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Author Topic: what is the reason why bitcoin going down and how they manage to recover again  (Read 227 times)
sjefdeklerk
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January 12, 2018, 01:29:02 PM
 #21

The medium article has been refuted quite a few times in the comments section. I wouldn't read much into the article because of the assumptions made there. The writer has changed his position in subsequent comments to "It won't work because the central entities would be too large". This is again a big assumption. Any type of payment channels can be established between parties depending on the amount of funds they move. Some will be large, some will be small.

They make some excellent points. In short, I see LN fail because it's a really dumb system. Users have to be online 24/7 to form part of a payment route, the user with the lowest amount of money determines how much you can pay in that route (big LOL!), extreme data transfers are needed because the network needs to know the state of everybody's payment channel all of the time in order to discover routes, wiring BTC into/out of your payment channel still is an on-chain transaction, users can defraud each other in a payment channel, no guarantee you can pay the person you'd like to pay etc etc etc
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January 12, 2018, 03:49:03 PM
 #22

Probably, there are many reasons which led to this unexpected decline (There is a decrease of 15% in last seven days) and what happened is disappointing.

Furthermore, The main reasons are firstly the fees which it is so high ($ 10 in this day) and secondly the problem of transactions and for example at this moment there is more than 170 500 Unconfirmed transactions in blockchain and this number is very huge.

In addition to that, I guess that if these two problems will solved, then the price of bitcoin will return to the height (and may become more than 20K after small period).
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January 12, 2018, 03:58:47 PM
 #23

what do you think the exact reason about this ? - thanks for sharing ! more power

Wow, are you seriously asking this? you are so desperated for this.

The price has been going down in the last few hours because there was a massive FUD, nothing more than that, you guys seriously need to stop worrying about the price changes.

And just like it always happens, the price is suddenly going to recover and you all are going to say "well, why have i sold?"


Since the price of bitcoin is reducing so,we can use this as an advantage and use to inverse our money and get very more profit for the low investment.We can hope the price of bitcoin will soon recover it's own value of 19,000$ and then it will reach 20,000$.
I suggest you to inverse your life savings money in bitcoin.This is the time to buy and not to sell,keep this is mind and avoid of panic selling.

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January 12, 2018, 04:23:10 PM
Merited by Foxpup (4)
 #24

The medium article has been refuted quite a few times in the comments section. I wouldn't read much into the article because of the assumptions made there. The writer has changed his position in subsequent comments to "It won't work because the central entities would be too large". This is again a big assumption. Any type of payment channels can be established between parties depending on the amount of funds they move. Some will be large, some will be small.

They make some excellent points. In short, I see LN fail because it's a really dumb system. Users have to be online 24/7 to form part of a payment route, the user with the lowest amount of money determines how much you can pay in that route (big LOL!), extreme data transfers are needed because the network needs to know the state of everybody's payment channel all of the time in order to discover routes, wiring BTC into/out of your payment channel still is an on-chain transaction, users can defraud each other in a payment channel, no guarantee you can pay the person you'd like to pay etc etc etc

You are trying to find reasons that why it'd fail so you are under-estimating the capabilities of a complex network, when fully deployed. LN is supposed to solve the problem of micro transactions particularly. These transactions are never going to be worth more than a fraction of a BTC (at present values).

The number of people who hold these amounts are not trivial. The number of people who would be willing to act as a hub will determine the success of the network. If you have enough people ready to commit part of their holdings to a payment channel for a fixed time, you will have sufficient routes available for any transaction. For the large transactions, there already is on-chain settlement.

I can't wait to see it in action and am going to look for reasons as to why it will work, rather than why it won't because clearly, there are no other ideas we have seen implemented or tested for scaling as yet.

Also, its quite easy to point out why a complex system won't work. Turbo-generators weigh multiple tons but they still rotate at mindblowiing speeds of 3000-3600 RPM suspended on a layer of oil. By all accounts, it seems intuitively pretty tough.
Any complex man-made system doesn't seem to work intuitively until it actually does.

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January 12, 2018, 05:05:50 PM
 #25

Still no one knows, because there aren't solid proofs about why it is really going down right now.

But after all, it will go up, the problem in here is  "when"

Anyway, just use this opportunity to keep buying as much as you can.

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sjefdeklerk
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January 12, 2018, 05:19:12 PM
 #26

You are trying to find reasons that why it'd fail so you are under-estimating the capabilities of a complex network, when fully deployed.

Well LN is much better suited for microtransactions, I agree with that point. If it was really meant to cover microtransactions (anything below $5) then maybe it might work (although my other concerns remain). But how does a user process 'regular' transactions then, like $25, $50 or $100 or even $1000 transactions? Pretty much NOBODY in the world has been using BTC, compared to regular payment systems, and already fees shot over $65. How do you see that then ?
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