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narco

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Everything posted by narco

  1. Probably not when you've factored in the BTC transaction fees.
  2. Bitcoin Cash is better than Bitcoin Core since it is Satoshi's vision (ie - scaling via the blocksize and bringing back 0-conf rather than RBF) BTC is a patched up frankencoin that has been censored, manipulated and destroyed by Blockstream. You have read the original Bitcoin whitepaper?
  3. Bitcoin's forks and replicas are identical to Bitcoin and in most cases are superior. What reason is there for people to use Bitcoin Core over Bitcoin Cash over the long term? Why are service providers removing Bitcoin as a payment option? How often are you spending your Bitcoin for goods or services? The only reason people bought Bitcoin is because the price was going up and they expected to become rich. Nobody is using it as a currency, although I do remember there were places accepting it in 2014. Bitcoin is no different to any other technology platform so the Myspace vs Facebook analogy is correct. Intrinsic value has nothing to do with price. It's to do with it's internal properties and utility which have been proven to be limited in a lot of ways. Your only solution is to slap on additional layers which are yet to be proven.
  4. Gold is always accepted and has a 5,000 year history of acceptance. Gold cannot be created, copied or improved upon. It cannot be forked. Bitcoin as a digital currency is limited by design, slow, expensive, none scalable, none private. These issues are inherent and cannot be fixed on chain, meaning there's no guarantee that people will continue to use or accept it if people decide to use a different coin. Bitcoin is a product of the millennial generation where ideas goes viral, where millions of people spend their lives looking at photoshop edits of Kim Kardashian. Where MySpace suddenly vanished overnight and was replaced by Facebook. It's a herd mentality and the herd very easily changes direction. If the millennials decide they don't want Bitcoin and want a faster, free, scalable alternative, Bitcoin can certainly go to it's intrinsic value of near zero in the blink of an eye. I'm not saying it's likely, but the risks are there.
  5. The crypto markets do not perform like anything we've ever seen. Nobody knows how to put any value on these things so they just spike up and then collapse. Bitcoin is no different and $1,300 is absolutely on the menu. If Bitcoin falls under $1,300 then it's not coming back for years, most probably it will get resurrected alongside the next commodity cycle in the late 2030's.
  6. You can't argue from a security aspect but that comes at the expense of slow transfers, slow throughput, high transaction fees and insane electricity usage. Also, sound money doesn't go up 10,000% and then drop 95%. There's no question crypto in 2017 was the greatest bubbles we'll ever see. People will look back at 2017 in years to come in complete disbelief as to how ridiculous that mania was.
  7. I agree, probably a good buying opp but with the expectation it will be a long road until 20k is reached again. Most Alts & tokens will be in the graveyard, either due to lack of mining support or abandoned projects. These will eventually will be delisted from exchanges. I think crypto is done for here. As for the bigger Alts, there's support on Litecoin at around $8, Ethereum around $60 and XRP at about $0.06. That would be pretty catastrophic for some, but that's why most people get burnt badly in bubbles. Even I got slightly sucked into the hype, thinking we might get another final push even though the charts were a screaming sell..
  8. Well that depends when you happen to have gotten in. For those who got in at over $10k and probably those over $5k it's not going to be a store of value over the next few years, possibly even a decade. What matters is timing both entries and exits no matter what bubble you're investing in.
  9. Which looks like fiat currency at the moment until we reach approx $1,300 on BTC.
  10. What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
  11. I agree if you're taking 95% of the alts which are garbage. I actually don't have a problem with Bitcoin as digital gold but only when the price is right at long term support. That price is either $5,000 but potentially $1,350. There's no reason to pile in straight after the pop of a bubble. This is going to take a while to play out. I don't see why anyone wouldn't want to keep an eye for any potential coins that maybe offer a real world solution in the payment space. The current coins I can see potentially being used for day to day payments is either XLM (Stellar Lumens) or NANO. I own some of each and both are a joy to use in terms of efficiency, speed and cost. Both coins have pros and cons and aren't perfect. I'm open minded as everyone should be. A single fixed view of the world is not a good mindset to have when making investment decisions.
  12. That's well and good for early adopters but it's risky business for those who are spending multiple thousands right now for a single token. It's a very dangerous space to be parking cash right now and it certainly isn't savings or digital gold. It's the ultimate speculative tulip and unless it get's some real adoption then we can expect more boom and busts. There is demand for a worldwide peer to peer digital decentralised currency and Bitcoin has opened the door for it. The problem is that Bitcoin isn't fit for this purpose and no amount of lipstick can fix it up. Nobody has missed out on anything since the potential for such a coin still clearly exists. If what I'm saying is wrong, why are we all not using Bitcoin now for anything other than speculation? Its been around for a decade and experienced the biggest bubble that's ever been witnessed. Why does Bitcoin now have less real world usage than it did 4 years ago, even as public awareness increases? Your whole argument here is "Digital Gold" so you've basically confirmed it can't perform for day to day transactions. How well has it performed as a savings account for those who bought within the last 6 months? What if it goes down 95% and stays there for a decade or longer? Seriously... How much BTC skin in the game do you have? It must be pretty significant since you and evetsm seem to get pretty upset when I just point out some basic facts. You were recommending people buy at $8,500 last week. Hows that one working out?
  13. What was said on the tin was "A purely peer-to-peer version of electronic cash" Don't make the assumption that being deflationary is what primarily gives it value. It's real world capability as a currency is the only thing that gives it any form of intrinsic value. You better hope Bitcoin does deliver as cash in the real economy otherwise your "Savings" account will turn out to be a worthless selection of digits if it gets superseded. There are some pretty fatal flaws baked into Bitcoin's system and all I'm doing is opening people's eyes to it. If Bitcoin get's displaced over the coming years there's going to be a whole lot of pain out there (and on here).
  14. Bitcoin is heavily centralised by a handful of mining pools in communist states and Blockstream who have strangled the coin's development via censorship. The problem is these mining pools and side chains have completely conflicting interests. Both are looking to be the primary collector of fees. It's a recipe for disaster which hodlers seem to be blissfully unaware of. In the end, the market will eventually choose a friction less, fee-less peer to peer system, with instant transactions, without mining, without in house fighting or conflicts. Simplicity will ultimately displace complexity. What is obvious is the sheer amount of lipstick being put on Bitcoin in order to keep it propped up. The bigger question people should be asking is, why all the effort?
  15. Here's the lightning network whitepaper which clearly lays out what a clusterf*ck it really is. If your eyes have glazed over beforehand, just skip to page 49 and get straight into the 'Risks'. https://lightning.network/lightning-network-paper.pdf Off chain solution are nothing more than centralisation vehicles designed to profit from deliberately broken blockchains. Neither are needed since there are coins that already scale on-chain without any fees.
  16. The BTC hodlers are still watching Andreas Antonopoulos re-runs from 2013 on youtube while sat in the fetal position. Anyway, here's the riveting Lightning Network whitepaper that should cheer them up a bit. https://lightning.network/lightning-network-paper.pdf
  17. Now that Ripple and Ethereum have just seen a massive chunk of their 2017 gains, I'm sure people are looking at the Bitcoin chart seeing $6,500 as a good time to take what profits are left on the table. If I'd bought Bitcoin at sub $1k I'd be kicking myself not for cashing out somewhere between $15k - $20k when the chart went vertical. I'd be f*cking steaming if I watched it slide back to $1,300.
  18. No particular reason, it's just the blow off part after the parabolic bubble that popped in December. Usually these kind of moves see price return to the origin - ie $1,300 ish
  19. Another day, another service provider pulling the plug on Bitcoin Core acceptance. https://www.coindesk.com/reddit-drops-bitcoin-payment-option-for-gold-membership/
  20. Bitcoin looks like a turd dangling off the edge of a cliff and about to accelerate to $5,000. If this support level doesn't hold, then it's a straight run down to $1,350.
  21. Check out at all the classic bubbles from the past and compare the linear to log charts. They all show the same thing, the early phase in the build up always outperforms in terms of percentages. The exponential curve is visible in all bubbles on a linear chart.
  22. The question is how long will this current blow off phase last? 2013 was a tiny spec compared to the bubble of 2017. For the monthly RSI to touch 30 and the MACD to make bullish cross we're talking at least 4 - 5 years on this chart with a low probably somewhere at around $1,300. As for fundamentals, how many people will actually want Bitcoin or any crypto during a prolonged deflationary depression?
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