Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue May 22, 2018

Gentlemen prefer Engelhard.

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Re: Bitcoins - fad or trend?

Postby dae2dae » Tue May 22, 2018

bitcoin over 8k!
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Re: Bitcoins - fad or trend?

Postby Silversaving » Tue May 22, 2018

dae2dae wrote:bitcoin over 8k!

As someone who last bought btc at $900, $8k works for me!
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue May 22, 2018

For those of us under $200 VWAP, we're laughing our azz off.
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Re: Bitcoins - fad or trend?

Postby jcz1 » Tue May 22, 2018

Bucketeer wrote:For those of us under $200 VWAP, we're laughing our azz off.


I remember buying Intel stock before the tech boom popped. I rode that stock all the way up, then all the way down. I don't remember laughing on the way down. Sure, I was hoping that it would return to the ATH, just as many here are, but there was certainly no reason to laugh as it fell. :roll:

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dae2dae
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Re: Bitcoins - fad or trend?

Postby dae2dae » Tue May 22, 2018

Silversaving wrote:
dae2dae wrote:bitcoin over 8k!

As someone who last bought btc at $900, $8k works for me!

and it's below again but as a person who last bought bitcoin at under 2k 8-)
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Re: Bitcoins - fad or trend?

Postby texmex66 » Wed May 23, 2018

jcz1 wrote:
Bucketeer wrote:For those of us under $200 VWAP, we're laughing our azz off.


I remember buying Intel stock before the tech boom popped. I rode that stock all the way up, then all the way down. I don't remember laughing on the way down. Sure, I was hoping that it would return to the ATH, just as many here are, but there was certainly no reason to laugh as it fell. :roll:


All you can do is laugh after watching BTC hit $20k and not sell and see it at under $8k now. :)

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed May 23, 2018

$20K was a total manipulation. I wouldn't blame anyone from selling at that price, nor would I laugh at anybody still (bag) holding because they are true believers.

HODLers aren't price watchers. If you're thumbing your phone every 15 minutes for a price check, perhaps you should consider a different investment.

I hope it drops to $6K, to shake out the weak hands, and provide a good opportunity to the strong.

Happiness is.....I just discovered that I have had 0.481 XBT sitting on GDAX for quite a while. I quickly transferred it on to my KeepKey. Even a old Bear can do the happy-dance once in awhile!

jcz1 wrote:
I remember buying Intel stock before the tech boom popped. I rode that stock all the way up, then all the way down. I don't remember laughing on the way down. Sure, I was hoping that it would return to the ATH, just as many here are, but there was certainly no reason to laugh as it fell. :roll:


That is a classic rookie mistake, and I'm guilty of it too. It's like Chinese water torture. I'm not much into stocks anymore, but if it drops more that 7% over what I paid, or from the ATH, I sell it. No exceptions, no excuses, I just sell it. That's classic Bill O'Neil advice, and especially valuable on a new purchase. It protects your capital. A link is below.

Of course, that rule doesn't apply to Bitcoin. You ride the rocket and pray that it doesn't fall into the sea.

https://www.amazon.com/How-Make-Money-Stocks-Winning/dp/0071614133/ref=sr_1_1?ie=UTF8&qid=1527056724&sr=8-1&keywords=how+to+make+money+in+stocks+william+o%27neil
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed May 23, 2018

jcz1 wrote:I remember buying Intel stock before the tech boom popped. I rode that stock all the way up, then all the way down. I don't remember laughing on the way down. Sure, I was hoping that it would return to the ATH, just as many here are, but there was certainly no reason to laugh as it fell. :roll:


If you continue to view bitcoin as comparable to a stock, you will continue to have misconceptions.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed May 23, 2018

Another pearl of wisdom from The Doge
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Re: Bitcoins - fad or trend?

Postby Long John » Wed May 23, 2018

Bucketeer wrote: I'm not much into stocks anymore, but if it drops more that 7% over what I paid, or from the ATH, I sell it. No exceptions, no excuses, I just sell it.

But if it's Bitcoin, the person who does that is a weak hand?

Bucketeer wrote:Of course, that rule doesn't apply to Bitcoin. You ride the rocket and pray that it doesn't fall into the sea.

Ah, of course. :lol:

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Re: Bitcoins - fad or trend?

Postby jcz1 » Wed May 23, 2018

An interesting article on Coinbase from WaPo. I found this part interesting:

To minimize the risk of a catastrophic data breach, Coinbase stores roughly 99 percent of its customers’ funds in formats that are not connected to the Internet. The remaining 1 percent — the liquid funds that Coinbase uses to carry out trades — comes from the company’s reserves, so that customer funds are never directly connected to the marketplace. That 1 percent is privately insured by Lloyd's of London, Hirji said, offering another layer of protection.


I know some here are using Binance to avoid IRS issues - I hope they have similar safeguards.

https://www.washingtonpost.com/business ... be39f69ac3

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed May 23, 2018

jcz1 wrote:I know some here are using Binance to avoid IRS issues - I hope they have similar safeguards.

https://www.washingtonpost.com/business ... be39f69ac3


Binance will be reporting, it is only a matter of time. I'm not trashing them, I have an account there too.
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu May 24, 2018

jcz1 wrote:An interesting article on Coinbase from WaPo. I found this part interesting:

To minimize the risk of a catastrophic data breach, Coinbase stores roughly 99 percent of its customers’ funds in formats that are not connected to the Internet. The remaining 1 percent — the liquid funds that Coinbase uses to carry out trades — comes from the company’s reserves, so that customer funds are never directly connected to the marketplace. That 1 percent is privately insured by Lloyd's of London, Hirji said, offering another layer of protection.


I know some here are using Binance to avoid IRS issues - I hope they have similar safeguards.

https://www.washingtonpost.com/business ... be39f69ac3


Coinbase uses proper cold storage. Their greatest threat is an inside job, but I assume they have most of the cold storage in multi-signature wallets. It would be highly irresponsible not to.

Interesting how you "know" some BS members are using Binance to avoid the IRS. Coinbase only allows a person to buy and sell 4 different cryptos. What if a person wants to buy NEO, GAS, ADA, XMR, PPT, or a bunch of other cryptos? They need another exchange in conjunction with, or instead of Coinbase. As LJ has mentioned, Coinbase fails miserably in regards to tax reporting too, because every time a person moves crypto, they consider it a sale (whether you actually sold or not).

Binance is a superior exchange in almost every regard. With their new inclusion of TrueUSD (TUSD), they are also out front in adoption. They are either in the process or have already moved to Malta as well. But as any true crypto-nerd knows, any crypto held on an exchange is always at some non-zero percent risk of being hacked, stolen, or Goxxed.
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Re: Bitcoins - fad or trend?

Postby Brick's » Thu May 24, 2018

SilverDoge wrote: <snip> With their new inclusion of TrueUSD (TUSD), they are also out front in adoption.
(Binance)

Was uanaware, TY Doger.
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Re: Bitcoins - fad or trend?

Postby tdtwedt » Thu May 24, 2018

US justice department reportedly opens criminal investigation into bitcoin price manipulation

The investigation surrounds the practice of spoofing and flooding the market with fake orders, Bloomberg reported.


https://www.cnbc.com/2018/05/24/us-open ... mberg.html

:pop:
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu May 24, 2018

tdtwedt wrote:US justice department reportedly opens criminal investigation into bitcoin price manipulation

The investigation surrounds the practice of spoofing and flooding the market with fake orders, Bloomberg reported.


https://www.cnbc.com/2018/05/24/us-open ... mberg.html

:pop:

Qutoe from the article:
The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies.... The investigation is focused on illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling


What does this actually mean? Am I spoofing the market if I put in buy or sell orders, and then pull them if the market moves against me or if someone starts buying into my sell wall? I don't have enough wealth to spoof any market, but I call BS on this. If somebody wants to put up a 10,000 BTC sell wall, how do we know whether they want to really sell, or if they are trying to bring down the price to buy cheaper? And if the market is that irrational that everyone panics about that sell wall - so be it. How about we allow free markets to happen.

Now wash trading is slightly different. It really doesn't make much sense if you have to pay fees on every trade. But on an exchange like BitMex, there are no fees for trading, just for using margin. So wash trading could easily happen there. Again, I don't care that much. If some bloke wants to waste his time buying and selling to himself to create the perception of more volume, let him waste his time. If people are too lazy to make educated investment decisions, that is on them.

What is the US government going to do once decentralized exchanges operating outside the jurisdiction of the US are ubiquitous? They can only go after US exchanges. They can tell foreign exchanges not to allow US citizens - like Bitfinex does already. That is why many of us free market believers are happily awaiting things like Loopring, HALO, and other decentralized exchange solutions - where the US government can regulate all they want, but in the end the reality will be that....
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Re: Bitcoins - fad or trend?

Postby Brick's » Thu May 24, 2018

Why not add to the fun. An interesting article by Bloomberg: The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers.

https://www.bloomberg.com/news/articles ... of-bitcoin

The cold storage "bunkers" are operated by Xapo, a (unfortunately) private company. Some of you may be familiar with Xapo as being the makers of the "world's most secure bitcoin wallet".

And while $10 Billions seems like a lot, it looks to be about 8% of total Bitcoin (BTC) cap. Maybe it's less than $10 billion today.

@ Doger LOL <insert animated gif You Shall Not Pass here>

Similar to Xapo, this about Coinbase:

Coinbase is offering Coinbase Custody designed to be third party storage for institutional investors.
ICE's proposed trading platform addresses the regulatory side of the issue. The idea is to use swap contracts to trade bitcoin. The swap contract is more complicated than exchanging dollars for bitcoin. But it allows bitcoin to be traded as a commodity, which gives it regulatory cover. Swap contracts are regulated by the Commodity Futures Trading Commission, which views bitcoin as a commodity.

Goldman Sachs and venture capital firms Andreessen Horowitz and the Founders Fund are lined up to go.
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dae2dae
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Re: Bitcoins - fad or trend?

Postby dae2dae » Mon May 28, 2018

Silversaving wrote:
dae2dae wrote:bitcoin over 8k!

As someone who last bought btc at $900, $8k works for me!

bitcoin over 7k still....
might be time for me to make one last sale
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Jun 04, 2018

dae2dae wrote:
Silversaving wrote:
dae2dae wrote:bitcoin over 8k!

As someone who last bought btc at $900, $8k works for me!

bitcoin over 7k still....
might be time for me to make one last sale


I've wondered about that myself, so I spent a couple to buy a new (newer) truck.....at least I can say I was rewarded if it really drops. I'm keeping the rest, and hoping for the best.
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