This thread begins with the intention of providing an island of sanity in this ocean of insanity we call Veeky Forums (which, I will qualify, is just the way I like it; this is merely a recess from the perpetual recess of the rest of this board for those of us so inclined to exchange cogently written speculation & discussion relevant to the current cryptocurrency market situation); please do your utmost best to make this one thread as dry as any official interbank communique.
Firstly, I would like to welcome all of you to this thread. The crypocurrency community is a robust & eclectic culture of motivated individuals, some of whom possess a level of intelligence commensurate with that required to, for example, pass a Series-7 exam; this thread is for that last class of persons who happen to lurk here. Welcome.
For a long time, the most optimistic proponents of Bitcoin have predicted an eventual price per BTC in excess of $2 million (adjusted for inflation to today's value for american fiat). From a basic mathematical perspective, where one merely transforms the absolute majority of extant world money plus a similar portion of the derivatives market into Bitcoin, this is true, as the global money pile divided by the total maximum sum of 21,000,000 BTC equals a couple of million dollars per.
This simple calculation does not incorporate other factors, however, such as the degredation of transaction times & volumes, government interference, media spin, artificial market pressure exerted by major investors intent on manipulating prices, the evolution of a serious contender to replace Bitcoin, and both individual & crowd psychology.
Landon Turner
We are currently watching a rather exciting free-fall from BTC's ATH of neary $20k down below $10k on its way to... $1k? Now, without going into a whole lot of chart analysis correlated with clinical psychology in light of "the free hand of market," it seems that price of Bitcoin will continue to sawtooth its way back down to an even thousand dollars, and maintain corridor oscillation between a floor of $888 and a ceiling of $1234; this pattern I predict to establish itself no later than September 2018 and continue until May 2020 (at which point another bull run will commence, bringing BTC back up above $10k again by the end of that year... before stabilizing again around $7k). These, however, are pure speculations.*
>* please note that this writer did not state something to the effect of "$1000 eoy!" -- this is a serious thread.
Would a recovery either this year or next (2019) be likely? Maybe. The U.S. economy is on-track for MAGA-level prosperity, which can be seen in the downsliding prices of such reserve commodities as precious metals & ammunition.
The answer is: "yes; however...." However.... Bitcoin, in colloquial parlance, is getting "long in the tooth." It is high time for a change, but I do not believe that Bitcoin will ever be "replaced" for what *it* is: the first mover, wealth-storing, long-term-holding asset which is, essentially, DIGITAL GOLD. You don't buy a new car with gold, usually... so the question is:
"What will be the *cash* of the cryptosphere?" This is where we find the answer to the earlier question. There are a small number of competitors in this field, and I would like to surrender the floor to each of you in turn to discuss each of these as you like:
Asher Sullivan
>eth -- poorly coded; pepsi to btc's coke >etc/clo -- pepsi to eth's coke >req -- dead project >link -- memetic monster >ltc -- forgotten pretender >xmn -- government hates monero >xlm -- ibm will fumble this just like os/2 >doge -- you're kidding >xrp -- unlimited supply kills its value >xxx -- this is where we come in
Bentley Cooper
Clearly, the stage is set: this is the end of the second act; the king lays dying in his deathbed, his sons, lackeys & hangers-on ringed about his recumbent form, awaiting his expiration that they might carve up pieces of the kingdom each for themselves... except for one.
One prince embodies the nobility of his sire combined with faster transaction times, better scalability, wider-reaching applicability, modular functional expandability....
Who is this contender the throne? I believe we have not yet seen it.... So, then, let *us* create it. I'm dead serious. We have, together, the brainpower & resources to figuratively "bang this out in an afternoon," run our own testnet for a few days to work out the kinks, set up our miners to all begin** @ 00:00:00GM 01APR2018 and announce it at midnight, March 31st (so that it appears to be an April Fool's joke, which should provide advantageous psychological vectors for market penetration).
>** no pre-mining
I'm going to close these opening posts now, and open the floor for proper & meaningful discussion. Thank you for your civil & professional participation in this thread.
Benjamin Roberts
>"What will be the *cash* of the cryptosphere?" Nano
Juan Ortiz
Thank you for your response; would you care to elaborate? Why do you believe that Nano will become the defacto digital cash (and do you believe that Nano will "dethrone" Bitcoin as the de-facto crypto against which all other crypto prices are paired)?
I invite anyone to chime in with some well-worded, thought-out reasoning.
Let me add a few more items to this list: >btcp -- monero had a baby with bitcoin >bch -- the scam which grew a life of its own >rai -- literally who >one -- nda'd; cannot discuss
John Sullivan
I think you are way to pessimistic. The mean will be higher than 10k by 2022. Crypto is to the market as jets are to aviation. Absolute game changer that cannot be predictable. The avenues of new jobs created, plus all the jobs that will be destroyed ie:issuance claims adjusters, is unpredictable. This will be trying times for the day trader. Some will live most will die
Justin Mitchell
nobody bump this piece of shit iamverysmart thread
Nicholas Powell
>>reeeeeeeeeeee I can’t read this it’s too hard
Joshua Harris
Sure, I think Nano will because it already works as well as I could imagine something like a digital cash would. Try transferring some nano to and from a nano wallet. It's incredibly fast and free. Twich has adopted it as a means for donations. Simple name for wide adoption. I honestly think it will replace bitcoin. I think your predictions will come true about bitcoin going down. Not sure if it would go to 1000, but close. For now I'm really only holding nano and usd until something drastic happens. Then I'll buy more nano.
Nathaniel Torres
nano is bretty good famalam.
bch is also not a scam, its a necessary upgrade to bitcoin.
xlm - IBM can't 'fumble this like OS/2', it isn't their project it is Jed's project. IBM is just providing the compute infrastructure layer and trying to sell it to enterprise customers as hyperledger. xlm will be absolutely massive
Andrew Parker
>Clearly, the stage is set: this is the end of the second act; the king lays dying in his deathbed, his sons, lackeys & hangers-on ringed about his recumbent form, awaiting his expiration that they might carve up pieces of the kingdom each for themselves... except for one.
Garbage
Andrew Walker
This is exactly the kind of tone & wording I was hoping to draw into this thread; thank you.
You're right: I am pessimistic. Pessimism serves me well, because I'm never surprised by drops.
Although I'm tempted to consider my own prediction here excessively pessimistic, I don't think it's any *less* realistic than your prediction (which, honestly, makes sense, but my understanding of business & gov't mindsets believes that the bear market is only now beginning).
Crypto is like jets, but we've just had the equivalent of the Hindenberg in the eyes of many laypeople; expect a shakeup, shakedown and consolidation at a lower price point as millions of minds adjust their thinking & act accordingly in the market.
Jonathan Lopez
That's what I'm talking about: thoughtful discourse; thank you -- I am now looking into Nano seriously.
...and, poetically, after careful consideration of the ideas expressed in your second post, the absolute brevity of your first post is a brilliant expression (a microallegory, if you will) of Nano's nanoness.
Mason Butler
>We are currently watching a rather exciting free-fall from BTC's ATH of neary $20k down below $10k on its way to... $1k? Christ, another newfag shitting up Veeky Forums with his springtime faggotry. If I had a nickel for everytime a crypto went down and some nobody shitfuck declared it the end times were fucking neigh i would be fucking 11's in my manhattan penthouse right now.
Please fuck off.
P.S. Also holy fuck the fedora tipping faggotry in your post. Just eye scanning it gives me full body cringe.
Samuel Morris
>bch -- the scam which grew a life of its own I'm not sure it was intended to be a scam or not, but you should probably give a second look at the history of this particular fork.
As I understand it, BCH is a soft fork from the original BTC chain, and present day BTC is a hard fork from the original BTC chain. I might be mistaken about these things but this is how I currently understand it. Lets frame bitcoin like so: core vs cash. And the primary problem these forks intend to solve from the original chain being: Transfer speed and cost. If I understand correctly here: >Core intends to solve the issue by instituting an off chain solution (lightning network) To me this fundamentally changes Bitcoin from its original design and intent. >Cash intends to solve the issue by increasing the block size This seems like a trivial modification to the original design, and not a fundamental change. The primary concern here being increasing block size might be prohibitive for Miners or Node runners to store the full chain.
Correct me where I'm wrong here. I've been trying to get to the bottom of this one, but so far the best answers I can get come from the BCH side of the argument, which leads me to believe there isn't as much substance behind the BTC side.
Thoughts?
Caleb Hill
>bch is a necessary upgrade to btc Okay, I'll yield the point that BCH is closer to "Satoshi's Vision" than nuBTC 3.0 on the Lightning Network is, but it still has the problem of being a Chinese-gov't-backed fincancial cyberweapon being utilized in the asymmetric war which they are currently conducting against the world's other major powers.
Let's not have cryptocash be under the thumb of any one nation.
>let's take a moment to discuss another vector
Memes. The attached compilation of images is an interesting (potentially terrifying) piece of evidence towards either general human psychosis or an actual ability to manipulate events in the material world through the exercise of focused thought & action (itself not directly connected with the final product) by virtue of some sort of subconscious resonance throughout the so-called zeitgeist -- the collective cultural unconsciousness. If you're reading this, you already recognize that there is something to be said for memetic influence.
>there is nothing so powerful as an idea whose time has come
Bitcoin was not the first cryptocurrency, but it was the first to gain traction. Why? There must have been some memetic resonence initially, and I attribute this to the anonymity of its creator. Although other cryptocurrencies existed before and have been created since, all* of their creators are known; only Bitcoin's sole author remains a total mystery.
Mystery is a meme. This was the nuclear germ around which the initial snowflake of the Bitcoin snowball formed: its author's anonymity. In a cast of characters, the masked man is always the most memetically resonant, for he replaces his face with another face which cannot be real. Boba Fett, the Black Knight, the Dark Knight (Batman), Bane (again), the wedge-headed sword guy from Silent Hill, the Lone Ranger, etc, etc... all of these characters derive a disproportionate level of public interest due to their anonymity....
Nathaniel Nelson
...and part of that little group of special people who have been entrusted with the secret of the hero's *true* identity (or their feeling of kinship with whomever's under the mask, because *anyone* could be under that mask -- it might as well be them).
I've been here since 2009 you newfag; gtfo with your bullshitting up this thread in violation of the initial requests for civil professionalism in my original post you turdmongler. Like, honestly, you could have gone to *any* other thread to shitpost.
>please, no more shitposting here.
Caleb Cooper
Just buy dogecoin bro that bch shit isn't dank enough for ppl like you
Adam Bennett
BCH is more than just an increase in the blocksize, however, you are as correct as the girl you posted is cute. BCH vs BTC is such a polarizing conflict that I would like to see a superior third crypto slowly siphon market share away from both of them as smart money just moves over.
BTC vs BCH = China vs Babylon+Zion
Asher Martin
Idk man, that’s pretty good allusion. Don’t see that a ton in writing anymore, but you prob don’t know what allusion is and you prob bought zclassic
Brayden Morgan
Hey retard, the allusion about the king does not mean end times, it means a change in major players. Money is like matter in the sense that Money is never destroyed in the market it only changes hands. This is a blanket statement to all the BTC holders that they are MySpace and it’s time to fucking sell.
William Kelly
>Exhibit A
You see what I mean? I can't get solid discourse on this subject most of the time. Thanks for taking the time.
>Chinese-gov't-backed fincancial cyberweapon Do you have information on this? I've literally never seen this brought up.
>Memes Why do you think we're all holding at least a small amount of LINK? >all of these characters derive a disproportionate level of public interest due to their anonymity.... Who is this FOUR CHAN?
Seriously though, "memes" are older than the internet, and they mess with the human superconsciousness.
Zachary Morris
Thanks; yes: you get it! >this is where we come in If Bitcoin is the Myspace of the market, than what is the Facebook? >the race already began but we can totally still win even though we haven't materially even begun to build our racecar Remember that 1960s live-action Disney film set in some sort of almost-steampunk era around the time of WWI wherein myriad diverse competitors raced around the world in a variety of heterogenous jalopies? Early cars, every one of them, in the first race around the world, and it was *anyone's* race.
That's where we are just about now. The King is about to die -- we strain to hear for the churchbells' sombre toll, announcing this incipient tragedy -- making room for, perhaps, all of the Princes & Pretenders to war upon one another, tearing the market apart, until one fresh Prince, of good aires, rises primacy as the new King by virtue of mass-perceived & officially-certified right-to-rule as well as systemic celerity.
>to reaffirm your correct assement of my earlier implication:
The "death" of Bitcoin is not the "death" of crypto; it merely heralds a sea change and room for a new cryptocurrency to replace Bitcoin as defacto reserve cryptocurrency in the same way as USD is, as of this writing, the world's reserve currency.
Elijah Hernandez
>only Bitcoin's sole author remains a total mystery.
Henry Peterson
>shh delete this
Evan Brooks
I can guarantee you you are wrong since day traders are actually attracted to this market since it's inherently volatile. Where there's humans trading there will always be day traders and HFT's. I see it like this day traders smooths the normie panics and fomos while HFT provide volatility based on averages. Everyone makes money in this game except normies who never have any emotional control, there is no logic behind their buying an selling decisions it's all hype and panic types of creatures. > Normie = binary creature trying to make it. > Day traders = tridimensional creatures making big gains of normies. > HTFs = Multidimensional creatures making money of everyone.
