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Bitcoin - Part 2

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Belz... said:
Huh?

I mean, BTC transactions are recorded. You have to pull your BTC out in order to convert it to cash. So how does the scam work if your BTC are still in the system, worthless?
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In the case of the dead password holder, does anyone actually know that the bitcoin is on the encrypted cold storage laptop that they have their hands on? Based on my reading, they are assuming all the coin is on an encrypted hardware that they can't access. How could anyone be sure it's there?

For all we know, it's on a usb stick on the other side of the world, waiting for a good time to cash out.
 
SuburbanTurkey said:
In the case of the dead password holder, does anyone actually know that the bitcoin is on the encrypted cold storage laptop that they have their hands on? Based on my reading, they are assuming all the coin is on an encrypted hardware that they can't access. How could anyone be sure it's there?

For all we know, it's on a usb stick on the other side of the world, waiting for a good time to cash out.
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Sure, but what would be the point? Why not just leave them in the open; they're inaccessible anyway?
 
Belz... said:
That is very strange. If it were a scam he would've cashed out progressively when BTC was getting to incredible values. That he/she/it hasn't supports the idea that they're either dead or uninterested.

That's out of how many BTC total?
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It is roughly 5% of existing coins. If whoever holds those coins sold any of them that would demonstrate the likelihood that the rest were accessible and potentially sellable. That would result in an immediate drop in the value of everyone else's Bitcoins.


SuburbanTurkey said:
In the case of the dead password holder, does anyone actually know that the bitcoin is on the encrypted cold storage laptop that they have their hands on? Based on my reading, they are assuming all the coin is on an encrypted hardware that they can't access. How could anyone be sure it's there?

For all we know, it's on a usb stick on the other side of the world, waiting for a good time to cash out.
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Coins don't have a location. The keys can be held by multiple people in multiple places simultaneously. In the end, whoever spends it first was the "owner".
 
Belz... said:
It might be trivial but how it is off-topic, since it's in response to one of your own arguments?
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My argument (as you well know) was that the current slump isn't the hardest slump in bitcoin's price history. I never said that there was a causal link between the current slump and any previous slumps so any attempt to rebut a suggestion like that is OT (and a strawman).

Belz... said:
And that's another sign that you're being very defensive about Bitcoin specifically.
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... or that the poster in question is very offensive about bitcoin specifically. You clearly don't distinguish between knocking bad arguments and defending bitcoin.
 
psionl0 said:
My argument (as you well know)
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No, don't project your opinions onto me.

was that the current slump isn't the hardest slump in bitcoin's price history.
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Irrelevant. The point is that that it bounced back before doesn't mean it'll do so now.

You clearly don't distinguish between knocking bad arguments and defending bitcoin.
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You should tell yourself that in the mirror, and see what happens.
 
psionl0 said:
Since you apparently know what the conversation between Belz and myself is about, you are probably also aware that your contribution is OT (and trivial).
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It is not off topic to remind you again that past performance is not a reliable indicator of future performance.

psionl0 said:
Again, a trivial contribution since the price of bitcoin is reported every other post.
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An irrelevant non-sequitur. How often the price is reported has nothing to do with its volatility.

psionl0 said:
If you really want to convince us that bitcoin is the evil spawn of the devil then you won't doing by repeating (yet again) points that everybody knows and nobody disputes.
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Which is not and has never been my position. If you think it is, you have some perceptional issues.
 
Belz... said:
Then why did you mention it in the first place?
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Why did I mention what? I never said that bitcoin will bounce back. That is just a strawman argument that many are trying to rebut.

Just review our conversation (starting from post #3566):
Belz: But BTC is not doing great right now. In fact, hasn't been doing great for a couple of years. It's had a hell of a peak, but value doesn't necessarily translate in widespread demand. It could reflect demand within a small community.
psionl0: Nothing that didn't happen 4 years ago though the cycle may last longer this time and, as is always possible, bitcoin may not get past $20,000 again.
Belz: Sorry I can't parse that. Might be me. Could you rephrase that?
psionl0: Look at the price chart from around 2013 and the posts in this thread from around the same time. You will see that so far, history is just repeating itself.
Belz: I don't know. It seems in a harder slump than usual.
psionl0: Bitcoin lost 90% of its December 2013 peak price over the next 12 months then languished in the doldrums for another year before starting to recover. Bitcoin has 'only' lost 80% of its December 2017 peak so far. It may still fall further suggesting that the cycle is taking longer this time.
Belz: Fair enough.​
Where in that exchange is there any suggestion that what happened in 2013 means that it will happen again the same way?
 
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psionl0 said:
Why did I mention what? I never said that bitcoin will bounce back. That is just a strawman argument that many are trying to rebut.

Just review our conversation (starting from post #3566):
Belz: But BTC is not doing great right now. In fact, hasn't been doing great for a couple of years. It's had a hell of a peak, but value doesn't necessarily translate in widespread demand. It could reflect demand within a small community.
psionl0: Nothing that didn't happen 4 years ago though the cycle may last longer this time and, as is always possible, bitcoin may not get past $20,000 again.
Belz: Sorry I can't parse that. Might be me. Could you rephrase that?
psionl0: Look at the price chart from around 2013 and the posts in this thread from around the same time. You will see that so far, history is just repeating itself.Belz: I don't know. It seems in a harder slump than usual.
psionl0: Bitcoin lost 90% of its December 2013 peak price over the next 12 months then languished in the doldrums for another year before starting to recover. Bitcoin has 'only' lost 80% of its December 2017 peak so far. It may still fall further suggesting that the cycle is taking longer this time.
Belz: Fair enough.​
Where in that exchange is there any suggestion that what happened in 2013 means that it will happen again the same way?
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I've taken the liberty of highlighting the part that could give off that impression.
 
I haven't followed this much, don't know when Part I started, but I can see that psionl0 has been an active gainsayer here for at least four years. Is it just bitcoin or is it your life credo or hobby?
 
kayle said:
I haven't followed this much, don't know when Part I started, but I can see that psionl0 has been an active gainsayer here for at least four years. Is it just bitcoin or is it your life credo or hobby?
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In most threads, it is just one or two nuts vs the critical thinkers.

In this thread it is the opposite.
 
More TA nonsense

Bitcoin Price Analysis: Investors Grow Weary as the Battle to Hold at $3,421 Continues
What are the Technical Indicators Showing?

The RSI on the 4HR chart has recently rebounded from oversold conditions and is now on the rise. This could be indicating that the bearish momentum is losing strength.

However, for a recovery to occur, we would need to see the RSI breaking above the 50 level to indicate that the bulls have taken control of the market momentum.
Conclusion

The market continues to struggle as investors wonder if price action will continue to make fresh lows for 2019, or worse even if price action breaks below $3,228 and makes lows beneath the 2018 low.

The $3,241 handle continues to be the next crucial level to watch moving forward. If the bulls can defend this level, then the market may make a short-term recovery. However, if the market falls beneath $3,421, we could see further shaky price declines over the following couple of weeks.
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The price is more stable than ever, and 'investors' are not happy. To make money they need it to go up or down as much as possible. But now, with the price barely moving, the 'technical analysts' have to get out their microscopes to see where it is going, and their predictions are hedged with so many "if's" it might as well just be a coin toss.

'Investors' are not the only ones growing weary of this nonsense!
 
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