Author Topic: BitCoin’s fourth big crash is now in progress  (Read 1199 times)

The Gorn

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Re: Thanks
« Reply #15 on: January 01, 2018, 03:53:43 pm »
uncloaking in public

Not going to happen I found out about this from personal experience. If you have a big windfall from business or a lucrative successful IPO

The first part about uncloaking I don't disagree with but,...

Excuse me for getting personal, someone lurking on this forum and starting to post about nothing but cryptocurrency and then claiming they own or can buy a Lamborghini?

Excuse me, but BWA-HA-HA.

Nobody wealthy and accomplished to the degree you CLAIM with absolutely no evidence would spend 10 seconds on this board.

You may be stating facts. You are probably stating fiction.

Here's what I, the only poster on this board with social intuition, recognizes:

You're the poster formerly calling himself JTGalt, you're from the old board, and your writing style is unmistakable.

You're not conversing. You're spinning so called lessons out of thin air. You're talking at us, not with us.

You consider us benighted and needing your "knowledge."  You consistently talk down to the board. You don't "kick ideas around" in a fair debate, you just make up shit.

Quit being a troll and agent provocateur and get real, or just fuck off. Seriously.
« Last Edit: January 01, 2018, 04:28:22 pm by Blockchain Gorn »
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The Gorn

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Re: BitCoin’s fourth big crash is now in progress
« Reply #16 on: January 01, 2018, 04:36:39 pm »
(referencing ArnoldW2's bibliography of current articles)

Those links that you highlight show just how clueless many people are about Bitcoin. One guy calls it a line of code.
 others say it has no value at all.

Condescending bullshit, Crypto. ArnoldW2 researched this stuff and spent obvious effort assembling it into a story, and you fluff it off with flippant remarks.

You are disrespectful.

News flash: Anonymous charlatan who just popped up on an obscure message board calls out multiple published journalists with hitherto-unread hot air:

Quote
I guess you could say that unless the ability to make an anonymous payment to anyone anywhere in the world has no value. 

And really they are missing the big picture they don't even mention block chain which is the big story here.
With it's smart contracts, ability to secure deeds,and all kinds of paperwork. Bitcoin is only the first major application of Blockchain technology. It is actually digital cash and a payment system it's not a beanie baby fad that will suddenly disappear.

Plus they don't understand the internet and the new world of iot where every device is a router. How do you block that? Saying the Government will make blockchain illegal as if they just have to pass a law and it is done. So how is the government going to stop me from transferring digital cash from my digital wallet to your digital wallet whenever I want.

People don't have to understand inflation. They just have to observe that when they set aside 6 months of expenses in dollar form eventually this turns into 3 months of expenses and less. There will be stable digital currencies that will keep that 6 months value over time and even increase in value.

Bitcoin is open source, anyone can download it and create their own currency which many have done. There are many clones some with some interesting twists.
It will have to improve a lot to stay on top.
Visa can process 45,000 transactions per second but Bitcoin currently only does a few per second. There is one called NEO Which claims the ability to do over 1,000,000 transactions per second.

This is another easy prediction - none of this is going away there will be a handful of digital currencies That rise to the top they probably will fulfill different needs one will have the fastest transaction time with instant turnover and another might be in demand for it's rock solid price stability. It's clear that most of the action will be in the Ethereum type platforms with it's support of Smart Contracts.

Government Bitcoin will be a joke. the might be able to force the people who work for them and contractors to use that. But the whole point of it's invention was decentralization and going back to centralization defeats the whole point and then they will have the ability to monitor all your spending and even stop transactions. " we stopped you from buying that ice cream because we think it will be unhealthy for you. The wider population will never go along for that.

Bla bla bla. No links, no proof, just hot air.
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unix

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Re: BitCoin’s fourth big crash is now in progress
« Reply #17 on: January 01, 2018, 04:37:13 pm »
^ This sounds like the most accurate assessment of crypto currency opportunity to date. The general public and naive investers are getting a raging boner over the tech issues and the newness.  This isn't an Age of Aquarius of currency. This is end game capitalism and there's gunna be a few big winners and lots and lots of losers.

Gorn coins (GTC) from Mount Gorn, the most reputable GTC exchange imaginable running on a used Raspberry Pi and a dial up connection:



(This is a new character from the hit streamed series The Gorn in the High Castle about a Star Trek/Nazi crossover alternative reality,)

The series looks promising. I should check it out.

Brawndo. It's got what plants crave.

The Gorn

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Re: BitCoin’s fourth big crash is now in progress
« Reply #18 on: January 01, 2018, 04:43:04 pm »
The series looks promising. I should check it out.

It's only available on GAA, with the "Gahhh!" network watermark at the lower right:  "Gorn All-Access." $6.99/month+sales tax where applicable gives you fresh new episodes of The Gorn in the High Castle, the rest of the channel being filled with vintage 1970s infomercial reruns.

The Gorn Triumvirate is very innovative and receptive to new ideas such as one-show streaming channels.
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The Gorn

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Crypto can redeem his presence by...
« Reply #19 on: January 01, 2018, 04:46:32 pm »
...Providing links or references to serious published articles that support his unwavering claims about cryptocurrency's prospects.

You don't want to uncloak, LULZ yeah right nobody's serious here and I don't expect that. It was just a talking point to stress the fact that all you're doing is spewing hot air.

But maybe not...Give the board some well reasoned academic or business/finance expert substantiation of your points.
« Last Edit: January 01, 2018, 05:10:39 pm by Blockchain Gorn »
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unix

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Re: BitCoin’s fourth big crash is now in progress
« Reply #20 on: January 01, 2018, 04:49:12 pm »

LOL
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Crypto

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Re: BitCoin’s fourth big crash is now in progress
« Reply #21 on: January 01, 2018, 07:41:03 pm »
<quote>
Christ Almighty, what an HN-worthy platitude. The government is compartmentalized into a million segments. There are entire buildings of people working for the gov who DO know what a router is. 
</quote>

I wasn't talking about the government I was talking about some of the writers of these links.

<quote>
Just links to more articles on why Bitcoin will keep going down.
</quote>

1
https://www.marketwatch.com/story/bitcoin-is-perfectly-tracking-major-bubble-phases-2017-12-19

2
http://www.businessinsider.com/litecoin-creator-charlie-lee-sells-entire-ltc-holding-2017-12

3
http://www.businessinsider.com/bitcoin-investors-are-now-at-war-with-each-other-2017-12

4
https://www.theatlantic.com/business/archive/2017/12/bitcoin-bubble/547952/

5
http://www.businessinsider.com/buying-bitcoin-with-mortgages-credit-cards-2017-12

6
http://www.businessinsider.com/man-in-the-netherlands-sold-everything-for-bitcoin-2017-10


Link 1
<quote>
Ivan Martchev says that, once bitcoin crashes, it will never recover
</quote>

He wrote that article but he never bothered to check the price history of bit coin
If he did he would have seen that Bitcoin has already crashed a number of times and came back stronger each time.
check out the chart.

"a common way to gauge demand from new entrants to the market is to monitor Google trends data (from 2011 to the present) for the search term “Bitcoin.” Such a reflection of public interest tends to correlate strongly with price. High levels of public interest may exaggerate price action; media reports of rising Bitcoin prices draw in greedy, uninformed speculators, creating a feedback loop. This typically leads to a bubble shortly followed by a crash. Bitcoin has experienced at least two such cycles and will likely experience more in future."

https://www.buybitcoinworldwide.com/price/

The second link is not even about Bitcoin

The third link

<quote>
Right now, the old money appears to be bailing from the market, forcing losses onto the newbies. Whether they believe enough to stay in is anyone's guess.
</quote>

It does not matter whether they stay or not.
The current population of bitcoin users is only between 1 to 10 million. With the current levels of interest and new people checking it out the entire so called old guard could completely bail out and be replaced by newcomers with even more waiting in line

https://steemit.com/bitcoin/@jimmco/how-many-people-touched-bitcoin-up-to-2017-and-what-is-current-adoption

The fourth link does not even agree with the premise that BitCoin will keep going down.
<quote>
The cryptocurrency is almost certainly due for a major correction. But its long-term value remains a mystery.
</quote>

The fifth link is about people who have taken out mortgages on their house and used their credit cards to buy bitcoin which really is not a good idea but the way prices have gone no doubt some have lucked out and have been able to pay off their entire mortgages and credit card balances in a year. But there is nothing there about why Bitcoin Prices will keep going down.

The Sixth link is about a man who sold everything he had to buy bitcoin. So you know right now it has paid off big-time.
But in this article too, there is no mention of why this means that Bitcoin will keep going down.
I

The Gorn

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Re: BitCoin’s fourth big crash is now in progress
« Reply #22 on: January 02, 2018, 07:27:52 am »
This board uses BBCode tags, not HTML. You're making a mess with the HTML tags that don't work for ordinary users.

Refer to this: https://en.wikipedia.org/wiki/BBCode

You've been here in the past under other well known aliases, you know this  :P >:D

Crypto, a question now that you've somewhat risen to the challenge.

Why can't the "Crypto" currency bubble possibly be compared to other speculative bubbles?  All you do is the to-the-moon thing.

And an observation:

Your critique of each article you chose is limited to the clickbait lead-in of the stories and the first tag line. A lead-in is a marketing tool, it's usually not an accurate summary of the article that follows.

You have not bothered to critique specific false observations or conclusions reached in the body of any of these articles.

Some of these articles and the writers are very lightweight. But generally almost every article has substance well beyond the tag line.

You still haven't hauled out any substantiation for your claims about the supposed exceptional nature of BTC other than your own commentary.

My own take:

NOBODY else here has said (exactly) that Bitcoin ISN'T unique or exceptional and will defy the laws of gravity of other bubbles successfully. But the rest of us really doubt that over the longer run that BTC won't play out like another tulip bulb cycle.

NOBODY here has claimed that BTC has no value as an investment.  I think we're a community of healthy skeptics.

Only you with only handwaving appear to be arguing the opposite, that BTC is inevitable and is destined for wild success with saturation to every living person on earth.
« Last Edit: January 02, 2018, 12:32:42 pm by Blockchain Gorn »
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unix

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Re: BitCoin’s fourth big crash is now in progress
« Reply #23 on: January 02, 2018, 08:23:04 am »
It is a perfected bubble. It has no other purpose but to crash.
After hosing investors.

It is wealth redistribution
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ArnoldW2

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Re: BitCoin’s fourth big crash is now in progress
« Reply #24 on: January 02, 2018, 06:00:58 pm »

Crypto wrote:
Quote
The second link is not even about Bitcoin

I included that link because the bubble is not limited to BitCoin.  LiteCoin is also participating.  So is Etherium.  All the crypto-currencies will go down during the crash.  I believe Charlie Lee knows this and that he sold all his LiteCoin for that reason.  BitCoin is the most important crypto-currency right now, but that doesn't make the others unimportant.

Crypto noticed that the articles I linked to had different opinions on BitCoin's post-crash future.  The main point I was making is that BitCoin (and other crypto-currencies) are beginning to crash.  I chose articles to link to based on that and not on their post-crash predictions, because  I am not certain what the post-crash future of BitCoin will be.

Note:  My opinion on the future is that more BitCoin boom and bust cycles are possible, but not certain.

One more thing:  The new Bitcoin futures will unleash hedge funds, short sellers, and other assorted bad actors on the Bitcoin market, enabling them to manipulate the price of BitCoin - down at first and back up later.

Based on his response to my third link, and the article he linked to, Crypto must believe that world wide adoption of BitCoin as money is inevitable.  People may adopt it as money, but governments won't - at least not until the government fiat money system collapses.  Governments want the power to print money at will - which is impossible with BitCoin.  That makes BitCoin totally unacceptable to almost all governments.  Almost all my uncertainty about the future of crypto-currencies comes from the uncertainty of government action.

However, I will give Crypto credit for pointing out one thing:  If attempts to get the world to adopt BitCoin as money fail, it won't be because people are using it mainly for speculation right now.

Crypto responded to the fifth and sixth links - stories about some people's irrational buying behavior - saying:
Quote
There is no mention of why this means that Bitcoin will keep going down.

I included links to those stories because irrational buying is a classic symptom of a bubble that is historically correlated with bubbles popping.  Irrational behavior does NOT guarantee that the popping of a bubble is close, but it usually happens that way.  The smart money is usually selling around the time that the most irrational people are buying.

unix

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Re: BitCoin’s fourth big crash is now in progress
« Reply #25 on: January 02, 2018, 06:20:41 pm »
The ability to make anonymous payments is valuable. But it is not enough. Payments of what?

Define btc.

The  dollar has been defined. 371.25 grains of fine silver. Or 24 grains of gold. What is a bitcoin? Never mind that we dont say i will you 5000 grains of silver. There /is/ a legal definition.

The thing that really bothers me is, the bitcoin base can be suddenly expanded, wiping out everyone. Right? Thats what mining is. Maybe you can mine 1 btc per month but what about an agency with supercomputers? If they decide to crash the btc party, they easily can.
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The Gorn

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Re: BitCoin’s fourth big crash is now in progress
« Reply #26 on: January 02, 2018, 06:27:23 pm »
Based on his response to my third link, and the article he linked to, Crypto must believe that world wide adoption of BitCoin as money is inevitable.  People may adopt it as money, but governments won't - at least not until the government fiat money system collapses.  Governments want the power to print money at will - which is impossible with BitCoin.  That makes BitCoin totally unacceptable to almost all governments.  Almost all my uncertainty about the future of crypto-currencies comes from the uncertainty of government action.

However, I will give Crypto credit for pointing out one thing:  If attempts to get the world to adopt BitCoin as money fail, it won't be because people are using it mainly for speculation right now.

Thanks for the elaboration. You hit my primary objection to Crypto, the insistence that Bitcoin as money (or some other crypto currency) is inevitable.

Crypto currencies have some advantages over precious metals such as the distributed, no storage required nature of the currency. But as someone pointed out here, what's to prevent the NSA or some other actor from using unknowable computing resources to crash the market by mining to exhaustion? It's not guaranteed that mining effort stays fixed or rising.

Arnold, since you know something about this topic, please answer me this: will it be possible for low end cell phone/mobile users with no tech skills or understanding of the tech to buy, sell and use bitcoin? I wouldn't have a clue how to go about buying it except to Google for an exchange, and to hope everything works out. The totally unregulated nature doesn't spell any confidence.

What I'm saying is, think of running your own FTP server to share files with friends. Then think of Dropbox, a consumerized version of FTP.

Can bitcoin use be conceptually simplified to a similar degree?
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ArnoldW2

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Re: BitCoin’s fourth big crash is now in progress
« Reply #27 on: January 02, 2018, 07:33:11 pm »
Blockchain Gorn wrote:
Quote
Will it be possible for low end cell phone/mobile users with no tech skills or understanding of the tech to buy, sell and use bitcoin?

It would take a lot of work to put something like that on a low end cell phone, of course.  But given enough venture capital, I suppose it could be done.

I think Apple Pay will give you some idea of what that would look like.

Have a look at this video:
    https://www.youtube.com/watch?v=hZoWE_BjpZQ

Of course, Apple Pay doesn't support BitCoin yet, so you'll have to imagine what it will look like when Apple gets around to that.  Unfortunately, Apple is NOT in any hurry to support crypto-currencies.

unix

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Re: BitCoin’s fourth big crash is now in progress
« Reply #28 on: January 03, 2018, 06:17:16 am »
I have seen people "mine" bitcoin using relatively low powered home workstations. In my understanding, they barely break even given power expenses. Electricity. It's crazy. The power drain becomes more severe the more bitcoins you generate. So the volume can be expanded. Not as easily as the FRN but yes, it can be done. So if you have any amount in btc, can expect it to half in value in a nanosecond.
The never-say-anything has the most advanced comp hardware in the world. The most advanced math people.

If the cryptosystem was fixed as to never, ever expand, I would think about it.
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The Gorn

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Re: BitCoin’s fourth big crash is now in progress
« Reply #29 on: January 03, 2018, 06:20:52 am »
I have seen people "mine" bitcoin using relatively low powered home workstations. In my understanding, they barely break even given power expenses.

This sounds exactly like the economics of web hosting, although with web hosting the power isn't the only consideration. The largest webhosting providers with server farms have the best margins.

Does Amazon offer server cloud configurations suitable for mining?
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