Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 19699. (Read 26608500 times)

There's strength in numbers. The common dross may be distasteful to you, but they do have volume.

 

The poor generation somehow is going to lead the way for a coin to grow 10x the size of Bitcoin.

The $5 million dollar Finex shorter has now covered and stopped manipulating down.  Time to go up.

 

The poor generation somehow is going to lead the way for a coin to grow 10x the size of Bitcoin.

Regarding what Satoshi expected Bitcoin to be: no one should care.

In my opinion, he is an outstanding genius but nobody is smart enough to understand the best use of Bitcoin in the future.

The only mechanism able to make Bitcoin fullfil its potentialities is the market. The market is a mechanism of agregation of knowledge and no human being can outsmart it, the market is collective intelligence at play.

1 000 000 average people are more knowlegeable  than one outstanding genius. 1 000 000 people are more knowledgeable than 20 decently intelligent Blockstream employees.

I'd like to see a business start to pay people for running nodes.  Maybe they can get advertisers to pay them money to cover the cost.  I end up running a node for a few weeks then stop since I get nothing.

What I'm getting at is that I don't understand how the economics will play out. Bitcoin can't "decide" that it is going to be used by the big players and everything else goes to litecoin. You'd want to use the unit with the most liquidity and broadest support if you're going to transfer large amounts of money. Todays BTC value is driven by speculation about its future utility. If that future utility is intentionally bottlenecked, the price will plummet. And any idea of a meaningful and functional fee market with a highly illiquid asset is a joke.

We might think that Bitcoins lead is astronomical, but imagine if it stops working properly, for months, because the number of legitimate fee-paying customers went up much faster than anticipated. Or, it's working, but the rising fees makes whatever made it relevant to mainstream irrelevant again. Litecoin works. And they're not going to close the gates when the plebs come running.

So, the facebook generation or the twitteraty or similar starts using Litecoin, taking with them massive liquidity and a market cap 10 times (or more) that of Bitcoin. Why would you buy a car with Bitcoin instead of Litecoin? Why would you transfer 50 million USD from the US to China using Bitcoin rather than Litecoin?

Because Bitcoin is gold and Litecoin is silver? They're not. They're competing cryptos. And that's why we need to plan for success. Or pray success doesn't come too soon.

I take it that means the last block was 860KB.  Getting  closer. 

So, the facebook generation or the twitteraty or similar starts using Litecoin, taking with them massive liquidity and a market cap 10 times (or more) that of Bitcoin. Why would you buy a car with Bitcoin instead of Litecoin? Why would you transfer 50 million USD from the US to China using Bitcoin rather than Litecoin?

Isn't this similar to arguing about apples and oranges?
To me, it seems more likely that since crypto currencies occupy multiple spaces in realty, both a unit with inherent value, a representative direct transfer of said inherent value, and as a secure proof of existence ledger based on the security/hash power of the underlying item, that use cases would naturally gravitate to these options?

so with an altcoin like litecoin, it has a relatively fast transfer speed and nominal value worth but on the other hand, it's hash-power isn't necessarily as strong as bitcoin

then you have bitcoin which has a slower transfer speed, but possibly due to scarcity and first mover recognition, larger fiat value, but more importantly operates as a stronger public ledger.

so, if you are going to buy a cup of coffee, or transact a nominal value equivalent of a cup of coffee, or register an item of similar value, and then record that or transfer it to another individual, there are certain use cases which will naturally lend themselves to this option as they do not need enormous security behind it

on the other hand
if you are buying a car, or leasing a car, or perhaps a fleet of cars, or a multi-year,million dollar commercial property lease; this is a deal with significant financial liability associated with it; here as time is not necessarily an immediate concern but the concern is more over the duration of the contractual option and that proof of two parties entering into this agreement, you would want something harder to tamper with and more secure, which naturally would lead you to supporting a blockchain with more hash power.

I apologize if this doesn't come out as clear as I would like it to but in essence I'm arguing that it is naive to think Bitcoin will do everything for everyone. It won't. Already, you are divided into groups of people; those with bitcoins and those without. There is already a higher barrier of entry for someone without bitcoin than with bitcoin and this will only grow more divergent as the network continues to age.  I think that is one of the main issues surrounding the current block size debate. Who is bitcoin 'for,' can it realistically be for 'everyone' and who decides that? I think it's more important to see that it has opened the door and the genie is out of the bottle. It's difficult not to recognize how cryptocurrencies are an inherent threat to the status quo as central planners lack control. I think you will ultimately begin to see state sponsored mining entities in both an offensive and defensive capacity and that banks will be unable to simply use the system without contributing to it or open themselves up to massive liability.

If citigroup uses bitcoin to confirm a lease; and that lease has not been entered into the public ledger after the person leaves with the vehicle, and there is an accident; you could see how a confirmation delay could result in a sticky situation concerning liability. But enough already. The battle is over the block size & core and who bitcoin is for. I think a fork is inevitable and once block size increases, wall street will move in en masse. Until then, this is all a distraction to suppress asset price to facilitate accumulation.

Paxful, a website that claims to do "peer to peer" matching of Bitcoin buyers and sellers, issued a desperate plea on their blog (archived) threatening to move to an altcoin as they get priced out of Bitcoin. Because Paxful specializes in facilitating very small trades any pricing of transaction fees in an actual market obliterates their market niche, and Bitcoin is definitely moving towards a healthy market for block inclusion fees. Paxful claims to:


do over 5% of the total blockchain volume by number of transactions

They further explain that many of these transactions are users transacting a dollar's equivalent at a time in order to buy single ads. Advertising purchasers appear to dominate Paxful's customer base after they heavily courted backpage.com users when all backpage's methods for receiving fiat money were suspended.

Its an irrelevant  op-ed from someone who now finds himself in a no-mans-land of trying to defend a position (do nothing) that nobody is interested in.

So, 435 or 420 will fall eventually.  My bet will be on momentum when that happens.