Finance and Economics > The Money Board

Why bitcoin may never get much above $5,000 again

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David in MN:
Mmm... Well there's 2 Davids responding. The much younger David thought that the dev team acting in clear violation of Satoshi's (and I think I know who he is) white paper was acting in bad faith of the Bitcoin community. Older wiser David thinks it was just a financial crime and the gimmicks of who got what fork and when were VERY suspect.

But I take the broader point. When I got in I could mine Bitcoin on my phone. Now the power is consolodating and us early adopters have largely checked out.

So what do you guys think about the Lightning Network transaction layer?

David in MN:

--- Quote from: FreeLancer on April 01, 2019, 02:19:35 AM ---So what do you guys think about the Lightning Network transaction layer?

--- End quote ---

It's a scam. Like everything in crypto it's a scam. But this one is particularly bad. On its face it seems like a good idea because we've all gone out with friends and after a long night of dinner, a baseball game, drinks, and general good times it consolodates all transactions.

But... It also allows a big user to trade with no contact to the Blockchain. Why not just start a massive lightning network and name it the Federal Reserve?

Think of it this way... The sexy new currency isn't a currency; can't be used as a currency; isn't limited as designed due to forks; and now ignores the ledger. It's so laughably bad I couldn't have imagined a worse outcome.

But it does bring up a point, is the ledger approach to solving the double spend problem a good solution?  It seems unsustainable as it requires unrealistic distribution of processing.  As it becomes more concentrated a 51% attack is all but assured.  And the costs of maintaining the ever growing ledger makes concentration virtually inevitable.What happened to bitcoin gold seems likely to happen to the others.

So non-ledger based alternatives may have more promise. 

Speak of the devil.  Reportedly an entity made a $100 million play into bitcoin today and the price bounced off $5,000 like a brick wall had been hit.  Suggests large scale automated sells at $5k.

As side note, investors are hoping it wasn't Maduro as they definitely dont want the political ramifications of that.


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