Bitcoin Cracks $5000

[Mordan]

Bitcoin Cash is up 226.76% for the week. That's just silly

You wanted a free unregulated market? You get price manipulations.

Just buy BTC and send it to a cold wallet. Come back years later.

 

[Mordan]

These cryptos are crazy. I've tried playing in the market a bit and it seems I have a knack for buying high and selling low. I had a couple of Bitcoin Cash that I traded away at 340 and now it's a couple of grand a week later?? I can't win for losing in this game...

Not to mention I lost money when the goons took over the btc website. I got about about 2/3 of it but it really doesn't matter, I can't seem to make any right decisions in this market. Have some Bitcoin now and it's gone down (of course). Good thing I only put in money I can afford to lose. Like going to Vegas. Only put on the table what you can afford to lose...

You tried to trade cryptos without understanding the nature of the beast sorry you got burned.

Advice. Buy a hardware wallet, buy BTC, send btw to hardware wallet and come back in a few years. watch the price from the sidelines. I am up 5000% with this strategy.

 

[ChristianAnarchist]

You tried to trade cryptos without understanding the nature of the beast sorry you got burned.

Advice. Buy a hardware wallet, buy BTC, send btw to hardware wallet and come back in a few years. watch the price from the sidelines. I am up 5000% with this strategy.

Would love to but I'm afraid at almost 8k per coin it's a bit late to get on the long term boat unless you think it's going to 50k in 5 years...

 

[dannno]

Would love to but I'm afraid at almost 8k per coin it's a bit late to get on the long term boat unless you think it's going to 50k in 5 years...

I think it could be a lot higher than 50k in 5 years (not saying it will be, but it could easily go much higher).

I mean, think about it, there isn't even widespread usage yet. I still feel like we are really in a pre-bitcoin stage. When it really catches on, anybody who owns an entire bitcoin will be really stoked.

 

[devil21]

I think it could be a lot higher than 50k in 5 years (not saying it will be, but it could easily go much higher).

I mean, think about it, there isn't even widespread usage yet. I still feel like we are really in a pre-bitcoin stage. When it really catches on, anybody who owns an entire bitcoin will be really stoked.

Do you think the CME would issue a futures contract for a commodity (term used really loosely) that only goes up in price?

 

[ClaytonB]

The best indicator to watch is not price but market cap. Bitcoin's market cap is about $100bn today. Is it more likely to double to $200bn or halve to $50bn? My bet is that it's more likely to double, barring some unforeseen catastrophe.

 

[TheTexan]

These cryptos are crazy. I've tried playing in the market a bit and it seems I have a knack for buying high and selling low. I had a couple of Bitcoin Cash that I traded away at 340 and now it's a couple of grand a week later?? I can't win for losing in this game...

Not to mention I lost money when the goons took over the btc website. I got about about 2/3 of it but it really doesn't matter, I can't seem to make any right decisions in this market. Have some Bitcoin now and it's gone down (of course). Good thing I only put in money I can afford to lose. Like going to Vegas. Only put on the table what you can afford to lose...

If ur smart you'll keep your money in something stable, like USD, or the stock market

 

[TheTexan]

The best indicator to watch is not price but market cap. Bitcoin's market cap is about $100bn today. Is it more likely to double to $200bn or halve to $50bn? My bet is that it's more likely to double, barring some unforeseen catastrophe.

Yes, bitcoin definitely does not have any fatal flaw that will eventually succumb it to a competitor

 

[ClaytonB]

Yes, bitcoin definitely does not have any fatal flaw that will eventually succumb it to a competitor

It is actually a safe bet that Bitcoin does not have an undiscovered, fatal flaw. With $100bn at stake, any person who is able to figure out Bitcoin's fatal flaw could walk away incredibly wealthy - such an exploit would be bigger than any bank heist in the history of the world. This doesn't prove that Bitcoin has no fatal flaw but it is evidence that a fatal flaw in Bitcoin is highly unlikely.

In addition to the capital at stake (think of Bitcoin's market cap as a "bet" that Bitcoin is secure), Bitcoin's core security protocol is simple enough that a determined non-specialist in cryptography can work out why Bitcoin is trustworthy. Bitcoin is unique in this respect as its main competitor - Ethereum - is extremely complex and liable to unforeseeable attack scenarios. Aside from minor hacks (like stealing an individual user's key), to really break Bitcoin you have just two choices: buy enough mining equipment to out-mine the rest of the network, or break modern cryptography (the same cryptography used by banks, governments and militaries, including the US government and US military).

 

[TheTexan]

It is actually a safe bet that Bitcoin does not have an undiscovered, fatal flaw. With $100bn at stake, any person who is able to figure out Bitcoin's fatal flaw could walk away incredibly wealthy - such an exploit would be bigger than any bank heist in the history of the world. This doesn't prove that Bitcoin has no fatal flaw but it is evidence that a fatal flaw in Bitcoin is highly unlikely.

In addition to the capital at stake (think of Bitcoin's market cap as a "bet" that Bitcoin is secure), Bitcoin's core security protocol is simple enough that a determined non-specialist in cryptography can work out why Bitcoin is trustworthy. Bitcoin is unique in this respect as its main competitor - Ethereum - is extremely complex and liable to unforeseeable attack scenarios. Aside from minor hacks (like stealing an individual user's key), to really break Bitcoin you have just two choices: buy enough mining equipment to out-mine the rest of the network, or break modern cryptography (the same cryptography used by banks, governments and militaries, including the US government and US military).

To break bitcoin, you either need to get 51% hashing power, break modern cryptography

Or provide competing solution that doesn't take 10+ minutes to buy a cup of coffee

 

[kpitcher]

Would love to but I'm afraid at almost 8k per coin it's a bit late to get on the long term boat unless you think it's going to 50k in 5 years...

There are a surprising number of analysts that project far above 50k in 5 years. It's getting out of the niche and getting more mainstream.

I've been trying to get people to use Bitcoin for years, talking it up on a regular basis. Now it's in enough mainstream news for people to mention it to me when they run into me. More of a 'bet you like the price' instead of a 'I just bought some' but at least the narrative is starting to change with the non crypto minded. 5 years? Who knows

 

[ClaytonB]

To break bitcoin, you either need to get 51% hashing power, break modern cryptography

Or provide competing solution that doesn't take 10+ minutes to buy a cup of coffee

Fair enough. But the flip-side of that coin (pun intended) is that Bitcoin's much-squawked-about "scaling problem" is the problem you want to have if you're a free-market currency. Everybody's trying to get in the door at once. What a great problem to have! Of course, Bitcoin's developers cannot afford to stand around just gawking at the crowd and slapping themselves on the back for a great job done. Bitcoin will be hurt by the high fees and long waits if they are not alleviated quickly. I've been doing a lot of digging through bitcoin-dev email threads over the last couple of weeks and the Bitcoin devs are not just standing around. Lightning Networks, cross-chain swaps and other features that are already enabled on the blockchain are not only going to alleviate the congestion, they are going to drive Bitcoin usability to a higher level than it ever had before: truly instant, trustless transactions with near-zero fees.

In the end, it is the cryptocoin market, not Bitcoin itself that is the thing. If Bitcoin really has gotten it all so wrong, the $100bn market cap currently residing in Bitcoin will flee to the next best alternative.

 

[RonPaulIsGreat]

To break bitcoin, you either need to get 51% hashing power, break modern cryptography

Or provide competing solution that doesn't take 10+ minutes to buy a cup of coffee

Why couldn't bitcoin adapt the "solution" that allows conveniently buying the cup of coffee.

Answer is it can, and would if any of the systems tried actually worked for that. Ethereum does not do what it's goal is, it can not scale to the levels required at present, they are working on it like every other "real" crypto is. "Bitcoin Cash" fork, just bumped the blocksize up, and didn't solve anything at all. They are completely on the path to datacenter nodes, with their "Vision" of up to 1GB blocks, essentially making it a retarded nearly centralized version of paypal. It really will barely be considered a "Bitcoin" like system at all then (no real decentralization), when you HAVE to run a node in a large datacenter, and use a 20,000 dollar server just to handle the load. So, "bitcoin cash" isn't. Monero had scaling issues last I heard.

Anyway, the solution it appears, is a way to do small transactions on a less fundamentally secure platform, and have that settle back to the base layer periodically. I'm 100% certain that'll happen, the question is how seamless the process can be made for the end user, if it is inconvenient, or requires technical knowledge to do it, then it is no solution for the masses. 2018 is likely to be the year of "2nd layer" solutions for micropayments experimentation, as that is truly the number one thing holding back adoption.

By 2020 my gut prediction is 90% chance coffee payments will be happening,using a 2nd layer solution.

 

[Mordan]

By 2020 my gut prediction is 90% chance coffee payments will be happening,using a 2nd layer solution.

3rd layers even. Channels are not enough for billions of purchases a day.

Your post is correct. Monero will never be used as they advertise it. However it is the best coin anonymizer for those willing to pay the price. i.e. pay for block space. Monero/XMR will thus appreciate to reach liquidity necessary to handle large moves.
Bitcoin will have to live with competing currencies. Some currencies do have a niche use case. I was against XRP/Ripple. But i want to give this unique model a chance. Ripple is the central bank of XRP that will try to control the price so people can use XRP for transfers. PascalCoin is funny. No blockchain history. No immediate scaling problem. Bitshares is used for decentralized exchanges. I like it too.
I don't like Ethereum on the other hand. It tries to do everything.

 

[Mordan]

Would love to but I'm afraid at almost 8k per coin it's a bit late to get on the long term boat unless you think it's going to 50k in 5 years...

price dipped to 6000USD. Buy 1 BTC NOW! You will thank me later.

If price drops 1000 USD, buy 1 more... Use a hardware wallet for god's sake.

 

[Mordan]

Yes, bitcoin definitely does not have any fatal flaw that will eventually succumb it to a competitor

no risk. no reward.

i risked in 2013. I double/triple/x10 down today. i.e. I didn't take any profit yet.

and just monitor competitors and hedge your bets by buying the bests. Simple.

 

[Mordan]

Do you think the CME would issue a futures contract for a commodity (term used really loosely) that only goes up in price?

CME doing Bitcoin is pudding proof that Bitcoin is a threat. They acknowledged they want to tame the beast.

man. just buy some to enjoy the ride. It is going to be fun. At least if you own some, you can actually sell it .

 

[ClaytonB]

a way to do small transactions on a less fundamentally secure platform, and have that settle back to the base layer periodically

Payment channels and Lightning Network are trustless, so they are not less secure than the blockchain itself.

 

[dannno]

Do you think the CME would issue a futures contract for a commodity (term used really loosely) that only goes up in price?

I said bitcoin may go way up, I didn't say there would be no volatility while that happens.

 

[devil21]

CME doing Bitcoin is pudding proof that Bitcoin is a threat. They acknowledged they want to tame the beast.

man. just buy some to enjoy the ride. It is going to be fun. At least if you own some, you can actually sell it .

Naaa, I'm good for the moment. I'm waiting for the formal end (something akin to an announcement) of the petrodollar before worrying about jumping onto any asset other than hard stuff. There's just too many market distortions in practically every asset class and too much noise overall right now, with most of it being distractions and/or symptoms of the dumping of the dollar. Slow and steady wins the race.