patrick.net

NuttBoxer says

Onvacation says

the value of the unique sequence of zeros and ones that make up cryptocurrencies will go to infinity

What historical evidence do you have to support that?

When (if) central bank fiat goes to zero the crypto will be worth infinite useless money. The point I was making is that fiat crypto is based on the value of fiat central bank currencies which are based on nothing but the good faith of the central banks.

Bitcoin is on a rollercoaster ride.

The cryptocurrency tumbled as much as 13% Tuesday. Bitcoin briefly fell below $6,000 for the first time in three months before recovering most of its earlier losses. It has lost nearly two-thirds of its value since it peaked above $19,000 in December.

Other digital currencies, including ethereum, litecoin and ripple, mirrored bitcoin's drop.

http://money.cnn.com/2018/02/06/investing/bitcoin-price-drop-february/index.html

anon_bcf17 says

Bitcoin briefly fell below $6,000 for the first time in three months

This line is hysterical. Three months! In that time it hit fucking $19k! I knew this happened, but reading about it is just ridiculous.

I mean I know there's probably been some pharma company that had increases like this on a discovery only to have the FDA not approve a drug or something. But is there a comparison stock out there that's ever moved like this in a three month span?

anon_bcf17 says

The cryptocurrency tumbled as much as 13% Tuesday. Bitcoin briefly fell below $6,000

Getting close to the sweet spot, folks! Keep you powder dry!!

Onvacation says

When (if) central bank fiat goes to zero the crypto will be worth infinite useless money. The point I was making is that fiat crypto is based on the value of fiat central bank currencies which are based on nothing but the good faith of the central banks.

Gotcha.

Haha! Fuck, our government doesn't even know what it is.

Following opening remarks from the SEC’s Jay Clayton and the CFCT’s J. Christopher Giancarlo that asserted their agencies’ authority to regulate elements of the crypto market, a major focus of the hearings was to determine which agencies would be responsible for meaningfully enforcing what—a question that requires defining what exactly a cryptocurrency even is.

Here's the full article: https://gizmodo.com/as-bitcoin-crashes-regulators-still-have-no-clue-what-1822767269

Here's more if you don't want to read the article:

The bureaucratic inefficiency on display today and the slapdash efforts at protecting consumers thus far should not come as heartening news to crypto enthusiasts, however. Senators involved with the hearing seemed, by in large, to be supportive of more aggressive efforts and willing to assist the SEC and CFTC in coordinating them. The structure for broad regulation of crypto markets may not exist now, but as Clayton told the committee, “we may be back with our friends from Treasury and the Fed to ask for additional legislation.”

WookieMan says

Haha! Fuck, our government doesn't even know what it is.

they do. it's you who don't understand what they mean.

anon_fad35 says

it's you who don't understand what they mean

Explain?

WookieMan says

anon_fad35 says

it's you who don't understand what they mean

Explain?

Come on! You left 3 minutes after I posted a reply? Cool.

$10k down and $160k equity.....

anon_fad35 says

WookieMan says

Haha! Fuck, our government doesn't even know what it is.

they do. it's you who don't understand what they mean.

Also, anyone want to question me as a moderator? I can delete this comment. Guess what, I don't and WON'T. What I quoted could be easily argued, but instead the comment quoted here is what we got. TELL me what I don't understand.

Please don't just say stuff here guys. Back it up. The nastiness has seemly gotten a bit better to an extent, but the arguments are still shit to be honest.

I did appreciate seeing Bob back. And I know I can't talk about other users. I don't always agree with him, but he brings his A-game. Wish more would take the time and do it as well. Instead, we get this:

anon_fad35 says

it's you who don't understand what they mean

that was cool hearing the chairman of the CFTC talk about crypto! Great stuff.

Regarding the price I would not worry at all. This is just the normal cycle. It might go down a bit more or go sideways before the next bull run. I am dollar cost averaging. Imagine there wouldn’t be crashes....how are you going to buy in cheaper? This crash is a gift....

anon_3a1a3 says

how are you going to buy in cheaper? This crash is a gift....

Hey, if you've seen my history here outside this thread (maybe even in it), trade the stuff and make money. This will drop below $5k though. I'll stick to my guns and say this will hit the $1k level in the next 30-45 days. Unless you're holding 1M bitcoins, you have no idea where this is going. No one does. Including me.

anon_3a1a3 says

that was cool hearing the chairman of the CFTC talk about crypto! Great stuff.

Regarding the price I would not worry at all. This is just the normal cycle. It might go down a bit more or go sideways before the next bull run. I am dollar cost averaging. Imagine there wouldn’t be crashes....how are you going to buy in cheaper? This crash is a gift....

That's the spirit!

Satoshi_Nakamoto says

That's the spirit!

I've put 222% of my 401k into a naked, short put position. Gonna make bank. I'll be so wealthy women will just run to my penis.

Big daddy could easily hit 60k this year. Which is not even that great of a return compared to other cryptos. ETH made 9000% last year. Overall We are still early stage. Even US regulators are on board. It’s important to work with the system to achieve mass adoption. The regulators seemed open minded and have a do not harm approach to this exciting, innovative new technology. The Crypto future could not be brighter!