Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 24900. (Read 26711545 times)

I have put my money in things that actually have a future.

"This, indeed, is despair."--Soren Kierkegaard

I have to agree with a few things he says, even if I don't like it. Bitcoin hasn't found its use as a currency yet. It may dwindle and die like he says, but it could find its role in the payments sphere and krugman can go STFU.

He's definitely correct when he says people don't care about decentralization. Yet! 20 years ago many city dwellers would scoff at growing their own vegetables or giving up their car for a bicycle. You can go to any city in the developed world and see this is changing. Things like wiki leaks, dark web, and Bitcoin help big time with this shift in societal attitudes. It's still too new, but when the "little guy" figures out he can be his own bank, and takes action thusly, we shall see great things.

Part of me thinks he wrote the whole article just to frame his weak "fax machine" analogy

All pools are dependend on thier individual members. Leaving pool or changing it is much easier than change a country you live in, change government you pay taxes to ot change bank you have your money in.

Good reply, these people don't understand, it's price movement we never can go upside everytime.

Explanation

+1  

Let us know how you're feeling when we're back above 400 

Of course blockchain/Bitcoin technology is seperate from bitcoin the currency.... to an extent.

However unless you believe there will be no form of currency (or tradeable asset) in the long run built ontop of blockchain technology, then until someone creates another currency/tradable asset/token on a blockchain that garners more users ,  then , bitcoin, for now is the token that is most widely used and accepted and established on the most widely used and established blockchain backed by the biggest network of distributed miners.  The distributed network and the current Bitcoin are the network in cryptocurrency (for now) its size and distributed nature (and of course the underlying cryptography technology/blockchain) are what gives it any amount of trust, and until something comes along that is better , it will remain the network,and the most used and backed cryptocurrency. If anything it is not large enough yet... imagine in the future, an entity wished to send 10 or 15  billion across a cryptocurrency network from user a to user b, how is this possible with a network with a marketcap of 5 billion?  The value of the tokens, in the network do matter, and the trust, and size of the network do matter.
 
 Assuming cryptocurrency and blockchain technology is here to stay, and will continue to grow and with that in mind, until something better, decentralised and distributed pops up, which is more useful and trusted by more users, and has the network to usurp bitcoin from its current crown as the token of choice on the blockchain of choice, I see no reason bitcoin will be replaced as the cryptocurrency of choice, until something comes along that is better,  and even then it cannot be better in everyway, until it is larger and safer and trusted more and used more and has grown larger than the Bitcoin network already in place with the bitcoin token currently being traded.

Ok, goodbye!

Interesting to note that shorts are down by a lot (8k right now on bitfinex), shorters have been taking profits on this dump.
This means that a lot of buys (shorts being closed) to counteract the drop were executed but we dropped quite a lot regardless.
Also it means a short squeeze is less probable.

Further, interesting to see the lack of a proper bounce (one would have expected a bounce to at least $370, where the recent historic support was) and very low buying pressure around $350, an important level.

In case I need to state the obvious, all of this is pretty fucking bearish.

340-320 in the next 24 hours.

I'm so happy i left this sinking ship at 400.

The sooner you realize it's over the better you feel. Believe me.

That's the thing. The millions worth of equipment isn't needed to maintain the blockchain of bitcoin. Increasing hasrate of the network doesn't improve anything in the network. The general idea was that it would increase the security, but now most of the network goes through only a few pools, and if those pools get compromised, then the network will get compromised, no matter how big was the overall hashrate of the network. So, rewarding miners actually means rewarding work that has no use.
The bitcoin mining equipment merchants are practically snake oils salesmen who prey on the ignorance of consumers.

I'm on board "the crypto casino" already, only not in bitcoin, because bitcoin is old, boring and fragile to me. I'm now into newer cryptos, that have more attractive attributes and that are currently at the beginning stage, not the end stage.

You are mixed up on what short selling is.

In short selling you don't buy at the start, you borrow, and you buy at the end. When you open a short selling position,  You borrow 20,000 BTC and instantly sell it.  But you have to buy back 20,000 when you close the short to realise any profits.  You need to rely on others lowering their ask prices.  and when there are more bids then asks a huge short sell is suicide.  

lets take your example.  you have $7.8 million.
You borrow 20,000 BTC to short it.  The current price is $355  The order books would for example would be filled down to say $270 and your average sell would be lets say $300.
So now you need to buy back 20,000 BTC at an average of below $300 to make a profit.  But there are not than many people willing to sell that low. yet...so
You would be either left stranded & forced to wait and pay interest on the borrowed BTC at current bitfinex rates ($15,000 per day).  depending on your collateral ($7.8 million).  But if your dump causes a spike but nothing more, you need to buy the 20,000 back at a loss. or wait until the price hits about $690 and you lose every penny.  

lol i've been trading this worthless crap for about two years.. now what?  

Explanation

At last, someone with common sense explains the difference between the technology and the "currency" unit. Most of the get-rich-quick hardcore fanatics try to deceive people by telling how bitcoin's unit value is tied to the technology it's based on. The "currency" is nothing more then a big pyramid for a few to get rich at the expense of others.
The technology can be used without everyone having to make a small group of speculators rich. Speculators who haven't actually contributed anything to the development of the technology itself.
It's only an illusion that bitcoin's unit value is backed by the technology itself. I think that it's a good thing that some people will start to publicly lift the veil behind bitcoin and it's market system. I would recommend him to look into all the exchanges and question on what would stop them in playing the market themselves, with information that isn't public.

Bro mad he did not get some when it was a penny for a hundred back then.

I dont expect people like that to understand BTC.

It still is. The tree needs to be shaken a lot more for that to happen.

Explanation