Topic: Ready to admit bitcoin is a failure? (Read 14645 times)

i prefer bitshares

Bitcoin may be a failure and thats why I would divest at least part of my BTC in Bitshares and maybe a little bit in NXT.

The energy consumption required by Bitcoin as the market price grows up is like some weird dark comedy.  Ok, lets overthrow the bad oppressor money people with a plan whose success means gobbling up tons of power until the block production rate is small enough relative to the market cap.

Just to add, speculators definitely play significant role in all this, taking advantage of the weak hands and newbies.

For example, current Bitstamp order book, over 7000 BTC asks and 3790 bids. This means people try to buy 7000 BTC and only 3790 are being offered for sale cause majority of sellers obviously are not ready to sell at these prices. However, the price still goes down. Somebody with more TA knowledge, pls explain this. How is it possible the price to go down when demand for BTC is 2x of current supply on one of major European exchanges. China, right.

Just to add, speculators definitely play significant role in all this, taking advantage of the weak hands and newbies.

For example, current Bitstamp order book, over 7000 BTC asks and 3790 bids. This means people try to buy 7000 BTC and only 3790 are being offered for sale cause majority of sellers obviously are not ready to sell at these prices. However, the price still goes down. Somebody with more TA knowledge, pls explain this. How is it possible the price to go down when demand for BTC is 2x of current supply on one of major European exchanges. China, right.

Exactly, it's not a question of "dumb". The idea that someone is dumb just because someone on a forum somewhere says so is indeed the height of egocentric, ethnocentric ignorance. The bitcoin market is young, maybe the commentator of the 'dumb remarks' is also young, the point being that whilst all other markets do tend to move in cyclical patterns over the medium to long term, there is the open-ended assumption that the bitcoin market will continue and recover. It probably will, but bitcoin isn't like copper, cotton, gold or gasoline, it's a new commodity/currency and despite what the protagonists declare, there just isn't any 'need' for bitcoin, it's not a raw material that converts to or produces anything else, arguably it's an alternative vehicle of investment or exchange.

Although it's supposedly completely different, to many people unfamiliar with crypto, there's no reason to suggest that the lifetime of bitcoin might not look like these DVC values which tend towards zero when graphed:

http://www.cryptocoincharts.info/pair/dvc/btc/crypto-trade/alltime

Maybe it will, maybe it won't, but attempting to label someone as dumb without knowing a damn thing about their circumstances or motivations to trade is simply ignorance.

 

One of the smaller of the chinese farms (as you call them) averages 280,000 dollars worth of bitcoins a month with a 60,000 dollar electric bill. most of these farms you seek to destroy are not farms at all they are the people manufacturing or re-selling the mining equipment. they are manufacturing the equipment and then  they test it allright, they put that shit right to work mining for them until someone buys the machine. They keep it all in the chinese hands too they mine in a chinese pool and sell thier coins daily, why? Because they can!! pure and simple, they have no costs in the equipment they are mining with. all the machines they are mining with have been paid for by miners who purchased equipment on its release, thus no equipment costs, they dont care about bitcoin or me or you, they just want the cash. so they dump dump and more dump. to them it doesnt matter if the coin is worth 600 dollarts or 50 dollars they are bringing in over 700 coins a month even at 50 dollars a coin they are making bank. Especially when you base that on the CHY and not the USD value.

Unfortunately this process will not fair well for bitcoin, if transaction times become longer it will begin to deter new users from keeping the coin after adopting it.

I agree, but personally I think it is a combination of margin traders, bots, and sheep.

If you keep an eye on somewhere such as Kraken for Euro selling, every now and then you will see a bot 'plink' 0.005 BTC, or sometimes 0.008, at a point below the market price. It will do so several times, which causes the 'last sold price' on Kraken, and the charts on sites such as BitCoinity to show a downward trend. The sheep don't look at the volume; you see some panicking and dumping whatever little amount they have, as they expect another flash crash, which is sometimes caused by:

Margin traders with positions shorting the market. They either cause a market crash through margin calls, which ironically fulfill there expectations after their position is closed, or they are big enough to drip feed the downward trend to to the sheep, in order to make it happen.

The rest is down to panic - yesterday at most points we saw around 2% drops on the $ and Yuan markets, while over 3.5% on Kraken.

Incidentally, Kraken has had several outages over the last two days, the last one about an hour ago, with Cloud Flare popping up a notice that their website was unavailable, then the live Kraken website stating that information was not available, and god knows what happening to trades, and reporting of trades and volume.  Not a good place to be, when you are trying to trade in this market.

One of the smaller of the chinese farms (as you call them) averages 280,000 dollars worth of bitcoins a month with a 60,000 dollar electric bill. most of these farms you seek to destroy are not farms at all they are the people manufacturing or re-selling the mining equipment. they are manufacturing the equipment and then  they test it allright, they put that shit right to work mining for them until someone buys the machine. They keep it all in the chinese hands too they mine in a chinese pool and sell thier coins daily, why? Because they can!! pure and simple, they have no costs in the equipment they are mining with. all the machines they are mining with have been paid for by miners who purchased equipment on its release, thus no equipment costs, they dont care about bitcoin or me or you, they just want the cash. so they dump dump and more dump. to them it doesnt matter if the coin is worth 600 dollarts or 50 dollars they are bringing in over 700 coins a month even at 50 dollars a coin they are making bank. Especially when you base that on the CHY and not the USD value.

I really do not understand who are these morons who dump such amounts every few hours. By now, all weak hands should be out of the game so the ones who sell are only large, probably Chinese, farmers dumping every day to recover their costs. I would go and dismantle their farms with a fork if I could. One really needs to be DUMB to sell at these prices. But I mean really dumb.

There are variety of asic miners mining all with different cost of mining - so thinking all of sudden at least half of them turn off the miner is pretty unrealistic. Unless the price crash to single digit this year it is safe to assume no retarging difficulty decrease will be over 30% (the same 30%, but increase we saw this year). So still 13 minutes of average confirmation time, no instant failure at all!

Very simple

Miners need a good value to make mining profitable, ( unless you know an electric company who accepts bitcoins as payments they need cash to pay the bills)  if the value of the coin becomes so low it is no longer profitable to mine, BOOM instant failure, no miners means no transactions getting processed , if no one is processing transaction the coin fails.

So you see the value is just as important as the structure behind the transaction protocol