patrick.net

Let's now have a moment of silence for those who paid $62,000 for their Bitcoins.

Alameda-Backed Crypto Trading Firm 3Commas Says It’s Pretty Sure It Wasn’t Breached - But Not 100% Positive

https://finance.yahoo.com/news/alameda-backed-crypto-trading-firm-131500898.html

Everyone ready for Bitcoin bonds ? Anyone think there might be a problem ahead ?

El Salvador Proposes Digital Securities Bill, Paves Way for Bitcoin Bonds

https://www.coindesk.com/policy/2022/11/23/el-salvador-proposes-digital-securities-bill-paves-way-for-bitcoin-bonds/

Bitcoin may sink further 70% in Standard Chartered list of possible 2023 upsets

https://www.theedgesingapore.com/news/cryptocurrency/bitcoin-may-sink-further-70-standard-chartered-list-possible-2023-upsets

The above article is also on Bloomberg this morning but is behind a paywall

DD214 says

Bitcoin may sink further 70% in Standard Chartered list of possible 2023 upsets

In keeping with my belief that all mainstream press lies and is used exclusively to misdirect people, I bet this is the bottom of the market.

richwicks says

I bet this is the bottom of the market.

You may want to start doing more reading and research before putting any money on the table for that bet. Lots more.

https://www.cnbc.com/2022/12/07/just-8percent-of-americans-have-a-positive-view-of-cryptocurrencies-now-cnbc-survey-finds.html

only 8% have positive view of crypto currency

zzyzzx says

Play stupid games, win stupid prizes.

Onvacation says

BTC Under 15K! BUY!

Miners got kids that have to eat.

Back up over $17K. The kids are eating.

If you could buy a little more and raise the price back up over $30K the miners can afford some hookers and blow again.

The opposite of "store of value" bitcoin is a consumer of value.

richwicks says

I bet this is the bottom of the market.

Cryptoverse: Jump Or Slump? $30k Or $5k? Play The Bitcoin Roulette

https://www.ibtimes.com/cryptoverse-jump-slump-30k-5k-play-bitcoin-roulette-3646565

FYI - I am convinced more pain lies ahead

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Still trying to figure this stuff out. So my three choices to get in the game are:
1. Third party crypto exchange (see Coinbase, binance)
Pros: ease of use
Cons: no keys, no crypto (and if your exchange is located in the Bahamas...)
2. Cold storage wallet
Pros: somewhat easy to use. you own the keys (though you can forget how to access them...)
Cons: reliance on third party software (usually an app) to access wallet and provide on ramp to various crypto networks
3. Set up your own node
Pros: no reliance on third parties
Cons: you are the weakest link

Am I missing anything? The first two seem to break the great promise of crypto, which is decentralization.

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Bermuda?

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

I'm kinda worried about the one who said he got vaxxed. Seriously.

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.

You mean @Bitcoin?

Me too. He first made fun of anybody that was cautious about the injection, experienced a negative reaction himself, followed Rin's advice, then said he was going to get ANOTHER injection, and disappeared shortly afterward.

But also, bitcoin took a dump in value as well. Maybe he's just too embarrassed to show up, or maybe he was a paid lackey to push a pump and dump, or maybe he's dead.

Bd6r says

I wonder where are the bitcoin fans who were dominating this thread a year ago?

Due to near total lack of trading experience in trading anything until crypto came along, fomo and account destruction due to crazy amts of leverage many are likely done and gone as dust at the bottom of the heap. As for myself I bought BTC around the time I mentioned it was a buy @13,500+/- right before the pop and sold just under the 60K along with some other token positions I held and in the mean time I am still stacking cash and waiting for the torrents of blood and guts to flow in the streets.

For now there isn't much to see however I will post when the time comes keep in mind BTC nor ETH isn't really on my shopping list but will see.

So the guy who made money posted; where's the guy who bought at $60,000+?

Patrick says

I'm kinda worried about the one who said he got vaxxed. Seriously.

Vaxxed and buying Bitcoin at the peak. What could possibly go wrong?

HODL'ers still be waiting for the moon shot.

As the bitcoin scam rolls out there are fewer and fewer "coins mined". In addition there is still a lot of cumulative demand from little "investors" who "dollar cost average" into hundreds of Satoshis every payday The only place these "coins" can come from is miners or sellers; artificial scarcity.

Bitcoin stats!

-Currently, the total number of Bitcoins in existence has exceeded 18.3 million.
-Approximately 4 million Bitcoins are lost forever.
-The total number of Bitcoins that will ever be produced stands at 21 million.
-Only 13 million Bitcoins are in circulation or stashed away in wallets.
-The last Bitcoin will be mined by 2140.
-The Bitcoin market cap as of Q1 2020 stands at $117.81 billion.
-An average of 350,000 transactions take place on the Bitcoin network daily.

https://techjury.net/blog/how-many-bitcoins-are-there/

Well, I never dominated but never changed my conviction that one should get some bitcorn. That hasn't changed. I was never a proponent of the alt-coins/shit-coins.

I think it'll drop somewhere in the 5K-12K range and at that point I will probably take a small percentage position again.

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain

zzyzzx says

https://finance.yahoo.com/news/coinbase-layoffs-job-cuts-crypto-industry-130330992.html

Coinbase to lay off 20% of workers in latest sign of crypto industry pain

Yeah...people are redeeming crypto for fiat.

https://finance.yahoo.com/news/nouriel-roubini-says-literally-90-of-crypto-is-a-scam-144628433.html

Nouriel Roubini says 'literally 90% of crypto is a scam

The dollar dominated SWIFT worldwide financial transfer system has announced that effective 1 February 2023 it will no longer process transactions of less than US$100,000 from bank accounts to crypto exchanges.

zzyzzx says

Nouriel Roubini says 'literally 90% of crypto is a scam

And the other 10% is used for human and drug trafficking, along with ransoms.

https://finance.yahoo.com/news/celsius-customer-received-67-000-134920222.html

Celsius customer received $67,000 tax bill for funds lost in crypto lender's bankruptcy, report says

... And some people thought I was kidding when I said a crypto account could go negative.

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?

Onvacation says

Bitcoin over $30k again.

Anyone have a clue why?

Ransom? Human or drug trafficking? Somebody need to get payed off?

Blackrock filed to have a Bitcoin ETF based on current pricing.

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.

If Blackrock is investing it must be legit.

Misc says

Blackrock filed to have a Bitcoin ETF based on current pricing.

Some other big players vying for ETF as well after small ones got rejected over the last several years. Also some banks are finally starting to invest in some of it.

just_passing_through says

Also some banks are finally starting to invest in some of it.

Invest? Or speculate?

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".

Onvacation says

Invest? Or speculate?

Well, you'd have to ask them but I'd imagine they'd tell you there are investing in a comodity.

Onvacation says

Bitcoin has no intrinsic value and is expensive to maintain. The only way to profit from crypto is "mining" or finding a bigger fool to buy your "coins".

Oh noes! Quick! You better warn them!

just_passing_through says

Oh noes! Quick! You better warn them!

Onvacation is correct. Bitcoin doesn't work as a currency. I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

richwicks says

Bitcoin doesn't work as a currency.

Who said currency?

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

What are you smoking today?

just_passing_through says

richwicks says

Bitcoin doesn't work as a currency.

Who said currency?

Don't know that anyone did, but it's a common claim with bitcoin. It's a "new" currency to replace the old.

just_passing_through says

richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

What are you smoking today?

Indica. Has to be indica.

just_passing_through says

richwicks says

Bitcoin doesn't work as a currency.

Who said currency?

What is it supposed to be then?

An exhaustive search for breaking SHA256SUM? Because that's what I think it is.

just_passing_through says


richwicks says

I can send a bar of gold to the other side of the world faster and cheaper than you can transfer to bitcoin from one wallet to another.

What are you smoking today?


Nothing.

People always touting how great BitCoin is, don't know the first fucking thing about other than "it will go up" - well, why?

It's nothing more than a distributed set of databases to confirm a transaction is valid, but the transactions are now so slow, that people buy on exchanges instead, and that completely ends the distributed nature of BitCoin which was it's entire fucking purpose.

Instead of a bank, you know are going to Magic The Gathering websites - Mt. Gox.

DHTs seem awesome until you realize how much meta data a typical machine has to contain to do it, and the REDUNDANCY of it. If the 5G crystal memory becomes a thing, and it costs like $20 for 1000 TB - yeah, it might be workable then.