Bitcoin... currency of the future or fraud/scam/bubble?

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GaseousClay said:
keep calm junior and btfd
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As with all new technologies, there will be resistance from many angles. When you factor in ridiculous amounts of money, the resistance will increase exponentially. And so will the mad gainz. In other words, traditional investors/speculators/whatever you want to call them, will never understand what it is to HODL.
 
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I'm keeping my money in crypto - I'm down to 600% ROI after the crash. Today's senate hearing was pretty encouraging for crypto's long-term prospects. More regulation is a step towards legitimacy imo. ICOs have indeed gotten out of hand (with some being completely fraudulent), so I'm fine with them clamping down on those. Here's a link to the senate hearing.
 
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txhorn said:
More regulation is a step towards legitimacy imo.
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Funny how not that long ago, lack of regulation was a feature, not a bug.

Pretty soon we'll need a new, unregulated cryptocurrency to take the place of all this regulated fiat cryptocurrency The Man approves of.
 
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bought since 2014, and bought the dips on all the spots on that graph along the way. last purchase was $6300/bitcoin and $590 ethereum
 
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Some believe in the technology and think it will change the way we conduct business (P2P, B2B, smart contracts, etc), on a decentralized manner. Others will believe the banks are needed to collect our money, invest it make massive profits and give us 0.5-1% interest. ‍♂️

I can see why the middle men are nervous, spreading fear about crypto and quietly investing in projects so they can themselves get great ROI.

There’s a lot going on beneath the surface in regards to crypto and blockchain. I will gladly invest now (with higher risk) and reap the benefits down down the road. As the old hood adage goes “scared money, don’t make none.”
 
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Direct Laryngoscopy said:
Some believe in the technology and think it will change the way we conduct business (P2P, B2B, smart contracts, etc), on a decentralized manner. Others will believe the banks are needed to collect our money, invest it make massive profits and give us 0.5-1% interest. ‍♂️

I can see why the middle men are nervous, spreading fear about crypto and quietly investing in projects so they can themselves get great ROI.

There’s a lot going on beneath the surface in regards to crypto and blockchain. I will gladly invest now (with higher risk) and reap the benefits down down the road. As the old hood adage goes “scared money, don’t make none.”
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One can be bullish on the technology but still have individual investments be extremely risky. People were rightly bullish on the internet in the 90s. Didn't stop a ton of dot-com stocks from going belly up.
 
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There will be plenty of crypto losers. But there will be HUGE winners. If you invest broadly, the winner will dwarf your losers, imo.
 
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facted said:
If you invest broadly, the winner will dwarf your losers, imo.
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But will the wins come from holding the currency itself, or from investing in the right companies that possess the technology to make crypt/blockchain part of the mainstream fabric of modern commerce??
 
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txhorn said:
I'm keeping my money in crypto - I'm down to 600% ROI after the crash. Today's senate hearing was pretty encouraging for crypto's long-term prospects. More regulation is a step towards legitimacy imo. ICOs have indeed gotten out of hand (with some being completely fraudulent), so I'm fine with them clamping down on those. Here's a link to the senate hearing.
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With the Chinese and Russian bans, other nations are likely soon to follow. RIP cryptos
 
Paying Taxes in Bitcoin? Residents in This State Might Be Able to Soon

The Arizona Senate on Thursday passed a bill that would allow residents to pay their income taxes using Bitcoin or other cryptocurrencies “recognized” by the state’s revenue authorities. The law will next be considered by the state’s House of Representatives.

Accepting payment of income taxes in cryptocurrency has profound symbolic and practical significance. Historically, the use of government-issued currencies for the payment of income tax has helped guarantee those currency’s widespread adoption as a payments medium. Skeptics of systems like Bitcoin, which allow quick global payments but are not issued or backed by governments, have argued in part that their separation from government revenue structures reduces their inherent usefulness and, in turn, value.

Get Data Sheet, Fortune’s technology newsletter.

The Arizona move, then, is a positive signal for Bitcoin. But Arizona State Representative Jeff Weninger, who has sponsored similar bills, says the primary goal is to foster technological innovation in the state. The bill, Weninger told Fox News, is “sending a signal to everyone in the United States and possibly throughout the world that Arizona is going to be the place to be for blockchain and digital currency technology in the future.”

That may sound like a longshot, given the concentration of tech innovation in places like San Francisco and New York. But blockchain tech in particular has been met with widely divergent regulatory approaches that could reshape that landscape. For instance, New York’s controversial ‘BitLicense’ law is widely seen as restrictive to blockchain innovation and may be pushing startups out of the state.

The Arizona Senate bill includes a provision mandating that cryptocurrency payments be converted to U.S. dollars within 24 hours of their payment. That could help address concerns about the volatility of cryptocurrency values and its potential impact on state revenues.
 
Right, that's totally the same thing. The mere possession of the bitcoin blockchain is technically illegal (the best kind of illegal) in a whole bunch of countries now, including this one, and you shrug it off?

Don't stop believing. :)
 
pgg said:
Are we still supposed to be buying the dip?

Just wondering.
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Not yet, I’ll tell you when.

The bollinger bands show that it is in a state of expansion as volatility has kicked in. The price candles are collapsing below the simple moving averages, indicating an oversold market.

The MACD indicator shows the lines which have come eerily close to each other and signaling a possible bullish crossover, but it indicates a bearish zone for BTC.

The RSI touched the bottom-most part of the oversold zone and has recuperated as it came near the 30-line.

Keep that all in mind and await my signal.
 
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Haruspicy is also used by surgeons all the time. They examine the entrails to divine the patient's future.
 
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dr doze said:
I prefer Haruspicy for predicting markets.

Haruspex - Wikipedia


Sent from my iPhone using SDN mobile
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Can I pronounce that "are you spicy"? Because I think I'm going to go with that. Based on the look of the gallbladder I saw come out of a patient today, the market will be rough for at least the next 6-8 weeks.
 
GaseousClay said:
sit on the sidelines and continue to call it a tulip/bubble. meanwhile ive had more gains in 6 months trading crypto than a lot of you have had in 20 years in the market...#notabubble
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facted said:
Not doubting you made a ton of money, but that doesn't mean it's not a bubble. Could very well be. Time will tell.
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It was a bubble.
 
I don't understand how anyone thought this was anything but a bubble. As long as you assume it's a bubble, you think you got in before the peak, and you're confident you'll find someone willing to pay more for what you own, have at it. I am surprised this hasn't happened with automated driving yet.

For anyone who bought crypto to hold...you deserve that gif.

#deviltakethehindmost
 
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Eh, I'm not in crypto for the next few months or even year. Let's see what happens in 10 years.
 
facted said:
Eh, I'm not in crypto for the next few months or even year. Let's see what happens in 10 years.
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I read a news article that the only guy who has the password for the whole thing "died" in India after doing "humanitarian things" despite being relatively young and in good health.
 
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Psai said:
I read a news article that the only guy who has the password for the whole thing "died" in India after doing "humanitarian things" despite being relatively young and in good health.
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that was for one particular exchange holding people's bitcoin and other related crypto currencies.

And yes, he probably faked his death to run off with the $100M+ because it's untraceable.
 
Anyone can watch the blockchain and see if those coins ever get used, so it's sort of traceable. Bitcoin isn't anonymous.

If you have the keys to an exchange and you want to steal some money, the standard practice is to take the coins, launder them through some other exchanges, extract a useful non-cryptocurrency, and then pretend you be hacked.
 
pgg said:
Anyone can watch the blockchain and see if those coins ever get used, so it's sort of traceable. Bitcoin isn't anonymous.

If you have the keys to an exchange and you want to steal some money, the standard practice is to take the coins, launder them through some other exchanges, extract a useful non-cryptocurrency, and then pretend you be hacked.
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According to a “friend”?
 
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SaltyDog said:
According to a “friend”?
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It's happened so many times now that the SOP has to be obvious to anyone paying attention.

Exchange gets "hacked"
Bunch of funnycoins disappear
People in charge go :shrug:

Whether the people in charge were in on the theft or not is immaterial.

Honestly, I think it's funny "investors" are still losing money this way. I am entertained.
 
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AdmiralChz said:
Next week, it’ll be down $9K. I am so glad I don’t invest in this crap. If you want volatility and BS, buy gold. At least you can use it if the price goes down.
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use it for what? if the price goes down you still need someone to buy it or exchange goods for it.

268378
 
GaseousClay said:
use it for what? if the price goes down you still need someone to buy it or exchange goods for it.

View attachment 268378
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Jewelry, decorations... it’s a tangible thing. My neighbors literally have gold blocks and buy/sell them on occasion. A few years ago when it tanked they made necklaces, rings and other stuff.

Can’t even use bitcoin for a paperweight since it’s make believe.

Also, that table is ridiculous. Calling Bitcoin “highly” secure vs gold and cash is just stupid. It’s literally just asking for hackers.
 
Yes keeping your crypto on an exchange is not 100% safe and can be hacked. If you have your own crypto on a cold storage wallet (offline) it can and has never been hacked. So no bitcoin can not be hacked but easy mistake. I could care less I just wanted to shoutout okayplayer who seemed so thrilled to rub in the aspect of me losing all my money.
 
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You haven't made any money until you sell. It's tulip mania 101: find a sucker, make a profit, get rid of the "tulips"; they are obviously not worth thousands of dollars. ;)

Until then, the only real thing you have is a loss (and an external drive). Contrast that with owning stocks in a blue chip (index), or other tangibles (which may be overvalued right now, but by a totally different order of magnitude).

We are not smarter than the market (unless we figure out something most people haven't yet - what are the chances in the Internet age?). Newton wasn't either. Digital currencies are pure herd psychology, i.e. even more unpredictable than the stock market. They are not passive investments; they are tulips.

This is like the dotcom bubble. People thought that any good-sounding ONLINE business idea (that hadn't been proven in real life yet) would make them money. We know how that ended (at least those of us who study stock market history).

In order for something symbolic to grow in value, beyond market hysteria, it needs to be backed by something tangible that grows in value. For stocks, that's the tangible value of the business and its capacity to generate profits and cash. For sovereign currencies, it's the economic power (e.g. GDP, mostly due to increase in productivity). What's behind a digital currency, except wishful thinking? It's a nice libertarian idea, but nothing more at this point. You are trading a symbol backed only by the beliefs of its cult.

It's not dotcom, it's dotcoin. It's not an investment; it's a very risky bet. Don't risk any money you would hate to lose. The four most dangerous words in investing are: This Time Is Different.
 
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people like you have been saying the same thing since 2013. money is being made, blockchain is advancing. New generation will not be investing in gold as a store of value, only bitcoin.

noone should go all in with any investment btw thats just dumb no matter how much you believe in something. always a risk with any investment.
 
GaseousClay said:
people like you have been saying the same thing since 2013. money is being made, blockchain is advancing. New generation will not be investing in gold as a store of value, only bitcoin.
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As I said: you don't make any money until you sell. Even after you sell, FOMO kicks in, so most suckers buy again, then sell again and so on, until they just can't sell at the right time anymore. Just read up on Newton and tulips. The only question is: are you going to be one of those left with worthless tulips, in the end?

The hardest thing to do, for a human, is to go against the herd; the more people around do something stupid, the harder it is not do the same thing. This is why a bull market gets hot, and then gets busted (when real life kicks in).

This is a Ponzi scheme, pure and simple. It will be fun to watch when it fails, unless the number of suckers will be of the same magnitude as in the subprime crisis, and will use the federal budget to pay for their own stupidity.
 
Foolish and lazy analogies to tulip mania. Tulips can be grown and farmed easily nothing even comparable to btc. Also this mania that you compare it to lasted a very short period of time. Bitcoin has been around since 2009. Nice try.
 
GaseousClay said:
Foolish and lazy analogies to tulip mania. Tulips can be grown and farmed easily nothing even comparable to btc. Also this mania that you compare it to lasted a very short period of time. Bitcoin has been around since 2009. Nice try.
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This time is different. ;)
 
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