Bitcoin has reached the tipping point

[devphp]

No other crypto coin has spread so big as bitcoin.It's true that others are cheap,but what will you do with it if you can't spend it properly.

The point is to find unique use cases for crypto currency. There is nothing unique you can buy with Bitcoin that you can't buy with fiat. That's exactly the reason why adoption is not happening fast enough to overcome selling pressure from miners and early adopters.

Crypto 2.0 technologies are designed to tackle the issue of shortage of unique use cases. In particular, asset exchanges allow to crowdfund interesting projects that cannot be funded via other channels, which is set to drive demand for crypto 2.0 currencies.

[LiberyOrDeath]

No other crypto coin has spread so big as bitcoin.It's true that others are cheap,but what will you do with it if you can't spend it properly.

The point is to find unique use cases for crypto currency. There is nothing unique you can buy with Bitcoin that you can't buy with fiat. That's exactly the reason why adoption is not happening fast enough to overcome selling pressure from miners and early adopters.

Crypto 2.0 technologies are designed to tackle the issue of shortage of unique use cases. In particular, asset exchanges allow to crowdfund interesting projects that cannot be funded via other channels, which is set to drive demand for crypto 2.0 currencies.

Excellent post. I know that many BTC users are in denial - but you are stating the facts here - what pushed bitcoin in the early years was the underground economy - primarily Silkroad. Now that is all gone - and the darkweb economy is not even a few % of the BTC market capital. BTC needs new avenues to grow - and we are stuck now at this point. The honey moon period is over, BTC is mainstream as it gets and it has been so for the last 12-18 months, so those who are expecting to see $10 K per Bitcoin or $50 K per bitcoin in the next year or two - you better get your facts straight. This will happen but it might take decades to reach these prices. Hopefully less than that but at this point we are seeing a price consolidation and I think 300-500 USD per BTC is a reality and will be so for the next couple of years.

[Palmdetroit]

I think there is some issues with the mining aspects of BTC but another issue could be those moving into USD ,.. it may be strong here for a bit....

[Spoetnik]

I think there is some issues with the mining aspects of BTC but another issue could be those moving into USD ,.. it may be strong here for a bit....

what are you saying that about ? BTC price dropping and the correlation to price of ALT's ?

pre-OCT 2013 i use to see BTC drop and ALT's rise etc but after the big flood of noobs and BTC popularity rose it seems to be the opposite i think.. strange.
and i say that as just a straight forward observation on prices at exchanges.

i have a bookmark for example for a BTC/USD exchange rate calculator saved from when Bitcoin was OMG at $99 dollars liek omg !! LOL

[Spoetnik]

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

[BlindMayorBitcorn]

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

Dude have we considered the possibility that sovereign nations are even mining and dumping at this point??

[Patek]

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

Dude have we considered the possibility that sovereign nations are even mining and dumping at this point??

that too is actually a risk. there is no reason why they couldnt.. god knows who the "unknown" miners are..

Okay, I see your point, but WHY would they be doing such a thing? As many mentioned before, there is a line of cryptos which could replace bitcoin for whatever purpose those goverments are trying to shut it down.

[Spoetnik]

$315 now at BTC-e WOW !

someone is working hard at tanking the price..

a normal person woudl just wait a bit to dump some more so get more cash for selling right ?
but what i see is someone who wants to dump so much so fast he can't wait.. and needs the cash NOW !
and more interestingly maybe this person knows that they plan to dump so much Bitcoin that
the only sensible thing to do is to keep dumping ?

what will be interesting is WHAT EFFECTS ON ALTCOINS THIS WILL HAVE !

i use two gambling faucets frequently one for Doge and one for BTC run by the same guy.
and part of the reason i like to use them is it give me an indicator hourly how the price of them are doing market wise..
the more the price drops the more the faucets pay out..
so
i have been coming back and waiting for the drop in Doge to catch on and it's not dropped that much
not compared to how much BTC has been dropping..
I think the dropping BTC price is catching people by surprise and more and more alt's like Doge will be dropping a lot and soon !
a guess of sorts ..don't sell your alt's based off what i said though ..i'm just speculating here

i have not sold any of my alt coins or my BTC at all !
i plan on sitting firmly waiting it all out..

[Spoetnik]

WOW $308.1

dumpidity dump !

and still Doge has has been holding fairly well ..odd i think :/

i am expecting to see a surge in the lowest pay out for Doge on that gambling faucet i mentioned
couple months ago the average was about 15 coins and now almost 7 coins..
and the BTC pay out has gone up to 600 sat's 

here is the two links to the site i go to if you all wanna see what i mean ?

Freedoge.co.in
Freebitco.in

free coins every hour no gimmick !

[bobbyb]

I am betting on PPC.
Its an improved version of Bitcoin.
I hope that PoS will stop this stupid hashrate race.

[bobbyb]

I am betting on PPC.
Its a improved version of Bitcoin.
I hope that PoS will stop this stupid hashrate race.

that statement makes no sense..? pos doesnt have a hashrate? :/

Proof of stake doesnt rely on hashrate, it relies on your wallet balance.
You dont need powerfull asics to solve a PoS block, a normal computer fully sufficient.

Also:
A PPC PoW hashrate race is absurd, because the PPC PoW reward decreases with the increase of PoW difficulty.

[bobbyb]

ppc is probably the worst of the lot.

Why?

[bobbyb]

ppc is probably the worst of the lot.

Why?

it uses a different pos algorithm to that of the likes of nxt, which is also different to that of the likes of blackcoin. in peercoin, as far as i know they use checkpoints created by developers which is effectively the devs enforcing nodes to only download the version of the blockchain that is deemed to be "the correct chain". by rights, in a decentralized system it should be the nodes that decide, without human intervention of any kind, which chain is the correct one through consensus rather than devs enforcing this with checkpoints. i admit i havnt researched peercoin enough so i may be wrong on certain points but that is my understanding of peercoin however that is enough information for me to know that ppc will never surpass bitcoin. other pos systems dont use this version of pos and also dont have these types of checkpoints. they do have checkpoints(some only temporarily) but they are not centrally controlled as is the case with peercoin.

also a slightly better version of bitcoin would never be enough to supplant bitcoin. it needs to be vastly improved upon before it will be surpassed and overcome bitcoins (more powerful than many think) network effect.

if i am wrong, please supply some form of explanation as to how i am wrong. if i am id be interested to read how it actually works, its been a long time since i read up on it so perhaps things could have changed since then.

I dont trust nxt.
The centralised checkpoints in PPC are an issue, I fully agree with that, but as far I know, Sunny King is working on an other solution.
I like PPC because:
-Its the first PoS implementation, the devs knew what they are doing
-There was no IPO, the coins were PoW mined (they still are)
-This is a long therm project
-Low PoS inflation of 1%
-I think that Sunny King is extremely stilled/smart

[bobbyb]

ppc is probably the worst of the lot.

Why?

it uses a different pos algorithm to that of the likes of nxt, which is also different to that of the likes of blackcoin. in peercoin, as far as i know they use checkpoints created by developers which is effectively the devs enforcing nodes to only download the version of the blockchain that is deemed to be "the correct chain". by rights, in a decentralized system it should be the nodes that decide, without human intervention of any kind, which chain is the correct one through consensus rather than devs enforcing this with checkpoints. i admit i havnt researched peercoin enough so i may be wrong on certain points but that is my understanding of peercoin however that is enough information for me to know that ppc will never surpass bitcoin. other pos systems dont use this version of pos and also dont have these types of checkpoints. they do have checkpoints(some only temporarily) but they are not centrally controlled as is the case with peercoin.

also a slightly better version of bitcoin would never be enough to supplant bitcoin. it needs to be vastly improved upon before it will be surpassed and overcome bitcoins (more powerful than many think) network effect.

if i am wrong, please supply some form of explanation as to how i am wrong. if i am id be interested to read how it actually works, its been a long time since i read up on it so perhaps things could have changed since then.

I dont trust nxt.
The centralised checkpoints in PPC are an issue, I fully agree with that, but as far I know, Sunny King is working on an other solution.
I like PPC because:
-Its the first PoS implementation, the devs knew what they are doing
-There was no IPO, the coins were PoW mined (they still are)
-This is a long therm project
-Low PoS inflation of 1%
-I think that Sunny King is extremely stilled/smart

why dont you trust nxt? and there is nothing illegitimate about an ipo, its necessary for distribution seeing as pure pos coins are required to release all coins from the genisis block. the better method is to do what nem did and it has worked out fantastically.

they have been working on a solution to the issue for over a year correct? doesnt seem like they are getting very far.

i dont doubt their abilities. but their are certainly other very intelligent people in the pos space. its unwise to over look any crypto other than straight clones. hence why i research every new, modified and written from scratch coin i can find and then judge them against the most likely one to overtake bitcoin. its worked out seriously profitable so far so its obviously a good method of finding investments.

I dindt really done any research on NXT. I only know, that it is JAVA based and fully PoS.
I dont like fully premined PoS coins, because you cant really tell what happens to the coins.
With initial PoW mining you can check how every single coin has been created.
I of course know, that every NXT was mined with the genesis block, but the inital distribution is kinda untrustworthy (for me).
Also: What happens with the BTC that the NXT developer has gotten from the IPO?

[bobbyb]

I have recently read something about a capt coin with inital distribution through solving captchas (I would call it proof of human).
I think that this is a good idea, but I dont trust it.
The best way for the inital distribution of the coins is for me the proof of human.
The problem is, how to make it fully trustworthy?

The initial distribution should also be a long term process and not like 2 months or something.

[BDSM-Fetish]

It may have reached a tipping point, and a downward one, but I don't think people will move en masse to other coins.

The market will shrink, maybe, but BTC won't be overtaken.

The 1300 dollars it hit was masterminded by Gox and other exchanges.

Did anyone watch it pump? It was so clear that the price was being pushed up.

I think a lot of people got out of bitcoin and altcoins altogether.

Obviously BDSM and Fetish are two coins that will offer real benefits to humanity, so I am not worried  .... after the opening of our adult product emporium.

 

[Spoetnik]

$325

someone is trying hard to crash the price or is mega desperate to get cash fast for some reason..

Dude have we considered the possibility that sovereign nations are even mining and dumping at this point??

that too is actually a risk. there is no reason why they couldnt.. god knows who the "unknown" miners are..

Okay, I see your point, but WHY would they be doing such a thing? As many mentioned before, there is a line of cryptos which could replace bitcoin for whatever purpose those goverments are trying to shut it down.

perhaps they think if bitcoin is dumped into oblivion all the way down to the point that even the biggest of miners cant afford to mine it would essentially break bitcoin.. image if all the small guys drop out on the way down leaving say 5 mega miners, then btc sees the biggest dump off all collapsing from the hundreds to double or single digits forcing all the last 5 to shut up shop... difficulty would be left way to high for anyone to mine preventing any conformations (im guessing) for days?

this would leave behind only the "unknown entity" with complete control over the network. one entity that could turn on and off raising the difficulty and then crashing it again. while also keeping the price of bitcoin so unprofitable that no one in their right mind would try to mine or buy it.

a malicious entity does not need to buy enough mining power to get 51%. they only need enough to continuously suppress the price and push it down gradually forcing out other miners, getting back some of the money invested and also raising their percentage of hashing power as other miners drop out. it would be a slow process and costly but not even close to impossible.

 for someone with millions with a seriously high vested interest in the old money status quo it would probably be the best way to go about destroying bitcoin. if you fight a decentralized network you may harm it but it will come back stronger in one form or another. but if you crush it with out revealing yourself as a malicious entity and crush every little hope of the people they will not be so keen to fight back a second time. and once an idea fails the first time it is much harder for it to catch on a second time thus also suppressing the hopes of a reincarnation in another form.

not only that.. but with some(wouldnt take much) of the bitcoins they mine they could slowly acquire massive amounts of all the coins they cant do that to (PoS) and then just royal fuck with their respective markets for years to come as their little play toy. no investor in their right mind would buy crypto ever again. isnt it strange how many altcoins are actually not crashing (against bitcoin) while bitcoin plummets... not the norm right? i say fuck with their markets because it would be far cheaper than acquiring 50% in a PoS system - not impossible - but way too expensive an option when all you want to do is prevent adoption.

im not saying this is whats happening.. but it is certainly a possibility. dont underestimate the ones pulling the strings behind the current financial system. governments learnt their lesson about decentralised networks when file sharing effectively took down the music and film industry. why would they let a threat grow to the point that it could actually challenge them. if i were them i would invest the "pennies" to protect the pounds. and it would take fewer pennies now than in 5 years time.

now tell me bitcoin is not flawed. just food for thought.

i am no expert on how coins work really technically and i have only my observations over time to go on.
many guys know Bitcoin better than i do that is for sure..
but your comment sounds reasonable and very plausible to my ears.
i just wonder if someone woudl be motivated to get involved in that though.. and who of course right ?
as solid as that sounds there woudl still be an element of failure in trying to attack.
in hindsight it may sound and look easy but imagine sitting at the drawing board planning an attack
and then thinking hmmm.. ok well we need a lot of this and that and MONEY to do it.. aka: risk ..and lots of it !

i dunno though i wouldn't get involved in an attack that worked like that i woudl think it's a bit risky i think
but that is just me and i am really lazy LOL

i also think Bitcoin if possible to manipulate may be of more use as a vehicle to MAKE money rather than destroy it.

[Spoetnik]

I have recently read something about a capt coin with inital distribution through solving captchas (I would call it proof of human).
I think that this is a good idea, but I dont trust it.
The best way for the inital distribution of the coins is for me the proof of human.
The problem is, how to make it fully trustworthy?

The initial distribution should also be a long term process and not like 2 months or something.

NO !

This is wrong !

Captcha's are the worst thing that happened on the internet ever LOL
god i hate those damn things with a passion.. i want the creators of re-Captcha to be shot and pissed on
i can't believe some sick bastard would make a coin out of that shit WTF ?

Spoetnik Trivia Time:
- re-Captcha's we're bought by Google for character recognition studies.
when you complete a re-captcha you are working for Google improving their technology behind the scenes their working on.

- Captcha's and re-Captcha's are NOT the same thing.

- Cheats / Shortcuts to re-Captcha's are available.
You only have to type in one of the two words.
Often only part of a word is needed etc ..Google it for more info

[zvs]

The turning point, huh?

why, you silly goose, it isnt even close to $120 yet

my head hurts

[devphp]

The turning point, huh?

why, you silly goose, it isnt even close to $120 yet

my head hurts

Can you explain to this silly goose here what is so special about $120, smarty goose please? )