patrick.net

anonymous says

"Bump in the road".

Seems to be a pretty big bump sport...perhaps hit a pothole or two as well on the way to the bump

When people see something good selling at 40% do they whine and complain? No, they whip out their wallets and load up! Stop whining, BAO, load up! Big bump = big discount = giant opportunity!!! Cash out your 401k and go all in!!!

Bitcoin price drops below $8,000 for first time since November 24

The volatile digital asset fell as low as $7,695.10, according to Coinbase data.

The volatile digital asset fell as low as $7,695.10 on Friday according to CoinDesk, marking the first time it has fallen below the $8,000 level since November 24. CoinDesk's bitcoin price index tracks prices from digital currency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

Multiple virtual currencies have dropped significantly as regulators voiced concerns about them and worries grew over suggestions that the price of bitcoin has been propped up by popular exchange Bitfinex.

A number of critics have railed against cryptocurrencies like bitcoin, citing extreme price swings and worries of dubious activities associated with the crypto world, such as money laundering.

Notably, J. P. Morgan Chief Executive Jamie Dimon called the world's largest cryptocurrency, bitcoin, a "fraud," and said that he thought it would eventually "blow up."


https://www.cnbc.com/2018/02/02/bitcoin-price-drops-below-8000-for-first-time-since-nov-24.html

Japanese regulators raid Coincheck in wake of $530 million crypto heist.

TOKYO -- Japan's Financial Services Agency (FSA) on Friday morning carried out a raid on Coincheck, the beleaguered Tokyo cryptocurrency exchange from which hackers stole about 58 billion yen ($530 million) worth of the virtual currency NEM last week.

Some 260,000 Coincheck customers were victimized in the theft. The company has said it will reimburse them with yen, but questions have emerged about its ability to pay, as well as why it had currencies stored in a hot wallet connected to the internet and thus potentially vulnerable to thieves.

https://www.cnbc.com/2018/02/02/japanese-regulators-raid-coincheck-in-wake-of-crypto-heist.html

Looking at the coindesk charts I see 50% drop from December high for bitcoin, 25% for ethereum.

NuttBoxer says

Looking at the coindesk charts I see 50% drop from December high for bitcoin, 25% for ethereum.

What happens to the guys who bought them on their credit cards at 20%+ interest rates?

Here's another article - https://gizmodo.com/bitcoin-fell-off-a-cliff-and-no-one-knows-how-far-it-is-1822659737

Quote from the article: A visit to his accountant prompted one redditor to exclaim, “Fuck taxes man. This is so fucked it’s like I didn’t earn anything.” And it’s not just the federal government that wants its taxes; states are getting in on it, too.

This is your bitcoin investor ladies and gentleman. Well just gentleman I suppose here.

NuttBoxer says

Looking at the coindesk charts I see 50% drop from December high for bitcoin, 25% for ethereum.

Yuuuge, discount. Yuuuge!

Ha! This is how I see almost to a T.

https://www.youtube.com/embed/lQegMA_kY9Y

$8300. Down 60% from peak. Moar discount!

Sniper says

What happens to the guys who bought them on their credit cards at 20%+ interest rates?

The same thing that will happen to people using cash advances to wrecklessly pump the other stock exchanges, it becomes a self imposed margin call, only they end up with a bunch of debt and ruined finances. People who short right now, stand to do very well.

mell says

$8300. Down 60% from peak. Moar discount!

Xmas came early! Load up, kids!

I just saw a pretty good but old documentary called "The Rise and Rise of Bitcoin". Worth watching IMHO.

Imagine if a stock or currency exchange got hacked and lost half a billion dollars.

Malcolm says

Sniper says

What happens to the guys who bought them on their credit cards at 20%+ interest rates?

The same thing that will happen to people using cash advances to wrecklessly pump the other stock exchanges, it becomes a self imposed margin call, only they end up with a bunch of debt and ruined finances. People who short right now, stand to do very well.

You can short bitcoin?

CBOEtrader says

You can short bitcoin?

If you can you should. $7,400 this morning. This is totally based on gut feeling admittedly, this drops under $5k and it's done. It will go back to where it was just over a year ago. Honestly I wouldn't be surprised if it drops under 1k at some point in the next 45 days. Again, I have no technical analysis for you, but neither does anyone investing in this.

CBOEtrader says

You can short bitcoin?

I actually meant the markets in general, I am considering trying to short it, I don’t know if you can, but I would like to. I was actually going to ask the posters here.

$7500 moar discounts!!

Malcolm says

CBOEtrader says

You can short bitcoin?

I actually meant the markets in general, I am considering trying to short it, I don’t know if you can, but I would like to. I was actually going to ask the posters here.

That video I posted, while pretty funny, is 100% spot on. No one has ANY idea what they're doing with this shit. Nobody knows how/if you can short it, but they WILL tell you they can. AND they made a lot of money doing it, with zero proof.

I actually wouldn't be surprised in a year or so to find out this was currency warfare (real currencies). Just a way for a foreign government to extract dollars from idiotic Americans. Pretty smart if you ask me. If you don't have the largest military X10, then find a way to extract the money from them. Bleed them dry so to say.

Great video, Wookie.

Also I hear that Yuan-denominated Bonds are going to be issued by the Ayatollahs that will crush the dollar forever, just after the Iraqi Dinar revalues at 1:1 to the Euro.

the Dinar is STILL a thing:
http://iraqidinarchat.net

CBOEtrader says

You can short bitcoin?

No, but you can short NVIDIA.

When the value of the central bank currencies goes to zero, the value of the unique sequence of zeros and ones that make up cryptocurrencies will go to infinity,
As valued in central bank fiat currencies.

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? There are certainly assets that maintain, and even substantially increase their value in an economic collapse, but we have no proof bitcoin will be one of them. A good case study would be Venezuela, anybody taking bitcoin for powdered milk down there?

anon_3e01a says

CBOEtrader says

You can short bitcoin?

No, but you can short NVIDIA.

Actually, I have done a little research. You most definitely can short Bitcoin with a margin account at Kraken.com. You can also do so at GDAX.com, but that one is for very high net worth, like $3 million. I am thinking I might have missed this bus, but will think about it if it climbs back up.

It dropped a 1000 bucks yesterday. 6,300+ I think. What a plunge from 20k!

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!