Bitcoin Thread

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saor said:
As is the posting volume in this thread.
Really wish these markets would get out of this sideways rut.
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Very low volumes recently....bears have returned today. Massive volumes today to break $8000! Bears out in full force.

A big sell off was expected....and not what we saw the in the last few weeks. It’s only starting now. Don’t expect it to last more than a week or so before the bulls return
 
biometrics said:
Trend is down. Crypto is so last year.
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Maybe yeah, but it might also just need this big cool-off period. Or we need to see more actual use-cases of blockchain and digital currencies and tokens - it's been an amazing run up on the back of much hype of what could be & these projects need to move from beta to real world utility now to get the market moving again.
 
gripen5221 said:
Very low volumes recently....bears have returned today. Massive volumes today to break $8000! Bears out in full force.

A big sell off was expected....and not what we saw the in the last few weeks. It’s only starting now. Don’t expect it to last more than a week or so before the bulls return
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Think there's manipulation as the 7pm weekday dump (our time) is becoming quite common. So people are starting to expect it and thus help it follow through. So we no longer need lots of big whales to dump because people are slowly becoming conditioned to dump around a certain time.
 
saor said:
Maybe yeah, but it might also just need this big cool-off period. Or we need to see more actual use-cases of blockchain and digital currencies and tokens - it's been an amazing run up on the back of much hype of what could be & these projects need to move from beta to real world utility now to get the market moving again.
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Has a single one moved to real world utility?
 
manicminer said:
Immutability of Blockchain can be a bad thing...
http://fortune.com/2018/03/20/bitcoin-price-blockchain-child-porn-ban-crime/

How do you deal with this? And what does it mean for individuals and businesses as a ledger node / distributor if you're keeping copies of illegal material and distributing it? More importantly, what is the solution?
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Saw another comment on the extent the researchers went to get the data from the blockchain. It was like finding a needle in a haystack:

After combing through about 3.5 million instances of arbitrary data on the digital ledger, the researchers were able to extract 1,600 files.
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If people want to find child porn it would be easier to use google and the internet. So those should be banned instead.
 
SaiyanZ said:
Saw another comment on the extent the researchers went to get the data from the blockchain. It was like finding a needle in a haystack:



If people want to find child porn it would be easier to use google and the internet. So those should be banned instead.
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I don't think that's the point. It's a flaw to allow arbitrary data to be stored with each transaction/block.
 
SaiyanZ said:
If people want to find child porn it would be easier to use google and the internet. So those should be banned instead.
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Banning isn't the solution, prosecuting is. The trouble here is that you're downloading and distributing content. I know I don't want to do that. In addition, would it be possible in future to distribute the stuff this way? Especially if you can use the excuse of having it being unintentional... how do you prove intention when everyone is forced to download it to make use of the system?
 
manicminer said:
Banning isn't the solution, prosecuting is. The trouble here is that you're downloading and distributing content. I know I don't want to do that. In addition, would it be possible in future to distribute the stuff this way? Especially if you can use the excuse of having it being unintentional... how do you prove intention when everyone is forced to download it to make use of the system?
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Yeah I can see the issue of the whole blockchain and everything attached to it having to be downloaded.

Though I guess most people using/trading BTC right now go through an exchange or have some lite wallet where you don't need to download the blockchain.
 
manicminer said:
In addition, would it be possible in future to distribute the stuff this way?
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It's possible, but not very practical. You can essentially do the same on the ethereum network as well by adding additional data to your transaction. To upload an image would take quite a few transactions as the additional data size is limited to 80bytes I believe.

Now to say this is a flaw in the system is a bit of a stretch. Additional data is there for those that want to use "references" for payments.
 
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Archer said:
If you need to ask this you clearly haven't got a clue
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No ****.
That's why he asked.
Why don't you list a few for him rather than chastise? Because honestly I think most people would struggle to name even 3 real world blockchain applications that aren't still behind closed doors or in beta.
 
saor said:
No ****.
That's why he asked.
Why don't you list a few for him rather than chastise? Because honestly I think most people would struggle to name even 3 real world blockchain applications that aren't still behind closed doors or in beta.
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Bio is the one who constantly tells us BTC is overvalued, it'll go to zero, etc etc. One would imagine he has something to back that up with. Turns out he is just clueless. So nah, don't think I'll be giving handouts to someone who managed to get himself banned from this section and apparently hasn't learnt anything from it.
 
biometrics said:
Has a single one moved to real world utility?
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I'll ignore the banking & enterprise applications because a.) I find them a bit boring and b.) they might be running some small-scale applications but nothing I'd consider properly commercial and real-world yet. Of the projects I follow Status SNT is probably the closest to actual application with their ethereum-based mobile client:

https://status.im/
https://play.google.com/store/apps/details?id=im.status.ethereum&hl=en

SONM is getting close with it's distributed fog computing.

Which is to say - I can't think of many. I think this lack of real-world use might be part of the problem. It's fine to ride the initial wave of hype - it precedes most technologies, but there surely comes a point at which the hype-train stops and what people need/want to support next is an actual technology, not the promise of a technology.
 
saor said:
...but there surely comes a point at which the hype-train stops and what people need/want to support next is an actual technology, not the promise of a technology.
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The problem isn't the technology but getting people to adopt it. Decentralised storage, for one, is proven and works but just isn't getting great adoption right now. It will take time for people and companies to warm up to the tech.

Let's take cloud hosting for example. Containers have been proven to be much more lightweight, able to freely move from one environment to another and be far more cost effective however you still get companies deploying VM's.
 
"Blockchain. Because 'The world's slowest distributed database' doesn't sound as sexy"
 
Archer said:
Bio is the one who constantly tells us BTC is overvalued, it'll go to zero, etc etc. One would imagine he has something to back that up with. Turns out he is just clueless. So nah, don't think I'll be giving handouts to someone who managed to get himself banned from this section and apparently hasn't learnt anything from it.
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Nope, never said going to zero. I predict BTC at $1,000 this year.

I'd say I know as much as you do about cryptocurrency. There really isn't all that much to know.

So you can't show me any real world examples of large scale adoption of the multitude of projects/currencies. So pretty much vapourware.

And I've been unbanned, so suck on that.
 
It feels like something big is going to happen this week. The price is hovering around $8k now and not doing much. Like the calm before the storm.

Think we are destined to go down but not sure how far. The highs are getting lower and people are quick to dump when we get close to the previous high. Until that sort of dumping stops we will keep going down.

It's also reached the stage where I'm accumulating more BTC but about the same rate as it's going down because we have been going more down than up. Have about 30% more BTC compared to when we were at R140k three weeks ago but the price is also 30% or so lower. Need a bull run and I'm sure most holders are in the same boat or worse.
 
SaiyanZ said:
It feels like something big is going to happen this week. The price is hovering around $8k now and not doing much. Like the calm before the storm.
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Definitely think we going down, very quickly. At least low $7k, maybe more. The drop from $8.2k back to $7.9k after the spike last night shows we are still very bearish.
 
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