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Who had a "Gut Feeling" about Bitcoin?

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



  1. SilverCity

    SilverCity Gold Member Gold Chaser

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    We have a few folks around here where I live that try to create gold out of thin air by panning for it--but that requires dirt, rocks, water, man hours of labor. I have no idea how this relates to cryptos, but panning takes a lot of work with little reward. Kinda glad I'm too old to pursue that endeavor.

    SC
     
  2. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    It's silly(to me) to link cryptos to tangible goods because then cryptos have precisely the same limitations as commodity money. There's no reason to re-invent money...gold/silver are already near perfect forms of money. Where gold and silver weak is in their ability to be exchanged quickly at great distance. This is where cryptos are incredibly useful. I rather use gold/silver for what they're good at and cryptos for what they excel at instead of trying to pound round pegs into square holes.
    I assume you mean using something like SWIFT? Generally no...you cannot. Global bank transfers take tons of time, have a lot of overhead, and require the "permission" of third parties.

    Cryptos eliminate banks completely by allowing people the freedom to do with their own wealth as they will.
     
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  3. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Crash and burn down 33% this week?
     
  4. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    This week? Most cryptos I looked at were down more than that in a single day. These things are insanely volatile...dunno how many times it has to be said.

    Heck, I just looked again and litecoin has rebounded from the weekly low by 36% just in the last few hours.

    Litecoin was 4 bux at the start of the year and then rose by close to 10,000% at the top. Yeah that's kind of a dangerous thing to get into near the top.
     
  5. keef

    keef Пальто Crude Platinum Bling

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    [​IMG]It only APPEARS to be going down, cuz ur a crypto infidel.
     
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  6. FunnyMoney

    FunnyMoney Silver Member Silver Miner

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    If you own a crypto, you are speculating (speculating at the top IMHO).

    Cryptos may be useful one day to facilitate transactions, but all those transactions can be performed without cryptos quite easily. Cryptos have a 10 year history as a speculative investment in something where the tokens (your investment) are actually very different than the cyrpto systems usefullness.

    Be prepared to see cryptos approach the value of zero (or the cost to store an electronic blip in a memory chip).


    If you own silver, you are storing wealth (very, very undervalued wealth at this time IMHO).

    Silver is used in hundreds of industries and is required to make many if those industries function. Silver has over 5000 year history of storing wealth.

    One ounce of silver will always be one ounce of silver.



    .
     
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  7. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I did re-buy some crypto on the dip. Not the absolute bottom of course. But making money now.
     
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  8. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is going back up. As of this post, It is now at $14,701.40 according to coinmarketcap. Whether or not BTC continues to go up and break 20K remains to be seen.
     
  9. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    I personally think it will spend some time consolidating before going higher, but time will tell.
     
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  10. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Considering that BTC went up very far very quickly, I will have to agree.
     
  11. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Price-wise (vs. BTC) Bitshares (BTS) is holding its own at the moment despite the drop in Bitcoin. BTS has been trading around between 3750 - 3900 satoshi/BTS. On a fiat basis, it is around 53 cents/BTS but I prefer to look at BTS vs. BTC instead of BTS vs. Fiat $. On a BTC basis, BTS has increased over 500% since it low a few months ago but it is still far from the 11,000+ satoshi that I last sold some BTS at. If BTS gets close to 8000 -11,000 satoshi/BTS range with Bitcoin still in the $12,000 - $19,000 range, then I will take another BTS profit (I will not sell ALL of my BTS) and use some of that profit to buy more '70's silver art bars and maybe leave the remaining BTS profit in Bitcoin depending on where bitcoin is at ATM $ price-wise.

    EDIT: If the BTS bitcoin price (in satoshi) drops from current levels back to its recent lows, then.............MEH!!!!! I will continue to holdl.
     
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  12. keef

    keef Пальто Crude Platinum Bling

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    Insiders wet dream. Half of Cryptos are held by Hedgies. NO REGULATIONS.

    They don't care if it goes up or down as they will make money BOTH WAYS.

    They just need volatility and pre-knowledge of the market moves.

    First rule of a casino, YOU NEVER BEAT THE HOUSE.

    Let a few guys win BIG, then milk all the suckers that try to do the same.

    Vegas on steroids
     
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  13. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitcoin is still rallying from the $10,400 low(???). As of this post, it is now at $15,176.10 according to coinmarketcap.com.
     
  14. michael59

    michael59 heads up-butts down Site Supporter ++ Platinum Bling

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    Ever watch a bird fly? Tis never in a straight line, always the up and down but sooner or later they all come to roost on something that touches the ground if not even the ground itself.

    Whatever structure that holds your bird up then it dictates how low you roost. Same as the bitofacoin, wall street dictates and that started, what? ten weeks ago? Yess the butterfly is cool but the up and downs are crazy to watch....Oh and one thing I do know about butterflies is that when you piss in the woods on a dirt road you will find them down there just soaking up the salt and moisture.

    So the bubble is leaking and the harvest has started.
     
  15. andial

    andial Sir Midas Member Site Supporter ++

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    I would like to see it back test the ten thousand level.
     
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  16. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Me too, but that may have been as close as it ever gets to backfilling down to the 10k area. CMC shows it bottomed at 11.8k at the lows.
     
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  17. Uglytruth

    Uglytruth Gold Member Gold Chaser

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    DON'T TAKE THE BAIT!!!!! tptb or the likes of jamie diamond hate anything they can't control. All the BUZZ was everyone will be talking about crypto's at Christmas, gotta get in, how do I get in, me, me, me. How do they stop that in it's tracks and change the narrative to risky, negative crypto's? Simply create their own Plunge Protection Team. Run up these relatively small markets with their money. They are the ones moving the markets. Lets say they "invested" a billion over the last few months. They know people are greedy & everyone wants on the train and want more and more so they grow the market to where they know how much juice they are adding and when it starts to exceede their juicing it takes off on it's own. They have a time line & know Christmas is their target to stop this so they pull out the rug & it free falls. Narrative changed & they profited from doing it.
     
  18. andial

    andial Sir Midas Member Site Supporter ++

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    Maybe. I does bother me that these bitcoin traders don't show any respect for the comex and FRN, they should play dead like the precious metals do. I'm not talking about playing dead for 6 years like the metals did, just a little respect. Of course most metal heads here want metals to stay down for eternity and they are entitled to that opinion.
     
  19. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Bitcoin has an advantage there because one can more easily exchange it for tangible goods. Plus it's already electronic, so unlike physical PMs lazy ass people don't have to "bothered" to actually stack metal.

    I don't really get it myself, I think physical is beautiful and enjoy adding moar mass to the bottom of the nearest lake, but kids today...
     
  20. Joe King

    Joe King Gold Member Gold Chaser

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    Yea, I'm not really seeing the crisis some here are going on about. BTC provided a buy-in point and the alts I see are doing great. Where's the crisis?
     
  21. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Nope. No Crisis here. Like so many times that I witness with bitcoin. When it drops 20%-30% or more, it has always rebounded and will eventually go higher than the previous high. Some that are deep in crpyo would probably consider it a "crisis" if they woke up one day and Bitcoin and all crpytos listed on coinmarketcap.com went to zero. Course it is certainly possible that Bitcoin could go all the way to zero but there is a low probability of that happening in my very humble opinion.

    EDIT: Bitshares broke 4000 satoshi level. Currently at 4,022 satoshi/BTS. Bitcoin is at $15,304.60 according to coinmarketcap.com.
     
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  22. andial

    andial Sir Midas Member Site Supporter ++

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    Why is Bitcoin trading on the weekend!?!?!?!?!?Have they no respect for our esteemed financial system's rules?!?!?!?
     
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  23. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    Bitcoin is still trying to "close" above 10k.
     
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  24. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    Wake me up when dogecoin hits $10k.


    That would be funny.
     
  25. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    I would be laughing all the way to the bank if DOGE hit $10K. However reality is what the reality is....................DOGE is currently at 48 satoshi ($0.006964/1 DOGE). No DOGE $10K here.
     
  26. goldielox1

    goldielox1 Silver Miner Seeker

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    Spinal you live up to your name!

    As solarian pointed out, it's likely more due to the Trump Tax Cat seen to cause inflation. (Less revenue with same expenditures)

    Strange. That's about where I bought my last silver order and I remember it had been at least 10 cents lower. Is this a low for closing price? Because interday was definitely in the 15.60's.

    I think what he means is that if the crypto is tied to real assets, the main advantage of the speculator bidding up the turd is eliminated. That only exists on an unbacked crypto like bitcoin. A gold or oil backed crypto wouldn't have the massive girations that solarian and joe love. Those backed cryptos would have a fairly stable price reflecting the asset they are backed by.

    The only question is, Is that Joe or Solarian in the video?
     
  27. goldielox1

    goldielox1 Silver Miner Seeker

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    I'm showing 11,600 was the low. That's a 41% plunge in 4 days. Stinky.

    Are you valuing sub-fiat against fiat? LOL That's like measuing a wet noodle with a rubber ruler.

    This is based on an extensive btc observation history of say 6 months?
     
  28. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    A red day overall on the crypto market right now. All of the top 25 cryptos are in the red with most of those being double digit declines. Bitcoin is down just over 13% to $13,304. However, Dogecoin (DOGE) made another jump. It is now at 65 satoshi (up from 40 satoshi that i posted in post # 922 of this thread). Dogecoin is one of the very few cryptos in the green ATM in the "sea of red" (DOGE up 10.92% vs $ and up 28% vs BTC). Bitshares seems is currently at 4,012 satoshi which is holding up very well IMO despite the 13% drop in BTC.
     
  29. keef

    keef Пальто Crude Platinum Bling

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    Insiders are going to play this like a finely tuned violen.. Fear/greed. Greed/fear. Nothing more, nothing less driving this until everyone wises up.

    That could take awhile. But it will happen like every other 'investment vehicle' in the last 20 years..

    No regulation, specs vs commercials, from here on out.
     
  30. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    DOGE is now up to 72 satoshi (up ~50%) based on coinmarketcap.com. BTS is at 4,143 satoshi (up 6%). Bitcoin is currently at $13,538 (down 4%).
     
  31. keef

    keef Пальто Crude Platinum Bling

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    This reminds me of the trader who refused to vacate Tower II of the Twins until he could short American Airlines.

    Ask him how that trade worked out for him
     
  32. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    DOGE is now at 72 satoshi (up 49.65%) based on coinmarketcap.com. BTS is at 4,337 satoshi (up 14.5%). Bitcoin is currently at $14,333 (up 2%). The DOGE is still going strong.
     
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  33. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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  34. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Bitshares is at 4,723 satoshi (up 33.8%). Doge at 71 satoshi. Bitcoin currently at 14,131.80. Yep life is good.......for now.
     
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  35. keef

    keef Пальто Crude Platinum Bling

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    Christmas morning crypto pump?

    Even crack heads are going, "fuc..."
     
  36. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Nope. I am not pumping anything. Someone else is pumping the cryptos. I am just merely reporting what I see on coinmarketcap.com. Thanks for asking.
     
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  37. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    On Coinmarketcap.com, I noticed that Ripple is up big (currently up 83%) and it has surpassed Ethereum to take the #2 position behind bitcoin in terms of marketcap. Any particular reasons why Ripple is up big? What is your take on this @Solarion?
     
  38. solarion

    solarion Gold Member Gold Chaser Site Supporter

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    I noticed it's been doing really well. I frankly despise XRP as being centralized garbage. Forced to choose between XRP and Ethereum I'd probably grudgingly choose the later.
     
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  39. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    Yeah the "lesser of two evils".
     
  40. Silver Art

    Silver Art Silver Art Bar collector Platinum Bling

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    As of this post XRP has given up some of its big gains. It now up "only" 56% instead of up 83% a short while ago. I do not have XRP and I do not plan to buy XRP. At least BTS and DOGE are up (while BTC is down 9.3%) so all is well with me crypto-wise...........for now. I am currently watching and waiting for my next opportunity to realize another profit from bitshares(BTS) and Dogecoin (DOGE). Those two cryptos are not at my desired satoshi price points yet but I hope they continue to go up. I will see.
     
    Last edited: Dec 29, 2017

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