Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 16057. (Read 26720782 times)

There isn't a right bitcoin because nobody ever solved the problems of decentralization or scaling.  Not to mention decentralization is a problem that's not possible to solve in craptocurrency, rendering the entire exercise pointless and inferior to gold and silver as money which already existed beforehand.

The only way bitcoin could theoretically derive some type of value is from transaction flow and not stock, since it's mostly an imaginary idea/thing in the first place.  You can't store value in an imaginary asset.  It's value could only come from whatever possible utility it provides.  It doesn't have value just from existing (stock)...because it doesn't really even exist.  Gold and silver have actual scarcity.  Bitcoin is based on artificial scarcity.  This makes it similar to fiat from an economics point of view, in that any value over zero is technically a bubble, it's only a question of how long the bubble lasts.  But the market will eventually take the value back down to zero again.  It could come quick and painful like Venezeulan fiat, or longer and drawn out like USD fiat.

So, without trying to take sides on any dumb tertiary issues that I dont' care about between people like Roger Ver, Maxwell, and the Gavinator, the fact is that bitcoin is not decentralized and never will be decentralized, so whether your blocks are big or small doesn't really matter all too much.  From the economics point of view, the bitcoin value should be HIGHLY correlated to scaling (flow) and zero to do with stock because it's a fucking imaginary asset.  So if your goal is just to try and increase the value of your pump and dump (let's face it, that's all bitcoin is because without solving the problem of decentralization, it has zero fundamentals and it's not possible to solve), then you would want to raise scaling at all costs in an attempt to inflate the pump and dump before it inevitably impoldes and people park their money in non-imaginary assets instead.

but...

tonnes of scope for Ver to scam people for the wrong bitcoin

Although I never frequent reddit, I see shades of that here too.

looking at the 4 hour optamisum chart we should  hit $7400 in a few hours 

As someone who bought their first Bitcoin in 2012 for $20,

Indeed, I can't help but laugh at all the thousands of newcomers who just read r/bitcoin and suddenly think they are scaling experts. That Bitcoin should be able to run a node on every Raspberry Pi in Afghanistan. Yada yada yada. This is psychologically manipulated groupthink. Let's face it - many of the people getting into Bitcoin today are "newbies" who weren't very smart or educated in the first place. But they all like to act like they are, ESPECIALLY when it comes to their opinions on the Blocksize debate - an opinion that was only formed through reddit. Oh boy do they love repeating those opinions, and screaming down anyone who disagrees, like a bunch of drunken fratboys who think they are about to lose their virginity. Only a very small minority are capable of using logic or reason.

It's both amusing and kind of sickening to watch happen.

Anyway, now that the dust has settled and the "1mb forever" crowd has won, Legacy Bitcoin will likely never scale in any meaningful kind of way - Meaning Legacy BTC will never be anything more than a speculator's toy to get rich, a gateway to altcoins and FIAT and a settlement layer.

However, I still fully expect the combined speculator and institutional investor money to take Legacy Bitcoin to 50 - 100K and beyond. However, it will become impossible to move coin at some point on the main chain , with $100+ fees, making a very large percentage of BTC wallets unspendable. At that point, the vast majority of Crypto users and commerce will have already moved to either Bitcoin Cash, Monero or Ethereum. In the long long run, 5+ years, I fully expect either Bitcoin Cash, Monero or Ethereum to become the #1 coin with the highest market cap. It's inevitable now that Bitcoin will never scale - and let's be honest, Lightning Network will either never exist or will never deliver as promised --- which means BTC is going to be stuck where it is now from the scaling perspective, with only a few band-aids thrown on top, likely forever -- unless the miners finally grow a pair, say enough is enough and stand up to the bought out Corporate shills at Blockstream, but I'm not holding out hope for that outcome at all.