it morph into some consumer spending spree?
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Bitcoin is taking quite a strong bounce up off the horizontal support, starting to look like this mini bubble correction might not get much below $320 Log chart with 1 day candles gives closer view  I remember this from the last bubble where you wait for a dip to buy in which never comes. Wonder if its going to start getting like that ? edit - Although it seems a bit too early for that yet I think. |
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