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Bitcoin - Part 2

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Craig B said:
Should they seek to regulate anything at all? I imagine you think not. Or are you saying they shouldn't step in to clear the mess up after a crisis either?
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It is hardly surprising that you believe that the same entity that rakes in a fortune in gambling taxes should have moral authority over individuals' choices on whether to gamble on bitcoin or not. :rolleyes:
 
psionl0 said:
It is hardly surprising that you believe that the same entity that rakes in a fortune in gambling taxes should have moral authority over individuals' choices on whether to gamble on bitcoin or not. :rolleyes:
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Then you're saying that the government has no right to regulate gambling? Or you're not saying that? Leave this responsibility to the Mob?

They'll be happy to take over the task. They will "rake in a fortune" too, but it won't be taxes. It'll be extortion and rackets.
 
Tippit said:
Based on your comments about inflationary currency and GPU mining, I don't think you have a very strong grasp on how market economies work.
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Could be. I didn't ask for your opinion on my expertise, though, but on whether or not coins fitting my requirements existed. If they do, I can look them up and learn about them myself.

The Lightning protocol seems to be an interesting solution to the scalability problem, although it presumes a peer-to-peer transaction network which just isn't there. For all the hype over the eight-or-so years I've been following it, Bitcoin still lacks any kind of economy. No one uses it except as a vehicle for speculation. And drugs, I guess. That'd be a great semi-permanent Lightning channel to leave open, wouldn't it?
 
Craig B said:
Then you're saying that the government has no right to regulate gambling? Or you're not saying that? Leave this responsibility to the Mob?
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The mob???? You are getting more incoherent with every post you make.

Even if they are sometimes called "banksters", banks have no more of a connection to the mob than the government has. There is nothing preventing somebody from mortgaging their house and taking the money to the race track or casino (consider the case of Ashley Revell) and there is no reason why bitcoin should be considered a special case.
 
psionl0 said:
The mob???? You are getting more incoherent with every post you make.

Even if they are sometimes called "banksters", banks have no more of a connection to the mob than the government has. There is nothing preventing somebody from mortgaging their house and taking the money to the race track or casino (consider the case of Ashley Revell) and there is no reason why bitcoin should be considered a special case.
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The mob - yes. Crime bosses love a lack of government enforcement.

Ashley Revell sounds like a rigged publicity stunt to me. Done to encourage other gamblers who will lose.

That is what Bitcoin does. Puts out stories of people winning big so as to encourage others to buy in. I get adverts saying - "Buy now or live with regret for the rest of your life."

If the US regulators had done their job, the sub-prime crisis need not have happened. It made the middle class much poorer. The government bought much of the junk debt at "market value" (real value zero) and much still remains on the banks books.

If government did not bail out the banks the economy would have crashed big time. What they failed to do was prosecute the banksters who knew they were perpetrating a fraud. And now interest rates are unrealistically low - probably unsustainably low - and might crash the economy when they raise them.
 
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psionl0 said:
The mob???? You are getting more incoherent with every post you make.

Even if they are sometimes called "banksters", banks have no more of a connection to the mob than the government has. There is nothing preventing somebody from mortgaging their house and taking the money to the race track or casino (consider the case of Ashley Revell) and there is no reason why bitcoin should be considered a special case.
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You're telling me that buying Bitcoin is as rational an operation as mortgaging the house and taking the money to the casino.

I have no quarrel with that analysis.
 
psion10 wins this round.

I made a couple of TA predictions that worked on thread but TA now concedes to its own algorithm.
Bitcoin will make new highs.
 
Samson said:
psion10 wins this round.

I made a couple of TA predictions that worked on thread but TA now concedes to its own algorithm.
Bitcoin will make new highs.
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Will you be good enough to explain that in simple terms? Otherwise I will not understand how Psion's link ("Roulette Online – The man who put it all on red"http://metro.co.uk/2010/01/15/ashley-revell-the-man-who-put-it-all-on-roulette-red-34233/) and strategy are thread winners. You need to tell us more about your algorithm, and how it works.
 
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Craig B said:
Will you be good enough to explain that in simple terms? Otherwise I will not understand how Psion's link ("Roulette Online – The man who put it all on red"http://metro.co.uk/2010/01/15/ashley-revell-the-man-who-put-it-all-on-roulette-red-34233/) and strategy are thread winners. You need to tell us more about your algorithm, and how it works.
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In simple terms I have seen my simple algorithm (markets go down for a while then higher lows and higher highs signal a reason to consider a major or minor trend change) tell me that psion 10 and the irrationalists are running this circus,
There is nothing the rationalists philosophers ethicists and psychologists can say that will alter this interesting experiment.
 
PartSkeptic said:
Bitcoin IS a special case. It is a recognizable bubble that is going to hurt a lot of people. It is worse than tulip-mania. It is a disease that needs preventative measures.
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You think that the government should crack down on bitcoin just because you have a theory? :eye-poppi

Even if there was any merit to your theory (which there isn't) I don't see why the government should ruin existing bitcoin holders just to protect possible future entrants from themselves.
 
Samson said:
psion10 wins this round.
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Your erstwhile colleague kevsta had a theory that stock prices were being manipulated and he could use TA to pick how a stock was going to be manipulated (at least that is what I think is the gist of his overly complicated explanations).

He admitted that his TA techniques didn't work on bitcoin.
 
psionl0 said:
Your erstwhile colleague kevsta had a theory that stock prices were being manipulated and he could use TA to pick how a stock was going to be manipulated (at least that is what I think is the gist of his overly complicated explanations).

He admitted that his TA techniques didn't work on bitcoin.
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Frustration.

I could import all the time stamped portfolio of successful TA ideas , the latest simply being buy Gold.
But Kevsta did invoke "pearls before swine".
I missed his invaluable bitcoin analysis....
 
Craig B said:
Why do you call this regressive?
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Poor people have more currency as a proportion of their net worth than rich people, just as they consume more of their income than do rich people. Thus, since they hold more (proportionally) of the thing that is being devalued than rich people, money creation is a regressive form of tax (or theft, depending on who benefits). Rich people are smart enough and have the capability to hold assets, not savings. This is true for the same reason that consumption taxes are regressive.

Holding money is an activity more likely to be carried out by the rich, as the poor tend to expend it on necessaries like food, clothing and shelter as and when they obtain it, and have no surplus to retain as a money hoard.
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The exact opposite is true. Wealthy people have far less cash as a portion of their asset allocation than the poor, plus the fact that money creation devalues wages, the poor's primary source of income, while at the same time increasing capital gains that benefit the rich, in perpetuity.
 
psionl0 said:
Your erstwhile colleague kevsta had a theory that stock prices were being manipulated and he could use TA to pick how a stock was going to be manipulated (at least that is what I think is the gist of his overly complicated explanations).

He admitted that his TA techniques didn't work on bitcoin.
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I don't think the Bitcoin bubble is the result mainly of manipulation, although I'm sure that, as with previous bubbles, it has attracted swarms of swindlers and crooks. But essentially it is a phenomenon arising from positive feedback gone mad.

It is largely self generated and self sustained. That's why I'd like to find out more about the TA algorithms that purport to predict its movements.
 
Tippit said:
This is pretty fascinating:

Anatomy Of A Crypto-Nightmare: Ripple CEO Is Now Richer Than Zuckerberg
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Yes. Quite a conspiracy theory as well.

https://www.zerohedge.com/news/2018-01-04/anatomy-crypto-nightmare-ripple-ceo-now-richer-zuckerberg

At this point Bitcoin is neutralized and controlled, Ethereum is discredited and something like that would cause a major panic which is exploited by the same prop trading desks that blew the bubble up in the first place.

If you time that with a spike in Ripple, the banker-acceptable coin, and crash it too, you’ll take down most of the industry in almost no time. The psychological damage from a scenario like this will create bear market not unlike the one created post Dot-Com bubble.

And like that bust, only those companies that are willing to play ball with Wall St. and Washington D.C. will be promoted and allowed to thrive.

Trap Sprung.
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The elite want to control the market(s) and relieve the average Joe of his meager savings.
 
Craig B said:
I don't think the Bitcoin bubble is the result mainly of manipulation, although I'm sure that, as with previous bubbles, it has attracted swarms of swindlers and crooks. But essentially it is a phenomenon arising from positive feedback gone mad.

It is largely self generated and self sustained. That's why I'd like to find out more about the TA algorithms that purport to predict its movements.
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Working off

https://www.ccn.com/bitcoin-price/

I will put a few pictures up soon.
TA does work and it is way simpler than people imagine. I have been watching with growing despondency the great bitcoin bear market evaporate.
 
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