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Ted E. Bare
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November 09, 2017, 10:48:42 PM |
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Lol only in crypto. What a mess.
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julian071
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November 09, 2017, 11:13:47 PM |
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Anarchy is always messy. Entertaining tho  |
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LewisPirenne
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November 09, 2017, 11:18:16 PM |
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Due to its strong incentive to hoard rather than spend, Bitcoin is already a " peer Peerage to peer Peerage Electronic Cash System". Payment has already been disrupted by the like of Alipay, which has retained 500 million users and attracted over USD$1 trillion for its money market fund in the space of a few years. A decentralized blockchain can never hope to achieve such adoption compare to a centralized solution. In fact, the reason why Japan even introduces "J-Coin" is largely due to the expansion of Alipay into neighboring countries such as Japan and Taiwan. Because seriously, who would want their personal banking details and spending habits stored in China and be available to Chicom censors? There is no need to re-invent the wheel. Bitcoin only has to try remaining decentralized and trustless and serve its function for social scaling and reaching consensus. One can then build payment/credit/derivative layers on top as per Exeter's pyramid.  |
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Heater
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November 09, 2017, 11:25:39 PM |
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As someone who bought their first Bitcoin in 2012 for $20,
Indeed, I can't help but laugh at all the thousands of newcomers who just read r/bitcoin and suddenly think they are scaling experts. That Bitcoin should be able to run a node on every Raspberry Pi in Afghanistan. Yada yada yada. This is psychologically manipulated groupthink. Let's face it - many of the people getting into Bitcoin today are "newbies" who weren't very smart or educated in the first place. But they all like to act like they are, ESPECIALLY when it comes to their opinions on the Blocksize debate - an opinion that was only formed through reddit. Oh boy do they love repeating those opinions, and screaming down anyone who disagrees, like a bunch of drunken fratboys who think they are about to lose their virginity. Only a very small minority are capable of using logic or reason.
It's both amusing and kind of sickening to watch happen.
Anyway, now that the dust has settled and the "1mb forever" crowd has won, Legacy Bitcoin will likely never scale in any meaningful kind of way - Meaning Legacy BTC will never be anything more than a speculator's toy to get rich, a gateway to altcoins and FIAT and a settlement layer.
However, I still fully expect the combined speculator and institutional investor money to take Legacy Bitcoin to 50 - 100K and beyond. However, it will become impossible to move coin at some point on the main chain , with $100+ fees, making a very large percentage of BTC wallets unspendable. At that point, the vast majority of Crypto users and commerce will have already moved to either Bitcoin Cash, Monero or Ethereum. In the long long run, 5+ years, I fully expect either Bitcoin Cash, Monero or Ethereum to become the #1 coin with the highest market cap. It's inevitable now that Bitcoin will never scale - and let's be honest, Lightning Network will either never exist or will never deliver as promised --- which means BTC is going to be stuck where it is now from the scaling perspective, with only a few band-aids thrown on top, likely forever -- unless the miners finally grow a pair, say enough is enough and stand up to the bought out Corporate shills at Blockstream, but I'm not holding out hope for that outcome at all.
I've also been around a long time and agree with your sentiments. The behavior on reddit is terrible - I can only assume they are just young and stupid? I try my best not to assume malice or conspiracy... Maybe it's time we set up a real Rosewater Foundation where the elders can train a few of these future millionaires on the ways of being a virtuous person. Exhibit A: |
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Rosewater Foundation
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November 09, 2017, 11:35:35 PM |
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As someone who bought their first Bitcoin in 2012 for $20,
Indeed, I can't help but laugh at all the thousands of newcomers who just read r/bitcoin and suddenly think they are scaling experts. That Bitcoin should be able to run a node on every Raspberry Pi in Afghanistan. Yada yada yada. This is psychologically manipulated groupthink. Let's face it - many of the people getting into Bitcoin today are "newbies" who weren't very smart or educated in the first place. But they all like to act like they are, ESPECIALLY when it comes to their opinions on the Blocksize debate - an opinion that was only formed through reddit. Oh boy do they love repeating those opinions, and screaming down anyone who disagrees, like a bunch of drunken fratboys who think they are about to lose their virginity. Only a very small minority are capable of using logic or reason.
It's both amusing and kind of sickening to watch happen.
Anyway, now that the dust has settled and the "1mb forever" crowd has won, Legacy Bitcoin will likely never scale in any meaningful kind of way - Meaning Legacy BTC will never be anything more than a speculator's toy to get rich, a gateway to altcoins and FIAT and a settlement layer.
However, I still fully expect the combined speculator and institutional investor money to take Legacy Bitcoin to 50 - 100K and beyond. However, it will become impossible to move coin at some point on the main chain , with $100+ fees, making a very large percentage of BTC wallets unspendable. At that point, the vast majority of Crypto users and commerce will have already moved to either Bitcoin Cash, Monero or Ethereum. In the long long run, 5+ years, I fully expect either Bitcoin Cash, Monero or Ethereum to become the #1 coin with the highest market cap. It's inevitable now that Bitcoin will never scale - and let's be honest, Lightning Network will either never exist or will never deliver as promised --- which means BTC is going to be stuck where it is now from the scaling perspective, with only a few band-aids thrown on top, likely forever -- unless the miners finally grow a pair, say enough is enough and stand up to the bought out Corporate shills at Blockstream, but I'm not holding out hope for that outcome at all.
I've also been around a long time and agree with your sentiments. The behavior on reddit is terrible - I can only assume they are just young and stupid? I try my best not to assume malice or conspiracy... Maybe it's time we set up a real Rosewater Foundation where the elders can train a few of these future millionaires on the ways of being a virtuous person. Exhibit A:I just noticed one of my favourite posters sold his account. https://bitcointalk.org/index.php?topic=1718384.msg24234311#msg24234311Social engineering is big business now. It wouldn't surprise me if those all belong to the same troll/s. Real people don't talk like that. |
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s1
Jr. Member
 Offline
Activity: 67
Merit: 0
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November 09, 2017, 11:43:52 PM |
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Former Bitcoin King is Bankrupt and could be rich again. https://www.wsj.com/articles/former-bitcoin-king-is-bankruptand-he-could-get-rich-again-1510223405because the claims by people who deposited bitcoin at Mt. Gox are calculated based on the yen value of the cryptocurrency at the beginning of Mt. Gox liquidation proceedings in April 2014 ... Mr. Karpelès’s company, called Tibanne, owns about 88% of Mt. Gox. The bankruptcy estate for Mt. Gox holds 202,185 bitcoins worth about ¥169 billion or $1.5 billion at current rates. Meanwhile, the trustee has recognized claims by exchange customers of ¥46 billion based on the April 2014 bitcoin price, a procedure that lawyers say has a sound basis in bankruptcy law. ... Omg...Karpelès.....Bankrupty laws make no sense. How can they make him a billionaire?  ?? Really!!!!! |
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nanobtc
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November 10, 2017, 12:34:31 AM |
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WSJ article is paywalled. Here's an imgur image.  |
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afbitcoins
Legendary
Offline
Activity: 1652
Merit: 1021
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November 10, 2017, 12:37:31 AM |
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As someone who bought their first Bitcoin in 2012 for $20,
Indeed, I can't help but laugh at all the thousands of newcomers who just read r/bitcoin and suddenly think they are scaling experts. That Bitcoin should be able to run a node on every Raspberry Pi in Afghanistan. Yada yada yada. This is psychologically manipulated groupthink. Let's face it - many of the people getting into Bitcoin today are "newbies" who weren't very smart or educated in the first place. But they all like to act like they are, ESPECIALLY when it comes to their opinions on the Blocksize debate - an opinion that was only formed through reddit. Oh boy do they love repeating those opinions, and screaming down anyone who disagrees, like a bunch of drunken fratboys who think they are about to lose their virginity. Only a very small minority are capable of using logic or reason.
It's both amusing and kind of sickening to watch happen.
Anyway, now that the dust has settled and the "1mb forever" crowd has won, Legacy Bitcoin will likely never scale in any meaningful kind of way - Meaning Legacy BTC will never be anything more than a speculator's toy to get rich, a gateway to altcoins and FIAT and a settlement layer.
However, I still fully expect the combined speculator and institutional investor money to take Legacy Bitcoin to 50 - 100K and beyond. However, it will become impossible to move coin at some point on the main chain , with $100+ fees, making a very large percentage of BTC wallets unspendable. At that point, the vast majority of Crypto users and commerce will have already moved to either Bitcoin Cash, Monero or Ethereum. In the long long run, 5+ years, I fully expect either Bitcoin Cash, Monero or Ethereum to become the #1 coin with the highest market cap. It's inevitable now that Bitcoin will never scale - and let's be honest, Lightning Network will either never exist or will never deliver as promised --- which means BTC is going to be stuck where it is now from the scaling perspective, with only a few band-aids thrown on top, likely forever -- unless the miners finally grow a pair, say enough is enough and stand up to the bought out Corporate shills at Blockstream, but I'm not holding out hope for that outcome at all.
I've also been around a long time and agree with your sentiments. The behavior on reddit is terrible - I can only assume they are just young and stupid? I try my best not to assume malice or conspiracy... Maybe it's time we set up a real Rosewater Foundation where the elders can train a few of these future millionaires on the ways of being a virtuous person. Exhibit A:Although I never frequent reddit, I see shades of that here too. |
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Rosewater Foundation
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November 10, 2017, 12:44:23 AM |
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WSJ article is paywalled. Here's an imgur image. That last sentence is about as bearish as fk. |
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Fatov
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November 10, 2017, 12:51:58 AM |
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Bitstamp is pumping again |
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JayJuanGee
Legendary
Offline
Activity: 1568
Merit: 1271
How much alt coin diversification is needed? 0%?
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November 10, 2017, 12:52:38 AM |
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looking at the 4 hour optamisum chart we should hit $7400 in a few hours  Jesus Christ, this guy and his magic 4 hour optamisum chart. MOTHERFUCKING BUY BUY BUY!!! Are we on our way? Must we bow to the deity?  |
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AlcoHoDL
Full Member
Offline
Activity: 266
Merit: 104
Addicted to HoDLing!
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November 10, 2017, 12:55:00 AM |
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BobLawblaw
Legendary
Offline
Activity: 952
Merit: 1361
Bitcointalks Most Fabulously Gay Black Power-Top
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November 10, 2017, 12:55:45 AM |
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Although I never frequent reddit, I see shades of that here too.
HAHA ! Suck my dick, idiot ! Good luck ! DIE BitCH DIE !!!! |
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xhomerx10
Legendary
Offline
Activity: 1694
Merit: 1206
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November 10, 2017, 01:05:20 AM |
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Although I never frequent reddit, I see shades of that here too.
HAHA ! Suck my dick, idiot ! Good luck ! DIE BitCH DIE !!!! Just lost a mouthful of coke zero! Lol |
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jojo69
Legendary
 Online
Activity: 1078
Merit: 1344
no FOMO
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November 10, 2017, 01:06:22 AM |
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God damn, ol' magical tux looking pretty trim and smug there.
Whatever he's doing it agrees with him, hasn't looked so good in years...punchable...but good.
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Torque
Legendary
Offline
Activity: 1484
Merit: 1304
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November 10, 2017, 01:07:12 AM |
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See, the altcoin pumpers are some of the stupidest people on earth. They pump them all. Literally ALL OF THEM at the same time. Then their troll army spams the Bitcoin forums with "This [ONE altcoin X] is going to take over Bitcoin!" Yeah, that's real convincing work there. They must all be special unicorns. If only we knew which one. /s  |
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Heater
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November 10, 2017, 01:08:26 AM |
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Nice little pump underway. The order book on stamp looks a little unbalanced - there is a sudden drop off of coins above $8k  |
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jojo69
Legendary
Online
Activity: 1078
Merit: 1344
no FOMO
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November 10, 2017, 01:24:41 AM |
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I would like to clarify my position regarding Mark Karpeles lest my last post be taken out of context. While he does look eminently punchable in that particular pic, I actually bear him no ill will. It is my belief that Mark was simply in over his head, that when he got robbed he tried to find a workaround with the willy bot but events caught up with him.
My personal story is that I was able to get the lion's share of my modest holdings off of GOX without issue well after the alarm bells were sounding. I believe that he set some sort of algorithm or threshold that locked large accounts near the end, while allowing smaller fish to escape, and for this noble act I applaud him.
I still think he was a dumbass who was in over his head, but I do not believe he ever meant to harm anyone.
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