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-   -   Bitcoin - Part 3 (http://www.internationalskeptics.com/forums/showthread.php?t=336407)

ChrisBFRPKY 11th September 2019 07:32 PM

Quote:

Originally Posted by Roger Ramjets (Post 12817242)
Perhaps, but for John Mcafee's sake it needs to go much higher than $20k.

So far it's not looking good...

Bitcoin Price Prediction Tracker

As long as it stays above $300, I'm good.

Chris B.

psionl0 11th September 2019 10:15 PM

Quote:

Originally Posted by Roger Ramjets (Post 12817242)
Perhaps, but for John Mcafee's sake it needs to go much higher than $20k.

Predicting a massive price rise within a relatively short period of time is as foolish as predicting that this time bitcoin really will crash forever.

MinnesotaBrant 14th September 2019 05:03 PM

My coworker has made 100k or so with both bitcoin and altcoin. I heard that he bought 6 bitcoins just before the bump. I still prefer blackjack. Am up 1600 this year though I would have made more money betting on bitcoins

MinnesotaBrant 14th September 2019 05:06 PM

Quote:

Originally Posted by psionl0 (Post 12742794)
I can't add much to what I said in post #115. NOBODY knows what will happen next and don't let anybody here tell you otherwise.

I think that there are some people that are getting accurate advice and making money

psionl0 15th September 2019 11:54 PM

Quote:

Originally Posted by MinnesotaBrant (Post 12820505)
I think that there are some people that are getting accurate advice lucky and making money

ftfy.

Dr.Sid 16th September 2019 04:14 AM

Well in 2017 you didnt really have to be lucky to make money on bitcoin. I made over 100% and i sold 2 days after peak, when the crash was quite clear. If I sold sooner, I'd made 200%.
So it really depends what time are you talking about. In general, BTC is as predictable as dice. It's really funny reading analyses and predictions one year back.

Belz... 16th September 2019 05:34 AM

Quote:

Originally Posted by MinnesotaBrant (Post 12820492)
My coworker has made 100k or so with both bitcoin and altcoin.

Ah, damn. One of those spambots, again!


Mods!!!

The Great Zaganza 16th September 2019 05:40 AM

Bitcoin and other Crypto is notorious for price manipulation. There seems to be another hype going on that will make some people rich.

psionl0 16th September 2019 07:48 AM

Quote:

Originally Posted by The Great Zaganza (Post 12821748)
Bitcoin and other Crypto is notorious for price manipulation. There seems to be another hype going on that will make some people rich.

Here we go again. Somebody else who "knows" that bitcoin is a scam run by some shadowy cabal. :boggled:

The Great Zaganza 16th September 2019 07:53 AM

Quote:

Originally Posted by psionl0 (Post 12821895)
Here we go again. Somebody else who "knows" that bitcoin is a scam run by some shadowy cabal. :boggled:

not at all what I said.

psionl0 16th September 2019 08:44 AM

Quote:

Originally Posted by The Great Zaganza (Post 12821901)
not at all what I said.

There is no price manipulation? There is no hype going on?

The Great Zaganza 16th September 2019 09:02 AM

Quote:

Originally Posted by psionl0 (Post 12821957)
There is no price manipulation? There is no hype going on?

let's keep the hype about the currency itself and it's propensity for manipulation separate, shall we?
I don't think Bitcoin itself is the best way to have a cryptocurrency, but the general idea is solid - at this point it is far more than a hype, it is a fixture.

But we frequently get Pump and Dump scams (https://en.bitcoinwiki.org/wiki/Pump_and_Dump), and the current kind of news about how high/low Bitcoin will go sounds to me like the preparation for exactly such a scam.
Yes, short-term price manipulation is something common in cryptocurrencies, especially the smaller ones.

Dr.Sid 16th September 2019 09:43 AM

What do you mean by "current kind of news about how high/low Bitcoin will go" ?

Specialized servers have news like this every day.

psionl0 16th September 2019 09:44 AM

Quote:

Originally Posted by The Great Zaganza (Post 12821979)
But we frequently get Pump and Dump scams (https://en.bitcoinwiki.org/wiki/Pump_and_Dump), and the current kind of news about how high/low Bitcoin will go sounds to me like the preparation for exactly such a scam.

Assuming that the few examples in that reference are actual pump and dump schemes, none of them are bitcoin.

Even then, it is just as likely that these examples of relatively unknown cryptos were cherry picked because they saw a sudden large price rise followed by an equally quick fall in price - ergo "pump and dump".

My dog might have 4 legs but that doesn't make it a cat.

MinnesotaBrant 16th September 2019 03:25 PM

Some people are good at playing the bitcoin market just like the stock market. That’s what he made this year and has been playing continuously for the past 2 years or so

p0lka 16th September 2019 03:30 PM

well look at that,
if I had ignored the naysayers I might have been in profit, grr.

MinnesotaBrant 19th September 2019 05:19 PM

Looking to buy like 30 bucks of coin. Should I use coinbase? How about ripple? I am getting the feeling that the coins are pretty flat right now

psionl0 19th September 2019 07:18 PM

Quote:

Originally Posted by MinnesotaBrant (Post 12826266)
I am getting the feeling that the coins are pretty flat right now

That's better than TA anyhow.

portlandatheist 19th September 2019 10:34 PM

https://getpocket.com/explore/item/h...=pocket-newtab
Quote:

bitcoin re-creates the market mechanisms of gold, a currency that invites hoarding and speculation while discouraging transactions.
Quote:

4 percent of users owning 96 percent of bitcoin
Quote:

What happens when all the bitcoin is mined? Bitcoin transactions are authenticated by the thousands of people who dedicate their computers and electricity to building the blockchain. They’re not donating all this money and computing power; they are being paid in bitcoin. Mining for bitcoin and authenticating transactions is the same thing.

What is the incentive for people to spend millions of dollars on computers and power once there’s no more kickback of coin?
Quote:

The money itself is worthless. Less than worthless, in fact. We are spending massive amounts of machine cycles and electricity, burning fossils fuels for no reason other than to prove our commitment to the coin.
If the US dollar were a good investment, we wouldn't spend it on stocks, real estate, gold, or bit coins, we'd just keep it as is. If it were a really really good investment, we'd forgo spending it on haircuts, car repairs, and restaurants and the economy would grind to a halt.
Thank goodness the US dollar is a terrible investment, that is one of the reasons it remains the most useful currency in the world.

psionl0 20th September 2019 04:34 AM

Quote:

Originally Posted by portlandatheist (Post 12826503)

All points but the last are valid. As long as people are willing to pay for bitcoin, it is not worthless. If bitcoin is still around when the only reward for mining is the transaction fees then either the transaction fees will rise dramatically or the energy expended on mining will drop significantly.

Quote:

Originally Posted by portlandatheist (Post 12826503)
If the US dollar were a good investment, we wouldn't spend it on stocks, real estate, gold, or bit coins, we'd just keep it as is. If it were a really really good investment, we'd forgo spending it on haircuts, car repairs, and restaurants and the economy would grind to a halt.
Thank goodness the US dollar is a terrible investment, that is one of the reasons it remains the most useful currency in the world.

Yes, any currency that is not subject to demurrage or inflation and on which fees must be paid for every transaction is not particularly useful. Worse, bitcoin doesn't scale so the rate of transactions is permanently limited.

It will be up to a future crypto to address these problems but as usual, this is old news.

MinnesotaBrant 20th September 2019 08:23 PM

Went on coinbase to buy 100 bucks of bitcoin and my bank deactivated my card. I am not brave enough yet to link my bank account to it.

I think the fees scale. 50 bucks of bitcoin generated a 2 dollar fee and 100 bucks of bitcoin is 4 bucks. 4% fee per transaction

portlandatheist 20th September 2019 09:17 PM

Quote:

Originally Posted by psionl0 (Post 12826692)
All points but the last are valid. As long as people are willing to pay for bitcoin, it is not worthless. If bitcoin is still around when the only reward for mining is the transaction fees then either the transaction fees will rise dramatically or the energy expended on mining will drop significantly.


Yes, any currency that is not subject to demurrage or inflation and on which fees must be paid for every transaction is not particularly useful. Worse, bitcoin doesn't scale so the rate of transactions is permanently limited.

It will be up to a future crypto to address these problems but as usual, this is old news.

yes, I agree. The value of something is whatever somebody is willing to pay for it.

psionl0 20th September 2019 10:03 PM

Quote:

Originally Posted by MinnesotaBrant (Post 12827513)
I think the fees scale. 50 bucks of bitcoin generated a 2 dollar fee and 100 bucks of bitcoin is 4 bucks. 4% fee per transaction

That's not what "scale" means. It means that more nodes/miners doesn't mean that we can get more transactions per block.

That's quite a markup your vendor is adding. Current fees are about 0.0001 BTC per transaction or 0.15% of the value of each transaction.
https://www.blockchain.com/btc/block...997c77791579e8

Samson 21st September 2019 02:11 AM

Quote:

Originally Posted by psionl0 (Post 12826355)
That's better than TA anyhow.

No it is not, TA on bitcoin that I have catalogued on this thread is very reliable.

trustbutverify 21st September 2019 06:41 AM

Quote:

Originally Posted by Samson (Post 12827620)
No it is not, TA on bitcoin that I have catalogued on this thread is very reliable.

You mean reliably wrong?

Samson 24th September 2019 05:06 AM

"Bitcoin Energy Consumption
Bitcoin used an estimated 200 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 73 terawatt hour. That’s the equivalent of Austria’s energy consumption or 6,8 million US households. Bitcoin’s energy consumption now represents 0.3% of the whole world’s electricity use."

https://thenextweb.com/hardfork/2019...w-10000-again/

What a nasty and pure evil construct, eh Greta.

psionl0 24th September 2019 11:35 PM

If bitcoin is so evil then why are you telling people how to make a profit from it? Is that why your TA is always wrong? To punish speculators?

The Great Zaganza 24th September 2019 11:55 PM

I'm sure that Bitcoin's creator wasn't thrilled by the amount of energy his creation is draining.
There are other cryptocurrencies that don't do this.

Dr.Sid 25th September 2019 08:28 AM

Quote:

Originally Posted by The Great Zaganza (Post 12831936)
I'm sure that Bitcoin's creator wasn't thrilled by the amount of energy his creation is draining.
There are other cryptocurrencies that don't do this.

Bitcoin creator owns about one million of BTC. I wonder what he's thrilled about.

MinnesotaBrant 25th September 2019 02:22 PM

Quote:

Originally Posted by psionl0 (Post 12827541)
That's not what "scale" means. It means that more nodes/miners doesn't mean that we can get more transactions per block.

That's quite a markup your vendor is adding. Current fees are about 0.0001 BTC per transaction or 0.15% of the value of each transaction.
https://www.blockchain.com/btc/block...997c77791579e8

Probably includes visa fees from my card if it had worked

Samson 25th September 2019 06:53 PM

Quote:

Originally Posted by psionl0 (Post 12831918)
If bitcoin is so evil then why are you telling people how to make a profit from it? Is that why your TA is always wrong? To punish speculators?

I don't trade bitcoin, I am a fascinated observer. TA seems to work better on bitcoin than anything else, so I feel drawn to predict.
In fact I find it scarcely credible it uses 3 parts in a thousand of electricity produced on the planet, but if this is true, it is pure evil.

psionl0 25th September 2019 07:43 PM

R.T.Q.

Samson 30th September 2019 12:52 AM

Quote:

Originally Posted by psionl0 (Post 12833166)
R.T.Q.

Struggling to authenticate the idea in this assemblage but appropriately, seems Australian.
Fortunately the great crypto bear market continues unabated. Greta Thunberg will win the Nobel peace prize with an oblique snarl at bitcoin.

Samson 30th September 2019 03:21 AM

Bitcoin should hover at this level for a week or 3, 8040, then it will move down to 5k, then stage a strong rally. Buy at around 5k, as always the thread leaves nowhere to hide.

Dr.Sid 30th September 2019 07:04 AM

Quote:

Originally Posted by Samson (Post 12838437)
Bitcoin should hover at this level for a week or 3, 8040, then it will move down to 5k, then stage a strong rally. Buy at around 5k, as always the thread leaves nowhere to hide.

Why hide, just wear your nonsense proudly. :thumbsup:

Samson 2nd October 2019 10:48 PM

With bitcoin at 8316, I strongly suggest shorting the magic carpet.
As always, the thread records in perpetuity the nonsense.
Thank you for attending. :)

psionl0 2nd October 2019 11:06 PM

Quote:

Originally Posted by Samson (Post 12842416)
As always, the thread records in perpetuity the my nonsense.

ftfy.

Samson 2nd October 2019 11:13 PM

Quote:

Originally Posted by psionl0 (Post 12842426)
ftfy.

Such confidence in assertion without fact.
How delightful, let's watch that short at 8316 with a stop loss at

8532

trustbutverify 3rd October 2019 12:18 AM

Quote:

Originally Posted by Samson (Post 12842416)
With bitcoin at 8316, I strongly suggest shorting the magic carpet.
As always, the thread records in perpetuity the nonsense.
Thank you for attending. :)

You're referring to your own unintentionally hilarious drivel, I assume.

Samson 3rd October 2019 12:23 AM

Quote:

Originally Posted by trustbutverify (Post 12842481)
You're referring to your own unintentionally hilarious drivel, I assume.

I just made a prediction with a stop loss.
Thank you for attending
:)


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