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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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JeffBrad12
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May 30, 2019, 09:36:29 AM |
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That makes sense considering the whole chart of bitcoin looks the same. The same pattern already repeated by bitcoin when it was going from a few cents to this rate. You can try to see that and i think with the halving of bitcoin and that will become a real thing after 2020 when bitcoin halving already done. I only have a little amount of bitcoin but when it comes true and i will be the next millionaire. This time bitcoin is everything in my life.   |
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snowblack (OP)
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June 03, 2019, 03:58:40 AM |
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That makes sense considering the whole chart of bitcoin looks the same. The same pattern already repeated by bitcoin when it was going from a few cents to this rate. You can try to see that and i think with the halving of bitcoin and that will become a real thing after 2020 when bitcoin halving already done. I only have a little amount of bitcoin but when it comes true and i will be the next millionaire. This time bitcoin is everything in my life. What do you think about price in 2020? Now, gold's price not uptrend so much. When 2020, i think bitcoin price can't up, the price will be more stable. |
nothing in here!
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Ailmand
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June 03, 2019, 06:49:30 AM |
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The chart of gold that was shown was on a longer scope compared to the chart shown on bitcoin. They look similarly since bitcoin is volatile, the market price of it can go high in a faster pace. Well, let's hope this will be true since most are waiting for a historic event on the next halving. Many are expecting for another massive bull-run. Let's hope for another ATH.
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exstasie
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June 03, 2019, 07:38:04 AM |
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It's a cool fractal comparison but it's curve fitting. In my experience, reading into fractal comparisons like this is like reading tea leaves.  I still think after this rally dies down that 2019 is going to calm down and we're going to see months of ranging. I think 2020 (or maybe 2021 at the latest) will be the real deal, bubble times. |
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palle11
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June 03, 2019, 08:14:46 AM |
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The price of bitcoin can not be compared with gold because gold is relatively stable and the wave of bitcoin is high, then more people are adopting. I think we are going to meet a new ath this year or in early 2020.
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Pursuer
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June 03, 2019, 08:33:04 AM |
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things like this are not similar to be compared so even if their charts match to the cent and millisecond they still are never going to be the same thing. Gold is moving on its own trajectory and is being affected by a lot of factors that are not similar to bitcoin's. for example the recent trade war between US and China has been affecting the gold price to some extent while it has no effects whatsoever on bitcoin. and bitcoin is rising based on its increasing adoption while gold's adoption is already at its mass adoption level and is not going to change anymore.
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Astvile
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June 03, 2019, 09:52:04 AM |
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Bitcoins graph and gold graph is totally different yes they show the pattern but not the movement.We know bitcoin is alot volatile than you what you think is and the development on price may not go the way you wanted it.
But if this bitcoins graph will follow gold,then we can expect more rapid price growth on bitcoin.
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Genemind
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June 03, 2019, 10:00:23 AM |
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What about the previous and future price of Bitcoin? If it's still comparable with gold then we could say that they're hitting the same path. I think that's impossible to happen because Bitcoin is volatile and gold is stable. There will always be differences so we can't compare them.
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LeGaulois
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June 03, 2019, 07:22:51 PM |
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He compared USD/XAU 50-years history chart with a 6-month USD/BTC chart. I can see the fractal curve but shouldn't it be compared to at least the same period of time? Because I can select any period in history too and find something fractal, and this with a lot of different markets.
and tell you to look at the fractal figure, Bitcoin is going to crash...
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rizkyhiw
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June 03, 2019, 07:30:45 PM |
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Of course it's obviously very different compared to anything, many say that Bitcoin is the next gold that will beat quickly, well maybe that really happens because Bitcoin is very fast fluctuating with prices tend to be unstable than gold, if it runs on the graph maybe the same, we just wait in the future, I'm not thinking too much about the price of Bitcoin because now it's very difficult to pump again.
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JPSelzer
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June 03, 2019, 08:30:33 PM |
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Of course I would like to bitcoin soon went to the moon. But do not forget that he can behave as you like. Now the schedule looks too good, so it's even a little alarming.
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1Referee
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June 03, 2019, 09:47:54 PM |
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I would say hopium, yes. Charts can be made to look super bullish or super bearish depending on the time frame you're looking at, and the narrative you want to push.
Gold is an asset with one of the most liquid markets in existence. I don't find it super useful to compare it to Bitcoin's market, which is one of the most illiquid markets. It's obvious what asset the winner will be when it comes to cold hard percentage gains, but I expect Gold to make a significant move to the upside if turns out it has broken the $1300 level for real this time.
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exstasie
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June 03, 2019, 09:52:06 PM |
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He compared USD/XAU 50-years history chart with a 6-month USD/BTC chart. I can see the fractal curve but shouldn't it be compared to at least the same period of time? Because I can select any period in history too and find something fractal, and this with a lot of different markets. The idea of fractals is they apply across time frames since they represent psychological cycles playing out. The same fear/greed cycles that play out day-to-day also manifest over years. So theoretically they don't need to be analyzed on the same time frame. Arguably, Bitcoin moves much faster than gold, so this sort of application makes sense. I still think analyzing fractals is a bit wonky though. Fun but probably not reliable. I prefer to stick to more statistical provable methods of analysis. |
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BitHodler
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June 04, 2019, 11:58:13 AM |
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for example the recent trade war between US and China has been affecting the gold price to some extent while it has no effects whatsoever on bitcoin.
Discarding correlation between Bitcoin's increase and the trade war and other political events that played out in the more recent months isn't a good thing, because you can't know for sure if these events have had or haven't had an effect on Bitcoin. I doubt these events are the main reasons for the price action we have seen so far this year, but I'm quite sure that they contributed to where we are today. Bitcoin is the perfect tool to work around politically oriented banks looking to troll people. More and more people distance themselves from thinking that Bitcoin is a currency, while the believe that it functions as digital gold is increasing rapidly. It's nothing like gold yet, but everything looks bright for Bitcoin in that field. |
BSV is not the real Bcash. Bcash is the real Bcash.
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Pursuer
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June 04, 2019, 12:27:32 PM |
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for example the recent trade war between US and China has been affecting the gold price to some extent while it has no effects whatsoever on bitcoin.
Discarding correlation between Bitcoin's increase and the trade war and other political events that played out in the more recent months isn't a good thing, because you can't know for sure if these events have had or haven't had an effect on Bitcoin. I doubt these events are the main reasons for the price action we have seen so far this year, but I'm quite sure that they contributed to where we are today. Bitcoin is the perfect tool to work around politically oriented banks looking to troll people. More and more people distance themselves from thinking that Bitcoin is a currency, while the believe that it functions as digital gold is increasing rapidly. It's nothing like gold yet, but everything looks bright for Bitcoin in that field. yeah, of course I can not be sure and this is obviously my speculation. any event in the world of this magnitude can affect the bitcoin price but as you said they are not the main reason and I think its effects were so small that we may not even be able to categorize it under reasons for the rise. |
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LeGaulois
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June 04, 2019, 01:06:32 PM |
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...
Ok got it, it's just for entertainment so. As I was saying, I can take the Yahoo! stock market value, take a screenshot and another one from USD/BTBC and tell people "Fractal! Bitcoin will end in the coffin". That doesn't look something useful to rely on. ...
What to define as digital gold: a store of value? Bitcoin can be used as both, currency and store of value. Like IRL, we use the cash for our daily needs and save some on a saving account (or whatever). But the term store of value is ambiguous for Bitcoin. Because we are used to defining something like SOV in order to preserve the value of our capital, without having to expose it to either the volatility of a market or any other type of loss (and there are some!). Considering that we know very well the volatility that Bitcoin can be subject to (and therefore loss of capital) Is it really wise to categorize BTC as a store of value? |
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MakeMoneyBtc
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June 04, 2019, 09:46:03 PM |
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That gold chart is made over a 40 years period while bitcoin chart is made for the last 2 years. You just can't compare to charts like this and base on them to make a prediction for the future. During 40 years a lot of things can happen that could seriously influence the price of an assets, especially if we are talking about gold because the economy changes,the supply is changing,the politics are changing and many other factors while all of this don't change that much over 2 years. Besides that bitcoin and gold have different factors that determine their price movement overtime.
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adaseb
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June 04, 2019, 10:37:51 PM |
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I can probably find dozens of charts similiar to the above 2. I don't think Gold is a good indicator of the future of BTC. In the past there was very little correlation.
Gold has been actually trading very stable since 2013 or so and its definitely less volatile than Bitcoin. One is used in watches and other electrical equipment and the other is used on the blockchain. One is a better store of value than the other but those are the only similarities.
Alot of people are saying its digital gold however you need to realise that since BTC is very technical and has lots of thefts to it, it will never be similiar to gold. Maybe if we get an BTC ETF it might change things because then it would be easier for most retail people to buy but right now there is little correlation to Gold just like to the S&P 500.
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lovesybitz
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June 04, 2019, 11:51:47 PM |
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There are so many prediction by many here that 5 years from now bitcoin will become 250,000$ each, but all of their prediction was their opinion according to what they know about it. The Gold was already ancient while Bitcoin is not instead its only 1 decade. But as time goes by their both value are increasing their difference only was the volatility of bitcoin is more faster and aggressive compared to gold, according to my perception.
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