All posts made by Mota in Bitcointalk.org's Wall Observer thread
1.
Post 5127058 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.08h):
I call bullshit on that one. I just don't believe that there were over 61 million dollars on that plattform.
2.
Post 5127198 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.08h):
I call bullshit on that one. I just don't believe that there were over 61 million dollars on that plattform.
The 100000 BTC from sheepmarketplace have been confirmed in the blockchain.
Why is it so hard to imagine that SR2.0 had 80000?
3.
Post 5144797 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.09h):
100% insider trading on gox now.
what that means? ==> gox is not dead, withdrawals will be enabled "soon"
Yeah, "insider" trading
4.
Post 5167328 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.10h):
To date Bitcoin has for many been one of the best investments in human history, monetarily.
Sigh. Bitcoin
was an excellent investment,
in hindsight - for those who bought before nov/2013 and will be smart enough to sell before it collapses.
But,
in hindsight, buying lottery tickets was much better investment - for those who bought the winning tickets.
Bitcoin
has been a terrible investment for those who bought in late november, or since january.
Bitcoin
is still a terrible investment, because there is no reason to believe that the price will increase, and several reasons for which it may decrease.
No stock trader cares for, or even cares to know, the past history of the price of a stock. One cannot use ancient price history to justify a claim of future price increase. Indeed, resorting to that argument only highlights the lack of any real justification for that claim.
The cause for the increase from 17$ to 1200$ is obvious: the opening of the Chinese market by BTC-China, OKCoin and Huobi. That was basic economics: larger market, fixed supply = higher price. What event is expected to happen that could propel the price much higher than 700$?
I do not want to change anyone's mind here. Adults have the right to spend their money anyway they like -- investing in risky ventures like bitcoin, poker, or lottery tickets, or even throwing it away. And they have the right to try to convince anyone to do the same -- as long as they honestly warn him of all the risks and unknowns, without fallacious arguments or unfounded promises. Gambling with your money is OK, scamming other people is not.
You are quite right, larger markets and a fixed supply increases the price. But how many people do you think use Bitcoin Worldwide? I would hazard a guess and say a little over a million. Now say bitcoin really becomes (a little) mainstream and 5 million people use it. Say those 4 million new bitcoiners start to use it now with the recent drop. You don't think that will propel the price higher? With all the recent media coverage, let's assume that everyday 3600 new people start using bitcoin and everyone of those wants only 1 bitcoin. Now you have an increased demand of 350 (3600-newly mined bitcoins per day ~3251) bitcoin per day. Now, the average bitcoiner hodls to a certain degree, let's say 50% increase in value before selling (I know it's way higher than that, but hey...). Let's also assume that all exchanges run at the same optimal price (again, I know...) and that there are no bad news that rally a dump (...) .
Then you have a demand of 350 per day or 127750 bitcoin per year left to satisfy, and that is with every miner out there selling his bitcoins instantly. Can you guess now why everyone says that the former logarithmic trendline will continue? I just thought you could use a little supply and demand mathematics.
So the answer to your question of what event is needed to propel the price upwards is easy: time. and not even that much of it.
5.
Post 5168084 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.10h):
You are quite right, larger markets and a fixed supply increases the price. But how many people do you think use Bitcoin Worldwide? I would hazard a guess and say a little over a million.
I have no idea of how many people
use bitcoin for legal commerce. Is there any solid estimate, somewhere?
Huobi's CEO claims that he has 10,000 active clients. I would guess that no other exchange has more than that. So we have perhaps 50,000 active clients
in total. Granted, those are speculators, not users.
However, I would guess that less than 1% of all trade at the exchanges is people buying BTC to buy legal stuff. People who keep moving bids and asks up and down to follow the price are speculators, and they seem to generate most of the volume.
That would mean less than 3000 BTC/day, or 2,000,000 US$/day used for commerce. If the average purchase is 100 $, that would be less than 20,000 users.
Those are just guesses, loosely based on what I see on the charts. I would love to see real data.
I did not say that they have to be used for legal commerce. Even buy and hodl would suffice. I don't know about Huobi, but gox has over a million registered account, even when only a third of them was ever used you would have 333333 users there alone. You have Bitstamp/btce/bitcoin.de/huobi/btcchina/localbitcoin/kraken etc. who are all having massive user growth.
And those are the greater ones. I know that there is a turkish exchange too, and you can pretty much buy your bitcoins at every bitcoin "stammtisch" as Germans like to name them.
Again, the bitcoins bought don't have to be used for commerce in any way, you seem to forget that you can just use them as a commodity.
6.
Post 5187214 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.11h):
Startled at the stillness broken, by a crash so rudely woken,
"Doubtless", said I, "news should matter of the overstock and stores;
call upon a Wall Street master, stop the unmerciful disaster,
it's falling fast and falling faster..." till the charts one burden bore,
"Monday morrow he will fail us... as he has failed us before."
And withdrawals? "Nevermore."
And the Karpeles, never flitting, still is sitting, still is sitting
On the blue ball of plastic just above the wooden floor;
And his eyes have all the seeming of a demon's that is dreaming,
And the lamp-light o'er him streaming throws his bitcoins on the floor;
And my coins from out that shadow that lies floating on the floor
Shall be lifted--nevermore!
I know this thread is not about the walls or the trading but since when did we switch from trains and buts to poetry?
Both of you sirs, take my like.
7.
Post 5227772 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.12h):
How boring is it on stamp
Give us some cheap coins man...
there
580 15K cheap coins right infront of you dude
I know the price is good but what if we really go down to 400 when gox withdraws work again? Then I will bite my ass that I bought at 630...
Why should we go down? Why do people always think that the people who bought cheap on gox will dump them immediately? most of them will wait until it's at 1000 again before they dump. I know i will.
8.
Post 5235083 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.13h):
@KeyserSoze,
I have promised to keep my negative views to myself in this forum, but you insist asking for them...
Is what I wrote on twitter and put on my homepage any different from what I already wrote here?
(You missed my last tweet, "One day bitcoins will be worth their weight in gold".)
Even if bitcoin ultmately succeeds (which I wish it will, but doubt it) and bitcoins becomes extremely valuable (which I very much doubt they will), bitcoin trading is ultimately a zero-sum game. Any profit that one makes from it is someone else's loss. In order for @Goat (or someone else) to buy his Lamborghini, @windjc (or someone else) must lose his house.
I believe that adults have the right to gamble their money and property any way they want. They even have the right to play at this crazy roulette-by-phone where the casinos may not have money to pay off, and the dealers are know to be liars, cheaters, and thieves.
So I have no objections to bitcoin trade and speculation --- as long as the people who come into the game are aware that it is a form of gambling, and that their expected profit is slightly negative (because of fees and other losses).
However, this particular game will be profitable for its current players only if the price goes up; and that is not likely to happen if the "market" consists of the same guys trading the same bitcoins and the same dollars back and forth among themselves. In order for the price to go up, and the old players to make substantial profits, new players must come in and bring new money.
So, in that aspect bitcoin trading is indeed a classical Ponzi schema: the money invested by new members is used to pay the large profits of the early joiners -- if these are smart enough cash out while the price is higher than what they paid for their coins. The net effect of the game is to shift money from the late entrant' pockets to those of the early entrants.
And that is when the game stops being OK. That is because in order to lure new players, some of the bitcoin "evangelists" are resorting to plain lies, painting bitcoin as a "good investment", an hedge against "rampaging inflation", etc. They keep showing that false arithmetic of total e-commerce divided by 21 million. Some still claim that bitcoin payments are untraceable and un-seizeable. (You may have seen my tweets a couple of weeks ago where I argue with someone who claimed just that.) And the bitcoin salesmen conveniently forget to mention the growing legal barriers, the dozens of exchange failures that ate millions from their clients, and the many other things that would turn sensible people, even uneducated ones, away from the bitcoin game.
One feature of Ponzi schemes is that most people who join feel the urge to become salesmen and convince others to join too. You do not see long-term stock investors doing that; that's because those people know that other smart investors will look at what the company does, and will not be impressed by sales hype.
It was the opening of the Chinese market that lifted the bitcoin price from the low tens to 1200, and it is the Chinese who are holding it at the present levels. But that market is no longer growing. So, where will the necessary new suckers come from?
I have seen people here and elsewhere saying that the only hope left now is Latin America. Well, I cannot sit and watch fellow countrymen being conned, can I?
Several times I felt the urge to end my posts here with a friendly "I wish you all get filthy rich". But I cannot honestly say that: if some of you do, others necessarily will become filthy poor. I thought of writing "may you all get back most of what you invested", which is the fairest outcome one could wish for in a zero-sum game. But I cannot honestly even wish you that, because many people have already walked out of this game with millions of profits or stolen money --- so you all are, like those guys in my parable above, spinning around only a fraction of the money that you all put in. Sorry, folks.
What you are talking about is simply not true. Of course, bitcoin is a zero sum game - BUT so is every other kind of higher value asset: Gold, Diamonds and even luxury cars.
Everything that can be mined or sold at a higher price later on is essentially zero sum.
And it is also true that bitcoin can be a hedge IF inflation would rise, since it's essentially the role of gold in that aspect as well. People tend to hedge against inflationary assets with deflationary ones.
Also your statement that the chinese pushed the price towards 1200 is not essentially true in itself; While they played a mayor role in pushing the price, there were several other factors which did the same: Mass asic preorders changed the mining environment drastically and and people saw their last chance to get coins cheap without buying overpriced hardware, a rather stable exchange rate over half a year (between 110 and 80$ iirc) and another wave of mass media coverage.
Since bitcoin is regulated only through supply and demand, so you can't really say that new players pay the profit for early adopters or even compare it with a ponzi. With you comparing it to theft you basically loose all credibility, I would think that someone with your academic grade wouldn't resort to such low based arguments. It's like saying "bitcoin is only for djihadists, child molesters and drug addicts".
Regarding the growing regulatory barriers I can only assume you mean the necessary and long overdue regulatory framework put in place by different governments in order to elevate cryptocurrencies out of the grey zone into the legal zone. I don't know why that would make bitcoin a bad investment at all.
9.
Post 5247848 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.13h):
So your thesis is that MtGox is not only insolvent, they have less than 64.8% of their deposits?
In the case of shutdown by regulators and bankruptcy, where are trading account holders in the line of creditors? Legit question -- I do not know. This is assuming that customer funds are not held in trust -- obviously if Gox is insolvent, this is the case.
If Gox
did have 64.8% of deposits in such a situation, do you think trading account holders would receive 64.8% of their money? I don't.
And how many years later would they receive compensation? This is not a matter of straight probability.
One more issue here for those holding MTGox obligations denominated in BTC is that BTC could easily sky-rocket with respect to JPY while MTGox is in bankruptcy. So the BTC MTGox obligation holder may just get a few millibits on the BTC.
That implies MTGox doesn't have
any BTC holdings, which I don't think anyone believes. Their assets are frozen when they enter bankruptcy proceedings.
it means the receiver liquidates the BTC for JPY during the bankruptcy
Why is this any more likely to happen than the receiver immediately acting to mitigate risk of BTC/JPY rate fluctuations for all BTC obligations (via options etc)?
I'm not a bankruptcy expert but that seems like something a receiver would do immediately upon assuming control of a multinational with obligations in multiple currencies.
That would seem unorthodox. Logically, all assets would be liquidated to JPY in bankruptcy. I see no reason why this would differ for BTC assets.
So my thinking is that Goxcoin holders in this situation risk being compensated years later for their Goxcoin holdings, denominated in JPY at the original liquidation price.
What will regulators do -- pour all the BTC into Mpex?
I'm sure there's large holders that would be willing to write up some off-exchange contracts. And as for reasoning: the obvious volatility of BTC assets. I am totally unsure of precedent though, especially in Japan (I just found a PDF of a Brazilian bankruptcy proceeding where the debtors were required to be paid in the original denomination unless they indicated otherwise, but I doubt that's helpful).
In any event, this ignores the bigger logical leap I'm not following: how did MTGox end up insolvent? They certainly appear profitable. Is the theory that they were totally wiped out by tx mutability?
It seems some people here do not know that japan has a very strict insolvency law, I don't think that it is in any way legal there to sell of funds which do not legally belong to gox - That would be the same as selling all the stuff in safety boxes which are stored in an insolvent bank.
That aside, no one really believes gox is insolvent. How could they be? They made so much money on the fees in the last few weeks alone, they have nearly no running costs and the accounts frozen by the feds are frozen because of ongoing investigations, so there is no legal way for people owning those to make gox responsible. The only thing would be the transaction maleability, and one would think that they could have easily bought those amounts back in the last few days without a hassle.
10.
Post 5247923 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.13h):
In any event, this ignores the bigger logical leap I'm not following: how did MTGox end up insolvent? They certainly appear profitable. Is the theory that they were totally wiped out by tx mutability?
In part, perhaps. In any case, it's highly unlikely that they were "wiped out". If they are insolvent, I find it hard to believe they are irreparably so (barring a shutdown by regulators). But this is one theory, and it's bolstered by the fact that Gox's failed transaction problems appear to stem back to October 2013. This length of time is concerning.
The question is what was Gox's reconciliation process when re-sending failed transactions and withdrawing from cold storage? As I've said before, we know
absolutely nothing. So to assume that they either did or did not have proper controls in place is misguided.
How long was this going on? To what extent was the vulnerability exploited? These questions cannot be answered -- certainly, Gox has no interest in that.
The other thing is, if gox can trace back the perpetrators behind the double sending cases (I am pretty much certain they can, if the perpetrators did not use tor and used fake ids and bills), I reckon they can get it back partly, if not completely.
11.
Post 5278216 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.15h):
How come there are no Japanese people protesting? Afterall it is Japan
They've got jobs?
And they have no problems getting their fiat out, so they are probably the only ones buying in masses right now
12.
Post 5355994 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.19h):
Not if you think that there's a tiny chance MtGox and its associated assets could be bought, restructured and rebranded into a functional, profitable exchange by a forward-thinking capitalist. A longshot for sure.
Why would anyone do this? The Gox brand is worth 0.00 after the last few weeks. If you want to build an exchange from scratch I would do it without having a massive (de facto unrecoverable) liability of about 3.5 % of all bitcoins ever to exist (if the numbers of 744K BTC lost are correct).
On the contrary. It's worth much much more after the buyout. Every Gox user is happy and thankful, under new management timely deposists and withdrawals may be possible and they would have the image of the sole hero in a time of crisis.
13.
Post 5409968 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.21h):
Not just that. You'd try to open pandora's box. I highly doubt the devs would ever put that into a protocol update.
And even if they did at least a majority of miners would then have to move to that change.
No miners would run the new code unless they got a cut of the coins. That's all it would really take: Offer 10% of the freed goxcoins as extra block rewards, and *ping* the coins are back.
The proof issue remains. If it were directed by a court, I could see it happening. Now *that* would be seriously dangerous to bitcoin: An actual sovereign interference in the money supply.
We need to replace all the core devs with anonymous parties, untraceable by the court system. Um. That might not work out so well either. Proof-of-Ethics protocol not yet implemented.
Never ever... I can understand people who have coins at gox would favor this, but like already said, this would undermine the fundamental priciples of Bitcoin. So what will be the next exception? I lost 1000coins back in the days, so why should gox people be compensated but me not? Ah btw, I don't can prove, that this address is mine...
The principle of bitcoin is decentralisation. Those adresses are proven to be owned by gox, since they deposited on them back in 2011 for a proof of liquidity.
If gox decides to appeal to the community it is up to the miners to decide if they want to fork or not. If you do not run a node, you have no say in the matter. If the community decides that it is better to recover 3% of the whole btc supply then they will do it, if not they won't. Easy as that. That's a decentralised majority vote and I would say it would be perfectly fitting in with the principles. If you don't want a fork, create your own node and run the old version. If 50% +1 nodes in the network join you, so be it.
That said, as long as they don't comment on it there is no way to know if those coins are lost or not.
14.
Post 5416855 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.21h):
<RogerVer> On Tuesday Mark told me via text message: Some say I live with 5 beautiful women - others say I can shit rainbows. Truth is, I am the Stig.
15.
Post 5417520 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.21h):
<RogerVer>MTgox claims that someone was using the transaction malability exploit for years to steal coins, and they never noticed until they ran out of coins.
They'd have more credibility if they blamed it on aliens
They never said they ran out of coins. Maybe they ran out of coins in their hotwallet, but since there are nearly 400.000 coins in the coldstorage (link is somewhere in here...) that statement in the pseudo crisis management paper seems to be complete bollocks and only meant to spread fud.
they also never said that the exploit was used over several years, iirc. only the issue was known for several years, not that anyone exploited it. That is only a few months old.
16.
Post 5529885 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.24h):
And since we all know that good old Deutschland runs the EU, that's pretty good news
Please, by all means, tell that to the other european countries we bailed out and who now complain that our economy is too strong....
17.
Post 6430433 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_12.41h):
that article is a month old.... fucking troll...
18.
Post 10432397 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.58h):
But even if we accept that WE MUST stay in euro zone and play this game.. do you know that German pays as we speak pensions for world crimes to a lot of people in Israel etc?
? and this in not past like they said about the loans that have to pay back to Greece... So they want us to pay more debts that 5 years now are getting bigger and bigger but the strong German country can make wars? destroy people and hole nations and not pay anything back??
sorry for my English i am not a native speaker but i think you can all read it easily.
.... I love German bashing, since I am from Germany myself I can relate to some extent (some of us are pretty unhappy with our current government). But you seem to misunderstand some things:
Your own government was full of corruption and has been mismanaging your country for the better part of 30 years, we had nothing to do witht that (remember this?: In 2011, it was reported that Greece was paying pensions to 4,500 dead and then as well to 40,000 fraudulent claimants who were being asked to return the money but not prosecuted, even though they had been stealing from the state for more than 20 years in some cases. - See more at:
http://greece.greekreporter.com/2013/08/17/greece-still-paying-dead-pensioners/#sthash.oObK837v.dpuf).
It's understandable that you are searching for arguments to get Germany to cut some of the debts, but the warcrime reparations payment is laughable at best. Do you even know how much Germany paid after WW1? 67,7 Billion Goldmark (~225B € with todays prices). I won't start with WW2 because it's a lot more difficult, but trust me that the damages paid were some orders of magnitude higher if calculated with current prices.
Just because Greece is nearly bancrupt does not mean you can just pull some 70 year old reparations out of your pockets in order to get by. The sad thing is, you are bancrupt even with all the help you got, Ireland etc. got the same help and are stabilized, but your country has just so much debt in the private sector - even with a cut in eu debt - you still won't be able to pay back the private creditors.
19.
Post 10435471 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.58h):
@Mota:
It's nice of you not mentioning about the German WW2 reparations, because THERE WERE NOT ANY!
Take a good look at this picture. It's from 1953 where the second man from the left is the late Konstantinos Karamanlis. This man together with the leaders of 20 countries have signed off the "biggest since the Weimar era haircut" since Germany couldn't afford to pay its debt to those countries.
Germany has the OBLIGATION to remember that its growth and prosperity is based on the graciousness of its opponents to rub 50% of its enormous debt towards them. So please take this in mind and get your (historical) facts straight before start bashing (something you enjoy as a German, since you've mentioned it yourself).
Sigh... You really should freshen up on your history. We have absolutely no obligation to remember anything. You should read up on the cause of the rise of the nsdap before the second world war and the founding of the third reich. One of the causes was the issue of reparations for the first WW. The amount was huge (like mentioned before). Also there was no graciousness involved at all after WW2, there was simply no way a destroyed and divided country like Germany with nearly no industry left could have handled that amount of debt - Instead we paid the debt over time - and we still pay.
Germany paid off all the debts from WW1 in 2010 - 90 years after the war. For WW2: We still pay more than 500 Million € per year "Wiedergutmachung des Bundes" - google it. And those are not even the reparations, that is only for the victims (direct and indirect ones).
I told you I did not want to go into detail over WW2 because it was complicated, did you read that? Obviously not, so I will make it short and sweet: GDR paid ~200B € until 1953, West Germany paid ~4B€. The USSR dismantled nearly all of East Germanys infrastructure after the war and shipped it back to Russia. More than 3 Million Germans were used for forced Labour. The Allies confiscated significant values of German patents, copyrights and trademarks. Some of the German territory was annexed and incorporated into Poland.
You see, we Germans don't bash someone for nothing, some of you Greeks cry out because of your governments austerity policy - we Germans live under it for the better part of 15 years. Massive social reforms and privatisation - do you think we liked it? No, we did not. Was it necessary? Indeed it was.
Your problem is, again, not the debt to the EU - you don't even have to pay back anything until 2019 iirc, and the interest is very low. Your problems are the private debts. And the lack of ability of your past Government to execute reforms and to collect taxes from the rich Greeks, which had free reign for so long that it's nearly impossible now to find the hidden banking accounts.
20.
Post 10435729 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.58h):
you seem to have fallen into the pitfalls of neolib propaganda. the so glorified agenda 2010 (initiated by the socialdemocrats who have sold their soul) led to the misery of millions, created a massive lowest-wages job segment and is/was one of the motors of the accelerating unjust and immoral difference between the growing numbers of poor and the rich elite getting richer. germany is doing an absolutely crazy thing: it lends out billions to foreign couintries/economies so they are able to buy german goods, so the german export blitz can celebrate a higher trade surplus every year. but what good is a trade surplus that is only existing on paper since it all financed with debt, that those countries can never pay back ?
it would be much better to strengthen the domestic side of the german economy (raise wages, import more goods) in order to balance the trade surplus. that would strenghten the foreign markets and they could actually buy AND pay german products.
the german "beggar-thy-neighbour" policy is the single most important cause for the current economic imbalance/problems in europe.
I did not fall into anything. It was important in the sense that Germany does not increase it's debt. The reforms mentioned are many, but a good example would be the "Praxisgebühr", where you had to pay 10€ each quarter when you went to a doctor. It helped stabilize Germans healthcare system, even if it was only in effect for a few years. Germans Export Blitz and low-wage jobs is another matter, on which I am absolutely with you.
21.
Post 10439050 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.58h):
The reforms mentioned are many, but a good example would be the "Praxisgebühr", where you had to pay 10€ each quarter when you went to a doctor. It helped stabilize Germans healthcare system, even if it was only in effect for a few years.
Quite the opposite; it helped weaken it. Look it up for yourself:
http://de.wikipedia.org/wiki/Praxisgeb%C3%BChr#Folgen_der_Praxisgeb.C3.BChr. The stated goal was reduced visits to a doctor. It failed to archieve even that after a bit more than three years. Since then, the number of visits per inhabitant of Germany was even higher than before the introduction. Even worse, it turned out that it was effectively a tax on the poor, as poor people tended to go visit the doctor even less, especially for preventive cancer examinations by dermatologists and gynecologists (numbers are in the source). The effect will be rising cancer treatments in the future, which will be
way more expensive than the savings from the examinations.
Practically every one of the reforms was economically short sighted and will do more harm than good in the long run - exactly as Germany's treatment of Greece right now.
man, you really should read your cited source again (and maybe some others, since you have absolutely no clue when you can only cite wikipedia...). for clarification; one of the goals was to get the health insurance agencies from red to black, since nearly all German "Krankenkassen" were in the red from 1993-2003 (with a debt of 650 million € in 2003 alone). That goal was accomplished partially through it.
Preventive examinations were free, if not you could get them back partially from your agency. The goal to reduce visits to a doctor was partially achieved, since the goal stated that people should go to a "Hausarzt" before going to a specialist... But hey, it was just an example.
22.
Post 10489191 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.59h):
didnt you say you leave? or are you shroomskittin' us?
Me leaving ? Nah, i'm staying in here till 2 dollar a bitcoin. It should happen in 1-2 years and believe me, i have all the patience in the world. The only chance to get rid of me faster is for a comet to come out of the skies and blow the heads of all the bulltards in existence. That should solve the problem, but the thing is that it has the same chance of happening as the bitcoin's mass adoption.
No, the thing is that Bitcoin does not need a high price for mass adoption. It just needs a definition of mass adoption. Since you don't seem to understand that concept, google it.
23.
Post 10506120 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_13.59h):
wow, half of the page full of ignored people, must be a trollfest.
24.
Post 10675043 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.02h):
XAU, probably, but they wont abandon such a golden goose until there will be a solid competitor, so i suppose that there will be a real trend reversal after retesting of sub 200$ levels (last rape market operation i.e. shakeoff). People hasnt realized what that means -
http://www.coindesk.com/bitcoin-elite-meet-secret-island-bilderberg-style-retreat/ , it means that btc so far is a project for some douches who wanna be a new financial elite soon (when banking fiat system is going to collapse - matter of month,s i bet). People do need a BTC 2.0 to have a chance to buy not from those fuckers who own millions of btc now, but from a fair distribution. Anyway, we all will be able to earn money when they finish their last btc shakeoff. (matter of 30-45 days) i guess.
apart from your ridiculous username - why not just buy now instead of then from those "fuckers"? Apart from that, not a single person owns millions of Bitcoins anymore - not even close.
25.
Post 10862472 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.06h):
So 2-3 guys on Bitcointalk have successfully imploded the BTC price?
I don't know what your impact on actual price movements is. Maybe you actually convinced some guy to sell once? Who knows.
Sadly, I think that the harder trolls on this forum have some kind of cascade effect. Especially all those lambs...
26.
Post 10954625 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.08h):
quoting yourself because no one cares? please...
27.
Post 10954821 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.08h):
^No more need to chat him up, now that you got his money?
Here, have a bone. And welcome to my ignorelist.
28.
Post 11112459 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.11h):
It's like how did people even live in a world without computer anime?
you can stop with the sarcasm. anime has been around a lot longer than personal computers. Afaik the 1960's....
That said, he is right. Just because some people are small minded now does not mean that the internet generation 2.0 won't accept cryptos as natural as we accepted internet over the years.
29.
Post 12887825 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.31h):
Bitcoin so far has been adopted as a currency only by criminals and scammers. Adoption for legitimate commerce is tiny, and largely to limited to users who want to push bitcoin for other reasons than its qualities as a payment method. Actual use of bitcoin, in practice, still requires trusting third parties -- like Blockstream, Coinbase, Bitstamp, SatoshiLabs, etc..
(BTW, 1015 is "exa-", not "hexa-".)
Why was I so sure that this "argument" would be posted today.... You realize that the currency with the most illegal usages like money laundering, drug money, weapons etc. is the US-Dollar? Heck, if you count in the money from black labour (which is also illegal, iirc), pretty much every currency is used far more for illegal activities and scams.
Btw, your pseudo argument was/is also used for the internet... "99% of the internet traffic and 90% of websites are porn sites" In retrospect, this is actually good news!
30.
Post 12888268 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.31h):
Bitcoin so far has been adopted as a currency only by criminals and scammers. Adoption for legitimate commerce is tiny, and largely to limited to users who want to push bitcoin for other reasons than its qualities as a payment method. Actual use of bitcoin, in practice, still requires trusting third parties -- like Blockstream, Coinbase, Bitstamp, SatoshiLabs, etc..
(BTW, 1015 is "exa-", not "hexa-".)
Why was I so sure that this "argument" would be posted today.... You realize that the currency with the most illegal usages like money laundering, drug money, weapons etc. is the US-Dollar? Heck, if you count in the money from black labour (which is also illegal, iirc), pretty much every currency is used far more for illegal activities and scams.
Btw, your pseudo argument was/is also used for the internet... "99% of the internet traffic and 90% of websites are porn sites" In retrospect, this is actually good news!
But Mota, the USD is also used to build roads and buy baby formula, while BTC? Well.. other than drugs, CP, and kidnapping/ransomware ransoms? Have I missed anything?Oh yeah, gambling. Have I mentioned CP? I guess I did...
...
Also, I dont care if people buy drugs with bitcoin...
Of course you don't, you're an
account farmer, the pettiest of petty criminals. The sort of a guy who'd do anything for a nickel.
Why would Bitcoin be used to build roads? And I want to see a street built with dollars. Jokes aside: Germany, Hannover: 49 shops on coinmap, Berlin 47 shops, in southern Germany in a radius of around 50km around me: 12 shops.
And That's not even much, Italy, Switzerland, UK:
https://coinmap.org/#/world/48.29050322/4.43847656/6I know you are just a troll, but still, there you go...
31.
Post 12909605 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.32h):
Let me put this another way:
I bought bitcoin because it never even occurred to me that it wouldn't scale. Many new users don't know now that it doesn't scale, but when we run up against the hard limit and your beloved transaction fee market kicks off, everyone will know and nobody likes paying high fees for something they are used to getting nearly free.
The investors/speculators are the only reason this thing works at all. You are taking us for granted. We do not exist simply to facilitate drug deals. WE buy the coins. WE supply the liquidity. If you don't give us what we want, we invest elsewhere. Without us, nobody pays the miners and everything grinds to a halt.
I tend to agree, as more and more users become aware that Bitcoin doesn't scale, combined with frustrating user experiences of txs getting stuck, and txs becoming more and more expensive, for sure a part of the users will turn away from Bitcoin. It will make the price drop, since most of it comes from the future expectations of Bitcoin.
Of course, if LN is up and running before it plays out like this, and it doesn't degrade the user experience, Bitcoin won't fall off the cliff. However, the Core client devs take quite a risk by taking Bitcoin hostage like this. I know I'll vote with my feet. Once I see evidence of the downward spiral, I'll sell my stash. I bet I won't be the only one, and the option of another cryptocurrency taking over becomes a very real possibility.
Because one thing is sure, cryptocurrencies are here to stay.
This discussion is getting annoying. Of course people who pay no transaction fees are getting stuck, but that is not a cause for greater blocksizes. You think you have the power because you buy bitcoins? You do NOT pay the miners, the system does. It's actually your attitude that is pretty arrogant, not the other way around. Do you know what would happen when the miners decide to cut back their hashing power? I do. VERY few blocks found for a LONG time! You have to realize that mining is not cheap, and miners do require those fees more and more since block rewards diminish.
https://blockchain.info/de/charts/network-deficit The times when people were willing to get negative balances for their mining are long gone, the market regulates itself.
That being said, I am all for bigger blocks, but not because of the - excuse my french - bullshit arguments some people tend to bring forward.
At this point I would like to quote Sam & Max:
Max: My innocence has been shattered by this blatant tourist trap. I want my money back!
Sam: We didn't pay anything.
Max: Well, somebody better give me some money!
The thing is, even with bigger blocks people will have to pay fees. People who want free transactions will always complain the moment there is a chance they will have to pay something or risk getting no service.
32.
Post 13961677 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.45h):
lol! now friedenbach threatens with a change of PoW.
seems like some part of core is really decisive about being left behind by the community.
Funny how some people think they can speak for a whole. I can only speak for myself - and if the consequence of mining becoming centralized is, that some miners are able to influence decisions which should ultimately belong to the community, then maybe a change of the PoW algorithm is not that bad. It may even lead to a more solid foundation for a globally connected financial institution.
33.
Post 13963183 (copy this link) (by Mota) (scraped on 2020-04-04_Sat_14.45h):
Every time someone here writes "the market wants" or "the community wants" a child dies of the overall stupidity of those sentences.
Nobody knows what the market or the community wants, the only thing we know is what the mega miners, exchanges and bought interest groups want. The only thing you know for certain is your own opinion. And the sad thing is that most people don't get that every time someone makes a concession to "political interest" the freedom of the use of bitcoin gets a little less.
You could argue that the economic majority (most amount of bitcoins for a side) should be the market - they would vote for core.
But what is the community? The community is every individual who uses Bitcoin and everyone who runs a node. The people who run nodes are certainly not all for small blocks/core, but the majority of them are. Users generally want smaller fees, but let's be honest, a few cents per transaction are not the world - and it would certainly regulate spam transactions...