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Who had a "Gut Feeling" about Bitcoin?

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



  1. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Ethereum continues to dump. Now down to $192.
     
  2. goldielox1

    goldielox1 Silver Miner Seeker

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    Wow what a turd.

    What is that 50% down in one month?
     
    Last edited: Jul 12, 2017
  3. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    Yes, but that just means it's up 20x instead of 40x over the last few months. Besides, it's back to around $230 as of now.

    You've got to have a "long-term perspective," which here means weeks or months instead of days...
     
  4. goldielox1

    goldielox1 Silver Miner Seeker

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    The point isn't whether it's up or down, it's that it trades like and has the volatility of a penny stock.
     
  5. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    And ethereum is down back to $188
     
  6. Joe King

    Joe King Gold Member Gold Chaser

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    As I've said before, that's due to how small the crypto market actually is. It seems silly to think that brand new markets such as this should behave as a mature market 10,000 (or more) times it's size would behave.
    Ie: what you are watching is free market price discovery, raw and uncut.
     
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  7. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is now under $2000 and falling. Last bitcoin quote was $1996.28 when I pulled up coindesk.com and Ethereum is now $168.11. Just about every crypto is down and there is more red on the screen.
     
  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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

    Bitcoin is now at $1993.01 (Coindesk.com quote) as I write this post. I could be wrong here but Etheruem has the biggest loss of the top 10 cryptos and bitcoin is, relatively speaking, holding up during the overall crypto market slide. I guess being the 1st and largest crypto has its advantages.
     
  9. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Are you going to buy the dip? Or do you not trust it right now.
     
  10. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Technically I am out of bitcoin when I sold my small bitcoin investment in May when the BTC $ price was $1870 but I am still in cryptos since I still have Bitshares and Dogecoin. I do not plan to take any action regarding the cryptos at the moment. At this time, I am just eating my popcorn and watching the crypto action on my computer screen.

    EDIT: I meant to add that if Bitshares (BTS) made another major move up and went much higher from where I last sold (last sold when BTS was in the 11,000 satoshi range), then I will sell more BTS to take more profit.
     
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  11. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is now at $1982.20 (Coindesk.com quote) and Ethereum is at $166.997 (Coindesk.com quote) as I type this post. The crypto bloodbath continues.
     
  12. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is now at $1975.96 (Coindesk.com quote) and Ethereum is at $165.43 (Coindesk.com quote) as I type this post. I think that a lot of this down movement has to do with August 1 scaling deadline (possibility of an upcoming Bitcoin hard fork).
     
  13. Someone_else

    Someone_else Gold Member Gold Chaser

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    No! Bitcoin is not an investment! It can be a useful payment method, like money orders or Paypal. But who would "invest" in postal money orders? That's just stupid.
     
  14. Joe King

    Joe King Gold Member Gold Chaser

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    Yep, but to be used as a payment method one must have some to pay with. If one has plans to use btc as a payment method at some point in the future and also thinks the price will go back up before then, it might be wise for that person to buy now. Time will tell.
     
  15. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    It was recovering, but now bitcoin is at $1900, and ethereum is at $141
     
  16. goldielox1

    goldielox1 Silver Miner Seeker

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    Stinkie.
     
  17. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I think it got as low as $1850-ish range before bouncing back up. It is now at $1940.41 according to Coindesk.com and Ethereum is at $152.50. As July 3 gets closer, the possibility of a bitcoin hardfork gets closer to reality. Between now and July 31, 2017, I suspect that there will be more volatility and more downside to come as the bitcoin scaling uncertainty continues.

    To get an idea of what might happen to bitcoin on July 31, 2017, the following Coindesk.com article will explain it:

    http://www.coindesk.com/bitcoin-scaling-watch-news-guides-navigate-coming-clash-code/

    As much as I am a bitcoin and crypto enthusiast/investor, I am staying away from bitcoin until after all of this scaling controversy clears up after July 31. There is too much going ATM and I want to see what happens after July 31 in regards to how the possible bitcoin hardfork will affect regular users and investors of bitcoin.
     
  18. goldielox1

    goldielox1 Silver Miner Seeker

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    What's the best way to short sell cryptos?
     
  19. Joe King

    Joe King Gold Member Gold Chaser

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    I'm not sure there is one. With btc, you pretty much either own 'em or you don't.
    ...and it'll likely do what it's done the last 4 or 5 times it's hit a new high. Ie: fall back for a bit as support builds for the next run up.

    Anytime anything runs up as high and as quick as btc has, you almost gotta expect pull backs. It's the same thing we watched Au/Ag do in 2011, except in the time since, btc has run up and fallen back only run up again 4 times. Au should do so well. Maybe someday......o-ver the rainbow!
     
  20. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    bitcoin up 18% for today, back up to $2235. It's recent low was around $1835 or so.
     
  21. goldielox1

    goldielox1 Silver Miner Seeker

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    I believe I read there will be an ETF soon. Once the ETF is setup it should be no problem shorting the ETF. Or was it options were to be offered? Could buy greatly in the money put options.
     
  22. goldielox1

    goldielox1 Silver Miner Seeker

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    Can't wait for the CNBC talking heads to start coming in and explaining the crypto movement the way they do after the fact when stocks go up or down.
     
  23. Joe King

    Joe King Gold Member Gold Chaser

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    Supposedly, options.
     
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  24. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Wow, bitcoin is up 24% back to 2849.
     
  25. Someone_else

    Someone_else Gold Member Gold Chaser

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    It follows that Bitcoin holders are not willing to sell for $2500. Are they all so optimistic about the future price? Or are they complacent because they got in at $100 and are willing to ride it out to see where it goes?

    How many of us got silver at $10 or less and did not sell at $45 or higher? Yep, me too. "Next time will be different." Maybe.
     
  26. Joe King

    Joe King Gold Member Gold Chaser

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    Back "down" to $2734, but yea, right back up to where it was prior to its "collapse".


    Is this how bubbles are supposed to work?
     
  27. goldielox1

    goldielox1 Silver Miner Seeker

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    Penny stock movement is almost never explainable.
     
  28. Joe King

    Joe King Gold Member Gold Chaser

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    Crypto's move based on market demand.
    ...and my comment was just me being sarcastic about all the other comments declaring btc (and crypto's in general) as being something akin to a tulip bubble. lol
     
  29. goldielox1

    goldielox1 Silver Miner Seeker

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    So you're saying "demand" dropped 30% in a week or two? I don't think you understand what the term "demand" means.
     
  30. Joe King

    Joe King Gold Member Gold Chaser

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    No, selling increased as people looked to cash in on the new high.
    Ie: same thing that happened to Ag and Au in 2011. Be nice if they behaved more like btc does.
     
  31. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    It appears (to me anyway) that the "floor" for bitcoin at the moment is around the $1850-$1900 level and the "resistance" is at $2960 - $3000 at the moment. I say that because bitcoin hit a high of around $2960-$2970 then fell back to the $1890-$1940's range before going up to $3000. Then from $3000, it fell back to the $1850 - $1860 level only to bounce back up to where it is currently at at $2726.41 (Coindesk.com quote). After July 31, 2017, we will see where Bitcoin will be after the shakeout of the bitcoin scaling debate and final decision.

    Just eating my popcorn and watching the action.................................
     
  32. Alton

    Alton Gold Member Gold Chaser

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    Cryptos will remain quite volatile for years to come. This isn't like the fed-manipulated currency. Cryptos are acting like REAL money in REAL markets which markets have not seen since at least 1913. High Volatility for the next decade will be the name of the game.

    That said, here is what's going to happen to most ALL well known markets (Dow/S&P, etc., etc.,):

    Delaware allows corporations to use blockchain to create & maintain transaction records — RT America

    Delaware allows corporations to use blockchain to create & maintain transaction records
    Published time: 25 Jul, 2017 03:36 Edited time: 25 Jul, 2017 08:37
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    The “corporate capital of the world” has just made it legal for corporations to use blockchain technology for stock trading and record-keeping. At the same time, a digital currency trading platform has been authorized to provide clearing services.
    On Friday, Delaware Governor John Carney (D) signed a bill that allows state corporations to “use networks of electronic databases (examples of which are described currently as 'distributed ledgers' or a ‘blockchain’) for the creation and maintenance of corporate records, including the corporation’s stock ledger.”

    Read more
    [​IMG] Another bitcoin rival makes its mark in cryptocurrency world
    A Blockchain, also known as a distributed ledger, is a digital record of transactions between parties on a network.

    Traditionally, corporations have relied on intermediaries like clearinghouses, custodians, exchanges, fiduciaries, or banks to settle transactions. Each intermediary had to verify transactions with their own ledgers, which adds time and cost to each transaction.

    With the blockchain, a ledger is shared among a large group of peers who collectively record all transactions digitally and validate transactions without the need for a third party. Since the blockchain is shared among such a large number of peers, who each maintain a complete ledger with a full history of transactions, and that record is constantly being updated, it would be nearly impossible to manipulate.

    Without the need for a third party, a corporation can also verify transactions anywhere in the world without the need for any fees. Transactions that would take days or even weeks with traditional ledgers can be settled in minutes with the blockchain.

    Introduced in March, the bill amends the state’s General Corporation Law, which is “the most advanced and flexible business formation statute in the nation,” according to the state's website.

    The Delaware Economic Development Office claims that nearly 1 million business entities, including more than half of all US publicly-traded companies and 60 percent of Fortune 500 companies, have made Delaware their legal home.

    The new blockchain rules will go into effect by August 1, 2017.

    On Monday, the US Commodity Futures Trading Commission (CFTC) announced that it unanimously approved approved digital currency-trading platform LedgerX for clearing derivatives under the Commodity Exchange Act (CEA).

    “LedgerX will be authorized to provide clearing services for fully-collateralized digital currency swaps,” the announcement said, adding that LedgerX “initially plans to clear bitcoin options.”

    Paul Chou, CEO of LedgerX, said the CFTC announcement “opens the market to a much larger customer base.”

    “We are seeing strong demand from institutions that previously could not participate in the bitcoin market due to compliance restrictions against unregulated venues. In particular, there is a desire for fund managers to hold financial instruments that are not correlated with the broader equity market, and digital currencies meet that need,” Chou said, according to CNBC.
     
  33. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    On August 1, 2017, the bitcoin blockchain went through a hard fork. As of now, you have the original Bitcoin blockchain (BTC) and you will now have a Bitcoin Cash (BCC). Bitcoin Cash supposedly will have faster transaction times and increased capacity. IMO it is still too soon how Bitcoin Cash will turn out. It will depend on the number of people (miners and exchanges) who will support it. I also read elsewhere online that Bitstamp and Coinbase will not support Bitcoin Cash. This is a very interesting turn of events for bitcoin.
     
  34. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin Cash (resulting from a hard fork from the original Bitcoin). Referred to by the symbol of BCH. It is currently 4th on coinmarketcap.com with a marketcap of 3.9 billion

    https://www.bitcoincash.org/

    My take: It is supposedly better than the original bitcoin with a lerger block size and faster transaction times than the original bitcoin. I currently do not have any Bitcoin Cash (BCH) since I did not own any bitcoin on August 1, 2017. I got out of bitcoin in May. Only time will tell whether BCH will become a success and take off or become a failure and "die" like every failed crypto currency. Time to get some more popcorn....................
     
  35. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin breaks $3000 again on the upside but this time in convincing fashion. Bitcoin is currently at $3137.83 (Coindesk.com quote) as I type this post. Meanwhile Bitcoin Cash (BCH) is down to $217.71 (Coinmarketcap.com quote) which 2 days ago reached a high of $700.
     
  36. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is currently at $3201.76 (Coindesk.com quote) as I type this post. That is the first time that Bitcoin broke $3200 on the upside.

    A possible reason for the surge in bitcoin: People "cashing out" bitcoin cash (BCH) and putting the proceeds in Bitcoin causing Bitcoin Cash to decline in value and Bitcoin to increase in value. The bitcoin holders considered BCH as "free money" when the hard fork occurred on August 1, 2017 to buy more bitcoin with and that is what I suspect is happening hence Bitcoin Cash going down in marketcap and Bitcoin increasing marketcap. That makes sense to me.

    Yep this popcorn tastes very good and this crypto movie is also very exciting to watch IMO..............................
     
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  37. Joe King

    Joe King Gold Member Gold Chaser

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    Wow, up nearly $1400 in 20 days. Not too shabby by any measure.
    ....but I'm sure the grid will be going down for good any day now and make it all worthless. Any day now, I tells ya! lol
     
    Last edited: Aug 5, 2017
  38. andial

    andial Sir Midas Member Site Supporter ++

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    The proper authorities should force Bitcoin to trade on the comex or some other regulated market so we know everything is on the level. Until then i don't trust it.
     
  39. louky

    louky Silver Member Silver Miner

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  40. Gun Ban Extremist

    Gun Ban Extremist Seeker Seeker

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    As soon as it hits any "regulated" market such as CRIMEX, that will be the time to stop trusting it. Do you want the banksters, manipulators and TPTB to do to bitcoin what they're doing to gold?
     
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