Gold collapsing. Bitcoin UP.

[molecular]

yelling Cheap Coins at 520 420 320 220

CHEAP CASH @560 USD ;-)

 

[hodl]

that actually reminds me when the price was interminably stuck btwn $4.50 and $5.40 for months on end back in early 2012.

My friend, who has over 30P hashpower mining Bitcoin Cash, sent this picture from his Tesla:

Is that cool, or what?

 

[solex]

Got to hand it to the power of fake-news, newspeak and double-think to spin an opposing meme until it takes on a life of its own outside the usual crypto websites.

"If Bitcoin returned to market dominance of ~84% (where it was before the Bitcoin Unlimited/forking fears), the price would be ~$7000 today"

http://www.zerohedge.com/news/2017-08-29/bitcoin’s-rise-record-highs-context#comment-10174749

Maybe a good time to start tracking the BS/Core "tax" which is the difference in price between actual and that implied by 90% Bitcoin dominance.

 

[AdrianX]

Gold Collapsing Bitcoin Up. Gold mines left vacant because they are unprofitable to mine, and gangs taking over exploring the unemployed. BS/Core developers are out of touch with the target market for digital cash and the demise of gold. this video is rather shocking.


On another note reporting back on how the bottom half live after my field trip to the poorest postal code in Canada - (so I was told) the Vancouver down town east side.

A while back before the high fees women working the streets where the number one Bitcoin ATM customers, they were buying bitcoin to advertise on Backpage.com and many were paying 300% markup on the BTC market price come midnight if they had space in their schedule.

I can only imagine the enterprising women would buy extra BTC for a quick buck to sell on the side. (and as fate would play out those who bought extra BTC had a gift that would keep giving)

Well yesterday I popped in to my local ATM, and to my surprise there was a female street worker. Buying BTC at the peek. being genuinely interested I inquired for what she might be using the BTC. as I understand it backpage is no longer accepting it for advertising.

She told me she was using it to buy cloud mining contracts. My jaw dropped, the demographic I'm talking about is close to rock bottom, you'd need to be a fly on the wall to believe how crazy this interaction looked.

Looking at this situation through her eyes: I can only imagine that via the grape vine she's learned about mining contracts, she puts maybe the left over BTC from the Friday night purchase into a cloud mining contract, keeps track of dollars in and dollars out, so it looks like a winning investment, so she buys more BTC.

To her credit, cloud mining has been paying out good dividends if you ignore the lost savings opportunity in BTC, but for her it's working, it's like forced savings, and dividends over time.

I feel bad for most of these people who've adopted bitcoin at the bottom of the financial pyramid, very soon they won't be able to afford the transactions costs. It made me very bullish on BitcoinCash, this is something that will have all the same upside and non of the $9 transaction fee downside.
[doublepost=1504156001][/doublepost]

"If Bitcoin returned to market dominance of ~84% (where it was before the Bitcoin Unlimited/forking fears), the price would be ~$7000 today"

even the most hardened sergwit supporters were talking an optimistic $3000 if there was universal adoption, the $1600 bonus on top of that is just excitement for the 2X hard fork.

 

[Jonathan Vaage]

Any thoughts on the record setting coindays destroyed today? I suspect Xapo might be moving their Bitcoin Cash from old pre-fork cold storage addresses into a dedicated address.

Block 484241
http:// https://twitter.com/JonathanVaage/status/903099750005829633
My little twitter thread on the topic

 

[Zarathustra]

Masterluc posts there now:

https://www.tradingview.com/u/PentarhUdi/

 

[sickpig]

and here https://vk.com/bitcoin_vanga

(russian language thou)

 

[adamstgbit]

Masterluc posts there now:

https://www.tradingview.com/u/PentarhUdi/

oh this is bonkers, no resistance till 15000!?!? this is bonkers....
i dont mean to be a downer, but FFS poeple this a bubble!

 

[satoshis_sockpuppet]

I won't be complaining about 15k but that looks a bit crazy..
But still, I think Bitcoin is highly "undervalued" (if you believe in the resolution of the bullshit) due to the still existing growth restriction.
If we can go to 15k without resistance at the current state, I'm a bit frightened about the growth whenever the handbrakes are released.. (Hopefully in this lifetime lol)
[doublepost=1504194577][/doublepost]btw, where on the list of richest people would Satoshi find his place @ 15k?

 

[adamstgbit]

but, i dont even, this time its diff, i mean........
ok ok ok,
i've decided i'm OK with >10K prediction for BTC.

 

[79b79aa8]

according to the charts posted, even "normal", non-bubblish growth lands BTC somewhere in the upper teens by 2019.

naturally those trends do not take into account the split. although it has not so far had a sizeable impact on BTC price, quite possibly it will. who knows how it will all go.

 

[AdrianX]

I think the split has had a positive impact on price. I think those selling BCH for BTC have kept the BTC as a bonus.

The results is a contraction of the active supply.

The negative price impact comes when that BTC is liquidated. I'm predicting it'll be absorbed and we'll see a little resistance around $10,000.

BCH is absorbing it excess supply.now. It'll appeal to a bigger market so I'm predicting greater returns.

Still if the BS/Core fundamentalists fork we'll see something similar. Each of these forks appeal to growth in different markets. 1MB Bcore is targeting central bank want-a-bes to use Bitcoin as a settlement layer.

I can't see why they'll invest without the users they want control over, so they've put the cart before the horse.

I'll give them a 30% chance of success so I'll liquidate up to 70% of my coins for those who believe in that 1MB vision.

It won't survive if it doesn't grow a network of like minded investors. And I'm doing my part making coins available for those who believe.

 

[adamstgbit]

today is NOT a good day to go full norway
[doublepost=1504203169][/doublepost]

BCH is absorbing it excess supply

holy fuck your right.
now i'm thinking the BTC/USD bubble is no unpoppable, thanks to BTC/BCC

10K it is then!
[doublepost=1504203642,1504202892][/doublepost]16,000$ / BTC
and
1BTC/1BCC

 

[Richy_T]

On the fundamental facts on the ground, I simply don't think that BTC can be successful as it is now. With that said, I am not selling any of my BTC *or* BCC. At the basic level, I may simply be wrong. However, even if I am correct, there are still things that might play out differently to my expectations. BTC price may only be loosely connected to the fundamentals anymore. Most trades are already off-chain so the speculation is not as much affected by the block size limit restriction which means a valuable form of market feedback is absent. Also, if 2x kicks in, we may very well have a roadmap to bigger blocks (though a bumpy road). It would be wrong to count the honey-badger out (though BCC may be the new honey-badger, it may not be). My prediction is that LN will never amount to much. Even if they solve all the problems and it is everything they claim it is, it still only solves a minor fraction of Bitcoin use cases and will be competing for space on-chain making it expensive and cutting out a large part of the usability.

So don't count BTC out, cause it ain't over until the fat lady sings and don't count BCC out because they're still crapping up our blockchain.

 

[79b79aa8]

i think it is likely that what the davos team would like to see is a digital cash system, *denominated in fiat for the end user*, running bitcoin on the back end (or “Blockchain”, if you still prefer). dollars already benefit from the largest network effect.

such a scheme might work. it would probably not be trustless -- then again monetary trustlessness has not so far been requisite.

definitely holding BTC. finding it hard to hold up both to @adamstgbit 's under 0.12 BTC/BCC price and @AdrianX 's 1 to 1.3 BTC/BCC holdings ratio.

 

[AdrianX]

I was thinking of buying more BCH but that big coin day destroyed event caused me to wait and see.

 

[witly]

@AdrianX, I am new here, I am curious why that event is worrisome?

 

[adamstgbit]

Currently thinking about selling BTC feels like

Meanwhile Thinking about Buying BCC feels like

 

[AdrianX]

Welcome @witly

It's not worrisome. Just new information I haven't processed yet I haven't even looked into the relative impact on both chains, so not judging even.

I just delayed buying more BCH - I'm almost at my target. The news triggered a shift in focus to the next possible fork.

What a high days destroyed signal represents is a possible increase in available money supply. It's just information it may be nothing.

If anything it's very bullish for both chains.

 

[satoshis_sockpuppet]

https://www.reddit.com/r/btc/comments/6x95me/f2pool_reneges_bitcoin_pool_pulls_segwit2x/
Time to go full norway?