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The Bubbly Bitcoin Thread -- Merged Threads

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I think NANO is getting close to bottoming out against BTC. 

It's likely they'll both decline in fiat terms though so not a buy recommendation.

I'm waiting to see what happens should BTC hit $5k to see what the price action looks like.  

NANO.PNG

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1 hour ago, dugsbody said:

Mikail must be rich by now. He only ever seems to buy and sell at the correct times. I wish I knew the secret to buy low / sell high.

Still waiting for the proof that the banks have committed to using XRP has their settlement currency. I suspect it won't be coming but you never know....

I was fairly rich before I bought any Crypto, and I never gamble stupidly. Apart from my original BTC holding which I definitely sold too early, my best bit of buying Crypto was ploughing my more recent BTC proceed into XRP 3 days before the massive Christmas run up. I then traded the drop, and have now locked in as I hate the stress of trading.

Have to say it was entirely luck on the timing of my XRP purchase, and I am entirely confident in XRP for the long term.

On banking useage, check this out:

https://www.businessinsider.com.au/santander-ripple-money-transfer-app-2018-3?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+typepad%2Falleyinsider%2Fsilicon_alley_insider+(Silicon+Alley+Insider)&r=US&IR=T

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2 hours ago, dugsbody said:

Mikail must be rich by now. He only ever seems to buy and sell at the correct times. I wish I knew the secret to buy low / sell high.

Still waiting for the proof that the banks have committed to using XRP has their settlement currency. I suspect it won't be coming but you never know....

Just realised you were probably talking about my XVG comment.

There is a lot to be said for not sticking too much in at once, I have a small amount of Verge bought at a higher price, but when it dropped to $0.03 and less, I decided that it was a good time to top up. I normally just buy a few coins to get familiar with the Tech before investing more. Verge messed up around Christmas on the PR and marketing front, which is why the price fell back after the John Mcafee incident. But i’ve tested Verge Wallet and the Verge Electrum Wallet on differing platforms, test Wraith and set up a node and all seems in good order. I always feel there is room for a good community software project.

 

 

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12 minutes ago, Mikhail Liebenstein said:

That's not using XRP.

Still no-one committed to using actual XRP. To my shame, I fell for the early rhetoric and bought it near it's all time high. So I'm somewhat sceptical.

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10 minutes ago, dugsbody said:

That's not using XRP.

Still no-one committed to using actual XRP. To my shame, I fell for the early rhetoric and bought it near it's all time high. So I'm somewhat sceptical.

It doesn’ Confirm XRP, but that is the easiest way to test things. BTW, monitoring of the Network has shown some massive transfers of late, so some big activity is already occurring.

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Isn't XRP just a proof of concept for Ripple's technology?  Ripple shares might become valuable, but it doesn't follow that the price of XRP tokens measured in fiat will rise.

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Just now, Will! said:

Isn't XRP just a proof of concept for Ripple's technology?  Ripple shares might become valuable, but it doesn't follow that the price of XRP tokens measured in fiat will rise.

XRP is a centralised ponzi. The only reason these coins are circulating on public exchanges is to line Ripple Corp's pockets. No other reason. 

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10 minutes ago, narco said:

XRP is a centralised ponzi. The only reason these coins are circulating on public exchanges is to line Ripple Corp's pockets. No other reason. 

The thing that drives value is usability.

XRP is much more useable than BTC and doesn’t suffer the inherent technology flaws that will cause BTC to ultimately become worthless.

BTC has a timebomb under it.

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26 minutes ago, dugsbody said:

That's not using XRP.

Still no-one committed to using actual XRP. To my shame, I fell for the early rhetoric and bought it near it's all time high. So I'm somewhat sceptical.

I measure my Alts in LTC vs LTC's price in £ FIAT.  All my small 2017 trading was out of or into LTC, and I started 2017 with 108 LTC and ended with 23.  So far today for my ETH, XRP and IOTA bought with LTC I am £5k down (worse off) than if I had not bothered and just HODL LTC, but then each case I bought into the middle of rising markets for all three, not at the top, thank god! 

However I fared better with Dogecoin selling out my 100k holding into Litecoin at (or very near) Doges top. For this I am £400 better off with the LTC now as Doge has collasped 80%. So overall i'm £4600 worse off than if I just stuck with my BTC, BTC Forks, and LTC and Doge. Still I have a broader "exposure now" and the gap was a low a £1200 back in Late December. 

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15 minutes ago, Mikhail Liebenstein said:

The thing that drives value is usability.

XRP is much more useable than BTC and doesn’t suffer the inherent technology flaws that will cause BTC to ultimately become worthless.

BTC has a timebomb under it.

If you like XRP tech then why not buy XLM? It's effectively the same coin where the creators don't own 60% of the supply. 

So what exactly are these hoarded 60 Billion XRP tokens for? Do you really expect the banks to start buying these up and drive up the price?

Why don't they use xCurrent or xVia tokens? Why can't these be bought on public exchanges? The reason for XRP is purely to rip off the general public and line Ripple's pockets. 

Edited by narco

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20 minutes ago, narco said:

If you like XRP tech then why not buy XLM? It's effectively the same coin where the creators don't own 60% of the supply. 

So what exactly are these hoarded 60 Billion XRP tokens for? Do you really expect the banks to start buying these up and drive up the price?

Why don't they use xCurrent or xVia tokens? Why can't these be bought on public exchanges? The reason for XRP is purely to rip off the general public and line Ripple's pockets. 

XRP is valuable as it is useable as an international trade currency.

Sure people can use other coins or Tokens, but this a bit like the Telephone, the value comes from lots of people using it.

If you are familiar with the Technology Adoption curve and crossing the Chasm, you’ll appreciate that BTC is in the Chasm and XRP has crossed it.

https://medium.com/@okhateeb/the-4-stages-to-adoption-inside-the-chasm-6c9c19e4375

 

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4 hours ago, Mikhail Liebenstein said:

XRP is valuable as it is useable as an international trade currency.

Sure people can use other coins or Tokens, but this a bit like the Telephone, the value comes from lots of people using it.

If you are familiar with the Technology Adoption curve and crossing the Chasm, you’ll appreciate that BTC is in the Chasm and XRP has crossed it.

https://medium.com/@okhateeb/the-4-stages-to-adoption-inside-the-chasm-6c9c19e4375

 

We've been told that XRP was 'designed' by Ripple for banks to make international payments. It is completely centralised with 60% of all tokens held back by Ripple Labs. 

You buy this token in the hope that Ripple somehow make deals with international banks to purchase XRP for their cross border liquidity requirements. It is the complete opposite of how a crypto currency is meant to function and a solution looking for a problem. 

XRP should not even exist within the public domain. Ripple clearly saw a smash and grab opportunity to allow the public to speculate on it's price, while raising brand awareness and lining their pockets. It's a very well dressed up ponzi using slick marketing. 

If Ripple fails to get traction with the international banks (which is clearly obvious they wont) then this token is going rapidly towards zero. The remaining 60 billion tokens will be removed from Escrow and dumped on the exchanges. 

You have heard of Stellar Lumens right? XLM? :wacko:

 

Edited by narco

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35 minutes ago, narco said:

We've been told that XRP was 'designed' by Ripple for banks to make international payments. It is completely centralised with 60% of all tokens held back by Ripple Labs. 

You buy this token in the hope that Ripple somehow make deals with international banks to purchase XRP for their cross border liquidity requirements. It is the complete opposite of how a crypto currency is meant to function and a solution looking for a problem. 

XRP should not even exist within the public domain. Ripple clearly saw a smash and grab opportunity to allow the public to speculate on it's price, while raising brand awareness and lining their pockets. It's a very well dressed up ponzi using slick marketing. 

If Ripple fails to get traction with the international banks (which is clearly obvious they wont) then this token is going rapidly towards zero. The remaining 60 billion tokens will be removed from Escrow and dumped on the exchanges. 

You have heard of Stellar Lumens right? XLM? :wacko:

 

XLM has no traction.

XRP is widely accepted in APAC already, and i’ve  used to send presents to friends and family.

XRP has momentum!

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2 hours ago, Mikhail Liebenstein said:

XLM has no traction.

XRP is widely accepted in APAC already, and i’ve  used to send presents to friends and family.

XRP has momentum!

Love watching "Alt" fans on here argue on whos Alt is best, its a guilty pleasure for fun like that no Bitcoiner takes seriously, a bit like "Foxy Boxing" or "Lady Mud Wrestling" !!

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When you look at Bitcoins market dominance, you can see days of single coins having even a chance at over taking bitcoin have long gone.

The alts are all eating each others breakfast, Bitcoin is 45% of the whole crypto market, the rest of the 55% is more and more distributed over a thousand Alts, not just a few anymore. The days of an alt coin being worth 30% of the whole market posing a real threat to bitcoins 35% (at the time) are now gone forever. That test passed.

Bitcoin has nothing to worry about, the flighty pump and dump alt investors only care about buying cheap and riding bubbles. Short term bets. There is no value there. Bitcoin is digital gold with a massive network effect, and the biggest dev team. 

It's good that all the threats have been seen off so successfully, it just adds even more faith in Bitcoin and causes people to lose more faith in Alts. I suppose it was always going to be that way, Eth have a shot and messed it up, and of course Eth was too expensive for new investors who were now looking for the next Eth, so the next Alt gains market share. There is no longer any threat to Bitcoins dominance, you want Bitcoin, buy Bitcoin.

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39 minutes ago, jiltedjen said:

When you look at Bitcoins market dominance, you can see days of single coins having even a chance at over taking bitcoin have long gone.

The alts are all eating each others breakfast, Bitcoin is 45% of the whole crypto market, the rest of the 55% is more and more distributed over a thousand Alts, not just a few anymore. The days of an alt coin being worth 30% of the whole market posing a real threat to bitcoins 35% (at the time) are now gone forever. That test passed.

Bitcoin has nothing to worry about, the flighty pump and dump alt investors only care about buying cheap and riding bubbles. Short term bets. There is no value there. Bitcoin is digital gold with a massive network effect, and the biggest dev team. 

It's good that all the threats have been seen off so successfully, it just adds even more faith in Bitcoin and causes people to lose more faith in Alts. I suppose it was always going to be that way, Eth have a shot and messed it up, and of course Eth was too expensive for new investors who were now looking for the next Eth, so the next Alt gains market share. There is no longer any threat to Bitcoins dominance, you want Bitcoin, buy Bitcoin.

Rubbish.

BTC will collapse for technical reasons.

Lightning Network has failed, and it BTC will fall to $100.

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59 minutes ago, Mikhail Liebenstein said:

Rubbish.

BTC will collapse for technical reasons.

Lightning Network has failed, and it BTC will fall to $100.

Bitcoin is going to be the flagship of crypto for a long time to come. It will probably go to $100k, even if the lightning network is a bust (which I believe it is). Bitcoin wont gain any traction in the real economy for day to day use, but will do well purely as an investment vehicle and as the flag bearer for the crypto space. 

For those willing to dig deeper, there's far better potential elsewhere and the opportunity to be involved with a coin at inception. We will see a coin emerge that is decentralised, instant, free, scalable and private. It will be a DAG type coin with privacy and incentives for running nodes (light inflation). 

Right now, the best day to day payment coin is Nano, but it isn't perfect and more like a prototype. XLM is a decent coin but the fees (even though small) will prevent it becoming a top contender. Both lack privacy features. 

Or like the other guy says above, you can go with the cookie cutter approach and just buy Bitcoin. 

Edited by narco

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2 hours ago, Mikhail Liebenstein said:

Rubbish.

BTC will collapse for technical reasons.

Lightning Network has failed, and it BTC will fall to $100.

 

What are these technical reasons? Bitcoin is technically sound and the most advanced coin because of how long it has been around and the large development community behind it. Lightning network has not failed. XRP has a much higher chance of failing. The fact you have to be a big institution to run a verifying XRP node says a lot about this coin. It isn't decentralised. It isn't trustless and 60% are held by one company.

 

Now here's an interesting alt. ChainLink. If smart contracts are ever to become truly useful, they need real world data as input. Data which does not live on the blockchain. ChainLink is building a platform which solves the Oracle problem, so smart contracts can provide real world data in a completely trustless manner. It will be blockchain agnostic as well, so could run on Ethereum, Bitcoin (via Rootstock sidechain) or whichever other smart contract platform. One for the long run.

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7 hours ago, Mikhail Liebenstein said:

Rubbish.

BTC will collapse for technical reasons.

Lightning Network has failed, and it BTC will fall to $100.

It will collapse for technical reasons that you cannot seem to enunciate ?

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That’s the problem with alts, everyone wants something cheap. So as soon as any alt gains a reasonable position, it’s seen as too expensive, everyone buys the next cheap punt.

all we are seeing is bitcoin reaming strong and the number of alts further increasing further to infinity. 

Even on this thread you can see it, everyone with their pet alt coin (bought in ‘on the ground floor’) think it’s going it’s the next bitcoin. but it always happens to be the one they bought for nothing. 

its almost like a big correcting system, greed is keeping bitcoin at the top spot, not the bitcoin holders, but the greed of the get rich quick crowd buying alts. 

no alt will get any traction in that environment. it’s just a big churn of pump and dumps. even if there was a very very clever alt coin out there, it would forever be drowned out by the endless poop. no one has time to read through ten thousand white papers, where 99.99% are total rubbish. And no-one is going to believe anyone saying that X coin is a real gooer, as how many times have you endlessly heard that? 

the recent bubble have been a huge test of bitcoins dominance, and its come out brilliantly. never before were so many alts pumped so hard, and all failed. Even Eth has been damaged a lot, loosing market share, being eaten away at the bottom. 

bitcoin has gone through many trials by fire, and it keeps going. that’s why it’s so valuable. each day it’s neteork effect becomes stronger. The brand is getting well known. 

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1 hour ago, evetsm said:

It will collapse for technical reasons that you cannot seem to enunciate ?

It will collapse because the developers have now locked in a ridiculously low throughput and fees to use the system will go to the moon as soon as people try to use it for anything.

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3 hours ago, doomed said:

It will collapse because the developers have now locked in a ridiculously low throughput and fees to use the system will go to the moon as soon as people try to use it for anything.

Lightning Network.

All decentralized networks have low throughput because of the massive redundancy in everything. By definition. It has to be that way. If they have fast throughput they are less decentralized. The lightning network is less decentralized and secure than bitcoin, but it is built on a firm decentralized , secure bitcoin base in a 1:1 peg.

Btrash , on the other hand, will quickly become centralized as it attempts to gain throughput on-chain. Not to mention that is being rigged by massive withholdings of coins(limiting supply and driving up price) in wallets owned by it's miner and associates. And even then it's running a poor 4th behind LTC and dash. Btrash is a disaster waiting to happen.

 

Edited by evetsm

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2 hours ago, jiltedjen said:

That’s the problem with alts, everyone wants something cheap. So as soon as any alt gains a reasonable position, it’s seen as too expensive, everyone buys the next cheap punt.

bitcoin has gone through many trials by fire, and it keeps going. that’s why it’s so valuable. each day it’s neteork effect becomes stronger. The brand is getting well known. 

There's some truth here but also a fair bit of complacency.

Up until last year, Altcoins were mostly Bitcoin forks, replicas or completely worthless pre-mined ponzi shite. Bitcoin has had 10 years at the top and experienced a ton of mainstream media spanning 2 massive bubbles. 

So what's the realistic upside to Bitcoin from here? A coin that hasn't gained any real world adoption in 10 almost years? Bitcoin at $100k isn't nailed on and the chart right now looks just the same pump and dump as all the other Alt coins. It's current decline is just warming up.

If there's a reasonable chance the lightning network fails to deliver and it still doesn't getting any traction in the economy, it's worth keeping an open mind on new developments, otherwise you may end up holding onto AOL, Yahoo or MySpace shares. 

The problem is, nobody wants to do their research or think ahead with an open mind. Just look around on the youtube and see all the complete crappy pointless tokens people are pumping. Most of these Alts are certainly going towards zero, but if people put in their homework then there's definitely still massive opportunity. 

Edited by narco

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A scenario to consider on the Bitcoin weekly chart. 

It's a classic bubble no different to any of the Alts but more of a slow burner.  

BTC.PNG

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