there is an infinitely continuing downhill momentum in terms of the development of the network infrastructure. inversely, a diminishing incentive to create a competing blockchain. Blockchains created now only benefit by being mutual actors with the others. as more and more hash power is added in addition to the layers being built you can see how over a long period of time these factors are unstoppable.
Even though there's no "company", people (like you) purchase bitcoin like a stock and stand to profit or lose based on its adoption and proliferation. Why would IBM peg their coin to BTC as opposed to creating an entirely new one, using the same or a different network? Bitcoin doesn't own the network of computers. And the currency is too volatile to provide any benefit by pegging.
the sheer hashrate of the decentralized proof-of-work computing power. volatility is something that would be solved at this stage of adoption, due to the constant demand and a reduced supply increase (reward halvings)
Is the network and currency that secure? What if SamCassellCoin or CommodoreCoin paid better to network users or was accepted in more locations? Bitcoin early adopters accumulated the currency cheaply and in massive amounts. What if SamCassellCoin or CommodoreCoin offered similar value for early adopters? I just don't see how you can have complete faith that a currency that didn't exist 5 years ago will continue to be valuable 5 or ten years in the future. It might. It might not.
forget the currency aspect.. its limiting your scope why would a brand new coin suddenly be accepted everywhere? paid better? not sure what you mean. bitcoin doesn't 'pay' anyone. miners get incentive for running the network, thats about it. a brand new coin wouldnt just magically see gains. its not that easy. bitcoin has actually overcome a lot to get to the point its at today. it still has much more to endure.
Then people would exchange their Bitcoins for SamCassellCoins, the same way currencies are exchanged today. Secure in this instance meaning there is no possible way to access anyone's bitcoin without their private key. The value is in the size of network computing power and user base. Other coins can't offer that.
I don't think that math and code stops the market from being cornered or manipulated. It could be done relatively easily and legally.
https://en.bitcoin.it/wiki/Transaction_fees transaction fees also prevent someone from spamming the network with a large amount of miniscule transactions
but it more than likely will be the case forever because of the downhill momentum of infrastructure development and the inversely diminishing incentive of starting a new one
I think after that failed move bitcoin might make another move lower and retest that support near 320 or so. It just doesn't look very good, and if that support at 300 breaks then look out below. I think you might see some panic from people. It might be a good buy in the 150-200 range. That said I think it is probably range bound for a bit longer.
A lot of ppl said the same thing when it hit 275 after the bearwhale.. yet the wall got bought up with a quick bounce back to 300 and it stayed there til they were all bought. The holders know 275-300 is a floor and will buy the crap out of it if we retest that.
Traders may panic but holders comprise the majority of bitcoin speculators.. they generally have a better pulse of the bitcoin markets.
Retests of lows and big reversals after rallies are never good on charts like this. Be prepared to continue buying at lower prices. People simply aren't willing to bid up bitcoin and that is a problem for the bull scenario you have. Holding the 380 level was really important and it broke down pretty quick. Also, bitcoin is dominated by retail traders not holders in my opinion. All that said...it is putting in a nice hammer today and might have found some short term support in that 340 area. Might be good for a pop to 370-380. We will see what happens from here, but a breakdown past 320 is no good.
Go research the bearwhale scenario from a little while back. It looked like an avalanche with no lows in sight. But 275 to 300 in a flash and then it stayed there. Sentiment was not good. Yet that stability was found.
Former SEC chairman Arthur Levitt loves bitcoin Arthur Levitt @ArthurLevitt Pay attention to bitcoin. It's not a fad. It's growing, gaining transparency and understands the imperatives of investor protection 10:27 PM · 22 Nov 14 from Sewall's Point, FL 389 RETWEETS 271 FAVORITES
Andreas on the Joe Rogan podcast yesterday, great talk <iframe src="//player.vimeo.com/video/113348439" width="500" height="281" frameborder="0" webkitallowfullscreen mozallowfullscreen allowfullscreen></iframe> <p><a href="http://vimeo.com/113348439">JRE #581 - Andreas Antonopoulos</a> from <a href="http://vimeo.com/joeroganexperience">JoeRogan</a> on <a href="https://vimeo.com">Vimeo</a>.</p>
