It's over for the shills and bears - BTC market cap about to explode

[uki]

yet another news that doesn't mean much. Too much on the speculation side, too little on the development side. It looks like a failed attempt to ignite some buying.

[RyNinDaCleM]

@jared;
I know as well as you do that me trying to talk my book gets nothing done in the grand scheme of things, so you can take your theory about me and shove it straight up your ass. I don't talk my agenda, I say what I believe is going to happen. As I said above, I have been long more than not, and the whole time still conveyed my views.

Have a nice day, douchebags!

I wasn't necessarily referring to you, RyNinDaCleM. Although I've certainly read highly questionable content from you before, but that's neither here nor there.

As far as labeling yourself bearish in your signature, that's HIGHLY suspect.  Discounting mega flash-crashes or short-term corrections which are temporary in the grand scheme of things and can happen at any time, anyone mid-to-long-term bearish in bitcoin with all of the growth bicoin has achieved and two months prior to a supply halving that takes place once every four years either has an agenda or are a few fries short of a happy meal

I'll explain for anyone wondering, again.
Maybe this post should be pinned so that I'm not called a troll or shill (whatever the hell that means).
 
It should not be suspect that I have a bearish stance for a midterm time frame. I have had the same view (with minor alterations along the way) for 2 years. I had my thread where I forecasted lower low after lower low on the way down to $152. I then posted a chart that has made its way through a few posts and quoted by others which resembled this count and expected path. It has changed very little over the last year except as I said in an earlier post here, about the time it has taken.


That is what I would call a mid term outlook. Since $152, I was short-mid term bullish for the duration of my proposed (B) wave. Longer-mid term bearish, and since day one in 2011, Bullish long term on the ideas of Bitcoin. Bitcoin being number one, but never 100% convinced that it would be the final iteration of blockchain tech. Awesome if it is, but myspace was cool until it wasn't. We all know Bitcoin has its problems and I would be ecstatic if they were fixed so that an "altcoin" doesn't replace it.
My longer mid term PoV can still change, but NOTHING as of yet has me questioning my stance and projection for my proposed remainder of the correction since $1200. I could never be ranked with the likes of the falllling crowd or one of the multitude of 5 rand char users that grace this board daily with one liner OP's. I always (99% of the time) give thoughtful responses and rational reasoning to my views. Perhaps my definition of "rational" is different from yours, but as someone who has very little at risk in either direction we head next, I feel that I have an unbiased opinion. Granted it is often bearish for a long while now, but that is only because my analysis tells me so. I'm not bearish because I want to be, I am because it's what my experience tells me.

As far as halving, It is something that is a known, and has been since January 3, 2009 when Satoshi released the white paper. With 70%+ coins already having been mined, halving has no substantial bearing on anything except a speculation value and as proof of a slowing of inflation. Unless demand rises, halving makes no difference other than to those who make a profit on verifying transactions. Difficulty can drop too! Underwater miners is what can make that happen. I know the chart above isn't what anyone here wants to see, nor is it one they want to believe. It's my take, and halving isn't a guarantee that it won't happen just the same as I don't guarantee that my forecast will happen.


Sorry for the wall of text

[zimmah]

The epic(est) of roflcopters... You just look so desperate. Are you by any chance a BcX sock? You and her share a similar "passion" for Bitcoin and a fear of any opposing viewpoints.

Great minds discuss ideas; average minds discuss events; small minds discuss people.

If barclays does indeed abandon gold for bitcoin this s great news, but i don't know if bitcoin is ready for such large transactions. The market cap is pretty low, and i don't think 1 company will single-handedly increase the market cap by an order of magnitude. But it might be a step in the right direction.

[jaredboice]

@jared;
I know as well as you do that me trying to talk my book gets nothing done in the grand scheme of things, so you can take your theory about me and shove it straight up your ass. I don't talk my agenda, I say what I believe is going to happen. As I said above, I have been long more than not, and the whole time still conveyed my views.

Have a nice day, douchebags!

I wasn't necessarily referring to you, RyNinDaCleM. Although I've certainly read highly questionable content from you before, but that's neither here nor there.

As far as labeling yourself bearish in your signature, that's HIGHLY suspect.  Discounting mega flash-crashes or short-term corrections which are temporary in the grand scheme of things and can happen at any time, anyone mid-to-long-term bearish in bitcoin with all of the growth bicoin has achieved and two months prior to a supply halving that takes place once every four years either has an agenda or are a few fries short of a happy meal

I'll explain for anyone wondering, again.
Maybe this post should be pinned so that I'm not called a troll or shill (whatever the hell that means).
 
It should not be suspect that I have a bearish stance for a midterm time frame. I have had the same view (with minor alterations along the way) for 2 years. I had my thread where I forecasted lower low after lower low on the way down to $152. I then posted a chart that has made its way through a few posts and quoted by others which resembled this count and expected path. It has changed very little over the last year except as I said in an earlier post here, about the time it has taken.


That is what I would call a mid term outlook. Since $152, I was short-mid term bullish for the duration of my proposed (B) wave. Longer-mid term bearish, and since day one in 2011, Bullish long term on the ideas of Bitcoin. Bitcoin being number one, but never 100% convinced that it would be the final iteration of blockchain tech. Awesome if it is, but myspace was cool until it wasn't. We all know Bitcoin has its problems and I would be ecstatic if they were fixed so that an "altcoin" doesn't replace it.
My longer mid term PoV can still change, but NOTHING as of yet has me questioning my stance and projection for my proposed remainder of the correction since $1200. I could never be ranked with the likes of the falllling crowd or one of the multitude of 5 rand char users that grace this board daily with one liner OP's. I always (99% of the time) give thoughtful responses and rational reasoning to my views. Perhaps my definition of "rational" is different from yours, but as someone who has very little at risk in either direction we head next, I feel that I have an unbiased opinion. Granted it is often bearish for a long while now, but that is only because my analysis tells me so. I'm not bearish because I want to be, I am because it's what my experience tells me.

As far as halving, It is something that is a known, and has been since January 3, 2009 when Satoshi released the white paper. With 70%+ coins already having been mined, halving has no substantial bearing on anything except a speculation value and as proof of a slowing of inflation. Unless demand rises, halving makes no difference other than to those who make a profit on verifying transactions. Difficulty can drop too! Underwater miners is what can make that happen. I know the chart above isn't what anyone here wants to see, nor is it one they want to believe. It's my take, and halving isn't a guarantee that it won't happen just the same as I don't guarantee that my forecast will happen.


Sorry for the wall of text

I don't see any possibility of bitcoin dropping anywhere near $200 for longer than a week.  I say a week since the crash before the 2013 runup lasted about a day I think and this cycle's fractal appears to be more drawn out.  So yes, it's POSSIBLE that we could see some low numbers before this bull really takes off. However, I think if such a drop actually does happen it will be short lived.   But I don't necessarily think it's wise to bet on it...unless you're a very wealthy trader and have plenty of bits to play with outside of your core position on the side

[freshman777]

How can Bitcoin grow if new users are not allowed to join this crowded bus, my logic is powerless to find an answer. Who can?

You are believing a shitload of propaganda, if for some reason you are buying into the idea that the bitcoin bus is full.  

That's totally nonsense.  One thing is if you want to buy coffee with it and you expect total resolution of transactions in seconds (which bitcoin is not there yet), but another thing is if you want to store your value securely and to use bitcoin for it's best features - value security.

In any event, there's all kinds of room for you, your friends and a multitude magnitude of others to jump on board with either today's current capacity and/or with various ongoing developments that will allow even more peeps to jump on board and to increase various kinds of quicker transactions.... .

There is no need to believe anyone, you only need to look at the mempool. I don't suppose Bitcoin will end as peer to peer cash to buy coffee, rather a convenient cross border value transfer vehicle. Other currencies will satisfy the pay for coffee demand much better.

[Cyaren]

Good point. If a world renowned bank gets into the bitcoin market, we should all follow suit

Do you have any idea regarding how much Barclay Bank has bought in terms of BTC? If they're buying a shit ton, then the market cap of Bitcoin will definitely explode in a few months time

Also, are they really dumping their gold to buy bitcoins? I mean, I believe gold is still a pretty good investment right now since it's pretty undervalued. I hope they're smart enough not to hold their fiat currency

[r0ach]

I feel that I have an unbiased opinion

You post the most idiotic chart I've ever seen claiming Bitcoin is not only not going to go up for the halving, but the price will instead go below $100 LOL.  Yea sure, pal, everyone believes you.  What a fucking idiot shill.

The Mike Hearn orchestrated attack on Bitcoin with R3 in January only got the price down to $375, then it instantly rebounded back to $450.  You can't even crash the market with an orchestrated attack during a bear market.  Now with the halving 53 days away, all your shill spam and attacks are pointless, nobody is falling for it.  The "Craig Nakamoto" orchestrated attack where he claimed he was going to move around 1 million coins to scare the market only got the price to drop temporarily by $10 HAHAHAHA.

Hey Roach nice thread. Reading your OP has made me ponder if banks could turn to bitcoin as a way of wrong footing china. As many know I'm sure China has been accumulating most of the worlds gold recently. Could it be the west has a secret plan to ignore gold and turn to bitcoin instead ?

I feel like this has been the plan all along.  The west seems to be abandoning gold and letting China and Russia just have it.  It seemed like a strange idea to me at first, until I realized the following facts:

- Gold isn't possible to us in a modern civilization due to lack of granularity and high friction in use.

- Due to gold's lack of granularity, high friction in use, and need to outsource security to a 3rd party, it always goes into vaults where it's turned into fractional reserve, fiat IOUs, so it's mostly pointless.

- All gold backed currencies have failed because they're the exact same thing as using fiat, they just devalue them with less metal over time like the Brits.  Zero difference from fiat.

- The only way gold is useful as a currency is if the metal is circulated as native coins and not IOUs, but this requires an implosion of civilization back to the dark ages where values are just kind of estimated and things like barter actually occur.

I don't hate gold, it's just the only way it's going to actually be useful is if we literally enter a Mad Max era of civilization.  I don't believe every civilization on earth is going to collapse like that (except some places that are already like that to begin with) so you could just use your Bitcoin to leave wherever you are and go somewhere that isn't beyond thunderdome.

[Cyaren]

It's true that gold backed currency almost always turns into fiat, and after that it becomes unsustainable and they just take it off the gold standard altogether. Take for example the Nixon shock.

Would you think that silver is a different case than gold though? Since silver actually has a lot of industrial demand, as well as a history of being a good store of value. Silver and gold might not be easily transported or even used as a currency, but they do make good commodities, right?

[Mervyn_Pumpkinhead]

Through looking at multiple unrelated stories, I just noticed Barclays seems to be leaving the gold market while likely using Bitcoin in it's place:

Barclays, the British banking giant is not new to digital currency and blockchain technology. The bank, known to encourage and work with innovative technologies has taken another step in that direction by announcing its recent partnership with Circle

The money being transferred over Circle will first be converted into bitcoin and transferred over the bitcoin blockchain.

http://www.newsbtc.com/2016/04/06/barclays-bitcoin-circle/


Not sure if the quote below is correct, but if true, it's a pretty shockingly high number of transaction volume they were pushing with gold in that neighborhood, of which, it now seems like Barclays will be directing a monsoon of money at BTC, which currently only has a $7 billion market cap:

About $5 trillion of transactions are cleared every year in London’s gold market, which Barclays is exiting as it pulls out of precious metals.

http://www.zerohedge.com/news/2016-05-16/chinas-largest-bank-quietly-cornering-market-london-physical-gold

Wait.. does this mean that banksters weren't evil after all, because they will soon be the new greater fools to buy bitcoin, and therefor will make lots of unskilled fortune seekers rich?

[r0ach]

Here's a picture I took of the shills and scammers attempting to attack Bitcoin on the actual order book a week ago.  They used around $3 million in the attack and only managed to temporarily drop it $5 while all other exchanges refused to follow them, then it goes right back up again.  Have fun wasting money trying to drop it then having to buy in higher at a loss!

[Kakmakr]

The epic(est) of roflcopters... You just look so desperate. Are you by any chance a BcX sock? You and her share a similar "passion" for Bitcoin and a fear of any opposing viewpoints.

Great minds discuss ideas; average minds discuss events; small minds discuss people.

If barclays does indeed abandon gold for bitcoin this s great news, but i don't know if bitcoin is ready for such large transactions. The market cap is pretty low, and i don't think 1 company will single-handedly increase the market cap by an order of magnitude. But it might be a step in the right direction.

I think, they doing this for a whole other reason. They partnered with Circle to offer a new online user-friendly experience to their banking service. They want to give banking a social media feel, where you add smileys and messages to your transfers.

I think a bigger investment into a currency or a technology that might boost their other services, will be the best strategy to follow. They also see the potential increase in the price, and a much bigger yield on their secondary investment.

[r0ach]

The next big move in crypto markets is when these DAO people can sell.  I don't recall the exact date, but I think it was May 27 or 28.  BTC comes to the end of a wedge near that date, and $130 million that was tied up in the form of Eth to invest in the DAO is now considered a horrible investment by just about everyone.  They will likely dump the hell out of those, imploding the Eth market in the process, and put the mony into BTC for halving gains.

Why the DAO is either a horrible investment at best, and scam at worst:

http://steemit.com/crypto-news/@dan/is-the-dao-going-to-be-doa

More on that subject below:

After reading that through, it looks like the entire system was designed as a way to give the appearance of a risk free chance at profit, with the goal of the issuers just being to pump Eth in the short term (likely so the Eth devs can just dump and cash out like Vitalik was doing).  Even if one of these ventures did become profitable, the payoff would be delayed until like 2020.  If you just held BTC until 2020, you could have a god knows how big of fortune instead of some measily "slock.it" smart meter or whatever the hell gains.

It's clear this whole thing was just a pump scheme with the goal of inflating Eth market cap.  Attempt to lock up $100 million in the short term with the possibility of locking people in longer if they do something stupid like vote to make their funds unspendable.  What was the date DAO people can start selling again?  May 28th or something?  I have a feeling Eth shorts are going to do well that day.

[afbitcoins]

@jared;
I know as well as you do that me trying to talk my book gets nothing done in the grand scheme of things, so you can take your theory about me and shove it straight up your ass. I don't talk my agenda, I say what I believe is going to happen. As I said above, I have been long more than not, and the whole time still conveyed my views.

Have a nice day, douchebags!

I wasn't necessarily referring to you, RyNinDaCleM. Although I've certainly read highly questionable content from you before, but that's neither here nor there.

As far as labeling yourself bearish in your signature, that's HIGHLY suspect.  Discounting mega flash-crashes or short-term corrections which are temporary in the grand scheme of things and can happen at any time, anyone mid-to-long-term bearish in bitcoin with all of the growth bicoin has achieved and two months prior to a supply halving that takes place once every four years either has an agenda or are a few fries short of a happy meal

I'll explain for anyone wondering, again.
Maybe this post should be pinned so that I'm not called a troll or shill (whatever the hell that means).
 
It should not be suspect that I have a bearish stance for a midterm time frame. I have had the same view (with minor alterations along the way) for 2 years. I had my thread where I forecasted lower low after lower low on the way down to $152. I then posted a chart that has made its way through a few posts and quoted by others which resembled this count and expected path. It has changed very little over the last year except as I said in an earlier post here, about the time it has taken.


That is what I would call a mid term outlook. Since $152, I was short-mid term bullish for the duration of my proposed (B) wave. Longer-mid term bearish, and since day one in 2011, Bullish long term on the ideas of Bitcoin. Bitcoin being number one, but never 100% convinced that it would be the final iteration of blockchain tech. Awesome if it is, but myspace was cool until it wasn't. We all know Bitcoin has its problems and I would be ecstatic if they were fixed so that an "altcoin" doesn't replace it.
My longer mid term PoV can still change, but NOTHING as of yet has me questioning my stance and projection for my proposed remainder of the correction since $1200. I could never be ranked with the likes of the falllling crowd or one of the multitude of 5 rand char users that grace this board daily with one liner OP's. I always (99% of the time) give thoughtful responses and rational reasoning to my views. Perhaps my definition of "rational" is different from yours, but as someone who has very little at risk in either direction we head next, I feel that I have an unbiased opinion. Granted it is often bearish for a long while now, but that is only because my analysis tells me so. I'm not bearish because I want to be, I am because it's what my experience tells me.

As far as halving, It is something that is a known, and has been since January 3, 2009 when Satoshi released the white paper. With 70%+ coins already having been mined, halving has no substantial bearing on anything except a speculation value and as proof of a slowing of inflation. Unless demand rises, halving makes no difference other than to those who make a profit on verifying transactions. Difficulty can drop too! Underwater miners is what can make that happen. I know the chart above isn't what anyone here wants to see, nor is it one they want to believe. It's my take, and halving isn't a guarantee that it won't happen just the same as I don't guarantee that my forecast will happen.


Sorry for the wall of text

Nice post RyNinDaCleM and although I am more bullish than you I do recognise there is a possiblity you describe. Some other blockchain could end up bigger than bitcoin. At the moment though I still see no real contender, bitcoin is still king and eth isn't it.

[r0ach]

Five failed shakeout attempts.  Nowhere to go but up.

[RyNinDaCleM]

...Bullish long term on the ideas of Bitcoin. Bitcoin being number one, but never 100% convinced that it would be the final iteration of blockchain tech. Awesome if it is, but myspace was cool until it wasn't. We all know Bitcoin has its problems and I would be ecstatic if they were fixed so that an "altcoin" doesn't replace it.

Nice post RyNinDaCleM and although I am more bullish than you I do recognise there is a possiblity you describe. Some other blockchain could end up bigger than bitcoin. At the moment though I still see no real contender, bitcoin is still king and eth isn't it.

I agree completely that nothing as of yet, especially ether, is a contender. ETH is not intended to be a monetary system. While it does essentially do the same things and has a few features that are "better designed", it still is not a replacement for Bitcoin. I'm more of the thinking/concern that some more centralized bs may take it. People love to have someone to blame. In Bitcoin, there is no one to blame when they delete their keys or don't back up their wallet and have a hdd failure, or send a payment to the wrong address... That is a big hold back for a lot of people, I'm sure. Zero recourse is a fear of the masses and that could be one of the biggest hurdles Bitcoin has. You and I like that last feature, and merchants like it, but granny smith, who sticks dvd's in her 5.25" floppy drive, would have a problem with such permanent things. The point being, non-tech-inclined people will shy away from something they don't understand and has a pretty bad idiot proofing system in place.

[r0ach]

You bear shills are fucked.  Do you not understand?  The BTC wedge converges upwards around May 28, while at the same time, $130 million invested in the DAO denominated in Ethereum will be sold to crash the Ethereum markets, with that money all being invested into BTC for the Bitcoin halving.  Even Goldman Sachs is like "wow this Ethereum thing is one horrible financial instrument".

Ethereum is 100% fucked.  BTC goes up.  Game over fucktards.

[RyNinDaCleM]

You bear shills are fucked.  Do you not understand?  The BTC wedge converges upwards around May 28, while at the same time, $130 million invested in the DAO denominated in Ethereum will be sold to crash the Ethereum markets, with that money all being invested into BTC for the Bitcoin halving.  Even Goldman Sachs is like "wow this Ethereum thing is one horrible financial instrument".

Ethereum is 100% fucked.  BTC goes up.  Game over fucktards.

You finally produce some useful info. You go about it all wrong, but that's another thread. This completion of the DAO fundraiser is what I've been building my position for. Doom will ensue because they now hold 12%+ of the eth, and will have to begin selling to realize that funding.

[amacar2]

You finally produce some useful info. You go about it all wrong, but that's another thread. This completion of the DAO fundraiser is what I've been building my position for. Doom will ensue because they now hold 12%+ of the eth, and will have to begin selling to realize that funding.

where you get that info about 12% of total ETH supply is with DAO team? if it is correct than definately 0.03BTC price will be enough for normal traders like us to short before this dump come from DAO team.

[RyNinDaCleM]

You finally produce some useful info. You go about it all wrong, but that's another thread. This completion of the DAO fundraiser is what I've been building my position for. Doom will ensue because they now hold 12%+ of the eth, and will have to begin selling to realize that funding.

where you get that info about 12% of total ETH supply is with DAO team? if it is correct than definately 0.03BTC price will be enough for normal traders like us to short before this dump come from DAO team.

Lol, it's even higher now
https://daostats.github.io/tokenvol.html

Edit:
here's the wallet https://etherscan.io/address/0xbb9bc244d798123fde783fcc1c72d3bb8c189413

[Andy777s]

It is really interesting what are interconnections between ETH and BTC markets. Is it a coincidence that bitcoin has barely moved during ETH bubble ? Also during main ETH bubble stage there was only ETH\BTC market and bitcoin was stable against USD.  This means ethereum rally was solely powered by BTC holders and its huge mcap is just a derivative of BTC mcap. Would be  fun to see what happens  when DAO ends and BTC triangle resolves.