Page 7 of 8 FirstFirst 12345678 LastLast
Results 121 to 140 of 147

Thread: What goes up ......

  1. #121
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    and another LOL for football fans: Lionel Messi for IOTA.

    https://www.facebook.com/leomessi/ph...686932/?type=3

    "I am usually busy trying to decentralize defences and after digging deeper into Blockchain and decentralized systems, I'm excited to join SIRIN LABS as an ambassador to make blockchain more friendly with their upcoming operating system for smartphones! Check out Sirinlabs.com #Ethereum #IOTA #Bancor

    - LIO"

    This is nuts! You just know it's a bubble when football players start talking crypto!

  2. #122
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    Quote Originally Posted by Bone Head View Post
    Ive just dug up my old Einsteinium wallet up I got excited because I though I had loads, I havent, I do have loads of coinye coin though
    Oh man, thats got to hurt. Einsteinium is being pumped through the roof:
    https://coinmarketcap.com/currencies/einsteinium/
    it make bitcoins meteoric rise look like a flat line. You dont have any at all, or just not loads?


    Coinye.. well, what can I say . But keep the wallet. Who knows, someone may revive the chain one day or it may become a digital collectors item. Even if its worth nothing, its a part of history.

  3. #123
    Join Date
    Jun 2000
    Location
    Tharg, just of bleeem nebula
    Posts
    22,022
    I thought i had 23000 Ive got just over 1000 lol.
    Wouldnt know where to sell it anyhow now cyptsy has gone.
    Never trust a man who when left alone in a room with a tea cosey, doesn't put it on his head
    If you are going to buy online why not do it and help B-F keep going at the same time!

    Follow this Link to our Amazon Store

    DONATE TO KEEP B-F SERVERS GOING

  4. #124
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    Quote Originally Posted by Bone Head View Post
    I thought i had 23000 Ive got just over 1000 lol.
    Wouldnt know where to sell it anyhow now cyptsy has gone.
    You can trade it at bittrex:
    https://bittrex.com/Market/Index?MarketName=BTC-EMC2

    Its a good exchange, but you can only trade for btc, then withdraw the btc if you want.
    Assuming its the same token, 1000 einsteinium is worth ~$2200 right now. Finding that in an old wallet would make my day.

  5. #125
    Join Date
    Aug 2013
    Posts
    20
    The last 48hours has been INSANE. Omg.

  6. #126
    Join Date
    Jul 2010
    Location
    Texas, the original continent.
    Posts
    3,458
    Last edited by Hoodoodat; 08-12-2017 at 06:05.
    Why be normal when you can be happy?

  7. #127
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    South Korea banned btc futures. I saw a post saying that SK is moving to ban or make it very hard to buy crypto altogether. At bithumb there is a huge price dump.
    I hope it's not going to be China again and this post was a rumor. EDIT: seems to have largely recovered.
    Last edited by airdoc; 08-12-2017 at 12:11.

  8. #128
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    This is an interesting read, showing how easy it is to manipulate bitcoin and crypto in general.

    https://www.bloomberg.com/news/artic...-of-the-market

  9. #129
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    Quote Originally Posted by airdoc View Post
    This is an interesting read, showing how easy it is to manipulate bitcoin and crypto in general.

    https://www.bloomberg.com/news/artic...-of-the-market
    50% of the world wealth is owned by <1% of the people (actual individuals).

    That said, its funny they think to know those 1000 addresses belong to "people". The by far largest addresses are controlled by exchanges, and their ownership is divided over 100's of 1000s of their customers. Many other of those addresses are lost forever, including most likely Satohsi's 1M address. There is just no way to know but it seems unlikely a majority of early adopters would have hung on to the majority of their stash from <$0.1 to >$100000 without taking profits, spending or profiting from their new found wealth. And frankly, I think its refreshing that most of these new millionaires who where brave and visionary enough to not sell, and are not politically connected, born in to wealth millionaires, but nerds, cryptographers and cypherpunks.

    BTW, while no system is perfect, the problem of initial distribution is something I think satoshi solved rather elegantly, far better than through premined ICO's.

    And finally regarding manipulating the markets; that just doesnt make sense. If I had 2 million BTC, then sure, I could crash the price on every exchange. But Id lose a ton of bitcoins, that people will be able to buy for pennies from me, and the price will rebound very quickly. So the only thing I have achieved is redistributing my wealth. You just cant profit through buying and selling on open exchanges.

  10. #130
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    So, a lot of fear right now awaiting futures tomorrow. Tremendous pressure at 14k, i think it's going to be breached.
    Another interesting day in crypto.

    EDIT: wow, these 14k walls were eaten in a heartbeat. Hang in, it's going to be rough.

  11. #131
    Join Date
    Jun 2000
    Location
    Tharg, just of bleeem nebula
    Posts
    22,022
    Now that my wallet has updated Ive only got 123 EMC2 it gets worse!
    Never trust a man who when left alone in a room with a tea cosey, doesn't put it on his head
    If you are going to buy online why not do it and help B-F keep going at the same time!

    Follow this Link to our Amazon Store

    DONATE TO KEEP B-F SERVERS GOING

  12. #132
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    Quote Originally Posted by Bone Head View Post
    Now that my wallet has updated Ive only got 123 EMC2 it gets worse!
    I feel for you Bone

  13. #133
    Join Date
    Jun 2000
    Location
    Tharg, just of bleeem nebula
    Posts
    22,022
    Well they didnt cost me anything, I mined them and i did dump the bulk of them on Cryptsy before it went bust or whatever it did so easy come etc.
    Never trust a man who when left alone in a room with a tea cosey, doesn't put it on his head
    If you are going to buy online why not do it and help B-F keep going at the same time!

    Follow this Link to our Amazon Store

    DONATE TO KEEP B-F SERVERS GOING

  14. #134
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103

  15. #135
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    I dont want to come across as a iota basher, but airdoc, here is something else I think you should read if you're heavily invested in it:

    https://aakilfernandes.github.io/whats-wrong-with-iota

    And here is something we should all read:



    I have to agree with him. Valuations across the board are getting silly.

  16. #136
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    Thanks Skinny, I am already aware of the criticisms of IOTA. I 'm not a fanboy at all, that's why I 'm diversified.

    To address the concerns:
    1. IOTA did not claim that they have a formal partnership (as in signed contracts) with any of these corporations. They 've claimed that these corporations are participants in the data marketplace, which is in a pilot phase.This has value in my opinion, as it is a testbed for a legitimate future use. It could, however not work at all. But how many cryptos can actually claim that companies such as fujtsu, bosch and vw are actually testing their software? I mean, seriously: Fujitsu's CEO has been tweeting all the time about IOTA. Volkswagen CDO appears in a TV show with the founder of IOTA, talking about it. How come this is something not of real value?
    2. IOTA is not "too good to be true". There is a catch, and it comes in the form of public nodes. Public nodes have to be set up in order for the network to truly scale. Right now they are too few and causing the bandwidth bottleneck. Everyone could set one up, even if it is just for their wallet. It is the equivalent of mining work in a blockchain. The difference is that the work that they have to do is much, much less -if the ratio of public nodes/light nodes- is kept within limits. IOTA's focus is at m2m, which means that if big corps adopt it, they will set up their own nodes. Smaller businesses would be incentivized to set up their own node, if they are to implement their own m2m payments.
    3. IOTA has been under constant spam attacks for the past 2 weeks. Combined with an overwhelming flow of new users and lack of new public nodes, it clamped the network. This will be solved in the following days. Personally, I experienced no delays, because I knew how to find the non-attacked nodes. But I understand that it is too complicated for some people right now.
    4. The biggest problem is Sonstebo's attitude. This guy uses "dude language" in the forums. I don't like it.
    5. In my opinion, if the market doesn't crash in 2018 (which I see as most likely), IOTA is the only crypto that will threaten bitcoin. All the others are essentially clones.

    The elephant in the room is: how long can bitcoin can sustain itself? Right now, it uses up as much electricity as Ireland for mining. It costs 5$ for a transaction to go through. The same with happen in the future with all its clones. As the backlog gets bigger (it could easily become x1000), the electricity cost will multiply and the mining fees would have to go up. What is the solution to this? Also, afaik, it costs over 2k USD right now in order to mine a single bitcoin. What happens if the market crashes and Bitcoin goes back to 1k? Nobody would mine it, because they would lose money. What happens in 5 years from now, when mining 1 Bitcoin would cost 10k or 20k?

    And another question. The past days, although BTC was stable, there was an influx of about 100 billion that went into alts. I 'm guessing that the new wave of buyers, see BTC as already highly valued and prefer to jump on the other coins, expecting higher returns. What do you think? Do you see the market beginning to shift?
    Last edited by airdoc; 14-12-2017 at 22:18.

  17. #137
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    Bitcoin electricity consumption doesnt increase with # transactions; its function of blockreward. And the blockreward halves every 4 years. Its overall power consumption is likely to peak in the next years.

    The consumption itself is also a lot greener and more sustainable than most imagine. Which is the cheapest source of electricity? Its increasingly green/renewable electricity particularly close to its source where there is excess capacity. We have no shortage of wind energy, geothermal or deserts to put solar panels. Its just that storing and transporting that electricity from those geographically fixed locations to where its needed is very hard and inefficient, and you cant move cities and industry is difficult at best. But you can do bitcoin mining almost anywhere, it easily fits in a container, and you can put that container anywhere as long as you have internet connection. So market forces will drive bitcoin mining to be done near underutilised renewable energy sources. Simply because its the most profitable to do it there. You can even think of it as a way to subsidize green energy development and a way for producers to do arbitrage to cope with variable demand.

    As for the difficulty deathspiral; bitcoin price has already collapsed 80+% several times. It never lead to a mining deathspiral. And if it would happen, we can always do a softfork to adjust difficulty. Who would oppose it? Not miners who would immediately gain from a lower difficulty, not users who are waiting for their transactions to go through. It would be trivial and uncontested.

    TX fees is a different story. more on that later.

  18. #138
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    So, this is obviously bitcoin's and crypto's existential crisis right now. If it isn't a bubble popping, it sure looks like it.
    Going through the richest addresses (non-exchange ones), nobody is selling. It's weird.
    There are big buy walls from 11k all the way down at Bitstamp. If some people are playing games, they seem to be working.
    There is only one way to get money cheap and this is to get everyone to sell in a panic mode.
    I read some articles two days ago that mentioned bitcoin finding support at 11-12k and thought they were exaggerating.

    This thing is not for the faint hearted. And definitely not good for a Christmas atmosphere.

    Let's see.
    Last edited by airdoc; 22-12-2017 at 15:54.

  19. #139
    Skinny's Avatar
    Skinny is offline General More Posts Than Postman Pat
    Join Date
    Feb 2005
    Location
    Belgium
    Posts
    4,103
    Quote Originally Posted by airdoc View Post
    So, this is obviously bitcoin's and crypto's existential crisis right now. If it isn't a bubble popping, it sure looks like it.
    Zoom out. Its still up +60% this month. +440% the past 6 month.
    This is a correction that is long overdue. And it may go down a lot further, but so far, its still pretty minor.

  20. #140
    airdoc is offline Sergeant Major More Posts Than Postman Pat
    Join Date
    May 2012
    Location
    Greece
    Posts
    775
    I also believe that this isn't it Skinny. My short experience with this market is that any true correction should make you really, really nervous. If it doesn't scare the heck out of you, it is just a minor dip.

    But, on the other hand, zooming out only works up to a level. If bitcoin crosses the psychological barrier of 10k, it may trigger another tremendous panic wave that could plunge it to 5K or less. Exchanges will not be able to cope with the demand for cash and it is likely that they will have liquidity issues. I doubt that they are prepared for something like this. Headlines won't look good and I 'd think that it would lead to a long lasting bear market, just like after Mt Gox.

    So, here's hoping for >10k.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •