Official Bitcoin FUD thread

Don't read this if you're a little shaky hands pussy. Let's make a doomsday scenario of all the bullshit that's on the horizon.

1) China. Looks as if exchanges might go down for good and chinks will be removed from the market. BCC closure already had a significant impact on the market. Mining and the future of the network is under a big question mark once China goes out of the picture.

2) North Korea. Talks of Bitcoin funding NK, America's current #1 enemy and target and China's little lapdog, who gives them huge leverage in Asia. Calls for regulation soon?

3) Bubble top signs. Bitcoin packages, crypto niggers, third worlders, Facebook groups and other get rich quick normies entering en masse. Media calling bubble non-stop. We are already going down, but this may reverse quite easily. Maybe?

4) Tether scam. Reportedly up to 400 million unbacked dollars have been pumped into the coin market, significantly heating it up. This is CIA, FBI and lifetime prison term stuff - let's see where it goes. To me, 400 million looks insignificant in comparison to crypto market cap.

5) FUD by experts. Vitalik FUDed ETH already, saying most ICOs are a scam and ETH should be valued at 15 dollars a piece. JP Morgan CEO went full FUD and called Bitcoin and crypto tulips for the whole world to hear.

6) Aging technology. Still no solution to essential problems with the Blockchain. No scaling, no mainstream, no speed or significantly lower fees. Essentially we have accepted the fact Bitcoin is a "store of value" and nothing more even when there's a lot more priced in.

Btc 2k EOTY

Also when the chinks go, theoretically a shitload of BTC should enter the market and a shitload of demand should go away which could drop the price, harm the network and pop the bubble all at once, but that is, if they do intend to ban it.

More like end of the week lol

2k EOTY? More like end of the month...

If it breaks 2k on the down trend then it's going to crater and really fucking fast. Big buyers got into the market to fleece the little guys and now they're selling and fucking fast. r/bitcoin and your small wallet providers cannot support 40bn of market cap. This shit is going to fail fucking hard....

If it does go down a lot I think we're at least due for a "return to normal" before because there are a lot of people looking to get in for cheap. This is why I listed the potential problems, because literally any of the first 4 could fuck up the whole market for years, any time.

7) Entropic decay: due to entropy bittcoins will eventually disappear once stored in a hard drive for more than 5 years
8) limited number of private addresses, I could guess numbers and steal people's btc, this is a fundamental flaw in its design

Technicalities are a concern in the long term. I was worried about the scalability when I threw my money at BTC in 2013, but literally no one cared then and no one cares now. Probably because no one has created a more efficient design than Bitcoin.

The entropic decay is definitely a factor, but in my head it would only make the remaining coins more expensive.

How much does bitcoin cash solve the blockchain problems? Will that ever be used as a currency?

I'm not entirely familiar with the discussion, but here's what I know.

BTC has Segwit, BCH does not. BCH has an 8x bigger block size.

What this does is BCH suffers in security and decentralization and wins in speed and fees. BCH can do something like 30 tps and BTC like 10 tps. Both are still pieces of shit compared to something like Visa, which can do 15,000 with their centralized setup and without any node worries.

1. With china out of the market a btc mining company would be a good investment for new capital
2. This one is scary america may one day say btc is funding a world war and declare btc illegal this shit can escalate and make the onu push other countries to also declare btc illegal
3.This may be good but btc needs to go down alot for third worlders to invest , normies on the other hand are a bad thing
4. I dont see this happening
5. Fud alone wont kill cryptos
6. OMG and other coins solve most of this problems the big problem with crypto is that everything is traded with btc and btc is an old technology , omg is trying to change this and if they succeed the problem will be solved and btc will remain obsolete untill new technology is fully implemented (segwit) but crypto will prevail

>1. With china out of the market a btc mining company would be a good investment for new capital

Personally I think McAfee is going to laugh all the way to the bank

let me fill u in op tard status
bcc 10 tps less then dollar fee 10 minute transactions times. the whole reason bitcoin forked was to fix its high fees 1-2 hour wait times and 5+ fee. bigger blocks fixes this problem because bigger blocks is less congestion 1mb blocks were filling to quick. bcc has 3x the tps then btc bcc 10tps bitcoin 3 tps
wrong

>6. OMG and other coins solve most of this problems the big problem with crypto is that everything is traded with btc and btc is an old technology , omg is trying to change this and if they succeed the problem will be solved and btc will remain obsolete untill new technology is fully implemented (segwit) but crypto will prevail

I suspect a lot of this is hype to cash out on excited investors. I would do it myself if I had access to the necessary tools, because people will believe anything and you don't even have to deliver because reasons.

You think OMG won't deliver?

This was fun guys, it was very enjoyable.

Thanks for the good times.

How is it wrong when you quoted the same specs as I did?

Just because BCH scales three times better doesn't mean it scales well. They both are shit and as more people join the network, the will become exponentially more shit.

Bitcoin and Ethereum are working on Lightning and Raiden to speed up the tps rate significantly, which would theoretically put the less popular BCH into dust and make them scaleable to a level which people imagine cryptocurrencies functioning in. I do think these are both just carrots in front of investor's eyes though, because both concepts have been around forever and we have yet to see any proof of them existing.

Too much fiat is held in crypto reserves rather than being spent. This decreases demand for goods and services, ultimately leading to an economic collapse.

How do you think this would compare to gold? I'm not sure, but it seems like the economic activity with Bitcoin or at least the excitement around this activity has definitely decreased. I don't know if stats support it though. Maybe people are buying a lot of stuff with Bitcoin. Not that I know of though.

You didn't answer my question you absolute faggot

Not everyone is a greedy piece of shit
Vitalik is involved with omg i believe in that faggot

I don't know enough about gold. Just posing a doomsday scenario. Not sure if the market cap is really big enough to have this kind of serious effect, though it's hard for me to see how it doesn't have this effect to some degree at least. It's why the FED kills interest rates to encourage spending. Our economy has growth imperative and anything withheld certainly doesn't help that.

On the flipside, crypto mania is great business for electric companies. Is this a massive waste of energy and resources?

I like the idea behind OMG, because who's going to run a full node for practical use, but the technicals again are bottlenecked by Ethereum, which is already amassing a huge blockchain along with chunky fees.

>Is this a massive waste of energy and resources?

Yes it is, current estimates put the cost of minting a Bitcoin somewhere between 400-1000 dollars.

As for interest rates, technically, the built-in deflation should ensure the coin keeps increasing in price and won't collapse. Technically it should be able to function even when it's not used for anything but hoarding because of the way the algorithm works. This realization of course causes mania and leads us to bubbles.

Well it increases in scarcity, but not necessarily price. Consumer confidence drives the price. The scarcity is only a factor in that equation. If half of all bitcoins suddenly disappeared, but nobody wanted to buy, then they aren't worth shit.

Do you have any idea about the total number of possible addresses?

The chance of you getting a used address is astronomically small.

Nowadays the confidence is rooted in the fact that it's designed to raise in price due its guaranteed deflationary nature. And it always does. This confidence combined with the FIAT that is backing it also gives it its buying power. It's pretty much a self-fulfilling prophecy at this point that has lasted for almost a decade and faced many storms. At first everyone was obsessed over what you can buy with a Bitcoin, but now no one gives a shit about that. Just convert to fiat, buy your shit and keep trucking.

>8) limited number of private addresses, I could guess numbers and steal people's btc, this is a fundamental flaw in its design

Are we just making shit up now? Lmao

>entropic decay

I think if every person on the planet had a billion addresses each for a billion years it'd be
Say 2128 addresses (it's probably more but whatever)
Chances are 1 in (2128) / billion addresses per person / 16 billion people / billion years
1 billion is about 230 16 billion is about 234 so we're talking
= 2128 - 30 - 34 - 30 = 1 in 234 = 1 in 8,589,934,592 of a clash happening.
So to summarize 1 billion addresses for each person for 16 billion people done over a billion years will give you a chance of 1 in 8.5 billion chance the address may have been used before...
i.e. it ain't gonna happen assuming the number is random... these numbers are just simply waaaaaay bigger than anything we're used to in ordinary life.

I honestly don't have a lot of confidence in it right now. Things are rough. My confidence is driven by others' confidence, so it is indeed a self-fulfilling prophecy, but it could very easily swing in the other direction if too much confidence is lost.

Screencap this. Save it on a USB stick and paste this here or on other forums and websites in a few years.

Invest in Ripple and TenX. These two will be used a shit ton and the value is going to sky rocket. They are going to work together and the EUR is going to crash followed by USD and stock market because the elites do what they will and that is their agenda.

People who invest in solid cryptos will thank when USD and EUR wont be worth shit but you willl be living like a king.

Invest in gold and GOOD crypto not pump and dump shitcoins. Even at the end of this year Ripple will make a huge comeback followed by TenX. Don't believe me ? Watch it happen...

>premined
>good crypto

>it could very easily swing in the other direction if too much confidence is lost.

Very true and massive capital flight combined with market saturation could be what shifts us into reverse gear. People forget what a long wait post-2013 was. The more bearish the market gets, the harder it becomes to convince people to jump in blindly and this is when it goes into full depression/stagnation mode.

>more addresses that nanoseconds in the life of the universe
>oi vey much limited so wow

i hope the goldbugs are enjoying their few days of solace, the depression is just going to get worse as we climb to $500k in the next 5 years while gold drops to $500

This is a decent coin. It addresses the shortcomings of BTC, but it also has some legit dealbreakers like built-in centralization and inflation. I should research it more.

The Fabled Satoshi Block is mined, rewarding some guy who has been solo mining since 2009 with 100,000,000 bitcoins.

Does this mean mass amounts of cheap top of the line graphics cards?

That's what really sucks about this. Crypto is legit, but humans are fucking emotional apes. If everybody would just chill the fuck out, we would have certain gains because of the confidence. But it takes a collaborative effort to follow an unwritten rule and everybody wants to be smarter than the next guy. It's like an $111 billion version of the prisoner's dilemma, hahaha

>4) Tether scam. Reportedly up to 400 million unbacked dollars
Enough with this already. "Reportedly" Oh really? By who? @bitfinexed?

There is simply no evidence that they are not backed 1 to 1 like they should be. The company promised to deliver a full audit report of the year in the coming months. If they do NOT deliver this, then you can start calling it a scam. But calling it a scam right now is just wrong. Tethers are a very valuable instrument in this volatile market

They will make their own chain

Of those tether has me worried the most.

Fucking Poloniex should be shut down for this scam.

BTC is a shitcoin. Other coins will take its place in the near future

>7) Entropic decay: due to entropy bittcoins will eventually disappear once stored in a hard drive for more than 5 years

what does this mean,

cant u just restore your wallet on something else, blockchain is decentralized? ?

Raiden did get a developer preview released this week, but then again they expected it would be released in March. So they're only a tiny 6 months later than expected...

It was bitfinex not polo who made tether. Although Polo does have problems of it's own. I don't feel safe trading on any centralised exchange at the moment, and it sucks that no good decentralised exchange will be here in the near future.

TOP BAIT.
9/10, well executed.