Bitcoin Forum
April 23, 2021, 03:29:26 PM *
News: Latest Bitcoin Core release: 0.21.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 342 »
1  Bitcoin / Bitcoin Discussion / Re: Bitcoin Transaction Fee on: Today at 11:35:27 AM
I am reading some posts with one-liners in them, and some of those posters might be pretending to be in a signature campaign. I’m not accusing anyone of being a troll, or a bot, but always check through their post history.
2  Economy / Speculation / Re: Buy every dip, and HODL! on: Today at 09:23:06 AM

I am still not ruling out sub $50k, and even though I had been frequently criticizing you Wind_FURY, for having some negative ideas about BTC price potentialities, why am I now seeming like the conservative one?


10 DAYS LATER EXACTY! I’m relieved that I NEVER convinced close friends and family to FOMO-buy. But how did you know? I honestly never believed that would happen. This makes $50,000 TRULY the new $10,000. Hahaha.

I shall start looking at the price more closely again. It might be another opportunity to look for good entries.
3  Bitcoin / Bitcoin Discussion / Re: Pay tuition with Bitcoin on: Today at 06:46:33 AM
Can you give us more information? What payment service provider did they use to collect the BTC payment? BitPay? BTCPayServer? Coinbase Commerce? Or did they just straight up gave you a wallet address and certain BTC amount?

I’m not accusing OP to be a troll, but I believe the anti-Bitcoin people will start their “A-Game” in trolling, and mislead the crap out of us while Bitcoin is crashing, and make us look very very stupid to discourage us.
4  Bitcoin / Bitcoin Discussion / Learn to laugh even if Bitcoin is crashing on: Today at 06:30:32 AM
It’s their turn to laugh at us HODLers after many months of laughing at them. But most importantly, learn to laugh at yourself. It relieves stress. Cool

Peter Schiff = 1, Anthony Pompliano = 0. Hahaha good joke.

https://twitter.com/peterschiff/status/1385424232818089990

Quote

Now that #Bitcoin  is back below $50k I think it's time for @APompliano to tweet out $1k milestones on the way down the way he did on the way up.

5  Bitcoin / Development & Technical Discussion / Re: The consensus dead end. on: April 22, 2021, 08:21:19 AM
A 51% attack is unlikely, but if there is less incentive to mine the that could change. Since the burden of incentivizing is going to be increased transfer fees, the already high bitcoin transaction fees will become too high. At some point in time (I'm not sure when since I don't know if doubling the transaction rate will double transaction fees) people will look for a cryptocurrency with lower transaction fees. I think that will be Bitcoin Cash. Litecoin does not limit as much inflation, but that would be my second choice. It can process transactions faster. If reaching consensus proves too difficult for bitcoin to evolve Litecoin could prevail over Bitcoin Cash.

That assessment is based on the transaction fee you told me though. You said it was about $15. Is that for all transactions or is that relative to the amount of the transaction? If it is the latter I might reassess that. If it is the former it is not practical for small transactions. Isn't that a problem?


The design-decisions made by the Bitcoin Cash developers, to make blocks bigger, centralize the network, to maintain lower fees will be self-defeating. Block rewards are going to zero, and blockchain networks creating big blocks are killing POW blockchains main value-proposition. Censorship resistance.

Quote

If the shareholders of the Federal Reserve System (known for hating competition and waging war costing trillions  to protect the petrodollar) decided to invest billions or even trillions to do a 51% attack to sabotage bitcoin and were successful, what is the worst that could happen?


Game Theory. The Federal Reserve System would learn that there’s more incentive to be honest, and be rewarded in Bitcoin.
6  Bitcoin / Bitcoin Discussion / Re: Bitcoin Transaction Fee on: April 22, 2021, 08:06:26 AM
I read BTC transaction fee's could be cut up to 45% once Bitfarms gets their Argentina setup running..

I was quite intrigued by the story so checking it up..
Bitfarms has acquired (not yet delivered) 49k miners with a total hash rate of 5Exa.
Ok, let's ignore the difficulty adjustment, and just for the sake of comparison let's say it will stat tomorrow to mine to bring back the hashrate in correlation to the current difficulty, their entire farm would be able to fill in just 1/10 of the hashrate that is missing.

As for longterm no hashing power would be able to reduce the fee that much unless by some alignment of the plants exactly on the day of the difficulty adjustment farms that would double the hashrate would come online and this would keep on happening every two weeks, which would pe physically impossible after just a few months.

LE:
Actually, I realized where that 45% comes from,
Quote
Bitfarms Finds Break-Even Costs in Argentina Is 45% Cheaper Than Québec
That's the cost for the energy used by miners, it has nothing to do with transaction fee.

Will just wait it out, no rush at all. Nice experiment.

What if is an experiment of the Chinese government trying to assess what they need to cripple the network?  Grin
Too bad there is so little information on what's for real happening there.



What's happening is that CHINA controls +66% of mining, and the CCP just took baba/ant/bitmain private, and given that +90% of all asic miners on earth are made in China, it means China owns btc, way more than +67%, because they own the worlds HW, they OWN all the Crypto on earth, and can redeploy it as they wish. If somebody in China decided not to cooperate they can be taken out and shot the same day, seen it with my owns eyes. Asian culture does things for the 'good' of the culture, its 100% homogenous, its not a selfish klusterfuck like the USA.

Now ppl talk about 51%, but China has been over 51% forever, but BTC ppl ignore, well they ignored until it was too late.

Argentina will do nothing to the +67% of mining in China, its just rumor, in the meantime China will continue to ramp-up across the board, as they now control all ALT gpu  miners as well as BTC ASIC clones

Now that CCP has taken control of all Mining, ASIC/GPU hw, they can do as they wish, they can mandate software, remember that all bitmain asic boxes call home, all on earth. Jack Ma is out, the CCP now controls.

Ant, Alibaba, Bitmain, its all the same thing, Jack Ma's holding companys own Alipay as well, as China went cash-less years ago; IMHO China will use the bitmain infrastructure to implement their CBDC, two birds with one stone, take out BTC which leaks YUAN out of China, and use the Free Infrastructure to support the 100% China's new 'temporary' digital cash, with limited life.


China does NOT control ANYTHING. I believe you research and learn about the Game Theory behind Bitcoin, and what makes it work. The Chinese Mining Cartel “can try” to attack Bitcoin, BUT it would be stupid for them to do it because they would kill themselves and lose their investment. If they were honest, they would be rewarded in the most valuable asset in the world. Bitcoin.
7  Economy / Trading Discussion / Re: HOLDING VS TAKING PROFITS DURING BULL RUN on: April 22, 2021, 05:46:56 AM
Always sell in a bull run and buy in the dips.

Long term strategies rely on you buying when everybody else is panic selling. That's the secret to gaining profit. Of course, all of this may sound risky and it is which is why you have to have the guts to stick with it.


For Bitcoin, it’s “always HODL in a bull run, and buy the dips”. Because if everyone followed that advice, then the bull run will stop because of everyone putting their coins on sale. Cool
8  Economy / Speculation / Re: Stock to Flow Model the most accurate prediction of all models saying 82k May on: April 22, 2021, 05:32:03 AM
chart in OP is meaningless

the colourful line is the daily prices...
the line is just the average of those prices

its not predicting anything

its just whole numbers and yearly averaged numbers

its not taking 2 different datapoints of 2 different metrics.
its just the same piece of data represented in 2 ways

sorry guys but its meaningless


I didn’t believe it before the halving, but it’s very astounding in how the price has followed the model with enough accuracy that it might be a “crystal ball” until Bitcoin doesn’t follow the model anymore. It’s merely a guide, for the the next two halvings?
9  Economy / Speculation / Re: Stock to Flow Model the most accurate prediction of all models saying 82k May on: April 21, 2021, 10:50:22 AM
Yeah, I would say it's pretty much accurate modelling tool, but you have to look at it for long term and not for short term trading. In any case, read this thread by @fillippone - Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity.


Plus it’s very surreal that it follows the model very closely, because all that’s shown in that model should be priced in, and the market should behave differently. But it still follows it with precision.

PlanB gave an accurate explanation on why, market is not discounting future halving, as Micheal Saylor Is pretending market should, in his infamous “super cycle” thesis.

You can find in his “efficient market hypothesis” article.


That’s what I believed in and argued for before the Halving last year. I truly believed that it was priced in, and that Bitcoin will never surge after that event. I was obviously wrong. Cool

Quote

On the fact it closely follows the model, well, do you think bitcoin market is an efficient market not being manipulated?


Satoshi probably invented the most price-predictable asset?
10  Economy / Trading Discussion / Re: HOLDING VS TAKING PROFITS DURING BULL RUN on: April 21, 2021, 07:34:48 AM
OP, what are your goals? Are you a good trader? What’s your financial condition?

Personally, my goal is to have enough Bitcoins for my retirement 30 years from now. I’m a bad day-trader and no time for it, and I have a stable job, and a side job. Then for me, it’s buy then HODL.
11  Economy / Speculation / Re: Stock to Flow Model the most accurate prediction of all models saying 82k May on: April 21, 2021, 07:07:30 AM
Yeah, I would say it's pretty much accurate modelling tool, but you have to look at it for long term and not for short term trading. In any case, read this thread by @fillippone - Stock-to-Flow Model: Modeling Bitcoin's Value with Scarcity.


Plus it’s very surreal that it follows the model very closely, because all that’s shown in that model should be priced in, and the market should behave differently. But it still follows it with precision.
12  Bitcoin / Bitcoin Discussion / Re: 6 Fundamental Reasons Why Bitcoin is Growing on: April 21, 2021, 05:58:41 AM
OP, good topic, and very educational for newbies! Sorry, I’m probably nit-picking, but simply “growth”/the “scaling out” of the network is not equal to “price-growth”. BUT, it does equal to growth in hashing power. It’s probably good to point out the difference.
13  Bitcoin / Bitcoin Discussion / Re: Bitcoin Transaction Fee on: April 21, 2021, 05:41:10 AM
Know that the recent high fee is because of mining pool in China that are not in operation for now, in less than two weeks time now the mining difficulty will be adjusted, transaction will be back to normal. Less than $100 should be able to get confirmed after the adjustment is done.


I believe those miners in that region of China are currently back mining again, or quickly taken over by other miners from a different region. The network has also not seen any long delays between blocks, https://www.smartbit.com.au/
14  Economy / Trading Discussion / Re: UNREALIZED PROFIT IS NOT YET YOUR OWN on: April 20, 2021, 03:32:06 PM
OP, it depends on your own point of view, and your goals. You want more fiat? Then holding Bitcoin is unrealized profit, or loss. You want to HODL, and more Bitcoins? Then simply look at what the current price in fiat is as a guide of Bitcoin’s current “purchasing power”, not profits or losses.
15  Bitcoin / Development & Technical Discussion / Re: Won't Bitcoin block size be resolved through simple market economics? on: April 20, 2021, 03:16:04 PM
IMO the barrier shouldn't be how old the computer should be, but the cost of the computer itself.
That’s a good point. Then from that point, my point is the cost of powerful, high-end gaming computers of today might cost 70% less 30 years from now. Bitcoin’s next generations will be running nodes with more powerful hardware.

Or just set lowest accepted cost of computer to run full node. 30 years computer can't run full node software anyway due to OS, CPU architecture (e.g. arm and x86), CPU instruction (e.g. SSE and SSE4.2) and many other things.

Quote
Surely you don't expect Bitcoin Core to run on computer which uses Pentium I (which released on early 90s)?
Why go to the past?

Just illustrating your idea of 30 years old computer running full node.


I believe you misunderstood. What I was pointing out was, a cheap, low-end computer 20 to 30 years FROM NOW, would be today’s high-end gaming computer. Like today’s low-end smartphone has more processing power than a high-end computer 30 years ago. The next generation of Bitcoiners will own more powerful hardware.
16  Economy / Speculation / Re: Bitcoin is die . All crypto go down on: April 20, 2021, 04:29:29 AM
Bitcoin is down. All crypto will go down this month
Look at these charts. We entered a bear market for few years price 99% down soon.



There has always been some corrections along and Bitcoin has always managed to recover even though it rarely crossed the SMA 50 which usually serves as a support but likely looks it might now serve as a resistance if the daily candle close below it but to me still I dont believe that this is the end for this year but most advice that caution most be taken.  
 

MORE zoom out needed. That part of the picture does not represent the whole picture. If Bitcoin came crashing tomorrow night while I sleep, the supply shortage is still real, only 21 million Bitcoins will be mined. Bitcoin WILL surge/FOMO back to a new ATH some years after the bear cycle.
17  Economy / Speculation / Re: If we enter a bear market how long it will last? on: April 20, 2021, 04:16:56 AM
The bears are already close. I don’t think more than 1-2 months.


That’s probably the sentiment of many people in Bitcoin because of the new, shiny FUD. I can’t believe it worked. But if a big crash truly came, and sellers take the price to under $50,000, it will just be another golden opportunity to buy. Big Dips are for buying.
18  Economy / Speculation / Re: If we enter a bear market how long it will last? on: April 19, 2021, 10:55:22 AM
If bull un will be over in the next months. We'll be enter a bear market with x10 decrease alts price and like x5 decrease in btc.

Is it will last 3 years again till 2024?



Probably yes, and that might not change for the next bull-bear cycles. Did Satoshi invent the most predictable asset? Haha.

BUT, there’s a small probabilty that the current bull market cycle might be longer simply because money supply is up, and velocity of money is down because the economy is partially closed because of the pandemic. The world might experience high inflation when the economy opens again.

19  Bitcoin / Development & Technical Discussion / Re: Won't Bitcoin block size be resolved through simple market economics? on: April 19, 2021, 10:39:02 AM
It's very vague answer, but you basically mean retro computer?
It’s not vague. Simply imagine what specifications do computers in the future are, 20 to 30 years from now. The most powerful desktop computer today might be someone’s junk in the future.

Shower thought, the Bitcoin network might have also gone through its own “upgrade”, organically, in hardware in 20 - 30 years, and ready for a block size increase.

Still vague to me, you can't predict how fast computer will be in future. One of the reason is Moore's law might no longer be true in few years due to limit of silicon.

IMO the barrier shouldn't be how old the computer should be, but the cost of the computer itself.


That’s a good point. Then from that point, my point is the cost of powerful, high-end gaming computers of today might cost 70% less 30 years from now. Bitcoin’s next generations will be running nodes with more powerful hardware.

Quote

Surely you don't expect Bitcoin Core to run on computer which uses Pentium I (which released on early 90s)?


Why go to the past?
20  Economy / Speculation / Re: Bitcoin, I salute your final ATH. on: April 19, 2021, 07:18:17 AM
So, yeah, this is totally the end. Looking ugly.


Dips during this current market cycle are for buying, not selling because,



We don’t want the billionaires to get what they most want from us HODLers. Our Bitcoins. Always remember that there will only be 21 nillion coins in existence.
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 342 »
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!