All posts made by LMGTFY in Bitcointalk.org's Wall Observer thread
1.
Post 5570729 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
Mr. Dorian S. Nakamoto
WTF???
"Signed" on the 1st April, 2013! (Dates aren't reliable - they use the PC's time, and that can easily be manipulated). I believe there are also screenshots from only a day or so ago showing
no Dorian...
2.
Post 5589540 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
Once and if reasonable regulations are put into place by the Fed, a bunch of big banks are ready to jump on the ship. Im talking
JP morgan, Wells Fargo, BoA, ect. Big players just waiting for the green light, unfortunately Democrats are running the show and that means big regulations
. Bubble number 5 is around the corner.
JP Morgan - at least - have subsidiaries in Luxembourg and elsewhere. Could they not simply run their BTC through Luxembourg? (Serious question: I'm not US-resident and don't know how much access US residents are permitted to "foreign" stuff).
(My understanding was that they chose Luxembourg due to fairly minimal regulatory requirements, but I don't honestly know what Luxembourg thinks of Bitcoin).
3.
Post 5589691 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
Once and if reasonable regulations are put into place by the Fed, a bunch of big banks are ready to jump on the ship. Im talking JP morgan, Wells Fargo, BoA, ect. Big players just waiting for the green light, unfortunately Democrats are running the show and that means big regulations
. Bubble number 5 is around the corner.
What supports this theory? What do the banks gain buy getting into BTC?
If a bank creates a BTC fund they make money every time someone buys
or sells a stake in that fund. If people want an easy way to buy or sell BTC (and I suspect they do), then the banks will want to profit from that need.
...and it's also possible they want their own positions; I assume if that's the case they're already buying (and I haven't looked for evidence of that).
4.
Post 5592484 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
Ironically part of the reason exchanges are unreliable is because banks aren't very inviting towards businesses involved in Bitcoin.
True (in the UK the HMRC - tax authority - is pretty Bitcoin-friendly, it's the banks which remain hostile). However... retail banking and investment banking are distinct, and I bet Wall Street and the City of London have a good few Bitcoin fans. Although that's pure speculation!
5.
Post 5605518 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
As I wrote already, verification sucks and takes too long...
Last couple of times I bought BTC it was on Localbitcoins, which I hadn't used before. I created an account, clicked on a seller's ad, followed instructions to send the seller money, the money cleared within two hours, and Localbitcoins released the BTC from escrow. This is in the UK, which has a bad rep for many things, but is admittedly maybe a bit more progressive than other states. Some buyers/sellers on Localbitcoins require a real name in advance (but they'll get my name when I transfer money to them anyway), but that's as close to verification I've found on Localbitcoins. I guess it would depend, too, on the size of the trade - I keep mine around the 1-2BTC mark, I don't know if larger trades cause AML/KYC to kick in (I'd imagine so).
tl;dr - for the hypothetical businessman or young guy, buying small amounts of BTC in the UK is quicker and easier than shopping on Amazon
6.
Post 5625870 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.25h):
It took 1.5 years from June 2011. Why do you think it couldn't take as long, or even longer than that now?
Because the rate of network expansion is substantially higher.
I hate to be alarmist, but I think the rate of expansion in June 2011 might have been higher than it is now:
http://bitcoin.sipa.be/speed-ever.png. The following month, however, saw the expansion rate fall dramatically. Despite that, I don't see that many similarities between then and now, so I'm remaining quietly bullish...
7.
Post 5730615 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.27h):
As the bitcoin bulls say, MtGOX is MtGOX, and bitcoin is bitcoin. The coin will succeed or fail no matter what the bears think.
But the fact that the "bitcoin community" does not want to know what happened inside MtGOX, me, means that the MtGOX scam was not confined to Karpeles and the hypothetical hacker. Shouldn't investors be interested to know whether other prominent bitcoin businessmen are involved?
That's not really a "fact", more your opinion of what other people may think.
I'm
interested, just mindful that there's likely going to be a long wait before before we have any news.
8.
Post 5732370 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.27h):
As the bitcoin bulls say, MtGOX is MtGOX, and bitcoin is bitcoin. The coin will succeed or fail no matter what the bears think.
But the fact that the "bitcoin community" does not want to know what happened inside MtGOX, [ ... ]
That's not really a "fact", more your opinion of what other people may think.
I'm
interested, just mindful that there's likely going to be a long wait before before we have any news.
Well, I belive it is a "google fact", in that I can't find any new analyses; and at least
this site, which had the database on line and seemed to have made some interesting discoveries, has shut down.
I guess I don't understand "Google fact" - it still seems a massive jump from "I couldn't find any new analyses on Google" to "the 'bitcoin community' does not want to know what happened".
9.
Post 5822145 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.28h):
Wow
But it says on the volume only 3300BTC???
Too bad no one has Huobi charts (BTCCharts, Bitcoincharts, LTC-Charts)
Bitcoinwisdom!
https://bitcoinwisdom.com/markets/huobi/btccny
10.
Post 6003483 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.31h):
Thanks
yeah thanks
nice to have "" fair and unrigged markets "" but who will decide what is fair. Ok, obviously prohibit silly bots, prohibit from trading those, who are not at least 16 old. What else: prohibit those who live in North Korea ect.
When I think of markets being rigged 16 year old and North Korean traders aren't my biggest worry. Though I guess if the trader was a 16 year old member of the Politburo I'd worry more...
I'm not even 100% certain that I regard HFT as "unfair". At least with Bitcoin we have a chance to develop our own bots and the APIs are all open (and free, as far as I know).
But my biggest worry is "who will decide what is fair". It's regulation, and I'm instinctively opposed.
11.
Post 6096989 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.33h):
they say that they are in Beta, so where are they located and do we know the owners....
No personal experience with bitfinxex, but its parent company is iFinex (
http://ifinex.net/), they have offices in London, Milan, New York and Hong Kong - not sure which one is the head office, or if their offices are "physical" or "virtual".
12.
Post 6100217 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.33h):
It's been bouncing off that line since 12th Dec.
...there is strong resistance on this line.
There is a classical TA rationale for establishing horizontal support/resistance levels where the price touches from both sides repeatedly. There is no rationale evident for establishing a descending (or ascending) support/resistance level where the price touches from both sides repeatedly. If you have such a rationale, please do share it. It would quite an innovation in technical analysis.
You will please notice that all of their examples are either horizontal levels (touched from both sides) or diagonal levels (touched from one side). The rationales in the horizontal and the diagonal cases are different. The rationale in the horizontal case gains support by reversals from either direction. The rationale in the diagonal case does not.
maybe you need some glasses!
Me too, I guess
There's one example of a diagonal, and the only repeated tests are on the support side - resistance is only tested once. What am I missing?
13.
Post 6100515 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.33h):
It bounced off again after the picture was produced on 14th July.. before breaking again.
You're not missing anything.. he asked for an example and I gave it.
OK, but... this graph extends to September, and I'm still not seeing the resistance being tested after the initial (post-dip) test:
http://futures.tradingcharts.com/historical/DJ/2006/9/linewchart.html. (My interest in this is that I've always assumed diagonal support lines were "special cases" and assumptions are always worth reassessing - so an example showing that diagonals behave like horizontals would be a good start for my reassessment).
14.
Post 6319208 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.39h):
This is Monday, most bullish day of the week and there is less volume than this weekend. Where are all these buyers??? We can't just go to 580+ without buyers.
It's Easter Monday for many people - large chunks of Europe, and China too, I believe. The Huobi daily chart shows a marked decrease in volume from Friday through to now, I've been assuming that that's Chinese Christians celebrating rather than trading.
15.
Post 6423916 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.40h):
I suppose that, in the early days, sites like exchanges and online casinos would have a single bitcoin address for bitcoin deposits, and all clients would transfer bitcoins to it (using the decimal satoshi amount to identify their deposits); whereas now such sites commonly generate a new unique address for each client and/or each deposit. Is this correct?
I'm fairly sure MtGox used unique addresses for deposits, back when it was still based in the US. I don't know if more recent exchanges (relatively speaking...) behaved differently, though.
16.
Post 6541086 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.42h):
Here is one: they are traders (possibly unexperienced) who bought at much higher price, say 4000¥. They have been waiting patiently for the price to go up again to those levels. But now that the the future of Chinese exchanges is uncertain they got desperate and are clumsily trying to push the price up with those fake bid walls. But they cannot just leave the bids there, since they definitely do not want to buy. So they must remove them whenever they have to leave the computer for any reason.
Why would they not be able to send them to their wallet and sell some other time when price is better then?
Sell them where? And that is IF the price will be better.
Any exchange outside the PRC? As I understand it, China's exchange controls are one-way.
17.
Post 6542389 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.42h):
Guys, we look prime for a big dump on Houbi. The buy pressure keeps dwindling and the down trend has been re established for over a week now. His market will most likely drift until news comes out this week. But I think we test 2555 and lower VERY soon.
Odd time for a dump, slap-bang in the middle of a 3-5 day holiday. Do you think they'll hold off dumping until Tuesday, or are you thinking it's more imminent than that?
18.
Post 7549017 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.55h):
Did you look at the two photos? Those aren't even the same person. First name and Last name cannot be used as a primary key for identifying people
Ahem! Hover your mouse over Coinbase's photo of Juan Zarate.
19.
Post 7707598 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.57h):
I'm still wondering how on earth Chinese exchanges get their yuans now.
Supposedly all routes are closed, so either that isn't the case or they are playing a shell game ala willy bot.... which would be awesome just think of the panic that would cause once they blow up. And the best part is: Free pumping until that happens.
Are they still open to CNH? If so, that would be my guess - traders with CNH in Hong Kong or London.
20.
Post 7738791 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.58h):
Just as anarchism quickly degenerates into totalitarian rule, under laissez faire capitalism every market quickly becomes a monopoly or oligopoly; and then the companies can demand special laws and bailouts with the excuse that they are too big to be allowed to fail. ...
Has anarchism ever degenerated into totalitarian rule? The two examples of anarchist societies I can think of were toppled by external forces - by the Red Army in the Ukraine, and by the Spanish Communist Party and it's allies in Spain. Apologies if that was your point, it just seemed you were suggesting degeneration was a result of anarchism itself, rather than its opponents.
21.
Post 7739623 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_12.58h):
Has anarchism ever degenerated into totalitarian rule? The two examples of anarchist societies I can think of were toppled by external forces - by the Red Army in the Ukraine, and by the Spanish Communist Party and it's allies in Spain. Apologies if that was your point, it just seemed you were suggesting degeneration was a result of anarchism itself, rather than its opponents.
i don't know the examples you mention. I know of a few conscious attempts at anarchic communes going back to the middle ages, but all of them small and toppled by external forces. Anarchy on a larger scale often arises involuntarily after the collapse of a centralized government with a complex administrative infrastructure; and in that case it is often succeeded by a domestic tyranny. The French and Russian revolutions may be examples of the latter.
I don't know of any example, anytime or anywhere, of an urbanized society that survived without government for more than a few months. (Although I gather that achaeologists have yet to find signs of a government at Çatal Höyök, "the very first city").
Ah, interesting (makes mental note to google Çatal Höyök). You could well be right about Russia; I don't know how strong the anarchists were before the October Revolution, but they were certainly present afterwards - "Nabat" (Russian anarchists) supported the Ukrainian anarchists against the Axis powers, the local aristocracy, and against their "own" Red Army.
Ukraine's experiment with anarchism was largely rural (and has been cited by Marxists ever since to downplay the idea that anarchism can thrive in an urban setting), but Spain - Catalonia in particular, where anarchists and syndicalists ran the region - runs counter to Marxist histories. Barcelona (Spain's second city, I think?) was controlled by anarchists from the outbreak of the Civil War until the Spanish Communists turned on their onetime allies, forcing them into exile and underground.
Thinking about it, I seem to recall something about anarchism in South America being far bigger than European/North American history gives it credit for, and that it was (is?) largely urban. Another task for google...
(Geez - the stuff I think about while watching a line wiggle up and down by a tiny fraction...)
22.
Post 8022289 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.00h):
ok i see now, i'd be more into second option but it's not that obvoius to say that 234 days is a rule, but maybe it will be. it happend like 2 or 3 times so far, so that can't be a rule i guess. Can somebody provide some more info about that 234 days or maybe a graph or something?
http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zl - this is "all data" for MtGox (so ignore everything after the last peak - MtGox is no more. It has ceased to be...)
There are peaks (not necessarily All Time Highs) roughly every 6-9 months (November 2010, June 2011, January 2012, August 2012, April 2013, December 2013), which I guess someone felt was justification for the 234 days theory.
23.
Post 8115429 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.02h):
1W MACD is red. Everyone here should know what happens next.
BUY BUY BUY!!!
For some reason, I thought that it closed on Wednesdays; however, it did NOT close, yet. Maybe it closes on Thursdays?
Sunday night I think. On bitcoinwisdom the previous week's red candle shows a start date of 21st July (and the current one is 28th July). Midnight (UTC) on Sunday makes sense, anyway.
24.
Post 8161686 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.02h):
little dumping going on
I will repeat that I have a sneaking suspicion that there is going to be an attempt to close the Weekly MACD in the red.... which is going below the $570-ish level by Sunday night (is that when it closes?)
No one does that.
Also I think it closes on Wednesday.Why do you think it closes on Wednesday? That's at least the second time someone's said that recently...
I'm sceptical. Go to Bitcoinwisdom's weekly chart and hover over this week's bar - the date (the start date) is shown, and for the current week it's shown as 2014-07-28 - last Sunday.
25.
Post 8161856 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.02h):
Do Bitcoincharts, Wisdom and Tradingview all use the same time zone? UTC or something? Something seems a bit off.
Bitcoinwisdom offers local time as an option so it's possible you might see someone posting an image that hasn't used UTC - but UTC is the default. Bitcoincharts is just UTC. No idea about Tradingview, sorry!
What is it that seems off? I really just use Bitcoinwisdom, with an occasional foray into Bitcoincharts when I want to see really historic (i.e. MtGox, "back in the day") data...
26.
Post 8162002 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.02h):
little dumping going on
I will repeat that I have a sneaking suspicion that there is going to be an attempt to close the Weekly MACD in the red.... which is going below the $570-ish level by Sunday night (is that when it closes?)
No one does that.
Also I think it closes on Wednesday.Why do you think it closes on Wednesday? That's at least the second time someone's said that recently...
I'm sceptical. Go to Bitcoinwisdom's weekly chart and hover over this week's bar - the date (the start date) is shown, and for the current week it's shown as 2014-07-28 - last Sunday.
The bitcoinwisdom's week used to start on Thirsdays, until recently. Now it starts Mondays.
https://bitcointalk.org/index.php?topic=190722.msg7896274#msg7896274Wow - thanks! That's a really recent change at well. Well, glad it makes sense now. Wednesday close is just bizarre.
27.
Post 8325988 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.04h):
-10% in three days is a violent crash that no cryptocurrency has ever survived.
Meh. BTC has fallen further in
one day before now. 12 June 2014, 10 April, 27 March, 18 December 2013 (opened at 675USD, closed at 520 ZOMG!!!1!), 16 December... Hyperbole, much?
28.
Post 8601284 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.09h):
Che was a Marxist revolutionary. Please don't associate Bitcoin with Marxism. We are anti-Statism.
Probably lots of reasons not to associate Bitcoin with Che Guevara, but anti-statism isn't a good one. Marxism's eventual goal is Communism, which its proponents see as a classless, stateless society.
29.
Post 8978418 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.16h):
Hulk smash...
I treat an inability to prune is an invitation to ignore. It also has the happy side-effect of catching posters I've already ignored, but that people still insist on quoting-as-they-quote-other-quoters-quoting.
30.
Post 9089536 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.19h):
The next 24 hours are critical.
Still?The next 24 hours are critical.
They said the same thing 24hours ago
31.
Post 9137917 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.22h):
Bitcoin won't ever go mainstream; Ever
This reminds me of the old thing about "this year being the year of the Linux desktop". It never happened - instead desktop PCs stopped being particularly relevant, and now we're all wandering around with Linux on our (Android) phones, watching TVs that run on Linux, driving cars that have embedded Linux control- and entertainment-systems, etc.
tl;dr - I don't think Bitcoin will go mainstream, either. I can't wait to see what amazing things it does instead!
32.
Post 9189918 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_13.23h):
yeah that page is blocked in North Korea where I live, sorry I meant the UK.
I'm UK, works for me. Maybe try through a proxy if your ISP is limiting what its paying customers can access. (And maybe consider switching to a different ISP).
33.
Post 12084115 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.22h):
What will happen to the coins that were deposited by Multiple users.
will Brainwallet open after some Time or it has turned into Scam?
I see i am able to log in..
should i remove my coins from there?
What do you mean by Empty String?The reddit thread is quite a good introduction to the issue. It seems it's not an issue with Brainwallet as such, but rather with people - instead of using a decent passphrase, some people were using trivial phrases. "Empty string" is a passphrase with no length - the simplest, easiest-to-guess passphrase possible. (Another example of a bad passphrase that people have used is "cat" - not an empty string, but a very short (3 character) string. And broken in seconds, apparently.
tl;dr - nothing new under the Sun, and this was a social problem not a technical problem.
34.
Post 12088643 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.23h):
My bank forces me to use "security" questions like "what is your mother's maiden name?" As a point of principle I avoid anything easily guessible or socially-engineerable, so brain wallets probably aren't for me. But to be fair - Ryan Castellucci's estimate of a botnet taking a day to crack
8 character passwords isn't a huge concern to me. People are going to use crap passwords - at their bank, or on their brain wallet. It's a social problem.
35.
Post 12092709 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.23h):
Btw finex started this quick dump, not goxobi/okgox as they usually do it .
Are you talking about the last dump - the 21:45 UTC one? Because the dumps before that all looked they were like China-led. I had 1-minute charts open for OKCoin, Finex and Stamp, and the latter two definitely followed. Not saying OKCoin necessarily led, but it definitely looked to me like BTC/CNY leading BTC/USD.
36.
Post 12093231 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.23h):
I had 1-minute charts open for OKCoin, Finex and Stamp, and the latter two definitely followed. Not saying OKCoin necessarily led, but it definitely looked to me like BTC/CNY leading BTC/USD.
It's ridiculous to follow the Chinese exchanges with their tiny walls. Of course the NLC team is going to dump its two coins there and drop the price by ten dollars. How does it work, really?
It's useful if you get a few seconds/minutes advance notice of what's about to happen over on Finex and Stamp...
I don't have the guts to trade BTC-proper - I know from bitter experience that I'm part of the reason exchange owners make money - but I do occasionally dabble with options. Yesterday I had enough time to take out a long straddle at 280 (profit if BTC/USD went beyond ~290, profit if it dropped below ~270) before the USD exchanges properly reacted. I didn't get a chance to repeat the trick at 270, because that time round the CNY exchanges gave no early indication.
37.
Post 12093297 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.23h):
I had 1-minute charts open for OKCoin, Finex and Stamp, and the latter two definitely followed. Not saying OKCoin necessarily led, but it definitely looked to me like BTC/CNY leading BTC/USD.
It's ridiculous to follow the Chinese exchanges with their tiny walls. Of course the NLC team is going to dump its two coins there and drop the price by ten dollars. How does it work, really?
It's useful if you get a few seconds/minutes advance notice of what's about to happen over on Finex and Stamp...
Yes, but why does it happen? Traders do not follow BTC-e around much, although they have tiny walls too.
Volume (fake or otherwise) is my guess. It's easier to dump into an exchange with high (or at least, consistent) volume.
38.
Post 12093385 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.23h):
Because as I just said above its nothing to do with how big or small your walls are.
1) If you look at bid/ask support to base your trade decisions on quit trading right now, yesterday was a perfect example of this. The Finex books have been stuffed with big bids above $270 for a week or so. All of a sudden thousands of btc in bids gets pulled and the price dumps. Happens all the time.
2) OKcoin only shows 5% of its books if it showed it all you would see very large walls.
3) Yes volume and the fact its the market leading exchange, most the time all the other exchanges are being dragged around by China, it's been this way for a long time.
Note, a large majority of western traders also trade on chinese exchanges due to their low fees, higher liquidity and better order options.
I didn't trade on Gox (well, not since 2011) but I followed their BTC/USD exclusively until it became obvious something was badly wrong. It was around then I realised that BTC/CNY volume was higher than BTC/USD, and I started following various Chinese exchanges (I understand the arguments about fake volume - I just don't think they're relevant for
my purposes.) These days I tend to follow OKCoin for that reason, and Finex and Stamp because any trading I do is likely to be in BTC/USD!
You mention Western traders trading on Chinese exchanges - any recommendations? Even for somewhere online such traders hang out...
39.
Post 12226506 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.24h):
I'm glad I moved everything I had off Bitfinex before this downtime and the flash crash before it. I'm annoyed I missed a chance for cheap coins during the flash crash, but relieved my coins aren't stuck on Bitfinex now. I was toying with the idea of moving my coins back to Bitfinex in case there was another flash crash. Thankfully I never did it. will there be another crash if/when Bitfinex starts trading again?
What's the usage of coins during a flash crash?
As price shoots down, demand for BTC to short rises. The swap rate will likely skyrocket - typically it's 0.0055% (daily), it went up to 0.0165% a week ago and then came down almost as fast as it went up. In the past we've seen peak rates as high as 0.4%, but the long-term trend seems to be for the peaks to be lower.
Edit: it's probably much clearer visually!
https://bfxdata.com/swaphistory/btc <- look at the "FRR" rate on the bottom graph, particularly on 12-month or all time.
40.
Post 12226626 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.24h):
As price shoots down, demand for BTC to short rises. The swap rate will likely skyrocket - typically it's 0.0055% (daily), it went up to 0.0165% a week ago and then came down almost as fast as it went up. In the past we've seen peak rates as high as 0.4%, but the long-term trend seems to be for the peaks to be lower.
The interest rate on USD has historically been considerably higher, though. If you're going to risk your funds by keeping them on an exchange, maybe selling for USD and lending it out is the better bet?
I don't know how people use swaps in general ***, but for me I
don't tend to keep my money on exchange. I use swaps when the rate makes it worth the risk I'm taking, which is only really when the rate spikes. At that point I'll pile in that part of my BTC I've set aside for this (an amount I can afford to lose if the worst happened) and try and get the highest rates I can for as long as possible. Most of the swaps will be closed pretty quickly, and unless rates remain high that's the point I move BTC back to my wallet. (This is BTC that - when it's not out on swaps - I'll use for speculation).
My native currency isn't USD, so I'm less inclined to sit with USD (I'm long-term bullish on BTC), and I've not really followed the USD swaps market, but the risk for me would be that BTC/USD rises - leaving me with USD I don't need instead of BTC! It makes my position much more complex - instead of going long on BTC and taking advantage of shorts, I'd be shorting BTC and then lending USD to people with the same outlook as me. That seems way too risky, even with a higher swap rate.
Edit: *** I'm fairly certain I
do know how most people use swaps - they pile everything into the FRR and hope they get lucky.
41.
Post 12247471 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.24h):
Besides, there's a huge difference between Gox's problems and the minor hiccups we've seen from Bitfinex and Bitstamp.
People on Finex have several times reported now:
-randomly opening /closing of positions.
-having positions with 2x the max margin
-Unable to trade for hrs.
-Super laggy engine which makes it essentially impossible to trade in high volume times. Just like Mt. Gox was.
What else do you need? That's more then just a hick up.
I think it's pretty unacceptable.
But I also don't think it's comparable to MtGox - yet. Bitfinex's trading engine is obviously not adequate at high volume times, and all of the issues above seem to stem from that (
seem to - I'm not ruling out that this
could be a Gox-style scam). MtGox showed other symptoms - a widening disparity between prices on Gox and other exchanges and several weeks' worth of withdrawal problems are the ones I remember, there may have been more.
Don't get me wrong - I'm avoiding Bitfinex for now, and my risk-assessment in future will take the recent trading suspensions into account. It's just that I think it's too early to call a Goxing.
42.
Post 12359928 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.25h):
Bitcoin has already been classfied as VAT exempt in multiple tax jurisdictions , don't go expecting anyone to classify it as a VATable.
In Australia bitcoin is currently VATable.
New Zealand haven't decided yet, but it often follows their Aussie neighbor.
I believe
that's no longer correct. (I think it may have changed fairly recently, to be fair - I seem to remember Australia being fairly hostile to Bitcoin until recently, and it may well have been subject to GST/VAT in the past).
43.
Post 12380118 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.25h):
Fairly certain it's true - it's the first time I've seen the actual letter, but I know that the signatories support BIP101.
1. I believe it's already been "priced in", and that it is, in part, the reason for the price stagnation over the past several weeks.
2. That depends on the outcome of the meeting! e.g. if the meeting finishes with no consensus, I'd view it as bearish. If the meeting ends with everyone hugging - well, that'd be bullish!
My opinion only, others may (will!) disagree, don't bet your house on anything I say!
44.
Post 12401380 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Lmao $5 drop and queue the socks like clockwork.
Bored much?
I'm developing a theory that for every occurrence of the phrase "ponzi bags" in the unread posts on the speculation board - BTC/USD has fallen by $1.
I'll report back here when I've discovered the equivalent for a $1 rise.
Obviously these are lagging indicators but I feel they have great potential.
45.
Post 12409770 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Economists have know for 500 years that a currency must have some inflation, otherwise people will hoard it and it will not be available for use as a currency.
What economists advocated this position in 1515?
I've never come across these scholars in my actual academic work, or even the notion of economics as a discipline per se existing at that time...
Guess they don't teach everything @ DeVry School of Janitorial Science
You may continue your smartification learnings here:
https://en.wikipedia.org/wiki/History_of_economic_thoughtPresumably you're referring to Jean Bodin (he's the only person in the relevant period where Wikipedia mention inflation)? I don't recall Bodin arguing that currency
must have some inflation, only that inflation - where it existed - had a cause (he pointed to bullion importation from the New World as the cause in his time). My memory is hazy, though, and I do remember not really covering the pre-Classical economists much, because economics as a discipline didn't really get going until Adam Smith et al.
46.
Post 12435772 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
In fact its already bloated so they would just have to waste money on hardware to store the old junk, a zero start seems much more likely.
I suppose the only alternative benefit for them might be that they don't have to do anything much if they use an established chain and infrastructure. But banks probably don't feel that comfortable with all their eggs in someone else's network.
In a past life I worked for one of the banks mentioned in the article. I worked in a secondary office, where everyone was technical, and we had very little contact with the bankers, traders or anyone else involved in the core business, so to keep us lowly techs informed they held periodic meetings. At one of these meetings they told us that they'd mislaid 16000 "Wintel boxes" (PCs). They weren't too concerned, the PCs were bound to turn up sooner or later. So I'm not sure whether wasting money on hardware is that big a concern for them!
That said, I do agree that it makes more sense for them to start a new blockchain - for exactly the reason you suggest. I'm mostly bullish on this - I kinda expected it, and I think it's a necessary step before big finance embrace the original Blockchain. At some point a different bank, or group of banks, is going to have a choice - join a blockchain dominated by some of the biggest players in the industry (join on
their terms), start yet another blockchain (and convince partners and the public that it's secure), or utilise The Original And Best Blockchain. I think the three approaches will coexist for some time.
47.
Post 12438046 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
And what have you tried to do?
As i see it you dont do anything but expect others to do it for you with this metod...
What do you mean what have I done?
I'm just a regular guy, I've invested what I can afford to over the last 18 months or so into a speculative investment (bitcoin).
Whenever I've had spare fiat I've bought. I HODL a semi decent stash in cold storage in the hope that one day bitcoin booms & I make a better life for myself. Maybe it'll work, maybe I'll have pissed my money down the drain but I'm trying.
Why what have you done?
I am not talking about what you have done all your life. I quoted something and asked a question about a statement you had. Dont care what else you have done...
You said: "And what have you tried to do?" and then, without waiting for an answer, leapt straight to: "As i see it you dont do anything but expect others to do it for you with this metod..."
Given that, LFC_Bitcoin's reply seems entirely reasonable. Polite and restrained, even. LFC answered your question, and then asked the same question of you.
48.
Post 12438368 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Did you read what i quoted?
As i understand he meant that putting his coins in cold storage and wait for others to make them valuable was some sort of contribution. It is not only him but many around here that think this way. If everyone did the same with their coins the whole bitcoin experience would be forgotten in a month...
Eveyone can do whatever they want with their coins buit dont tell anyone that you are trying to help out if you only try to help yourself.
Why yes, yes I did. You asked a question, and then leapt straight to a conclusion. You assumed that because LFC_Bitcoin was stopping trading and putting the BTC into cold storage that they were doing nothing else to help the growth of Bitcoin. You've then repeated the same thing in the post I'm replying to. Hope that clarifies things, but, if it doesn't, consider this: I have some BTC at Bitfinex, which I've been using for swaps. The swaps rate now is negligible, so as swaps expire I'm withdrawing. I've been putting the BTC I get back into cold storage. What does this tell you about the rest of the BTC I hold, and what I do with them to support Bitcoin?
49.
Post 12450869 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Coinflip is incorporated in the US; Bitfinex in Hong Kong. I'm not sure we need to worry too much just yet, unless the HK government (or Beijing, applying pressure on HK SAR) adopt the same line as the CFTC.
50.
Post 12454617 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
What is this for?
The posts from chartbuddy (a bot) show the bids and asks various exchanges. Some traders believe that the position and size of the "walls" (large bids/asks) give insight into how the BTC/USD (the dollar price of BTC) will change in the immediate future.
This thread is for discussing these walls. In theory. In practice, discussions tend to be much wider-ranging than that!
51.
Post 12455402 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
one should ignore walls imho..
first mistake i made 4 years ago.; is watching walls and orderbook..
Yeah, I tend to watch three exchanges (right now it's OKCoin (CNY), finex and stamp (USD)), and the first thing anyone would notice is that the walls are in different places. It ain't real until it's real: trades are real, walls are at best "an expression of intent that can change at any moment".
52.
Post 12467770 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Where can i find the volume from bitfinex?
bfxdata.com has it.
53.
Post 12471646 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
Preev.com says $244. Where is that price based on? I don't see it here in this topic.
Apparenty they use the average of four exchanges - including localbitcoins.com. If you click on the settings icon (the cog at the top right) you can select one exchange - localbitcoins is showing $360ish (ouch!)
I don't really understand why people include localbitcoins in things like this - it's not an exchange and it really confuses things.
54.
Post 12471805 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
What volume does localbitcoins have? I cannot believe its got more volume than BTCChina or Bitstamp. If they averaged the price based on both volume and price I suspect localbitcoins would barely make any difference to the averahe price between exchanges. There's no point using Preev.com to get a reliable average price until they change their averaging method. If they made that minor change they would get far more page views than they do now.
About a third of Bitstamp's volume:
localbitcoins.com vs
bitstamp.
IMO, it's not just the volume, it's also the OTC-nature of localbitcoins, and that there are two types of trade - online and face-to-face (with the latter having a much larger spread). Totally agree with you about averaging - if preev.com limited itself to exchanges, and took volume into account, it'd be useful.
55.
Post 12472752 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
From the charts you refer to:
Volume of Localbitcoins: 1.5 million BTC
Volume of Bitstamp: 0.3 million BTC
I wouldn't call 0.3 a third of 1.5. It's a fifth.
You've got me! I wasn't paying too much attention and just gave the charts a cursory look. Either way, it's still more than I expected but much less than Stamp and Finex.
56.
Post 12501712 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
...
Does anyone actually use the 3D presentation of these chart images? I just tried putting some red/green glasses on and what I saw was fairly uninspiring. Seeing them in 3D certainly doesn't make them suddenly mean a whole lot more or convey more comparison data. I think it's a gimmick.
Most things are
its not just gimmick, if you stare to it long enough, it actually breathe
I need to find some 3D glasses - it never occurred to me before that Chartbuddy was 3D.
57.
Post 12516659 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.26h):
shorts and long rate prices are ridiculously cheap on bitfinex. Both sides are going down. Are people moving to bitstamp and just quiting margin trading?
Partly. There was a drop in volume at Bitfinex, and an increase at Stamp, the last time 'finex's trading engine displayed jitters (e.g. problems closing positions, problems withdrawing). However, the short (BTC) rate isn't actually that cheap -
check out the rate over the long term, it tends to decline to 0.0055% (daily) - right now the FRR is 0.015%, and actual rates (the rates people actually lend/borrow at) are a bit below 0.01%. I've never looked at USD lending/borrowing on 'finex, so can't comment on that side on things.
58.
Post 12561603 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
Traders can't make money is a market that doesn't move. I guess that's the problem there.
It depends what they're trading. BTC, BTC/USD - sure. BTC derivatives, not so much. Some people expect volatility, and there are traders who are only too happy to sell to them and make a profit from a lack of volatility.
59.
Post 12632130 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
What would be the point to announce their launch just a few days in advance other than a pump? They could have announced it when it went live.
Drum up some publicity before it opens so people will sign up when it opens.
And provide all the invasive KYC details to the almighty NYC regulators.
We can choose to avoid heavily regulated exchanges. That doesn't mean other people want to, and it doesn't mean that an exchange positioning itself in terms of regulatory compliance is a bad thing. It's just another choice. Choice is good, even if it's not beneficial to a limited group of people (us) in the short term.
60.
Post 12633328 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
90 minutes to go now, right?
This is the most boring reaction to a sorta major event yet, I bet we won't even have a dump...
ok so what should i do now ?
a. buy and wait 4 digit
b. sell and wait 2 digit
c. do nothing
This is a trick question, right?!
HODL!More seriously, I've been either buying BTC or selling puts (various strikes, but break even around 220+) whenever the price drops close to USD 200. Right now I'm hodling. I've no intention of selling anytime soon, if ever.
61.
Post 12686475 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
its around 240 when gemini start, and then rises every to 250 today. if you have other theory... pls inform
It's been showing an upward trend for longer than that.
It looks to me that it's been rising (more or less) since 22 September. My theory? 22 September is
Chesney Hawke's birthday. How could that not be bullish?!
62.
Post 12692655 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
On preev.com , it calculates the USD price by taking prices from LBC, Bitfinex , BTC-E and Bitstamp.
Someone is manipulating the price a lot in one of those exchanges, it just went up to 259.7 and then back to 254.7 now.
Last time I looked at preev it was the same - but I'm fairly certain it's due to LBC's wild swings (due to an exciting mix of person-to-person and remote trades, and the premium P2P trades command).
63.
Post 12693057 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.27h):
I didn't realise Preev included LBC. It is a valid metric, maybe the most valid in a way, but subject to some pretty outrageous whims.
I dunno - it's never felt right to me, including OTC trades in with exchange trades. I'd certainly be interested in an index of OTC trades (LBC is my default source of fresh BTC), but lumping them in with exchange trades just seems... wrong. And the two different trade types on LBC doesn't help either.
64.
Post 12700219 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.28h):
...
Seeing these images, couldn't someone make a profit out of the price difference? By arbitaging.
Someone probably is. It's a risky undertaking, though - you need to keep both BTC and fiat on a range of exchanges so you (or your bot) can move fast when the opportunity arises. There used to be a Google docs spreadsheet (back when MtGox was still active) showing arb opportunities - but the biggest opportunities always involved exchanges where you probably wouldn't want to keep fund for any length of time.
65.
Post 12708549 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.28h):
The ticker I'm looking at isn't even close to $273.. I'm getting ~$269 or so. Is that what everyone else has? I'm always confused as to which site is the best to gauge the actual price for bitcoin.
Chartbuddy. Everything else is just a pale 2-dimensional imitation.
However, for those agonising 59 minutes between posts, I also use
Tradeblock (not a huge fan, to be honest) and
Coinut's index (useful for trading on Coinut, but changes way too frequently for my liking). And I usually keep several Bitcoinwisdom tabs open.
I believe many people use preev.com, but that includes OTC trades from Localbitcoins which tends to create wild swings.
66.
Post 12754790 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.28h):
This price surge seems to be led by the Western exchanges, and must be due to the European VAT ruling.
Were there any countries where bitcoin trades were already paying VAT (or inhibited because of it)? In Sweden maybe? In the UK?
Not the UK. As much as it pains me to say this, the UK government tends to be fairly sensible when it comes to Bitcoin. The UK's banks - not so much.
67.
Post 12810108 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.29h):
300 finally breached. Hasn't it been like at least 10 months last time bitcoin as over 300?
Nope. Stamp and Finex were both over USD 310 in July. Finex was over 300 in March as well.
68.
Post 12840275 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.30h):
I just hope that we won't touch sub-$300 as I jnow it will cause a sell-off and we will go down pretty rapidly.
Oh the wonders of human psychology.
$300.01, perfectly fine, $300.00 still good.
$299.99 PANIC SELL ALL THE COINS!!!!!!!1111!!!1!1!
What are the chances that we also get a "CNY 1999.99 PANIC SELL ALL THE COINS!!!!!!!1111!!!1!1!" ?
69.
Post 13022928 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.34h):
whow.. someone fucked up big in china... look at the ltc price..
that's what everybody here is expecting for bitcoin anytime soon^tm...
Edit: do you think they got CNY 20.67 confused with 2067 - or that they confused LTC with BTC? On Huobi right now there's near parity between LTC and BTC... (Either way - ouch!)
70.
Post 13055033 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.34h):
very stable price it's good
Good for what? Not for trading at least... if you're not into blind gambling, then you'll start to play only after there is some observable momentum.
I keep seeing this "stable prices not good for trading" line. Have BTC traders developed a very limited definition of trading that ignores derivatives?
71.
Post 13055324 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.34h):
I keep seeing this "stable prices not good for trading" line. Have BTC traders developed a very limited definition of trading that ignores derivatives?
Bitcoin dependent alts like ltc, ppc and nmc are basically the bitcoin derivatives that I've been mostly trading. You don't want to go into more complicated schemes in the market that has strong transparency issues and issues with lack of regulation. That's how you get lured into things that are not useful to you. Keeping it simple and following the current momentum of the market is the most foolproof way of trading crypto.
I'm not sure I'd regard alts as derivatives - to me that's like saying JPY is a derivative of GBP. I was meaning more conventional derivatives, like options.
Profit is useful to me, and isn't this discussion about trading when there isn't any momentum (i.e. following the current momentum isn't an option)? "Keeping it simple" has to be about more than sitting on your hands and complaining about the lack of volatility. I take your point about transparency and regulation, but they're considerations whether I'm trading straight BTC or derivatives.
72.
Post 13057458 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.34h):
Using bitcoin options is one step closer to playing with dumb blind luck. "Keeping it simple" is about playing when there is momentum, and using your funds for something else when there is no momentum. Trading bitcoin and its derivatives isn't the only way you can use your funds to earn. It's even better to play poker with your money, during these times of uncertainty. At least that way you'll have more control of the outcome.
And you just don't use more funds for speculating the price of crypto, then you would use in a casino for entertainment. If you plan to use more funds, then you'll invest into more secure directions, like the infrastructure that revolves around bitcoin, that is less dependent on bitcoin's success and price, and more dependent on the entire future of cryptocurrencies. This way you'll also have more control on the outcome of things and you don't have to depend on blind luck.
I don't know why you're so certain dumb blind luck is involved. I put the same amount of thought into options trades as I would any other trade - only difference is I tend towards options when volatility is low. I trade mostly in BTC so exchanging the BTC I set aside for trading for fiat would be a cost, and playing poker probably much more so.
I would say I've had more luck trading options, particularly during the past year when we were ranging between ~200 and ~300, than straight trading - except I don't believe luck had much to do with it. I sold puts when prices started falling back from 300, and I sold calls when prices started lifting from ~200. Had the range been narrower and volatility even lower I'd have considered selling straddles or strangles, but I'm happy enough with my profits.
73.
Post 13112927 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
is bitfinex really flat , or is it just bitcoinity?
Bitcoinwisdom too. Almost an hour flat-lining. Looks like it's recovered now, though.
74.
Post 13128037 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
Have you ever wondered what makes idiots pay several dollars for a cup of coffee? Well, apart from them being idiots of course. It´s really strange, what with the extreme oversupply of coffee, the price of coffee is at a 30-year low. This chart only goes back 20 years though.
[...]
I always assumed that the people selling coffee to idiots wouldn't be paying the spot price for coffee but instead paying a premium for coffee forwards or futures, so they could guarantee they stayed in business if the spot price suddenly rocketed.
Their customers are still idiots, though.
75.
Post 13128416 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
There should be more than enough FUD news in the shitload of new threads started today by newbies with random user names like FW8Dt5, Jd19bW, C6H68g, and ALlYg8. I haven't got round to reading any of them yet because they all look like the work of the same person whose choices of user names are so random that they would make good passwords.
<edit>
That was fast, the mods have deleted all those threads apart from one by ALlYg8.
I skimmed them on the way to the "report" button. Sadly there was no new FUD
It was all copy-n-paste trollery.
It's not all sad, uninspiring news however. We can deduce from the trollage that the trolls' pay-master wants to buy, albeit at slightly cheaper prices. Bullish?!
76.
Post 13129906 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
Yup. 24/7/3666
All the world was asleep. Only Baba Yaga sat awake, in her creaky rocking chair, scowling, gnawing on a bone...
BTW, re. overpriced coffee: Bitcoiners think that the cost of a cup of coffee is (the price of coffee grounds) + (usurious profit).
The thought that (price of coffee grounds) = (insignificant, compared to the overheads) never enters the mind.
No wonder you think that trustless blockchain is going to save banks billions quantillions of $.
Please tell me you don't play professional poker or work for an espionage agency, wee lamb. Your tells are as blatant as they are cutely naive in a
"I'd be offended at the gross and incorrect assumptions, if I didn't know the poor wee lamb has a saviour complex and deserves our pity, not our scorn" sort of way.
77.
Post 13132879 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
what makes me really sick in all this is, if i have a large amount of money at the bank i have to pay negative interest rates (here in germany a few banks are pulling that off already), and on the other hand if i use my credit line i have to pay between 9 and 15% annually, too - win win for the banks, lose lose for the normal guys.
Which German bank is charging you negative interest rates? AFAIK only business accounts. And why would you use credit *at any rate* if you can spend money you're basically paying to store?
You sure you're not just making this shit up?
, late last year:
Those with deposits of more than €500,000 (£393,000), will, rather than receiving interest on their deposits, have an interest rate of -0.25pc per annum. However, the bank said it would only actually apply this if balances went above €3m.
You need to re-read megges' post. They didn't say they'd use credit when then had money in a negative-interest account. Both halves of the sentence started with "if" - the point was that the banking industry gets you both ways. Bit weird, if you ask me, that you'd immediately assume stupidity rather than good faith. A bit... lamby.
78.
Post 13133030 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
The post is written in the present tense, "if i have a large amount of money at the bank i have to pay negative interest rates"
IF what you suggest is true, the quoted text would read thusly:
"if i have a large amount of money at the bank,
and if the banks still charged negative interest rate on deposits of over €500,000, which they once did but no longer do, i have to pay negative interest rates."
If that was the case, I would probably reply that as much as my heart bleeds for those with over €500,000 (£393,000) sitting in the bank (while half of the world is living on less than $2/day), life is unfair -- try to suck it up.
Yup, it's the wee lamb. Lamb, maybe go back and read what you're replying to, and your own posts. Take your time. Your language skills aren't great, and one area they really seem to fall down is when dealing with non-native English, but what megges said is perfectly clear. Desperately trying to read too much into what other people have said is one of your more obnoxious tells.
Incidentally, there are terraced houses down the street from me that cost more than £400k. The poor lower-middle class families who reside there will love to know you're so concerned about what they'll do when they sell their homes, should British banks follow this German example.
79.
Post 13133236 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.35h):
Yup, it's the wee lamb. Lamb, maybe go back and read what you're replying to, and your own posts. Take your time. Your language skills aren't great, and one area they really seem to fall down is when dealing with non-native English, but what megges said is perfectly clear. Desperately trying to read too much into what other people have said is one of your more obnoxious tells.
Incidentally, there are terraced houses down the street from me that cost more than £400k. The poor lower-middle class families who reside there will love to know you're so concerned about what they'll do when they sell their homes, should British banks follow this German example.
Fuck you, my English's just fine
Re. "terraced houses down the street from me that cost more than £400k":
They
own those £400k houses & have over
over €500,000 (£393,000) sitting in the bank? Because banks don't charge you interest for living in your hose.
And these poor souls, with half a mil in the bank, living in a half-mil house, they're lower-middle class?!
LOWER-middle class
?
A-fucking-mazing
Tell me again about your fine English. Sorry, I'm making a gross assumption. I'm assuming that this is an example of your language skills, but I suppose you may simply not realise that when people sell their homes it normally - via various lawyers' accounts - results in money entering their bank account. Not for very long, typically, because they'll probably want to buy a new house to live in as soon as possible. But still - money in their account.
Wee lamb, I'm sticking you on ignore. No doubt you or an alt will carry on without me. Go wild.
80.
Post 13225304 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.37h):
And china shit theirs pants
It was foreseeable
Was it China? It looks to me like the heavy volume during the dump was on the USD exchanges (well, stamp and finex) - on the CNY exchanges volume didn't seem to change during the dump.
81.
Post 13234575 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.37h):
Do elaborate how that math works, which explains OKCoin dumping with just 0.3x the earlier volume, while Bitstamp dumps with 7.5x the earlier volume.
total dumped by the chinese: 110k
total dumped by others: 28.4k
in fact the chinese still are leading the moves
I've not checked, but I don't doubt your numbers. However, the point wasn't that CNY exchanges had higher volume than USD exchanges, it was that the USD exchanges saw dramatically increased volume during the dump, while the CNY exchanges didn't.
82.
Post 13276974 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.38h):
Lambie seems more retarded than usual. Are they working shifts?
Yrpapers? Dunno, I've started putting any new posters here on ignore - I feel guilty about the false positives, but not that guilty. There's been a couple of times I've been drawn into a conversation and half way through had my ovine suspicions confirmed and ended up sticking the wee lamb's latest alt on ignore.
83.
Post 13277119 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.38h):
Lambie is actually on the ball here. Bitcoin's best use case is illicit transactions. It's a tool to reduce the power states have over their subjects. The overhead involved only makes sense if you can't rely on a central power to keep people in line.
IOW, if you're fine with how the political process works in your jurisdiction, and see no need to curtail the economic powers of the state, I don't see what good Bitcoin is to you apart from speculating on the price. I doubt it's actually more efficient than VISA all things considered, for example.
(Disclaimer: not read Yrpaper's contributions, so apologies if this has been covered)
I agree up to a point - evading capital controls, sure (step forward, China). When it comes to Lambie and illegal transactions, the wee soul has an obsession with drugs and kiddie porn. At least with drugs, cash is king in my city - people wouldn't risk drugs being posted to them and tend to scorn Silk Road and similar. And they'd point out you can't roll up 20 BTC to hoover a mirror, waiting for a BTC transaction is frustrating in a crowded, dark nightclub, etc.
Maybe kiddie porn is different, I dunno. The folk who get caught seem to get caught through their use of the Internet, so maybe. The British paedophile Jimmy Saville apparently never owned a computer because he thought people might see through his mask, but he's possibly the exception.
84.
Post 13527927 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.40h):
I don't see that in the article linked, and certainly not in the businessinsider source they link to. All it says is: "RBS is bearish on everything", which somehow is twisted into meaning they're "indirectly" advising investors to buy BTC. Does "indirectly" now mean "not at all" or did I miss something?
Read better, i'll give you a little help.
At the end of the article it starts with;
Bitcoin Provides Something Unique & Less Volatile.
Right, but that's the article's author saying that, not RBS. RBS are saying "sell everything" - bitcoin.com is saying "Bitcoin Provides Something Unique & Less Volatile." The complaint here is that the article doesn't seem to be accurately reflecting what RBS has said.
85.
Post 13713154 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
Another dead cat bounce?
How many lives does this cat have left?
google search "bitcointalk.org dead cat bounce"
About 6,780 results (0.55 seconds)
Funny, I had only 2,550 results... Seems not everyone has the same Google
9470 for "bitcointalk.org dead cat bounce", 802 for "site:bitcointalk.org dead cat bounce". My google is google.co.uk, which is usually less useful than google.com - not sure why it's suddenly being all clever for a change.
86.
Post 13732161 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
There's really only two outcomes without a higher or removed max block size: stagnation or network congestion failure.
Like you don't need a gun to kill an ant, you don't need bitcoin to buy your damned coffee. Bitcoin is for gentlemen's transactions. Capisc?
As this block size debate clearly shows: gentlemen don't use Bitcoin.
I assumed we all had our butlers manage our day-to-day financial affairs. Dear god, did you people think I actually dirtied my hands with 1s and 0s? These silk gloves are white for a reason.
Hence my lack of participation in the block size debate: it's frightfully dull, I would need to associate with the hoi polloi, and if BTC goes south I'll simply sack my butler. (Sorry, Woodhouse).
87.
Post 13732901 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
Huh, that's sad. It would, however, explain the $5 between the Eurovision-area exchanges (e.g. BTC-e) and the non-Eurovision exchanges (Stamp, Finex). It looks like Tel has a lot of fans in China, too.
88.
Post 13734871 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
so, at the map, if korea launch a bomb on US, EU and ... JAP ... you have plenty of nodes on :
- australia
- china
- africa
- and all major island in world with sat. connexion
There'll also be a node in North Korea, at least for a few minutes.
89.
Post 13752889 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
As a non American I don't really care about Obama policy
But Obama cares about you so very much. We are all his children.
Do you have founding
father pissed off and left me alone issues?
Satoshi is watching and we are his wayward children. No need to
adopt a fairy tale father figure.
I don't think we have that kind of choice. Well, maybe some countries do but here in the UK it's pretty much written into our unwritten constitution that the US President is the father we wished we had. Unlike the mother we actually have, who is alright in a regal sort of way, but you probably wouldn't vote for her unless the only other option was that creepy uncle all the kids avoid at family parties.
90.
Post 13752990 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.42h):
I don't think we have that kind of choice. Well, maybe some countries do but here in the UK it's pretty much written into our unwritten constitution that the US President is the father we wished we had. Unlike the mother we actually have, who is alright in a regal sort of way, but you probably wouldn't vote for her unless the only other option was that creepy uncle all the kids avoid at family parties.
Seriously? What does it make your constitution different from most countries?
Not entirely seriously. Britain (and other Commonwealth countries) don't have a constitution in the sensible-countries sense of the word, a document enumerating stuff. Instead we have legislation and practice dating back a thousand years. Part of Britain's constitution is in Norman French, seriously. I doubt there's really anything saying Britain has to worship and adore the US President, but our Prime Ministers (and much of the population) remain unaware of that. You got a war that needs warring? We can probably help, very few questions asked!
Edit: *Norman* French. Normal French would be entirely too sensible.
91.
Post 13763037 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
Good luck to them trying to find a way of enforcing that
Just like in the US they would focus on the exchanges.
What? Btc exchange are forbidden in the US? Then how am I buying and selling my btc?
The EC are concerned about the perceived
anonymity of BTC transactions. US exchanges have AML/KYC measures in place - transactions aren't anonymous.
Edit:
The plan therefore calls for virtual currency exchange platforms to be brought under the scope of the European Anti-Money Laundering Directive, which would mean exchanges would have to report just who used their services and when they were used. The Action Plan says “The Commission will also examine whether to include virtual currency 'wallet providers'.”
92.
Post 13763281 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
Good luck to them trying to find a way of enforcing that
Just like in the US they would focus on the exchanges.
What? Btc exchange are forbidden in the US? Then how am I buying and selling my btc?
The EC are concerned about the perceived
anonymity of BTC transactions. US exchanges have AML/KYC measures in place - transactions aren't anonymous.
Edit:
The plan therefore calls for virtual currency exchange platforms to be brought under the scope of the European Anti-Money Laundering Directive, which would mean exchanges would have to report just who used their services and when they were used. The Action Plan says “The Commission will also examine whether to include virtual currency 'wallet providers'.”
Ah ok.
Well I don't know how they would want to do it. Yes exchanges are not anonymous, but you don't use exchange if you want anonymous. You pays and receive in btc and if you want cash you go through local bitcoin
Yeah, this is all kinda expected, it's really bringing exchanges in Europe in-line with exchanges in the US. And, as you say, people can still use localbitcoin or exchanges outside the EU (and the US). I suspect, though, that this is just the beginning (in the EU) - localbitcoin is already under attack in the US (Burt W here on BCT, for example) and I imagine it's just a matter of time before the EU clamp down on it because TERRORISM. AND DRUGS. And because
the €500 note was feelin unloved.
93.
Post 13771439 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
don't forget everyone! BITCOIN CANNOT SCALE! until it does then it still doesn't ... its only been EIGHT MONTHS of arguing over it. #GimpedCoin
Technological progress actually ...ensures that bitcoin not only can scale, but will indeed scale. It's not a matter of if, only a matter of when.
1995 = Pentium 75-100MHz / 8-16MB ram / 1-2GB disks / 14.4kbps - 128kbps connections.
2015 = 4-8core CPUs at 4 GHz / 4-16GB ram / 1-4 TB disks / home connections in the mbps to gbps (for fiber).
Everything has gone upwards like 1000x in 20 years. Processing power, memory, storage, network connections etc. And I'm not counting processing breakthroughs in GPU power or storage speedup like SSDs.
If the trend continues, by 2035 the technology will allow >5000tx/sec, without even improving the software. If the software gets improved (and it constantly is getting scaling improvements), we are talking multiple that - so we'll be seeing VISA-like capabilities way before the 2030's.
Bitcoin is ...doomed to scale, except if some catastrophic failure of our civilization destroys the IT industry. And we won't have to wait for 2035 for scaling, that's just a number. There are incremental steps in hardware and network capabilities all the time. We just want too much, too fast. And that's good because scaling solutions will have to be devised faster. Although one thing will never be overcome: The necessity for fees. It is impossible to have near-zero cost txs AND protect the network for abuse at the same time.
Free txs = attack vector possible for free.
Near free txs = attack vector possible for peanuts.
Hmm...
You know it's really putting your faith in technology evolution and respect of the Moore law...
But experience is showing that Moore law is reaching a limit. The base of Moore principle is that the more time passes, the smaller electronic elements become. But we're reaching a point where you cant get any smaller! It becomes harder and harder and we'll eventually reach a physical limit: you can't go small enough to reach the nanometer. At this scale physics as we know no longer exists...
Moore's Law is a straw man - the previous poster was talking about general technological progress, not the much more narrow Moore's Law. A limit to component density didn't prevent technological development in the centuries before Gordon Moore, and there's no reason to suspect it'll stop simply when integrated circuitry reaches a physical limit.
94.
Post 13772157 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
Hmm...
You know it's really putting your faith in technology evolution and respect of the Moore law...
But experience is showing that Moore law is reaching a limit. The base of Moore principle is that the more time passes, the smaller electronic elements become. But we're reaching a point where you cant get any smaller! It becomes harder and harder and we'll eventually reach a physical limit: you can't go small enough to reach the nanometer. At this scale physics as we know no longer exists...
Moore's Law is a straw man - the previous poster was talking about general technological progress, not the much more narrow Moore's Law. A limit to component density didn't prevent technological development in the centuries before Gordon Moore, and there's no reason to suspect it'll stop simply when integrated circuitry reaches a physical limit.
Well I understand your point but I'd say it's totally flawed.
It's not because it had happened that it will actually happen
I wouldn't be incredibly shocked if in 10 years scientists would explain that we reached a point in IT where development can't really go any further.
You're still limited to physic, and if you can't make smaller elements... What can you do?Oh maybe in only 3 days someone is going to come with a revolution in science and explain something that will allow us to use a 1000times better internet/PC. But it's not because it has, and it can, that it will
Well... you can:
- Connect multiple elements together.
- Continue to improve elements in ways that don't rely on component density, or even reduce the number of components.
- Develop better ways to connect elements.
A revolution in 3 days isn't necessary. Technological developments that speed our processing power and increase our bandwidth happen all the time, and are not tightly coupled to component density. They tend not to yield 1000x improvements, but they compound together over time to achieve something pretty spectacular. The shift from CISC to RISC CPUs, for example, reduced the complexity of CPUs (and hence the number of components they required), allowing more powerful computers - it wasn't necessary for component density to increase, because the number of components was *decreasing*. The shift from HDDs to SSDs has increased bandwidth. Wi-fi gets faster with every generation, and that's (broadly) using tech that's familiar to radio engineers from back in the day.
I'm not saying that Moore's Law didn't happen, that it was a bad thing, or anything like that. What I'm saying is that reaching a limit to the number of components we can put on a piece of silicon is not going to bring an end to technological development in general, or to IT in particular. Bitcoin is safe.
95.
Post 13773344 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
Hmm...
You know it's really putting your faith in technology evolution and respect of the Moore law...
But experience is showing that Moore law is reaching a limit. The base of Moore principle is that the more time passes, the smaller electronic elements become. But we're reaching a point where you cant get any smaller! It becomes harder and harder and we'll eventually reach a physical limit: you can't go small enough to reach the nanometer. At this scale physics as we know no longer exists...
Moore's Law is a straw man - the previous poster was talking about general technological progress, not the much more narrow Moore's Law. A limit to component density didn't prevent technological development in the centuries before Gordon Moore, and there's no reason to suspect it'll stop simply when integrated circuitry reaches a physical limit.
Well I understand your point but I'd say it's totally flawed.
It's not because it had happened that it will actually happen
I wouldn't be incredibly shocked if in 10 years scientists would explain that we reached a point in IT where development can't really go any further.
You're still limited to physic, and if you can't make smaller elements... What can you do?Oh maybe in only 3 days someone is going to come with a revolution in science and explain something that will allow us to use a 1000times better internet/PC. But it's not because it has, and it can, that it will
Well... you can:
- Connect multiple elements together.
- Continue to improve elements in ways that don't rely on component density, or even reduce the number of components.
- Develop better ways to connect elements.
A revolution in 3 days isn't necessary. Technological developments that speed our processing power and increase our bandwidth happen all the time, and are not tightly coupled to component density. They tend not to yield 1000x improvements, but they compound together over time to achieve something pretty spectacular. The shift from CISC to RISC CPUs, for example, reduced the complexity of CPUs (and hence the number of components they required), allowing more powerful computers - it wasn't necessary for component density to increase, because the number of components was *decreasing*. The shift from HDDs to SSDs has increased bandwidth. Wi-fi gets faster with every generation, and that's (broadly) using tech that's familiar to radio engineers from back in the day.
I'm not saying that Moore's Law didn't happen, that it was a bad thing, or anything like that. What I'm saying is that reaching a limit to the number of components we can put on a piece of silicon is not going to bring an end to technological development in general, or to IT in particular. Bitcoin is safe.
I'd say that you're rather right.
But being confident in the increase of IT performances doesn't mean it HAS to happen ^^
Bitcoin SHOULD be safe. But it doesn't need an apocalypse in IT sector to be endangered, just a freezing in evolution
Well, I'm fairly confident that reaching the natural limit of components on chips won't suddenly cause all other development in other areas to stop, which seems to be what a "freezing in evolution" would imply.
96.
Post 13860271 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
As long as Eth can't be exchanged directly for USD, it's not possible for it to take btc over.
You can do EUR on Kraken. And any exchange operator with dollar access and half a brain will find those volumes pretty hard to resist.
Kraken's just started USD as well, though I don't know (don't have an account) whether ETH/USD trading is possible yet.
97.
Post 13860500 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.43h):
Kraken's just started USD as well, though I don't know (don't have an account) whether ETH/USD trading is possible yet.
I thought they'd always done USD in a limited manner and only in a small number of states, but EUR was their preference. They've made plenty of acquisitions recently so I guess they'll be opening up in a big way soon.
Ah, my mistake. It sounds like this is the "opening up in a big way" ("Update: Launched in the USA, free USD & CAD deposits"), following the Coinsetter acquisition, but due to a (new?)
relationship with SynapsePay.
98.
Post 13950132 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.45h):
how has this news not blown up already
isnt the meeting over?
It's not over 'til the fat lady sings.
99.
Post 13972161 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.45h):
The title is slightly misleading talking about miners, but the article is clear enough - developers and
pools representing a majority of miners have agreed a roadmap. They've got consensus in as much as they've agreed the roadmap. But it's not until that roadmap is complete, and
miners* can be seen to clearly support a hard-fork that consensus in the Bitcoin-protocol sense occurs.
* and nodes? I used to be a miner, long ago, but never really paid much attention to nodes.
100.
Post 14124086 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.47h):
...
seems chartbuddy isn't been updated for a long time except for thr graphical change below.
the only 3 exchange cannot inecate the main price of bitcoin.
Well, I guess. But they're pretty representative, surely?
Bitfinex, Bitstamp and Coinbase account for ~3/4s of BTC/USD trades.
101.
Post 14165715 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.47h):
The actual problem is that there are people out there who think they know better what the cap is supposed to be than Satoshi's 1MB.
Another advantage of the 1MB cap is that once these idiots realize they can't really change it, they will fork off from Bitcoin to their favourite shitcoin, taking their shitty poet shills and useless economic activity with them.
Check out this guy, who actually had the arrogance to propose how to remove Satoshi's cap.
102.
Post 14386988 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.48h):
This April Fools malarky is getting tiresome. Hopefully the forum software will let bitly through:
http://bit.ly/1Y3I9o1
103.
Post 14443561 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.48h):
London seems to be way more open to cryptos and Bitcoin.While NY state stifles progress and innovation via a stupid license, London is rubbing hands and says: "Come to us!"
That BitLicense seems be self-defeating.
Sort of. So long as it benefits them. Banks in the UK don't appear BTC-friendly at a consumer-level - if you want to stick GBP on an exchange you're looking at a non-UK exchange and SEPA transfers. Even buying BTC on Localbitcoin you'll probably be asked by the seller to use something like "Ebay purchase" as the reference in case the seller's bank takes offence and closes their account for having the audacity to use that magic internet money.
I do think this is good news, however, despite the hypocrisy of UK banks.
104.
Post 14675467 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Have fun with your dollars, maybe they will rise in value as well.
How can you post on the internet but still can't learn what money is? You invest *with* money, not *in* money.
Oops. Forex trading, I've been doing it wrong.
105.
Post 14675546 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
How can you post on the internet but still can't learn what money is? You invest *with* money, not *in* money.
Oops. Forex trading, I've been doing it wrong.
Forex
You can't even remember to post with a right account, forget understanding money
I've clearly got a lot to learn - I can't even understand your post
Which account should I have used?
106.
Post 14675606 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Have fun with your dollars, maybe they will rise in value as well.
How can you post on the internet but still can't learn what money is? You invest *with* money, not *in* money.
Oops. Forex trading, I've been doing it wrong.
Forex
You can't even remember which account you're posting from, forget understanding money
I've clearly got a lot to learn - I can't even understand your post
Which account should I have used?
Unless your name is Ted E. Bare, you clearly do
Ah. You think because you were replying to a specific person
on a public forum that only that person can reply to you? So, with forex people use money to buy other money. But that doesn't make a mockery of your post, because I'm not Ted E. Bare? I'm starting to learn, oh wise guru!
107.
Post 14675691 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Ah. You think because you were replying to a specific person on a public forum that only that person can reply to you?
So, with forex people use money to buy other money. But that doesn't make a mockery of your post, because I'm not Ted E. Bare? I'm starting to learn, oh wise guru!
So if, on a public forum, I told Jeffrey Dahmer that he was a murderer, you'd get all butthurt and reply "no I'm not!!!1"?
How far gone are you bro?
You missed a bit when you were copying and pasting - I'm helpfully put it back for you! (It's the bit in bold, about how it's entirely possibly to invest in money, despite your professed belief. And honestly, this replying thing - public forums have always worked like this - I thought everyone knew. My bad.)
Edit: for the benefit of everyone else: I know, don't feed the lambie-wannabes. Sorry. It's just so
fun.
108.
Post 14675922 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Lol, so that's where your confusion lies! here:
Investing and trading are two very different methods of attempting to profit in the financial markets. The goal of investing is to gradually build wealth over an extended period of time through the buying and holding of a portfolio of stocks, baskets of stocks, mutual funds, bonds and other investment instruments.
Always glad to educate
the great unwashed a fellow finance enthusiast
Ah, you're choosing one definition of a term to suit your purpose. Very clever!
So, what you're saying is - all these people who think they've been investing in BTC, they've not? Or does that only apply if they buy on an exchange, where (I think we all accept?) it's a zero-sum game? Or does it only apply to fiat currencies? This finance stuff is confusing.
109.
Post 14676112 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
What I'm telling you is this:
Those who trade BTC are not investors, per definition. One can trade 100% worthless stock and make shitloads of money. This can't be done by investing in worthless stock. If you have used Forex to
invest in currencies then ya, u was doin' it wrong.
The more you know
Well obviously, traders are traders. What I'm asking is - those people who
invested in BTC - they didn't? And, while we're at it - the USD and EUR in my investment portfolio. Does that mean it's not an investment portfolio, or that I'm not allowed to have USD and EUR in it? Does it matter if the USD was acquired via an exchange, and the EUR was OTC?
(I hope it's OK to keep replying to you - I realise you hold certain unconventional beliefs about this and I may be overstepping the mark. If that condition you mentioned returns, let me know. I don't want to make it any worse.)
110.
Post 14676359 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
What I'm telling you is this:
Those who trade BTC are not investors, per definition. One can trade 100% worthless stock and make shitloads of money. This can't be done by investing in worthless stock. If you have used Forex to
invest in currencies then ya, u was doin' it wrong.
The more you know
Well obviously, traders are traders. What I'm asking is - those people who
invested in BTC - they didn't?
Not sure how this is relevant, but I'll refresh your memory. Because I'm such a softy.
You invest *with* money, not *in* money.
So, at the risk of being overly explicit: Those who invested in BTC have invested in BTC. They made a mistake. They should have invested in Beanies, they would have been better off.
You, not being the intended recipient and apropos of nothing, chose to reply:
Oops. Forex trading, I've been doing it wrong.
...which, of course, was you forgetting to log into the correct account, since trading (what you did on Forex) has nothing whatsoever to do with investing.
And here we are.
Many of those people who invested in BTC believe it to be money. It's traded as one half of a currency pair (or what resembles a currency pair). If you're saying - you are saying - that money can not be invested in, then you're telling such people that they haven't done what they believe they've done.
I did indeed trade forex. I had a trading account, and I traded the local currency for many others. Usually with poor results - I'm not a trader, but at the time I hadn't realised that. But eventually I ended up with lots of USD and not too much local currency. The local currency was borrowed, at what was then stupidly low rates, so I stuck the USD in a Eurodollar account in my home country, where the interest rate was a good bit higher (less than I'd have got in the US, but more than I was paying on the loan). The USD in my investment portfolio is the interest I earned on my investment - plus the interest I've earned since.
Beyond that, we're back to your narrow definition of "invest" [1], and your belief that I can only be replying to you because I'm someone else. Mate, honestly, forums don't work the way you think. Say something at random, and 0, 1, or any number of people may reply to you. Try it!
[1] Assuming you're sticking to it:
Technically you're right -- anything can be an investment. OTOH, when the word "investment" is used sans modifier, "not idiotic" is strongly implied.
111.
Post 14676508 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
You're a Brit, so stop with the "local currency ... in my home country" Spy vs. Spy bullshit
Which is not to say you shouldn't drop the rest of the bullshit, you should. Because you would have done better with almost every actual investment option, including frickin' index accounts.
TL;DR: Yes, you *were* doing it wrong. First because "with poor results - I'm not a trader," and later by thinking that money is an investment.
Sure, USD is nearly perfect money, but trust me -- an investment it is not
The local currency wasn't GBP, nor was it my home country's currency. (My home country at the time wasn't Britain, either, but that's not the point). Incredibly, my brief foray into the carry trade wasn't my only investment at that time but thank you for your investment advice - many years too late, mind, but interesting all the same. Beyond that we're back to your narrow definition of invest. Let me put it like this...
An investment management firm has a "fixed income" section. Besides derivatives and bonds, what else do you think they invest their clients money in? And how do you think they acquire it?
112.
Post 14676629 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
You're a Brit, so stop with the "local currency ... in my home country" Spy vs. Spy bullshit
Which is not to say you shouldn't drop the rest of the bullshit, you should. Because you would have done better with almost every actual investment option, including frickin' index funds.
TL;DR: Yes, you *were* doing it wrong. First because "with poor results - I'm not a trader," and later by thinking that money is an investment.
Sure, USD is nearly perfect money, but trust me -- an investment it is not
The local currency wasn't GBP, nor was it my home country's currency. (My home country at the time wasn't Britain, either, but that's not the point). Incredibly, my brief foray into the carry trade wasn't my only investment at that time but thank you for your investment advice - many years too late, mind, but interesting all the same. Beyond that we're back to your narrow definition of invest. Let me put it like this...
An investment management firm has a "fixed income" section. Besides derivatives and bonds, what else do you think they invest their clients money in? And how do you think they acquire it?
You frighten me. Here's what an index fund is:
An index fund is a type of mutual fund with a portfolio constructed to match or track the components of a market index, such as the Standard & Poor's 500 Index (S&P 500). An index mutual fund is said to provide broad market exposure, low operating expenses and low portfolio turnover.
So no, not "investing in money," if that's what you're thinking.
Re. "home country":
You're a Brit, so stop with the "local currency ... in my home country" Spy vs. Spy bullshit
Yes, very good, we all know what an index fund is. But what does that to do with the questions I asked you? Equities and fixed income are two very different things.
I'm not going to tell you what countries I've lived in. It's really not relevant, and frankly it's a little creepy that you'd even care. If you need to have a more concrete example, lets say I'm a Armenian who now lives in Belgium but used to live in China, and while there was posted to Djibouti. But honestly - none of this is relevant. I thought personalising it might help you understand. Perhaps I was wrong - I'm doing my best to accommodate your foibles, honest!
113.
Post 14676742 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
The local currency wasn't GBP, nor was it my home country's currency. (My home country at the time wasn't Britain, either, but that's not the point). Incredibly, my brief foray into the carry trade wasn't my only investment at that time but thank you for your investment advice - many years too late, mind, but interesting all the same. Beyond that we're back to your narrow definition of invest. Let me put it like this...
An investment management firm has a "fixed income" section. Besides derivatives and bonds, what else do you think they invest their clients money in? And how do you think they acquire it?
You frighten me. Here's what an index fund is:
An index fund is a type of mutual fund with a portfolio constructed to match or track the components of a market index, such as the Standard & Poor's 500 Index (S&P 500). An index mutual fund is said to provide broad market exposure, low operating expenses and low portfolio turnover.
So no, not "investing in money," if that's what you're thinking.
Re. "home country":
You're a Brit, so stop with the "local currency ... in my home country" Spy vs. Spy bullshit
Yes, very good, we all know what an index fund is.
But what does that to do with the questions I asked you? Equities and fixed income are two very different things.I'm not going to tell you what countries I've lived in. It's really not relevant, and frankly it's a little creepy that you'd even care. If you need to have a more concrete example, lets say I'm a Armenian who now lives in Belgium but used to live in China, and while there was posted to Djibouti. But honestly - none of this is relevant. I thought personalising it might help you understand. Perhaps I was wrong - I'm doing my best to accommodate your foibles, honest!
You're not going to tell me what your "home country" is because, like most humans, you wish to keep your lying to a minimum.
And because you're going to spin fairy tales about making sound Forex investments [lol!] which, implausible as they may be, can not be proven false sans specifics
That said, I can offer you multiple cases Beanie Babies investors who beat actual IRL index funds. Please do not misconstrue that as advice to invest in Beanies.
Please don't be offended if you find this disclaimer patronizing -- past experience has taught me that everything here needs to be spelled out.
My home country is Britain. You could probably work out "local currency" for yourself (but I repeat: it really isn't relevant).
That's a lie. I'm really a squirrel living in Basingstoke with a girl called Mary. But, that aside, it doesn't matter if it's true or false - sans specifics or no. Treat it as a hypothetical, or believe it - it really doesn't matter. It's a tangent, and if I'd been more accommodating to your quirks and idiosyncrasies I'd have anticipated you'd get confused by it and I'd not have complificated matters by raising it. Once again, I apologise.
So, back to the matter in hand. What else does that fixed income section invest in? And how do they acquire it? Third time I've asked, I'm beginning to think you're trying to avoid answering
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Post 14677070 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
I'm not sure of the point you're trying to make, but I'll bite. Fixed-income securities that instantly come to mind are government bonds. I have no idea of what governments invest in -- jackboots for their thugs, most likely. If you're suggesting that fixed income funds trade currencies, I'm sure many of them do. But invest in currencies? Lol, no, never.
Well, I said apart from derivatives and bonds (I was trying to be helpful, honest), so I can't accept "government bonds" as an answer (I hope you'd realise that they're just a specific form of bond). No, I'm not suggesting that fixed income funds trade currencies (though obviously they will), I'm saying they hold currencies as an investment for their clients. Fixed income traditionally was investments for "widows and orphans" - low risk, cash and bonds, in a pre-derivative era. So that's BTC investors, widows and orphans now - you want to tell them their investment isn't an investment, or shall I?
(I'd really like to stay and find out about your interest in Jeffrey Dahmer, beanie babies, why you think I'm Ted E Bear (and your interesting views on how forums work), why you think I might lie about being a bad trader (and how my personal involvement with something might completely invalidate that thing if I wasn't really involved - sorry, I quoted your post before you edited to add that "K" part - but I caught it later and smiled, honest!), your other theories and how they all relate to the topic of investing in currencies, but it's late on Planet Earth and I need to head off. And I fear that rabbit-hole would be too deep.)
Edit:
Tell these guys too. And Barclays too. And these guys should definitely know better.
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Post 14679365 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Well, I said apart from derivatives and bonds (I was trying to be helpful, honest), so I can't accept "government bonds" as an answer (I hope you'd realise that they're just a specific form of bond). No, I'm not suggesting that fixed income funds trade currencies (though obviously they will), I'm saying they hold currencies as an investment for their clients.
[1] Can you point me in the right direction? I've tried to find evidence to support thiis calim, and came up with ...zilch.
[2]
The Complete Idiot's Guide to Investing Investopedia tells me of possible ways to "invest" in currencies. Please tell me which fits best what you're suggesting fixed rate funds do:
-Standard Trading Account (trading)
-ETF/ETN (trade currency without Forex account)
-CDs & Savings Accounts (money in the bank)
-Foreign Bond Funds (Not_your_own Government bonds)
-Multinational Corporations ("indirectly participate in the foreign currency markets through their ownership in companies that do significant business in foreign countries." Rube Goldberg's favorite, and "5 Ways To Invest In Currencies" sounds so much better that "4 Ways..."
[3]
Fixed income traditionally was investments for "widows and orphans" - low risk, cash and bonds, in a pre-derivative era. So that's BTC investors, widows and orphans now - you want to tell them their investment isn't an investment, or shall I?
Investments for "widows and orphans" sounds like some sort of a nasty bitcoiner thing where everyone gets raped and then the streets flow with tears and snot. If you're talking about IRL safe investments, "Good as government bonds" is proverbial
[4]
Part where LBGA tries to get catty
Doen's become you. Don't.
[1] Links in previous post, surprised you "missed" them. Here's
Schwab again:
Schwab and Schwab Bank offer a wide selection of cash and cash investment solutions.
Barclays offer the same. A quick google for "cash" and "invest" should open up a whole new world to you. Hell, while you're at it, google "traditional investments". (They're all - IMO - poor investments, before you get your panties knotted, but see [3] below).
[2] You probably want to avoid Investopedia, it's a resource for lay-people with minimal experience. Entry-level stuff. You should also probably realise that I wasn't talking about fixed income
funds. (Go back, re-read my posts - I'll wait).
[3] We're not talking about safe investments, good investments or bad investments. Remember - we're talking about your belief that "you invest with money, not in money". Your hobbies are not relevant here.
[4] Tell me what will and won't result in your butt being hurted, and I'll do my best to accommodate.
116.
Post 14682542 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
...whorbling snipped...
Good good. And when you googled "traditional investments", what did you find? What did those other results from you googling "cash"+"invest" return?
(Incidentally, and this doesn't bother me but it does surprise me[1] - why do you make so many assumptions about things? I'm not bothering to challenge them because it really doesn't matter, and it'll just drag out a tedious process even more, but I'm genuinely curious. It's great you think I'm a pro, though.)
[1] It doesn't really.
117.
Post 14682596 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
There should be a way to ignore discussions between two people in a thread.
Yeah, I'm sorry. I'll stop.
118.
Post 14685458 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Two words - British banks! Researches receiving grants in BTC are going to encounter problems with it. They're going to need to spend GBP at some point, and they'll need to explain to their bank where the money came from.
The government has been fairly positive about crypto (opportunity for British businesses, enterprise, innovation - the usual reasons). Our banks... not so much. There used to be GBP exchanges (Britcoin, then Intersango, maybe a few others). No more. When I buy BTC via Localbitcoin I usually have to use something like "ebay purchase" as the reference for the seller's bank. I'm not convinced recipients of government grants are going to be comfortable doing that... even if they are, their auditors won't be.
(Behind the scenes British banks are interested in the blockchain. They just don't want us using that nasty magic internet money associated with the blockchain, however).
119.
Post 14685704 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Two words - British banks! Researches receiving grants in BTC are going to encounter problems with it. They're going to need to spend GBP at some point, and they'll need to explain to their bank where the money came from.
The government has been fairly positive about crypto (opportunity for British businesses, enterprise, innovation - the usual reasons). Our banks... not so much. There used to be GBP exchanges (Britcoin, then Intersango, maybe a few others). No more. When I buy BTC via Localbitcoin I usually have to use something like "ebay purchase" as the reference for the seller's bank. I'm not convinced recipients of government grants are going to be comfortable doing that... even if they are, their auditors won't be.
(Behind the scenes British banks are interested in the blockchain. They just don't want us using that nasty magic internet money associated with the blockchain, however).
but surely if Gov paying out research grant with bitcoin, they dont need to explain anything to the bank. its a Gov research grant
Assuming they need to spend some of that grant in GBP, they'll need to exchange BTC for GBP. It's the GBP hitting the bank that they'll need to explain - if the GBP comes from an exchange, it'll potentially raise a red-flag. I assume a cheque or transfer from a government funding body would go through without a second thought, like any other non-BTC-related deposit.
On the other hand, a government endorsement like this might be the push British banks need to stop dicking around.
@Mrpumperitis - that is good news (and good news for BTC-friendly researchers, too!). Weren't Barclays setting up a blockchain research lab or similar? They've gone up in my estimation. I might have a word with my local branch about BTC...
120.
Post 14686051 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
Assuming they need to spend some of that grant in GBP, they'll need to exchange BTC for GBP. It's the GBP hitting the bank that they'll need to explain - if the GBP comes from an exchange, it'll potentially raise a red-flag. I assume a cheque or transfer from a government funding body would go through without a second thought, like any other non-BTC-related deposit.
"The United Kingdom’s government is exploring using bitcoin, or some permutation of the blockchain technology that underpins it, to pay out and monitor taxpayer-funded research grants.... A spokesperson said the use of bitcoin to disburse funds was “a possibility” and that the office isn’t ruling out any particular technology. “The government is looking into any sort of blockchain technique, bitcoin is one of those. It is open to all ideas,”"
This gets twisted into "why isn't BTC skyrocketing" >> "b/coz fkn gubbermint hatin' on our bitcoins!"
Huh? (a) I'm not asking why BTC isn't skyrocketing. I doubt it will as a result of this. (b) "The government has been fairly positive about crypto (opportunity for British businesses, enterprise, innovation - the usual reasons). Our banks... not so much."
121.
Post 14686138 (copy this link) (by LMGTFY) (scraped on 2020-04-04_Sat_14.49h):
^^The post you're responding to:
how come this news doesnt affect bitcoin price in positive way
but sure, a
teeny bit hyperbolic on my part
Oh, sorry, I thought you were directing your post at me, not the post I was responding to.
