Bitcoins - about to hit $5,000 per coin today!

[gib]

[gib]

This sounds like me 5 years ago... but the white paper was wrong.

There is nothing decentralized about a singular crypto ledger....even more concentrated as that platform and its "efficiency" benefits those who would use the ledger to track, tax, etc. The days of free internet are over if you haven't noticed. Bitcoin is the Betamax of money.

Not sure it you are having a laugh, or being serious, but the "decentralized" as aspect is that no single person controls the ledger. Rather verification of validity is distributed. But of course, there is a single, verified ledger. That's the whole point...

[gib]

Growth.

Things like air are generally free, the more people using a product or network usually means more people are paying to use it.

Stablecoins are Ethereum tokens, and as indicated in the graph, their use, such as that of USDC, has skyrocketed.

Even several central banks are considering using Ethereum for their own central bank digital currencies (CBDC).

Several large banks are already using Ethereum.

Like everything, it could go either way, but this indicates good potential for future growth.

You are confusing concepts. The supply of ETH is theoretically infinite. The fact that something is widely used, does not mean it has "value". Think for example of the internet that we all use. The actual underlying protocol is essential, yet its free. For eth to be broadly used and adopted for the purposes that it was designed, it essentially needs to be free.

[Bindare_Dundat]

BTC is awakening from its little slumber, as US funds start Monday trading.

ETH fanboys stand aside and let the big boys back in to dominate the BTC trade...

When?

[SOMEPARTS]

I tried coin base. Too complicated. Wasn't worth the effort. I think that's what's keeping these cryptos from gaining steam. Even with BTC. When I bought some SARMS over the net it was $150. So now I had to figure out how much BTC equals $150. The various exchange sites post different conversions and I notice BTC's value is changing by the second. Anyway, I use the Coinbase site and then the next day the guy tells me I'm $20 short and sends me a screenshot of how much my BTC was worth when he checked it. I'm thinking that, sure, that's what it's worth now but not what it was worth when I sent it. I tell him instead of me sending him another $30 worth of BTC and not knowing the value when he gets it, I want him to tell me exactly how much BTC I have to pay him, and whatever he says, it's final.

People, both buyer and seller, aren't going to put up with that bullshit for mainstream, everyday transactions.

Yes, the space in general is full of youtube hucksters, gambling addicts, day traders and video game dorks. Not exactly a confidence inspiring crowd.

[SOMEPARTS]

Im sure many said the same thing when they used the first manufactured coins back in 600BC, no value, why bother, lets keep using food, livestock and women as barter.

Early gold and silver coins were backed by both intrinsic value as well as financially solvent countries that issued them.

[Griffith]

You are confusing concepts. The supply of ETH is theoretically infinite. The fact that something is widely used, does not mean it has "value". Think for example of the internet that we all use. The actual underlying protocol is essential, yet its free. For eth to be broadly used and adopted for the purposes that it was designed, it essentially needs to be free.

If something is widely used and is paid for, it tends to increase the value of that network, platform or brand.

Use of the internet is ‘free’, but the money paid to use it goes to those who provide the networks. An internet service provider with a large network will tend to be worth much more than one with a small user base.

Comparing it to the internet, Ethereum provides its own network or platform and its currency is ether. 

Raoul Pal argues that Metcalfe's Law and the network effect applies to Ethereum and I tend to agree with this view.

[SOMEPARTS]

Not sure it you are having a laugh, or being serious, but the "decentralized" as aspect is that no single person controls the ledger. Rather verification of validity is distributed. But of course, there is a single, verified ledger. That's the whole point...

Oh, I'm laughing for sure. You can't be serious bragging about Wall Street etc buying this and at the same time claiming somehow it is immune to manipulation. That's the sole reason they are buying.

[gib]

When?

Not sure. Lets see if it establishes a support level at 30K. Some solid stability there may provide a good platform for the next climb.

Expect lots of volatility next 3-4 days. The calm before the storm...

[El Diablo Blanco]

Not sure. Lets see if it establishes a support level at 30K. Some solid stability there may provide a good platform for the next climb.

Expect lots of volatility next 3-4 days. The calm before the storm...

There is no storm.  Yellin is going to crush BTC.  One of the whales is going to panic and sell and watch this hit $10K

[LurkerNoMore]

You have the first post in this thread 

No, it was already started when I joined on.   Who remembers the original poster here?  Was he banned?

[Griffith]

https://www.coindesk.com/ethereum-based-consensys-quorum-partners-with-chinas-bsn-blockchain

Ethereum-Based ConsenSys Quorum Partners With China’s BSN Blockchain

New York-based Ethereum hub ConsenSys has partnered with the Blockchain-based Service Network (BSN) to bring its enterprise ledger, Quorum, to China’s nationwide blockchain project.

As part of the partnership, announced Monday, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based applications, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China.

The BSN was founded in April 2020 by Red Date Technology, a Beijing-based software company, China UnionPay and China Mobile. BSN spans various cloud environments and portals in China (Quorum is already integrated with Alibaba Cloud), and is also backed by the Chinese government in the form of the National Development and Reform Commission (NDRC), an economic planning agency.

Designed to be the backbone of the so-called “Digital Silk Road,” BSN has so far deployed 108 public city nodes, connecting over 80 cities across mainland China and eight public city nodes in other countries around the world, according to a press statement.

“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China,” Yifan He, CEO of Red Date Technology and the executive director of BSN Development Association, said in a statement.

“GoQuorum will also be interoperable with other permissioned frameworks and open permissioned frameworks on BSN,” He said, “building the blockchain cornerstone for the ‘new infrastructure’ in China.”

Enterprise blockchain has been given strong support from the government in China and the tech is a good fit for the country’s sprawling manufacturing landscape, he said.

[Bindare_Dundat]

https://www.coindesk.com/ethereum-based-consensys-quorum-partners-with-chinas-bsn-blockchain

Ethereum-Based ConsenSys Quorum Partners With China’s BSN Blockchain

New York-based Ethereum hub ConsenSys has partnered with the Blockchain-based Service Network (BSN) to bring its enterprise ledger, Quorum, to China’s nationwide blockchain project.

As part of the partnership, announced Monday, ConsenSys Quorum, an open-source protocol layer that serves as a foundation for businesses to build Ethereum-based applications, will be available in about 80 different cities through BSN’s public city nodes throughout mainland China.

The BSN was founded in April 2020 by Red Date Technology, a Beijing-based software company, China UnionPay and China Mobile. BSN spans various cloud environments and portals in China (Quorum is already integrated with Alibaba Cloud), and is also backed by the Chinese government in the form of the National Development and Reform Commission (NDRC), an economic planning agency.

Designed to be the backbone of the so-called “Digital Silk Road,” BSN has so far deployed 108 public city nodes, connecting over 80 cities across mainland China and eight public city nodes in other countries around the world, according to a press statement.

“After the launch, BSN will include Quorum in BSN’s training programs in 2021 to substantially accelerate the enterprise adoption of blockchain technology and Ethereum-based solutions in China,” Yifan He, CEO of Red Date Technology and the executive director of BSN Development Association, said in a statement.

“GoQuorum will also be interoperable with other permissioned frameworks and open permissioned frameworks on BSN,” He said, “building the blockchain cornerstone for the ‘new infrastructure’ in China.”

Enterprise blockchain has been given strong support from the government in China and the tech is a good fit for the country’s sprawling manufacturing landscape, he said.

China is going nuts with crypto. America needs to get its shit together.

[OneMoreRep]

There is no storm.  Yellin is going to crush BTC.  One of the whales is going to panic and sell and watch this hit $10K

I think the US Federal Reserve + the European Central Bank won't allow for an uprise of BTC for much longer. Granted, that's speculation on my part, but then again so is everything behind BTC in many ways.

The big money families behind the various central banks won't just allow for these underground digital currencies to dethrone them as the masters of the universe.

"1"

[Humble Narcissist]

I think the US Federal Reserve + the European Central Bank won't allow for an uprise of BTC for much longer. Granted, that's speculation on my part, but then again so is everything behind BTC in many ways.

The big money families behind the various central banks won't just allow for these underground digital currencies to dethrone them as the masters of the universe.

"1"

They could just pay off the inventor of Bitcoin to shut it down.

[OneMoreRep]

They could just pay off the inventor of Bitcoin to shut it down.

They could, but I don't think they would make such an obvious move.

"1"

[El Diablo Blanco]

They could just pay off the inventor of Bitcoin to shut it down.

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

[Humble Narcissist]

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

I think we will find out soon enough.

[Bindare_Dundat]

Isn't that the scary part?  Some unknown guy still holds the code for this?  What shit is he/they capable of?

Lol

[Mayday]

BTC looking very sick right now.   

My scenario was BTC to 21k then to 55k.

I’m not seeing data deviate from my model so as far as I am concerned this is still the plan.

I said the week of Feb 4th would be the bottom. We still have plenty of time, no rush.


However I’ll flag the ‘black swan’ entering the swimming pool is the CME ETH futures on the 8th Feb. this date alone could alter the data pattern and then we see BTC to 11k-14k.

In saying that, during the week of the 4th if BTC completes a pullback the futures may leave Crypto alone because they would be shorting from a Bull support position after a pullback which is not ideal.

[FitnessFrenzy]

$ 30,915.80

[Mayday]

$ 30,915.80

It broke 30k support last night

[Bindare_Dundat]

BTC looking very sick right now.   

My scenario was BTC to 21k then to 55k.

I’m not seeing data deviate from my model so as far as I am concerned this is still the plan.

I said the week of Feb 4th would be the bottom. We still have plenty of time, no rush.


However I’ll flag the ‘black swan’ entering the swimming pool is the CME ETH futures on the 8th Feb. this date alone could alter the data pattern and then we see BTC to 11k-14k.

In saying that, during the week of the 4th if BTC completes a pullback the futures may leave Crypto alone because they would be shorting from a Bull support position after a pullback which is not ideal.

So if the ethereum approval fails we see a big dip with btc as well? Thats what you're saying here? How long do you anticipate recovery?

[Mayday]

So if the ethereum approval fails we see a big dip with btc as well? Thats what you're saying here? How long do you anticipate recovery?

Apologies if I have caused some confusion in my posts. I will try and clarify.

I use a base level model then build risks/opportunities from there.

First and foremost, BTC to 21k price point whether that is a close or a wick. This is my base model for BTC.

BTC leads the market and determines the price range of ETH. If BTC goes to 21k we will see ETH around the 600-700 range. This is by base model for ETH and assumes a ratio pullback from 4.1% to around 3.1% during savage drops. Hence ETH falls faster in a pullback than BTC.

Crystal clear? Nice

From there we have 2 possible scenarios IMO:
1) a bounce from 21k and a second parabolic move
2) a large downward swing on price to 11k-14k which is a bear market move

The argument for outcome 1 is the pullback hasn’t been inline with the brutal pullbacks from parabolic runs that then caused a bear market like outcome 2. Weekly we have gone from 38.1k to 30.2k which is a 20.6% decline in 19 days. This is inline with drops that then had rallies after. Therefore this scenario gets my vote (for now).

The argument for outcome 2 is the negative action the market takes when the ETH futures come into play. We only have one data point for this which resulted in market obliteration via shorting BTC. So the odds of a crash are 1 in 1......

We therefore assume the same market action would be taken but this would be both on BTC and ETH shorts. The large holders dump coins en masse and at the same time take short positions and bleed everybody dry. It would mean the ETH ratio gets obliterated from a 0.041 position to around a 0.021 position.

The fly in the ointment for scenario 2 is the timing of the futures will be at the bottom of a pullback. The question becomes would the market really short it further? In 2017 futures were introduced at the top of a parabolic run so it was ripe for a massive short. This time it is the opposite.


Recovery:
Outcome 1 - a couple of days to bounce from 21k up to 26k-28k range and stabilise.
Outcome 2 - bear market for maybe months.

[Bindare_Dundat]

Thank you for explaining further.
I know you mentioned you don't read crypto news so I hope you don't mind if i ask your opinion on articles that suggest that after Feb 8ths decision, long term either scenerio still remains bullish for btc but short term pain might be inevitable. 

Is the long term game plan still viable?