Do you consider Bitcoin's slow transaction speeds as a Major issue?

[guowei58]

you guys make/take the bitcoin argument too seriously. Just think of it this way: Tesla has $1T market cap, Apple has $2.5T market cap. Bitcoin is $1T market cap. NKLA has billions in market cap and it's a complete shitshow of a company. In the next 20 years, the value of these four things will change dramatically. in the grand scheme of things, bitcoin is a blip.

Arguing about bitcoin seriously is like arguing seriously about why a monet is worth $30M instead of $40M...

 

[tsznecki]

WTF are u talking about?

This isn't a make money trading Bitcoin thread. This is a Bitcoin viable in the long term thread (because of the slow transaction times and perhaps the very high cost per transaction)?

So apparently you cannot read. Neither do you have any idea on context. This is Elitetrader.com where ostensibly people are here to make money. Debates may occur but under the context of making money. This is not IsBitcoinViable.com. Any discussion has the final goal of is something an investment/how can I make money.

My original point, was describing the big Bitcoin Lie. The whole schtick about Bitcoin being Libertarian and supposedly a big threat to the financial establishment (who are giving it a very easy legislative ride and allowing/facilitating it to pump into the stratosphere as we speak).

Bitcoin is a pilot scheme. Which in the long run, most likely means it is not viable. As whoever was ultimately responsible for sanctioning it's release out into the wild, will have the means of killing it when they are ready to replace it with their central bank digital currency/ledger/track n trace system. The warning sign for Bitcoin HODLERs, will be when the central banks start launching their own crypto currencies, with many major central banks already having crypto-currency systems in development.

...and if you are one of those dumb fks who thinks the US government couldn't kill Bitcoin off with a click of their legislative fingers, Bitcoin is: Paedo Pesos, Terror Tokens, Laundering Lira, etc.....then I have a Bridge to the Moon I could sell you.....

......actually, I don't have a bridge to the moon, but I do have these magic beans......PM me ;-)

Your not even at the level where I need to refute your points. Firstly you need some critical reading skills and don't get emotional in your next ranting response to me. If you are a snowflake or your parents are related, that's your problem.

Again, none of your rambling above are insights to make money. These are things already known. Again what is your short or long thesis based on facts and not an opinion? Or do you have none and are just here to waste everyone's time?

 

[DrCornwallis]

Again, none of your rambling above are insights to make money. These are things already known. Again what is your short or long thesis based on facts and not an opinion? Or do you have none and are just here to waste everyone's time?

Ok....Here is my prognosis on Bitcoin, which should be traded as a Penny Stock, with huge pumps followed by 90% crashes back down into 'value'.

At some point, Bitcoin is almost certainly going to test $10K again, as that is the last area of sizeable support. I would not advise anyone to get caught up in momentum trades here as the volatility in the extreme ranges of a parabolic blow off can absolutely fucking rinse you left right and centre.

Professionals who got long Bitcoin down below, are spoon feeding the market. They are not adding to their positions, only hapless momentum chasing n00bs like you, are getting long here.

I therefore also surmise that you, tsznecki, are long Bitcoin, from a highly unstable position, and will get rinsed, several times over, as your tense fraught agitated mindset, guides you towards catastrophic trading decision after catastrophic trading decision. Indeed, this has likely already happened to you several times...(the old panic buy panic sell panic buy panic sell and lose money all the way up routine...I am sure you know what I am referring to), hence your toxic snarkey manner.....when it gets too emotional, time to step back from the table I think. It isn't me or other Bitcoin naysayers that you loathe, it is yourself, and deep down, you know that.

Your vaporous cryptogrpahic paedo pesos will still be waiting for those with the patience to play the long game, way down below, for yet another even more ludicrous pump.....just keep an eye on what them pesky central banks are up to, as when the time is right, Bitcoin will be killed off, because it is a very sub-standard and crude version of the technology which centralised authorities cannot easily control and monitor, and if you really think that the real power in this world couldn't effectively end Bitcoin with a click of their fingers, then PM me and we can discuss those Magic Beans I was telling u about.

 

[Trader Curt]

It's time we bring out the facts...

Where is the bubble? All I see is a steady upward trend with some highly volatile movements. And someone is going to tell me that's it's headed to zero when institutions are fomoing in right now?

It's no wonder why some are so full of hate, they have missed the boat or are unsuccessful at trading so they look for attention by posting hateful things in a crypto section so they can be "right."

I hate XRP, but you don't see me telling everyone in that section not to buy. I don't have time for it, and another thing is I could also be wrong. Someone who thinks they are always right is someone who will fall the hardest. Exactly like the few individuals in here that preach their hate. Get a life!

 

[DrCornwallis]

Where is the bubble? All I see is a steady upward trend with some highly volatile movements. And someone is going to tell me that's it's headed to zero when institutions are fomoing in right now?

You think institutional traders are in the habit of 'FOMO-ing' into to markets that are already up 1200% in the past 12 months, or do you think they are in the habit of making bullish press releases for the public retail investor to consume, giving confidence in a wildly over extended market, in which they have quietly accumulated huge positions in way down below, and are now attempting to keep the ramp stretching as much as possible, including by coming in and holding up the market at key levels?

Look....probably, Bitcoin is headed to $100K, or likely a bit short off that since that is a long term sell target for every HODLer and his dog (I have a feeling for $85K tbh), but after that, it is likely headed back down to $10K. The long term chart is incontrovertible in the way it shows both the ramps, which happen very quickly, and the 'crypto winters', which drag on and on, usually bottoming out at a 85% price cut......

....this ultra rapid ramping behaviour followed by the grinding bear markets, is typically what you would find in Penny Stocks, where the lionshare of the stocks are held by just one 'cabal', who run the market as a cash cow. What are the stats for Bitcoin? 95% of the Bitcoin are held by less than 4% of those with a position, with over 50% of the Bitcoin being held by 0.4%? Cornered Market much?

If this was the Hunt Brothers in the 1980's with Silver, or 'WallStreetBets' with Gamestop in 2021, 'they' would have brought a halt to this by now. But it isn't. Bitcoin pumps n dumps with the establishment's blessing, for now.

 

[tsznecki]

Ok....Here is my prognosis on Bitcoin, which should be traded as a Penny Stock, with huge pumps followed by 90% crashes back down into 'value'.

At some point, Bitcoin is almost certainly going to test $10K again, as that is the last area of sizeable support. I would not advise anyone to get caught up in momentum trades here as the volatility in the extreme ranges of a parabolic blow off can absolutely fucking rinse you left right and centre.

Professionals who got long Bitcoin down below, are spoon feeding the market. They are not adding to their positions, only hapless momentum chasing n00bs like you, are getting long here.

I see we will have to get ad hominem since you can't address the argument and result to feminine attacks on myself. Lets begin:

"Should", "almost certainly"? I asked you for facts not opinions. You have just proven you can't read, and your parents are related. When you call your mother do you say "good girl" and give her a treat?

Professionals? What professionals? Again you give an opinion instead of a fact. Fact: If your IQ is less than 80 it's tough to learn to read, but hey you can be a janitor!

I therefore also surmise that you, tsznecki, are long Bitcoin, from a highly unstable position, and will get rinsed, several times over, as your tense fraught agitated mindset, guides you towards catastrophic trading decision after catastrophic trading decision. Indeed, this has likely already happened to you several times...(the old panic buy panic sell panic buy panic sell and lose money all the way up routine...I am sure you know what I am referring to), hence your toxic snarkey manner.....when it gets too emotional, time to step back from the table I think. It isn't me or other Bitcoin naysayers that you loathe, it is yourself, and deep down, you know that.

Your vaporous cryptogrpahic paedo pesos will still be waiting for those with the patience to play the long game, way down below, for yet another even more ludicrous pump.....just keep an eye on what them pesky central banks are up to, as when the time is right, Bitcoin will be killed off, because it is a very sub-standard and crude version of the technology which centralised authorities cannot easily control and monitor, and if you really think that the real power in this world couldn't effectively end Bitcoin with a click of their fingers, then PM me and we can discuss those Magic Beans I was telling u about.

If we are going to be talking about projection, certainly there is a lot here. You like to mention paedos? Did your subconscious desires leak out? #UhOh #FBI #HiddenDesires

I counted 7 words of negative meaning. My my aren't we letting out some hidden anger snowflake? Get triggered much? Did @themickey or @Pekelo not touch you today? LOL you project what is in your life. You sad girl.

WTF is cryptogrpahic? Learn to spell and communicate in English. Do you need ESL classes?

You have a fascination with Magic Beans? Oh I get it. Your family are soybean farmers. You were fed too much soy in your life.

Why did you edit your post above^? Did you ask your parents to proofread it? Animals can't read.

 

[NoahA]

If this was the Hunt Brothers in the 1980's with Silver, or 'WallStreetBets' with Gamestop in 2021, 'they' would have brought a halt to this by now. But it isn't. Bitcoin pumps n dumps with the establishment's blessing, for now.

I really do think that for the establishment, this is an excellent opportunity in order to get it right for when the government coin is issued. When that is ready to go, I'm sure there will be restrictions placed on what you can do with a Bitcoin. I highly doubt they will allow Tesla cars to be purchased with BTC when the government coin is ready. But for the time being, why not use it as a learning lesson. Lets the kinks be worked out with BTC. The last thing the government needs is to fuck up one more new thing they create. But when that coin is ready, it will be clear they will need to come down hard on an competing currency.

 

[Trader Curt]

You think institutional traders are in the habit of 'FOMO-ing' into to markets that are already up 1200% in the past 12 months, or do you think they are in the habit of making bullish press releases for the public retail investor to consume, giving confidence in a wildly over extended market, in which they have quietly accumulated huge positions in way down below, and are now attempting to keep the ramp stretching as much as possible, including by coming in and holding up the market at key levels?

Ok, you do have a valid point. The news can be delayed. But I also know that most of the institutional attention happened after 20k was reached. Bitcoin believers had already invested way before then. And that's what institutions where waiting on, was confirmation that Bitcoin was going back up.

Look....probably, Bitcoin is headed to $100K, or likely a bit short off that since that is a long term sell target for every HODLer and his dog (I have a feeling for $85K tbh), but after that, it is likely headed back down to $10K. The long term chart is incontrovertible in the way it shows both the ramps, which happen very quickly, and the 'crypto winters', which drag on and on, usually bottoming out at a 85% price cut......

Now now, that is a wild guess. Not a bad guess, but still an uncertain guess which I can agree with, because there is going to be a point where the risk is so high and the profits are going to be very low (or not). To me, at 40k, if you haven't already invested then it's not worth investing because if Bitcoin goes to 80k then all you are doing is doubling your money. Which isn't bad, but it's not that great either. And when most investors feel the high risk low reward ratio, they're not going to buy anymore. Which I think it's almost safe to say that 100k is going to have a correction.

 

[Snarkhund]

Dumped ETH for BTC and DOT. I still mine ETH but exchange it quickly.

I like ETH but it underperforms BTC and the transaction fees have gotten ridiculous. All the stuff piled onto the ETH network is making it somewhat unusable not to mention ETH2 nonsense coming soon.

 

[johnarb]

Dumped ETH for BTC and DOT. I still mine ETH but exchange it quickly.

I like ETH but it underperforms BTC and the transaction fees have gotten ridiculous. All the stuff piled onto the ETH network is making it somewhat unusable not to mention ETH2 nonsense coming soon.

Been dumping my eth and eth defi tokens to btc since yesterday. Hit my limit of daily 2 btc withdrawal on Binance last night

This morning, had to pay ridiculous eth gas fees (over 500 gwei) to transfer eth and usdt (via bridge) to binance smart chain, but once they are on the bsc, what a joy to use cakeswap to trade in increments of 2 eth or 2K USDT to btcb (bep-20), i did over 30 transactions and using the bridge, the btcb can be transferred to local bitcoin wallet (becomes real btc at this point)

So, tonight I'm going through the same exercise and ethereum gas fees are still ridiculously high (over 400 gwei), i only have another 30 eth left to dump to btc, don't know how others are dealing with this Ethereum network congestion mess, especially the big defi projects on ethereum

[edit: hit the bridge daily limit of 62 eth, so guess will wait until tomorrow morning, i can go back to binance tonight or use uniswap to change to usdt which has a different daly bridge limit, but too tired, was out and about this afternoon]