Bitcoin Is Over $7,200!

[Joe Flacco]

Long term uptrend in tact above November low around $6,500.

 

[Restrain]

Coinbase suspended trading amid the price collapse
https://www.cnbc.com/2017/12/22/coi...ing-temporarily-disabled-amid-price-rout.html

 

[Big ole Boy]

 

[djd09]

 

[Deleted member 134708]

Talked with my VC friend in the valley this week. I'm sharing info, not selling anything. This going to be long post and stream of conscience.

Bitcoin (BTC)
Bitcoin Cash (BCH)
This will not be mistyped.


For casual follower make simple:

BTC is Wall St. backed, meaning invested in and they will need a ROI. BTC will become centralized soon, next few years. it will become a digital fiat. So the whole notion of decentralized will be gone (for currency, store of value remains)

BCH is original satoshi, only thing changed is block size but this stays true to the white paper.

End simple version.


Satoshi wanted decentralized global payment network peer-2-peer and cheap. For all nations. BTC blew up and network effect ensued. BTC became/is unusable as a currency. Tiny block size that can only fit 3 transactions a second. Fee's were out of control, and nothing Satoshi designed. Scalability was needed. All this is say 2014 and prior.

BTC while open source, still take real money to pay developers (Dev). Many dev. groups have went broke, including MIT ones. Wall St. saw an opening and money. In 2014 Wall St. funded a Dev group called Blockstream. Block stream became the core dev's for BTC. They loved the high fee's from mining life was good. Block size small = high fee's, very limited transactions. Sotashi followers didn't like this. They wanted the original plan, high transactions, low fee's. Satoashi even put in space for free transactions but core took it out.

Enter August 2017 Fork.

Core/Blockstream had all the power and wanted small blocks, BTC forked into BTC and BCH. Blockstream, and I may use them synonomous with Core/BTC. Core wasn't scared at all from this fork because they had no real $ backing and no hashpower, aka miners. You see, I can fork BTC right now and call it AF coin. It's an open ledger. Why this doesn't work is due to no miners/hash power/followers.

Well BCH has risen and now BTC is scared.

BTC solution to scaling was thought out long ago in 2014. Small blocks, huge fee's and centralization. Enter the lightning network. BTC forked because they "said" segwit would solve scaling (remove the signature from the block. aka apply a layer of 3rd party on top of the block. This makes blocks have more transaction as the signatures used up space. Now enter lightening network again. To run lightning, you need segwit.

Lightening network = centralization aka fiat $. Lightning is fiat to the T. Here's how fiat started. Gold to heavy and not divisible. A depository started and said, give me your gold, and I'll give you paper IOU's to spend. If want gold back, bring me the IOU's. This is lightning. To use it you have to go off block, you put in a legit BTC (think gold bar) lightning depository gives you back a digital IOU you can use just like your BTC. This is very, very bad. This is centralization.

BTC core back in 2014 all had this plan. High fee's, then mask scaling solation with centralized depositories. These would be private companies and charge a fee to use. Not gonna get into all working of lightning, but you need each channel to have sufficient funds, this will be tough to do so they will have central depositories that have the funds and you use them to make the "jump" transaction.

BCH is just Sotashi original with block size moved up from 1MB to 8MB. That's it. Go do a BTC transaction right now. Will cost you $100 to send $1,000 if want in 1 hour. BCH is like 20 cents and be 10 minutes. Yes, hugely to do with volume but BCH can handle BTC's load right now.

So store of value, BTC is 100% fine. As a currency, nope and if lightning takes hold, it's centralized digital $ is all. So I'm way fine with BTC as store of value if that happens. But as a currency, not gonna work.

Litecoin and BCH way better pure decentralized plays. And all the Alt. coins but just talking these. For store of value and a currency, that, as of now is only BCH. Litecoin is awesome at transactions, but will be centralized too and would be poor store of value.

As of now, I switched 1/2 my holdings of BTC to BCH. BTC is simply a trade on the name and 1st mover. It only has store of value, no currency. BCH as of now, can be store of value and a currency.

Things I do know. Blockchain is the internet, coins are the tech companies. Only a few Yahoo's, IBM's will make it out aka coins. I have no idea which ones. But what I do know, is the Google coin has yet to be invented but is to come. Is the Google coin the transaction and BTC/BCH the savings account/Gold? Maybe. Doesn't really matter as all we know is now. My horse is BCH as the current all around solution. For sure you have Manero, etc and all the coins that can't be tracked.

Super excited for the future. This is TCP/IP all over again in another form. But, like always, follow the money. And that’s exactly what BTC is. High fees, side chains and needed/used for even more fees. Follow the money baby. This ain’t gonna work in the post 2008 world for long.

Edit: I’m in BTC for trade and store of value.

I’m HODL BCH.

 

[Non Sequitur]

Crazy ride, my holdings were down 40% last night up 44% this morning when I checked. Nuts.

 

[Big ole Boy]

If I had been able to "freelance" a little more when I was below "hiring" age, I would be a multi-millionaire today. I loved to work as a child and make extra money to SAVE. But, they try to beat that out of our communities .... math and hard work and a young mind go together! .... Old school gravity.

 

[Joe Flacco]

The $13000-$14000 area is important level.

 

[Deleted member 134708]

View attachment 33943

The $13000-$14000 area is important level.

Think we get thanksgiving dinner table talk “buying” spree again?

I’d have to say yes.

 

[Joe Flacco]

Think we get thanksgiving dinner table talk “buying” spree again?

I’d have to say yes.

Possible. I think the bubble popping talk gets pretty real if it starts trading below that $13,000 area without getting back up quickly. It probably comes back in the long run but I think it could go a lot lower in the short term. Bulls really need to defend the $13,500 area.