Topic: bitcoin technology has been obsolete, why bitcoin prices still expensive? - page 5. (Read 682 times)

Nothing else defines the price of bitcoin as the demand for it, on the one hand it is a bubble that will eventually burst, but people understand that the bubble is growing and try to earn a lot more than invested. Maybe it will be a success.

Bitcoin is not mobile phone or computers that as its popularity sour, then it became cheap. Bitcoin is money , is invested and no money is old. An old money is still valuable today. The bitcoin value gives its price not what people think it should be.

Couldn't agree with you on this. The technology used by bitcoin is not a old one. Rather is a modern anf secured technology. The transaction cost are a bit high and will come down hopefully soon.

bitcoin technology.... blockchain technology are 2 separate things.
bitcoins version of blockchain technology has not changed in nearly a decade, and the smal changes that have happened in between have not ben for the sole benefit of bitcoin. but to benefit other networks.

take an electric engine(blockchain). it could be used in a car(bitcoin) or a human transporting hover drone(other coins)

the engine may have developed.. but the car is getting outdated. even though a car is the most promoted vehicle people see.
cars ar still stuck with 4 wheels that need to be moved across a road surface. so cars are outdated, even if people promote new shiny cars of glittery paint

more people move around with their feet. rather than cars. but the over promise under delivery is that there are more cars then other transportation methods.
(reality: cars in america 280mill.... american feet 650million (325pairs of feet))

once people stop caring about over speculating(for greed) by over promoting. just to see a new useless ATH which 99% of people wont even be logged into an exchange iintime to actually sell at the peak. . to instead look at the underlying value (around $6k+ currently). they will begin to see what they can do to inncrease the underlaying value.

EG ignore the $20k peak. instead think about
2016 btc never went below $300
2017 btc never went below $900
2018 btc never went below $6000

then think about what needs to be done realistically to keep and grow the support line. and what needs to change to prevent breaking the suport line

bitcoin is not the most used tech, its the most promoted tech.

take fiat
people think the dollar is the most used currency because people compare and measure oil and world economics to the dollar. but in reality only ~400million out of 7.5 billion people actually use dollar.

where as in india/asia BILLIONS of people use chinese or indian currency.

the bitcoin specific tech for mining (the sha256 hash algo) has not changed in 9 years. so there has not been any change to that.

asics. which came about in october 2013 are not bitcoin specific. they can be used on other coins too.. so you cant praise bitcoin devs for causing a price increase in october 2013. as the bitcoin devs had nothing to do with ASICs.
flipping the debate. with mning costs coming down, would you blame the bitcoin devs for this march onwards dip? nope, ud probably blame the asic manufacturers for making cheaper more efficient rigs. (hope you see my point)

..
i personally have a nice hoard of coins from as far back as 2012. so dont get me wrong i love the principles of bitcoins ethos 2009-2013. but since 2013 the innovation of bitcoin specifically has changed/dwindled/ been sidesteppd by other projects/networks.
i am not someone that does the over promoting under delivery proaganda bull crap of speculative grabbing people to cause a hype for some 10 minute ATH price drama. i am a realist. i find it better to call out faults/issues and be realistic about the situation and for people to know what truly lays underneath the tech, the price, the value.. so that these things can be dealt with

for instance. the price.. there are 2 aspects that give bitcoin nice supprt. the mining cost and buyers remorse. if bitcoin changed the mining algo to PoS or as other put it 'asic proof'. then there dies one line of support. leaving only buyers remorse .
and then the speculation of utility which causes the volatility bubbles ABOVE value(above support). which like waves can spike up, then correct itself down causing panic and drama.

so if PoS came to be part of bitcoin specifically. or 80% mining pools stopped mining because the cost increased but the utility of the network deminished because people were using LN/altcoins instead. then the support line for cost of creation would drop. because difficulty would drop and only 20% of miners could afford to carry on at a lower price

One things that gives a value to the product is the authentication of the item. There are more people who wants bitcoin because simply it is not totally absolate because year by years that goes by bitcoin price become more and more expensive because all things become expensive in the world. There is no cheap and free in this world.

The technology behind bitcoin or bitcoin technology is by far the most innovated technology that is booming. Many companies are trying to incorporate blockchain technology most especially in shipping and logistics. It provides a public ledger that allows everyone to see a record of transactions as it happens.

Bitcoin technology is still one of the most used technology in crypto currency. Then you are asking why bitcoin is still expensive than any types. The answer is of course, bitcoin developers and blockchain technology  still continue generating coins through mining. To have a huge amount of money, you need a sophisticated tecnology to process the algorithm of mining to create a coin. And the support line is still getting by bitcoin tech.

Because it is not entirely the technology giving it a price, there are lots of factors regarding pricing the most basic one it is the first and well known, trusted coin and that's enough to make it expensive since it is very hard to get them but it is easier to get better tech now.

ill help everyone out. by starting with the summery and then do the explanations and ansering some points pople made in posts that need addressing

tl;dr;
real underlying support value is the cost of obtaining the coin. bitcoin uses mining. which is costly..
if it costs $6000+ to make a coin and people in general/average buy a coin above $6k then the majority of community wont sell below the cost they obtained it for.
unlike PoS coins where costs are negligable. most PoS prices are not 'of value' but of speculation of utility (bubble pricing). thus there is no 'cost of creation' support line.and only 'buyers remorse' support line

now for the general chit chat stuff that needs addressing
the OP is talking about bitcoin... not the underlying blockchain. not LN which is a separate network that many different coins will be on..

but just bitcoin features.

even the core devs deam bitcoin as limited and out dated(because they wont scale bitcoin). which is why they are moving onto LN which is a separate network that many coins will use.
yes LN is not a bitcoin only feature. LN is a separate network for many blockchain coins to use, but is just presently being tested using in their words "the bitcoin experiment" (yep core devs think bitcoin is just a beta phase experiment and not a fully fledged end product).
segwit is not a bitcoin specific feature either. its a stepping stone into LN. again somthing multiple blockchain coins have/will have to divert people away from blockchain payments and into a LN network of offchain payments. so dont confuse bitcoin innovation with blockchain or offchain innovation.

core devs admit to this so dont rebut it

so now that covers most peoples over promise, under delivery they have been taught. and you can thank the core devs for strangling bitcoin specific/bitcoin only innovation/development and then moving on to other projects.

so now the question about bitcoins pricing
its based around the support line of what people will refuse to sell below.
this is because it costs X to mine bitcoin. which creates a support line. and also those separately buying a coin at a certain price wont sell below that price(unless they foolishly panic) and so they then also add more support to a support line.

the more it costs to mine  bitcoin the higher the support line will get.

ignore the winter speculative bubble area of the ATH. and instead imagine that the price corrected it self back down in ~march down around the $6k-$9k region, where the support lines lay

at the moment from march-may there was a dip. which dropped from a $9k suport to to $6k+ support because new mining asics are being tested and to be released for public use in june. so some pools have had the privelidge of buying them as  preorders and expanding their farms as a testing phase and thus their mining costs have reduced because the mining rigs are cheaper.

but there is still a good support line around the $6k+ region. and then. well unless the network hashrate doesnt increase to 60exahash by the time the next asics are on public batch release in june, we might see that support line change too.
..

imagine this, peoples sell bitcoin for $1, and you buy it. Now you want to gain profit by selling it. You sell it for $2.
And other peoples buy it. The other peoples want to make profit too, now they sell it for $4. And it is repeating.
Bitcoin was like that since it was created until now. No wonder that bitcoin price is very expensive now.

when you make a statement like this you have to back it up with reasons. right now it is pure bullshit unless you provide proof.

you say it is obsolete and outdated. ok, tell us why. a technology is only obsolete if it becomes useless and replaced by a newer technology. so give us an example of a better technology that is doing things better than bitcoin so that we can prove how wrong you are.
your problem is that you saw some advertisement telling you some altcoin is "best" so you have fallen for it. but if you go use that altcoin and educate yourself a little bit you can see  why I call it "advertisement".

The price of bitcoin consists of many components, which include both the technical part and the economic one. And it seems to me that the economic and social has more influence on price and capitalization.

Many people are saying that?Can you mention a few people,who say that in their blogs,forum posts or social media posts?I`ve been very active on social media and on forums,but I`ve never seen anyone to make such statement.OP,next time you make such posts,you have to provide some links to prove your point.

only an idiot would call bitcoin  technology obsolete, i wanted to say newbie but a newbie never makes such dumb statements. it is like saying the newest iPhone the iPhone X or CPU core i9 for example is obsolete why is it too expensive

What do you mean by bitcoin technology ? Is it blockchain ? It is not outdated, you only see one of its advantage is to create cryptocurrency, people are trying take use of it for many purpose.

It is true that bitcoin technology is outdated and outdated, compared to other technologies such as ethereum or Ripple, but here bitcoin still has a high trust in society so people sometimes do not care about the technology used.

What do you mean by bitcoin technology is outdated. Block chain is actually just beginning. Block chain is used by almost all crypto currency and some companies are actually considering using block chain as well. They know how they could benefit on block chain technology.

If you are saying that Bitcoin it self is slow and expensive then you maybe correct but Bitcoin has already built it's community that has a solid support.

I want to ask, many people are talking about bitcoin technology, they say bitcoin technology is old and outdated, why bitcoin prices are still expensive, why do so many people also buy bitcoin, according to you, what determines the price of bitcoin