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Old 14th August 2018, 02:42 AM   #3001
Roger Ramjets
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Originally Posted by PartSkeptic View Post
Headed down again after struggling to recover.
Day to day price movements don't mean much. If past trends are anything to go by the next big rally is 2-3 months away.

Or not. But one thing's for sure - it's not headed for the Moon any time soon.

Originally Posted by psionl0
The other comparisons are Euro at 0.009% (11111.11 days or 30 years), AUD at 0.003% (33333.33 days or 91 years) and CAD at 0.005% (20000 days or 55 years). I don't think we have enough empirical data to make those conclusions.
We have historical data that shows those currencies haven't collapsed over longer time frames. You may think this suggests the estimates are a bit high, and you may be right. However if so that is actually not good news for Bitcoin.

One of Bitcoin's main attractions and purported reason for its existence is that fiat currencies are 'worthless' and not safe stores of value. So if it can be shown that fiat currencies such as the Euro and AUD are actually very safe and extremely unlikely to become worthless then Bitcoin loses one of its main selling points.

OTOH, where a currency is in trouble Bitcoin stands to gain. This is happening in Venezuela and Turkey right now, and probably also in other countries with weak currencies. Perversely, some bitcoiners are cheering it on in the hopes of driving the price up, and some even think currency crashes are a good thing because it validates their ideology. If the Euro or the AUD or USD actually did crash to nothing they would be dancing in the streets. Luckily for us the chances of that happening are virtually zero, but it's still not a nice attitude (and for people in troubled countries it's not just a theory).
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Old 15th August 2018, 12:27 PM   #3002
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On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines.
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Old 15th August 2018, 12:42 PM   #3003
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Originally Posted by applecorped View Post
On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines.
The bitconnect subreddit is a blast to read through. Tons of old posts of people trying to warn everyone that it was an obvious ponzi scheme, but plenty of people gloating about how rich they were going to get. Newer posts are all gnashing of teeth when the market collapsed and everyone lost everything, and then silence. Worth a read.
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Old 15th August 2018, 01:46 PM   #3004
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How could anyone lost everything on BTC ?
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Old 15th August 2018, 03:22 PM   #3005
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Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


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Old 15th August 2018, 07:47 PM   #3006
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Originally Posted by fromdownunder View Post
Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


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Surely, a few people have invested unwisely, but I can't see evidence that many have lost everything. Could be so, but I'd wait and see.
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Old 20th August 2018, 01:09 AM   #3007
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Originally Posted by phiwum View Post
Surely, a few people have invested unwisely, but I can't see evidence that many have lost everything. Could be so, but I'd wait and see.
Lots of anecdotes from people who bought during the 10k-20k FOMO rush, quite a few posts can be found on various Reddit threads. Some may be trolling, but some stories seem honest. More than a few people borrowed heavily to get in a market they did not understand.

We're in the middle of another bounce, but the volumes continue to be very low, and BTC is benefiting from the death spiral of most other coins, with ETH really suffering.
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Old 20th August 2018, 04:41 AM   #3008
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Originally Posted by fromdownunder View Post
Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


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I'd also add in investing money that never should have been invested at all. FOMO is strong and many believed that Bitcoin was a "sure thing". Anyone investing responsibly won't have their life turned upside down by a drop in value, but if you've gambled the mortgage money one could easily see themselves having an intense cash flow problem.
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Old 20th August 2018, 06:56 PM   #3009
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Originally Posted by SuburbanTurkey View Post
I'd also add in investing money that never should have been invested at all. FOMO is strong and many believed that Bitcoin was a "sure thing".
The fact remains that everybody who bought bitcoins at any previous price peak and held on to them has come out ahead - way ahead.

I'm not saying that it will happen again this time but it is a bet worth considering if you can afford it.

Originally Posted by SuburbanTurkey View Post
Anyone investing responsibly won't have their life turned upside down by a drop in value, but if you've gambled the mortgage money one could easily see themselves having an intense cash flow problem.
Yup. I have been saying this all along.
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Old 20th August 2018, 08:23 PM   #3010
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Originally Posted by psionl0 View Post
The fact remains that everybody who bought bitcoins at any previous price peak and held on to them has come out ahead - way ahead.

(bolding mine)



Could you elaborate on this? The $19,000+ price peak last December has, to date, seen a pretty substantial paper loss for those still holding.


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Old 20th August 2018, 09:56 PM   #3011
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Originally Posted by fromdownunder View Post
Could you elaborate on this? The $19,000+ price peak last December has, to date, seen a pretty substantial paper loss for those still holding.
I have elaborated on this many times on this thread.

In December 2013, the price peaked at $1,163 and from there it fell all the way down to $152. Nervous nellies bought at that time would have lost even more than those who bought at the most recent peak - especially if they bet their house. OTOH those who have held on are still laughing even though they had to wait nearly 4 years before their paper loss turned into a profit.

If you look at the price charts, you will see this theme repeated over and over again. Betting on a full price recovery now may not be considered a "safe" bet but I would still prefer it over a roulette table.
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Old 21st August 2018, 09:44 AM   #3012
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There is an interesting article about Bitcoin on the internet today at:

https://www.msn.com/en-gb/money/mark...cid=spartanntp

Can this possibly be true?
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Old 21st August 2018, 10:55 AM   #3013
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Originally Posted by Henri McPhee View Post
There is an interesting article about Bitcoin on the internet today at:

https://www.msn.com/en-gb/money/mark...cid=spartanntp

Can this possibly be true?
What exactly are you asking ?

Last edited by Dr.Sid; 21st August 2018 at 10:55 AM. Reason: damn typos
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Old 21st August 2018, 11:06 AM   #3014
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Originally Posted by psionl0 View Post
I have elaborated on this many times on this thread.

In December 2013, the price peaked at $1,163 and from there it fell all the way down to $152. Nervous nellies bought at that time would have lost even more than those who bought at the most recent peak - especially if they bet their house. OTOH those who have held on are still laughing even though they had to wait nearly 4 years before their paper loss turned into a profit.

If you look at the price charts, you will see this theme repeated over and over again. Betting on a full price recovery now may not be considered a "safe" bet but I would still prefer it over a roulette table.
While technically true, has no predictive value.
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Old 21st August 2018, 05:35 PM   #3015
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Originally Posted by Mycroft View Post
While technically true, has no predictive value.
Who's making a prediction?
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Old 21st August 2018, 05:41 PM   #3016
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Originally Posted by Henri McPhee View Post
There is an interesting article about Bitcoin on the internet today at:

https://www.msn.com/en-gb/money/mark...cid=spartanntp

Can this possibly be true?
You mean this?

Quote:
Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000 (£70,000), into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 (£19,500) loan. Her investments are now down about 90 percent.

“I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us,” she said. “I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around.”...

Charles Herman, a 29-year-old small-business owner in Charleston, S.C., became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets.

While he is essentially back to the $4,000 (£3,100) he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate....

“I’m living off the little savings I have left still in my bank account,” Mr. Roberts said. “I’ve made a mistake, and now I’m going to have to unfortunately pay the cost for the next few years.”...

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: “It’s really hard to stomach losing all my hard earned money. Just broke down and cried.”
Yes, it's all true.

But more importantly it shows that the mood is changing. Hype is giving way to horror stories and sentiment is turning sour. It doesn't matter that 'technically' Bitcoin should be going to the Moon, if people lose faith in it then it will fail.
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Old 21st August 2018, 06:01 PM   #3017
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Originally Posted by psionl0 View Post
Who's making a prediction?

I forgot about our resident soothsayer.
Originally Posted by Roger Ramjets View Post
This year may be your last chance to make big money out of it, so don't delay - buy Bitcoin today!
Originally Posted by Roger Ramjets View Post
Day to day price movements don't mean much. If past trends are anything to go by the next big rally is 2-3 months away.
Originally Posted by Roger Ramjets View Post
But more importantly it shows that the mood is changing. Hype is giving way to horror stories and sentiment is turning sour. It doesn't matter that 'technically' Bitcoin should be going to the Moon, if people lose faith in it then it will fail.
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Old 23rd August 2018, 08:01 PM   #3018
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Originally Posted by psionl0 View Post
Who's making a prediction?
Anyone investing or "betting" on bitcoin. You know, like you were talking about? The ones you described as "nervous nellies" if they sold at the wrong time or the ones who are "laughing" if they turned a profit?
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Old 23rd August 2018, 08:04 PM   #3019
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Originally Posted by Mycroft View Post
Anyone investing or "betting" on bitcoin.
The same could be said of somebody who bets at the roulette table.

I don't think that it is a useful definition of "prediction" to equate it as "betting". Somebody could make a prediction without putting money on it.
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Old 24th August 2018, 04:13 AM   #3020
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Well .. compared to roulette BTC actually does have trends, bubbles, jumps and crashes. There is much more room for prediction.
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Old 28th August 2018, 05:05 AM   #3021
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Once again the authentic bears are being provoked by an uncomfortable rally.
Sit boy, sit.
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Old 28th August 2018, 07:54 AM   #3022
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Originally Posted by Samson View Post
Once again the authentic bears are being provoked by an uncomfortable rally.
Sit boy, sit.
LOL!
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Old 28th August 2018, 08:41 AM   #3023
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Originally Posted by Samson View Post
Once again the authentic bears are being provoked by an uncomfortable rally.
Sit boy, sit.
As opposed to the inauthentic bears?

Jesus.
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Old 4th September 2018, 05:18 PM   #3024
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Top definition of Bitcoin at Urban Dictionary:-
Quote:
Imaginary and non-existent pseudo-currency that is worthless on its own until you can convince some douche bag to buy it from you and trade it for actual currency or goods. Can be defeated by an electrical outage, hard drive failure, or just a low volume of other people trading their Bitcoins at the same time.

Randy said, "I went to buy coffee with my Bitcoins the other day and it took three hours for the transaction to be approved. I was late for work because of that and the coffee was ******* cold."
Adam replied, "I kept my Bitcoins on my phone. I bought them at $18,000 a piece thinking I could make real money with it but the price keeps tanking and going all over the place.... then someone stole my ******* phone."
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Old 4th September 2018, 08:42 PM   #3025
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Originally Posted by Roger Ramjets View Post
Top definition of Bitcoin at Urban Dictionary:-
That is a pretty useless dictionary.

What do you think that this substance called currency is if it is not "imaginary and non-existent"? Stamping numbers on bits of metal or writing numbers on bits of plastic/paper or writing numbers in ledgers doesn't create anything that exists in its own right.
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Old 5th September 2018, 04:52 PM   #3026
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An interesting day in the life of Bitcoin. After peaking at 7404, it has managed to drop as low as 6706 in under 24 hours. Nearly 9%. An owner of 10 bitcoin has just potentially lost $7000.



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Old 5th September 2018, 05:20 PM   #3027
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$6400 as I write this. But then it's just a price 2 weeks back, so you can't really talk about big drop. You only lost $7000 if you bought those 10BTC yesterday.
But it's a sudden drop for sure.

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Old 5th September 2018, 05:46 PM   #3028
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Originally Posted by Dr.Sid View Post
You only lost $7000 if you bought those 10BTC yesterday.
But it's a sudden drop for sure.

True, but some people must have bought at $7400 yesterday.


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Old 5th September 2018, 08:28 PM   #3029
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Originally Posted by fromdownunder View Post
An interesting day in the life of Bitcoin. After peaking at 7404, it has managed to drop as low as 6706 in under 24 hours. Nearly 9%. An owner of 10 bitcoin has just potentially lost $7000.
This is just a hum drum day in the life of bitcoin. In July, we were seeing price jumps of the same magnitude.

If you hope to make money on bitcoin then you have to be prepared to be in it for the long haul and not worry about the paper profits and losses along the way. Anybody who expects to make a quick profit is likely to get burned.
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Old 5th September 2018, 10:45 PM   #3030
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Originally Posted by psionl0 View Post
This is just a hum drum day in the life of bitcoin. In July, we were seeing price jumps of the same magnitude.

If you hope to make money on bitcoin then you have to be prepared to be in it for the long haul and not worry about the paper profits and losses along the way. Anybody who expects to make a quick profit is likely to get burned.
I don't see humdrum here, I see an important price break which will lead to new post peak lows, and another leg towards fair value, which is zero.
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Old 6th September 2018, 12:01 AM   #3031
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Originally Posted by Samson View Post
I see an important price break which will lead to new post peak lows, and another leg towards fair value, which is zero.
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Old 6th September 2018, 12:19 AM   #3032
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Originally Posted by fromdownunder View Post
An interesting day in the life of Bitcoin. After peaking at 7404, it has managed to drop as low as 6706 in under 24 hours. Nearly 9%. An owner of 10 bitcoin has just potentially lost $7000.
The smartest analysts I've read tend to agree that the market is being manipulated using Tethers, which explains the wild un-organic swings. Typical pump and dump patterns emerge.

The problem for Bitcoin is that there are enough unregulated exchanges that make manipulation possible. Add to that the presence of whales with the power to shift the price with a few transactions, and you have a recipe for disaster.

There are also too many criminals with large amounts of BTC acquired through hacks, ransomware, mining malware, or from drug transactions in the early darknet marketplaces, and you have a toxic environment.

Goldman, the paragon of honest trading <sarcasm> have looked at the market and said "no thanks". The SEC keeps denying security applications because they can't rule out market manipulation.

I was hodling some ETH since last year as I experimented with smart contracts, and made a small loss, ETH seems to be going down the drain faster than the others.
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Old 6th September 2018, 11:02 AM   #3033
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Shitcoin
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Old 6th September 2018, 06:55 PM   #3034
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Originally Posted by psionl0 View Post
If you hope to make money on bitcoin then you have to be prepared to be in it for the long haul and not worry about the paper profits and losses along the way. Anybody who expects to make a quick profit is likely to get burned.
If by 'the long haul' you mean about 3 months then I agree. Now is a good time to buy, before the run up to Christmas. After that...


Originally Posted by LlamaDrama
The problem for Bitcoin is that there are enough unregulated exchanges that make manipulation possible. Add to that the presence of whales with the power to shift the price with a few transactions, and you have a recipe for disaster.

There are also too many criminals with large amounts of BTC acquired through hacks, ransomware, mining malware, or from drug transactions in the early darknet marketplaces, and you have a toxic environment libertarian paradise!
ftfy.
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Old 7th September 2018, 12:14 AM   #3035
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Originally Posted by Roger Ramjets View Post
If by 'the long haul' you mean about 3 months then I agree. Now is a good time to buy, before the run up to Christmas. After that...
Yes Samson.
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Old 10th September 2018, 05:22 AM   #3036
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Originally Posted by applecorped View Post
Shitcoin
I don't know Shitcoin. Is it new? Quickly, where can I download the whitepaper? Where can I buy it?

How long will I have to HODL until I'm rich?
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Old 11th September 2018, 08:56 PM   #3037
Roger Ramjets
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Originally Posted by Eddie Dane View Post
I don't know Shitcoin. Is it new? Quickly, where can I download the whitepaper? Where can I buy it?

How long will I have to HODL until I'm rich?

Shitcoin
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Old Today, 12:20 PM   #3038
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Originally Posted by Roger Ramjets View Post
Lol


FYI 6319
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