This isn't how money, countries, economics, banking etc. works...they can't just "take over" a coin and then its market cap becomes a representation of the economy.

The entire reason bitcoin was created an is valued (especially as an inflation hedge) is because countries devalue their currencies in times of strife to boost economic activity and for exports.

You still haven't given a plausible scenario and you are showing you don't understand money and our banking system.

never forget.

we 6k now bro. what did you say the top was? 1k?

why do you come to these threads, cryptocuck?

Because that wouldn't solve any significant problem. It's not secure. It's not politically neutral. It can't hold or transfer any real value.

I'm mystified at you two here

just got the following email: Dear GDAX Customer:

We wanted to give customers an update on two upcoming Bitcoin forks – Bitcoin Segwit2x and Bitcoin Gold. You can read more about what a digital currency fork is here and see our prior update here.

We operate by the principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events. This is essential in our mission to make GDAX the most trusted and liquid digital asset exchange.


Bitcoin Segwit2x

The Bitcoin Segwit2x fork is projected to take place on November 16th and will temporarily result in two bitcoin blockchains for some period of time. GDAX will continue referring to the current bitcoin blockchain as Bitcoin (BTC) and the forked blockchain as Bitcoin2x (B2X).

All GDAX customers will be able to trade both Bitcoin (BTC) and Bitcoin2x (B2X) within 4 hours after the fork.

Any customer with a Bitcoin (BTC) balance on GDAX at the time of the fork will be credited with an equal amount of the Bitcoin2X (B2X). No action is required – we will automatically credit your account.

For more information about Bitcoin2x please see our FAQ page and our blog post for a detailed timeline of events.


Bitcoin Gold

The Bitcoin Gold fork occurred on October 23rd. Information about this fork has been limited and there are concerns about its security and stability. As a result, we do not believe it is safe to allow support for Bitcoin Gold at this time. If the blockchain proves to be secure and valuable, GDAX may choose to support it.




I read that, I read the forums, read the lingo and can't help but to think how much I don't want to think about this stuff. if it is the future it has to become a lot easier for the common man, I am seeing that more and more. Let me swipe a card and enroll in autopay or use a dollar bill, I don't want to research 6 hours a day on the future of bitcoin or whether I should switch it for ethereum because the hard fork is coming or because one system is inferior to the other/rant

You don't have to, you can just not do anything and you'll be fine. More to the point this is a growth phase. A security test. All the elite and active devs know that bitcoin can't be usurped. It's more just annoying. But the greater community needs empirical evidence of this truth.

As this transpires, and especially when it flops, the major exchanges will get savvy and they will collectively announce they will no longer support any such fork attempts (other than emergency etc.). And so these attempts will cease to become relevant.

Agree. I'm also considering this.

I think the first 24 hours will determine the success of 2X, and they face a few problems:

1) The 2X mempool will be empty, because 2X coins will not be made immediately available and transferable to most users. Exchanges will not enable deposits or withdrawals until the 2X Blockchain is proven to be secure. In their announcement, Coinbase said they expect this to take 24-72 hours after the fork. Wallets will likely proceed with caution about splitting coins for their customers, as we saw with BCH.

2) The BTC mempool will fill quickly with transactions while users, especially exchanges, and especially especially darknet markets and mixing services, take advantage of low fees to move coins around. The rising transaction fees will draw miners back (if they ever really left) to the legacy chain. Although a caveat here is that mining pools pocket fees and distribute the BTC, not sure. Anyway, if a big exchange opens BTC transactions prior to B2X, it should be game over.

That wasn't a response to you. If they don't value those aspects of Bitcoin enough to use it, then I'm saying they won't use the technology at all. At least with TSs arguments.

So I have my bitcoin on electrum, any reference or help on how to safely convert it to bitcoin gold seeing as how the chain has split?

Obv just wanna reinvest it back into BTC.

This is what is driving the phenomenon:

https://www.cnbc.com/2017/10/24/why-...-zimbabwe.html

So your choices are:
1) Spend some time critically thinking/reading/researching till you actually understand what you're doing in this space. Be set for life and your descendants are set for life. Be secure, be adaptable, be ready for anything potentially thrown your way, because holding your private keys makes you a sovereign individual.

2) Spend that time watching TV or whatever, cash out, use dollars only, have everything be easy and done for you, and spend your life as a slave, oh and your descendants will all be slaves as well.

The common man is the common man for a reason. He will never *get it*. That's why we have homeless shelters set up and allow bums to beg on the street. Some people simply don't want to use the brain they were born with, and that's fine. They want to be junkies or just plain not have to think too hard and that's ok. We're ok with that. We're not any better as a person than them. We simply *try* to become smarter. I was born dumb, and still am very dumb. The only way you become smarter is by thinking more. IQ is not a static thing. Don't wanna "think about this stuff"? Fine. There's plenty out there who do, who will be in charge, once this wealth transfer completes.

that post was ******ed with some pretty funny presumptions. But yes, I don't want to read about nodes and white papers, I would put that really far at the bottom of my list if you asked me to write down things that fulfill me(probably somewhere near "watching tv").

dude

bitcoin is not designed to be for the common person. It's not a currency, and will likely never ever will be.


if you cant figure it out or dont have enough brain power or will power to figure it out, just sell and be done with it.

lol wow

that's fair, I will mostly be on the sidelines as I have been but I will keep my ear to the streets, or forums.

I just don't see why we've been given such a great opportunity. Why isn't this enormous potential already priced into cryptos? Can I really just kelly this and collect the 8 figure score?

Society will hand over its wealth to people who hold private keys/

I'm bummed that I missed the BTG dumping. I wanted to sell after the fork. Now it appears to be too late. Grrr. How do people sell BTG so quickly and how can I be prepared to dump B2X when that garbage collapses as well?


This doesn't make any sense considering how Bitcoin is a goto for illegal activity. Buy bitcoin with dirty money. Put it through a mixer service. Send it to some accounts. Boom, money laundered. Bitcoin is excellent for illegal activity. Especially hackers who can get coins without even being traced. Those hackers are rolling in money.

Yah, its weird. "The current situation is the future fork already" applies. So, for example, there is a premium on virgin coins. That is coins that were mined but have never moved from that original genesis. So, going forward we will see a premium on coins from before Aug 1st (called bitcoin cash, whose private keys can be extracted and sold) another one on coins from before Aug 24 (called bitcoin gold, same deal), etc etc as more forks happen going forward to the future

Black Friday was a huge mistake. Almost all of the online crushes who lost their jobs that day (most only temporarily till they relocated) are already dabbling in crypto, some are big hodlers.

its funny to read all of this.
Noosekot spreads allot of non factual stuff but more some sort of opinion.
But in general he is correct on most of his points imo.

Quote below needs more context imo.

"Bitcoin is faster, less expensive, scaled indefinitely for this purpose, and the most reliable and robust system for high value transfer in the world."

The world needs ditch diggers too

No. Those hackers and people that stole are trying to figure out how to completely wash their coins. Meanwhile the main persons behind a large amount of laundering etc, from btc-e is trying to avoid extradition to the states. Bitcoin is not good for illegal actively,, it creates an immutable public records of the transactions used. If someone is linked to the transactions is the best evidence against them there could be.

I cited nearly all of my points.

Not sure what you are asking for here. There is no missing context, I think you mean a word different than context perhaps.

noose,

what is your opinion on the capabilities of the US gov to monitor the various blockchains? i think the US gov easily has the resources to link wallets to identities. what say you?

My understanding is you would want to control the exchanges in this way, which is basically probably exactly what has been going on when each country like china and russia threatens to ban them. Probably just want agreement for oversight.

I think thats a good thing too in a way. What we want is the most honest domestically driven price from each nation, this will created an international value that will properly reflect the actual value of each fiat.

Then when you see a fiat tank in comparison but none of the other fiats are doing so, you can be assured that the driving factor is domestic to that fiat.

This sort of barometer for comparison will be the exact sort of pressure as described in the congressional research report I quoted, it exasperates the market effects on monetary policy changes and forces the banks to print money that is more in line with the underlying economic changes that their respective centrally bank currency represents.

Most bitcoiners tout what is dubbed "hyperbitcoinization" http://nakamotoinstitute.org/mempool...itcoinization/

The idea that banks and govs will hyper-inflate themselves out of business and bitcoin will take over and kill our banking system.

Its a silly silly notion, held by irrationally exuberant bitcoiners that have no real concept of how banking works. I already quoted the congressional report that explains they would simply tighten their policies.

What we will see rather, is our money around the world in different countries will increase in honesty and therefore value and eventually (asymptotically) tend towards international value stabilization with a secularly deflating nature. Bitcoiners don't like to discuss that possibility, one because they have to admit they have no idea, and two because it doesn't lead them to becoming infinitely rich etc...but as bitcoin grows to the height of the IMF and beyond the dialogue is slowly turning towards this outcome.

Noose, Do we ever see sub-$1,000 Bitcoin again?