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Anybody: Bitcoin/Crypto?


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2018 Apr 5, 12:28pm   12,693 views  242 comments

by CJS   ➕follow (0)   💰tip   ignore  

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

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1   Patrick   2018 Apr 5, 12:30pm  

Can you give more details about how you are into it? Buying, or mining, or something else?
2   WookieMan   2018 Apr 5, 12:33pm  

I got in around mid December 2017 (I think around Dec. 16th). I'm kind of a buy and hold type investor. Haven't checked prices in a while. Hopefully things are going full steam ahead like they were.
3   zzyzzx   2018 Apr 5, 12:35pm  

Personally I wouldn't touch this stuff/.
4   RWSGFY   2018 Apr 5, 12:37pm  

Everybody is in! Great buying opportunities coming one after another!
5   RWSGFY   2018 Apr 5, 12:38pm  

zzyzzx says
Personally I wouldn't touch this stuff/.


"You don't understand the technology, man"(c)
6   WookieMan   2018 Apr 5, 12:40pm  

Satoshi_Nakamoto says
Everybody is in! Great buying opportunities coming one after another!


Awesome! Good to hear. My computer CPU can't handle another open tab in my browser, so I can't get the prices right now (or in the last 3-1/2 months). It's great news to hear the $5k credit card advance I took out on December 16th, 2017 with 26% interest rates is paying off. Sooooo pumped to finally get that Lambo.
7   Patrick   2018 Apr 5, 12:43pm  

I like the idea of being independent of our banking overlords, but cannot figure out how to value Bitcoin correctly.

"Whatever the market will bear" seems like a bad idea, because the market is fickle.
8   CJS   2018 Apr 5, 12:44pm  

I'm buying and trading, I don't know the software side of mining. Mine if you have access to cheap energy, like an all utilities included apartment or condo.

Right now, the whole market is consolidating; the total market cap is approx $260B down from $850B. The price will continue to drop as people do there taxes and have to pay capital gains (my opinion), but hopefully, we will have a good run this year. BTC did 1600% last year plenty of other coins did better. Now is the time to get in and accumulate a cash position (limits and processing reduces your ability to move quickly), once we bottom in a month or two you. If you are interested in getting started here are two good places.

https://coinmarketcap.com
https://coinmarketcal.com

People make a lot of money off the news, like 25% in a few days. I don't trade the news just technical analysis, but I'm interested in watching the news.
9   WookieMan   2018 Apr 5, 12:54pm  

Patrick says
I like the idea of being independent of our banking overlords


It's too late. Try to be as anonymous as possible, but understand that a currency/bank should be the least of your concerns. Video and audio surveillance is where you should be concerned. 1984 tele screens are already in millions of home. Thanks Alexa! Siri! and the whole gang!

While the transactions are traceable, I've enjoyed fucking the credit card companies back by earning massive rewards and not paying a dime in interest. In the past 3-4 years I've gotten probably $10k in credit card rewards. Our banking overlords are just there to make money, as I believe that's everyone's objective. Are they d-bags? Sure. I don't see too much danger coming from them if you're doing legal activities. The camera and audio surveillance is what ultimately freaks me out.
10   EBGuy   2018 Apr 5, 3:06pm  

A Berkeley Prof. explains The Cryptocurrency Fraud in 4 Slides. YMMV...
11   just_passing_through   2018 Apr 5, 9:17pm  

Buddy of mine in Mountain View says he's doing his taxes tonight and the crypto portion sucks. Hadn't talked in awhile and man he has some serious TDS going on as well. Thinks Trump wants to be president for life, or a dictator. I'm so glad I moved out of there 6 years ago. I don't know how you do it @patrick. If I were still surrounded by all the negativity up there I'd probably want to kill myself or something. Nah. I'd move.
12   Patrick   2018 Apr 5, 9:29pm  

I do think about leaving, a lot.

It's hard to overcome the inertia of just doing nothing though.
14   lostand confused   2018 Apr 6, 7:29am  

I think it is down to the 6,000s again-it was 10k a short while ago-not to mention 20k or 1k a year ago? Too much volatility for my tastes. Do they tax it as ordinary income?
15   josephinebrennan150   2018 Apr 6, 7:32am  

I know a Nigerian Prince who would like to help you negotiate that deal
16   CBOEtrader   2018 Apr 6, 7:32am  

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
17   MrMagic   2018 Apr 9, 8:36am  

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...


18   MrMagic   2018 Apr 9, 8:41am  

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
19   RWSGFY   2018 Apr 9, 10:07am  

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


It's a buying opportunity! Buy low, sell high!
20   MrMagic   2018 Apr 9, 10:46am  

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.
21   RWSGFY   2018 Apr 9, 10:56am  

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.
22   anonymous   2019 Mar 28, 4:32am  

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/
23   Blue   2019 Mar 28, 9:04am  

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.
25   BayArea   2019 Jun 1, 6:25am  

My crypto account is up 65% last month.
26   deepcgi   2019 Jun 1, 7:41am  

Don’t ask me for a bail out when you lose.
27   RWSGFY   2019 Jun 1, 9:24pm  

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.
28   BayArea   2019 Jun 2, 9:27am  

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.
29   RWSGFY   2019 Jun 2, 10:41am  

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.
30   RWSGFY   2019 Jun 3, 7:19am  

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.
31   Onvacation   2019 Jun 3, 7:35am  

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?
32   WookieMan   2019 Jun 3, 8:03am  

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.
33   Onvacation   2019 Jun 3, 10:16am  

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?
34   Onvacation   2019 Jun 3, 10:19am  

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.
35   WookieMan   2019 Jun 3, 1:33pm  

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.
36   WookieMan   2019 Jun 3, 1:57pm  

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.
37   Al_Sharpton_for_President   2019 Jun 3, 3:51pm  

This and that exclusive Nigerian angle, and i'm set.
38   RWSGFY   2019 Jun 3, 4:23pm  

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?
39   WookieMan   2019 Jun 3, 5:24pm  

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.
40   RWSGFY   2019 Jun 3, 5:57pm  

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

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