psionl0
Skeptical about skeptics
That's an even more pathetic trick.
All you are proving is that there is nothing special about this latest bubble.
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All you are proving is that there is nothing special about this latest bubble.
The argument whether sovereign currencies are formally backed should be seen in the context that they are finite, a bit like the elements in the periodic table.
It is the open ended supply of cryptos that guarantees a crash.
Thoughts please.
It is the open ended supply of cryptos that guarantees a crash.
Thoughts please.
psionl0
Skeptical about skeptics
Ah yes, the good old days.
p0lka
Illuminator
Is a bubble on a bubble on a bubble, a bubble?
psionl0
Skeptical about skeptics
Zimbabweans would probably take issue with you over the "finite" supply of fiat currency. Plenty of other economies have at various times attempted to print their way out of trouble too.
As for the hundreds (thousands?) of crypto currencies, only a handful are likely to bleed any money away from the the bitcoin market. Most of them are unlikely to amount to anything serious (except perhaps in some local communities).
Of course, a superior crypto could conceivably take over from bitcoin. Alternatively, overlaying technology might be applied to bitcoin wallets that overcomes the relatively slow speed of bitcoin transactions as well as the transaction volume limit with its consequent high fees.
Incidentally, some time ago, I created a currency called "PSI" on the ripple network. If you establish me as a "trusted gateway" I can let you have some.
(You need at least 20 XRP to activate a ripple wallet).
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psionl0
Skeptical about skeptics
I don't know what that has to do with bitcoin. Bitcoin bubbles are sequential rather than simultaneous.
I mean the number of sovereign states, of which Zmbabwe is one. This is my meaning of finite.Zimbabweans would probably take issue with you over the "finite" supply of fiat currency. Plenty of other economies have at various times attempted to print their way out of trouble too.
As for the hundreds (thousands?) of crypto currencies, only a handful are likely to bleed any money away from the the bitcoin market. Most of them are unlikely to amount to anything serious (except perhaps in some local communities).
Of course, a superior crypto could conceivably take over from bitcoin. Alternatively, overlaying technology might be applied to bitcoin wallets that overcomes the relatively slow speed of bitcoin transactions as well as the transaction volume limit with its consequent high fees.
Incidentally, some time ago, I created a currency called "PSI" on the ripple network. If you establish me as a "trusted gateway" I can let you have some.
ETA here is an example of finiteness, oganesson.
This looks like the sort of difficulty we should see in mining bitcoin 21,000,000
https://phys.org/news/2018-02-group-simulations-theorize-characteristics-heaviest.html
But there are an infinite number of "periodic tables" in the crypto "industry"
Or something like the multiverse, in which bitcoin and the universe occupy similar status.
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p0lka
Illuminator
Ah, I meant 'after' instead of 'on', my mistake.
Is a bubble after a bubble after a bubble, a bubble?
Now I understand even better why you tremble at the sight of an innocent tulip, and you would probably have a fit if someone approached you carrying a South Sea Company share certificate.Incidentally, some time ago, I created a currency called "PSI" on the ripple network. If you establish me as a "trusted gateway" I can let you have some.
psionl0
Skeptical about skeptics
If you had anything worthwhile to say, you don't anymore. You have seriously lost the plot.
The_Animus
Illuminator
- Joined
- Nov 24, 2006
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- 3,590
I think something along these lines is what will ultimately happen. The high transactions fees is what I think will doom Bitcoin but crypto isn't going away. Either some sort of upgrade will be applied to Bitcoin to fix the issue(s) stopping it from truly going mainstream or another crypto will. It's just a matter of time.
Dr.Sid
Philosopher
Hm .. you know, I don't 'invest' .. I just 'play the game' .. at the highest point I had like $500 in BTC. But if you play with so little money, you don't really have to transfer BTC. You charge your credit at exchange server, and then you just shuffle the numbers from one textfield into another .. BTC stays on the exchange, and I can change it back any time I want with single click. There are almost no fees.
Transferring BTC to personal wallet, now that would make my BTC solid and safe .. but it would cost me.
I wonder .. how much people really transfer BTC and how much they just rely on exchange server wallets ?
Transferring BTC to personal wallet, now that would make my BTC solid and safe .. but it would cost me.
I wonder .. how much people really transfer BTC and how much they just rely on exchange server wallets ?
Roger Ramjets
Philosopher
It's pretty clear where the value lies, and it's much lower than the current price.
People 'investing' in Bitcoin today are taking part in a Ponzi scheme, relying on other 'investors' to buy their bitcoins for more than they paid for them - for no other reason than the other fools expect to do the same. Once you understand that you are good to go - if you are willing to take a risk and have no morals. Just observe the pattern of dead-cat bounces, then buy when the latest dip looks to be bottoming out and sell when the mania is close to peaking.
If I was playing this game I would recommend buying now, because the more I can pump the price up before selling the better (for me).
Just kidding! Buy now and you can't lose. Bitcoin is going to the moon!!!
Any time the price rises dramatically above the norm it's a bubble. We are still on the downside of the bubble that popped last December. A bounce is not a bubble. A bear trap is not a bubble. As the chart below shows, Bitcoin has been in the same bubble for several years.p0lka said:
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psionl0
Skeptical about skeptics
Constantly repeating something that is false doesn't make it true.
Until you can identify the person who is running this "scheme" and the lies they tell to entice bitcoin buyers to invest with them you are talking sheer nonsense.
ETA Using a linear scale in the price chart is the same trick that those who are against fiat currency do to show that "all" the inflation happened in recent decades and before that everything was free.
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PartSkeptic
Illuminator
What makes it true it that it is true - namely that it is true that it is false. We are trying to help you see the light.
Why must it be one person? This scam has a whole raft of people and organizations behind it. They are making money. And they have a vested interest in pumping up the price.
The lies...
...Bitcoin (and cryptos) have value
...Bitcoin is digital gold
...Bitcoin is a revolutionary paradigm shift
...Bitcoin is an efficient currency
...Decentralization is good.
...Your money is safe
...The "fees" are minimal.
...The price of Bitcoin will go to the moon
...Bitcoin will always be around
...Don't worry about bounces
...The peak is yet to come
...Bitcoin will eventually become stable at a useful decent value
...Buy now before you regret it the rest of your life
I could go on but perhaps you get the drift.
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psionl0
Skeptical about skeptics
That is just pure conspiracy theory without one iota of evidence behind it.
Nobody is controlling the production and sale of bitcoins and nobody is engaging in large scale market trades in bitcoin just to manipulate their price (unless you believe that they are also manipulating the stock market the same way).
Those statements that I struck out are more in the category of hype or crystal ball gazing than outright lies. There is no evidence that any of these statements are made by a shadowy cabal to pump up the price of bitcoin. It is mostly just individuals who may or may not have a clue about what they are talking about.
But when? I thought you were refraining from predictions like this these days.
Roger Ramjets
Philosopher
Researchers find that one person likely drove Bitcoin from $150 to $1,000
Individual stocks are for sure, but the Stock market as a whole is too big to manipulate effectively. Bitcoin is like a single stock, so...psionl0 said:
Nobody knows who or what is behind the entity calling itself Satoshi Nakamoto. What we do know is:-
1. From the moment of inception Bitcoin was hyped up as the answer to 'worthless' fiat currencies, in an attempt to suck in deluded libertarians and anarchists.
2. 'Satoshi Nakamoto' then proceeded to get in on the ground floor and mine ~1 million bitcoins for himself - which are now 'worth' over $10 billion.
3. Bitcoin was designed to be extremely deflationary, virtually guaranteeing that the price would rise exponentially if enough people bought into the hype. Only an idiot couldn't see that this would happen - and I think we can all agree that 'Satoshi Nakamoto' was no idiot.
The conclusion is obvious. The individual or individuals who invented bitcoin knew exactly what they were doing - creating a classic Ponzi. Perhaps the only thing they may not have predicted was that their scheme would be so successful, gaining a life of its own as other fraudsters amplified the hype.
There is a point when hype becomes outright lies, even if the people doing it are lying to themselves. Anyone today who insists that Bitcoin will go 'to the moon', stabilize in value or become a viable currency is flying in the face of the facts. That is either 1. incredible self-delusion, or 2. outright lying.
Definition of hype
n.
1. Excessive publicity and the ensuing commotion: the hype surrounding the murder trial.
2. Exaggerated or extravagant claims made especially in advertising or promotional material: "It is pure hype, a gigantic PR job" (Saturday Review).
3. An advertising or promotional ploy: "Some restaurant owners in town are cooking up a $75,000 hype to promote New York as 'Restaurant City, U.S.A.'" (New York).
4. Something deliberately misleading; a deception:
I said sell 10,000 and 107,00 because this is the support restistance region. This has nothing to do with the algorithm that has generated other directional predictions on the thread, where a stop loss is also generated. but never a profit target. And the latter is demonstrated by the absurdity of highlighting the 7400 prediction as somehow proof you can't make predictions using TA that can be cashed in for a profit.
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