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

Gord_in_Toronto 9th August 2021 09:21 AM

An interesting summary of things and a great suggestion in The New York Times:

Going for Broke in Cryptoland Some hype coins mint instant millionaires. Others go bust. Why not take a chance?

https://www.nytimes.com/2021/08/05/b...ocurrency.html

Create your own crytocurrency!

Leftus 9th August 2021 01:04 PM

Quote:

Originally Posted by Gord_in_Toronto (Post 13564512)
An interesting summary of things and a great suggestion in The New York Times:

Going for Broke in Cryptoland Some hype coins mint instant millionaires. Others go bust. Why not take a chance?

https://www.nytimes.com/2021/08/05/b...ocurrency.html

Create your own crytocurrency!

Paywalled. But if you follow CoffeeZilla on the YouTube, he covered a few, dirty dealers. Namely one called "Save the Kids" which, name alone, screams SCAM, but members of Faze Clan (game streamers) pumped and dumped. Jake Paul is looking to fleece his followers with his own coin "Dink Doink" Because he is that classy.

Dr.Sid 9th August 2021 01:11 PM

Quote:

Originally Posted by Leftus (Post 13564725)
Paywalled. But if you follow CoffeeZilla on the YouTube, he covered a few, dirty dealers. Namely one called "Save the Kids" which, name alone, screams SCAM, but members of Faze Clan (game streamers) pumped and dumped. Jake Paul is looking to fleece his followers with his own coin "Dink Doink" Because he is that classy.

Dude .. these are famous examples. So by definition it are not true shitcoins. Nobody knows about those.
Btw. we had, in our not very big 100k city, several bitcoin scams, all using the same BTC vending machine. There is one in shopping mall.
Someone called people, and asked them to go there store money on provided BTC wallet. And people did it ! There is now police warning at the machine: if you are on a phone call now, you are being scammed !

arthwollipot 9th August 2021 07:26 PM

Today, the value of my portfolio is above what I paid for it.

Samson 30th August 2021 05:30 AM

Just checking in.
Technical developments indicate liquidating cryptos.
Bitcoin 47618
Could be big drop.

psionl0 30th August 2021 08:15 AM

Quote:

Originally Posted by Samson (Post 13584315)
Just checking in.
Technical developments indicate liquidating cryptos.
Bitcoin 47618
Could be big drop.

Considering how the price has been going since you last made a price prediction I was going to suggest that you make a bullish prediction this time. Otherwise the price is likely to set a new record high.

Dr.Sid 30th August 2021 09:49 AM

Quote:

Originally Posted by psionl0 (Post 13584432)
Considering how the price has been going since you last made a price prediction I was going to suggest that you make a bullish prediction this time. Otherwise the price is likely to set a new record high.

Nothing's wrong with ATH :D

arthwollipot 30th August 2021 08:21 PM

My portfolio has been pretty steady at +3% over my initial investment for several weeks now.

psionl0 30th August 2021 11:09 PM

Quote:

Originally Posted by arthwollipot (Post 13585015)
My portfolio has been pretty steady at +3% over my initial investment for several weeks now.

Only 3%? Wow your fund must have some heavy administration fees! Over the past several weeks the price of bitcoin has risen by up to 50%.

arthwollipot 30th August 2021 11:42 PM

Quote:

Originally Posted by psionl0 (Post 13585107)
Only 3%? Wow your fund must have some heavy administration fees! Over the past several weeks the price of bitcoin has risen by up to 50%.

I converted most of my portfolio to Etherium. But no, it hasn't. It gained a lot at the beginning of August, but since then has fluctuated about a steady point of about US$70k.

Samson 31st August 2021 11:57 PM

Quote:

Originally Posted by arthwollipot (Post 13585126)
I converted most of my portfolio to Etherium. But no, it hasn't. It gained a lot at the beginning of August, but since then has fluctuated about a steady point of about US$70k.

I see eth to the moon right now. 3527
Well done!

arthwollipot 1st September 2021 12:01 AM

Quote:

Originally Posted by Samson (Post 13586421)
I see eth to the moon right now. 3527
Well done!

Yep. I'm now at +10% over my initial investment. If I get to +100% I'll sell half.

plague311 2nd September 2021 12:45 PM

I minted NFT's on the Ethereum block chain (I hope this is considered on-topic). I paid USD$700 to mint 5 chickens, and sold them for over USD$5,000.

I love that return on investment for sure, and given that Ethereum is going up it makes it all even better!

If you haven't dug into NFT's, they're the wave of the future. Lots of money to be made, and lost, there.

trustbutverify 2nd September 2021 06:31 PM

Quote:

Originally Posted by arthwollipot (Post 13585015)
My portfolio has been pretty steady at +3% over my initial investment for several weeks now.

My condolences.

trustbutverify 6th September 2021 05:10 AM

Quote:

Originally Posted by Samson (Post 13584315)
Just checking in.
Technical developments indicate liquidating cryptos.
Bitcoin 47618
Could be big drop.

Or not. Could be anything, I guess.

Samson 6th September 2021 06:15 AM

Quote:

Originally Posted by trustbutverify (Post 13591778)
Or not. Could be anything, I guess.

But imagine not reversing right now.
Imagine bitcoin zero!

Michael Saylor is ok at average 26000.

a_unique_person 7th September 2021 04:52 AM

I predict it will either go up, then down again, or down and then go again.

Samson 7th September 2021 11:25 PM

The president of El Salvadore bought bitcoin for his people at 52 thousand.
It was bound to go up.

psionl0 8th September 2021 10:05 PM

Quote:

Originally Posted by Samson (Post 13593339)
The president of El Salvadore bought bitcoin for his people at 52 thousand.
It was bound to go up.

And guess who predicted the opposite? ;)

Dr.Sid 9th September 2021 01:39 AM

Quote:

Originally Posted by psionl0 (Post 13594250)
And guess who predicted the opposite? ;)

And guess what it did right after saying that .. :D

Lukraak_Sisser 9th September 2021 11:53 AM

Its almost as if using an extremely volatile, unbacked investment as currency is a truly stupid idea.

Sure, you can get rich of Bitcoin if you are lucky, but any coin that can change its value by that much in a single day is pointless as actual currency.

Samson 9th September 2021 04:31 PM

Quote:

Originally Posted by Dr.Sid (Post 13594328)
And guess what it did right after saying that .. :D

Was irony, market had crashed when I posted.

psionl0 10th September 2021 10:22 PM

Quote:

Originally Posted by Lukraak_Sisser (Post 13594808)
Sure, you can get rich of Bitcoin if you are lucky, but any coin that can change its value by that much in a single day is pointless as actual currency.

Historically, every single person who held on to their bitcoins has eventually been "lucky".

Samson 11th September 2021 01:46 AM

Quote:

Originally Posted by psionl0 (Post 13596319)
Historically, every single person who held on to their bitcoins has eventually been "lucky".

That does not apply to current history.
There is no reason to suppose the president of El Salvadore will be a folk hero in his own time.

psionl0 11th September 2021 02:06 AM

Quote:

Originally Posted by Samson (Post 13596411)
That does not apply to current history.

Of course you would predict that for the first time ever, the price of bitcoin will never equal its previous high.

That guarantees that the hodlers' luck will continue. :p

Samson 11th September 2021 03:02 AM

Quote:

Originally Posted by psionl0 (Post 13596414)
Of course you would predict that for the first time ever, the price of bitcoin will never equal its previous high.

That guarantees that the hodlers' luck will continue. :p

I think that is more irony but I need to do some figures of speech refresher course.

Lukraak_Sisser 11th September 2021 03:33 PM

Quote:

Originally Posted by psionl0 (Post 13596319)
Historically, every single person who held on to their bitcoins has eventually been "lucky".

Except all those that lost money to them.

But even then. As a currency it is currently pointless
Let's say you are a company and agree to pay your employees X bitcoins / month.

And JUST as you are about to pay out Elon Musk tweets and the price changes by 40% within an hour.
Now either you just lost all your profit, or your employees lost 40% of their wages, through no action of your own. Not something that either party should want.
As a gambling investment sure. But not currency.

psionl0 11th September 2021 04:47 PM

Quote:

Originally Posted by Lukraak_Sisser (Post 13596877)
Except all those that lost money to them.

You mean those who panicked and locked in a loss? Sure but your claim was that only the "lucky" can make a profit on bitcoin. That's not true. All you have to do is keep "hodling" them and the price will eventually be higher than what you paid for them. Works every time.

Quote:

Originally Posted by Lukraak_Sisser (Post 13596877)
But even then. As a currency it is currently pointless
Let's say you are a company and agree to pay your employees X bitcoins / month.

And JUST as you are about to pay out Elon Musk tweets and the price changes by 40% within an hour.
Now either you just lost all your profit, or your employees lost 40% of their wages, through no action of your own. Not something that either party should want.
As a gambling investment sure. But not currency.

The price is driven by speculators and is thus volatile (though 40% every hour is an exaggeration).

But even if speculators didn't constantly push the price around, it would not be useful as a currency because its fixed supply makes it deflationary and transaction fees discourage spending.

You are not saying anything new (just saying it emotionally). Bitcoin is primarily designed to be "hodled" and secondarily to transfer large sums of wealth rapidly around without interference by anybody else.

Dr.Sid 11th September 2021 04:51 PM

Quote:

Originally Posted by Lukraak_Sisser (Post 13596877)
Except all those that lost money to them.

But even then. As a currency it is currently pointless
Let's say you are a company and agree to pay your employees X bitcoins / month.

And JUST as you are about to pay out Elon Musk tweets and the price changes by 40% within an hour.
Now either you just lost all your profit, or your employees lost 40% of their wages, through no action of your own. Not something that either party should want.
As a gambling investment sure. But not currency.

Come on. Even Elon didn't do 40% in an hour. He did 15%. Which is quite normal. What was unprecedented was it happened inside 20 minutes. That was the 29.1.2021 tweet. But all his subsequent tweets gained less and slower reactions.

Samson 20th September 2021 04:10 PM

Quote:

Originally Posted by psionl0 (Post 13596414)
Of course you would predict that for the first time ever, the price of bitcoin will never equal its previous high.

That guarantees that the hodlers' luck will continue. :p

Probably, but not necessarily.
The current technical picture is a very complete distribution top. And why should the market cap of all cryptos be any particular figure, currently 2 trillion. If cryptos are to be a means of third world participation in a banking protocol does any particular crypto need to appreciate in value? I think 15k bitcoin by christmas is a real possibility.

Cries of bitcoin going to "x", where "x" is a behemoth of a number remind me of Lewis Carroll:

"Just the place for a Snark!" the Bellman cried,
As he landed his crew with care;
Supporting each man on the top of the tide
By a finger entwined in his hair.

"Just the place for a Snark! I have said it twice:
That alone should encourage the crew.
Just the place for a Snark! I have said it thrice:
What I tell you three times is true."

a_unique_person 3rd October 2021 10:09 PM

China rules all bitcoin transactions illegal. Could get some cheap mining kit on ebay now.


Etherium kits going cheap.

Prometheus 4th October 2021 01:27 PM

Quote:

Originally Posted by a_unique_person (Post 13618879)
China rules all bitcoin transactions illegal. Could get some cheap mining kit on ebay now.


Etherium kits going cheap.

It seems China is a lot less powerful than Elon Musk...

Captain_Swoop 4th October 2021 06:52 PM

Quote:

Originally Posted by a_unique_person (Post 13618879)
China rules all bitcoin transactions illegal. Could get some cheap mining kit on ebay now.


Etherium kits going cheap.

Does that mean video cards will be selling for sensible prices?

Dr.Sid 4th October 2021 06:57 PM

Quote:

Originally Posted by Captain_Swoop (Post 13619869)
Does that mean video cards will be selling for sensible prices?

Why would they ? Miners will just move elsewhere. And it's likely they will need new hardware. So it might get even worse ;-)

a_unique_person 6th October 2021 07:09 PM

Cheap energy it's a real problem. Iran has subsided power but they are cracking down in mining too. Externalities. What can you do with them.

Samson 21st October 2021 02:41 AM

Bitcoin is now bigger than any stock and not in the news cycle.
This is important I think.

psionl0 21st October 2021 03:48 AM

New High
 
Bitcoin has just hit $66,000 US. This eclipses the previous high of $64,895 US on April 14 this year and marks a recovery from $28,600 on June 22 this year - the fastest recovery from a major crash ever.

All the news about the Chinese crackdown had no effect on bitcoin's continued price rise. Of course, even the Chinese government can't compete against Samson's "bitcoin will collapse" predictions. :D

trustbutverify 21st October 2021 05:53 AM

Quote:

Originally Posted by Samson (Post 13635079)
Bitcoin is now bigger than any stock and not in the news cycle.
This is important I think.

Wait till it hits 15k by Christmas due to it's very complete distribution top. That should make some news.


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