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Author Topic: This is actually good news for Bitcoin  (Read 2908 times)
NotHatinJustTrollin
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January 16, 2015, 04:54:58 PM
 #1

So bitcoin’s price is going down, but I am arguing this is actually good for bitcoin.




Bitcoin is a slow, non scalable currency under ridiculous inflation that requires enormous amounts on energy to be wasted in order to keep a ledger going (that can be done in other ways).


This is actually good for bitcoin.


7 transactions per second. Clearly a sign that we are about to take over the global economy.
Scalability problems? Not a big deal. We can do a hard fork, even though it causes some lunatics gentlemen to declare wars against lead developers (http://trilema.com/2015/if-you-go-on-a-bitcoin-fork-irrespective-which-scammer-proposes-it-you-will-lose-your-bitcoins/) having to cause “risks” (said Gavin) and blockchain bloat.

But hey. This strong consensus on how to solve problems in bitcoin is actually good news.


Bitcoin has no chargebacks and no fees.
Who needs consumer protection right? Scammin’ with BTC is very easy, but paranoia freedom above everything even if the ones losing the money is us.
Fees? Now fees are decently low, but as block reward approaches zero fees will need to be raised. We are dependent on the miners to keep the network up (even if other distributed ledger technologies don’t need that).

I am arguing this is actually good for bitcoin.

Speaking of miners, in bitcoin everything is decentralized, except for the very thing that keeps the network running and transactions to be validated. Mining centralization is a big problem that undermines the decentralization narratives of BTC  great.
In June GHASH.IO owned 51% of the hashing power, but hey! They literally said “TRUST US, we would never attack the network”! (http://www.coindesk.com/ghash-io-never-launch-51-attack/)
After all, isn’t it great to be able to avoid having to trust anybody in a TRUSTLESS peer-to-peer currency?

Now hashrate is a little bit better distributed, but mining pools can form mining cartels and some pools can perfectly be owned by the same entities, and since the whole mining system invites centralization, there is no guarantee that the tendency long term won't be mining pools owning more and more of the hashing network.






It’s obvious that the mining industry has a bright future, considering a lot of miners are severly underwater with current depressed prices (http://www.cryptoarticles.com/crypto-news/cexio-we-need-a-bitcoin-value-of-us320-at-current-difficulty-to-make-cloud-mining-profitable).




Ladies and gentlemen, this is actually good news for bitcoin.






The price has been on a downtrend for a year, having halved already three times since its all time high. Currently at around 70-80% from the ATH after a whole year of bear market, the longest in the history of bitcoin yet.
There is evidence that in the two previous bubbles the Mtgox bots Willy and markus played a central role.

But no worries, this is all good stuff for bitcoin.


We broke the previous bubble high ($260) that now seems like a target for the moon (while supporters cheer and scream “CCMF” for $200-$240 coins).
We have broken a long term trend line after 1 year of bear market close to price levels not seen for more than a year.

My friends, cheap coins. This is clearly amazing news for bitcoin.





The future looks bright. The winklevoss ETF is taking forever. The more times passes, the less likely the ETF will be approved (“The longer it sits in registration, the less likely it is to launch” (http://www.bloomberg.com/news/2014-12-22/bond-kings-bitcoin-and-china-exchange-traded-funds-to-watch-for-in-2015.html)), but good things take time right? Even if the coins in the ETF will not be insured in case they get stolen or lost (http://insidebitcoins.com/news/the-surprising-and-blatantly-obvious-risk-of-the-winklevoss-bitcoin-etf/28489)

What about Second Market investment trust fund? It looks like currently, fund investors can’t liquidate holdings. Basically they are stuck bagholding watching the price slowly fall while Barry Silbert is having fun (https://twitter.com/barrysilbert/status/551533923663355904) and predicting the price drops to stop just before the next big crash (https://twitter.com/barrysilbert/status/555137108126756865).

How can this not be excellent news for the future of bitcoin?



You can tell that bitcoin is the future because all enthusiasts talk about is how many DOLLARS they are gonna get when they dump their coins the amazing returns that are gonna come with this disruptive technology for them while sitting on their asses  helping make the world a better place.


The quantity of venture capital investments is only less than a billion worth massive, and historic examples like the dotcom bubble clearly shows that when early risky venture capital investments are involved, nothing can go wrong.
Bitcoin adoption cannot be stopped, all merchants of the world will soon be accepting USD from a bitcoin dump through Bitpay while bitcoin whales who already own bitcoins get free towels at Overstock.com bitcoin and everyone will be using it for the reliable and stable store of value it is.

The world of bitcoin is so filled with amazing news and sentiment that lead developers and gurus like Andreas Antonopolous and Gavin Andresen are declaring bitcoin “dead as a get rich quick scheme” (https://twitter.com/aantonop/status/555382361676734465) and selling coin holdings in order to buy stocks (http://www.ft.com/intl/cms/s/0/9b27fb72-967f-11e4-922f-00144feabdc0.html), respectively.




I have no idea why not everybody in the bitcoin world would be less than enthusiastic about the future of this amazing bubble technology.



All this is actually good news.
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arvindr
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January 16, 2015, 06:00:44 PM
 #2

If the price goes down then it sometimes scare away the technology believers,who dont like it because of the volatility.
It probably would also cause longer confirmation times, because the mining wouldn't be profitable and a lot of the miners would have given up.

NotHatinJustTrollin
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January 16, 2015, 08:19:19 PM
 #3

I dunno man, Its starting to be like beating a dead horse around here with this stuff. However if there is someone out there who needs their last ember of hope extinguished then i would recommend they give this a read.
yeah. It's just crazy that so many people just don't seem to get the picture.
They just think that the price collapsing is manipulation for cheap coins or some other shit.
They take for granted price is gonna go in another bull market just because it was pump&dumped several times in the past.

It would just take a little bit of objectivity and to ACTUALLY LOOK AROUND to simply get that people are getting screwed on something that just looks like a disaster in the making.
Things are slowly catching up and more and more people are starting to understand that the crash is not a mistery...
NotHatinJustTrollin
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January 17, 2015, 06:08:27 AM
 #4

Looks like we are barely holding above $200.
All kinds of people are gobbling up them cheap coins.

This is clearly also good news for bitcoin.
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January 17, 2015, 06:20:49 AM
 #5

Looks like we are barely holding above $200.
All kinds of people are gobbling up them cheap coins.

This is clearly also good news for bitcoin.


BTC will fall to $120. Its easy to see its not even strong above $200.

Its going to be held down for a while, we haven't even seen low yet.

Just my personal opinions above.

-trade2winnn

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Q7
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January 17, 2015, 06:21:21 AM
 #6

For me, the only good news I'll ever need right now is for the price to become stable. We are not there yet, but I know it will be someday.

twister
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January 17, 2015, 06:52:47 AM
 #7

Didn't read the whole novel OP but your name makes me not take you seriously.

 

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NotHatinJustTrollin
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January 17, 2015, 06:54:17 AM
 #8

Didn't read the whole novel OP but your name makes me not take you seriously.
Judge by actual arguments and not by nicknames or appearances.
Works for everything in life.
arsenalfun
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January 17, 2015, 07:36:55 AM
 #9

Overly pessimistic  Roll Eyes
NotHatinJustTrollin
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January 17, 2015, 08:26:08 AM
 #10

Overly pessimistic  Roll Eyes
You don't think the points I raised are valid?
WillyBTC
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January 17, 2015, 08:59:57 AM
 #11

Just waiting for someone to say "it's a feature, not a bug" in regards to the price. Bitcoiners love that phrase. Cheesy
podyx
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January 17, 2015, 09:10:20 AM
 #12

So much effort put in...

tabnloz
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January 17, 2015, 09:34:23 AM
 #13

on top of many other factors, if you don't think there has been any market manipulating going on, you're nuts. Plenty of margin lending and dumping, trying to drop below supposed support levels. Its even live dumped on twitter. Not illegal, not really unexpected as a % drop is easier the further we go down. But it isnt a problem with the protocol per se, just an effect of a smaller relativelt immature market.


If it shakes people out, so be it. Has been mightily successful for a long time. Bears win in a bear market and bulls have been holding with their emotions. If you want to join in the shorting you might make a bit but you're at the mercy of a squeeze. You need to ride the trend & have the ammo or else risk being rekt.
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January 17, 2015, 10:35:27 AM
 #14

Valid points. but regardless if it is over or not, it still has utility (even with miners packing up), and as long as it functions it will be worth something, even if it is a lot less than the current price.




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January 17, 2015, 12:10:17 PM
 #15

well look at some of he bright sides, new people are adopting bitcoin now. But hopefully the price picks up at a general level.

michietn94
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January 17, 2015, 01:05:56 PM
 #16

Man, all we need just a time that will show how amazing and how cheap bitcoin are.

I still have a faith on bitcoin and it will become valuable currency on the future.

well look at some of he bright sides, new people are adopting bitcoin now. But hopefully the price picks up at a general level.

yes, we need more people to know about it so it will increase bitcoin's rate

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January 17, 2015, 02:52:29 PM
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Is this thread really lambchop posting then replying to himself from multiple troll alt accounts? lol..

ps. Look up hyperinflation in the dictionary.
NotHatinJustTrollin
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January 17, 2015, 03:07:18 PM
 #18

Is this thread really lambchop posting then replying to himself from multiple troll alt accounts? lol..

ps. Look up hyperinflation in the dictionary.
Do you have ACTUAL ARGUMENTS to contribute to this discussion or just empty remarks about what word should we use to describe a concept that you perfectly understood?


I would like to hear them.


Because whenever someone brings up concrete arguments that contradict your views all you do is label that as "FUD" or "well worn crap". Never seen actual arguments from you ever on these topics.
NotHatinJustTrollin
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January 17, 2015, 03:30:09 PM
 #19

Waiting for inca's ACTUAL ARGUMENTS against any of the points I raised:



https://www.youtube.com/watch?v=Yd0fBXwDBmo
DeadCoin
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January 17, 2015, 04:07:52 PM
 #20

Waiting for inca's ACTUAL ARGUMENTS against any of the points I raised:



https://www.youtube.com/watch?v=Yd0fBXwDBmo

You can probably expect him posting a screenshot of "this user is currently ignored". That's what they always do when someone is saying something contrary to their beliefs.
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