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Offline JoeyD


This article puts into words one of the fears I've been talking about now and then on these forums.

I've been worrying about how to fight the banks with their endless supply of silly-money and what they can do to the market.

The second attack vector I fear are the Wall Street traders who'd love to slaughter these naive idealists and suck out all their efforts to keep bitcoin price up. I imagine traders would love easy pickings like those.

As a caveat, I might be influenced into wanting to see a more rational explanation to the completely irrational market and maybe I also have some sentimental urges of wanting to have some faith in humanity as a whole and not wanting to see it as a completely irrational entity.

Offline davidpbrown

Re: What are the chances that this is an attack by threatened old boys?
« Reply #1 on: January 14, 2015, 11:34:48 AM »
I don't expect ye old banking worries too much about Bitcoin.. it's a curiousity for them right now. They'll react and spend time on it once legislation is suggesting direction. Otherwise it's wasted energy for them. Any reasonable size bankster firm is going to be dealing in more than the value of the entire Bitcoin market.. they deal in Trillions of funny money. When the threat emerges from old banking, if it isn't Government being dull, it'll more likely be a competitor like Ripple. Contending with that will be a matter of evidencing skills and that code is robust and open source, relative to their likely choice of closed source and noob skills. It's possible that a sensible old banking power might opt to adopt an existing skill set.. like Overstock has done ahead of time working with CounterParty. I suppose there might be a threat from old non-banking third parties pushing for restrictive legislation - like music industry not wanting to see PeerTracks.

Everything is a stress for BTC atm. PoW costs a fortune; merchants are accepting fiat in exchange for BTC; new coins from miners continue at the same rate as ever; and really the number of people using it isn't keeping up. Any big sell is more likely to be a miner covering costs. I'd expect a number of waves of uptake that follow from the media noting that Bitcoin is cheap.. blockchain tech's fundamental's are strong.. I just hope that PoW and block size doesn't blow Bitcoin apart as BitShares and others are not visible enough yet to be a choice for most new users. We need a wallet that is fool-proof and translated and marketing voice that everyone can here.
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Offline JoeyD

Re: What are the chances that this is an attack by threatened old boys?
« Reply #2 on: January 14, 2015, 11:43:33 AM »
Yeah crypto is minuscule, a former minister of finance in the Netherlands "lost" over three times bitcoins marketcap at its all time high during the bank-bailouts and he doesn't seem all that bothered by it either.

But the banks are looking into bitcoin and it's tech, that I know for sure, at least the big banks in the Netherlands already admitted that they are doing so.

I also agree that the bitcoin-parent needs to survive just a little longer to make sure it's fostered projects have a chance to fly on their own.
« Last Edit: January 14, 2015, 11:45:05 AM by JoeyD »

Offline Rune

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Re: What are the chances that this is an attack by threatened old boys?
« Reply #3 on: January 14, 2015, 11:54:29 AM »
Bitstamp coins and cryptodouble coins are probably getting dumped on the market. And people are starting to wisen up to the unsustainability of the grand proof of waste donation scheme that bitcoin is.

Offline svk

Re: What are the chances that this is an attack by threatened old boys?
« Reply #4 on: January 14, 2015, 11:57:23 AM »
Bitstamp coins and cryptodouble coins are probably getting dumped on the market. And people are starting to wisen up to the unsustainability of the grand proof of waste donation scheme that bitcoin is.

Indeed, this article is surprisingly cogent on the issue of mining:

http://www.coindesk.com/bitcoin-price-continues-fall-breaks-200-mark/
Worker: dev.bitsharesblocks

Offline CLains

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Re: What are the chances that this is an attack by threatened old boys?
« Reply #5 on: January 14, 2015, 12:26:14 PM »
It is useful to keep in mind how people profit from market movements:

If there is an opportunity for a pump, someone will likely pump it,
If there is an opportunity for a dump, someone will likely dump it,

What does it mean for there to be an opportunity? Chart aesthetics, FUD potential, News, ..

Offline xeroc

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Re: What are the chances that this is an attack by threatened old boys?
« Reply #6 on: January 14, 2015, 12:30:41 PM »
Bitstamp coins and cryptodouble coins are probably getting dumped on the market. And people are starting to wisen up to the unsustainability of the grand proof of waste donation scheme that bitcoin is.

Indeed, this article is surprisingly cogent on the issue of mining:

http://www.coindesk.com/bitcoin-price-continues-fall-breaks-200-mark/
This articles should end with
... BitShare community told you first
or
... BM told you first
8)
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline svk

Re: What are the chances that this is an attack by threatened old boys?
« Reply #7 on: January 14, 2015, 12:37:18 PM »
Bitstamp coins and cryptodouble coins are probably getting dumped on the market. And people are starting to wisen up to the unsustainability of the grand proof of waste donation scheme that bitcoin is.

Indeed, this article is surprisingly cogent on the issue of mining:

http://www.coindesk.com/bitcoin-price-continues-fall-breaks-200-mark/
This articles should end with
... BitShare community told you first
or
... BM told you first
8)
Haha I was thinking the same thing :)
Worker: dev.bitsharesblocks


Offline hpenvy2

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Offline fluxer555

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Re: What are the chances that this is an attack by threatened old boys?
« Reply #11 on: January 15, 2015, 05:01:40 PM »
BTS: flux-tips

 

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