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Who had a "Gut Feeling" about Bitcoin?

Discussion in 'Topical Discussions (In Depth)' started by Fatboy, May 22, 2017.



  1. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Solarion, the fact that I jumped into the banker's "swimming pool" and swam with the counter-party risk "sharks" when I traded GBTC, just makes me "the worst of the worst" of degenerate speculators on GIM. Yep I feel evil now. MUUUUUHAHAHAHAHAHA!!!!!!!

    I plan to make more trades with GBTC in the future if/when there is a much larger pullback in bitcoin. After all, I have to keep my degenerate speculator "license" in "good standing".
     
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  2. Joe King

    Joe King Gold Member Gold Chaser

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    Don't forget about your DogeCoins. You should be up a good bit on those, probably as much or more than your combined btc profits.
    ....and I've been lookin' at ArtBytes.
     
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  3. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    For this year so far, my biggest %-gain was in bitcoin with a 281% return but my most consistent $-gain is currently in '70's silver art bars and "collectible" silver coins/bars with my ebay sideline business. My ebay sideline business selling '70's silver art bars and other "collectible" silver coins/bars is more of an "unpredictable" secondary income for me than anything else. I say unpredictable because my net profit is not the same every week and it depends on my weekly sales.

    I have not traded any individual stocks since 2002 but I do treat GBTC (Bitcoin Investment Trust) like an individual stock. I made 3 trades with GBTC "stock" so far this year and I made a total net profit (profit after paying trading commissions) of $112 in those 3 trades which includes the $36 net profit I made when I traded GBTC earlier today.
     
  4. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yep that is a good point since I still have my Dogecoins. I kept forgetting that I have my Dogecoin and Whitecoin. I have not paid much attention to them for a long while until recently when I realized that I still had those cryto wallets on my computer (with my backups). I have to go back an remember what BTC price (in satashi) that dogecoin was at when I was earning DOGE from the Doge faucets. I think that Dogecoin was at 26 satoshi when I was earning them from the Dogecoin faucets but I will have to double check. Even though I am completely out of Bitcoin and GBTC (Bitcoin Investment Trust), technically, I am still in crypto with my Dogecoin and Whitecoin.

    I guess once a degenerate speculator ALWAYS a degenerate speculator. SIGH!!!!!!.............
     
  5. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is back above $2800. It is currently at $2817.63 (Coindesk quote). At this point, I am just eating my popcorn and watching the BTC action from the sidelines.
     
  6. Joe King

    Joe King Gold Member Gold Chaser

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    White coin is way up, too. 529 satoshi. A record high.

    It's 129 now.


    You seem to be doing quite well.
     
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  7. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    HOLY COW!!!!!!! Whitecoin is up 56% according to coinmarketcap. Dogecoin is way up too. I am not doing too badly as a degenerate speculator.
     
  8. Joe King

    Joe King Gold Member Gold Chaser

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    Yep, and 253% on the week. Not too shabby.
     
  9. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I had to pull up my Whitecoin wallet to see how much I have in it. I have 13,331 Whitecoin(XWC) in my wallet. Yeah I feel good about it. It has been a very long while since I even looked at Dogecoin and Whitecoin. Before now, the last time I even looked at what I had in my Whitecoin wallet was in October 2014. I was concentrating so much on Bitcoin to the point that I no longer paid any attention to Dogecoin and Whitecoin until now. Maybe I should accept my "inner degenerate speculator" and just move on with life.
     
  10. solarion

    solarion Gold Member Gold Chaser

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    Why though? I mean if you're connected to coinbase then why buy a derivative when you can buy the underlying asset? Where's the incentive to add a counterparty?
     
  11. Joe King

    Joe King Gold Member Gold Chaser

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    They're certainly worth more than a few oz/Ag now.

    Sounds like a plan.
     
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  12. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Mainly for convenience because I had some funds in my online trading account that I wanted to trade with and that was why I wanted to trade GBTC to play the bitcoin rally. I liked being able to trade in and out of it when the opportunity presents itself such as earlier today. GBTC is a very short-term trading opportunity for me to play bitcoin and I am willing to take on counterparty risk to do so.

    However, if bitcoin goes down to $400 (or lower) then I will use Coinbase to transfer FRNs to BTC. I will also state that it is not very likely that BTC will get back to $400 (or lower). For the time being, I am currently out of GBTC. I am happy with my trading profits for today.

    EDIT: Even though I am out of bitcoin, I am still in cryptos since I still have Dogecoin and Whitecoin.
     
  13. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Whitecoin did move up to 539 satoshi at last check on coinmarketcap. I think that I will hold on to Whitecoin (and Dogecoin). I have to maintain my degenerate speculator reputation. LOL!!!!!
     
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  14. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I just realized that in addition to Dogecoin and Whitecoin, I also had some Bitshares (BTC) in a very old wallet from 2014. The only reason that I even thought about BTS was because it shot up 150%+ in the last 24 hours and I decided to look for the backup BTS JSON wallet file that I made a long time ago. I got into Bitshares in July 2014 when it was originally called Bitshares X. I got into BTS when the price was 1800-2000 satoshi per BTC. I the latest BTC wallet that I had was 0.9.2 and my last transaction of BTS was in mid-November 2014 but like with Dogecoin and Whitecoin, I concentrated on bitcoin and I did not think about the other alt cryptos. I did find my JSON wallet file for my BTC balance. However, it took my about 4 hours to get everything back because I had to migrate to Bitshares 2.0 wallet. I eventually got all of my BTS balance and I find that I have 6100 BTS. I checked coinmarketcap and at ~$0.39 per BTS, I currently have approx. $2400 in Bitshares. I made two new BTS backups because I had more money in that than I thought I did. I also had 12 other alt coin wallet backups but those coins are dead coins worth nothing and I could not liquidate those. I look under every "digital mattress" and I did not find any other cryptos that I totally forgot about.

    I plan to liquidate half of my BTS shares in to FRN to take some money off the table and I plan to keep the remaining BTS balance in Bitshares 2.0.

    So now, even though I got out of Bitcoin last month, I am currently still in cryptos with the following:

    Bitchares

    Whitecoin

    Dogecoin

    I plan to keep Dogecoin, Whitecoin and half of my Bitshares (BTS) balance. Being the degenerate speculator that I am, that is the wise thing for me to do.

    Today is a good day for me as a degenerate speculator.
     
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  15. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    ^^^^^^^^^^^^^^^^

    Update (3:05 PM, Saturday, June 10, 2017): I sold 3,060 Bitshares (BTS) today. I sent them from my Bitshares 2.0 wallet to the Bittrex exchange to sell them. Once the BTS was on Bittrex and, I sold them for Bitcoin and got 0.359 Bitcoin. I withdrew the 0.359 BTC from the Bittrex exchange and sent it to my Coinbase account. Once the BTC was in my Coinbase account, As of 3:03 PM Eastern Time, I immediately sold the 0.359 Bitcoin (the Bitcoin $ price was at $2859.72 at that time) for $1011.41 FRNs net proceeds (after fees). The FRNs are now headed to my bank account. Once the FRNs are in my bank account, then I will withdraw the FRNs from my bank account and I will use this FRN profit from my Bitshares investment and spend it on '70's silver art bars whenever I can find them.

    After that selling those 3,060 BTS shares, I now have 3,651 BTS left of my Bitshares crypto investment (3100 BTS on one BTS account + 551 BTC in the 2nd BTS account) in my Bitshares 2.0 wallet. I will leave it there for the time being.

    I think it is safe to say that I had a gut feeling about Bitshares in 2014........Naw not really. I was just lucky.

    Today is a very good day for me as a degenerate speculator.
     
    Last edited: Jun 10, 2017
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  16. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Ethereum is up 22% for the day, now at $345
     
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  17. andial

    andial Sir Midas Member Site Supporter ++

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    Hah just came to see if Bitcoin crashed how much is it down this week, too funny!
     
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  18. Mujahideen

    Mujahideen Black Member Midas Member

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    2916.17 US Dollar

    I say it's overdue for a correction. It's definitely a bubble.
     
  19. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I like you're sig!
     
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  20. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I could totally be wrong on this but I think the "correction" already came when it went from $2960 to under $2000 for a brief period before it bounced back to where it currently is now at $2928 (Coindesk quote).
     
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  21. andial

    andial Sir Midas Member Site Supporter ++

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    What a bunch of satoshi. how can it be worth something when ya can't even weigh it? Too funny.
     
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  22. Joe King

    Joe King Gold Member Gold Chaser

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    ...but...but....but......, emp! lol

    Very nice, very nice indeed. Big thumbs up, man!



    Apparently intangibles can have value, too. Who knew? dunno.gif
     
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  23. solarion

    solarion Gold Member Gold Chaser

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    You can't weigh an idea either, but they can be priceless. Some ideas even change the world.
     
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  24. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Thank you Joe King. I am just happy that I was able to take some money off the table after that big rise in Bitshares (BTS) and still have some BTS left to still be in the game. That made my day. Even though I am out of bitcoin, I am still in cryptos with Bitshares, Dogecoin and Whitecoin.

    Time for me to get some more popcorn and watch whatever happens next.
     
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  25. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    For the last few days that I have observed, Ethereum is making bigger %-gains than Bitcoin. If ETH keeps that up, then it would seem possible for Ethereum to overtake Bitcoin for the #1 spot on coinmarkeetcap in terms of market cap. At the moment, the markecap of bitcoin is 46.7+ billion and the marketcap of Ethereum is 31.7+ billion.
     
  26. solarion

    solarion Gold Member Gold Chaser

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    Yep. Tough to compete with corporate bux.

    Big banks + Microsoft are all over ETH. Last time I calculated it Ethereum was up 4400% year to date. It's been quite a ride.
     
  27. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Ethereum takes much less time than Bitcoin to exchange. Once it becomes more widely acceptable it could offer genuine competition.
     
  28. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    If you want to store ethereum on your own computer, doesn't it take up a lot more disk space than btc?
     
  29. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Downloading an entire blockchain does seem (seems to me anyway) to take up a lot of disk space. I am not sure of Ethereum since I do not own any.
     
  30. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    And bitcoin broke through $3000
     
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  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    HOLY COW!!!! It did................

    Currently at $3000.05 according to Coindesk.com quote.
     
  32. solarion

    solarion Gold Member Gold Chaser

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    Ethereum isn't direct competition for bitcoin, it's a smart contract platform...think lawyer elimination.

    ...and yes Ethereum's blockchain grows very quickly, it'll be a problem in short order.
     
  33. solarion

    solarion Gold Member Gold Chaser

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    I'd be surprised if Bitcoin makes it through 3000 cleanly on the first attempt. People love setting targets at round numbers, so it'll probably hit overhead resistance and then pullback for a recharge before pushing through.

    We'll see, but if it does blow through 3k then it'll have demonstrated a lot of strength.
     
  34. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Today (June 12), I decided to take another swim in the counter-party risk infested "banker's pool" by buying 2 shares of GBTC at $387.75 in my trading account. So far, I have been down as much as 3.51%. I am walking on the wild side today as a degenerative speculator in GBTC. I am wishing myself luck.

    You might ask why would I do it? Because I am a crazy MFer.
     
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  35. solarion

    solarion Gold Member Gold Chaser

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    Good luck with your counterfeit btc product. SMH

    Hope you bought after the 14% drop when bitcoin bounced off 3k just as I suspected it would.

    Here's how PMs are responding to all this dollar "strength" and to cryptos huge rise:

    [​IMG]

    ...oh wait, there is no dollar strength, it's just that all our markets are fake, phony, and false. All that is except one...and the banksters are working on that one too.
     
  36. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I bought GBTC after the 14% drop. The GBTC price was already down 14.7% when I bought GBTC at $387.75.
     
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  37. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    FWIW, bitcoin went down as far as $2481. $2481 was the lowest price that I have seen today online. It made a small bounce back to the $2642 level (based on latest Coindesk quote) at this point.
     
  38. solarion

    solarion Gold Member Gold Chaser

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    Next, lots of doubters will declare that bitcoin is dead(RIP) because it bounced off overhead resistance...like happens every single time there's a significant number.

    Rather than buying here at a nice discount they'll say "whew, thank the flying spaghetti monster I dodged that bullet!"

    To a large extent I ignore the BTC/USD exchange rate and try to think in terms of bitcoins stacked. I still slip here and there though, but the swings are a whole lot easier on the stomach if you don't stare at the value of bitcoin measured in federal reserve monopoly money.
     
  39. #48Fan

    #48Fan Silver Member Silver Miner

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    Been trying to study up on the Bip 148 soft fork. This looks rather turbulent heading into August.
     
  40. solarion

    solarion Gold Member Gold Chaser

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    Yes. IMO the miners will cave at the last minute. To do otherwise would be to cut their own throats. Totally not worth it just to block segwit, but maybe they won't be able to find consensus. In which case Litecoin will probably benefit the most.
     

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