Bitcoin Price Thread

[Jakobsberg]

The problem is that what were advertised for the average people years ago, like transactions fast and cheap even for small amounts aren't true anymore

So what? The average person is only now finding out about bitcoin. For folks in developed countries unless they want to make secret payments it hard to see a clear benefit of bitcoin etc over credit card or small payment with mobile phone accounts.

A few cryptos could dominate, bitcoin for Internet gold, another for payments, something like ether for its contracts etc. It is the future so we can all speculate but for the moment the crowd is converging on Bitcoin.

Some of the coins maybe bitcoin cash are dominated by a few people so you need to also trust the persons.

 

[Hoi]

Ok agree that if BTC can keep inovating price can keep moving ( no diff than any other dynamic institution. Ie: AAPL, etc.). How does existing BTC off existing block innovate ? Did not know it could do that.

Bitcoin is an Open-source project, and every one (also you) with a good idea to improve/innovate it and has programming skills can add (publish) his brainchild as a BIP so that other developers can participate, test, improve, dismiss or release it to a new soft-fork of Bitcoin's software.
A soft-fork means an software upgrade that's backwards compatible. A hard-fork is possible as well, but that often (not always) leads to 2 different blockchains (like Bcash). The developers community is extremely conservative in approving hard-forks. Luckily nearly all BIPs can be implemented with soft-forks.

BIP, means Bitcoin-Improvement-Proposal:
https://en.bitcoin.it/wiki/Bitcoin_Improvement_Proposals

And here is the list of BIPs where a the vibrant developers community is working on:
https://github.com/bitcoin/bips/
Total number is currently 199. And the latest Bitcoin software version is 0.15.x

 

[Pekelo]

So what?
, bitcoin for Internet gold,

So what? That is your response? So the intended use is completely out of the window and you say so what?

By the way internet gold is not a thing. And you guys talk down gold anyway, so isn't that a negative association?

 

[Jakobsberg]

So what? That is your response? So the intended use is completely out of the window and you say so what?

By the way internet gold is not a thing. And you guys talk down gold anyway, so isn't that a negative association?

As long as it has a use e.g. large payments, store of wealth, speculative instrument, drug dealers stash, whatever.... and people want to own it I dont see it really matters if the original intended use, goals and aims change over the years. As Hoi indicated they can change it if the community wants to.

Internet gold is a thing if enough people believe it just like crypto and the dollar are only worth something because enough people believe it. You do not believe it, fair enough. I am a bit skeptical as well but I think there are enough folks out there to make it go higher. May even get through 20,000 today.

How's the dogecoin going? And another simple question, do you think bitcoin will be higher this time next week?

 

[Pekelo]

1.As long as it has a use e.g. large payments,
2.and people want to own it
3. they can change it if the community wants to.
4.Internet gold is a thing if enough people believe it
5.How's the dogecoin going?
6. do you think bitcoin will be higher this time next week?

1. So we moved the goal post. The small payments is out of the window.
2. That is a ponzi feature.
3. Theoretically yes, practically it didn't work. What the community came up with was a new coin after a fork, Bitcoin Cash. And I agree, it is BETTER than Bitcoin. But it is NOT Bitoin anymore (or should I say it is the real one)
4. Another ponzi argument.
5. Sleeping quietly under my pillow.
6. Next week higher, By spring it will crash down hard. 40% is a given, we just down't know from what top.

 

[Tibster]

A ponzi has no intrinsic value. Blockchain solves the problem of transaction atomicity between untrusted entities.

 

[Pekelo]

A ponzi has no intrinsic value.

1. Amway would like to respectfully disagree.
2. Just give it time, Bitcoin is going that way.
3. Store of value? Isn't that an intrinsic value, as long as the ponzi is going up?

 

[Jakobsberg]

1. So we moved the goal post. The small payments is out of the window.
2. That is a ponzi feature.
3. Theoretically yes, practically it didn't work. What the community came up with was a new coin after a fork, Bitcoin Cash. And I agree, it is BETTER than Bitcoin. But it is NOT Bitoin anymore (or should I say it is the real one)
4. Another ponzi argument.
5. Sleeping quietly under my pillow.
6. Next week higher, By spring it will crash down hard. 40% is a given, we just down't know from what top.

I am only in it to make money not for moral reasons or to change the world
Since I've been selling a few on way up if it goes to zero tomorrow I will still have doubled original investment since late summer. 80% ish crash now gets back to remaining holding starting price.

 

[Pekelo]

I am only in it to make money not for moral reasons or to change the world

Thank you, thank you and I love you. Finally somebody admitting the truth. I don't have a problem with that. I always said, it is fine to invest in a ponzi as long as you know it and aware of the dangers.

No other justification needed beside greed and opportunity. Not that anything is wrong with that...

What I hate is when people try to bullshit us with the new paradigm and we are going to change the world one Tesla at a time etc...

Enjoy the ride, I hope you can time the top!

 

[sss12]

Apple products prices don't go up like that ...

Actually I meant the stock price not the product. But to your and my original point.....even though you could put more apps in a iPhone 3 would you ? No, you you'll get an 7,8,10. So when better options fork why would you go with the "old" BTC.

@Hoi posted that the soft forks will contain all these improvements to keep BTC relevant and "cutting edge". Maybe so, but seeing all the mania and herd mentality from the Far East an millennial's I just don't see soft forks being as sexy as a new alternative. If this is somewhat correct, what is the future bias on the price of the existing BTC ?