Bitcoin Suicide / Kill ?

[600watt]

wow @ despair

 

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[altcoin hitler]

...
A whole year of bearmarket topped off by an epic crash should start make you think about the fundamentals.

Many of us thought about the fundamentals pretty deeply 3 or 4 years ago. Nothing's changed, except massive development and expansion of the ecosystem.

Obviously you didn't think 'deeply' enough or lacked knowledge.
The higher the marketcap the bigger the impact of the inflation.

The inflation was leading to centralisation in mining and an unhealthy miningindustry.
Miners to this day are a big factor in the market. Miners have too much power in the market - that's what it comes down to.

Miners' influence on the market this late in the game should be much less - or else: see what you get here.

But people have been calling this for months now.

Someone is paying the bill for the inflation and it is the longterm holder as his holdings are devalued. So in the end nobody wants to hold it longterm because it's loosing money. So there is also no adoption for it because people hate to loose money, so they don't use it.

[Winner]

still waiting for single digits :-)

This.

[RodeoX]

We keep forgetting that bitcoin does not need money to live, you do, but not bitcoin. This is also a difference between bitcoin and a traditional financial instrument like a stock or bond. Those things do need money or they will crash and leave the issuer insolvent. At that point a stock could be worthless. Not so with BTC. As long as two people on Earth are using it the system will work fine. I'm one... Anyone want to second that?

Bitcoin needs a constant money supply to support the operation of mining computers.

True. But it worked fine when bitcoins were $0.06. It may not support the big mines with fancy ASICs, but bitcoin does not care about them either. It's kinda like gold. Most of the time gold mining is not profitable and most mines close. When the price goes up they open the mines again.

[altcoin hitler]

We keep forgetting that bitcoin does not need money to live, you do, but not bitcoin. This is also a difference between bitcoin and a traditional financial instrument like a stock or bond. Those things do need money or they will crash and leave the issuer insolvent. At that point a stock could be worthless. Not so with BTC. As long as two people on Earth are using it the system will work fine. I'm one... Anyone want to second that?

Bitcoin needs a constant money supply to support the operation of mining computers.

True. But it worked fine when bitcoins were $0.06. It may not support the big mines with fancy ASICs, but bitcoin does not care about them either. It's kinda like gold. Most of the time gold mining is not profitable and most mines close. When the price goes up they open the mines again.

the fundamentals of bitcoin allowed for this big miningindustry and hashpower in the first place.

Compare here:
https://bitcointalk.org/index.php?topic=918068.0

All the incentive to miners and no incentive to investors (other than its novelty).

Bitcoin is just inefficient and a black hole for investors money. It uses huge electricity and supports far too big miningindustry.

Sure, Bitcoin works best when it's 6 cents, i would agree on that.

[pereira4]

Bitcoin was never intended to be regulated through centralizations such as Bitpay, Coinbase and the famous exchange. Im sure Satoshi is revolting inside his anonimity as we speak. It was supossed to be cash 2.0, not fiat 2.0. We need stuff like Coinffeine more than ever now. Trusting exchanges was never a good idea.

[kwukduck]

neo9436 is dead on, too much supply.

Which can also be phrased:   No incentive for consumers to buy and use Bitcoin.

The real problem is this.  The 'real problem' isn't the 3600 coins dumped by miners.

We are 6 years into this, and consumers still don't give a flying f** about Bitcoin, and have no incentive to buy it.

That is the real problem.  Lets focus on solutions for that instead of whining about the miners selling coins.

-B-

Sure 3600 a day is a big problem. Not...
You're aware that just the four biggest exchanges have a total average trade volume of over 100k btc a day i hope?

[RodeoX]

the fundamentals of bitcoin allowed for this big miningindustry and hashpower in the first place.

Compare here:
https://bitcointalk.org/index.php?topic=918068.0

All the incentive to miners and no incentive to investors (other than its novelty).

Bitcoin is just inefficient and a black hole for investors money. It uses huge electricity and supports far too big miningindustry.

Sure, Bitcoin works best when it's 6 cents, i would agree on that.

Again, it's just like gold. When mining gold was panning in a stream it was easy. Now you must buy a 10 million mine and equipment. Gold pays for all this, until the price drops and they close all the mines. It's a brutal business.

All incentive to miners? I have never mined or sold a bitcoin, but I have made huge profits. And I never "invest" in bitcoin.

[altcoin hitler]

neo9436 is dead on, too much supply.

Which can also be phrased:   No incentive for consumers to buy and use Bitcoin.

The real problem is this.  The 'real problem' isn't the 3600 coins dumped by miners.

We are 6 years into this, and consumers still don't give a flying f** about Bitcoin, and have no incentive to buy it.

That is the real problem.  Lets focus on solutions for that instead of whining about the miners selling coins.

-B-

Sure 3600 a day is a big problem. Not...
You're aware that just the four biggest exchanges have a total average trade volume of over 100k btc a day i hope?

"tradevolume" is not "demand"

"price multiplied with inflationrate" (3600) gives you the costs of operation of the network for every day. That's the money wasted to electrictity.  

That's the fundamental number that ultimately puts a ceiling on the price. So the price of bitcoin is not unlimited in potential - it is limited by when constant demand equals or is greater than the costs of electricity/mining.

So an inefficient coin like bitcoin will not fly. An efficient one will.

The higher the price the bigger the mining-craze the higher the hash, the higher the costs. Giving miners this large share is the demise of btc.

[neo9436]

neo9436 is dead on, too much supply.

Which can also be phrased:   No incentive for consumers to buy and use Bitcoin.

The real problem is this.  The 'real problem' isn't the 3600 coins dumped by miners.

We are 6 years into this, and consumers still don't give a flying f** about Bitcoin, and have no incentive to buy it.

That is the real problem.  Lets focus on solutions for that instead of whining about the miners selling coins.

-B-

Sure 3600 a day is a big problem. Not...
You're aware that just the four biggest exchanges have a total average trade volume of over 100k btc a day i hope?

100k btc a day of volume doesn't mean there is new money coming in to support the price...

[balu2]

neo9436 is dead on, too much supply.

Which can also be phrased:   No incentive for consumers to buy and use Bitcoin.

The real problem is this.  The 'real problem' isn't the 3600 coins dumped by miners.

We are 6 years into this, and consumers still don't give a flying f** about Bitcoin, and have no incentive to buy it.

That is the real problem.  Lets focus on solutions for that instead of whining about the miners selling coins.

-B-

Sure 3600 a day is a big problem. Not...
You're aware that just the four biggest exchanges have a total average trade volume of over 100k btc a day i hope?

"tradevolume" is not "demand"

"price multiplied with inflationrate" (3600) gives you the costs of operation of the network for every day. That's the money wasted to electrictity.  

That's the fundamental number that ultimately puts a ceiling on the price. So the price of bitcoin is not unlimited in potential - it is limited by when constant demand equals or is greater than the costs of electricity/mining.

So an inefficient coin like bitcoin will not fly. An efficient one will.

The higher the price the bigger the mining-craze the higher the hash, the higher the costs. Giving miners this large share is the demise of btc.

Uno is same pow-algo as btc but runs on 30% of the electricity bitcoin would use on the same marketcap. Uno community found all this stuff out months ago.
You're welcome to join. The coin was fairly distributed during its inflationary stage that is pretty much done now after 1.5 years ... in case you'd be looking for a real cryptocommodity to store value in ... much less volatile too, despite the small marketcap. Would be extrmely stable coin on high cap i think. It's what 'scarce' should look like.

[altcoin hitler]

Uno is same pow-algo as btc but runs on 30% of the electricity bitcoin would use on the same marketcap. Uno community found all this stuff out months ago.
You're welcome to join. The coin was fairly distributed during its inflationary stage that is pretty much done now after 1.5 years ... in case you'd be looking for a real cryptocommodity to store value in ... much less volatile too, despite the small marketcap. Would be extrmely stable coin on high cap i think. It's what 'scarce' should look like.

I'm holding, man. It's a sleeping monster. People will discover. Current price is a bad joke. But markets will turn rational in the end.

[homo homini lupus]

still waiting for single digits :-)

This.

you people don't realize: you had millions and billions invested and this shitcoin burned it away. That money will not come a second time to the coin named 'Bitcoin',  which is only known for its volatility, use in drugmarkets and delusional community.
You will probably not see a new ATH with this coin. It had its 5 minutes of fame. Let it rest in peace. You're just annoying the hell out of everyone with advertising the shitcoin.

[Einewton]

Many of us thought about the fundamentals pretty deeply 3 or 4 years ago. Nothing's changed, except massive development and expansion of the ecosystem.

+1

[homo homini lupus]

Many of us thought about the fundamentals pretty deeply 3 or 4 years ago. Nothing's changed, except massive development and expansion of the ecosystem.

+1

pretending to 'think deeply' doesn't change your charts. The charts are proof your 'deep thinking' is worth jack shit.
Stop with the bucket-bong, you deep-thinking potheads.

[neo9436]

Some serious hating going on here. lol

[legendster]

Hi,

Bitcoin failed to stop manipulation and control the mass down.

is this suicide / killed by any factor like bitstamp, bulls, difficulty etc., ?

just curious to know from bitcoin socialist.

Arent you the idiot who tried to scam Pankaj ?

[wormbog]

It's grim in here. Feels like Despair has arrived.

[homo homini lupus]

The 'deep thinkers' and fanboys are the same who advised people to hold during a 1-year-bearmarket and subsequent crash.

'Scammers' is what we call them.

[RodeoX]

Many of us thought about the fundamentals pretty deeply 3 or 4 years ago. Nothing's changed, except massive development and expansion of the ecosystem.

+1

pretending to 'think deeply' doesn't change your charts. The charts are proof your 'deep thinking' is worth jack shit.
Stop with the bucket-bong, you deep-thinking potheads.

Oh I think they are spot on. It's the fundamental utility of bitcoin that I look at also. The price is a function of a bunch of amateur speculators. The utility is what has attracted smart money. The fastest, safest and cheapest payment network is worth billions.