The Bitcoin (BTC) thread - Printable Version

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The Bitcoin (BTC) thread - Jaydublin - 05-15-2019

Alt season seems to be in play. I'm going to keep DCA in BTC. Hopefully we see a pullback. I'd really like the summer to DCA in.

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The Bitcoin (BTC) thread - Sidney Crosby - 05-15-2019

Waiting for the pullback like....

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The Bitcoin (BTC) thread - Pinocchio - 05-16-2019

"I wish I bought more. Said Everyone" - Cameron Winklevoss

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The Bitcoin (BTC) thread - JayJuanGee - 05-16-2019

Some of the financial institutions that do not want to get into bitcoin (or "crypto" as mainstream wants to characterize the related sector) are likely going to have to create obstacles if they want to keep out either institutional or retail investors.

In other words, like the below-linked article seems to describe, financial institutions are likely to be flooded with interest in bitcoin or "crypto-related" or whatever financial instrument that is offered in the coming years... If financial institutions want to keep peeps from investing, they will have to fight them away. hahahahaaha

https://www.coindesk.com/td-ameritrade-e...-in-crypto

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The Bitcoin (BTC) thread - asianirish1 - 05-16-2019

Quote: (05-14-2019 09:14 PM)bgbusiness Wrote:  

I made the mistake of getting out at low 5ks
I re-entered my positions in low 7ks...

That is like 20%+ of gain. Opportunity cost of thousands of dollars..

From now on, I am buying MORE when the market dips and just not going to sell anything next few years..

Poor you, couldn't tell the future.

Don't beat yourself up about making calls that turn out to be beneficial. Its possible you made the correct call and it just happened to go the other way. If I offer you a coin toss at 100/1 odds for heads, And it comes up tails but you bet heads. You made the correct decision but still lost.

Hindsights always 20/20, imprint it in your brain

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The Bitcoin (BTC) thread - rpg - 05-16-2019

Think for a minute where bitcoin will be in 15 years. It should be huge.

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The Bitcoin (BTC) thread - JayJuanGee - 05-16-2019

It looks like Bitfinex won a bit of a minor victory and convinced the NY Judge to modify the injunction in its favor, so Bitfinex could largely run its business.

Today, Bitfinex issued the below statement on the topic.

>>>>>>>Announcements > New York Court Grants Bitfinex’s Motion to Modify Injunction May 16, 2019
Today, the Hon. Joel M. Cohen of the New York Supreme Court (Commercial Division) granted our motion to modify the injunction obtained by the New York Attorney General against our business because the original injunction was vague, overbroad, and not time-limited. The court’s order allows Bitfinex and Tether to continue their normal business activities. It also stipulates that the injunction will expire in 90 days and that the burden to seek any renewal from the court rests squarely on the shoulders of the New York Attorney General’s office, where it belongs. Judge Cohen held that New York’s Martin Act “does not provide a roving mandate to regulate commercial activity.”

This order is a victory in the ongoing defence of our business against the New York Attorney General’s office.

We are grateful that Judge Cohen recognized, in argument before his court, that the original injunction obtained by the New York Attorney General was “both amorphous and endless,” and that It needed to be “as narrow as possible.” We believe that the court’s decision today leaves no doubt that both Tether and Bitfinex are entitled to run their businesses in the ordinary course, even during the short period when this now narrowed preliminary injunction is in place.

The New York Attorney General’s office has sought to proceed ex parte against us and in bad faith, notwithstanding our previous, historical, and voluntary co-operation with them. We will vigorously defend against any action by the New York Attorney General’s office, and we remain committed, as ever, to protecting our customers, our business, and our community against their meritless claims.<<<<<<<<

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The Bitcoin (BTC) thread - [email protected] - 05-17-2019

I love fractals

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The Bitcoin (BTC) thread - zoom - 05-17-2019

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

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The Bitcoin (BTC) thread - JayJuanGee - 05-17-2019

Quote: (05-17-2019 10:29 AM)zoom Wrote:  

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

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The Bitcoin (BTC) thread - zoom - 05-17-2019

Quote: (05-17-2019 10:55 AM)JayJuanGee Wrote:  

Quote: (05-17-2019 10:29 AM)zoom Wrote:  

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

Right now the price is going up. And so are the fees- around $4 at the moment. But that's okay for a lot of Bitcoin Maximalists because they don't even use Bitcoin.

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The Bitcoin (BTC) thread - Isaac Jordan - 05-17-2019

Quote: (05-17-2019 10:29 AM)zoom Wrote:  

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

It's a log chart, which measures the percentage difference between numbers on the Y-axis rather than absolute differences.

E.g., on a log chart the distance between $1 and $2 will be the same as the distance between $100 and $200, because they're both measuring a 100% increase.

I'd argue that it's better to view something like BTCUSD or ETHUSD in log, because 1) otherwise any price action prior to 2017 is barely noticeable (the whole chart looks like one giant, recent bubble rather than showing the full history of price progression) and 2) we're watching technologies grow exponentially, making percentage moves more relevant to the discussion than absolute.

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The Bitcoin (BTC) thread - JayJuanGee - 05-17-2019

Quote: (05-17-2019 11:03 AM)zoom Wrote:  

Quote: (05-17-2019 10:55 AM)JayJuanGee Wrote:  

Quote: (05-17-2019 10:29 AM)zoom Wrote:  

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

Right now the price is going up. And so are the fees- around $4 at the moment. But that's okay for a lot of Bitcoin Maximalists because they don't even use Bitcoin.

Now you are going to pump your bcash talking points about supposed superior transactability?

Of course, bcash is going to have better transaction fees and times because it is more than a 10 lane highway with only 1 car every few miles. Of course it is going to handle the traffic very very very well.

But who cares? bcash is a dead project except for bagholders trying to mislead folks into thinking that it actually has something to offer. Why are you here spreading your bcash news? Trying to convert bitcoiners over to your scamcoin?

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The Bitcoin (BTC) thread - Jaydublin - 05-17-2019

^^^ From what I have seen on twitter it is the XRP shills pumping that news. Or maybe they are just doing a better job of it than the Bcash guys. Every few BTC posts when I search bitcoin on twitter is a different XRP shill.

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The Bitcoin (BTC) thread - [email protected] - 05-18-2019

BTC is proof of work. Ripple uses 100's of millions on advertising for XRP. Proof of shill. Despite the fact XRP is a scam coin I know it will succeed in the bull market (thus I hold some).

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The Bitcoin (BTC) thread - JayJuanGee - 05-18-2019

Here's a link to a nice reddit thread - entitled Bitcoin's 1-page 2019 elevator pitch.

https://www.reddit.com/r/Bitcoin/comment..._for_2019/

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The Bitcoin (BTC) thread - zoom - 05-18-2019

Quote: (05-17-2019 08:35 PM)JayJuanGee Wrote:  

Quote: (05-17-2019 11:03 AM)zoom Wrote:  

Quote: (05-17-2019 10:55 AM)JayJuanGee Wrote:  

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

Right now the price is going up. And so are the fees- around $4 at the moment. But that's okay for a lot of Bitcoin Maximalists because they don't even use Bitcoin.

Now you are going to pump your bcash talking points about supposed superior transactability?

Of course, bcash is going to have better transaction fees and times because it is more than a 10 lane highway with only 1 car every few miles. Of course it is going to handle the traffic very very very well.

But who cares? bcash is a dead project except for bagholders trying to mislead folks into thinking that it actually has something to offer. Why are you here spreading your bcash news? Trying to convert bitcoiners over to your scamcoin?

I didn't mention Bitcoin Cash, you did. We've been over this before. We have different options about BTC because we view it differently. You view it as some speculative asset and you don't seem to care about high fees.

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The Bitcoin (BTC) thread - redbeard - 05-18-2019

Quit it zoom, the average transaction size is $20k, a $4 transaction fee is pennies on the dollar.

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The Bitcoin (BTC) thread - [email protected] - 05-18-2019

Whenever I mention BTC to normies I use language like "it's out performed all traditional assets like tech stocks, s&p500, precious metals, oil, real estate.. "

I just get blank stares followed up with "b-but the volatility". The guy telling me this has an underwater mortgage.

If I used words like digital scarcity or digital gold I'd probably appear as a dogmatic cult member.

I don't think the fees matter for bitcoin. I just don't ever see BTC being adopted as digital cash even if everyone uses lightning with close to zero fees. Why would you dispose of a deflationary asset when you dispose an inflationary one? People generally sell off assets with the least future potential before their assets that have the most future potential. Bitcoin has pivoted to store of value like gold, I don't see a problem with that.

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The Bitcoin (BTC) thread - JayJuanGee - 05-18-2019

Quote: (05-18-2019 10:57 AM)zoom Wrote:  

Quote: (05-17-2019 08:35 PM)JayJuanGee Wrote:  

Quote: (05-17-2019 11:03 AM)zoom Wrote:  

Quote: (05-17-2019 10:55 AM)JayJuanGee Wrote:  

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

Right now the price is going up. And so are the fees- around $4 at the moment. But that's okay for a lot of Bitcoin Maximalists because they don't even use Bitcoin.

Now you are going to pump your bcash talking points about supposed superior transactability?

Of course, bcash is going to have better transaction fees and times because it is more than a 10 lane highway with only 1 car every few miles. Of course it is going to handle the traffic very very very well.

But who cares? bcash is a dead project except for bagholders trying to mislead folks into thinking that it actually has something to offer. Why are you here spreading your bcash news? Trying to convert bitcoiners over to your scamcoin?

I didn't mention Bitcoin Cash, you did. We've been over this before. We have different options about BTC because we view it differently. You view it as some speculative asset and you don't seem to care about high fees.

You could at least attempt to summarize my position with a bit more accuracy, no?

I view BTC as the best form of sound money, ever.

Sure, there is are speculative components about any kind of asset, so it does not really matter what the asset is, but if the asset is built on phony baloney or lacking in various fundamentals, then in those circumstances any speculation would be ungrounded and likely NOT able to last for any kind of extended period or in ways that are prudent in terms of longer term investment. Of course, with any asset you can speculate upon it for short term periods, yet I have not been into bitcoin for short term speculation.

I came into bitcoin to invest long term and to hedge against my dollar investments, and if my investigation into bitcoin would have revealed that either I was wrong in my understandings about bitcoin or that the investment was not playing out as a long term hedge, as I had anticipated it to be, then I would have likely pulled up stakes and gotten out of bitcoin (either quickly or with a gradual approach).. With the passage of time, my views of bitcoin as a good long term investment and/or hedge have been strengthened rather than weakened, so I have not really found any reason to get out of bitcoin.

In any event, it remains quite likely that with the passage of time, more and more people are going to recognize the soundness of bitcoin and money will continue to gravitate into bitcoin, as it already has been in the past more than 9 years. Of course, there are going to continue to be people who either misunderstand bitcoin and get distracted by other snake-oil projects, but it seems quite likely that with the passage of time, more and more people will come to better understandings about both the utility of bitcoin and the soundness of its money.

You seem to misunderstand me regarding fees, too. On purpose? Perhaps. Anyhow, I think that the fees in bitcoin are going to adjust with the passage of time, and the fee function in bitcoin seems to be working just fine. Of course, sometimes it may be impracticable to use bitcoin on small transactions, and some of these systems will likely evolve with time, including second layer solutions such as lightning and various other second layer systems that are in the process of development...

Regarding bcash, you have spouted out various bcash nonsense here in this thread in the past. Whether you are taking their talking points on purpose or it is just a coincidence could be a possible level of misunderstanding that I have, yet if you are in the process of engaging in what seems to be ill-thought out bashing of bitcoin, your talking points do see to come out of the bcash playbook, even though I will concede that a large number of the more than 2,000 alt coin projects do use similar talking points.... so it is possible that you could be getting your nonsense from one of the other ones... despite the actual fact that you had asserted that you believed that bcash would be the new bitcoin because from your view (which also seemed to have been one of the popular bcash (bitcoin bashing) talking points) that bcash better adhered to the supposed vision of satoshi.

Yeah, sure, previously, we have been over these various points, but you seem to believe that there is some kind of useful purpose for you to conclusory whine about bitcoin, when the fact of the matter seems to be that bitcoin adoption is increasing, increasing and increasing. So, it seems to be the case that people are finding various use-cases from bitcoin - even though you would like to denigrate such bitcoin attention as if it were pure speculation - which I doubt that it is pure speculation, based on a lot of on the ground facts and logic that shows ongoing increases in adoption and usage. Sure, it could likely take more more time see how the speculative viewpoint plays out, but there seems to already be a lot of evidence on the ground (and has been for a while) to show that bitcoin has a variety of use cases beyond pure speculation. You and several of the bitcoin naysayers like to harp on those kinds of bitcoin bashing and simplistic talking points that are not actually backed up by real facts and/or logic.

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The Bitcoin (BTC) thread - zoom - 05-18-2019

Quote: (05-18-2019 11:28 AM)JayJuanGee Wrote:  

Quote: (05-18-2019 10:57 AM)zoom Wrote:  

Quote: (05-17-2019 08:35 PM)JayJuanGee Wrote:  

Quote: (05-17-2019 11:03 AM)zoom Wrote:  

Quote: (05-17-2019 10:55 AM)JayJuanGee Wrote:  

Seems that the overall point is that the BTC price is going up... so let's not get distracted from the forest by the weeds.

amirite?

Right now the price is going up. And so are the fees- around $4 at the moment. But that's okay for a lot of Bitcoin Maximalists because they don't even use Bitcoin.

Now you are going to pump your bcash talking points about supposed superior transactability?

Of course, bcash is going to have better transaction fees and times because it is more than a 10 lane highway with only 1 car every few miles. Of course it is going to handle the traffic very very very well.

But who cares? bcash is a dead project except for bagholders trying to mislead folks into thinking that it actually has something to offer. Why are you here spreading your bcash news? Trying to convert bitcoiners over to your scamcoin?

I didn't mention Bitcoin Cash, you did. We've been over this before. We have different options about BTC because we view it differently. You view it as some speculative asset and you don't seem to care about high fees.

You could at least attempt to summarize my position with a bit more accuracy, no?

No I think I accurately summarized your position.

It's not really my intention to keep posting in the BTC thread, but someone posted an inaccurate chart and I felt that it needed to get called out. I continue to follow BTC news but this thread has too much talk of price for my liking. I think price is one of the least interesting aspects of cryptocurrency.

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The Bitcoin (BTC) thread - Repo - 05-18-2019

Quote: (05-17-2019 11:32 AM)Isaac Jordan Wrote:  

Quote: (05-17-2019 10:29 AM)zoom Wrote:  

^^ That chart is completely misleading. The intervals on the Y-axis are not consistent. Going from 1950 to 3500 looks like a small correction on that chart.

It's a log chart, which measures the percentage difference between numbers on the Y-axis rather than absolute differences.

E.g., on a log chart the distance between $1 and $2 will be the same as the distance between $100 and $200, because they're both measuring a 100% increase.

I'd argue that it's better to view something like BTCUSD or ETHUSD in log, because 1) otherwise any price action prior to 2017 is barely noticeable (the whole chart looks like one giant, recent bubble rather than showing the full history of price progression) and 2) we're watching technologies grow exponentially, making percentage moves more relevant to the discussion than absolute.

Regarding point 1, that reasoning doesnt make it a valid reason to use a log scale for a forward looking view.


Regarding point 2, you would never look at any technology stock that way just because technology is increasing exponentially, and I dont think it makes sense to look at bitcoin that way either, realizing the differences between stock in a company and currency. The vague concept of "technology increasing exponentially" is way too nebulous to try to directly tie to bitcoin.

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The Bitcoin (BTC) thread - rpg - 05-18-2019

So why are facebook and Amazon creating their own cryptocurrency?

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The Bitcoin (BTC) thread - Repo - 05-18-2019

@rpg directed at me?

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The Bitcoin (BTC) thread - rpg - 05-18-2019

Quote: (05-18-2019 06:07 PM)Repo Wrote:  

@rpg directed at me?

It was to anybody that has an idea what they are up to.

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