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Eddie Dane
Philosopher
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Calling the market?
Not saying you're wrong. I can see that happening.
The recent rise was driven by greed and people who don't know much about crypto and investing. They might get spooked by the recent drop.
OTOH, this might be a plateau and then it can rise again as it did before.
Is there enough reason for the latecomers to get spooked?
Delphic Oracle
Philosopher
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- Sep 17, 2016
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Those pining for a currency backed by some hunks of metal:
What inherent value or worth is the metal drawing from?
You can't eat, drink, or breathe gold/silver. It's a terrible choice for constructing a dwelling against the elements. I'd love to see more of it used in electronics, but that's unfeasible because of the same reason I'm driving towards. Which is that it's most "valued" purpose is being shaped and polished into "something pretty."
It has value because of some irrational attachment to shiny things. Enough people covet it so as to create a pervasive sense of it "having value." That's tapped from our mammalian brain, "someone else wants those berries, must be something to them..."
This is where the tapatalk signature that annoys people used to be
What inherent value or worth is the metal drawing from?
You can't eat, drink, or breathe gold/silver. It's a terrible choice for constructing a dwelling against the elements. I'd love to see more of it used in electronics, but that's unfeasible because of the same reason I'm driving towards. Which is that it's most "valued" purpose is being shaped and polished into "something pretty."
It has value because of some irrational attachment to shiny things. Enough people covet it so as to create a pervasive sense of it "having value." That's tapped from our mammalian brain, "someone else wants those berries, must be something to them..."
This is where the tapatalk signature that annoys people used to be
Buy at 13919 - was that a real or notional 'buy'?
After that it hit a peak of 14530, so if you closed the real/notional position exactly at the right time the trade would gain some 610 points, though in reality less unless the 'algo' or its user is staggeringly smart. Given the recent volatility I can't see anyone taking a huge position on that 'buy', so how much did it make?
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Sounds like a scam. They never needed to demonetize it, at worst they could have just changed the ratio. And Silver was the unit of account, not gold. In fact, the US dollar was the Spanish mill dollar, which contained 371.25 grains of fine silver.
The Federal Reserve Note has collapsed some 98% since its inception, but we don't see many people talking about demonetizing it.
Since this isn't immediately obvious to you for some reason, it's because precious metals are scarce. The value is in knowing that money must be at best earned, or at worst physically stolen. It's knowing that there is no group insidiously counterfeiting or manufacturing large quantities of it for themselves and their own benefit, to acquire real wealth at the expense of everyone else.
psionl0
Skeptical about skeptics
Heh take away all the heavy stuff and you could be talking about bitcoin.
The algo simply generates a buy zone, in this case anywhere from 13316 to 13800. A low of 13370 was reached about 6 hours after the trigger. If you check an hourly hi lo chart you will see exactly. In broad terms the profit target is anywhere above the high before the buy zone, or 14100.
I can't trade it on the platform I use, and on CME the futures depoit is 40%, so hardly worth bothering with. But in general terms it trades like any other market from a technical perspective. Since it has passed 14100 all bets are off, it may continue up, but I have a naturally negative view of it, the 1400 identical clones are the problem I have.
Now imagine if it was pegged to a basket of currencies and had a stable value, then my criminal enterprises would embrace it...
Then why buy at 13919?
That is a good question. I did say last price, rather than wade right in. For completeness I could have nominated the zone and the stop level, but after being ridiculed on TA thread for my stunningly accurate predictions I tend to make less effort. It is worth also recalling my sell call that saw a 20 % drop in short order.
My pleasure Glen, don't mention it.
And here it is. All ducks in a row, bon soir cryptos.
Last 14000.
psionl0
Skeptical about skeptics
They're cloning bitcoin?Yes. No barrier to entry, just a word, bitcoin, bitoffluff, bitofnonsense a la Alice in Wonderland. If I say it three times it is true, and so on. Bitcoin is just a word. I could be wrong, but this time it's different.
PartSkeptic
Illuminator
Which crypto-planet have you been one lately? The clones are spreading like viruses.
Check https://www.worldcoinindex.com/coin/
And look at the first 100 listings. Over the past few days, I have seen them go up together and go down together.
I saw an crypto advert offering 20% bonus to the first buyers. Where do you think the "value" to pay that is being generated?
psionl0
Skeptical about skeptics
That actually makes more sense than your TA nonsense.
That's like saying there are lots of clones of gold. Eg. silver, diamonds, oil, etc.
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You never debated TA you just derided.
And there are no clones of gold or the others, the supply is finite.
The supply of cryptos is infinite. If you really hold bitcoin you might read the tealeaves and cash up.
Buy gold, I guarantee that is a finite supply.
psionl0
Skeptical about skeptics
When you make Luddite statements like "bitcoin is just a word" or that all crypto currencies are the same then I don't need to deride your TA.
You make a laughing stock of yourself without anybody's help.
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