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follow Patrick 2017 Oct 12, 4:10pm
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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?
$8300. Down 60% from peak. Moar discount!
Sniper saysWhat 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 saysYou 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.
the value of the unique sequence of zeros and ones that make up cryptocurrencies will go to infinity
CBOEtrader saysYou can short bitcoin?No, but you can short NVIDIA.
Onvacation saysthe value of the unique sequence of zeros and ones that make up cryptocurrencies will go to infinityWhat historical evidence do you have to support that?
Bitcoin briefly fell below $6,000 for the first time in three months
The cryptocurrency tumbled as much as 13% Tuesday. Bitcoin briefly fell below $6,000
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.
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.
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.”
Haha! Fuck, our government doesn't even know what it is.
it's you who don't understand what they mean
anon_fad35 saysit's you who don't understand what they meanExplain?
WookieMan saysHaha! Fuck, our government doesn't even know what it is. they do. it's you who don't understand what they mean.
how are you going to buy in cheaper? This crash is a gift....
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!