Bitcoin price was lagging in the Bitstamp chart at the time of the initial advance. Today it leads to the upside.
Bitcoin Price Analysis
Time of analysis: 15h00 UTC Wednesday
Bitstamp 4-Hour Candle Chart
From the analysis pages of xbt.social, earlier today:
Although a laggard at the time of the initial surge (as was also the case in June), the Bitstamp chart ends up giving us the most moderate price action and is currently leading to the upside.
Well, we know trend is up, so while the rest of the market “comes round” to it, it may be worthwhile considering the latest activity of Bitcoin “Jesus” (or Judas, according to your view.)
Roger Ver: Adoption or Bust
Ver’s disillusion with Bitcoin ever becoming a Visa-like payment network has led him to sell some bitcoin in favor of US dollars and some altcoins. After years of reciting the same lines over-and-over, he has now found that neither iteration nor millionaire status will sway consensus to his opinion about Bitcoin.
Interesting, then, that Satoshi’s consensus is all about informed opinion. And opinions go a long way, as Blues legend Taj Mahal relates it:
If you go back to the Delta in the days of Hi Henry Brown… now that was a man. You know when he played his guitar all the women would let their skirts go hang on down.
Opinion, yes, but informed and corroborated with experimental evidence.
Ver has provided nothing but alleged likelihood that a big block size will make more people come to the party. He fails to include notions of “Induced Demand” (more supply == more demand) as well as the market phenomenon whereby greater liquidity increases price volatility.
Play That Tired Record Again
For years we have heard Ver recite that “Bitcoin is good”, “more people using a good thing is, of course, a good thing”, “Increasing block size will increase the number of users”. If only it was this simple. Bitcoin is surprisingly difficult to scale if we are to retain its degree of decentralization and censorship resistance. Do we compromise the value of the thing itself for the sake of making it more popular? What is the objective gain of such a compromise? Ver does not address this point in his stiff-eyed recitals. Nor does he answer direct questions about the implied dilemma.
Populist High Priests
Well, Ver is unlikely to be selling much bitcoin anytime soon because he is one of the collection of Cargo Cult populist priests promoting the idea that a larger runway (block size) will invite larger cargo (adoption) deliveries from the gods. According to Ver’s crystal ball, global adoption will easily put bitcoin at $100,000 BTC/USD.
So, in 20-30 years from now according to Fed inflation targets – and ignoring the present era of real deflation – Ver will cash out of his programmable, private money in favor of some mainstream adopted, government-control-vulnerable money. Don’t you just love pretzel logic?
It may not look like it, but Bitcoin is in an advancing trend toward $680 and beyond. Remain patient as the majority of the market comes round to the notion.
Bitstamp Depth Chart and Buy/Sell Volume
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Bitcoin price charts from TradingView.
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