Post
Topic
Board Speculation
Re: Calling top at $16500 (Even Newer!: $2483 bottom 19 Feb 2021 MtGox said so!)
by
sgbett
on 02/04/2019, 18:46:41 UTC
Honestly I want as many people as possible to get out of BTC before they get hurt. The point of Bitcoin for me has always been *everyone* can use it and *everyone* benefits.
That's not solved if only owners of top-class hardware can run a full node.

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Dogmatic thinking is what leads people to still think that LN is a magical scaling solution (it's not), that doesn't require custodial wallets (it does) and isn't just banking v2.0 (it is - it even said so in the white paper, but who reads those right?).
LN is "prepaid card 2.0", not banking 2.0. And the "2.0" in this case indicates that much less trust is required than with traditional solutions. LN is not magical, but it's also not the only technology that will lead to a better scaling Bitcoin.

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tl;dr - the bottom is in (dont expect any sudden moves though, could take months before it resolves). Make sure you are on the right train leaving the station. They will all leave together, but some will run out of steam long before the others.
The bold phrase is imo the most important one of your post Wink A bear that's recognizing a bottom could be a strong bullish signal.

I get it, for you the strong bullish signal is meant for BCash and friends (do you support ABC or SV, by the way?). I tend to disagree, for me BTC (Core) is still the better try.

By full-node I am going to assume you mean non-mining node. It's important to understand that distinction.

I could run a BSV non-mining-node if I want... the question is why would I? What value does it add over and above being able to inspect the public ledger via any number of third parties, chosen at random.

Do you think it would be easier to sybil/double spend a target that runs a non-mining-node, trusts that node implicitly (because its theirs!) and verifies using that node only. Or Person B who sees a payment in their 'lite-wallet' that double checks on blockchair, coinbase etc? I hope you see the implication here.

You only need to run a node if you are mining, because you need to verify entire blocks in order to know which you are going to build upon. This is to ensure you don't inadvertently build on a block that the majority of hash rejects, thus leaving you with the potential to be orphaned.

As for the "bear" label - I am the original permabull! Wink I don't remember many calling 6-7 figures before me. That's still pretty much inevitable imho, but I think that the harm done by not simply scaling bitcoin and improving the base protocol (like BSV is doing) has caused considerable setback in the timescale. Look to 2025-30 for the "endgame" in that post.

Still, It doesn't mean I don't see market cycles, and it definitely doesn't mean I will blindly apply that valuation to *BTC* - it only applies to *Bitcoin* which for me BTC is in name only. I fear for those blindly holding BTC in the hopes it will just be business as usual. In every prior run up it was Bitcoin. Now it is not.

So I think its fair for you to consider by bottom call bullish, it wasn't a terrible call considering the recent price action Wink