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    Bitcoin Daily Discussion, November 25, 2018

    November 25, 2018

    Bitcoin Daily Discussion, November 25, 2018

    Daily Discussion, November 25, 2018

    Posted: 24 Nov 2018 11:00 PM PST

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    We have a couple chat rooms now!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    This time last year ...

    Posted: 24 Nov 2018 05:10 PM PST

    I own 1BTC!

    Posted: 24 Nov 2018 08:28 PM PST

    This recent price drop was an easy buy for me, I've never felt more confident about an investment than this. Im not really worried about the price dropping further - I'm sure it will at least once more before the new year, but I think come early 2019 the market is going to start taking off. Anybody else buying the dip?

    submitted by /u/davis5287
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    It’s happening again!!!! 3800 now.

    Posted: 24 Nov 2018 01:36 PM PST

    Am I the only one feeling like this right now?

    Posted: 24 Nov 2018 05:35 AM PST

    In 2011, Bitcoin imploded and fell more than 90 percent from its peak to reach a price of $3 per bitcoin. Everyone declared bitcoin dead.

    Posted: 25 Nov 2018 01:08 AM PST

    As relevant as it was in January.

    Posted: 24 Nov 2018 06:20 PM PST

    Turns out nobody lives on the moon, time to go home

    Posted: 24 Nov 2018 02:46 PM PST

    Weak Hands

    Posted: 25 Nov 2018 12:55 AM PST

    3000 is the new 300! Hodl!!!!

    Posted: 24 Nov 2018 01:30 PM PST

    Fuck you .....Wall St I'm not selling!

    Posted: 24 Nov 2018 11:32 PM PST

    Anyone Remember the "Time Traveler" from 2013 ?!

    Posted: 24 Nov 2018 09:19 PM PST

    One ten millionth of the BTC supply

    Posted: 24 Nov 2018 01:29 PM PST

    For everyone that bought this time last year.

    Posted: 24 Nov 2018 06:34 AM PST

    Ferdinand Hodler "The Disappointed Souls", 1892

    Posted: 25 Nov 2018 03:52 AM PST

    There’s nothing irrational about the recent price decline.

    Posted: 25 Nov 2018 01:34 AM PST

    As I've pointed out many times, there are still 1800 new coins being created every day.

    At a price of $3,000 per bitcoin the ecosystem needs over $5,000,000 of NEW capital injected on average per day, either by way of paying for electricity and hardware or by buying the coins from miners.

    When making your investment decisions, you have to ask yourself "Do I think we will continue to see $5 M USD pump into ₿ per day?"

    Remember, ₿ isn't like other commodities. When the price falls for gold, supply drops in response. No such phenomenon exists with bitcoin. If price crashes to $2000 tomorrow, we will still see 1800 new coins generated.

    Even if we all decided to hodl and never sell a coin, someone still needs to find $5million tomorrow to soak up the new coins.

    Next block subsidy halving is in about 78,000 blocks. Roughly May 2020. That's when the number of new tokens created each day drops to 900.

    Now each time I remind people of this they say "yeah but $4B daily exchange volume!!!"

    Yes. I get it. But that is traders playing musical chairs.

    In addition to all existing investments the new coins have to find a home every day.

    And when the price has been falling most investors are reluctant to pour new money into a particular sector.

    Short term I'm not predicting the price to go up or down. I have no idea what other, wealthy investors will decide to do. If you think you know then shrug emoji.

    I just know that some of the predictions I've seen are nonsensical. For example, for ₿ to support a price of $50,000 next year you're essentially predicting the market will be able to absorb $90M USD of ₿ per day. Good luck with that.

    But remember this, there are 1800 new coins minted each day right now. In 2052 there will only be 3.5 new Bitcoins created each day.

    submitted by /u/iwearahoodie
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    A big bank charged me $15 to move $3.55 and it took 3 days to clear - be patient brothers and sisters #HODL

    Posted: 24 Nov 2018 04:51 PM PST

    Will Bitcoin really rise again?

    Posted: 24 Nov 2018 09:33 PM PST

    Hello, I feel I should introduce myself first.

    I got into Bitcoin back mid-2017. I bought in at about 1.8k if I remember correctly. I was also invested in Ethereum at this time, and got in between 60-120 (my friend sent me some at 60, but I continued to buy around 120).

    As many of you know. Bitcoin has been in a bear market for the past several months. And over these past several months concerns have popped into my mind in regards to the overall health and future of Bitcoin:

    • Bitcoin Futures were introduced into the market on December 17th, 2017. The first futures contracts expired relatively shortly after. This correlates almost exactly with the beginning of the bear-market we are in now. BTC Daily Chart
      • Institutions are now allowed to invest in Bitcoin. Institutions for the most part, have every reason to short Bitcoin rather than go Long. And that seems to be the case, as the money in most institutions far out-weights the money in the retail market. Making it harder for retail bulls to overpower the bears. This seems to be the case today as well.
    • Bitcoin has become centralized. As of today, the top 5 Bitcoin mining pools account for 67.2% of the hash power in the Bitcoin network. If you look at the top 10 mining pools, this number gets even larger at 86.6%. Meaning, Bitcoin as a network is effectively centralized. I understand that mining pools contain hundreds or thousands of miners, often independent of one another mining as a group. But correct me if I'm wrong, the workers in a pool you do NOT need to have a copy of the block chain on your miner to be apart of the pool. And if I understand more of this correctly, this means a compromise of a large network such as AntPool would lead to a large amount of the Bitcoin's hash power to be taken advantage of. Thus, leading to the very same vulnerabilities Bitcoin set out to prevent by being decentralized. Bitcoin Mining Pools Visualized
    • Enterprise Blockchains such as Hyperledger and Quorum have stolen away Bitcoin's potential "enterprise marketshare". Hyperledger is sponsored by The Linux Foundation and is open source. Quorum is also open source, and based directly off of Ethereum. These Blockchains do not have any sort of value or price attached to them like Bitcoin or Ethereum, and have been shown to scale much better and simpler than both Bitcoin and Ethereum. JP Morgan has used Quorum to settle bond transactions over Quorum, and further testing and implementations are being worked on now. Amazon now supports Smart Contract Templates for both Etheruem and Hyperledger. Furthermore, JP Morgan has tested "debt issuance" over Quorum, marking a huge milestone for Blockchain in our Financial Infrastructure.

    None of what I mentioned above was an issue in 2013, or 2015 when we saw our previous bear markets in Bitcoin. This makes me truly believe that we're unlikely to see a bull run like we did in 2017 ever again. Not to mention the fact that Cryptocurrencies in and of themselves are more regulated than ever before, which could in turn lead to lower levels of volatility now and in the years to come. I'm sure Bitcoin will have its pops and bull runs, but nothing parabolic like we've seen in the past.

    ​

    Please tell me I'm wrong, because I'd rather be wrong than right in this case.

    submitted by /u/7Leven
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    Does this hurt your soul, or excite you? And why?

    Posted: 24 Nov 2018 09:03 PM PST

    They told me to buy the dip... You see how I listen?

    Posted: 24 Nov 2018 10:22 PM PST

    I'm in for the tech, am I?

    Posted: 24 Nov 2018 02:53 PM PST

    I can finally afford this

    Posted: 25 Nov 2018 12:59 AM PST

    Move your bitcoin off of coinbase and all other exchanges or surrender control of the price of bitcoin in USD

    Posted: 24 Nov 2018 01:39 PM PST

    I hope people wake before it's too late to realize that the largest Bitcoin wallets in the world are held by these exchanges which are backed by Banks. Remember supply and demand determines value and banks can be made obsolete if bitcoin succeeds. Why would banks invest so heavily in the very technology that can supplant them? Control. Specifically control over the USD price of bitcoin. How? Relying on the ignorance of the masses who just "buy bitcoin" but leave them in wallets of the largest exchanges in the world that are heavily invested in by the banks. What does mainstream adoption matter when you control the largest wallets in the world? If supply and demand is what determines value and you have the bulk of the tradable supply you can suppress the price by trading back and forth with yourself without any losses regardless of USD price. Compounding this with the fact that they are the exchanges the masses use as on ramps to crypto and what the CFTC uses these "values" as references for futures contracts you can see how truly crazy this can be. Then, if you take it a step further and put the possibility of all the largest exchanges in the world getting into cahoots together this gets really scary. To me it's apparent that the exchanges have both the motive and means to see bitcoins price artificially restrained.

    TLDR get your bitcoin off these exchanges into wallets you control ASAP! If not then the bank backed exchanges will dictate USD prices indefinitely.

    submitted by /u/BitcoinCanSaveUsAll
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    Just a flesh wound!

    Posted: 24 Nov 2018 05:05 PM PST

    Correction or Manipulation?

    Posted: 25 Nov 2018 03:28 AM PST

    We have a confirmed launch date for BAKKT on January 24th, 2019. (The launch got delayed for those who don't know)

    https://www.google.com/amp/s/www.forbes.com/sites/rebeccacampbell1/2018/11/21/ice-postpones-bakkts-bitcoin-futures-launch-to-january-2019/amp/

    We have a 99%+ public approval for an ETF (Final deadline in Feb/March 2019).

    https://bitcoinist.com/bitcoin-etf-delayed-comments/

    We have a working Lightning Network that is being used RIGHT NOW.

    https://www.google.com/amp/s/www.coinspeaker.com/lightning-network-capacity-burst/amp/

    These milestones are arguably the most positive news for crypto yet, and we are having a correction?

    Bitcoin will have official gateways for institutional money to come into the market, along with instant and nearly free transactions with Lightning Network.

    The market is being manipulated to get the big players a good buy position for a bull run we have never seen before.

    Edit: typo

    submitted by /u/ggyungin
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