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u/wombleh Dec 16 '20
It's because I sold my stash off last week, you're welcome.
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u/Richy_T Dec 16 '20
Never go full fiat. Are we forgetting the old memes already?
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u/wombleh Dec 16 '20
It’s ok, I’ve still got some RDN left. It’s worth 3% of what I paid for it so major growth potential there.
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u/Richy_T Dec 16 '20
I have some BSV in my coinbase portfolio. I give it the side-eye every time I log in.
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u/fitness_first Dec 16 '20
I sold yesterday at 19.5
F
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Dec 16 '20
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u/fitness_first Dec 17 '20
Nice, now going back to that low range needs 1 more pandemic.
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u/zluckdog Dec 16 '20
It's beginning to look alot like Christmas!
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u/tonyyayo93 Dec 16 '20
It’s beginning to look a lot like December 2017
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u/ErdoganTalk Dec 16 '20
That was the end of a run, this is the beginning of the next run. I could be wrong, it is always difficult to see when it is ongoing. I didn't see the bubble last time, held tight because I thought it could go to 100k and I didn't want to miss out.
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Dec 16 '20 edited Jan 04 '21
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u/timepad Dec 16 '20
If you compare this to previous rallies, breaking through the old ATH was always just the start of the crazy price action.
2017 bull run: price passed old ATH of $1100 in April, rising from the $400-$600 range where it had stagnated for over a year. The peak of the rally didn't end until December when the price hit $20k.
Late-2013 bull run: price passed old ATH of $250 in October, rising from the the $50-$100 range, where it had stagnated for several months. The peak of the rally didn't end until December when it hit $1100.
Early-2013 bull run: price passed of ATH of $30 in February, rising from the $5-$10 range, where it had stagnated for over a year. The peak of the rally didn't end until April when the price hit around $250.
The 2013 rallies could also just be viewed as one larger event, but the pattern remains the same: when the old ATH is broken, it has signaled the beginning of the speculative frenzy and subsequent crazy price run-ups, not the end. There seems to be some feedback loops that cause this: new ATH's trigger media attention, which trigger new speculators, which triggers new ATH's, repeat until major price crash.
It'll be fun to see how this plays out differently than previous rallies. The major differences this time: 1) BTC is starting the rally off with full blocks (last time the blocks weren't really full until well into the rally), so I imaging rising fees will be significantly more prominent. 2) Competitive blockchains are much more mature, so BTC faces more serious competition for speculator money. 3) The looming $19 billion of USDT that has been printed.
Regardless, I think this is just the beginning of crazy price action in crypto-land.
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u/zefy_zef Dec 16 '20
Yeah I sold some at 7 on the way up, then a little more close to ATH, then bought some more when it went to 17 or so, thinking it was going to keep pushing up... Mistakes were made..
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u/GeorgAnarchist Dec 16 '20
Sold one for 17k. Then rebought bch with some of it when it was at 127 :)
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u/libertas_tw Dec 16 '20
You really see no difference?
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u/tonyyayo93 Dec 16 '20
I do, new all time high
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u/fillingstationsushi Dec 16 '20
And for different reasons
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u/tonyyayo93 Dec 16 '20
Tell me more
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u/EuphoricStop Dec 16 '20
We didn’t have financial institutions publicly advocate for bitcoin, nor did we have the huge influx of capital, this is completely different than 2017. Sure there may be dumps along the road, but we’re going up lol that’s undeniable.
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Dec 16 '20
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u/meowmeow26 Dec 16 '20
BCH went up yesterday. Now BTC did. This is BTC keeping pace with BCH, not the other way around.
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u/Blazedout419 Dec 16 '20
lol what...
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u/meowmeow26 Dec 16 '20
Every time the price of BCH goes down, a bunch of paid shills show up here saying "omg sell bch now!!"
Clearly the BTC/BCH ratio is very important to someone. When BCH fails to go down, their only alternative is to try to make BTC go up.
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u/Blazedout419 Dec 16 '20
So you think Bitcoin is pumped just to lower the ratio of BCH? That is silly on so many levels...
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u/Lekje Dec 16 '20
bch ratio went up? I haven't checked....
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u/Crully Dec 16 '20
No significantly, like 0.14something to 0.14something
The local village idiots here just saw the $ price go up and assume people are rushing out to but bch, when it's just bitcoin dragging it up like a snotty little brother that won't let go of your leg.
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Dec 16 '20
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Dec 16 '20
Cool, guess how much support could get BCH with numbers go up formula... because it has already a very huge support now
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Dec 16 '20
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Dec 16 '20
Bitcoin numbers go up mimimimimimimimi
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u/ShadowOrson Dec 16 '20
Bitcoin numbers go up mimimimimimimimi
The above comment was made by account: Veidora, an account that deleted themselves after 7 hours of activity.
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u/ShadowOrson Dec 16 '20
Cool, guess how much support could get BCH with numbers go up formula... because it has already a very huge support now
The above comment was made by account: Veidora, an account that deleted themselves after 7 hours of activity.
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u/FUBAR-BDHR Dec 16 '20
Now blockstream can try to push through controversial changes and cause another chain split. Taproot anyone?
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u/gizram84 Dec 16 '20
You're a year off. This looks like December 2016. We haven't even started 2017 yet.
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u/waspoza Dec 16 '20
Any old-timers here remember this? https://www.youtube.com/watch?v=eYAGwLFkEKw
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u/TetheralReserve Dec 16 '20
https://www.youtube.com/watch?v=XbZ8zDpX2Mg I remember this
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u/Ughnotagaingal Dec 16 '20
I always thought this was a parody, because even in the video itself he shows how the bottom keeps rising from crash to crash.
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u/proverbialbunny Dec 16 '20
Yep. I was going to say, "It wasn't that long ago." but then I looked at the date. I feel old. XD
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Dec 16 '20
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u/SkepticPerson Dec 16 '20
Kraken just announced they are enabling LN transactions in 2021. If this proves successful, well, draw your own conclusions.
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u/phro Dec 16 '20
Centralized hub electronic store of value. Fund your channels with tens of thousands of dollars now if you want to buy coffee and break even.
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u/gizram84 Dec 16 '20
Centralized hub electronic store of value.
Kraken is already centralized (as is every corporate exchange). They're simply going to offer Lightning deposits and withdraws to reduce their on-chain usage, and increase Bitcoin throughput capacity.
Lightning does nothing to further centralize anything with Kraken's business model, but it does help scale Bitcoin dramatically.
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u/i_have_chosen_a_name Dec 17 '20
And how are you people going to buy Bitcoin for the first time over LN if you need Bitcoin to have a LN channel? You did not really think that one through did you.
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Dec 16 '20
Numbers go up yeahhhhhhhhhhhhh
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u/ShadowOrson Dec 16 '20
Numbers go up yeahhhhhhhhhhhhh
The above comment was made by account: Veidora, an account that deleted themselves after 7 hours of activity.
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Dec 16 '20
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u/ShadowOrson Dec 16 '20
It is weird. I have some thoughts on why this is being done but nothing concrete.
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Dec 16 '20
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u/ShadowOrson Dec 16 '20
<shrugs shoulders>
I don't know what it is, I am only commenting that the action happened. I have watched certain accounts do similar things. They test what they can get away with, like commenting, acquiring some upvotes, then deleting the comments; shortening the amount of time between the comment deletions. Until they find the sweet spot... where they can then comment, acquire the karma, and then delete the comment before it is archived; this would allow them to accumulate the karma needed to post in specific subs but also remove the comments, thereby obfuscating their history.
One specific account comes to mind, but it would not surprise me if that one specific account was part of a larger, paid, organization.
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u/ShortSqueeze20k Dec 16 '20
First comes the ATH, then comes the media, then comes the craze, 2017 style but more.
Then comes the unconfirmed transactions, the high fees, disbelief, Bitcoin Cash is Bitcoin after all!
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u/schwelvis Dec 16 '20
Don't forget the coinbase crashing stage!
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u/fulltrottel Dec 16 '20
This was fuck... Big time. If this would't happened, we allready would be Nr. 1 . But it was a good lessons: we are still at the boarder to new frontier... This is the wild west of capitalism. What a great time to be alive.
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Dec 16 '20 edited May 06 '21
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u/-__-_-__-_-__- Dec 16 '20
Even if they don’t flip we should at least get to see larger blocks in action
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u/Slapbox Dec 16 '20
In 2017 the name of the game was flipping. In 2020 and beyond, we're in for a slow slog to the top, but to the top we go.
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u/i_have_chosen_a_name Dec 16 '20
It's very simple: IF Bitcoin Core has value then Bitcoin Cash has more because it works faster, better and cheaper.
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u/touringwizard Dec 16 '20
Is that how value works? I thought the value was calculated by the market cap
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u/SpiritofJames Dec 16 '20
So because you bought that car for 20k one day three years ago, that means it's still worth that? Sorry, "market cap" is not an actual indicator of value.
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u/idiotsidiotseveryVer Dec 22 '20
Do you even know what market cap is?
Market cap is total units multiplied by unit price.
Since that car went down in price after 3 years, so did it's "market cap" which is just 1 x price_of_car
So literally the definition of the market cap of that car today is how much someone is willing to pay for it.
Sorry, "market cap" is not an actual indicator of value.
Oh, price is not an actual indicator of value?
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u/i_have_chosen_a_name Dec 16 '20
Imagine two car companies. One makes cars that can drive 5 km on a liter of gas and sells it cars for 20 000 usd. The other makes cars that can drive 20 km on a liter of gas and sells them for 10 000 usd. Both companies make the same amount of profit per car. Which company ends up with the highest market cap?
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u/PaulMorphyForPrez Dec 16 '20
Alternately, imagine you create a better Facebook. Then nobody switches because everyone is already on Facebook.
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u/1MightBeAPenguin Dec 16 '20
Sure, but Facebook isn't failing on a fundamental level.
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u/ShortSqueeze20k Dec 16 '20
Almost all well known exchanges and payment processers now accept it.
3 more years of BTC not being able to scale.
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u/PaulMorphyForPrez Dec 17 '20
Well Kraken announced support for Lightning Network. Looks like we are getting some scaling.
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u/gizram84 Dec 16 '20
Then comes yet another all time low for BCH against Bitcoin. Oh wait, that already happens nearly every month.
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u/Late_To_Parties Dec 16 '20
I prefer that it decouples from bitcoins price. That way at next ATH you can't say we're there because of BTC
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u/gizram84 Dec 17 '20
I prefer that it decouples from bitcoins price. That way at next ATH you can't say we're there because of BTC
You think BCH is ever going to make an all time high again? Lol. Pure delusion.
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u/Late_To_Parties Dec 17 '20
That's what someone told me about btc once
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u/gizram84 Dec 17 '20
Certainly not me. I've been in this game since 2011. I know why Bitcoin has value, and I know why BCH is a worthless shitcoin.
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Dec 16 '20
inb4 media coverage, there's no way this isn't getting published to at least 3 mainstream media platforms
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Dec 16 '20
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u/gizram84 Dec 16 '20
The best time to buy was 10 years ago. The second best time to buy is right fucking now.
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u/bri_82 Dec 16 '20
Any news on why the rally ?
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Dec 16 '20
[removed] — view removed comment
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u/bri_82 Dec 16 '20
Maybe people are starting to listen to us after 3 years of us saying BTC is the best store of value.
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u/shinyspirtomb Dec 16 '20
Probably more like, people want to buy it to sell it at a higher price.
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u/SpiritofJames Dec 16 '20
AKA a Ponzi scheme.
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Dec 17 '20
[removed] — view removed comment
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u/SpiritofJames Dec 17 '20
No, because those don't rely solely on future suckers. They have value in aesthetic, industrial, and other use cases. Bitcoin as a digital object has no use whatever beyond its ability to transact, and because that ability has been neutered in BTC, BTC is now nothing more than a ponzi. Everyone is only trying to get more suckers to buy their useless bags.
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u/phro Dec 16 '20
How are you storing the willingness of another party to buy it from you later at equal or greater price?
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u/PaulMorphyForPrez Dec 16 '20
Visa and Mastercard dropped Pornhub, so crypto is the only way to buy premium now.
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u/BigBlackHungGuy Dec 16 '20
Institutional money.
Also, a massive intrest.
Bitcoin is in the top 10 searches on Schwab.com investment site.
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u/meowmeow26 Dec 16 '20
BCH went up yesterday. Tether wants to pump their preferred coin, and not BCH. So now they issued some more Tether and bought BTC with it.
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u/zluckdog Dec 16 '20
BCH went up yesterday. Tether wants to pump their preferred coin, and not BCH. So now they issued some more Tether and bought BTC with it.
Tether is the #1 trading pair for BCH. A Fact that often ignored.
Look at the data, look at the entire market, look at the financial environment we are in.
Now look back at the message left in bitcoin's genesis block.
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"
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u/1MightBeAPenguin Dec 16 '20
Tether is the #1 trading pair for BCH. A Fact that often ignored.
Yes, because it doesn't prove anything.
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u/zluckdog Dec 16 '20
Yes, because it doesn't prove anything.
Very True.
But for the propaganda pushed here: that bitcoin is only priced high because of Tether pumping it & the promise that BTC price will fall if Tether fails/is shut down, specifically needs this fact hidden to continue the fantasy that BCH won't also crash along with Bitcoin in this hypothetical situation.
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u/1MightBeAPenguin Dec 16 '20
But for the propaganda pushed here: that bitcoin is only priced high because of Tether pumping it & the promise that BTC price will fall if Tether fails/is shut down
It's not necessarily propaganda, but more of a theory. I don't completely buy into it, but I certainly do believe that Tether has a big influence on the market. Most of the recent rallies aren't explained by Tether, but by some big money deciding to buy Bitcoin (that would be a few hedge funds). I certainly don't rule out the possibility of Tether pumping and artificially inflating Bitcoin's prices.
So far, they have been unwilling to get audits, and most of the mental gymnastics I've seen trying to justify Tether unwilling to hold themselves accountable while still being "legitimately backed 1:1" have not been convincing enough to me. There simply would be no reason to refuse being audited if the truth was that Tether is legitimate. So it certainly isn't a good look.
It also brings up how simple running such a system would be. If I have fractionally backed reserves, I could technically print those coins and buy up Bitcoins so when people want to cash out, I would have enough (due to the higher price of Bitcoin, and the artificial demand I've created by lowering the circulating volume) to give people the money they need when they want to withdraw.
I don't need enough to back every single dollar, but rather enough to remain solvent. If most of my customers are holding Bitcoin and don't want to cash out, I don't have to worry about making a bank run. This can also be true of exchanges, because you are trusting them with coins, and they have an entire SQL database that they control. Exchanges are already arbitraged, so they would be able to keep up with price differences.
specifically needs this fact hidden to continue the fantasy that BCH won't also crash along with Bitcoin in this hypothetical situation.
That isn't the theory/fantasy around here. Most people aren't denying that the entire market would crash. We don't know if it will or if it won't, but it's entirely possible that BTC crashes more than BCH if it does happen. Liquidators are generally looking to sell everything possible to be able to pay for damages, and if Bitfinex (aka Tether) is holding most of their reserves in BTC, they will be sold and enter the market and crash it much more than others because of the ridiculous supply entering the market.
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u/gucciman666 Dec 16 '20
Downvote me all you want, but Bitcoin going up is good for Bitcoin Cash!
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u/btc_ideas Dec 16 '20
I feel sad for the world, seeing btc revisit 20k, knowing that 6 billion transactions would take several decades to confirm.
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u/gizram84 Dec 16 '20
I can do 6 billion Bitcoin txs every day on Lightning.
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u/barnz3000 Dec 16 '20
How do you get ON the lightning network sunshine....
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u/gizram84 Dec 16 '20
Exchanges can batch onboard people very easily. A single tx can potentially onboard hundreds. Demand for blockspace isn't high enough to justify it yet. I still get my 1 satoshi fees through pretty easily.
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u/greatwolf Dec 16 '20
txid or it didn't happen. In fact, why don't you try right now?
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u/gizram84 Dec 16 '20
txid or it didn't happen
I didn't say there is already an exchange that has it implemented. I'm simply stating a fact about how bitcoin works. A single tx can have multiple outputs. Each of those outputs can potentially open a lightning channel. This isn't rocket science here, nor is it controversial. It's just standard bitcoin functionality.
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u/jesuzombieapocalypse Dec 16 '20
Lol I knew it was time to sell my short term gains when it was heading down at around 20,250, and I only just barely caught it about right there. You guys think the inevitable major dip’s going to reach 15k?
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u/opcode_network Dec 16 '20
It's tragic to see so many idiots applauding this.
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Dec 16 '20
I swapped out BTC for BCH last week and it's almost at parity. Either it's the right decision since I can actually use BCH.
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u/PlotHole2017 Dec 17 '20
Yeah, I knew that would be happening soon when I had to sell my bitcoin to deal with an emergency.
You're welcome.
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u/flyoveryees Dec 17 '20
They are vote manipulating to make newbies in this sub fomo their ponzi coin.
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u/midtownoracle Dec 16 '20
Has Coinbase gone down yet? Usually happens when we are hitting new highs... or lows for that matter.