titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 5 hours ago, wiscotitansfan said: So you're not denying that a single person can completely alter the entire crypto market until there are regulations against it.... The entire thing I've been hearing about people screaming for decentralized currency is that one person or group doesn't have that power Until that person wears out their welcome and influence? Sure.. they can have a visible effect. Musk is just mcaffee 2.0 but crash it completely?... lol.. no. this crash had MANY things happening at once. A much anticipated and projected dip, China banning it for the 85th time, musk, banks covering shorts, legal but misleadingly reported tether news, and several wales in the know dumping at the same time. ... who all bought back at the dip. if someone tells you it was just musk doing it... they expect you to stop there and just believe them. It makes their job easy if you just take that at face value and walk. Link to post Share on other sites More sharing options...
titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 7 hours ago, OILERMAN said: This question has absolutely been answered, of course it's speculative. No it hasn't the adoption by more people, money managers, and larger financial institutions indicates that it's speculative reputation is decreasing. Link to post Share on other sites More sharing options...
titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 What could kill btc or at least severely hamper it for a couple of decades is a coordinated attack by the EU/China/Russia/USA/.. that follows some sort of network security flaw -the security flaw tanks the price.. -if hackers or governments are quick enough to take advantage they can move funds around. -news breaks and the market tanks more. - then the governments listed above could all ban it at the same time tanking the price to the hundreds. -a fork in the currency would occur correcting back to before the flaw. No doubt with a big security upgrade but it may be too late to salvedge for a long long time. then of course alien invasion or Ww3 where they cut off all civilian internet. That would kill it for a bit. Till the internet tenet started back up again @pat im not to worried about sha-256 getting cracked. It will get cracked eventually but there's easy patch's to solve that and or quantum hacks already waiting to be implemented when seen as becoming necessary. Link to post Share on other sites More sharing options...
BobbyCoins Posted May 20, 2021 Report Share Posted May 20, 2021 13 minutes ago, titanruss said: China banning it for the 85th time A little more on that... https://bitcoinmagazine.com/business/sichuan-notice-may-impact-bitcoin-hash-rate Quote This year's unusually warm month of May, coupled with the current low volume of rain in the area, results in a rapid increase in electricity demand from the general public — taking a toll on the grid's power supply capacity. As a result, the state grid has demanded that enterprises cut down on their energy consumption until further notice. Therefore, Bitcoin mining operations, which are abundant in Sichuan for its highly available and inexpensive hydroelectricity, have been operating with limited capacity since that state grid request. Although the correlation is hard to prove as causation, the Bitcoin network's hash rate has dropped by more than 20% in the two days following the notice, according to data from Glassnode. However, Bitcoin's hash rate almost fully recovered by the next day, and it is now just 5% below the pre-notice levels. Idk if this was what you were referring to. Doesn't look like it was a ban so much as it was electricity rationing. It's too bad the US won't wake TF up and get in on mining it. titanruss 1 Link to post Share on other sites More sharing options...
wiscotitansfan Posted May 20, 2021 Report Share Posted May 20, 2021 20 minutes ago, titanruss said: Until that person wears out their welcome and influence? Sure.. they can have a visible effect. Musk is just mcaffee 2.0 but crash it completely?... lol.. no. this crash had MANY things happening at once. A much anticipated and projected dip, China banning it for the 85th time, musk, banks covering shorts, legal but misleadingly reported tether news, and several wales in the know dumping at the same time. ... who all bought back at the dip. The underlined part were all constants before and still will be after.... The only thing I am getting from your analysis is that a single person, insiders and banks are the reason ....Sounds exactly like those pimping out cryptos have been saying all along Link to post Share on other sites More sharing options...
pat Posted May 20, 2021 Report Share Posted May 20, 2021 3 hours ago, NashvilleNinja said: Sure there's plenty of room for another crypto AHEMCOUGHCOUGHcardanoCOUGHCOUGH to make waves, but they don't have to supplant BTC to be a great currency. And BTC doesn't have to have a thousand features to be a better store of value. Btw, you were hoping for a pretty big dip so you could scoop some up. Well... are thy bags full? BTC is back up to nearly 42k rn. I'm still waiting on cash to come through. I'm disappointed in the timing of the dip, so close yet so far. NashvilleNinja 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted May 20, 2021 Report Share Posted May 20, 2021 https://bitcoinmagazine.com/business/u-s-seeking-bitcoin-transaction-reports Quote A tax enforcement proposal from the Biden administration would compel businesses accepting bitcoin transactions of more than $10,000 to report them to the Internal Revenue Service (IRS). Link to post Share on other sites More sharing options...
titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 1 hour ago, NashvilleNinja said: A little more on that... https://bitcoinmagazine.com/business/sichuan-notice-may-impact-bitcoin-hash-rate Idk if this was what you were referring to. Doesn't look like it was a ban so much as it was electricity rationing. It's too bad the US won't wake TF up and get in on mining it. That's a good point actually. Media says ban to sound bad when in reality is something more reasonable. Link to post Share on other sites More sharing options...
titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 1 hour ago, wiscotitansfan said: The underlined part were all constants before and still will be after.... The only thing I am getting from your analysis is that a single person, insiders and banks are the reason ....Sounds exactly like those pimping out cryptos have been saying all along But each of those cause dips on their own. Compiled together is what caused the biggest drop. The musk damage was done basically that day (May 12/13) .. the rest of the drop occurred after with cascading (and probably properly pushed) news stories. just check the chart timelines with the news story. Link to post Share on other sites More sharing options...
wiscotitansfan Posted May 20, 2021 Report Share Posted May 20, 2021 (edited) 7 minutes ago, titanruss said: But each of those cause dips on their own. Compiled together is what caused the biggest drop. The musk damage was done basically that day (May 12/13) .. the rest of the drop occurred after with cascading (and probably properly pushed) news stories. just check the chart timelines with the news story. I get what you're saying and I agree that it's not just one person causing the crash as people (and me) like to exaggerate. Just pointing out the whole idea that a decentralized currency is immune to being extremely compromised by individuals, or individual groups, that we have been hearing about for years is very far from the current reality. Edited May 20, 2021 by wiscotitansfan Link to post Share on other sites More sharing options...
titanruss Posted May 20, 2021 Report Share Posted May 20, 2021 30 minutes ago, wiscotitansfan said: I get what you're saying and I agree that it's not just one person causing the crash as people (and me) like to exaggerate. Just pointing out the whole idea that a decentralized currency is immune to being extremely compromised by individuals, or individual groups, that we have been hearing about for years is very far from the current reality. I agree. But I stand by the point earlier that the price is hurt momentarily -not long term- and the block chain and memepool are not hindered a tiny bit. The exchanges were still busy af. I also don't know where all these promises that btc is supposed to be immutable from influence came from. But they are the common perception. Untrue but common. All I can say is that many things are idealistic at their beginnings. BTC was created to provide an alternative to endless money creation and being in control of your own money. A response to the banking and finance industries. Some anonymity was mixed in there.. a dash of convenience and security. And if you look at it, the majority is still controlled by non-banking industry and retail. It's already doing what it is intended to do and that's transfer money from those systems to a new system. But everything can eventually be influenced. Regulation could help volatility but not sure that's the direction it should go. there are new techs being implemented in altcoins that seek to remedy this (reduce the manipulation of individual actors, institutions, whales) but I don't know enough to speak on it... Volatility in all markets increases with exposure to a wider population. Same with crazy tech stocks now and how Robinhood brought stock investing home. People are stupid and in groups are manipulated by basic emotion rather than rationality. all that said... if you bought Bitcoin at any time in its existence... there's a 98.2% chance you've made a profit. Even with it being at its highest highs and under the most scrutiny.. and a concerted effort from many outlets and tycoons to dump the price .. it's still 4x from a year ago and almost impossible to not be profitable. Link to post Share on other sites More sharing options...
BobbyCoins Posted May 21, 2021 Report Share Posted May 21, 2021 Our lesson for today, class, is If you ever needed a visual representation on the value of Bitcoin at the most fractional level, check out the receipt here. Well, fractional by Cash App's standards, since you can't buy less than $1 worth. How 'bout the timing on dem apples? Supdawg 1 Link to post Share on other sites More sharing options...
abenjami Posted May 21, 2021 Report Share Posted May 21, 2021 5 hours ago, NashvilleNinja said: Our lesson for today, class, is If you ever needed a visual representation on the value of Bitcoin at the most fractional level, check out the receipt here. Well, fractional by Cash App's standards, since you can't buy less than $1 worth. How 'bout the timing on dem apples? Why on earth would you buy anywhere that charges a 3% transaction fee? titanruss 1 Link to post Share on other sites More sharing options...
BobbyCoins Posted May 21, 2021 Report Share Posted May 21, 2021 5 hours ago, abenjami said: Why on earth would you buy anywhere that charges a 3% transaction fee? Why not? I've got my budget, but I use Cash App for various purchases. If I buy something that costs $3.78 and I've got around $5 on the card why not put the remaining dollar and change into BTC, like a DIY acorns for crypto? Link to post Share on other sites More sharing options...
9 Nines Posted May 21, 2021 Report Share Posted May 21, 2021 I know someone who bought bitcoins. He sold most at 64K. He had one left for sentimental value, but since it is now apparent it will go to zero, he decided to use his last bitcoin to play a game of Pacman at his local arcade. Since he used a trusted pattern for Pacman play, he got max score, so his game was no different - bitcoin made it no better. He laughed though realizing he got a free game of Pacman since bitcoin will soon be worth less than a quarter at zero. Link to post Share on other sites More sharing options...
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