Today in Bitcoin (2017-07-16) – Bitcoin Dead again, says Mainstream Media

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29 thoughts on “Today in Bitcoin (2017-07-16) – Bitcoin Dead again, says Mainstream Media

  1. can’t lie… scared more to be wrong about the Promise of Bitcoin than any fiscal loss… all my BTC is HODL’d away on a Nano… gonna be a gooood xmas I hope.

  2. Your educational work is much appreciated. The most difficult nut to crack at this time, and one on which I would like to see you organize a discussion before 20 July if possible, is the one that deals with the number of different bitcoin block chains that might emerge in the weeks ahead.
    Worldwide government activities in the crypto currency sphere make it absolutely clear that we are in a new era, and the worst thing that government can be expected to do is to kill off what it feels is the unduly threatening competition.
    So what is very concerning is the following question: what if I buy some bitcoin tomorrow, and in due course I find myself on a block chain where the price has seriously crashed due to lack of miner support, or where there are some serious security issues that leave me awake at night?
    This may be a great up buying opportunity; but it looks to me as if there’s a big gamble here, and that the most I should gamble is what I am ready to lose and not think about it.

    1. Thanks! Education and History are two of my major goals, that I hope I show with my actions cause I’m not sure I talk about them much, in the meta sense.

      I would think of Bitcoin as the keys to a car. If the price goes down and you collect many keys, just hold them until the storm is over…. Your keys will always work, but it might not be a good time to send them around.

      But agree. Much chaos, no one knows what’s gonna happen and the price will react faster than you, in either direction. Heavy times.

    1. After the Mt. Gox crash there were stories of waitresses who lost hundreds of thousands of dollars in the crash because they invested only hundreds. If your investment goes up by a factor of 10x, or 100x, at the very least split your funds into multiple exchanges, or multiple devices, so that if one of them fails, you still have something….. The same for if you need to sell some…. Sometimes new wealth can be paralyizing. Better to be flexible and prepare.

  3. People are making a big deal about the chain bringing the market down. Silliness. The fork and loss of miners is the cause.

    Even if small home miners (45 cards or less) make up 10% of the overall work, their cash out didn’t just take money, it took their work, and that is what we miss.

    Diversity, tether, then buy the day before the fork when it should be at it’s lowest. Just an algorithmic prediction and a little instinct.

    Also, always follow the ending advice, if you can’t lose it, don’t play it. There is a difference in toning down a lifestyle and losing your house.

  4. hey. ..
    how many btc were siezed in the alphabay take down?
    And could DC be selling extra low on all the exchanges, clearing out orders, all the way down to ???
    1200??
    hmmm… maybe that horde isn’t enough to do it …

  5. In 2013/15, we got an 80% drop from over $1000, which flushed out all the speculators and it was followed by an order of magnitude increase in price. I expect this time we get something less, maybe a 60% decrease in price to $1200 and then a 5X increase to $6000+ before the next halving in 2020. After this incredible run, a 60% crash is not that unexpected,. I think it is something that is needed to curb excess speculation and put bitcoin mostly into the hands of long term investors who want a LT store of value . The boom periods and crashes will smooth out over time as the bitcoin “market cap” increases, and those who stay patient over the long term will be properly rewarded. Just chill! In a few years we wont even remember this HF debate. By the 2024 halving, the price may be going up and down $1000 a day and these movements today will barely be noticed on a long term chart.

  6. Wondering some stuff… can anyone inform me… I’m new to cryptos…

    Has Bitcoin ever experienced something like the issues we are facing today? (Below, are the issues I see.)

    Total uncertainty about what will happen. Confusion about what to do. Advice of all the the “experts” is to keep it offline and wait. VELOCITY will go to about zero. The UTILITY of the currency, during the time that nobody is USING it, is critically injured.

    How long will people need to HOLD? No way of knowing. Seems the only way it will NOT fork is if Segwit BECOMES the main Bitcoin Chain because this is an ultimatum they are forcing on the Network IN SPITE of the major damage it is doing (this seems like a planned attack to me = destroy confidence = destroy utility = reduce velocity to zero for an indefinite amount of time). Very few people will know what to do in the case of a fork = requires pretty decent technical knowledge to use = confusing to most = lack of utility = less valuable. AND crashes = less UTILITY = not a reliable a store of value – as well as lack of faith and confidence. This is bad. Really bad.

    Here’s another question… how will things “work themselves out”, if nobody is using it? How long will it take? What will happen to the value of Bitcoin when this drags on and on?

    This seems like an attack that is being perpetrated by entities who don’t what cryptos to succeed (possibly the international banking cartel). These types (i.e. people who understand money and how it gets its value) have centuries of experience destroying their competition (i.e. any competing currencies). The community should recognize that this is not just growing pains. The UASF was completely unnecessary and extremely dangerous… yet they couldn’t let it go – they HAD to force this issue. They HAD to do this thing which could (will) do HUGE damage. WHY take such a chance??? No good reason. No reason to rush. If the PROPOSAL was really so good, we would have all gotten there (consensus) without the arm-twisting.

    What is soooo good about a proposal that requires that everybody STOP using Bitcoin on Aug 1 because… nobody knows…? And why can nobody see how F’d up this advice is (i.e. don’t use it – keep it in cold storage) and the device (UASF) driving this advice?

    SERIOUS QUESTION: Has Bitcoin EVER faced any attack this serious? Again, I honestly don’t know because I am new into this space. I just started learning about cryptos 2 months ago. It is fascinating, for sure, and a brilliant idea – but I feel like I got here just in time to witness the Elite in the process of killing it.

    1. My Australian btc exchange is suspending operations on the 30th. I’m assuming the excitement will build and price maybe at its lowest then. I’ll buy in at the last minute, then move the coins to a paper wallet while the eye of the storm passes over. Then check and see which direction the wind is blowing on the other side. Thoughts anybody?

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