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*** Official Bitcoin Price Discussion Thread ***

Discussion in 'Crypto Currency & Mining' started by morguk, Dec 28, 2016.

  1. Jokester

    Don

    Joined: Aug 7, 2003

    Posts: 35,302

    Location: Aberdeenshire

    It's interesting to note that about Venezuela and more so Japan - if Bitcoin reached the point of threatening national economies - would that government be in a position to take control of the network by getting 50%+ of mining capacity and destroy the trust in the system, and therefore it's value?

    All they would conceivably need to do is build a mining enterprise big enough to do so, and yes it would cost a lot of money, but if it was that or face economic ruin?
     
  2. silversurfer

    Capodecina

    Joined: Jul 13, 2004

    Posts: 17,537

    Location: Stanley Hotel, Colorado

    Its been thought of ages ago and its mostly not an issue. No because Japan isnt about mining in majority and the government supports the use of BTC. They are democratic after all, the deal with paper money is tied to massive amounts of government debt the largest in the world. They were the first to use QE.

    Venezuela bans BTC and they are using their paper money to tax their people. They are not democratic afaik. A 50% attack would be hard to do by anywhere but China as bitcoin is now centralised a bit too much into that country. This current issue is just about private individuals being a bit greedy and wanting high fees, all that means is bitcoin is replaced by another crypto coin really.
    So its not an external attack, open competition in theory is a positive and its one of the major struts to capitalist systems. The Ethereum head says the biggest negative is the delay not the event landing Aug 1st apparently just that dead air of uncertainty before the storm and when it arrives maybe its nothing. Im not sure nobody is but it'll likely have a relief rally on any reasonable outcome
     
  3. Sasahara

    Wise Guy

    Joined: Feb 12, 2009

    Posts: 2,474

    China would be the only country at the moment that could do it. Cost isn't the problem, it's acquiring enough asic equipment, there is only so much manufacturing capacity that capable of making the chips required and most of that is in china & Taiwan.
     
  4. Vertigo1

    Capodecina

    Joined: Dec 28, 2003

    Posts: 14,155

    The question is, how much lower is it likely to go. Even for those who are "sticking it out", there's the question of whether to sell and hope it tanks further before buying back in.
     
  5. illuz

    Mobster

    Joined: Apr 27, 2012

    Posts: 2,991

    I'm looking for 1.3-1.4k
     
  6. KonfuciousK

    Gangster

    Joined: Nov 4, 2015

    Posts: 109

    Location: Kilcock

    Worst case scenario could be a value bottom out of at least 50-60% near-instantly as well as classic being practically wiped out. I'm not sure if the forkers (xD) are offering an exchange rate for existing BTC holdings but that would greatly help to ensure the neo-BTC survives with a healthier value and ease transition. If the Traditionalists have a relatively fair and easy switch-over and aren't too stubborn that is. Regardless, prices of both will be significantly lower because of confidence, panic selling and those who truly believe "the end is nigh" for at the very least short to mid-term when comparing to the recent JRR Tolkien magic-levels of highs.

    In my opinion it might actually be a good time to buy into Neo-BTC around 1st/2nd, maybe using the hopefully inflated through less scandal Ethers, or whichever.
     
  7. Jokester

    Don

    Joined: Aug 7, 2003

    Posts: 35,302

    Location: Aberdeenshire

    I reckon £1000-£1100 it'll bottom out at.
     
  8. purplesky

    Gangster

    Joined: Oct 4, 2009

    Posts: 298

    If anyone knew that, they certainly wouldn't be telling anyone else. But, for the record, NOBODY knows, and anyone who says they do is just guessing. Might as well stick money on a horse.
     
  9. silversurfer

    Capodecina

    Joined: Jul 13, 2004

    Posts: 17,537

    Location: Stanley Hotel, Colorado

    1,600 on Kraken . In euros that is, thats my negative scenario. Presuming we are just waiting for August you might then see it as an oversold condition (ie. a short term buy). Problem is there is no absolutes, its always a ratio. dollar itself should have caught support recently but I believe its still weak. If dollar were strong you'd have a proper sell off
     
  10. KonfuciousK

    Gangster

    Joined: Nov 4, 2015

    Posts: 109

    Location: Kilcock

    Yeah, I agree. Market speculation is interesting and fun, but at the end of the day there is no accounting for the stupidity of people so the eventualities of the Forks, speculator madness, sell/buy stops etc. and the reactions thereafter are rather unpredictable. It's what makes the dichotomous possibility of becoming a millionaire and a pauper in one day a reality.
     
  11. Ayahuasca

    Capodecina

    Joined: Apr 23, 2014

    Posts: 13,613

    Location: COPEnhagen

    Seems to have bottomed out about £1360, already up £200 since yesterday.
     
  12. StriderX

    Capodecina

    Joined: Mar 18, 2008

    Posts: 11,962

    Surely it will bottom out again as the announcement nears.
     
  13. Legend

    Mobster

    Joined: Dec 31, 2006

    Posts: 4,564

    I expect another drop... will be amazed if it's all uphill from now.
     
  14. Karateyid

    Wise Guy

    Joined: Jun 20, 2011

    Posts: 2,010

    Yeah I thought this will be a false dawn and it will drop further before the 1st august. Question is do I have the bottle to sell and pray it drops again before rising.
     
  15. Telecaster

    Wise Guy

    Joined: Jun 17, 2012

    Posts: 2,448

    Location: Derbyshire

    Dead cat bounce?
     
  16. Karateyid

    Wise Guy

    Joined: Jun 20, 2011

    Posts: 2,010

    Seems to be recovering well at the moment. Up over £1720
     
  17. Vertigo1

    Capodecina

    Joined: Dec 28, 2003

    Posts: 14,155

    If it tops £1800, I'm selling

    EDIT: Ah just seen it did about an hour ago
     
  18. Finners

    Wise Guy

    Joined: Mar 27, 2009

    Posts: 1,908

  19. Vertigo1

    Capodecina

    Joined: Dec 28, 2003

    Posts: 14,155

  20. Deaths_Calling

    Gangster

    Joined: Jul 10, 2012

    Posts: 273

    Bounced into a rocket ship to the moooooon.

    I joke but it seems like people are feeling more positive about the potential split. From what I've read we should know what's happening before 1st August.
     


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