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Thread: IS IT GAME OVER FOR BITCOIN?

  1. #1

    IS IT GAME OVER FOR BITCOIN?

    Does an 80% price drop spell the end of Bitcoin?


    https://smaulgld.com/is-it-game-over-for-bitcoin/


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  3. #2
    Considering it has happened several times already, and each time it recovered and made something like 2,000% gains, I'd say no..
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3
    Quote Originally Posted by dannno View Post
    Considering it has happened several times already, and each time it recovered and made something like 2,000% gains, I'd say no..
    Correct that is covered
    Subscribe to Smaulgld.com

  5. #4
    To grow, you need new buyers of bitcoin. (Does that sound like a pyramid scheme?) The average person got interested when it headed to $20,000- and has since lost interest. They are not likely coming back. No longer hip and too confusing and difficult to deal with. So you have just the believers selling to each other. Then you have market dilution with all the new coins and tokens being released. Want a measure of bitcoin price? Check how popular it is on google trends. That shows you the interest and it has pretty much followed the price up and down- both hit their highs in December 2017. Search frequency is down 92% from its peak. Price is down 82%. How do you bring back the general public?

    https://trends.google.com/trends/exp...=all&q=bitcoin
    Last edited by Zippyjuan; 03-04-2019 at 08:23 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  6. #5
    I am Long .
    Do something Danke

  7. #6
    Its not over yet, we have a tonne of bots showing up to pump it, so there is at least enough money and energy for one more pump and dump.
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care

  8. #7
    Best thing about Bitcoin it that it will help deliver the 'Cashless Society' , great for the
    NWO, best thing since sliced bread.

  9. #8
    Bitcoin is the most secure financial network in the world and still, bitcoin does not have a future as a currency. So, theFuture of Bitcoinin my perspective is vague.

    The bitcoin price has struggled to break out of its long-running bear market so far this year, with investors and traders desperately trying to call a bottom to the tumbling market that's seen the value of bitcoin and other cryptocurrencies fall by more than $400 billion in a little over a year.



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  11. #9

  12. #10
    Quote Originally Posted by Mordan View Post
    5k...

    lets see...
    On its way higher!
    Subscribe to Smaulgld.com

  13. #11
    Quote Originally Posted by Smaulgld View Post
    On its way higher!
    Bitcoin will go up $1 every time you masturbate. Get busy.

  14. #12
    Quote Originally Posted by Zippyjuan View Post
    To grow, you need new buyers of bitcoin. (Does that sound like a pyramid scheme?) The average person got interested when it headed to $20,000- and has since lost interest. They are not likely coming back. No longer hip and too confusing and difficult to deal with. So you have just the believers selling to each other. Then you have market dilution with all the new coins and tokens being released. Want a measure of bitcoin price? Check how popular it is on google trends. That shows you the interest and it has pretty much followed the price up and down- both hit their highs in December 2017. Search frequency is down 92% from its peak. Price is down 82%. How do you bring back the general public?

    https://trends.google.com/trends/exp...=all&q=bitcoin

    BTC volume is currently at an all-time high.

    Price is $5136
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  15. #13
    Quote Originally Posted by dannno View Post
    BTC volume is currently at an all-time high.

    Price is $5136
    Keep in mind that: https://www.technologyreview.com/the...ke-apparently/

    Nearly all Bitcoin trades are fake, apparently

    There have been suspicions for a while that the markets are overinflated. In fact, fears of market manipulation have held up regulatory approval for a number of proposed Bitcoin exchange-traded funds (ETFs), frustrating many enthusiasts who believe that the eventual approval of ETFs will spur broader adoption of the technology by investors.

    Now, in a twist, a company hoping to list an ETF has reported to US financial regulators that around 95% of all Bitcoin trading volume has been faked by exchanges.

    Bitwise, a crypto-asset management firm, analyzed 81 exchanges, finding that 71 of them exhibited patterns that reflected artificial trading volume. One way to manufacture volume is via a technique called wash trading, in which someone simultaneously buys and sells the same asset. Although the exchanges in the study reported a combined $6 billion in daily volume during four days this month, Bitwise determined that only $273 million of it was real.

    Bitwise’s global head of research, Matthew Hougan, told the Wall Street Journal that the point of submitting the analysis was to show regulators that “a real market for Bitcoin” still exists despite the storm of artificial trading. Solid evidence for this comes from the small number of exchanges that can actually verify that their trading data is real, he said. If approved, Bitwise’s fund would be based on the volume on those exchanges, which represents only around 5% of the generally reported total.

    Why would exchanges dishonestly inflate their volumes? One incentive may be to attract ICO (initial coin offering) projects that want to be listed on exchanges that are facilitating lots of trading. To list such projects, some exchanges charge fees that can be as high as a few million dollars.

    There are at least two important takeaways here. First, the real Bitcoin trading market is an order of magnitude smaller than is broadly reported. If you are eager to see mainstream adoption, perhaps that’s disappointing. On the flip side, however, if zeroing in on the exchanges operating honestly can move the needle with regulators and finally get an ETF approved, this bleak analysis might help spur the kind of adoption you’re hoping for.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  16. #14
    Quote Originally Posted by Zippyjuan View Post
    There is probably some truth to that, of course that comes from a group that is trying to push for a regulated ETF. Deligitimize exchanged to legitimize their own agenda.

    But I don't really see your point. Do you doubt that the legitimate volume is higher now than it ever has been?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  17. #15
    Quote Originally Posted by dannno View Post
    There is probably some truth to that, of course that comes from a group that is trying to push for a regulated ETF. Deligitimize exchanged to legitimize their own agenda.

    But I don't really see your point. Do you doubt that the legitimate volume is higher now than it ever has been?
    If most of it is fake, it is hard to tell. Manipulators trying to make it seem more popular than it really is.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  18. #16
    Quote Originally Posted by Zippyjuan View Post
    If most of it is fake, it is hard to tell. Manipulators trying to make it seem more popular than it really is.
    Ok, tell me again all about how bitcoin isn't popular when it's busting through its old highs.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  20. #17
    Quote Originally Posted by dannno View Post
    Ok, tell me all about how bitcoin isn't popular when it's busting through its old highs.
    Like it's $20,000 high? Six months ago it was $6,500. One year ago it was about $8,000.
    Last edited by Zippyjuan; 04-03-2019 at 04:55 PM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  21. #18
    https://www.reuters.com/article/us-c...-idUSKCN1RE0JY

    It may have been a single buyer driving the price up that much.

    Bitcoin jumps 20 percent, mystery order seen as catalyst

    LONDON (Reuters) - Bitcoin soared to its highest in almost five months on Tuesday, pulling smaller cryptocurrencies up with it, after a major order by an anonymous buyer set off a frenzy of computer-driven trading, analysts said.

    The original cryptocurrency soared as much as 20 percent in Asian trading, breaking $5,000 for the first time since mid-November. By mid-afternoon, it had settled around $4,800, still up 16 percent in its biggest one-day gain since April last year.

    Bitcoin surged to near $20,000 in late 2017, the peak of a bubble driven by retail investors. But last year prices collapsed by three-quarters, with trading dominated by smaller hedge funds and crypto-related firms.

    Today’s gain was probably triggered by an order worth about $100 million spread across U.S.-based exchanges Coinbase and Kraken and Luxembourg’s Bitstamp, said Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group.

    “There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC,” he said.

    “If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour”.

    Still, analysts could not point to any specific developments that could explain the mystery buyer’s big order.

    Cryptocurrency markets had until today seen a period of relative calm through the year, with bitcoin trading around $3,300 and $4,200.

    Big institutional investors have largely stayed on the sidelines. Concern over security breaches and regulatory uncertainty were cited as reasons for the lack of mainstream enthusiasm in digital coins.

    In a sign of bitcoin’s failure to gain an equal footing with conventional markets, Cboe Global Markets - which offered the first U.S. bitcoin futures contracts in 2017 - said last month it would no longer offer bitcoin futures contracts.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  22. #19
    A single buyer just moved the market 26%. Wow. What a healthy and deep market. Definitely a store of value and not manipulated by whimsical pump and dumpers.
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care

  23. #20
    Quote Originally Posted by idiom View Post
    A single buyer just moved the market 26%. Wow. What a healthy and deep market. Definitely a store of value and not manipulated by whimsical pump and dumpers.
    they told the same story when Bitcoin was 200USD in 2013.

    Haters gonna hate and bitcoin is gonna keep doing bitcoin things.

    its a new asset class

  24. #21
    Quote Originally Posted by Mordan View Post
    they told the same story when Bitcoin was 200USD in 2013.

    Haters gonna hate and bitcoin is gonna keep doing bitcoin things.

    its a new asset class
    Yep, the move from $200 to $20k was definitely not a pump n dump. You got me there.
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care

  25. #22
    Quote Originally Posted by Smaulgld View Post
    Does an 80% price drop spell the end of Bitcoin?
    No, because as long as something accomplishes a purpose, it will stay, no matter its price volatility.
    Even if tomorrow the price of bananas collapse, that doesn't spell the end of bananas trading, because they taste delicious and everybody likes them.
    Question is, what is, or could be, Bitcoin's purpose in our financial system, other than a means to gamble and make the proverbial quick buck

  26. #23
    IMO There will be no game over for bitcoin.
    I know that we can see the market is falling now.
    But the moment that bitcoin wake-up people will gather again and tell BTC is the future.
    BTC will get up and bounce back i am sure of that! Just learn a lot before you start. Read lots of crypto resources like cryptolinks

  27. #24
    In order for something to be considered a hard currency instead of a commodity it has to be backed by a commodity (the more history the commodity has the better) otherwise its just a commodity backed by demand. Therefore its as valueable as people think that it is, which means that as long as people think its worth something it is, and than its a beanie baby.
    Last edited by nikcers; 06-01-2019 at 03:28 AM.



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  29. #25
    Quote Originally Posted by nikcers View Post
    In order for something to be considered a hard currency instead of a commodity it has to be backed by a commodity.
    Current mined Bitcoin in circulation are backed by energy/electricity burned to mine them.

    energy is a commodity.

    Bitcoin is a hard currency.

    Now you may not understand the mining process and its novelty but even Ron Paul saw the light...

    Your point does stand for all the POS coins like XRP, EOS, NANO though.

  30. #26
    Quote Originally Posted by Mordan View Post
    Current mined Bitcoin in circulation are backed by energy/electricity burned to mine them.

    energy is a commodity.

    Bitcoin is a hard currency.

    Now you may not understand the mining process and its novelty but even Ron Paul saw the light...

    Your point does stand for all the POS coins like XRP, EOS, NANO though.
    Energy and electricity aren't manipulated LOL

  31. #27
    Quote Originally Posted by Mordan View Post
    Current mined Bitcoin in circulation are backed by energy/electricity burned to mine them.

    energy is a commodity.

    Bitcoin is a hard currency.

    Now you may not understand the mining process and its novelty but even Ron Paul saw the light...

    Your point does stand for all the POS coins like XRP, EOS, NANO though.
    So if I want to cash in my bitcoin, I can get electricity?
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  32. #28
    Quote Originally Posted by Zippyjuan View Post
    So if I want to cash in my bitcoin, I can get electricity?
    Yes, you can cash in your bitcoin and buy electricity, or equipment to generate electricity. Or you can get a cyrpto Visa card and pay your utility bill with bitcoin. Eventually utility companies will accept crypto without converting it to cash. But in the meantime, it is still seamless to do so.

    But that isn't the point. The point is that the bitcoin payment network is what is valuable. It is cheaper and better than what we currently have as far as being able to transfer value over long distances without shipping costs, and wiring money without paying banking institutions. If it was more widespread there would be no question about which is the best option to use. So as bitcoin becomes more widespread, the value of the payment network increases. The payment network runs on electricity. Therefore bitcoin is backed by electricity. I know it might be a challenging concept for you. Maybe you could try taking some nutropics, which are like vitamins for your brain, and then about it really hard.
    Last edited by dannno; 06-01-2019 at 11:52 AM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  33. #29
    Quote Originally Posted by dannno View Post
    Yes, you can cash in your bitcoin and buy electricity, or equipment to generate electricity. Or you can get a cyrpto Visa card and pay your utility bill with bitcoin. Eventually utility companies will accept crypto without converting it to cash. But in the meantime, it is still seamless to do so.

    But that isn't the point. The point is that the bitcoin payment network is what is valuable. It is cheaper and better than what we currently have as far as being able to transfer value over long distances without shipping costs, and wiring money without paying banking institutions. If it was more widespread there would be no question about which is the best option to use. So as bitcoin becomes more widespread, the value of the payment network increases. The payment network runs on electricity. Therefore bitcoin is backed by electricity. I know it might be a challenging concept for you. Maybe you could try taking some nutropics, which are like vitamins for your brain, and then about it really hard.
    no you can't you can't cash out bitcoins, you can sell them, like selling a TV or selling a beanie baby. The bitcoin isn't defined by history or backed by a currency and worth a specific amount of currency.

  34. #30
    Quote Originally Posted by nikcers View Post
    no you can't you can't cash out bitcoins, you can sell them, like selling a TV or selling a beanie baby. The bitcoin isn't defined by history or backed by a currency and worth a specific amount of currency.
    Right now a bitcoin is worth over $8,500, and you can cash it out for that at a bitcoin exchange. I can't tell you what the price will be tomorrow. I can tell you that in 5 years it will likely be significantly higher than it is now.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

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