Could bearwhale be Asic Miner? : BitcoinMarkets

Failure, Chaos, & Bad Decisions: Why Dash's Horrible 2019 Means It Won't Survive 2020

I. Failure
In 2019, LATAM scammers ripped off Dash's treasury for 1000s of coins while providiing fake adoption statistics and embezzling money intended to save poor starving Venezuelan babies.
In 2019, Dash continued its free fall in marketcap rank, plunging to 27 from a high of 3. Once 5 times Monero's marketcap, Dash is by global free market consensus now valued at less than 50% of Monero, and may soon succumb to DogeCoin, a joke currency based on a dead 2013 meme. Measrued against the standard for altcoins, the once-hopeful 2 ETH for 1 Dash rate has surrendered unconditionally to Dash-breaking bearwhales - 1 Dash is worth less than 1/3 of an ETH now.
In 2019, Dash shills tried changing the subject from the "existential crisis" caused by DCG's failed Evolution Roadmap to other coins' cryptowinter vacations or fake & gamed metrics like tx/day, ignoring the obvious fact that Dash's singularly weak fundamentals and price collapsed in terms of Bitcoin, gold, fiat, and all other Top 25 altcoins.
In 2019, Dash shamefully abandoned tried-and-true Nakamoto Consensus with a cheap, gimmicky "Chainlocks" version of Peercoin's good old-fashioned checkpoints.
In 2019, Dash Core's chosen PR firm, Shift Communications, was a huge disappointment as it failed to engage the community, mitigate public relations disasters like MooCowMoo, or direct attention to EvoNet Platform's Open House. Dash Core also suffered the humiliation of being forced to de-endorse their own Shift Communication proposal, asking MNOs to vote down yet another money-wasting, bloated-corporation-imitating Core brainchild.
In 2019, Dash's identity as "Shitcoin of the year" was confirmed after being called out as a scam by the Crypto Vigilante Group due to the instamine, centralized mangement+control, and slow+broken privacy.
In 2019, Dash's support from Jeff Berwick's Dollar Vigilante Group turned very bearish to to their increased awareness of Dash's instamine and broken privacy.
In 2019, Dash was listed by Coinbase, raising hopes the Number might Go Up. But nobody actually cared about Dash on Coinbase, so nothing happened afterwards to change the market's opinion that Dash is worth less than a cold sack of puke.
In 2019, Dash's PrivateSend feature-cum-liability was broken by crypto research specialist u/Flenst, just as many exchanges were delisting Dash beause of its prior marketing under the old Darkcoin brand.
II Chaos
In 2019, every week wealthy Masternode owners dumped their 7200 "free" Dash, without returning anything for it to Dash's primary buyers. As the compounded Instamine Masternode poopulation grew, the market's ability to bear that overhead simply imploded.
In 2019, Dash went from weak to weaker as falling prices and severe reputation damage thanks to Macrochip & Moocowmoo resulted in budget shortfalls for Core Group Inc, intensifing toxic conflict over who must suffer additional austerity measures. Meanwhile Dash's competitors had great years and their devs wrote AND SHIPPED amazing code, such as Cardano releasing its (absolute madhouse of an) Incentivized Shelley Staking Testnet, Monero putting RandomX into production, and Decred adding state-of-the-art CoinShuffle++.
In 2019, DASH became a nightmare of change discussion and negativity. Instead of an Evolution product demo at the Open House, CEO Ryan Taylor plopped out a FUD turd and then proceded to roll around in it while all 15 people watching recoiled in horror and disgust. Markets hate uncertainty, so Dash Core's confusing new mission of endless scope creep, bikeshedding, and self re-invention only exacerbated existing negative investor sentiment.
III Bad Decisions
In 2019, Dash's increasinly desperate and centralized management+control (AKA spork-key hodler) entity, DCG, having lost hope in ever being competitive with successfull PoW-backed hard money cryptoassets like BTC/LTC/XMR, annouced a shocking, narrative-abandoning pivot to exploring Proof Of Stake options (as well as stripping X11 miners of their fair share of coinbase asset allocation).
In 2019, Dash's CEO ruined the years-overdue Evolution Open House by inciting a massive, controversial discussion after unilaterally declaring Dash is "overpaying" for Nakamoto Consensus PoW security.
In 2019, Dash's long-awaited Evolution release Open House featured no actual product demo as Liz's embarrassingly cringe EvoNet slideshow openly annouced Evolution has devolved into a Zero-Calorie Nothingburger with Vaporware Fries and Lite Ketchup.
In 2019, Dash's established coinbase reward allocation and PoW/PoSe consensus mechanism degenerated into a discussion of which Calvinhash Protocol[1] would fix Dash's massive technical and cultural debt problems, thereby making its Number Go Up.
[1] Calvinhash is a protocol invented by Evan at Dash Labs during an especially intense and lavishly provisioned Psytrance party "research" experience/experiment. Calvinhash has no rules; the miners, stakers, and Instamined DCG Masternodes make up their own rules as they go along, ensureing no Calvinhash proof-of-work, block size limit, consensus mechanism, or block reward is like another. 
submitted by henrygeorgist to DashUncensored [link] [comments]

I feel like a war-torn vet in a room full of new recruits.

I've been in cryptos since 2011. I know some have been here longer. Respect to you all.
tl;dr "I've seen some shit."
The company I originally bought my bitcoins from (for $10, biting my nails at a Walmart customer service counter), BitInstant, was shut down and it's founder was jailed.
I bought mining hardware through Butterfly Labs. I didn't receive my miners till it was too late, and I was never able to recoup my cost. The company was shut down and they reached a settlement with the FTC.
I managed to get my remaining coins out of Mt Gox shortly before it too went belly-up, its founder charged with embezzlement.
I perused the Silk Road before it was shut down and Ross Ulbricht was imprisoned. (I never bought drugs; only found the site to be to be an incredible experiment in freedom.)
Although I did not participate, I was there when Bitfinex was hacked, and when ether forked from DAO. And on, and on, and on...
I've seen bubbles come and go. I've seen diarrhea-inducing volatility. I've abandoned all sense of price normalcy.
I was literally there watching my screen when the BearWhale was slain. I've hodled. I know what it means to be "gentlemen." I know the difference between a Satoshi and a Dorian. I've seen Bitcoin die a hundred times.
I've seen the Bitcoin community grow toxic over scaling. I've seen censorship, division, and alienation. I've seen some cryptos rise to be worthy contenders to Bitcoin's dominance, and I've seen others turn to dust.
I've also made life-changing profits.
These growing pains aren't going to cease any time soon. You don't survive as an early adopter in this space unless you stay on your toes and take the appropriate precautions. I can't stress this enough.
The truth is, it's fucking stressful. I spend hours and hours researching and worrying about what I should do. Just last night I dreamt our house burned down and I lost everything. Not just that, but "loose lips sink ships" so to speak. Sometimes I think I should just shut up about it all.
But I ain't done riding this wave. It's moon or bust. And I'm proud to be a part of the cryptocurrency community.
submitted by dernialzertski to Bitcoin [link] [comments]

The legacy of Bitcoin as BearWhale

The legacy of Bitcoin as BearWhale submitted by Lukovka to btc [link] [comments]

I almost gave up...

I've been hodling and adding to my stash since 2012. Went through the Gox debacle, Silk Road, inputs.io, slaying of the bearwhale, BitLicense, ETF, and countless ups and downs.
In the beginning, I tried trading on Gox, but always got lost in the FUD, emotion what I began to realize was manipulation. And I realized that I had no skill in playing that game. Except one skill. I had faith based on a deep understanding of what bitcoin was.
I read the whitepaper. I understood the implications and bought in. (Thank you Orlin Grabbe, RIP) So I bought more.
I bought in through dwolla/Gox, bit-instant/ZipZap, localbitcoins, etc. And I kept buying. I mixed my coins (losing a chunk to Coinlender), traded gold for coins on Agora, and kept building my hodlings while putting them in cold encrypted storage. Never sell was my motto, and I watched what was about a $20K gamble/investment grow to much much more. Enough to retire.
I watched the price constantly. Wake up at night, check the price. Wake up in the morning, check the price. And I read all of the news, the blogs, reddit (both /btc and /bitcoin, and others). I invested my Roth in GBTC. My wife's as well. I told my mainstream friends about bitcoin. All who told me I was crazy. Maybe a little I admitted.
Satoshi said it would either be worth 0 or be very valuable. I chose to believe the latter.
But recently I got discouraged. The civil war was real. Both sides bloodied, with hidden agendas following hidden money. Sock puppets manipulating opinion, threats by miners to fork and jump ship. Doom and gloom. Price crashes, big bear predictions, doom is nigh!
And I almost gave up. Almost imported my cold coins to sell. Then I saw through the fog of war. Bitcoin is anti-fragile. ANTI-FRAGILE. Weak hands sell. Traders and whales sell/buy. Manipulators buy/sell. Maybe after the next halving, I'll sell. But not now. I'll continue to hodl. Maybe even buy some more.
Just thought I'd share.
submitted by drs254 to Bitcoin [link] [comments]

Removed comments/submissions for /u/jigaxx

Hi jigaxx, you're not shadowbanned, but 37 of your most recent 90 comments/submissions were removed. They may be removed automatically by spam filters and not necessarily by human moderators.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - August 10, 2018", (10 Aug 18):
Indeed, they are telling me that my eos tokens are worthless now because I didn't register my tokens on time. I was one of the really early investors on their platform. All gone just like that. What a...
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Thanks! You're the man.
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Yep, looks like it
Comment (1pts) in garlicoin, "Forgive me for I have killed somany garlic.", (20 Jul 18):
Hey friend, no worries. I'll give you the 761 garlic if you tell me how you're going to back them up.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 17, 2018", (18 Jul 18):
I've been sucker punched too many times by pumps like these. I'm staying skeptical for now.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 11, 2018", (11 Jul 18):
What a fucking nightmare!
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 22, 2018", (23 Jun 18):
Oh yeah. Sit down and let me tell you a story about the bearwhale fight at $300
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 12, 2018", (13 Jun 18):
I know, it feels like the downtrend from early 2014 but this one feels waay worse and artificial. Almost like everyone is being waterboarded.
Comment (1pts) in nanocurrency, "feels like it's the same with Nano..", (10 Apr 18):
RemindMe! 3 Years
Comment (1pts) in CryptoCurrency, "List of dividend-paying cryptos", (06 Nov 17):
COSS and Kucoin
Comment (1pts) in CryptoCurrency, "Anything similar to tether?", (16 Jul 17):
Nubits
Comment (1pts) in videos, "When a male gymnastic coach tries uneven bars.", (20 Dec 14):
10
Comment (1pts) in Bitcoin, "I love this man: If you've never heard of Bitcoin, "get...", (09 Dec 14):
Right, that enthusiasm. He even forgot to take a puff puff from his weed and the thing went out.
Comment (1pts) in explainlikeimfive, "ELI5: What is the best way/position for humans to sleep? It...", (21 Nov 14):
Lean on the wall.
Comment (1pts) in dogecoin, "The Count Down to the Biggest storm in Doge History has...", (09 Nov 14):
Battle Creek here
Comment (1pts) in Music, "What was the last actual compact disc (not download) you...", (08 Nov 14):
50 cent - Get Rich Or Die Tryin. Year: 2003.
Comment (1pts) in dogecoin, "Doges of the world! [OC!]", (11 Oct 14):
Africa?
Comment (1pts) in dogecoin, "Dear whales leaving our currency...", (08 Aug 14):
Whales? More like bottom feeders. They get higher profit margins when the prices are low but now I think they've realized the consequences of pressuring the prices towards the bottom. Miners are findi...
Comment (1pts) in dogecoin, "I guess we might see bitcoin race against dogecoin...", (25 Jul 14):
Seal of approval. It means our community is highly regarded by BTC. This imitation is flattering.
Comment (1pts) in dogecoin, "First they ignore you, then they laugh at you, then they...", (16 Jul 14):
First they ignore you, then they laugh at you, then they fight you, then you wow!
Comment (1pts) in flappycoin, "FlappyCoin Qt Wallet 2.0.0 released", (23 Mar 14):
Hello dev. Please follow the instructions from the link below to fix the "libgcc_s_dw2-1.dll" issue: http://stackoverflow.com/questions/4702732/the-program-cant-start-because-libgcc-s-dw2-1-dll-is-mis...
Comment (1pts) in flappycoin, "I will buy 1 million flaps for 300 doge.", (22 Mar 14):
1 dogecoin = about 123 satoshis
1 flappycoin = 1 satoshi (at current market price)
300 dogecoin = 300 X 123 (which comes out to about 36,900 flappycoin)
Your 300 Doge will get you 36,900 flappy. Wh...
Comment (1pts) in flappycoin, "Stop selling You %@[email protected]", (16 Mar 14):
He's talking about the dipshits selling so low and pilling a huge sell wall and crippling the coin.
Comment (1pts) in flappycoin, "Lets bring up the value of Flappycoin!!!!!!", (05 Mar 14):
Check out Flappy Party. It is a Flappy Bird gambling ring using bitcoin. If we could get them to accept Flappycoin, it will increase our transaction volume.
Comment (1pts) in dogecoin, "Want Coinkite to accept Dogecoin? First to ฿25 wins!", (14 Feb 14):
Did Bitcoin and Litecoin have to pay to be included? If the answer is no, then we shouldn't have to either.
Comment (1pts) in science, "Be Happier: Spend More Money on Others " ... Psychologists...", (06 Feb 14):
I think this phenomenon is happening on a massive scale at /dogecoin
Comment (1pts) in dogecoin, "I love you all my dear shibes <3 :)", (01 Feb 14):
Am I welcome too?
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Behold, we are witnessing the birth of a killer app.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
I am not sure if anyone really understands the gravity of this. This is going to be similar to how the M-Pesa system revolutionized finance in East Africa.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Tanzania (+255)
Comment (1pts) in dogecoin, "Just found our ticket to the moon", (22 Jan 14):
Yes yes yes! Shut up and take my doge.
Comment (1pts) in dogecoin, "Just wanted everyone to see this link showing our progress...", (20 Jan 14):
Just donated, hope too see them at the Olympics. It would be nice if they could somehow promote dogecoin at the olympics.
Comment (1pts) in explainlikeimfive, "ELI5: Whats the difference between () [] and {} ?", (07 Dec 13):
public class HelloReddit { public static void main(String[] args) { System.out.println("[The] Magic bean store (where my buddy Jerry used to work until he ate too much merchandise: {beans, ornamental ...
Comment (1pts) in gifs, "Downhill longboarding.", (05 Nov 13):
Claremont is another great video
Comment (1pts) in videos, ["Russell Brand Hilariously Embarrases Morning Show H
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

Open Letter From a Casual Investor

Dear Bitcoin community (all of it),
I've been investing in Bitcoin since 2012 and have seen many ups and downs over the past 5 years. I was a big believer for a while, I stuck around during the last hardfork, during the Mt. Gox collapse, during the dark days of the Bearwhale, during the Paycoin/GAW scam, after Mike Hearn's rage-quit — point is, I've been around.
Like most people, I have a pretty minimal understanding of the underlying cryptography and code of Bitcoin itself. I'm in this for two reasons:
  1. I like the idea of a currency that is governed by math, not governments.
  2. I have so far made money on it and believe I can make more as the idea takes deeper and deeper root.
Now, here's the thing: Bitcoin is getting harder and harder to use. I can't just send Bitcoins to someone anymore. I've stopped evangelizing about it because I don't want to get embarrassed by a 40-minute transaction and because I don't want to pay a dollar to send a dollar.
I don't care what fixes it. But right now, it's broken as far as the average user concerned.
Segwit, to be honest, sounds like an unnecessarily complex 'solution' that may or may not address the issue. But raising the block size limit (ideally making it dynamic) just sounds like the best, most practical solution to a person like me who does not have the time or inclination to read through scores of scientific whitepapers or scour line after line of code.
My point is this: I'm not buying Bitcoins anymore. In fact, I'm shorting them heavily. Ethereum is the new game in town, and right now, it's on track to win out long term. Because: 1. It's not broken. If I send Ether, it arrives. 2. The fees aren't out of control. A few cents — as it should be. I'm not being punished for actually using the coin. 3. Devs listen to the community. Not the other way around. 4. They had the balls to fork.
The DAO incident and the ensuing debate over Ethereum Classic were settled. The Ethereum blockchain is fine and Ethereum Classic is becoming a footnote for the hardliners to rally around.
So, to the BU/Classic devs, I say the time has come. This has gone on entirely too long. Quit waiting for permission from the Chinese miners. They are after a fee market and will draw it out as long as they can. The first rule of economics: "People will do what they are incentivized to do.".
The power of Bitcoin's persuasion does not lie in its hashing power. It lies in investors and users like me. If we have a useful coin, we will turn it into a profitable coin, which will make it a coin worth mining.
We're not going to settle this with anything other than a fork. "Consensus" will only come when there are actually two options. So, let's do it. Let's take the short term hit to the price by releasing this thing into the wild.
The better coin will win out eventually. Be it Segwit, BU/Classic, or Ethereum, or Monero, or Litecoin, or any other coin out there.
I personally think it may already be too late, but the time has long since come.
Bitcoin must evolve now or die a slow death.
submitted by The_Ugliest_Man_Ever to btc [link] [comments]

Where Art Thou, Bullwhale? Or, Why I Am Disappointed in the Markets Lately

I have to say, I'm a bit disappointed in the markets lately. In order to be able to say that here, though, I'll have to include a paragraph or two's worth of disclaimers throughout to head off some of the most popular retorts. Please, allow me to elucidate, and in the process indulge in a lazy Sunday thought experiment:
I'm disappointed, not because the Bearwhale entity is back (after smartly waiting for the market to unwind some pent-up bullish exuberance), but mainly because the market isn't doing a damn thing about it. Again. I've bemoaned this situation in the past, but I don't think I clarified my views well enough. If I may, I'd like to take another shot:
The Bearwhale's strength seems to be that that their actions, when present, serve to either establish or reinforce the prevailing downtrend. That trend is then followed by the herd, who have been conditioned so many times that "the trend is their friend" that most don't even think twice about it. While this seems to be the main feedback loop that the Bearwhale relies on, the downtrend is also further exacerbated by the constant selling pressure from miners, as well as hodlers loaning their BTC out for crumbs (not realizing that their collective actions serve to devalue their holdings way more than those crumbs they receive in return).
While the Bearwhale entity's goals are nearly impossible to determine with any confidence, their tactics are certainly to be admired. They are taking great advantage of some very powerful market forces—the reflexivity of the market, combined with the "tragedy of the commons" inherent in two areas: mining, and availability of margin—to effectively corner the market downwards for their benefit.
To be clear: this isn't the part I'm disappointed in, though. The fact that they're back and are continuing doesn't surprise me, either, given not only that they've been doing it so effectively and for so long, but also that exactly this sort of behavior was predicted almost three years ago:
Bitcoin takes the monetary system back essentially a hundred years. We know how to beat that system. In fact, we know how to nuke it for profit. Bitcoin is volatile, inherently deflationary and has no lender of last resort. Cornering and squeezing would work well - they use mass in a finite trading space. Modern predatory algos [...] would rapidly wreak havoc.
So, while I am weary of the effects of the Bearwhale's actions this year, I am neither disappointed nor surprised by them. After all, as Right_In-The-Pussy astutely pointed out, "free market something something". What I am disappointed by, though, is that no entity or entities in this glorious free market, throughout all this time, have deemed the situation worthy of responding by putting the screws to the Bearwhale in return.
(At this point, a commotion is heard as a hundred traders rush to leave comments filled with scathing retorts of smart-assery.)
Now, hear me out here, folks.
Let's first take a step back, and examine the situation at large:
If we surmise that the Bearwhale operates roughly as laid out above (and more or less as speculated throughout this forum) it is probably fairly safe to assume that "the beatings will continue until morale improves"; that is, that they will probably keep up their dumping scheme unless and until the market pushes back strongly enough to convince them that the support is no longer worth fighting at that level.
This is a grim prospect for Bitcoin, because the longer this keeps up and the lower we go, the less likely it will seem to be that the Bearwhale is benevolent (i.e. manipulating out of self-interest or related motives, but ultimately interested in and aligned with Bitcoin's long-term success). It becomes exceedingly likely that they are purely profit-driven, and will have no qualms about trying to drive the price straight into the ground. As has been noted many times on this forum and elsewhere, this can and will wreak havoc on the entire ecosystem: mining, merchants, VC investments, adoption, exchanges...you name it.
Which is why, when the Bearwhale continued to push the market downwards into the lower $300s and beyond (with more and more traders gleefully shorting alongside them), I posted this:
It's really less about profit, and more about the ratio of profit vs. progress. These days, there's too much of the former going on at the expense of the latter, and nobody seems too worried about offing the golden goose in the process.
At these price levels, we are starting to exceed certain tolerances; Bitcoin may be Honey Badger, but Honey Badger can't continue to lose this much blood without feeling some very negative long-term effects. As we continue to slide, Bitcoin's prospects (first growth, then viability in general) increasingly come into question.
So, the question that should be on the mind of all Bitcoin faithful is: what can be done about this? The situation is grim: hodlers are stuffed to the gills and despondent, miners are only as faithful as the protocol forces them to be (100 blocks), margin trading is toothpaste that can't be put back in the tube, and the ten-month downtrend is a positive feedback loop that almost ceaselessly continues to spread pain and suffering....

Enter the Bullwhale: the Hero We Don't Deserve, but the One We Need Right Now

Ok, fine...we don't need a Bullwhale—the markets at large could (and probably eventually will) coalesce like a school of fish around some "way too low" price point, establish unyielding support, and send a resounding message (as happened recently at $300). In the meantime, we could all wait around and see how low the Bearwhale will take us, and what sorts of very unfortunate things happen in the interim as a result. One way or another, Bitcoin will most likely survive...and the scars will add character, right?
But gosh, we certainly could use a Bullwhale's help here. We could use some now more than ever, but really, we needed one ever since the Bearwhale got started putting their boot to the market's neck earlier this year. Hell, a Bullwhale's job would have been much easier back then—having at their disposal a vast army of bubble believers and lunar lunatics which has since then gradually eroded. In the interim, bulls have not just been decimated, but almost put on the endangered species list at this point.
So, who could save Bitcoin from the beatings and turn the market around? A variety of actors could step in, and like the Bearwhale, the most important factor is the scale at which they can operate—their intentions could be benevolent, selfish, or a combination; it doesn't so much matter, as long as the effected direction is up.
This could be someone from the idealogical crowd like Byrne & Co., wanting to stick it to the entrenched market establishment; maybe Soros, wanting to further an Open Society (and in the process, lending more credence to his theories of fallibility and reflexivity); or Draper, the Winklevii, Silbert, et. al., wanting to protect their investments and further their Bitcoin-related aspirations; or perhaps one or more early adopters with some choice connections for fiat liquidity, weary of watching their beloved protocol get beat down and their holdings depreciate.
It could be an entity with potentially mixed motivations...like Google, for example: they could adopt Bitcoin in a flash and spark a rally, positioning themselves as the market leader of an open ecosystem of the kind that they like, while also raking in a boatload of money in the process. Paypal, Amazon, etc. could make similar plays, though I suspect they're less likely to do so.
Or, it could be an actor every bit as selfish as the Bearwhale entity—just a mirror image of them. Someone who realizes that there's more to be made in the long term supporting Bitcoin's growth rather than sabotaging it.
After all, the powerful market mechanics harnessed by the Bearwhale can be harnessed equally well by a Bullwhale. Those that have been around long enough know what it looks like when these kinds of forces finally turn around. All it takes is a convincing reversal on high volume (like we had at $300), followed up by some continued encouragement (which we didn't have, in turn giving the Bearwhale the encouragement they needed to start messing around again). If timed right, not much encouragement is even needed; just enough to convince the market that the Bearwhale has been neutered.
How? Send some chunky wires to all the major exchanges, and then simply wait to reverse the playbook on them. 400 BTC is dumped in a minute? Buy up 600 the next. 800 follows, ten minutes later? Enter a 2,000 BTC market buy. How long until the Bearwhale gets the message? And even if they don't, more critically: how long until the market does?
Traders may be hard to convince at first—and the skepticism can't be blamed at this point, given how long this has been allowed to drag on. But again, a few plays straight from the Bearwhale's playbook (but reversed) will do the trick: a couple of three- or four-digit BTC buys in the morning, two or three hours apart...a couple more buys of similar magnitude in the evening...and some salubrious support in the meantime—say, a 300 BTC wall, with another 1,000 not far behind it?—will turn bears into bulls faster than you can say "irrational exuberance."
The first-mover advantage will be massive.
Sooner than one might think, the artificial trend will have morphed into a real one. Daily Discussions will once again be filled with traders quibbling about whether $3k or $8k will me a more appropriate cash-out point in the oncoming bubble. Miner selling will dry up, and margin longs will break the stratosphere. Potential Bearwhale-like attacks just need to be quickly countered for a little while longer, and inevitably rabid, foaming-at-the-mouth FOMO will take over, a rush of new participants will flood in...and, well, we know what happens from there. At this point in this and any related scenario, it would appear that the ceiling becomes a lot higher than the floor; that is, that we'd likely go up a lot higher than we could have ever possibly gone down (about $350, as of this writing).
So...why hasn't it happened? Where art thou, Bullwhale? I am disappointed by thine absence.
As always, constructive discussion is welcomed and appreciated.
submitted by two_bit_misfit to BitcoinMarkets [link] [comments]

Here is why I think we saw a Bitcoin price correction in 2014

First of all I'd like to say these is my opinion and by no means universal truth. In case you disagree with some points please be so kind to present your reasoning in comments.
So the list of factors pushing the price down are:
  1. Over 1,3 million newly mined bitcoin. Because the price of bitcoin reached crazy hights at the end of 2013, all the newly mined bitcoins are suddenly worth a fortune. Since miners have huge electricity costs and require return on money invested in mining hardware and equipment (we're talking big millions), we can safely assume majority of bitcoins mined will hit the market. Also, the effective supply of coins increased significantly more than it seems at first glance since many of the pre-existing coins are dormant, even lost, and not actively consisting the supply on the market. Newly mined coins are more likely to be dealed with caution (less coins lost forever) and more likely to be used actively (higher amount of speculators, traders, shorting,...).
  2. Profit of bitcoin businesses. Any exchange fees or payment processor's profits are essentially the dollars invested into the crypto world being sucked out of bitcoin purchases. This includes the money to finance all the business activities, rents, salaries etc. of those companies. Consider this plain example. Investor invests 10k and channels it on the exchange. In the process of buying bitcoin total fees (buyer's, seller's, FX rate..) amount to 1k. The amount bitcoin and the market actually receives is 9k usd only as he could buy 18 btc at 500 usd for example.
  3. (unlikely)mtgox and many stolen coins of 2014 hitting the market. Also, point 1 and 2 should be amplified by all the altcoins, not just bitcoins alone because of the connections in the markets.
What do you guys think? I personally believe 2014 was a success for the bitcoin. With the strength of network we have and the amount of btc daily mined we are doing pretty good. The slaughter of a bearwhale especially was a total confidence booster.
Happy New Year!
submitted by natri to Bitcoin [link] [comments]

Price fundamentals haven't changed. Crash still incoming?

Price fundamentals haven't changed after the 275$ crash:
Also, let's talk about bitcoin's potential killer apps:
Given this, while I'm sure there will be more bubbles, I'm not expecting any in the immediate future.
Furthermore, I'm expecting an even worse crash since all those buyers at 300$ will sell if the price bounces back under 300 in the next few days.
I'm currently sitting on the sidelines with 0 BTC left and I'm waiting for the <100$ crash. Unfortunately I have neither the right type of account nor the confidence that the market 'exuberance' after the whale harpooning won't go for longer than I can keep a short open.
Edit: Please note that I'm mostly talking about the short term here: 1 week to 3 months. Longer term anything might happen. Edit: I'm down to 0 BTC.
Edit: The more I think about this the more sure I become of the coming second crash. Also, and thanks to your comments, I'm also more sure of bitcoin's bright future (long term, at least 6 months before price start to reflect it again).
Back to trading - be on the lookout for waning exuberance. If price gets 'stuck' or starts going back down there won't be a floor until maybe 100. The previous 260/275$ floor has moved to 300$ as a bearwhale unloaded 30k there. Most of those who bought @300$ won't want to be bagholders and will sell if it hits 300$. And 30k is a lot to sell! Some will even sell early to take profits. And the books are very thin back to 300$....
Edit: They can't say they haven't been warned: http://www.reddit.com/Bitcoin/comments/2ih1us/psa_please_dont_invest_more_than_you_can_lose/
submitted by nqudex to BitcoinMarkets [link] [comments]

'Twas the night before Buttmas (xpost, not mine originally)

'twas the night before christmas, and all through the net, no transactions were processed, not even a bet the miners were hung by the fans with aplomb, in the hopes that they wouldn't be unplugged by mom the manlets were nestled all snug in their chairs, losing their wallets to trojaned warez, and tibanne on his throne, ver on a stick, andreas is drunk and getting vitriolic when suddenly on reddit a new thread is hot, "banks buying bitcoin! they're buying the lot!" no evidence is posted to support this notion, but the upvotes have spoken, and caused a commotion the lines on the graph of the unstable price start rocketing upwards, no more rolling the dice! when suddenly, selling, a red arrow shows some actual volume, and transaction lag grows with this kind of movement, so many orders to fill, they knew it their hearts it was the work of a shill with money to burn thanks to the fed, battle plans formed, and the sticky now said: "now voorhees! now fenton! now, charlie and roger! hang on a minute, who isn't a tax dodger? no matter just buy, the beast isn't picky! quick, give it money, while i start the wiki!" their fortunes depleted, pocket money spent, the older among them investing the rent, personal credit forever in red, but totally worth it, the bearwhale was dead and then, a new message, a reply to a post, some economic analysis from user cum-ghost, the rainbows confusing, the triangles scattered, but it turns out none of that had really mattered utility, value, a wave of the hand, none of this matters to freemen of the land a reminder, he posted, as best as he could: "no matter what happens, for bitcoin it's good!" 
submitted by roidragequit to Buttcoin [link] [comments]

Pessimistic (maybe out of the blue) prediction but I'll give it a go: Bitcoin price will not get above 1000$ again before 2018 if adoption by investors keeps being this unpredictable.

I never believed a 500.000 dollar Bitcoin (like some were predicting) would be a possibility in the next few years but here is my opinion on the short-term future of crypto in general.
It's only because people still have to pay bills in fiat (even the ones that invested much). I think it will depend on the future of the general economy if crypto will gain value. Look at your own personal life for this example.
Right now we have a lot of autoselling by both miners and merchants. So if we do a reality check (just my view): a few million in the world are really invested in crypto. A small percentage has the luxury of hodling large sums in crypto for long term investment. 6 years after development of Bitcoin we are still at the beginning of an new concept.
So the whales or bearwhales we are talking about are just people who did invest a lot and maybe too much and are now really just reconsidering their investments. It will eventually go back up but I think it will always be difficult to predict when raises and drops will happen. Until all the "unstable" hodlers have been weeded out or the economy gets back on track it will be bearish I think.
submitted by Dukekiller to Bitcoin [link] [comments]

The Miraculous Christmas bitcoin song

'twas the night before christmas, and all through the net, no transactions were processed, not even a bet the miners were hung by the fans with aplomb, in the hopes that they wouldn't be unplugged by mom
the manlets were nestled all snug in their chairs, losing their wallets to trojaned warez, and tibanne on his throne, ver on a stick, andreas is drunk and getting vitriolic
when suddenly on reddit a new thread is hot, "banks buying bitcoin! they're buying the lot!" no evidence is posted to support this notion, but the upvotes have spoken, and caused a commotion
the lines on the graph of the unstable price start rocketing upwards, no more rolling the dice! when suddenly, selling, a red arrow shows some actual volume, and transaction lag grows
with this kind of movement, so many orders to fill, they knew it their hearts it was the work of a shill with money to burn thanks to the fed, battle plans formed, and the sticky now said:
"now voorhees! now fenton! now, charlie and roger! hang on a minute, who isn't a tax dodger? no matter just buy, the beast isn't picky! quick, give it money, while i start the wiki!"
their fortunes depleted, pocket money spent, the older among them investing the rent, personal credit forever in red, but totally worth it, the bearwhale was dead
and then, a new message, a reply to a post, some economic analysis from user cum-ghost, the rainbows confusing, the triangles scattered, but it turns out none of that had really mattered
utility, value, a wave of the hand, none of this matters to freemen of the land a reminder, he posted, as best as he could: "no matter what happens, for bitcoin it's good!"
Courtesy of SA user Dex
submitted by unfit_bagel to Buttcoin [link] [comments]

Where Art Thou, Bullwhale? Or, Why I Am Disappointed in the Markets Lately [x-post r/BitcoinMarkets]

Originally posted in BitcoinMarkets. Cross-posting here because it seems quite appropriate—plus, it's been so gosh-darn quiet in this sub lately that I can hear myself think.
I have to say, I'm a bit disappointed in the markets lately. Please, allow me to elucidate, and in the process indulge in a lazy Sunday thought experiment:
I'm disappointed, not because the Bearwhale entity is back (after smartly waiting for the market to unwind some pent-up bullish exuberance), but mainly because the market isn't doing a damn thing about it. Again. I've bemoaned this situation in the past, but I don't think I clarified my views well enough. If I may, I'd like to take another shot:
The Bearwhale's strength seems to be that that their actions, when present, serve to either establish or reinforce the prevailing downtrend. That trend is then followed by the herd, who have been conditioned so many times that "the trend is their friend" that most don't even think twice about it. While this seems to be the main feedback loop that the Bearwhale relies on, the downtrend is also further exacerbated by the constant selling pressure from miners, as well as hodlers loaning their BTC out for crumbs (not realizing that their collective actions serve to devalue their holdings way more than those crumbs they receive in return).
While the Bearwhale entity's goals are nearly impossible to determine with any confidence, their tactics are certainly to be admired. They are taking great advantage of some very powerful market forces—the reflexivity of the market, combined with the "tragedy of the commons" inherent in two areas: mining, and availability of margin—to effectively corner the market downwards for their benefit.
To be clear: this isn't the part I'm disappointed in, though. The fact that they're back and are continuing doesn't surprise me, either, given not only that they've been doing it so effectively and for so long, but also that exactly this sort of behavior was predicted almost three years ago:
Bitcoin takes the monetary system back essentially a hundred years. We know how to beat that system. In fact, we know how to nuke it for profit. Bitcoin is volatile, inherently deflationary and has no lender of last resort. Cornering and squeezing would work well - they use mass in a finite trading space. Modern predatory algos [...] would rapidly wreak havoc.
So, while I am weary of the effects of the Bearwhale's actions this year, I am neither disappointed nor surprised by them. After all, as Right_In-The-Pussy astutely pointed out, "free market something something". What I am disappointed by, though, is that no entity or entities in this glorious free market, throughout all this time, have deemed the situation worthy of responding by putting the screws to the Bearwhale in return.
Let's first take a step back, and examine the situation at large:
If we surmise that the Bearwhale operates roughly as laid out above (and more or less as speculated throughout this forum) it is probably fairly safe to assume that "the beatings will continue until morale improves"; that is, that they will probably keep up their dumping scheme unless and until the market pushes back strongly enough to convince them that the support is no longer worth fighting at that level.
This is a grim prospect for Bitcoin, because the longer this keeps up and the lower we go, the less likely it will seem to be that the Bearwhale is benevolent (i.e. manipulating out of self-interest or related motives, but ultimately interested in and aligned with Bitcoin's long-term success). It becomes exceedingly likely that they are purely profit-driven, and will have no qualms about trying to drive the price straight into the ground. As has been noted many times on this forum and elsewhere, this can and will wreak havoc on the entire ecosystem: mining, merchants, VC investments, adoption, exchanges...you name it.
Which is why, when the Bearwhale continued to push the market downwards into the lower $300s and beyond (with more and more traders gleefully shorting alongside them), I posted this:
It's really less about profit, and more about the ratio of profit vs. progress. These days, there's too much of the former going on at the expense of the latter, and nobody seems too worried about offing the golden goose in the process.
At these price levels, we are starting to exceed certain tolerances; Bitcoin may be Honey Badger, but Honey Badger can't continue to lose this much blood without feeling some very negative long-term effects. As we continue to slide, Bitcoin's prospects (first growth, then viability in general) increasingly come into question.
So, the question that should be on the mind of all Bitcoin faithful is: what can be done about this? The situation is grim: hodlers are stuffed to the gills and despondent, miners are only as faithful as the protocol forces them to be (100 blocks), margin trading is toothpaste that can't be put back in the tube, and the ten-month downtrend is a positive feedback loop that almost ceaselessly continues to spread pain and suffering....

Enter the Bullwhale: the Hero We Don't Deserve, but the One We Need Right Now

Ok, fine...we don't need a Bullwhale—the markets at large could (and probably eventually will) coalesce like a school of fish around some "way too low" price point, establish unyielding support, and send a resounding message (as happened recently at $300). In the meantime, we could all wait around and see how low the Bearwhale will take us, and what sorts of very unfortunate things happen in the interim as a result. One way or another, Bitcoin will most likely survive...and the scars will add character, right?
But gosh, we certainly could use a Bullwhale's help here. We could use some now more than ever, but really, we needed one ever since the Bearwhale got started putting their boot to the market's neck earlier this year. Hell, a Bullwhale's job would have been much easier back then—having at their disposal a vast army of bubble believers and lunar lunatics which has since then gradually eroded. In the interim, bulls have not just been decimated, but almost put on the endangered species list at this point.
So, who could save Bitcoin from the beatings and turn the market around? A variety of actors could step in, and like the Bearwhale, the most important factor is the scale at which they can operate—their intentions could be benevolent, selfish, or a combination; it doesn't so much matter, as long as the effected direction is up.
This could be someone from the idealogical crowd like Byrne & Co., wanting to stick it to the entrenched market establishment; maybe Soros, wanting to further an Open Society (and in the process, lending more credence to his theories of fallibility and reflexivity); or Draper, the Winklevii, Silbert, et. al., wanting to protect their investments and further their Bitcoin-related aspirations; or perhaps one or more early adopters with some choice connections for fiat liquidity, weary of watching their beloved protocol get beat down and their holdings depreciate.
It could be an entity with potentially mixed motivations...like Google, for example: they could adopt Bitcoin in a flash and spark a rally, positioning themselves as the market leader of an open ecosystem of the kind that they like, while also raking in a boatload of money in the process. Paypal, Amazon, etc. could make similar plays, though I suspect they're less likely to do so.
Or, it could be an actor every bit as selfish as the Bearwhale entity—just a mirror image of them. Someone who realizes that there's more to be made in the long term supporting Bitcoin's growth rather than sabotaging it.
After all, the powerful market mechanics harnessed by the Bearwhale can be harnessed equally well by a Bullwhale. Those that have been around long enough know what it looks like when these kinds of forces finally turn around. All it takes is a convincing reversal on high volume (like we had at $300), followed up by some continued encouragement (which we didn't have, in turn giving the Bearwhale the encouragement they needed to start messing around again). If timed right, not much encouragement is even needed; just enough to convince the market that the Bearwhale has been neutered.
How? Send some chunky wires to all the major exchanges, and then simply wait to reverse the playbook on them. 400 BTC is dumped in a minute? Buy up 600 the next. 800 follows, ten minutes later? Enter a 2,000 BTC market buy. How long until the Bearwhale gets the message? And even if they don't, more critically: how long until the market does?
Traders may be hard to convince at first—and the skepticism can't be blamed at this point, given how long this has been allowed to drag on. But again, a few plays straight from the Bearwhale's playbook (but reversed) will do the trick: a couple of three- or four-digit BTC buys in the morning, two or three hours apart...a couple more buys of similar magnitude in the evening...and some salubrious support in the meantime—say, a 300 BTC wall, with another 1,000 not far behind it?—will turn bears into bulls faster than you can say "irrational exuberance."
The first-mover advantage will be massive.
Sooner than one might think, the artificial trend will have morphed into a real one. Daily Discussions will once again be filled with traders quibbling about whether $3k or $8k will me a more appropriate cash-out point in the oncoming bubble. Miner selling will dry up, and margin longs will break the stratosphere. Potential Bearwhale-like attacks just need to be quickly countered for a little while longer, and inevitably rabid, foaming-at-the-mouth FOMO will take over, a rush of new participants will flood in...and, well, we know what happens from there. At this point in this and any related scenario, it would appear that the ceiling becomes a lot higher than the floor; that is, that we'd likely go up a lot higher than we could have ever possibly gone down (about $350, as of this writing).
So...why hasn't it happened? Where art thou, Bullwhale? I am disappointed by thine absence.
As always, constructive discussion is welcomed and appreciated.
submitted by two_bit_misfit to BitcoinThoughts [link] [comments]

080 Anonymous Justice CryptoCurrency Bitcoin BearWhale Innovation Philosophy Comedy JCCVW CCBP Bible The Bitcoin Group #11 (Live) - Gas Station Accepts Bitcoin -- Miners not Transmitters - India Bitco New Bull Market Signal Bitcoin Bearwhale Vanishes as BTC ... BITCOIN MINERS CAPITULATE!! THIS SHOWS EXACT BTC BUY ZONE BEFORE NEXT PUMP!! Bitcoin History: Slaying of the Bear Whale - Resist and Bite

Source: iStock/Marie-Elizabeth Mali. Not much is known about the Bitcoin whales. Sure, we know they're holders of large quantities of Bitcoin, but beyond a few names most of us are in the dark as to who exactly they are and what functions ... Although for each miner with a fixed number of ASICS, bitcoin quantity produced decreases exponentially as difficulty ramps exponentially, for the mining industry as a whole, bitcoins are produced at a constant rate (a block every 9.5 minutes) and thus selling pressure is mostly linear with respect to time. Miners have incentive to sell all their coins as soon as they are mined in an ... I am strongly in favor of UASF as a mechanism for liminating the centralizing effect of miner control illusions. I support SegWit as a sensible technology for moving Bitcoin forward. I reject a block-size increase hard fork at the present time. I reject a phony “compromise.” And I especially resent and reject a consortium of suits coming to an “agreement” on what source-code base will ... I am the BearWhale. After a series of bad experiences with the banking system, I invested most of my life savings into bitcoin when the price was fairly low, around $8. For years I was a HODLer. I was holding when Trendon Shavers ripped everyone off. I was holding when the price was over a thousand, and I held after MtGox imploded. I believe strongly in Bitcoin’s decentralized promise of ... I am strongly in favor of UASF as a mechanism for liminating the centralizing effect of miner control illusions. I support SegWit as a sensible technology for moving Bitcoin forward. I reject a block-size increase hard fork at the present time. I reject a phony “compromise.” And I especially resent and reject a consortium of suits coming to an “agreement” on what source-code base will ...

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080 Anonymous Justice CryptoCurrency Bitcoin BearWhale Innovation Philosophy Comedy JCCVW CCBP Bible

The biggest whale on Bitfinex known to the Bitcoin ( BTC ) community as Joe007 vanished, as the price of the top-ranked cryptocurrency by market capitalizati... WARNING: BITCOIN IS ABOUT TO DO SOMETHING IT HASN'T DONE IN 7 YEARS (btc price prediction today news - Duration: 39:09. Crypto Crew University 35,073 views 39:09 Skip navigation Sign in. Search BITCOIN MINERS CAPITULATE!! THIS SHOWS EXACT BTC BUY ZONE BEFORE NEXT PUMP!! - Duration: 20:41. Crypto Zombie 38,783 views. 20:41. Beginner Swing Trading with the TTM Squeeze - Duration: 21:36. ... But Bitcoin was not broken that day. A grueling struggle ensued, and over the course of several hours, the entire BearWhale ask wall was demolished, satoshi by satoshi. The vigilant light of a ...

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