patrick.net

https://www.milesfranklin.com/puerto-rico/

Crypto world is converging on PR... gotta say, it's not the worst idea. I'm thinking of moving there for 151 days a year as well

CJS says

I'm heavy into the crypto game this year is any else?

Sorry to hear that..

Bitcoin down below 6650.... ouch, that's going to leave a mark...

Bitcoin tanks below $7,000, down 6% in two hours.

- Bitcoin dropped sharply Monday, below $7,000 as the April tax-filing deadline approaches.

- Tax-related selling has been a key driver of this month's sell-off. Thomas Lee, head of research at Fundstrat Global Advisors, says U.S. households likely owe $25 billion in capital gains taxes for their cryptocurrency holdings.

- To meet tax liabilities, investors are selling bitcoin, which could mean "massive" selling into U.S. dollars ahead of the April 17 tax filing deadline, Lee says.

Bitcoin prices are down more than 52 percent this year, after kicking off 2018 above $14,000, according to CoinDesk. The entire cryptocurrency market has lost more than half its market capitalization since the beginning of this year, according to data from Coinmarketcap.

"We're in a bear market until new buyers are enticed," Paul said, adding that institutions are delaying putting money into the market until investment vehicles like ETFs get approved.

https://www.cnbc.com/2018/04/09/bitcoin-tanks-below-7000-down-6-percent-in-two-hours.html

Sniper says

Bitcoin tanks below $7,000, down 6% in two hours.

It's a buying opportunity! Buy low, sell high!

Satoshi_Nakamoto says

Sniper says

Bitcoin tanks below $7,000, down 6% in two hours.

It's a buying opportunity! Buy low, sell high!

I'm sure everyone who bought in a $16K, thinking they'll become millionaires, is saying that.

Sniper says

Satoshi_Nakamoto says

Sniper says

Bitcoin tanks below $7,000, down 6% in two hours.

It's a buying opportunity! Buy low, sell high!

I'm sure everyone who bought in a $16K, thinking they'll become millionaires, is saying that.

And buying more, brother! Do you complain when beer goes on sale at 1/3 pirce? No! You back up your F-150 and load up! Even though your "beer fridge" in the garage is already full.

Most bitcoin trading is fake, study finds. Analysis says ‘substantially all of the volume’ reported on 71 out of the 81 exchanges was wash trading.

New research has found that most of the reported trading in bitcoin is not real.

A recent analysis published by Bitwise, an asset manager in the process of trying to list the first-ever bitcoin exchange-traded fund, shows that 95% of bitcoin spot trading is faked by unregulated exchanges.

The survey, first reported by The Wall Street Journal, echoes concerns by regulators that cryptocurrency markets are still ripe for manipulation.

Bitwise said it met with the Securities and Exchange Commission last week to discuss its application. As a part of the process, it submitted analysis that could help regulators cut through the noise.

“People looked at cryptocurrency and said this market is a mess; that’s because they were looking at data that was manipulated,” said Matthew Hougan, global head of research at Bitwise. “When you cut away the echo chamber of these nonsense numbers, it should be an efficient, well-arbitraged market.”

The analysis showed that “substantially all of the volume” reported on 71 out of the 81 exchanges was wash trading, a term that describes a person simultaneously selling and buying the same stock, or bitcoin in this case, to create the appearance of activity in the market. In other words, it’s not real.

Those exchanges report an aggregated US$6 billion in average daily bitcoin volume. The study finds that only US$273 million of that is legitimate.

“The idea that there’s fake volume has been rumored for a long time; we were just the first people to systematically look at which exchanges were delivering real volume,” Hougan told CNBC.

Bad actors

The San Francisco-based firm compared at Coinbase Pro, which reports about US$27 million in average daily volume in bitcoin. Its median “spread,” or difference between the price a seller wants and the price a buyer wants, for bitcoin was about 1 cent. That scenario passed Bitwise’s test for having real volume.

But in another stark comparison, CoinBene — the biggest reported exchange on CoinMarketCap.com — has a nearly US$15 spread. Hougan said they found other extreme examples of exchanges with a spread of more than US$300.

“It is surprising that an exchange with almost 18 times the volume of Coinbase Pro would have a spread that is 1,500 times larger,” Bitwise said in the report.

Exchanges may have an incentive to report fake volume. Bad actors may look to attract listings for new initial coin offerings, or ICOs, who want their cryptocurrency on an exchange where more trading goes on, Bitwise said. Those fees can run from US$1 million to US$3 million per listing, according to data from Autonomous Next.

U.S. regulators have taken a cautious approach to making bitcoin mainstream for traders. The SEC highlighted the risk of manipulation as reason for rejecting applications for other cryptocurrency ETFs.

The office of New York Attorney General also flagged the issue in a recent report warning that exchanges are vulnerable. Because most cryptocurrency trading platforms don’t use the same monitoring tools as stock exchanges, SEC Chairman Jay Clayton has warned that investors may not get a fair assessment of bitcoin’s price.

“What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation,” Clayton said in November at the Consensus Invest Conference in Manhattan. “It’s an issue that needs to be addressed before I would be comfortable.”

Hougan said this also explains why trading volume for regulated bitcoin futures has seemed weak. Chicago-based CME and Cboe began listing bitcoin derivatives at the end of 2017 but have had much lower volumes than the US$6 billion reported by unregulated exchanges.

“When you realize the size of the real bitcoin market, the CME starts to look a lot more significant,” Hougan said.

https://www.asiatimes.com/2019/03/article/most-bitcoin-trading-is-fake-study-finds/

I believe the following vulnerability exists.
The difficulty (all consecutive zeros in hash) level went from 8 zeros in year 2009 to 20 in 2019.
At one point, if the difficulty level goes low for any variety of reasons, a lot of new coins get minted in no time for almost zero price.

spam

My crypto account is up 65% last month.

Don’t ask me for a bail out when you lose.

deepcgi says

Don’t ask me for a bail out when you lose.

Bail out who? The shit is so brilliant they can't even prove they own any of it when an "exchange" folds or a "wallet" gets highjacked, lol.

deepcgi says

Don’t ask me for a bail out when you lose.

You do not bet the farm on crypto. It’s too risky to do so.

But should it be a few % of your overall diversified portfolio? Ya. No question there is future upside.

BayArea says

You do not bet the farm on crypto. It’s too risky to do so.

Exactly. If all it deserves is a small amount of play money, it is, by definition, a plaything.

Dude, I don't give a fuck. Go try that FOMO-stocking shit on some kids somewhere. The ones who were born after Beanie Babies were the sure path to riches.

Newbie123 says

Moon party

You still have not answered the question, What is the intrinsic value of a unique string of zeros and ones?

I know the answer. Do you?

Newbie123 says

Hugolas, it depends how much you want/expect to make with Crypto. I knew how much FIAT I had to put in to be prepared for the next bull run.

Interesting. So you took something of value and "invested" in something that has no intrinsic value. You've "invested" in a spreadsheet basically. Trade it all you want, but it's the purest form of gambling going right now. I know Patnet went the way of politics lately, but please don't turn this into a pump and dump type site with this shit. Just enjoy your losses and move on.

Newbie123 says

Please google your question.

Don't you have an answer for
Onvacation says

What is the intrinsic value of a unique string of zeros and ones?

Newbie123 says

Let us know your findings!

It's a big ponzi scheme. Bitcoin has some extrinsic (not much) and no intrinsic value. It's a speculative game with no underlying assets.

Don't be a loser.

Newbie123 says

Thanks for the advice. You seem to know everything. Does your crystal ball show bitcoin will go to zero or to 50k?

Your's (crystal ball) is apparently showing it's going to 50k. Why?

If you don't like being challenged based on your own statements, you may not want to stick around here. You can't just make claims that something (of no value) is going to all of a sudden triple ABOVE it's all time highs basically.

I don't think anyone here has said you can't make money on Bitcoin, but you're being obtuse and choosing not to answer questions. Tell us what the actual value is and why it's going to 50k. That's all.

I'm going to be blunt and this can get marked personal for all I care, but you do understand you sound like a complete idiot, right? I'm assuming this is a bit at this point, as no one can really be as retarded as the statements you're putting on this site.

This and that exclusive Nigerian angle, and i'm set.

Newbie123 says

Bitcoin has “died” 350 times. Check out all these headlines. Meanwhile it keeps going up

Start posting screenshots with your holdings and trades, or shut the fuck up, m'kay?

Hugolas_Madurez says

Newbie123 says

Bitcoin has “died” 350 times. Check out all these headlines. Meanwhile it keeps going up

Start posting screenshots with your holdings and trades, or shut the fuck up, m'kay?

This. The blockchain is secure, no one has ever lost or had their money stolen. So this should be an easy request to fulfill.

Newbie123 says

I actually don’t see an issue with showing you my trades once I sell.

Pfff. Show us your entry points. You seem to be eager to persuade everybody to follow you into that shit so show us your skin in the game. Or GTFO.

PS. What's the matter? You bough some @ $17K, didn't ya? LOL

Ok, so this is a bit. Thanks for clarifying.

Newbie123 says

www.youtube.com/embed/UG7zLhEWanc

That was funny.

Newbie123 says

Justin Sun (founder of Tron (TRX)) won a bid

What have YOU won? Where are the screenshots of YOUR crypto holdings and trades?

Newbie123 says

why I should send you evidence of my holdings?

BecaSue bitcoin is a scam and one might think you are full of BS.

Newbie123 says

The 4.5M he spent to win this bid will provide him with plenty of media coverage and he might even convince good ol' Warren to buy some Tron.

If it was worth buying, people would just buy it... Seems like a $4.5M bet on a pump and dump scheme. I'm actually very sure that's what this is since I'm sure his holdings are rather large and even a slight bump probably covers his $4.5M gamble.

I also think you're misinterpreting the pushback here. Everyone knows you can make money trading this crap. We're arguing that there is zero actual, tangible value to it. No one, including you, on this site has ever given proper explanation what actual value there is. It's also why we ask to see a screen shot of holdings or even past trades. If this shit is soooooo valuable you should have a good time bragging about your "investment" but you haven't. Makes one think....

Newbie123 says

bitcoin is not a scam.

Can YOU tell us Bitcoin's intrinsic value?

Onvacation says

Newbie123 says

bitcoin is not a scam.

Can YOU tell us Bitcoin's intrinsic value?

Also, what's stopping a government from banning it? What is it, the tusks of elephants or rhino's that are super valuable (Ivory?), but you can go to jail in the US if you have some or be heavily fined. What's to stop a government from doing the same with crypto? Nothing.

If you don't know the answers to these questions, that's fine. Just understand that if you apply logic to what bitcoin is, it truly appears to be a scam. Make money while you can. No one has said it WON'T go to 100k, it could. I'm sure you've jumped around on the web to different investing forums. Your language and the way you talk sounds like a classic pump and dump poster on those forums. It happens for sure, albeit rare, but there are no get rich quick schemes for 99.999% of people on this planet. Have fun tryin and don't lose your a$$.

Newbie123 says

No hacker, no CIA, no NSA. When you store bitcoin on a hardware wallet, nobody can access your funds because private keys cannot leave the hardware wallet.

Keep believing the lie. Fine, keep it on a thumb drive all you want. The second you want to trade it or use it, it CAN be stolen. Hopefully you have multiple backups at different locations as well, none of them being on the cloud. It's scary silly how so many people think stuff is safe/secure just because people say it is. There's no motivation for someone trading it to state the obvious, so I'm not looking to change your mind/dogma, I know the response.

https://www.coindesk.com/hackers-steal-40-7-million-in-bitcoin-from-crypto-exchange-binance

https://www.cnbc.com/2018/06/07/1-point-1b-in-cryptocurrency-was-stolen-this-year-and-it-was-easy-to-do.html

https://www.vox.com/recode/2019/5/8/18537073/binance-hack-bitcoin-stolen-blockchain-security-safu

Trade safely is all I'll say. You can keep spewing jargon you've picked up on other websites, but you've still yet to answer the question in comment 59. You've basically only stated it's valuable just because it is.

Newbie123 says

Ouch, you expose more and more your lack of knowledge.

I didn't....

WookieMan says

Fine, keep it on a thumb drive all you want.

I'm fully aware of how to store bitcoin. You still have to transfer the fucking shit at some point if you want to buy or sell it, right? Make that life changing moon money, lol. Use an exchange or don't. Use the internet or don't. You're off your rocker though if you don't understand that it can get stolen in a physical transfer or over the internet. Especially if the $ (lol, dollar) amount is high enough. People don't rob banks for fun. Robbing your house and holding you at gun point is a whole hell of a lot easier (this is not a threat, just a factual statement).

The only thing 99.99999% that is safe and secure in life is what's in your head. And even that can be forced out unless you're willing to die for it.

It's okay that you weren't able to make a lot of money doing other things. Chase the "dream" I suppose. I've not once said don't. You've deferred from answering a question asked multiple times though. What is the intrinsic value of Bitcoin or any other digital currency?

Newbie123 says

Smart move by Justin. The 4.5M he spent

Dude, spending $4.5 million per investor meeting would be hard to make up for in volume

WookieMan says

or any other digital currency?

Doesn't ripple own a block chain currency exchange system on top of which they have connected multiple Central banks, and large institutions?

There's some intrinsic value there

https://cointelegraph.com/news/major-private-indian-bank-partners-with-ripple-for-cross-border-remittances

CBOEtrader says

WookieMan says

or any other digital currency?

Doesn't ripple own a block chain currency exchange system on top of which they have connected multiple Central banks, and large institutions?

There's some intrinsic value there

There's obviously trading value, I won't dispute that. But what you're talking about is no different than real estate brokers, mortgage brokers, attorneys, etc all skimming off the sale of a home. They're just trying to get their piece of a pie, but that doesn't legitimize crypto in this case. The difference is everyone needs a roof over their heads, nobody needs crypto. There's zero risk in "holding" crypto for someone and charging X% per transaction/transfer. Easy way to print money and not actually do much whether the value is 100k or 0. There's literally zero risk to these institutions. No FDIC or regulations for the most part. Your money goes to zero, fuck off, not our problem.

When nations start abandoning their currencies, basically the heart of their quasi "human" economy so to speak, then I'll start to think crypto is a thing. There's not much evidence of that happening. The USA will ban it or create their own form before they let some random techie create a currency out of thin air. If people wish otherwise, then expect an absolute meltdown of society. When the internet and power grid is down in that circumstance, your bitcoin means dick. Hope you have a gun(s), food and water. Cause no currency will help then.

WookieMan says

There's literally zero risk to these institutions.

Ok, then why not invest in the infrastructure for the institutions? I believe that is ripples strategy.

I like their strategy

CBOEtrader says

Ok, then why not invest in the infrastructure for the institutions? I believe that is ripples strategy.

That's literally what I was getting at. And when I said zero risk, I also meant in the infrastructure as well. Most institutions can just duplicate existing hardware and software to get their piece of the pie. As long as it trades, there's value and ripple isn't bad/wrong to pursue it and is technically smart to cheaply game the system and take money from people rather easily. Same with Newbie123 want to make his moon coin on it. Fine go ahead. There's still the problem of there being actual value forever.

Silly example, but when Beanie Babies were super popular, I'm sure there where people out there making sites to list them for sale or trade and the site owner got piece of the action for creating a market place to make it easier to exchange them. Just like ripple is probably trying to do and other institutions. That doesn't validate that there is real value though. Just because there's value at one moment in time, doesn't mean it will be there down the road.

When no one cared anymore about Beanie Babies those guys just shut down their sites and moved on to the next thing and Susie Homemaker is left holding the bag on a $2k stuffed animal probably worth $40 now, because it really had no value.

And I know someone will bring this up so I'll head it off now. YES this can and does happen to stocks. But there's actual required reporting from the companies, funds, etc. on what is going on (trades by owners/board members, institutional ownership, cash on hand, revenue, etc). And I get Bitcoin is not a company, but there's not one person here or anywhere that knows who's holding what or what they're holding for.

As long as the war on drugs is around, don't think for a moment that if the DEA says bitcoin is funding the drug trade, that the US government won't shut down bitcoin exchanges if they wanted to. Would bitcoin still exist at that point, probably, but once the government puts their hands in it, the average Joe and institutional investors are going to run and run fast.

I mean for fucks sake, the government has banned a plant for almost 100 years and incarcerated who knows how many people for trading/selling it. But there's actual value to pot versus just an emotional value put on bitcoin because it had a huge run like Beanie Babies did.

Get what you can while you can, but I'd never have more than 1-2% of my liquid assets in this stuff.