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Bitcoin - Part 2

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Samson said:
Of course this is correct, but the brand has no mystique like Rolex or Rolls Royce.

Bitcoin 8000 looks a certainty inside 24 hours.
I forecast these things correctly usually but I realise no one likes a clever dick so it goes unheralded.
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Go short on these correct predictions and you will be heralded big time because you will be very rich.
 
Eddie Dane said:
One of the top posts on the Reddit Cryptocurrency subreddit is the suicide hotline:

https://www.reddit.com/r/CryptoCurrency/comments/7qu8t9/18002738255_us_national_suicide_hotline/

Not sure if edgy joke...
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Oh dear. From Reddit, straight out of the South Sea Bubble playbook.
Bitconnect was a website that was heavily advertised throughout social media platforms such as: Facebook, Youtube, and Twitter. This website allowed people to put their money in a "Trading Robot", which supposedly was able to produce returns better than the average daytrader.
...
Then when Bitconnect had around ~$3B USD worth of capital, their website suddenly shut down ... Bitconnect tokens effectively had 0 value. ... Many people lost everything they put on the website, causing mass selling of assets.

Worth noting that the "trading robot" never existed, and it was essentially a ponzi scheme.​
 
Craig B said:
Oh dear. From Reddit, straight out of the South Sea Bubble playbook.
Bitconnect was a website that was heavily advertised throughout social media platforms such as: Facebook, Youtube, and Twitter. This website allowed people to put their money in a "Trading Robot", which supposedly was able to produce returns better than the average daytrader.
...
Then when Bitconnect had around ~$3B USD worth of capital, their website suddenly shut down ... Bitconnect tokens effectively had 0 value. ... Many people lost everything they put on the website, causing mass selling of assets.

Worth noting that the "trading robot" never existed, and it was essentially a ponzi scheme.​
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Three billion.:boggled:

To be fair; I've seen quite a lot of warnings about Bitconnect. People were talking about it being a Ponzi scheme.

BitConnect said it’s closing the company’s cryptocurrency exchange and lending operation after receiving two cease-and-desist letters from state authorities for the unauthorized sale of securities and suffering from denial-of-service attacks.

The Texas State Securities Board and North Carolina Secretary of State Securities Division warned that the firm isn’t registered to sell securities in those states, the company said on its website Tuesday. BitConnect offered to let people receive interest on their digital coin balance by lending or investing their capital.

BitConnect’s token, BCC, was among the world’s top-20 most successful tokens until its price plunged 65 percent since Jan. 3, as the states announced the actions. Launched a year ago, the coin still has a market cap of almost $1 billion.
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Link
 
psionl0 said:
It's always different this time. There is always some worldly event that provides a perfectly logical reason why this time bitcoin will crash and burn and never recover.

But guess what? It never happens.
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Hey bud, wanna buy some South Sea Company stock? They can't fail. They gotta big share of the supply of slaves to Spanish South America. Not for you? OK, what about the Company of Scotland, owns land on the Isthmus of Panama. That place has a big future cos two oceans meet there. Oh, wait a minute; it's just bankrupted the entire country.
As the Company of Scotland was backed by approximately 20% of all the money circulating in Scotland, its failure left the entire Lowlands almost completely ruined and was an important factor in weakening their resistance to the Act of Union (completed in 1707). The land where the Darien colony was built is virtually uninhabited today.​
 
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Eddie Dane said:
Clearly, you don't need Bitcoins for a Ponzi scheme. If people had been feverishly and uncritically investing in real estate, that thing would be called RealEstateConnect.
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"RailConnect" sounds just right for the 1845 railway mania. I'm not sure about "TulipConnect" however.
 
Eddie Dane said:
Clearly, you don't need Bitcoins for a Ponzi scheme. If people had been feverishly and uncritically investing in real estate, that thing would be called RealEstateConnect.
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Think people will invest money in by Coinconnect trading scheme, my bot trades make all the profit!

That way we can have a ponzi scheme, based on a ponzi scheme based on a ponzi scheme. Recursion for the win!
 
ponderingturtle said:
Think people will invest money in by Coinconnect trading scheme, my bot trades make all the profit!

That way we can have a ponzi scheme, based on a ponzi scheme based on a ponzi scheme. Recursion for the win!
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That's nothing, man.

I've created a bot that invests in investing bots. Just send me your soon-be-obsolete fiat money, and I'll give you super valuable BotConnect coins in return.

But hurry, before the coins are worth $1M worthless fiat money.

Sincerely,

BotConnect.ru

Edit:

Me make bot with Microsoft Excel. Yuri make whitepaper with Microsoft Word.

BotConnect Stronk!
 
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OK, I just read how Bitconnect operated:

They did massive advertising and got all sorts of scumbag and idiot Youtubers (some of who were deeply invested themselves) to promote Bitconnect.

They paid 1% per day for the money invested and rewarded people for bringing in more investors.

One of the Youtube promoters just lost $700.000 and is now on livestream BUYING MORE Bitconnect.

The Reddit thread is hilarious (and a little bit sad): https://www.reddit.com/r/CryptoCurrency/comments/7qwhrr/bitconnect_is_shutting_down_its_lending_and/

Most Crypto enthusiasts cheering on the dumpster fire.
 
Eddie Dane said:
OK, I just read how Bitconnect operated:

They did massive advertising and got all sorts of scumbag and idiot Youtubers (some of who were deeply invested themselves) to promote Bitconnect.

They paid 1% per day for the money invested and rewarded people for bringing in more investors.

One of the Youtube promoters just lost $700.000 and is now on livestream BUYING MORE Bitconnect.

The Reddit thread is hilarious (and a little bit sad): https://www.reddit.com/r/CryptoCurrency/comments/7qwhrr/bitconnect_is_shutting_down_its_lending_and/

Most Crypto enthusiasts cheering on the dumpster fire.
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Here's an interesting 2017 analysis of Bitconnect. Want a sure fire prediction from me? There's a lot more of this sort of stuff to come.
 
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Eddie Dane said:
Clearly, you don't need Bitcoins for a Ponzi scheme. If people had been feverishly and uncritically investing in real estate, that thing would be called RealEstateConnect.
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It doesn't stop the "critical" thinkers here saying that "something else is bad ergo bitcoin".
 
IMHO big part of BTC grow was the fact it was the hottest thing on the market. It's not anymore, so people just move elsewhere. It will return to pre-2017 rate and it will remain what it was .. currency. You will pay with it, you won't invest in it.
 
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