The bitcoin thread.

Discussion in 'Off-Topic Discussion' started by jokerthief, Dec 26, 2016.

  1. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    With my Trezor, it allows me to copy a receiving address. I go to coinbase, bitcoin wallet, and then click the arrow in the top right corner. Then I enter the amount of bitcoin and just paste that receiving address into the next window and click send.
     
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  2. jokerthief

    jokerthief No reason to get excited. Site Donor

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    --- Post Added -- Jan 2, 2018, ---
    The point of that tweets is that you want to use segwit wallets because you'll pay less in fees. All fees are computed by a various amount of satoshis p (1/100,000,000th of a bitcoin) per byte. Segwit will compress your transactions so that each transactions will be fewer bytes than non-segwit transactions.
     
  3. Tapout

    Tapout Bringing Sexy Back Site Donor

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    Wait, you pay a fee for using a wallet?

    Also what’s happening with bitcoin lately. It’s been going down and down, while etherium is going up and up.
     
  4. jokerthief

    jokerthief No reason to get excited. Site Donor

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    You pay a miner's fee to transfer bitcoin from wallet to wallet. The miner fee pays for the security of the network. The bitcoin network is currently the largest super computer on the planet. It's thousands of times more powerful than all of Google's computer power. And that's why you can trust bitcoin to hold it value. It's why bitcoin is sound money.

    These corrections happen all the time. There were like 8 in 2017. Bitcoin still went up 14X in 2017.

    There are various wars going on right now. This IS a cryptocurrency revolution. There are bad actors out there; there are selfish actors out there; there are idiotic actors out there; there are good actors out there. They are all battling to establish a new financial system. I'm placing my bet on Bitcoin because it's the largest, most secure, most decentralized system with the best developer talent and the best economic policy. But people, generally, are retarded and lazy, leading most to not understand what is going on here. So shitty coins constantly pump in value for a time against bitcoin as people gamble ignorantly, but then they usually decline soon after as the market figures things out. The worst are the Koreans. They are simply degenerate gamblers who have no idea about any of the basic tenets of cryptocurrency. So they will pump an altcoin into a mania, lose interest, pump something else, and the last thing they pump then declines in value against bitcoin. It's a common cycle. We're definitely in an alt coin mania right now. I'm a bitcoin maximalist; I believe that three years from now, bitcoin will massively outperform every other crypto out there. I think most current cryptocurrencies will go to near-zero value within 5 years.
     
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  5. jokerthief

    jokerthief No reason to get excited. Site Donor

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    --- Post Added -- Jan 6, 2018, ---
     
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  6. jokerthief

    jokerthief No reason to get excited. Site Donor

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    Bitcoin's charts are are starting to look bearish. We may be in a bear market and heading to the last support level of 7500. If bitcoin closes below 12600, there is a reasonable chance of this happening. If it does, I will be buying with fierceness.
     
  7. Tapout

    Tapout Bringing Sexy Back Site Donor

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    What exactly does that mean?
     
  8. jokerthief

    jokerthief No reason to get excited. Site Donor

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    e
    It means if we close any day below 12600, we will likely be in a bearish trend that will drive the price down to 7500.
    --- Post Added -- Jan 12, 2018, ---
    I'm only talking in the short term though. Bitcoin is still very bullish long-term. It's just that the technicals are suggesting that we may re-test 7500. We'll probably rebound very quickly from there if we do retest that. I'm just giving everyone a heads up to prepare mentally for this possibility. And it's only just that: a possibility. Technical analysis only deals in probabilities, not certainties. So we could shoot to 25K also. I just think it's now more likely that we test 7500 before we shoot to 25K (if we close below 12600, that is).
     
  9. Tapout

    Tapout Bringing Sexy Back Site Donor

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    Is litecoin dead? I had heard the founder sold his shares off.

    Etherium is killing it right now
     
  10. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I don't know. My belief is that within 5 years bitcoin is going to have 95% of the crypto market cap. I think the alts are in a historic bubble. I think a few will survive, and litecoin will likely be one of them, but it very well may never get as high as it is now in terms of bitcoin. I could see litecoin go up 5x in terms of dollars, but lose 80% of its value in terms of bitcoin.

    Ethereum is nowhere near its high in terms of bitcoin. I think that bubble is going to pop soon too. This is what we've seen during this down turn. First it was Bcash that pumped and then deflated; then litecoin; then Ripple; I think ethereum is next.
     
  11. jokerthief

    jokerthief No reason to get excited. Site Donor

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    Technicals flipped from bearish to neutral today. We could go bearish or bullish.
     
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  12. jokerthief

    jokerthief No reason to get excited. Site Donor

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    And back to bearish. We could very well retest 7500. But for the love of God, don't short bitcoin. Nothing is guaranteed.
     
  13. jokerthief

    jokerthief No reason to get excited. Site Donor

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  14. Trodden

    Trodden Talk louder, I cant hear you

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    I know the following article is about cryptocurrency and not just bitcoin, but it seemed the best place to post it

    https://arstechnica.com/information...-ads-with-cpu-draining-cryptocurrency-miners/

    Now even YouTube serves ads with CPU-draining cryptocurrency miners
    Ad campaign lets attackers profit while unwitting users watch videos.

     
  15. disposableassassin

    disposableassassin The flying hand trucks of justice Site Donor

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    @jokerthief I have been following this thread because I have been looking for a solid investment once I sell my land. Bitcoin is seeing alot of negative press and has sank hard. How is the future looking? I don't yet understand the market completely so I have no idea if it is looking to trend back upwards or if this is a sign of the end.
     
  16. jokerthief

    jokerthief No reason to get excited. Site Donor

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    There is a very good chance we just bottomed. I was predicting 7500 for about 2-3 weeks now. We hit 7600 early this morning and bounced up 1000 within 5 minutes. That's how bottoms typically behave. 7500 should be pretty good support now and double bottoms don't happen. So that means that we've likely bottomed. But since double bottoms don't happen, then if we get back into the 7500 territory, the next stop is the next support level: 5000. On a technical level it is still possible to fall to 1300, since we never retested that bottom, but it's very unlikely. I'd say there is an 80% chance we hit the low for 2018 this morning.

    All of that was technical analysis. The fundamentals of bitcoin keep getting stronger. The mempool is clear; there are now over 400 lightning network nodes; segwit adoption is over 20%; Shnorr signatures, MimbleWimble, Rootstock, drivechains, sidechains, atomic swaps and decentralized exchanges are all on the horizon. This last drop has flushed out a good many of the weak hands. So yeah, I'm very bullish right now. Today was a really good day.
    --- Post Added -- Feb 2, 2018, ---
    For those of you who don't understand the technology of bitcoin, what this basically means is that nearly all of the innovations in cryptocurrency are happening on the bitcoin blockchain. No altcoin (like ethereum, bcash, ripple, litecoin, etc) has anywhere near the developer talent that bitcoin does. So don't "diversify" into these shitty coins. Either place your bet on cryptocurrency or don't. If you bet on cryptocurrency, bet on development and the network effect, i.e. bitcoin.
     
  17. Hillary's Vagina

    Hillary's Vagina Black Lives Matter

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    A lot of bottom talk, is that basically what you would call a power bottom because it went down so much?
     
    Last edited: Feb 2, 2018
  18. m1ckey kn0x

    m1ckey kn0x deranged derelict Site Donor

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    I’m not even fazed by the current prices. I understand it was likely to happen and like joker says, they have been doing a ton of work to the tech during the last month. I am fully confident it will soar back up.
     
  19. Poindexter

    Poindexter Reputation: ∞ Staff Member

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    But is @Walter Sobchak on to something?
     
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  20. jokerthief

    jokerthief No reason to get excited. Site Donor

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    I'm not sure what he's sitting on.
     

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