Bitcoin Rival Doubles in Price in Four Days as Bitcoin Price Slumps

DooKey

DooKey

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One bitcoin is now worth less than $5,900, down 25 percent from Wednesday's high above $7,800. Meanwhile, the currency of a rival, spinoff network called Bitcoin Cash, has doubled to more than $1,500 over the same four-day period. Does this mean that Bitcoin is going to start fading away in favor of Bitcoin Cash? I guess only time will tell us what the end game of Bitcoin is going to be. Speak up crypto-currency fans and enlighten me on what's happening.

Right now, Bitcoin Cash is still the underdog, as the value of conventional bitcoins is about four times the value of "cash" bitcoins. But supporters are betting that this will change as demand for both networks continues to grow. The Bitcoin Cash network has greater capacity now, and it has a community that is committed to expand the network further as needed.
 
I was considering buying some of these when they were under $200. Oh well.
 
Considering the problem of continuing complexity increases in Bitcoin hashes, I think it is inevitable that Bitcoin will need to be replaced. I think that is going to be sooner than most people expected, too. Bitcoin's current methods make it unsustainable.
 
Bitcoin Cash seems like a scam to me, granted I just made $1,400 dollars on it in one day and took my profit and ran, I don't think I will ever hold any long term. There are way too many other alts out there that are better suited to daily transaction use, it just seemed to me to be a giant cash grab by those guys.
I do agree that Bitcoin needs to make some changes, right now so many transactions are taking forever to confirm unless you want to pay crazy high fees (which were already high as a $ amount). I costs more to transfer 10k in BTC than a wire transfer with a bank would cost you.
 
Stinks of pump and dump, especially considering latest BTC price. The usual players are deeply entrenched in this market now.
 
Eickst said:
Bitcoin Cash seems like a scam to me, granted I just made $1,400 dollars on it in one day and took my profit and ran, I don't think I will ever hold any long term. There are way too many other alts out there that are better suited to daily transaction use, it just seemed to me to be a giant cash grab by those guys.
I do agree that Bitcoin needs to make some changes, right now so many transactions are taking forever to confirm unless you want to pay crazy high fees (which were already high as a $ amount). I costs more to transfer 10k in BTC than a wire transfer with a bank would cost you.
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I was wondering about the transaction fees the other day.
I was watching a program a few months about about bitcoin and there was this cafe where you paid for everything with bitcoin. I think you use an RF tag, load it with bitcoin from an ATM like machine and scan the tag when you pay for something.
I wouldn't want to be paying a $6 transaction fee on a cup of coffee.
 
I used to mine Litecoins, unfortunately the site I stored them closed up and took off with them (not that I lost much). I am thinking about getting into Ethereum. Not sure if I want to waste the energy or not. I have a R9 just sitting around. I might just pick up another mobo, CPU and some RAM and see what happens.
 
cocheese256 said:
I used to mine Litecoins, unfortunately the site I stored them closed up and took off with them (not that I lost much). I am thinking about getting into Ethereum. Not sure if I want to waste the energy or not. I have a R9 just sitting around. I might just pick up another mobo, CPU and some RAM and see what happens.
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Mining Ethereum is a losing proposition (depending on your power cost) with a single GPU. You might break even after the power cost, but I suppose you could just hold everything you mine and hope it continues to increase in value.
 
Thought about mining ether, then decided that with my antiquated hardware i'd be making more money by letting it sit on a shelf than deploying it to mine.
 
BitcoinCash == literally chinese mining cartels market manipulation when they don't get their way with the direction of BTC
 
Wasn't the point of crypto is that it avoided wild value fluctuations? Sounds like it pretty much degenerated into day trading.
 
PantherBlitz said:
Wasn't the point of crypto is that it avoided wild value fluctuations? Sounds like it pretty much degenerated into day trading.
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tenor.gif
 
guys, let's all build a time machine.

I wonder who's daytrading this shit and getting rich.
everyone is just gambling now, and playing chicken, and seeing who can run away the fastest
 
Montu said:
Speak up crypto-currency fans and enlighten me on what's happening.
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Nobody knows, and anyone purporting to know on a public forum is full of shit.

Fun ride!

I'm holding BTC, and continuing to mine ETH, ZEC, and XMR. All of my mining gear has already hit return on capital and I've already cashed out into fiat enough to pay off my initial investment.

I am effectively using the mining rigs as space heaters this winter. When it gets too hot outside next spring, I will turn the miners off and then decide whether to sell the gear off or keep it to run next fall/winter.
 
it slumped cause a lot of miners shifted to Bitcoin cash when they saw bitcoin cash increase in value due to the cancellation of the fork (investors shifting). which caused BTC's hashrate to drop quite significantly (as low as 6 exa hashes from 12). But miners on bitcoin cash just returned once bitcoin cash's difficulty started to increase as a large influx of miners shifted, eventually some just returned to bitcoin. (the reason why bitcoin cash has since dropped and bitcoin is now increasing once again in value).
 
Gigantopithecus said:
All of my mining gear has already hit return on capital and I've already cashed out into fiat enough to pay off my initial investment.
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So if i understand correctly (which is likely not to be the case)... you just did a whole lot time and energy wasting?
 
Bitcoin has sadly gone so far from its original intent and become a speculator's commodity more than anything else. Sure, its great if you have some from early on, but that's about it. That doesn't mean the idea was poor however and other blockchain backed currencies are still worthwhile. Etherium of course is the new kid on the block bnut I wonder how that will pan out - I'm still wondering if I should be mining it or not. DASH I think has the greatest potential to be the true "digital currency" replacement for Bitcoin - it has options for instant sending, built in private/anonymous sending and mixing etc... and most importantly the long "Evolution" plan to roll it out and get it actually usable en masse on a level that nobody else has done. It also has a large market capitalization even now. The only downside iss that right now mining it is difficult since X11 ASICs were crafted, but it still has a lot of potential. There are others out there as well but its a tossup....many seem like knock-offs of existing BTC / ETH etc... but there are some with interesting prospects such as MaidSafe - which would "mining" reward users not for CPU cycles but instead for HDD space, because the idea behind it is a decentralized, anonymous network so the more space you give for encrypted data etc... the better your return.

Bitcoin, Bitcoin Cash and many others are basically speculation monsters now, ruled by big money and in many cases Chinese conglomerate controlled due to massive mining investment. We've come a long way from "its only used to buy illegal drugs", but I'm not sure we've come the right direction. Perhaps some of the altcoins can do better.
 
Kinda ridiculous to put your faith in a currency that, when it gets too hard to acquire it, people just invent a new one :) Talk about your Socialist inventions. EVERYONE IS MILLIONAIRE, COMRADE! Also Cheezburger is One Million Dollar each.

HOWEVER...I use my computer for all sorts of dumb shit, so I really don't begrudge anyone farming coins or folding proteins, to me its just more like collecting comic books than anything else.......I just want people to go in with their eyes open and not set their expectations too high. Yeah if you can cash in and buy a Lamborghini with them, hey good for you...its the 50,000 other people that won't be able to do that who concern me.
 
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Prisoner849 said:
I know BTC talk brings out the worst in people, but if you aren't laughing at yourself right now you have no sense of humor at all.
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I bought mining gear with US Dollars. I then mined cryptocurrency with that gear. Then I converted cryptocurrency I mined into US Dollars to pay off the cost of the mining gear. Now I will continue using the mining gear to make cryptocurrency which I view as investments, and I’m still sitting on a bunch of gear that has paid for itself.

I don’t see how that is funny...
 
HeadRusch said:
Kinda ridiculous to put your faith in a currency that, when it gets too hard to acquire it, people just invent a new one :) Talk about your Socialist inventions. EVERYONE IS MILLIONAIRE, COMRADE! Also Cheezburger is One Million Dollar each.
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Care to walk me through how exactly Bitcoin is socialist?
 
Kdawg said:
guys, let's all build a time machine.

I wonder who's daytrading this shit and getting rich.
everyone is just gambling now, and playing chicken, and seeing who can run away the fastest
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I know for a fact that my cousin is day trading BTC and is, legit, cleaning house.
I was named one of the "Top 20 Traders" for his club. I saw a video his wife took on his Facebook about how he got to the Top 20.
He's bought a house, a new truck, and is apparently making like 15x more than what I rake in in a month, working, practically, non-stop.
 
HeadRusch said:
Kinda ridiculous to put your faith in a currency that, when it gets too hard to acquire it, people just invent a new one :) Talk about your Socialist inventions. EVERYONE IS MILLIONAIRE, COMRADE! Also Cheezburger is One Million Dollar each.
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Bitcoin is the exact opposite of Socialist. Nobody has control over what it is worth, certainly not government agencies. It's more Anarchist, and I like that about it.

Now, the fact that it uses more electricity for a single transaction than my whole apartment uses in a week is a bad thing, and we need to correct that part.
 
Gigantopithecus said:
I bought mining gear with US Dollars. I then mined cryptocurrency with that gear. Then I converted cryptocurrency I mined into US Dollars to pay off the cost of the mining gear. Now I will continue using the mining gear to make cryptocurrency which I view as investments, and I’m still sitting on a bunch of gear that has paid for itself.

I don’t see how that is funny...
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Well, the punchline is that without dollars, BTC is worthless which I find quite funny for a few reasons which are in turn themselves equally humorous corollaries to that central idea. There's no accounting for taste. :)
 
Prisoner849 said:
Well, the punchline is that without dollars, BTC is worthless which I find quite funny for a few reasons which are in turn themselves equally humorous corollaries to that central idea. There's no accounting for taste. :)
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not so sure that is true anymore.
you can buy, barter, and trade with bitcoin for other physical objects - without using dollars at this point.
it has risen beyond being subordinate to the USD.
 
Prisoner849 said:
Well, the punchline is that without dollars, BTC is worthless which I find quite funny for a few reasons which are in turn themselves equally humorous corollaries to that central idea. There's no accounting for taste. :)
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No, the punchline is dollars. And just wait til Drumpf realizes he can print more of them.

"I solved our debt! The idea just kind of came to me while I was sitting on the ladies can - let's just print more! Big, crisp, bee-you-tee-ful dollars. 'Hi, Kinko's? I need a trillion copies.' Done. Steve's down there now with his mitts all over em."

DOsidhiWkAcOAdv.jpeg
 
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Carolina Choo Music Fucker?

Choo Country Mother Fest?

I don't even know what is happening any more

HODL music fuckers!! this is Carolina! ?
 
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Archaea said:
not so sure that is true anymore.
you can buy, barter, and trade with bitcoin for other physical objects - without using dollars at this point.
it has risen beyond being subordinate to the USD.
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So the seller is doing the conversion. Any place accepting bitcoin is valuing it at it's current value in USD. If there were any companies that weren't, they're likely filing bankruptcy this week.
 
Archaea said:
not so sure that is true anymore.
you can buy, barter, and trade with bitcoin for other physical objects - without using dollars at this point.
it has risen beyond being subordinate to the USD.
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You can use BTC instead of dollars, but any value derived from BTC is still rooted in the dollar. Without the dollar, BTC is worthless; it has no value in and of itself thus calling it a 'currency' is a misnomer.
 
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