Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[rebuilder]

I'm beginning to concede that bitcoin is a failure.

A failure at making you rich on the quick, maybe. Sending and receiving coins seems to work just fine, though, as does trading those coins for other things.

[1715210776]

1715210776

[Wandererfromthenorth]

Bitcoin was the first real technological breakthrough that allowed decentralisation of value transfers (something that cannot be double spent) over the internet.  
That's something big.

BUT it is such a broken down mess that it won't be the future of decentralised technologies.
Probably something else will.



BTC and blockchain fuck ups:


1) slow transactions (how can BTC replace cash if it takes one fucking hour to buy a cup of coffee? and no, accepting 0 confirmation transactions requires trust, kinda defies the whole purpose of using BTC doesn't it?)
2) mining centralisation and 51% attacks
3) transactions fees will need to be raised by a lot as block reward approaches 0
4) ridiculous uncontrolled inflation (14% a year currently, more than 3'000 BTCs mined a day)
5) scalability and blockchain bloat
6) You cannot put any other currency in the network
7) future quantum computers could easily break encryption


With these serious problems BTC cannot be a viable currency long term.

BTC pumped a gazillionX when marketcap was so tiny that it only took a bunch of joker millionaires to pump it (then irrational euphoria did the rest).
It was an incredible investment at less than 1$. It was a very good investment at $10. At $100 definitely not bad.
But at $1000 or at $500... not so much (unless you knew how to short the market, in that case you did amazingly well eheh  )


Now that the problems with BTC and the blockchain are becoming apparent, now that other solutions are appearing, and now that the marketcap is too big for current inexistent demand, BTC might be toast.


I will probably buy BTC when I think a big bounce is coming (just to sell higher), but I don't think it is safe to expect another bull market (not something that can last anyway).


If not Ripple, something similar will be the future, not BTC.

[ChartBuddy]

Explanation

[tarmi]

why people already talking about buying?

plenty of time to buy till lower 200/

Think you might be getting a bit greedy there, champ?

Greed is good.
I'm very happy that there are more people offering liquidity at lower prices when we get there.
I will defend the bottom @220 as well. Whee, cheap coins. Much profit.

I think you misunderstand what I meant. What I mean is I disagree that this is going to plummet straight to 220 without any bounces. Another point I disagree on is that 220 will necessarily be the bottom, but time will tell.

in fact it wont. it will be a slow and painful grind with pro traders taking money and profits from noobs whenever they can.

[noobtrader]

bitcorn is still in infancy, early adopter will surely have to weather the growing pains... just like any other test lab mice

Bitcoin was the first real technological breakthrough that allowed decentralisation of transfers of something of value (that cannot be double spent) over the internet.  
That's something big.

BUT it is such a broken down mess that it won't be the future of decentralised technologies.
Probably something else will.



BTC and blockchain fuck ups:


1) slow transactions (how can BTC replace cash if it takes one fucking hour to buy a coup of coffee? and no, accepting 0 confirmation transactions requires trust, kinda defies the whole purpose of using BTC doesn't it?)
2) mining centralisation and 51% attacks
3) transactions fees will need to be raised by a lot as block reward approaches 0
4) ridiculous uncontrolled inflation (14% a year currently, 3'400 BTCs mined a day)
5) scalability and blockchain bloat
6) You cannot put any other currency in the network
7) future quantum computers could easily break encryption


With these serious problems BTC cannot be a viable currency long term.

BTC pumped a gazillionX when marketcap was so tiny that it only took a bunch of joker millionaires to pump it (then irrational euphoria did the rest).
It was an incredible investment at less than 1$. It was a very good investment at $10. At $100 definitely not bad.
But at $1000 or at $500... not so much (unless you knew how to short the market, in that case you did amazingly well eheh  )


Now that the problems with BTC and the blockchain are becoming apparent, now that other solutions are appearing, and now that the marketcap is too big for current inexistent demand, BTC might be toast.


I will probably buy BTC when I think a big bounce is coming, but I don't think it is safe to expect another bull market (not something that can last anyway).


If not Ripple, something similar will be the future, not BTC.

[Elwar]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

[Wandererfromthenorth]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

It's not centralised. Only distribution is centralised.


Ripple = decentralised.

Apple Pay = centralised.

[noobtrader]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

yes they solved it by using centralized client and server

[noobtrader]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

It's not centralised. Only distribution is centralised.


Ripple = decentralised.

Apple Pay = centralised.

ripple is decentralized smoke and mirror

[Wandererfromthenorth]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

yes they solved it by using centralized client and server

That's Stellar (STR) if I'm not mistaken lol

[bad trader]

sorry if already answered, but do you care to share why you think @220 will be the "real" bottom? (serious question)

It's because the triangle cult has blind faith in their trendlines. Of course if the lines fail, they will have a crisis of faith, which leads to dumping.



It's how markets work.

[sickpig]

Greed is good.
I'm very happy that there are more people offering liquidity at lower prices when we get there.
I will defend the bottom @220 as well. Whee, cheap coins. Much profit.

sorry if already answered, but do you care to share why you think @220 will be the "real" bottom? (serious question)

Lots of technical stuff combined together (seriously) and then a ritual with a crystal ball (less serious).
Nobody knows for sure 100%.
I will go all in at 220 while my girlfriend is unemployed and we struggle to pay the bills.
I see it as a very good opportunity to solve some financial problems.

edit: or to go bankrupt ;D;D haha. But who gives a fuck, it's only money
I have a nice job and good health, so I don't have a problem with taking the risk.

thanks for your answer.

p.s. I wish you all the best with your investment strategy

[elasticband]

i can't take anymore

LEAVE BITCOIN ALONE  

[Elwar]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

Only distribution is centralised.

Ahh, so only distribution can be stopped with a single wave of a bureaucrat's hand.

[Globb0]

Do side chains mean even more downloading and synchronising ?

[noobtrader]

If not Ripple, something similar will be the future, not BTC.

Has Ripple fixed that problem where they are centralized yet?

yes they solved it by using centralized client and server

That's Stellar (STR) if I'm not mistaken lol

yes the original dev of ripple realize that ripple is wrong and so created stellar       

[dakota neat]

Only down 14 percent in 30 days. Bullish.

[noobtrader]

Only down 14 percent in 30 days. Bullish.

still above 300 310 320 330 !!!

BULLISH  

[Wandererfromthenorth]

off-topic:

Saw Meshuggah live yesterday. Jesus christ those guys are fucking crazy. If you like good metal go see them live 
Gaaaddddayum.

[Phillis]

off-topic:

Saw Meshuggah live yesterday. Jesus christ those guys are fucking crazy. If you like good metal go see them live 
Gaaaddddayum.

meshuggah is chill but its all about the old school death metal like obituary, death, suffocation, decapitated, etc