All posts made by User705 in Bitcointalk.org's Wall Observer thread
1.
Post 3614744 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.24h):
What is going on with Bitstamp ? Aren't they reporting anything for the past ~4 hours or was their trading engine really down ?
https://www.bitstamp.net/ - scroll down - you see the live trades there. Its working
ps gox has less BTC asks (7.8K) then bitstamp(7.9K)!
Thats a first?
And the definite end for gox!
Wow, nice spot. Gox really is finished even with the introduction of Litecoin.
When did they introduce Litecoin?
2.
Post 3681402 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.28h):
Anybody else getting the sense that the arbitragers finally got it right. Bitstamp and Gox right in line with each other. Everyone catching up with China. Apparently they forgot to open arbitrage accounts on btc-e, though.
In mother Russia the exchange arbitrages you.
3.
Post 3689802 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.28h):
Sorry to quote that guy but...
How does it feel to have dump 250BTC at the bottom? (again)
I love those so called 'pro' traders
Red candles everywhere. PANIC. Just dumped 250 coins @ 805.
Do you honestly expect to catch the exact top of the market? We are up like crazy in the last 30 days in a 10 billion dollar market that's still inflationary. There's certainly worse times to sell.
4.
Post 3693596 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.28h):
Is that the same guy who said back in May that he had some insider information about Amazon accepting btcs?
why do you trust in new users without proves?
Well, in this case Richard Branson (of Virgin fame who announced that Virgin Galactic is taking bitcoins this week) is on the board at Square, which does the payment systems for Starbucks. So the rumor has good reason to be true.
Jeff Bezos was not a bitcoin afficionado back when the Amazon rumors were around, so I didn't believe them, and they have proven to be false.
This is a bit OT but are all these companies that are jumping on board actually planning to keep bitcoins or just insta sell them which will likely only add to the volatility.
5.
Post 3713814 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.29h):
how hard is it to buy on btce and sell on coinbase?
Go try it and let us know.
6.
Post 3747252 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.30h):
will we see $40 ltc soon?
It just hit 40 USD right now
41
And btc keeps going down on btce. Now 907. Ltc is taking fiat away from btc.
up... the chinese has spoken, we know what they want and why....
So the Chinese will change their focus on a different altcoin every 3 months? Lol
Why lol? Everyone is free to chose what they want to use. Any innovation gets improved upon and the 1st rarely makes it. Also in china even 2nd and 3rd tier is larger then anything in the rest of the world. Current crypto adoption is driven by individuals and there are lots of individuals in china.
7.
Post 3801891 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.31h):
It's hard to understand why NMC is traded heavily at all. Isn't it just for websites? With all that trading you'd think there are 1000s websites poping up every day. Can anyone point me to even see an NMC site.
8.
Post 3826955 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.31h):
Capital Gains.
god damn it, i should of never sold anything
i need to learn how to hide my Capital Gains, should i dump it in BTC?
Dude, we have a $750k capital gains personal exemption here in Canada....use it.
I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.
If anyone wants to throw out a good tax strategy for an American, I'm all ears. I'm dreading having to pay on my BTC profits.
There isn't one. You either cheat or pay. Oh and moving won't help you. Americans are taxed on their worldwide income and you can't give up citizenship for tax reasons. You have to pay an exit tax on your entire holdings.
9.
Post 3828005 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.32h):
Ah yes I forgot about that one. Although their debt is so huge and they might become a state then who knows.
Capital Gains.
god damn it, i should of never sold anything
i need to learn how to hide my Capital Gains, should i dump it in BTC?
Dude, we have a $750k capital gains personal exemption here in Canada....use it.
I'm going to move to New Zealand (from Australia) for a year when I sell mine. Fuck giving 45% of my BTC to the government.
If anyone wants to throw out a good tax strategy for an American, I'm all ears. I'm dreading having to pay on my BTC profits.
There isn't one. You either cheat or pay. Oh and moving won't help you. Americans are taxed on their worldwide income and you can't give up citizenship for tax reasons. You have to pay an exit tax on your entire holdings.
Wrong!
Live in Puerto Rico for 183 days out of the year and you do not pay captial gains tax, OR federal income tax.
We see another month like November and I'll be moving there.
Wasn't that a one time
10.
Post 3830966 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.32h):
Completely legit beating of gold would be to take the global weighted average when all major exchanges are reporting/working.
https://bitcoinaverage.comWtf?
That says BTC-e has the most volume.
Huh, good point. I never paid much attention. Do you think BTC-E is Faux volume of trades or perhaps just crazy bot trade?
I honestly don't know.
MtGox is well known to be a clusterfuck of incompetence but I'd expect their business to go to Bitstamp, not BTC-e.
Maybe it's bot-trade, the alt currencies have been going nuts.
Isn't btc-e where all the scammed btc end up on and didn't some guy steal 90,000 recently?
11.
Post 3845310 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.32h):
Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
Well, it certainly helps when the price is several times above your initial investment. The Silk Road Crash was terrifying for me, and while I made some profit from it it would've been a lot better without the emotion.
But I think you're right. Whales have less influence and apparently cannot topple the market on a whim. We will have to rise much higher for that to happen. I'll be ready.
That or the reason this rise exists is because silk road took 200,000 bitcoins of the market and now we have another 100,000 out with sheep market theft. Or not.
12.
Post 3869514 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.34h):
I have a 12 year old Renault Scenic works as charm, I love the cheap parts if I have to repair anything, however I own this car for sometime I hadn't to repair anything except the check that I have each 15000 KM and maybe the brakes I had to change.
my wife want even a bigger car, but I am not even thinking about changing this one, it is working and it is serving its purpose.
Same here, I own a 13 year old Honda Civic since 3 years now. Never had anything break on it, cheap as fuk to drive around in...
Beats me why I would spend hard earned money on a status symbol like a fancy car. Even if I was rich i'd probably go for something midrange than a Ferrari or Porsche...
I have got a bunch of second-hand furniture, because it looks ok, does the job, and costs way less than new stuff. Don't have a car either. I would much rather invest the money that I save by doing so, in the hopes of becoming less dependent on income from my job, and doing only what I feel like doing.
Bolded part might be on to something. Bitcoin is by design encouraging saving and thus attracts people who would like to save. (But have only shitty ways of doing so thanks to the inflationary monetary system
)
Not only does it encourage savings it encourages careful treatment of things including money. People can relate to buying a tiny amount a while ago which is now worth a lot more.
13.
Post 3871940 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.34h):
It's doubtful any large holders are buying back in so soon after selling at triple digits. What would be the point? The fiat they cashed out went for new castles and Lambos. Lets see if the old ATH gets broken on the downside then it's time to decide to buy or not.
14.
Post 3872037 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.34h):
Wonder if the wall at 400 will want to be a buyer if it gets to 400?
15.
Post 3985013 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.38h):
Not even the $900,000 back for around the clock medical care?
Really! You're gonna whine about losing one Bitcoin?
$15 trillion BTC market cap in 10 years. Wow! Today that's 25% of global GDP. But in ten years it's only 15%.
It won't be that % since we got inflation coming. And if we don't them it won't get that high anyways since there'd be very little use for BTC.
16.
Post 4002805 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.40h):
Goat the artist.
17.
Post 4004328 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.40h):
Wait a second a communist country with the firewall of china blocking facebook, youtube, twitter etc... Has two different currencies (CNY CNH) for mainland and others, and only allows their citizens to withdraw $50k a year out of the country didn't embrace a revolutionary free currency it cannot control with open arms?!?! No way!!! Although to be fair i expected it to be a bit further in the game
They use 2 currencies to keep their internal economy separate from their external economy, its hard to make your books balance when the stuff goes out and doesn't come back, you have to keep printing more just to keep buying. I doubt there's much stopping anyone taking bucket loads of the internal cash over the border but it wouldn't be much use to them once its out. The currency for external trade would be easy to manage except there's some creative accounting with exchange rates, the only reason China has to go against bitcoin for that is it would make their own creative accounting more difficult.
I'm not sure maybe someone can answer how friendly communist border guards are, but i for one wouldn't want to be caught with over $50k on a Chinese border
That's the point, if you want something you can use outside China you need the external currency which is controled, the internal currency would be worthless because it cant be exchanged for anything outside China.
Exactly so Bitcoin won't help them with that since sellers still need to pull cny out of the country somehow and that's not possible. I wonder if there's a way to use that currency to purchase goods for export.
18.
Post 4021890 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
Just me or are the spreads between Gox, Bitstamp and BTCe really narrowing?
Yes, the closer something gets to 0, the smaller the difference.
Haha. The people who are really stressed are those with Pre-ordered miners. They don't even have the BTC to sell to try to buy back cheaper later. For that matter the ASIC manufacturers are probably scrambling as well.
19.
Post 4021957 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
This will look like a blip on the charts 5 months from now
the question is what side of the line the blip will be on.
20.
Post 4022050 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
Holy wow, gox, wtf. Battle at 500?
The real battle will be around old ATH 250-300.
21.
Post 4022129 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
Who here moves their coins from cold storage?
Might want to get some fiat from cold storage.
22.
Post 4022204 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
Ok whos buying?
At some point ASIC manufacturers might want to.
23.
Post 4022397 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
USD nearly exhausted.
Been on phone with personal bankers for hours trying to get same day wires into the exchanges. Exhausted and don't see sleep coming soon.
Well that's not inspiring at all. Are you saying you went all in with fiat and price is still tanking?
24.
Post 4022698 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
One thing bitcoin needs badly right now is a leveraged trading market with real capital. Bitfinex and Icbit are useless to us because a single margin deposit is likely to exceed their available funds.
How would that solve the volatility issue? If anything it will create more of it by putting in more capital bottlenecks. The very same ones you are having issues with right now.
25.
Post 4022788 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
One thing bitcoin needs badly right now is a leveraged trading market with real capital. Bitfinex and Icbit are useless to us because a single margin deposit is likely to exceed their available funds.
How would that solve the volatility issue? If anything it will create more of it by putting in more capital bottlenecks. The very same ones you are having issues with right now.
Its pretty obvious he wants to buy right now, but has no funds. With leverage he could use coins to buy coins and volatility during a crash is reduced by large bids and buys.
But the issue with bitcoin is counterparty risk. What happens when those leveraged counterparties don't deliver the BTC and that will happen. Currently at least on the exchanges you more certain the bitcoins you are buying exist.
26.
Post 4022810 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.41h):
$425 on CNY, that means trend is still downwards
Stop looking at CNY, noobs
Their market is rigged completely manipulated by the officials.
so is goxbux
27.
Post 4050801 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.43h):
Maybe Loaded just got back with his cheap coins and wants some bucks back.
He must play both ways, after all.
You can't blame him for needing a little cash back - it ain't all his own money....
EDIT - everyone was asking 'how do you arb China'? Answer - take a plane full of USD over
Loaded's goals and most everyone else's goals are likely to be very different.
28.
Post 4064916 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.44h):
Hard to think it's the right time to jump in when a country with 20% of the worlds population became fairly hostile to bitcoin.
29.
Post 4071225 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.44h):
daytraders, whats your actual timeframe you speculate on? 2h?
5 minutes for quick in and out movements
15 minutes to denote the local end of a sharp crash for the day
1 hour to predict a nice breakout.
4 hour to go all in
1 day for da cold storage hodling
I rarely buy and sell the same day (except when arbing, but that kinda died out with BTC China). Actually made only 3 major moves on our way down from the top:
- sell at 925-870
- buy at 670-420
- sell at 610-720
Next I will buy back cheaply.
Do you see the market testing the old april ATH?
30.
Post 4096240 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.45h):
I understand that I may be a biased bull, but can someone intelligibly explain to be please, why the China news is THAT bearish for bitcoin esp in China, considering they said it is legal to buy and own? they don't want their institutions to transact with it, okay fine. that definately sucks. how does that mean it's dead there though, barring them announcing theyll lock away citizens and torture them if they own bitcoins.
I also don't see the bearish between the lines in that bobby letter, in fact it sounds bullish to me.
this is all for curiosity's sake anyhow as it's a big world and China can take this stance now, if they even stick to it in the long run it's not a big deal for bitcoin longterm
Because currently lots of bitcoin commerce is hedged or converted to fiat sometimes instantly. That's kinda hard to do if banks can't work with bitcoin.
31.
Post 4133886 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.46h):
Hmm, almost like China waited for Christmas knowing half the world would be asleep. ...reminds me of Pearl Harbor.
You mean they are hoping Chinese government is asleep.
32.
Post 4194693 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.48h):
Interesting read:
http://krugman.blogs.nytimes.com/2013/12/28/bitcoin-is-evil/?smid=tw-NytimesKrugman&seid=auto&_r=1&Even more interesting though, are the comments of the readers. Am I the only one here that thinks that Krugman is paid to stand for fiat money? His arguments find me completely indifferent.
I have had and am continuing to have a dialogue with smart technologists who are very high on BitCoin — but when I try to get them to explain to me why BitCoin is a reliable store of value, they always seem to come back with explanations about how it’s a terrific medium of exchange. Even if I buy this (which I don’t, entirely), it doesn’t solve my problem. And I haven’t been able to get my correspondents to recognize that these are different questions.
Heh... probably talking to the wrong people (intentionally that is...).
He's also fundamentally missing it. A part of why it is a reliable store of value is connected to the value of it being a terrific medium of exchange. By carving out parts of his interlocutor's response categorically, shows that he hasn't taken a close enough look at it.
It is reliable.
It creates a public record of trade. Stored for posterity.
By using it we enter into these records. It connects us to each other.
It is fundamentally better in many important ways, even for governments, than what governments are getting from the central bankers. If that isn't valuable, what is?
My best reason would be "impossible to create money out of thin air". But he's all about "Federal Reserve’s role as actual dollar source, and its commitment not to allow deflation to happen." I mean WTF? Is he for real? They CONTROL the thing! Oh well...
You do realize that now and for a long time from now bitcoin system will still be "creating money out of thin air".
33.
Post 4246112 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.49h):
With the Fortress investment trust being announced, I think we're preparing for a major market movement in the coming hours. I wrote this thread on Reddit (not sure how it is around these parts, I'm still new!) explaining my reasoning behind the huge # of bitcoin days destroyed and this ETF getting announced. This might be a very very interesting new years. Apparently they will be announcing it at a Bitcoin conference tonight which happens to be nextdoor to the NYSE stock exchange...
http://www.reddit.com/r/Bitcoin/comments/1u4fc6/record_number_of_bitcoin_days_destroyed_and_10/This could explain the push that we've seen to $800, and some of the buy-orders that are starting to come through the exchange today. We're on a very defined uptrend right now...
A large holder sells a huge stash in way that avoids the markets for worries of tanking the price and to a fund which resells to idiots since why would anyone want to own a fund with fees instead of a cold wallet for free. And that's bullish news?
34.
Post 4246567 (copy this link) (by User705) (scraped on 2020-04-04_Sat_11.49h):
False. Wall Street will jump on anything that can be pumped, especially if a bunch of silly derivatives can be attached to the underlying asset.
Get ready for a year of record breaking artificially high prices.
Just remember - Bitcoins aren't real unless you're holding them in your own wallet.
I expect no end to Wall Street's bad behaviour, and I expect lots of people are going to get burned, but at least with Bitcoin it is possible to protect yourself.
yeah, but people do invest in the Gold ETF.
there might be manipulation down the road, but with that much money pouring into it... its going to the moon first.
This strongly reminds me of cypherdocs gold ETF and bitcoin comparisons.
35.
Post 6749511 (copy this link) (by User705) (scraped on 2020-04-04_Sat_12.44h):
More fiat on the bid side, yes, but not a lot more.
Combined Bitstamp, BTC-E and Bitfinex have about 20M$. MtGox is dead and can't provide support.
The only thing keeping the price from dropping hard is limited seller pressure, compared with June 2013.
And back then Gox was still the leading exchange and had about 15M$ on the bids.
If there will be a serious Chinese fallout, not FUD and bad news, but coins coming from China en masse, bulls will become corned beef.
Only 20M$ ?! That's just 10 days worth of new XBT generated. If that's an accurate number prices will go lower.
36.
Post 19570408 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.12h):
This news is irrelevant as merchants don't keep any BTC and simply contribute to the volatility.
37.
Post 20171858 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
Since UASF doesn't look like it'll go very far, I also doubt they'll bother with that.
Oh, UASF will go very far believe me!
Oh yeah? They got 80% hash power?
It doesn't matter how much hash power do they have. What does matter is that nobody in their right mind wants their bitcoins turned into chinacoins!
So how many exchanges are on board with UASF? How many wallets?
UASF has neither mining majority nor economic majority. I wish it was different, but that's the reality.
Irrelevant. The only thing that matters is how many holders are for it. The notice of the big Segwit2x agreement should've stated how many BTC they all have. That would mean something. Wallets and exchanges means exactly bupkis because wallets and exchanges will service the owners of BTC not the other way around.
38.
Post 20172206 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
Holders don't matter shit. This is proof of work, not proof of stake. WTF are you going to do with ownership of essentially altcoin Bitcoins you can't exchange for the tons of fiat on the exchanges?
Ideologically, I'm on your side, but you UASF cultists are striking me as increasingly delusional.
LOL
The delusion is thinking that economic majority is the workers that work for owners. That's like thinking the household staff is somehow the economic majority of the house instead of the owner that pays the bills. It's not proof of work it's proof of having a private key that controls your bitcoin. ETH and ETC split, the foundation sold all their ETC for ETH which was a huge % so ETH ended much higher but both combined were much lower in the immediate aftermath because the friction and transfer costs of having two camps switch into the currency they wanted to be in was pretty large. Same will happen here. Just make sure you pick the right one.
39.
Post 20172866 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
Most of the nodes are still Core. The west doesn't seem to have the same interest in bigger blocks. How the hellfire are the Chinese supposed to evade capital controls with a Bitcoin nobody wants to buy?
Edit: but they must want it for a reason so I must be missing something. I always do.
Nothing to do with bigger blocks. It's a power grab to see if they can hardfork and stay on same chain. Then later then can hardfork for higher fees or no halving of block rewards or no total limit. Asics came to the game later on so they have a lot more hashing power then actual BTC.
40.
Post 20175157 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
I just heard that quote: "
If you've not been throught a crash with BTC then you are not a Bitcoiner yet."
I guess I am becoming a Bitcoiner. Cool.
It can drop more... I am not scared at all.
By the end of summer we will be back at $2900. And looking UP.
Summer 2020 or 2021 that is.
41.
Post 20176330 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
I know there is a lot of old bitcoiners here. One thing make me think that we are near the bottom here. Even at very low electricity rate we are now at $4,85 per day reward for mining with 1 S9.
I am sorry but it would make no sense to mine losing money. That would mean Bitcoin is dead.
So can somebody who think BTC is going to $1250 or below explain to me how that would work thinking that at that price every miner is loosing money.
I mean we all love bitcoin but there is a limit I suppose.
Most BTC holders these days are not miners. The don't give a shit whether they ROI or not. Yes, there are some big interests in mining, that may try to prop things up. But I doubt that it's going to be enough. Especially when many of these big mining interest are getting subsidized electricity from China...
Ok for the holders, but we are not in a proof of stack. They may not give a shit but I don't think the miners give a shit of the big holders ?
I mean no miners no decentralized blockchain ?
Things take time. Markets at tops and bottoms always overrun the fundamentals. That's the very definition of top and bottom. You also assume there isn't a next gen miner already deployed and mining for bitmain.
42.
Post 20251274 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.14h):
The fact that a $40B network is now running on BTC1 should give everyone pause for concern.
Miners are not the network, they are service providers. (with an inflated sense of self importance & megalomania)
*We* are the network, if miners provide us with bad blocks we will reject them.
By that definition "we" only applies if you run your own node. I suspect there are not many "we" here.
43.
Post 24375495 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.26h):
Still nothing
How many times can you use a recovery phrase? Just once?How are you legendary? Do you even understand how bitcoin works? Why the fuck would it only work once?
44.
Post 25952509 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.31h):
U know what's cooler than 1 Ferrari? 100 Ferrari's...
Last top was goats lambo. Feel free to get that Ferrari. You’ll just trade it back for x times BTC in a year. If not the rest of the stash will be even bigger still and you’re in a Ferrari. Win win
45.
Post 26100363 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.32h):
What people think BOA patent news means: mass adoption of crypto
What it actually means: Cease and desist orders to all existing crypto exchanges, and either no use of the patent or use for proprietary bank coins
Good thing decentralized exchanges won't give a damn.
Which exchanges are decentralized?
46.
Post 27114891 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.35h):
Bitcoin was a $5-10 billion market at most in late 2013, concentrated on a handful of exchanges, most infamously Mt Gox, which was manipulated by Karpeles' Willie bot followed by the catastrophic loss of Bitcoin and collapse of the whole exchange and fragile ecosystem. You know this, Tera.
Bitcoin is now at least a $200B market cap by itself and has established itself as the trading foundation of an overall crypto market of half a trillion and is even legal tender in Japan of all places, in spite of Mt Gox. There are hundreds of exchanges in dozens of countries and massive infrastructure and overhead now invested in Bitcoin's future. Sure there are many who want to see it fail, mainly governments, regulators and old-school investors, but there are now far too many devoted to seeing it succeed.
I understand the importance of chronic unease and cautious optimism in such a volatile investment. But now it just seems you are just trying to incite doom and gloom, you are trying to instill fear, uncertainty and doubt, you are searching for patterns to corroborate your... hope, is it?? Hope that Bitcoin will continue to fall? Because it doesn't just seem like fear driving your prognostications. It actually seems like you seriously hoping Bitcoin will stumble and fall into a multi-year bear market and retest old lows. Is this all stemming from regret? Regret that you didn't buy enough to exit this whole game by now and the hope that you can scoop up some more cheap coin?
Rough patches remain ahead, no doubt, but the days of $300 or $3000 coin are Christmas past.
$300 is past but not $3000 because it’s this exact sentiment of “exit this whole game” is what will be causing the price declines.
47.
Post 27115147 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.35h):
Guys I know this is off topic but is there a way to stop a unconfirmed transaction. Someone just stole the coins from my wallet.
If it has 0 conf make another transaction with a higher fee.
48.
Post 27319505 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.36h):
https://gemini.com/auction-data/So CME futures prices are based off 986 dollars of volume? Presumably they have some type of cop out clause. Or are they being lazy bastards and staying on holiday today?
100s BTC and counting CME volume pricing based on .1BTC Gemini volume and people are worried about bitfinex and tether games. LOL
49.
Post 27325977 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.36h):
the dangerous and volatile refueling procedure complete, Bitcoin prepares for takeoff
ROFL
ME163 designed to rocket takeoff then glide down without any engine power whatsoever that’s if the pilot wasn’t cooked by mixture problems. Perhaps a different meme.
50.
Post 27365042 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.36h):
Those US residents who dumped for tax filing reasons yesterday are probably buying back now it's lunch time on January the 2nd in the USA.
That makes no sense. Last year was a huge run up so you would not sell at the end of the year but sell this year if you want to defer paying taxes on it in the short term but even that isn’t the most efficient. US taxpayer best case is long term capital gains which is 366 days from purchase so end of year or not doesn’t matter.
51.
Post 27682665 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.37h):
Just crazy story one off the noob friends i have Got into btc like 1,5 years back .... Just told me he converted all his btc into bch
thinking he Made a good move like wtf i’m Speechless what do i say to Him
Which is more crazy?
Bitmain only accepting BCH as payment, or what your friend did?
"1.
Only BCH(Bitcoin Cash) payment method is accepted in this batch, please use the exact amount mentioned in your order and complete the payment within one hour. After one hour, the order will expire and your payment may not be detected by the system automatically. Payment must be in BCH. We cannot accept payment in BTC. If you send BTC to the BCH wallet the coins may be lost. If the payment is submitted but the receipt is delayed, we will make your payment "Valid" manually."
https://shop.bitmain.com/productDetail.htm?pid=00020180102101937612alpWm337068AThis is off topic but why is everyone keep being surprised at Bitmain supporting BCH. The miners realized that no matter how hard they try they can’t possibly mine more then the last 25% of BTC so why would they support any off chain solutions. The only way to get more BTC for them was to make sure everything is on chain and paying fees in BTC. Of course no one wanted to compromise so miners went and did what’s best for them. Then everyone who sold at low single digit % exchange gave them a big gift but everyone is now somehow surprised and continuously bitching that they simply do what’s best for them. It’s bitcoin not democracy or socialism. Get over it.
52.
Post 27683615 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.37h):
Won't LN make payment processors like Bitpay totally obsolete?
That seems backwards wouldn’t BitPay be an LN processor and charge the same fee?
53.
Post 27683910 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.37h):
...
It is not just that they are supporting it, they are only taking it. This lends to more than just support.
But that’s just it. That’s the best way for them to convert hash rate to value ie BCH/BTC. Yes it’s a bit nasty because it’s the same PoW but the other option is bend over / submit and lose out on fees forever. No surprises they are attempting to do the opposite. Of course if you are a BTC purist the solution is to simply tax the system. Sell your BCH and buy back same amount when it’s lower. Rinse and repeat while retaining more and more BTC. Basically a tax on the lower valued currency.
54.
Post 28295334 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.38h):
So the ponzi scam BitConnect is finally dead? First casualty of the shitcoin saga?
Looks like it. Amazingly someone is buying now and price bounced a bit. Still down 86% on the day.
If I'm understanding correctly bitconnect customers were able to cash out the value of their accounts into bitconnect tokens at a price of $363. Currently the price is about $35
They were told they would be able to do that. I don’t know if they actually can cash out.
I think they can. But what they are getting is bcc tokens. So for example if their account had a 100k usd value they will get 100,000/363= roughly 275 tokens. Now worth 275 tokens X 35= 9625 USD
The people who cashed out earlier today salvaged things a little better as price was still over a 100
As long as they give them enough token at current market price then their part of the deal is met. Of course you still can’t sell it for anything close to that the next day. Serves them right. You could see that shit coming a mile away.
55.
Post 28304113 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.38h):
$18k -> $3k (6x) wouldn't be unprecedented. In 2011, we fell from $30 -> $2 (15x), in early 2013 from $250 -> $50 (5x), and in late 2013 from $1200 -> $200 (6x).
If we get away with a low of $9k (2x) I'd hardly even call that a crash!
Here are projected lows compared to historical crashes:
2x: $9,000
3x: $6,000
4x: $4,500
5x (early 2013): $3,600
6x (late 2013): $3,000
10x: $1,800
15x (2011): $1,200
Bitcoin is less volatile now. Unless the bull market has ended - which I do not think it has - most of these other crash comparisons are not really valid.
Right now this is a healthy correction - one many people called - that will lead to another bullish year in 2018 with BTC prices well above $50k. BCH might die however
Previous corrections would go into alts but it’s all dropping now. It won’t get to low Ks overnight but 20k could be a top. It’s x10 what it costs in electricity per BTC and most past tops were never 20x of previous ATHs.
56.
Post 28379066 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
All of the alts are merely acting like leveraged bitcoin right now. It doesnt matter what you think of that alt. If youre confident bitcoin is going to make a move than using the alt is a more profitable choice. XRP was especially appealing because it was down 75% from the high it had just 2 weeks ago. I figured if btc had a hard rebound then XRP could easily see a crazy spike as high as 200% transiently, though I ended up settling for 50% instead. At the very least you were definitely going to get your buy price back after any kind of bounce. Think of the 85 cent XRP. Where do you think it was going? Was it just going to go down to like 50 cents and stay there indefinitely without any bounces? It was just $3.30. 2 weeks! I understand the fundamental sentiment about ripple but this isnt a penny stock, it's a multi billion dollar digital currency.
This was funny. At this junctions alts are exactly that. Low liquidity penny stocks.
57.
Post 28424871 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
FWIW, I'm HODLing until at least next week. Still on track for end of Q1 retirement. Resolving some banking and exchange issues with making sure wire transfers are cleanly hitting the target account (... have I mentioned how silly the entire banking system is ?)
Still in the process of moving off the first large chunk of fiatcoin off the exchange, and don't want to load up any more until the USD balance reads $0. Over half-way there at this point.
Mentally "OK" with selling the next chunk @ $12.5k USD/BTC, but my gut tells me we're going to head above that by the time I'm ready to cash out again, sometime mid next week.
EDIT: a word
All these retirement posts. Smells like a top.
58.
Post 28432103 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
I received a PM asking for some clarification on my trading system. I figured I'd add the reply here, in case others might find it of some interest. First, the question, then the clarification:
Hey!
Sorry to bother you,I'm kind of a trading newbie(just got in the market mid-july) but i'd like to ask a few questions about your trading method.
I've seen that you sell x amount of btc on every 250$ it rises and buy y amount of btc every 250$ it falls.
Could you please explain it further?
How should I set my buy/sell orders?( With 1BTC as the starting amount for example)
As I got it, it looks something like this:
You have 1 BTC, the price is 10 000$.
Once it hits 10250, you sell 0.1BTC for example
You have 0.9 BTC+ 1025$
BTC price falls back to 10 000$, you buy 1025/10000=0.1025
You have 1.025 BTC
But what if you sell 0.1 every 250$, price is at 12500$ and you are all in fiat, out of BTC?
If BTC would have a bull run above 12,5k, i'd be sitting on the sidelines all in fiat. Is the solution to this is that you keep using your profits to buy/sell at a higher price scale?
I'd love to hear your opinion or technic on this!
Thanks,
Hi -
You've got the basics. However, you correctly have detected a risk in such trading. If your trades at each increment are a significant percentage of your total holdings, then you risk running out of Bitcoin before the price rises very high. You will run out of Bitcoin when the Bitcoin price is (interval * 1/percentage) + price_at_start.
The solution, of course, is to make your trade at each interval a smaller percentage of your overall holdings.For example, if you start today to trade one-onethousandth (0.1%) of your base at each interval, you won't run out of Bitcoin until the Bitcoin price is ($250 * 1/0.1%)+~$12000 = ~$262,000.00 per Bitcoin*.
If we ever get that high (I would not be particularly surprised), you'll be selling your last tenth-Bitcoin for $26,200. Not too bad.
*Actually, if you take your profits on the Bitcoin side rather than the $ side, this is a worst-case scenario. The volatility between today and the time we hit $250,000 will result in additional profit in the form of additional Bitcoin. This will extend the upper range at which you will run out of Bitcoin. Will it extend it to $300,000? $500,000? $1M? Interminably? No way of knowing in advance. But safe to assume it will extend it somewhat.
I suggest running out a bunch of scenarios in Excel, playing around with interval, percentage, and volatility profit, and map out a scenario with which you feel comfortable.
I'm not sure whether or not this is the 'best' trading strategy. However, it removes the need to be prescient in where the market is going. As long as the overall direction of the market is up, it will return consistent profits. It can also generate profits in down markets (that's when you build your Bitcoin holdings). It also maximizes return on market volatility. And the Bitcoin market is famously volatile. Most importantly, it is automatic. It removes the mistakes you might make due to overexuberance or panic.
It may be worth mentioning that I leave many open orders on both the buy side and the sell side. This has two benefits:
1) It ensures that quick market moves will not outrun my ability to enter new orders.
2) It reduces my trading costs.
To explain 2) further, exchanges charge a fee for trading - that's how they profit and are able to stay in business. Different exchanges have different pricing structures. Each exchange allocates fees to each side of the trade. This can be allocated to the buyer and seller roles, or it can be allocated to the maker and taker roles. I do this trading at an exchange that charges only the taker side of the deal. Limit orders (the type of orders I enter) are the 'maker' role, so there is no fee for this trade.
Of course, leaving open orders on the exchange requires you having value locked up on the exchange. Many exchanges 'have been hacked' (sometimes probably a synonym for 'owners ran away with everybody's money'), leaving their customers Bitcoin-less. This counterparty risk is something you need to be comfortable with.
Of all the exchanges available to Americans, I trust GDAX the most as far as counterparty risk. Further, their price structure is 'free to maker'. For these two reasons, GDAX is where I do this trading. YMMV.
Thank you! Very clear explanation, helpt a newbie friend with it.
Except all of this implies a buy at some sort of relative bottom. If 20k was top and your first buy is in high teens you might just sit and stare at your screen for the next two years. A good strategy is to also set aside a specific dollar amount to buy into at regular dropping intervals. So for example every 500-1k drop from 10k you buy x dollar amount. If it keeps dropping you’ll keep accumulating more and more BTC. On the way down take profit in BTC on the way up if we get past ATH take profit in fiat.
59.
Post 28432602 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
Stumbled upon the Digital Goods section of Bitcointalk and there are people asking 1 BTC for Bittrex, Bitfinex, Poloniex and Binance accounts.
Is it really true that you can't even open an account with any crypto-only exchange these days?
Also stumbled upon my local Craiglist and people asking $400 for an R9 280X and $500 for an R9 290 GPUs. Also people asking $1000 for an Antminer S5.
If so, this bubble is far far away from bursting...
Gear was never a good indicator. I remember first ASICS going for 30k on eBay. Heck some friends even bought a few. 80% of bitcoin has been mined. It would be hard to deduce anything from ASKING prices anyways.
60.
Post 28570729 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
I've probably mentioned this here before, but back in the day I mined a triple digit amount of BTC and sold them at a price in the double digits.
Later on, after deciding not to jump off the nearest tall structure, I decided to start grinding away and hodling.
The smart move going forward is probably to sell certain amounts at predetermined levels, similar to what jbreher does. However, I have a major aversion to the thought of selling any BTC, having been traumatized by earlier experiences.
BFL singles “promises” were $1300
BTC was $13
you do the math
feelin' ya brother man
Fixed it for you.
61.
Post 28661435 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.39h):
That was great Hairy, thanks for bringing it in.
I am at a loss guys; I can't decide to set up just over 11 for the sure thing or be greedy and set up clear the fuck down by 9.
#HODLerproblems
There’s always 10ish
62.
Post 29351768 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
...
I remember when I was taking online chess lessons in 2016 from a Serbian chess master - prices were super cheap because Serbia, but Paypal didn't work.. also because Serbia. He would only accept Bitcoin.
My parents were extremely skeptical of the whole Bitcoin thing, but I ended up getting like $100 in BTC back then for lessons.
I started investing the little $ I had in BTC on Coinbase, and asked my parents for a loan, which they refused.
I kept asking them again and again, after doing more research, since I thought it would be obvious to anyone that Bitcoin would be a big deal in the future, but they refused.
As Bitcoin hit $1000, and kept going up and up, they were still skeptical, even up to until it hit $10k in like November or around then.
However, a week or so before the China ban, they gave me $6000 to invest in crypto, which dropped me quite a bit, and they were calling it "the end for Bitcoin" since China banned it.
Of course, we know what happened, and I made a great deal of money from it - much more than any college kid working full-time slavery to pay the bills.
The funny thing is that when Bitcoin hit ~14k on the way up, THAT'S when they FINALLY decided to invest a large amount of money into it - like $50k in total, which is a sizeable portion of their overall investment portfolio.
Of course, everything just went down after some excitement, but my parents aren't worried at all, because now they finally think that Bitcoin and other top cryptos will prosper in 2018, when things recover. They are even buying more at the dips.
Of course, I also believe in the imminent recovery and 25k+ target for the next wave.
I just find it funny how human psychology works...
Literraly the riskiest way to do it. Why not average into it? You’re going to have an interesting conversation with your parents if it drops to low single Ks.
63.
Post 29419543 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
People, things are not complicated, this is not some kind of natural disaster, what is happening is that scammers at Scamfinex have to produce 1 US$ for every 1 USDT they produced out of the thin air, or they will go to jail. No matter how low the price is, they have no choice but to sell BTC, there's no other way they can produce US$. Point is they can not sell your coins, they can only sell theirs. It's that simple, why would anyone care if they loose the whole sum they've acquired through scam? They can either sell enough to cover the scam, or fail and go to jail. Sooner or later they will run out of BTC and the line will be drown under, their BTC will be in someone else hands, but your BTC will remain in yours. It's that simple, as someone said 1 BTC will always be 1 BTC, there's no reason to fear of their failure. Only way you can fail is to sell your coins, otherwise you can not lose because this is not your game that is happening right now.
What makes you think they can’t sell “your” coins?
64.
Post 29419849 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
People, things are not complicated, this is not some kind of natural disaster, what is happening is that scammers at Scamfinex have to produce 1 US$ for every 1 USDT they produced out of the thin air, or they will go to jail. No matter how low the price is, they have no choice but to sell BTC, there's no other way they can produce US$. Point is they can not sell your coins, they can only sell theirs. It's that simple, why would anyone care if they loose the whole sum they've acquired through scam? They can either sell enough to cover the scam, or fail and go to jail. Sooner or later they will run out of BTC and the line will be drown under, their BTC will be in someone else hands, but your BTC will remain in yours. It's that simple, as someone said 1 BTC will always be 1 BTC, there's no reason to fear of their failure. Only way you can fail is to sell your coins, otherwise you can not lose because this is not your game that is happening right now.
What makes you think they can’t sell “your” coins?
Simple. YOUR coins are in YOUR control. If they are on an exchange, they are NOT YOUR COINS. Not that User705 needs to hear this, but there are a lot of noobs that need it drummed into their heads repeatedly.
My bad I thought you were implying they can’t sell the coins you think are “yours” on their exchange.
65.
Post 29425743 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
Wealth transferred, mission accomplished. Absolute savagery. Why I ever thought this would end in anything other than tears I'll never know.
What “this” are you referring to and what “end” are you talking about? It’s like gibberish.
66.
Post 29490710 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
Has anyone else gone through an obscene amount of alcohol in the last seven days or is it just me?
Probably just you....
hahahahaha
I'm just kidding.
Even when I feel quite calm cool and collected (with a decent plan to advantage from this seemingly extreme downwards volatility), the situation can still be stressful - because us BTC watchers can never really be sure what price point is going to hold, exactly and when the downward momentum is going to end, exactly.
This reversal in the past 10 hours at $7,625 does seem to have been based on a decent amount of dump spike volume that would be relatively convincing that the bears should have blown their wadds - but gosh.. we can never be certain until perhaps being more certain after we bounce back above a certain price point, perhaps that price point is above $12k-ish, currently?
It feels like just traders are left. Tether/Bitfinex still unresolved. Bitconnect might not have been a lot of money relative to bitcoin but it was a lot of people who are derping on YouTube and everywhere else “fuck all crypto”. ICOs are either getting sued or getting C&D by Texas. Anecdotal evidence points to 20k being top for a while. People in this thread retiring by selling above 10k likely means they won’t buy back at above 10k so that segment is gone. The regular people are gone. I have a friend who’s a multi millionaire. Double digits. He got burned on LTC by buying it above $300 when stupid TV was pumping it with “three simple reasons why it’s better then bitcoin” and last time I tried throwing him some signals like set your bitcoin buys at mid 8s, mid 7s and his response was “fuck this, I ain’t dropping another penny on this shit”. He got burned by the stock market a while back and to him this is just another market. Nothing special or different. Of course I could be wrong and who knows maybe hedge funds will buy to manipulate the futures market. People don’t understand bitcoin is a savings mechanism not a fucken get rich quick mechanism.
67.
Post 29491605 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
I have a friend who’s a multi millionaire. Double digits. He got burned on LTC by buying it above $300 when stupid TV was pumping it
If your friend keeps investing like this he won't be a millionaire for long. How could he buy LTC at $300 seeing that it was $4 one year before?
I would not buy even a Van Gogh after an 80X price rise in one year, or even a bitcoin.
People getting investing advice from the TV will get REKT on any market, and they better stay out of crypto, both for themselves and the already scarce sanity of this market. We already have enough pump chasers.
He’s a multi millionaire and will continue to be so because he builds successful businesses but the point was for him bitcoin was just like any other investment. So he thought he was smart and listened to the “investment talking heads” on Bloomberg. Yes it sucks for him but he wasn’t stupid and bought too much or mortgaged his house for it but the point I was trying to make is that this segment of the population might not be coming back to Bitcoin right now. I’ll keep pinging him and eventually the lightbulb will go off but it won’t be tomorrow or in a month. Again totally anecdotal evidence. Don’t use this to trade. LOL
68.
Post 29491936 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.41h):
So here's the thing.. I remember not a day ago, prices were this low, and everyone was panicking about it in the forums.
So why is it that when we bounce from 7.6k up to here, everyone seems optimistic now? Masterluc seems absolutely certain that we'll just bounce up. TERA2 has stated that we will bounce to 13k too, but the difference between them is that one thinks it's 2013, the other 2014.
Is it that obvious that we're just going to go straight back up? Nothing to be too excited about if prices stay in 4-digits for the next few months, for instance.
It's not about the price per se, but the bounce.
Why isn't it a dead cat bounce? Who's to say it won't go to 5.5k next? I don't think it will, but everyone else seems to think 5 digits is coming soon.
The bounce happened on rather high volume. This would indicate at around 7.6K, there is a great deal of support(lots of people want to buy at this price.) However, many suspect that this market is highly manipulated. I personally think applying technical analysis to these charts is equivalent to predicting the future with a horoscope chart. Just my opinion, though.
GDAX volume was pretty regular. Kraken wasn’t that crazy either. Of course my $7500 didn’t fill by a hair.
69.
Post 29630010 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
But what if the “you” and “we” are a lot smaller then you think?
70.
Post 29684083 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
This crash is your opportunity to create intergenerational wealth.
If you do not exhaust your fiat, you will soon have more BTC than you could have dreamed of. Don’t get bull trapped. If you are currently trapped, this candle is an opportunity to exit before the next leg down.
now THIS is the sort of capitulation talk I'm looking for
Naw this is like the negotiation stage. We’re looking for acceptance. As in “Fuck this bitcoin is over”. Not there yet.
71.
Post 29685355 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
I see everyone keeps looking for news or blaming some FUD or the other for bitcoin's price drop.
If this was about something having to do with bitcoin you would see the bitcoin price drop and alts remaining fairly stable.
This is about major market sentiment. A cycle that has been seen throughout history and repeated itself once again. Big money moved in, the price started to climb so everyone and their brother started buying so they could get those sweet 1000% gains that they were promised. Then we topped out and the price started going down. This is not what we were promised!?! I was supposed to be able to retire by buying bitcoins at $10k! What's happening!?! I better get out of this thing I have no clue about quickly! Sell! Sell! Sell!
The weak hands that have no clue will leave. But the big money will stay. They like volatility. We just fed the Wall Street beast the money of a bunch of ignorant n00bs and they will want more. They will play the market. They will get their money.
That is why we hodl. We understand that we cannot time the market. We do not spend every minute of every day watching the patterns and charts and use our hundreds of millions to move the market. We sit back and let others do that for us and we hold out.
All of my friends thought I was smart for buying so early. The smart part was not buying early, but not selling when the market was scary.
This is well said but there’s also something to be said about being smart and trading at major inflection points or when BTC gets significantly above or below fundamentals ie production costs. Above 10k old miners were being turned on. Probably a good time to get some fiat. If we get to low single K miners will start getting turned off. That’s probably a good time to load up. But trying to catch a falling knife now is pretty risky. But buying back coins sold in high teens is probably a good idea now.
72.
Post 29686067 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
The price will probably stick at $6666 for a while.
Seems like floating around 6800, trying to go higher, but stable
Curious what tomorrow will bring, hope there is some good news from that American governement meetup.
Wow sad satate of bitcoin to hope for good news from US gov.
73.
Post 29688967 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
The floor is in. A certain family member just sold, the poor bastard.
Could be. Had someone I know swallow a 50% loss and leave. The problem of course is they aren’t coming back any time soon so where the fresh money will come from?
74.
Post 29748182 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
Still feels like just traders on the exchanges. And they will follow the trend blindly. To put in a real bottom there needs to be some consolidation and sideways movement. Once equilibrium is reached and both buyers and seller feel bitcoin is properly valued then it can continue its deflationary cycle by moving upward. But days of being up 30% just don’t feel like a convincing long term bottom.
75.
Post 29760938 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
Forget about “anemic” volume. What about anemic order books. Gdax, bitstamp less then 100mil. Kraken might as well be 0. And every single one of 2.3 billion tethers still outstanding. Shit one more solid dump and tether will be a top 10 coin.
76.
Post 29769088 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
Problem is if/when tether busts all exchanges can only pull a BTC-e. They have to close and hit the crypto holders for whatever value tether now evaporated.
77.
Post 29771570 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.42h):
Tether is a separate legal entity to BFX. Unlikely to pull down BFX (unless it triggers a run and BFX has been fractional reserve banking).
How does Tether even work? Suppose BFX/Tether went insolvent, would Tether remain? Or would people with any Tether just be screwed (ignoring the actual BTC price as a result of such an event)?
If Tether were to be insolvent (not fully backed by real USD), the moment it would be confirmed everybody would go dump their USDT for USD or other cryptos and very soon there would be noone buying it as the Tether bots would stop trying to maintain the peg so its value would crash to zero. Well, probably not really zero because:
- It's real fundamental value would depend on the perception of what percentage of Tether is backed by USD (ie: 20%, 60%, etc)
- Going under the price equating the real reserves, Teter (the company) could just try rebuy them all becoming solvent again (after destruction of the "overbooked" USDT).
After all the warnings about Tether, I wonder how many of it is still in the hands of people other than Teter itself. I would supposse many people have already dump it and noone would have a too big stake on it.
Yet the price of Tether haven't really crashed. BUT... what has crashed is all the crypto market which I think could be related. What if it was Tether/Bitfinex that had USDT somewhat backed.... NOT by USD but by a mix of USD, BTC and many other crypto?
If that were the case they would have been forced to liquidate those crypto assets to maintain the USDT peg stable. And, having to back more than 2 billion dollars overnight requires a lot of dumping, which causes panic and many other people dump too. Also as the price of the crypto assets go lower, more (coin units) dumping is required to extract the same value.... and there you have your doom circle.
Is that what has happened? Maybe, or at least it has been one in many factors behind the "crash".
This should have it’s own post but just remember at the heart of every ponzi is a bad trader. If he knew how to buy low and sell high he wouldn’t need to print fake money. Once the printing starts the mistakes just compound so no if tether is unbacked there is no rebuying of reserves because if they knew how to trade they wouldn’t need to print fake money and be unbacked. It’s the exact same bs as Altucher ads. If he knew how to make 10000% buying the next bitcoin he wouldn’t need to sell you a fucken trading course.
78.
Post 29825977 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.43h):
Hitler reference in 3.2.1.
79.
Post 30794262 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.45h):
Even a small topic like why there is an NRA backed ban on research into gun violence would take a long time to do properly, even though on its face it’s a ridiculous law. What is more anti-science than banning research ?
All over human history being forcefully disarmed was a synonym of being a slave or a prisoner. Maybe "research" that.
Australia had all their guns confiscated 25 years ago. They haven’t had a mass shooting since. And they don’t look like slaves.
As we recently went over, jobs are slavery. Comrade.
Now I’m confused. Is going on food stamps to avoid slavery a good thing or a bad thing?
If you have to rely on others to survive, you are a slave. So, n/a. People on food stamps are already slaves.
GL with bing your own island. Freedom as total, absolute autonomy. Never understood how a human being could really believe that. It's going out of fad that idea btw, it's more of an 80's-90's thing.
I literally have enough money to never have to work again. As do quite a number of other people here. What do you even think you are trying to say?
That’s only because others want to pay for your bitcoins. Without those others you don’t have anything.
80.
Post 30866329 (copy this link) (by User705) (scraped on 2020-04-04_Sat_15.45h):
with every fork on bitcoin the inflation rate is doubled, if they can lockstep the alt-fork coin prices to bitcoins they have pulled off a very effective dilution strategy to thwart bitcoins powerful deflationary attraction forces ... until bitcoin price dumps hard to purge the parasite bastards
With every fork, forks become increasingly meaningless...
Not quite. While the whole “they” thing is spurious the fork problem is one of the few potential bitcoin issues. With every fork a dichotomy arises. Yes you can ignore them but that means value can be created from nothing. That doesn’t quite make sense but in order to drop the price someone has to sell and someone has to buy and the moment that happens technically the value of the fork is a direct deduction on the value of bitcoin. That’s not to mention the issues of limited space on the original chain but unlimited space on the others.
