Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 24521. (Read 26711240 times)

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Moooooon time!

But bitcoins are not equity in the bitcoin network.  Buying one bitcoin does not make you owner of a fraction of its hashpower. At any time, the bitcoin miners could abandon the Satoshi20090103 blockchain for any other coin with similar protocol that is more profitable to mine; and bitcoin owners will not have any say in it.

Units of accounting in the unspent transaction outputs in the longest branch of the Satoshi20090103 blockchain (aka "bitcoins") are indeed scarce, as long as Gavin and the miners refrain from changing the protocol; but there is a potentially infinite number of blockchains with the same properties.

If, at some time in the future, a better altcoin comes along (say, with a 0.1 second mean confirmation time, or a distributed trustless way to seize and return stolen bitcoins), and takes over the bitcoin "market", there will be no central bank to swap old bitcoins for new ones at a fixed rate.  Some owners of old bitcoins may be able to sell them to suckers in exchange for new ones, before they become worthless; but many will inevitably lose the money that they invested in BTC.

Bitcoin mining is currently financed by an "inflation tax" of 5-10% per year.  At some point, that inflation will stop and the miners will start to require transaction fees.  No one knows how much those fees will be, but mining is already an oligopoly market so a cartel of 2-3 mining companies can set the fees to whatever gives them maximum net revenue.  By the way, those fees will apply to every transaction, including hotwallet-coldwallet moves, BTC deposits and withdrawals, etc..


The "market cap" is pretty meaningless for bitcoin, because most of the 13 million extant BTC were never traded, or were last traded for a very small fraction of the current price; and the market has little liquidity.  If all the current owners of Apple stock decided to sell everything within a month, they would find plenty of eager buyers, and the total dollar amount of those sales would be close to the market cap.  If the same happened to bitcoin, the price would plummet to unpredictable lows, and the total sales volume would be a very small fraction of its nominal market cap.

Dunno.  Seems to be going fine

Only Adam can save us.   

So where's Adam, anyway? This thread is mostly a long list of "this user is currently ignored" for me, these days...

looks like the attempt to break to the downside is not successfull...no real sell off...i expected a huge drop if we go below 380...asks are also not following...

Enjoy playing Minecraft, Tiger!

Wat?  Stoploss is for stupit bears.  This d00d's the real deal, a true believer!

nervous why? please can you try and clarify what you're getting at,  you're an extremely confusing individual to have a chat with as I'm not entirely sure you understand what you're thinking yourself, so when you try and translate that across with words it comes off terribly.



of putting little boys penises in your mouth.

Getting nervous, boy?

Anyway, too much time spent on this worthless "chat".

Now try and be serious, if you can. For bitcoin sake.

Me, I'm turning my attention back to my own business.


Cheers.

no one goes long without strict stop losses anyways, so moot point

You seem upset, Tiger, whassamatter?  Went long and got owned?

boring

fascinating you with the clever way I write, do you mean asking a question? specifically why you're calling a 32 year old man a boy? it doesn't bother me it's just a bit odd and I'm curious why?

Also why do you presume I don't have a job? You're correct I don't, but it's also odd as I don't believe you know me or why you think I'd take any sort of advice from you as you come across as a complete fucking idiot!

the real chart buddy

Here comes another clown......

Explanation

I would have bet you wouldn't understand, boy.............and please go on, You are fascinating me with you clever way to write. Boy.

Listen to me, get a job and be serious...................boy.