Gold collapsing. Bitcoin UP.

[AdrianX]

BTC is a tulip.
microstrategy's present good fortune nothwistsanding, it's hard to convince institutional funds to park capital on tulips.

Fiat is in a category of tulip mania of its own yet it's still holding value 50 years after decoupling from gold. Bitcoin has to scale on-chain or it will end up a tulip much faster than fiat. I can't see how BSV overtakes BTC, those investors in BTC are not about to say Oh, my bad, I dropped $100M on the wrong bitcoin, and I see a lot of them getting bitcoin.

It would be something if CBDC's were to materialize as tokens on BSV, it'll need to be something big like that, the technologies are there Taal has a token system that looks second to none.

Post automatically merged: Oct 31, 2020

BTC can't be debased, but it can certainly lose value.

Peter Todd was able to convince everyone to limit transactions to 1MB, maybe he can convince people it needs ongoing inflation to pay miners when the block reward diminishes and no one wants to pay the ridiculously high fees.

 

[79b79aa8]

I can't see how BSV overtakes BTC, those investors in BTC are not about to say Oh, my bad, I dropped $100M on the wrong bitcoin, and I see a lot of them getting bitcoin.

it is not as if investment capital is limited to present BTC holders. in any event, what BSV aims to attract are users. but even if usecases proliferate, it is uncertain this is sufficient for the valuations to flip.

It would be something if CBDC's were to materialize as tokens on BSV

that i really doubt - central bankers are by nature conservative. more likely is for BTC itself to be tokenized on BSV.

 

[bitsko]

Yeah I think aside from a few black swan events BSV will be lucky to keep its 0.01 - 0.03 range in the coming years

Post automatically merged: Oct 31, 2020

what might happen is a bunch of money has no nowhere to make returns and so piles into BTC, then after that plateaus gamblers get bored and orchestrate pumps and dumps on smaller cap tokens dependent upon BTC liquidity.

Post automatically merged: Oct 31, 2020

right now it looks like BCHN may even hold higher than BSV after that split

 

[AdrianX]

what might happen is a bunch of money has no nowhere to make returns and so piles into BTC,

Post automatically merged: Oct 31, 2020

It also helps to have patented the mechanism by which one can distribute bitcoin to all economically active people.
What's needed is the bitcoin with the most utility to drive demand. Given the coming Bitcoin mania, I'm not sure they're going to want BSV. to catalyze big change the protocol needs to be locked down and have unlimited scaling ability.

 

[cypherdoc]

i feel guilty; no matter what, Bitcoin go UP.

 

[cypherdoc]

Aren't we clearing some sort of major, long term, resistance level?

 

[cypherdoc]

Oh my:

 

[79b79aa8]

^that looks frothy to me cypher. if i were trading i would short it.

Au price cannot collapse below some floor, because there *will* always be buyers. the same does not hold for BTC.

the same does not hold for diamonds either:

excellent 1982 article: https://www.theatlantic.com/magazine/archive/1982/02/have-you-ever-tried-to-sell-a-diamond/304575/

2015 reprise: https://www.theatlantic.com/international/archive/2015/02/how-an-ad-campaign-invented-the-diamond-engagement-ring/385376/

@lunar nice to see you around!

 

[AdrianX]

that looks frothy to me

what might happen is a bunch of money has no nowhere to make returns and so piles into BTC,

A Biden win is a win for the socialists, (so too for Trump) bailouts for the stock market and "eat s#!+" for the 99%.

What seems to be happening after the FED printed over 25% of all USD in existence over a few months is that money has nowhere to go but to diversify into this new asset class.

 

[Bloomie]

Anyone know which of the wallets currently listed on bitcoincash.org will support both chains after the Nov 15 split?

Edit: Looks like Binance will support the forked coin right away. Probably the easiest way for someone looking to dump if there's FOMO.

 

[cypherdoc]

if i were trading i would short it.

Ouch :

 

[AdrianX]

@Bloomie coinex.com had had a very good track record. Personally, I'm not going to dump although it looks like ABC is dead in the water. technically you could have the same .dat file on ABC and BCHN

 

[Bloomie]

@AdrianX Dumping is just one scenario, but the main goal is to protect the balance. Having thought about it more, depositing to a foreign exchange (Binance, Coinex) has IRS reporting implications for U.S. citizens. Best to transfer to a reputable wallet that will support both chains or a domestic exchange. Gemini is out, and Bittrex said TBA.

 

[rocks]

Bitcoin just hit the green "Accumulate" stage today for this epoch. Yes I did just call it Bitcoin....

🌈 Bitcoin Rainbow Chart (Live) - Blockchaincenter

The Rainbow Chart is not investment advice! Past performance is not an indication of future results. The Rainbow Chart is meant to be be a fun way of looking at long term price movements, disregarding the daily volatility "noise". The color bands follow a logarithmic regression (introduced by Bitcoi

www.blockchaincenter.net

 

[cypherdoc]

I think we used to say, "Kaboom".

 

[cypherdoc]

Gold up. Bitcoin UP?:

“None of these markets have yield and therefore in a perverse way, when central banks are trying to drive down yield, then the relative attractiveness of the yield-less assets are reinforced.”

Gold Hasn’t Behaved Like a Haven Recently

Gold’s gains this week have highlighted something unusual about its rally this year: Rather than moving in the opposite direction to stocks, the haven metal and riskier equities recently have rallied and tumbled together.

www.wsj.com

I guess we're perverse now. Glad to see the WSJ writers heard me complain about lack of coverage.

 

[Zarathustra]

A Biden win is a win for the socialists, (so too for Trump) bailouts for the stock market and "eat s#!+" for the 99%.

You're all a bunch of socialists!

BTW: 'Final notice' to the supporters and comrades of the latter one who needs a bailout, immediately:

 

[AdrianX]

I can't read, it's a paywall
when central banks are trying to drive down yield,

Why do you think that? They can drive down the yield of bonds and interest revenue, but they, not company dividends aka the stock market.

Do I understand this correctly?

Given the FED has advertised inflating the USD in the last few months to the tune of about 25%. I'm guessing people are trying to preserve savings. This inflation is unprecedented territory.

I'm thinking the stock market rally in response to a Biden win is more socialist capital on the sidelines to bail out any industries affected by the coming draconian response to COVID and gold and bitcoin is the diversification play, and as you say an attractive yieldless asset all options considered.

 

[cypherdoc]

Why do you think that? They can drive down the yield of bonds and interest revenue, but they, not company dividends aka the stock market.

Do I understand this correctly?

Given the FED has advertised inflating the USD in the last few months to the tune of about 25%. I'm guessing people are trying to preserve savings. This inflation is unprecedented territory.

I'm thinking the stock market rally in response to a Biden win is more socialist capital on the sidelines to bail out any industries affected by the coming draconian response to COVID and gold and bitcoin is the diversification play, and as you say an attractive yieldless asset all options considered.

the article is trying to say that since Bitcoin and gold don't yield anything, demand can only be reflected in an absolute price increase; which happens to be my preference as i don't need yield nor dividend. i much rather have a ramping price. dividends for companies act as somewhat of a drag on stock price. but some ppl prefer living off dividends and/or interest which is fine.

i'm worried about a Biden agenda. Dems aren't really corporate friendly and believe bigger gvt is the answer (why not when you can tax, skim, and control free handouts to the needy in exchange for future votes which may and/or may most likely not help anyone).

 

[cypherdoc]

choices, choices, so many choices. "let a thousand altcoins bloom!":

Bitcoin ABC will support both BCHA and BCHN after the chain split - Bitcoin ABC Blog

Businesses have the freedom to choose between the two chains, while still being able to run battle-tested Bitcoin ABC software. After the Bitcoin Cash chain split, which is now guaranteed to take place on November 15, businesses can follow both chains using Bitcoin ABC software. Businesses...

blog.bitcoinabc.org