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Who had a "Gut Feeling" about Bitcoin?

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



  1. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    You're talking about Ethereum though...that thing has more fleas than a stray dog. I struggle to understand the appeal of that fuel token as it lacks nearly every trait that, for me at least, makes bitcoin trustworthy.

    Like every other market there are good and bad investments in the crypto space. Just like PM stackers, people that send their cryptos to others for "safe keeping" tend to get ripped off.
     
  2. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Bitcoin Gold starts tomorrow?
     
  3. goldielox1

    goldielox1 Silver Miner Seeker

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    I just ran a technical analysis on it. Btc should have a strong support at $0.
     
  4. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    It is now down to $5636.50 according to coinmarketcap as of the typing of this post. I suspect that the money is moving out of Bitcoin and going into Bitcoin Cash since it is up to $2,182 (up 128% in a 24-hour period) while bitcoin is down 16% in that same 24-hour period.
     
  5. goldielox1

    goldielox1 Silver Miner Seeker

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    Lol dropped $300 in the hour since I posted last. It's fun watching this turd.
     
  6. Joe King

    Joe King Gold Member Gold Chaser

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    I find it all absolutely amazing. Perhaps bitcoin cash will end up on top? Be ok by me if it did. Be ok by me if it didn't, too.
     
  7. goldielox1

    goldielox1 Silver Miner Seeker

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    Silver Art said:
    It is now down to $5636.50 according to coinmarketcap as of the typing of this post. I suspect that the money is moving out of Bitcoin and going into Bitcoin Cash since it is up to $2,182 (up 128% in a 24-hour period) while bitcoin is down 16% in that same 24-hour period.
    Joe K. "I find it all absolutely amazing. Perhaps bitcoin cash will end up on top? Be ok by me if it did. Be ok by me if it didn't, too."

    Are you guys living in your own reality? I'm showing bitcoin cash dumping straight down over the last 2 months (peaking at $950 in September and now at $210) about 72% down, with no recent significant up move.
    btc cash.jpg
     
  8. Joe King

    Joe King Gold Member Gold Chaser

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    Two minutes later and it's back up to $6272.


    Edited to add: as for bitcoin cash, my data shows $2477.

    bch.PNG

    Link https://coinmarketcap.com/currencies/bitcoin-cash/
     
    Last edited: Nov 12, 2017
  9. goldielox1

    goldielox1 Silver Miner Seeker

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    Some bagholders caught the falling knife lol.

    Weird about your link showing that value. Mine is from goldprice.org.

    https://goldprice.org/cryptocurrency-price/bitcoin-cash-price

    Bitcoin prices seem the same as yours as do the other 10 cryptos. Not sure the reason for the discrepancy on bitcoin cash between the two sites, but I'll defer to you and your link as I'm sure you follow these individual cryptos more than I do and know which price is right.
     
  10. #48Fan

    #48Fan Silver Member Silver Miner

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    I picked up a little more BTC last night at $5.8k.
     
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  11. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Bitcoin vs fiat is a highly volatile pairing...anyone that didn't already know that, or didn't think bitcoin was vulnerable after gaining more than 200% in just a few months, should probably stick to equity indexes.

    For myself, I managed to stack some shiny stuff at an exchange rate of around 422 Ozt/BTC and have now begun to move some assets back into bitcoin. No risk, no reward as they say. :)

    Probably a good place to swap BCH for BTC, but I'm not doing so aggressively. Instead I traded some ETC for BTC.

    BTW, I don't know if anyone else noticed, but the fiat total market cap of all cryptos barely moved over the past week...instead holding right around $200b even while btc corrected. Just something I found interesting as it hasn't always been thus in the past.
     
  12. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    And two minutes later and it's back down to 5800.
     
  13. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Yeah...it's pretty wild. There's no bitcoin Plunge Protection Team or ESF and bitcoin markets never close, so there's no "saved by the bell" effect either.
     
  14. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    It's trying to make it back to $6000.
     
  15. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Back over 6k fiats now. Time to reverse the BCH/BTC trade.

    LTC/ETC has been a great pairing over the past couple days too with all the volatility there.

    Edit: Not so fast it seems as a new wave of sellers move in to dump BTC and buy up BCH.
     
    Last edited: Nov 12, 2017
  16. louky

    louky Silver Member Silver Miner

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    Target 5490
     
  17. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    I have the low at 5514 hit a few hours back. It'll be interesting to see if we revisit those levels...particularly with our friends in China taking over.

    Edit: Actually 5403 was touched briefly at bitfinex.
     
    Last edited: Nov 12, 2017
  18. goldielox1

    goldielox1 Silver Miner Seeker

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    I was on the quote page on coinmarketcap.com and just looking at the margin charts for all the cryptos listed on the main page, it looks like about 90% of them have taken a big plunge in the last week. There were a couple that were up but all the rest were in a decided downtrend. Not sure how you can say the market cap is the same when 90% are in a pretty obvious downtrend over the last week or two.
     
  19. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    And back to $6534. Crazy swings.
     
  20. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Real simple bud. At the top of the page that you just cited is a hot link that indicates total crypto market cap as well as bitcoin dominance. If you click on that link you'll be presented with a chart of, predictably enough, total crypto market capitalization in fiat terms:
    [​IMG]

    ...and no, it hasn't changed much. It is somewhat higher than it was a week ago though, despite all the volatility. Sorry to break it to you, but cryptos are here to stay.
     
    Last edited: Nov 13, 2017
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  21. goldielox1

    goldielox1 Silver Miner Seeker

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    LOL based on the last 6 months bubble? Yes that's definitely the sign that this turd will be around for the next 100 years.
     
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  22. goldielox1

    goldielox1 Silver Miner Seeker

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    I was listening to Jim Willie interview from 11/8/17 today. In the interview he calls bitcoin "electronic fiat". Here's a link. It's at 22:07. I think he's been reading my posts as I never heard anyone call it fiat before I did. Now if he starts using the term "sub-fiat" which I coined last week, I'll be very suspicious. :)

     
  23. Joe King

    Joe King Gold Member Gold Chaser

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    All that proves is that you're both wrong about it and too stubborn to admit it.
    ...and most everyone who is against it has called it fiat out of pure ignorance. You are not the first.

    Why are you so hung up on it anyways? You've seen every definition of the word there is and even the ones you posted include the requirement that to be fiat, it needs an authority to make it so. Btc is available to anyone who wants it, there is no authority making it be money. Why is that so hard for so many to understand?

    Words have meaning for a reason. That reason is so we can convey ideas and have meaningful discussions about any topic. However, when some people try to create and impose their own definitions that are incomplete or completely wrong, it destroys any chance for those things to happen.
     
  24. Joe King

    Joe King Gold Member Gold Chaser

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    On the track it's on, why couldn't it be? I don't think the last one is set to be mined until sometime early next Century. That's 100 years right there. We'll be gone by then anyways. If you're worried about your heirs, buy 'em something with your btc before ya die. lol

    Oh wait, yea, you won't be able to do that unless everyone else ends up using it. Then you'll be forced to. That'd sure be a real pickle for ya, wouldn't though? lol



    Edited to add:...and just think how high it could go if in fact it ends up sticking around for 100 years. Look what it's done in just 8 years. The only way it will be around for that long is if it does go up in price, because IMHO if what you say about it going to $0 happens, it probably would die. Also, keep in mind there will only ever be 21million in a World that will have 8billion people in it before long. Even you should be able to see what could happen with widespead adoption.
     
    Last edited: Nov 14, 2017
  25. goldielox1

    goldielox1 Silver Miner Seeker

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    LOL The way your brain thinks cracks me up....keep shining this turd.
     
  26. Joe King

    Joe King Gold Member Gold Chaser

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    I'm just looking at it logically. What is there to change about it? The path it's been on operationally is the same path we can see going forward. Unless some unforeseen event happens to change it, why can't it just keep going? At least for awhile. What do you see on the horizon that would cause everyone to shun cryptos? I see no evidence of anything like that coming.
     
  27. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Same sort of thing detractors have been saying for 7 years. bubble bubble bubble...imminent crash blah blah blah.

    One of the principle characteristics of a bubble is that people that don't normally invest in a particular sector, commodity, or instrument...will suddenly be pushing an asset. For instance a stripper will talk about buying rental properties in FL...or a cabby will talk about what a great opportunity gold represents etc. That's not happening with bitcoin though. The huge majority of people out there still have zero experience with bitcoin. There is no bubble. There may be at some point, but I don't think we're even close.
     
  28. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Bitcoin is nearing $8,000
     
  29. Joe King

    Joe King Gold Member Gold Chaser

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    That was quick. At this rate it'll be $10k before the end of the year. Or maybe end of this Month.


    If btc continues to perform for the next 7 years in the manner we've seen it perform over the past 7 years, anyone have any guesses as to what its price might be by then? 2024 will be here before ya know it.
     
  30. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    Yeah, just saw that. At 7800. Unreal.
     
  31. Joe King

    Joe King Gold Member Gold Chaser

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    $7960 right now. That's a $2300 increase in 5 days.
     
  32. Alton

    Alton Gold Member Gold Chaser

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    Never fear! Jamie Dimon, JPMorgan chief lugnut, says bitcoin is a scam and is money laundering. Notice Mr. Dimon is using that old political trick of accusing the opposition of doing what Mr. Dimon is doing...


    JPMorgan accuses bitcoin of money laundering, gets busted for money laundering - as bitcoin recovers, sets new record

    RT
    Fri, 17 Nov 2017 17:06 UTC

    [​IMG]
    © Michaela Begsteiger / Global Look Press
    The Swiss subsidiary of US bank JPMorgan Chase has been sanctioned by Switzerland's financial regulator FINMA for money laundering and "seriously violating supervision laws," according to the local weekly Handelszeitung.

    The sanctions are reportedly related to breaches of due diligence in connection with money laundering standards. That literally means the Wall Street banking giant assisted in money laundering.

    The ruling was reportedly issued on June 30, but the regulator did not make it known as JPMorgan has been actively trying to prevent the publication. The Federal Administrative Court has since dismissed an appeal by the bank.

    It is two months since JPMorgan CEO Jamie Dimon slammed bitcoin, the world's leading cryptocurrency, labeling it a fraud. According to Dimon, bitcoin could be useful "if you were a drug dealer or a murderer."

    Dimon also compared bitcoin to the 17th-century Dutch tulip mania bubble. At the time, the CEO predicted the eventual demise of the digital currency and pledged to fire any trader trading bitcoin for being stupid.

    "A fiat currency is when a government says this is your legal tender, you have to give it and accept it, and of course the central bank can misuse it and inflate it. But what is the use case for bitcoin? You're in Venezuela, North Korea, you're a criminal. Great product!" he said during a news conference in Washington.

    Responding to the allegations of money laundering, JPMorgan said the bank is trying its best to support the safety and soundness of the global monetary system.

    "We have made and continue to make significant enhancements to the firm's anti-money laundering program to ensure we are meeting regulatory expectations," the bank said in an emailed statement sent to Bloomberg.

    JPMorgan refused to provide any further details as FINMA's ruling in June isn't public.
     
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  33. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    i somehow just think thats not typical... and we could be looking at what would be described as "mania."
     
  34. Joe King

    Joe King Gold Member Gold Chaser

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    No, it's not typical. If it were, it'd be $100k by now. It just has big moves at times and pointing them out is no different than the way Ag/Au's rapid price rise was constantly pointed out in 2010/11

    Maybe, maybe not. That just might be how this market works. Bigups and big downs. That rise I posted about had gone the other way the week before. The point I was getting at is how nicely it tends to recover when it does drop.
     
  35. #48Fan

    #48Fan Silver Member Silver Miner

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    CME Group bringing BTC futures might have something to do with it. I believe institutional money is getting involved.
     
  36. spinalcracker

    spinalcracker On a mail train. Silver Miner Site Supporter

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    BTC all shined up......


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  37. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    It's making a nice correction down to $7,884.01. It went up too fast anyways.
     
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  38. CrimsonGuardJay

    CrimsonGuardJay Silver Member Silver Miner

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    No, its very different. Bitcoin has gone up like 150x in the span of a couple years..

    Gold went up by like 4 x in that time frame.

    I still dont trust this shit.
     
  39. Joe King

    Joe King Gold Member Gold Chaser

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    In the past two years it's gone up about 21x

    About 6x from late 90's to 2011.

    That's ok. I'd never advise anyone to throw big money at it myself. Only small amounts. Enough to have a stake in it just in case it does end going to 6 figures as some say it will.
     
  40. Area51

    Area51 Silver Miner Seeker

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    Another $7,884.00 pull back and it'll be right around it's actual intrinsic value.
     
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