Earlier quoted context omitted.
Bitcoin maximalists have been right about quite a bit the past few years...
except the most important thing, how to scale bitcoin.
Bitcoin has surpassed $15k for the first time since January 2018
21–30 of 60 posts
Re: Bitcoin has surpassed $15k for the first time since January 2018
#22It is somewhat disturbing to watch the confusion around bitcoin's price swings when the formula is baked into the code. We're basically talking about two constants here; human nature and the halving of the reward subsidy every four years. Once again, the market has failed to price it in.
Re: Bitcoin has surpassed $15k for the first time since January 2018
#23Wild market manipulation / tinfoil hat thoughts: I wonder if that billion dollar wallet movement in the last few days could have any relation to this? A lot of retrospective analysis of the 2018 run found price painting and similar shady tactics by just a few actors drove the prices up substantially, used as an undergirding to the news hype cycle. If you had a billion dollars in today's bitcoin value to move, how muc…
> If you had a billion dollars in today's bitcoin value to move, how much could you increase your take for say, $50 million 'invested' in paying price-painting experts to generate bitcoin hype news?
The shady tactic being the Department of Justice doing it for free?
DOJ has flagged the billion dollar wallet for seizure, effectively tainting a large supply of bitcoin until it is magically washed by the US Marshalls when they collect it and auction it off again.
Re: Bitcoin has surpassed $15k for the first time since January 2018
#2415000 usdT not usd, as most exchanges trade in tether, not actual dollars. Such price increase is probably related to Tether printing almost 7 billion dollars of (almost definitely) unbacked "USDT" in less than 3 months https://coinmarketcap.com/currencies/tether/
Re: Bitcoin has surpassed $15k for the first time since January 2018
#25...contradicting many, many, many smart people who have predicted Bitcoin's imminent demise since day one:
Re: Bitcoin has surpassed $15k for the first time since January 2018
#26It is somewhat disturbing to watch the confusion around bitcoin's price swings when the formula is baked into the code. We're basically talking about two constants here; human nature and the halving of the reward subsidy every four years. Once again, the market has failed to price it in. https://news.ycombinator.com/item?id=19454827
But it all depends on the demand. Which is not baked in. So your insight is not very insightful.
Re: Bitcoin has surpassed $15k for the first time since January 2018
#27And likewise, BTC fees are also at a local maximum[1]. Unfortunately, nothing has been done to actually scale the BTC blockchain since the last bull run. Onchain transactional capacity is the same as it was 2 years ago (limited to ~400k tx/day globally). Major n^2 transaction validation bottlenecks still remain within the Bitcoin Core software. With no plans to address these bottlenecks and increase onchain capacity, the fundamentals of BTC scaling haven't changed at all since the last time the market went boom and then bust.
[1] https://bitinfocharts.com/comparison/bitcoin-transactionfees...
Re: Bitcoin has surpassed $15k for the first time since January 2018
#2815000 usdT not usd, as most exchanges trade in tether, not actual dollars. Such price increase is probably related to Tether printing almost 7 billion dollars of (almost definitely) unbacked "USDT" in less than 3 months https://coinmarketcap.com/currencies/tether/
No, it's over $15,000 in USD (not USDT) on highly liquid exchanges like Coinbase and Kraken.
Re: Bitcoin has surpassed $15k for the first time since January 2018
#2915000 usdT not usd, as most exchanges trade in tether, not actual dollars. Such price increase is probably related to Tether printing almost 7 billion dollars of (almost definitely) unbacked "USDT" in less than 3 months https://coinmarketcap.com/currencies/tether/
That doesn't matter as long as USDT is pegged to the dollar. Which it is. Currently trading at exactly $1.000 (all digits significant).
Re: Bitcoin has surpassed $15k for the first time since January 2018
#30And likewise, BTC fees are also at a local maximum[1]. Unfortunately, nothing has been done to actually scale the BTC blockchain since the last bull run. Onchain transactional capacity is the same as it was 2 years ago (limited to ~400k tx/day globally). Major n^2 transaction validation bottlenecks still remain within the Bitcoin Core software. With no plans to address these bottlenecks and increase onchain capacity,…
Plenty of criticisms to be had about bitcoin's scalability but what you said isn't true.
Quite a bit has changed with the prevalance of Segwit transactions, some-to-many Lightning transactions, a lot of Liquid transactions, and transaction bundling. Specifically in reaction to how the network convulsed last bull market and correction.
Yeah it still sucks and is hardly competitive especially on the layer-2 front, but lets at least be accurate about why it sucks lol.
Wrapped Bitcoin offerings are better than native Bitcoin. There is a lot of money being made in helping people wrap and unwrap their Bitcoin for use and trade (not for custody though). It will be very prevalent this cycle. There are a lot of options for people to be unburdened by Bitcoin's layer-1 while being able to manage risk and capture alpha with the market gyrations, in unlimited amounts. All comes down to if people want to learn, this time, but the landscape is extremely different.
The honest reality is that you will want to watch is if Ethereum's capacity can keep up fast enough. If mentioning the Ethereum Network caused a convulsion, then you really need to re-evaluate what is going on. It is acting as a trading portal and center that has almost nothing to do with the Ether cryptocurrency. It has robust Layer-1 trading systems, 10 competing Layer-2 offerings that already work right now which the Layer-1 systems will very quickly upgrade to (bitcoin has 1 Layer-2 system called Lightning, in incremental progress for 5 years and it doesn't work very well), while also being in the process of updating its own Layer-1 consensus layer to increase throughput by two-three orders of magnitude.