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Bitcoin - Part 2

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Once again the authentic bears are being provoked by an uncomfortable rally.
Sit boy, sit.
 
Top definition of Bitcoin at Urban Dictionary:-
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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Roger Ramjets said:
Top definition of Bitcoin at Urban Dictionary:-
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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.
 
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.



Norm
 
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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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fromdownunder said:
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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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.
 
psionl0 said:
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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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.
 
fromdownunder said:
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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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.
 
psionl0 said:
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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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...


LlamaDrama said:
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!
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ftfy.
 
Why we might need to burst the Bitcoin bubble
By Jay Krishnan

...the artist formerly known as the unyielding instrument for and by the masses for social good, one that will do away with power structures... has miserably failed at achieving these social good goals. Despite a socialist vision, the implementation has been exceedingly capitalist. It is anything but agnostic to class and privilege barriers, helping only a few reap its benefits at a massively unjustified cost to the environment...

One can argue that the democratization of data via Blockchain is to a significant extent worse than the established traditional capital.

The grand intent behind creating the Bitcoin will never be delivered at this rate, and to hope that it will still be the disruption we need for the future is certainly hamartia on our part. The presupposition to a zero-sum game in society is that the problem of wealth lies in distribution, not the production of it. This is how Bitcoin was birthed. And this exactly where it has failed.
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Don't worry Jay, we won't need to burst the Bitcoin bubble - it's already doing that all by itself. A few 'whales' (less than 1% of all wallets) hold 55%, and 42% of them have been HODLing since the peak. Eventually they will realize that the only sensible thing to do is pull out - and when they do...
 
Dr.Sid said:
How could anyone lost everything on BTC ?
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There used to be a goldbug infomercial I’d hear on the radio periodically. After going on for about 15 min on how gold was a proven store of value and a perfect investment to hold onto forever, they’d start talking about how you could buy gold from them! They never really explained why they wanted to sell the gold if it were such a good investment.

As they progressed though their sales pitch they mention that you could even “control” 4X as much of this super secure value store. For only $10K you could control $40K worth of gold and keep all the profits from doing so. Not mentioned was the fact that you were essentially borrowing $30K and that if the total value of your account got close to the $30K you were borrowing you’d face a margin call and either have to pay them more money of they’d take back all the gold and keep the money you gave them.

IOW A decline in gold price of 25% would wipe out your entire “safe” investment and leave you with nothing. Bitcoin appeals to a similar group of people, my guess is many were wiped out in similar leveraging schemes. Others could have been wiped out in the various compromises where bitcoin exchanges were people’s wallets were plundered of all their bitcoin.
 
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