|
Surprise Giraffe posted:I was wondering why btc jumped 200 bucks inside an hour last night, guess money was fleeing eth! Not really, it went from $300 to $290 from that episode and is almost back up to $300 again.
|
#
?
Nov 8, 2017 14:05
|
|
|
|
| # ? May 29, 2024 22:52 |
|
|
Surprise Giraffe posted:I was wondering why btc jumped 200 bucks inside an hour last night, guess money was fleeing eth!
|
|
#
?
Nov 8, 2017 14:07
|
|
|
Uranium 235 posted:Nah, ethereum was actually recovering (slowly) from the $15 drop it took from the parity news. What happened with bitcoin was separate. I hate myself for understanding all the words in this sentence
|
|
#
?
Nov 8, 2017 16:35
|
|
|
gonna spend 120th of a coin on a video game when i get home
|
|
#
?
Nov 8, 2017 18:01
|
|
|
it's going to be called "mario"
|
|
#
?
Nov 8, 2017 18:01
|
|
|
Ham Sandwiches posted:No poo poo, it turns out that the "exchanges gonna rip you off and keep getting hacked" people are 100% dumb and making ridiculous arguments, just as I have been pointing out for months! https://www.theguardian.com/technology/2017/nov/08/cryptocurrency-300m-dollars-stolen-bug-ether That's like 50 butts.
|
|
#
?
Nov 8, 2017 20:49
|
|
|
Oscar Wild posted:https://www.theguardian.com/technology/2017/nov/08/cryptocurrency-300m-dollars-stolen-bug-ether "Honey, I deleted the bitcoins" is the new "Honey, I shrunk the kids"
|
|
#
?
Nov 8, 2017 21:18
|
|
|
Lol, gently caress I stole a poo poo load of monopoly money, better delete the code. /hits ctrl-x /removes $300m in a totally legit crypto currency you guys.
|
|
#
?
Nov 8, 2017 21:27
|
|
|
A long time ago when I was interested in folding@home, I decided to crank out buttcoins for 2 weeks and made like 14 buttcoins. I stopped mining cause I didnt think buttcoins were ever going to go anywhere. I had them in some online buttcoin savings account but of course it disappeared like so many at the time. I wish I could go back in time. Time to cry into my pillow
|
|
#
?
Nov 8, 2017 22:16
|
|
|
I'm loving bitcoin and its definitely not in a bubble.
|
|
#
?
Nov 8, 2017 22:28
|
|
|
I have a coworker that recently told me I should invest in bitcoin, but he also has a binder of magic cards that he is hoping will appreciate in value so he can sell them. Also I thought it was difficult to actually turn your bitcoins back into real money?
|
|
#
?
Nov 8, 2017 22:31
|
|
|
Machai posted:Also I thought it was difficult to actually turn your bitcoins back into real money? Honestly this is one thing Ham Sandwiches is right about. I have no idea where this meme of "can't pull your money out!" comes from. I suppose it was more or less true back in the first year or so. Like yeah okay if you try and pull millions out at once you'll likely have to wait a while... but if it was impossible to get your money out then Chinese people wouldn't be using them to get their Yuan out of China you know?
|
|
#
?
Nov 8, 2017 23:49
|
|
|
COMRADES posted:Like yeah okay if you try and pull millions out at once you'll likely have to wait a while... but if it was impossible to get your money out then Chinese people wouldn't be using them to get their Yuan out of China you know? I'm not sure I believe this. If most bitcoin users are chinese trying to get their money out, who would put dollars in the system and why? You'd have to be pretty silly to actually buy something like that.
|
|
#
?
Nov 9, 2017 00:04
|
|
|
Hob_Gadling posted:I'm not sure I believe this. If most bitcoin users are chinese trying to get their money out, who would put dollars in the system and why? You'd have to be pretty silly to actually buy something like that. Rubes, speculators, Ham Sandwiches. Don't underestimate the power of people with money to be idiots, or greedy, or both. I was just talking to a real estate agent who was telling me not only does he have multiple offers from foreign places to buy property here in CA in exchange for BTC, but he knows people willing to sell. Like you won't sell a million dollars worth at once but the order will probably get filled eventually. e: To be sure at some point I bet you buying volumes will drop off too much and it will effectively be frozen at some high valuation that no one really wants to pay for. Like Beanie Babies. COMRADES fucked around with this message at 00:12 on Nov 9, 2017 |
|
#
?
Nov 9, 2017 00:07
|
|
|
Mumpy Puffinz posted:hey nerd who wrote a book about Bitcoin, I bought it. Chadzok posted:i bought one and i bought one for a friend. good words. a nice inoculation to the insanity, it's seriously rotten to the core with all that goldbug libertarian nonsense thank you both! this is the content it delights me to read on the Something Crypto forums i have a blog too, if you liked the book you'll probably like that. this evening i posted about the latest stupid Ethereum wallet fuckup. i say the latest, they had a previous one in july. pretty much everything that is bad about cryptocurrencies comes down to the pervasive irreversibility, ensuring that errors, thefts and fuckups cannot be reversed. it turns out this is bad and stupid in practice. if i ever write a word of it, the next book should be about made-up BS "AI". the working title is Roko's Basilisk, which should tell you precisely which line of BS AI it'll be concerned with. real AI is often surprisingly cool, and has nothing to do with this line of BS, which regularly has real AI people punching the walls. (check the old LessWrong thread and SolTerrasa's comments.) also, we established in the previous thread that i've made more money from bitcoin (about £4000 so far) than ham sandwiches ever has or will, and that's without ever touching one Minimalist Program posted:This guy gets it - the secret behind making a Smart Passive Income from Home by Investing In Bitcoin, which is the title of the ebook i am going to write. don't forget to use the kindle cover generator, and arial bold as the title font
|
|
#
?
Nov 9, 2017 02:00
|
|
|
I responded to a facebook topic about Bitcoin largely along the lines of "this is a bad investment idea because it's not backed by any fiat market and it's also hard to cash out in," but I'm genuinely curious as to other arguments I could make. It sounds like it's not quite as hard to cash on as before so people who bought like a fraction of a coin now have a good chunk of change. But at the same time if they cash that out it lowers the overall value? It sounds like penny stock speculation at this point. Is that right?
|
|
#
?
Nov 9, 2017 03:07
|
|
|
Cash out giving all your PII to an unregulated, likely off shore or funded, firm is something that the little people can’t recover from with a privately funded lawyer. Go chase those dreams with a lottery ticket. Come at me MP.
|
|
#
?
Nov 9, 2017 03:24
|
|
|
Lil Peeler posted:I responded to a facebook topic about Bitcoin largely along the lines of "this is a bad investment idea because it's not backed by any fiat market and it's also hard to cash out in," but I'm genuinely curious as to other arguments I could make. It sounds like it's not quite as hard to cash on as before so people who bought like a fraction of a coin now have a good chunk of change. But at the same time if they cash that out it lowers the overall value? It sounds like penny stock speculation at this point. Is that right? pretty much. as i consistently say (and as that article ham sandwich thoroughly self-owned with earlier in the thread concurs), you can make money in cryptos! IF you are that good a trader. otherwise you will get loving skinned. if you want to have a gamble, by all means. but don't put in more than you can seriously afford to have go up in smoke, and don't pretend you're doing something other than gambling.
|
|
#
?
Nov 9, 2017 03:24
|
|
|
Hob_Gadling posted:I'm not sure I believe this. If most bitcoin users are chinese trying to get their money out, who would put dollars in the system and why? You'd have to be pretty silly to actually buy something like that. it's people buying drugs on the dark web believe it or not there's a lot of money in drugs, which you can buy easily with bitcoins poverty goat fucked around with this message at 03:43 on Nov 9, 2017 |
|
#
?
Nov 9, 2017 03:40
|
|
|
calling it gambling is generous when wash traders are known to be the force driving the price up hell was it this thread or the other thread where one of the bitcoin captains of industry were touting bitcoins new height of success for being sold at a the highest price yet hours apart from another post with an article showing how that height was someone buying and selling at that price with the same wallet on both ends of the transaction
|
|
#
?
Nov 9, 2017 03:42
|
|
|
If you are that good of a trader then you are a retard for trading in an asset with such thin market value
|
|
#
?
Nov 9, 2017 03:50
|
|
|
Lil Peeler posted:But at the same time if they cash that out it lowers the overall value? It sounds like penny stock speculation at this point. Is that right? Yeah. When you buy a share of Ford, at least there's something behind that actually. There's a company making cars and selling them and there's legal obligations to shareholders and you pretty literally own a small piece of that company. There's a reasoning behind why your share has value, and the share price is judged based on the actual earnings per share. Bitcoin is literally people are buying it to make money off of other people buying it and pumping the price up. It's like a ponzi scheme almost. There's nothing actually there at the end of the day and someone will get hosed at the end of the merry go round. You're not investing money into anything based on some kind of business plan or market strategy or valuation, you're just speculating on numbers moving up and down. COMRADES fucked around with this message at 04:07 on Nov 9, 2017 |
|
#
?
Nov 9, 2017 04:05
|
|
|
COMRADES posted:Yeah. When you buy a share of Ford, at least there's something behind that actually. There's a company making cars and selling them and there's legal obligations to shareholders and you pretty literally own a small piece of that company. There's a reasoning behind why your share has value, and the share price is judged based on the actual earnings per share. How can you be right on this, yet wrong on every loving thing else?
|
|
#
?
Nov 9, 2017 04:08
|
|
|
Burt Sexual posted:How can you be right on this, yet wrong on every loving thing else? 
|
|
#
?
Nov 9, 2017 04:24
|
|
|
COMRADES posted:Yeah. When you buy a share of Ford, at least there's something behind that actually. There's a company making cars and selling them and there's legal obligations to shareholders and you pretty literally own a small piece of that company. There's a reasoning behind why your share has value, and the share price is judged based on the actual earnings per share. So those people that put in like $25 and now have $860 aren't doing anything wrong. But they should cut their losses and gtfo it sounds like because the price could crater tomorrow.
|
|
#
?
Nov 9, 2017 04:36
|
|
|
If it was me I'd sell half and let the other half ride. If it crashes tomorrow you still made hundreds of dollars and if it doesn't you're still profiting and you're only risking unrealized gains really.
|
|
#
?
Nov 9, 2017 04:45
|
|
|
Blade Runner posted:If you are that good of a trader then you are a retard for trading in an asset with such thin market value crypto is day trader paradise, not sure why you think otherwise
|
|
#
?
Nov 9, 2017 05:18
|
|
|
Lil Peeler posted:But at the same time if they cash that out it lowers the overall value? It sounds like penny stock speculation at this point. Is that right? The value changes depending on supply and demand at any given instant. It functions the same as any other financial market, whether it's stocks, bonds, commodities, or currency being traded.
|
|
#
?
Nov 9, 2017 05:28
|
|
|
Hob_Gadling posted:I'm not sure I believe this. If most bitcoin users are chinese trying to get their money out, who would put dollars in the system and why? You'd have to be pretty silly to actually buy something like that. https://en.wikipedia.org/wiki/Greater_fool_theory COMRADES posted:Honestly this is one thing Ham Sandwiches is right about. I have no idea where this meme of "can't pull your money out!" comes from. I suppose it was more or less true back in the first year or so. It's a strawman argument spread by people like Ham Sandwiches. The actual argument is that no one accepts bitcoins as a form of currency, which is largely true; the companies with a bitcoin logo as a payment option accept cash from a 3rd party, so in that case it's more like using a Visa but with larger fees and much larger environmental footprint. But that third party is converting bitcoins into cash for you, and there are some other ways to cash out
|
|
#
?
Nov 9, 2017 06:33
|
|
|
Why is gbs full of buttcoin morons now Uranium 235 posted:Cashing out doesn't mean the overall value of bitcoin lowers. If there are bids on the order book of a bitcoin exchange to buy 100 bitcoins at $7000, and I want to cash out 1 bitcoin, I can sell it for $7000 and the price of bitcoin remains $7000. rear end credits are worth $0
|
|
#
?
Nov 9, 2017 06:39
|
|
|
Uranium 235 posted:Cashing out doesn't mean the overall value of bitcoin lowers. If there are bids on the order book of a bitcoin exchange to buy 100 bitcoins at $7000, and I want to cash out 1 bitcoin, I can sell it for $7000 and the price of bitcoin remains $7000. Cashing out in a sufficient quantity has caused the price of bitcoin to plummet many times before. Selling 1 bitcoin usually isn't enough to do that, but it's not that rare for flash crashes to occur when a bunch of sell orders filled in sequence force over-leveraged traders to sell their positions, resulting in a cascade of closed positions. I recall last month Bitcoin flash-crashed by ~$500, and Ethereum crashed from ~$300 to ~$0.10 earlier this year. This kind of thing doesn't happen in deep markets
|
|
#
?
Nov 9, 2017 06:46
|
|
|
real currencies are also accepted by more than pedophiles and drug dealers
|
|
#
?
Nov 9, 2017 06:49
|
|
|
Uranium 235 posted:The value changes depending on supply and demand Themage posted:real currencies are also accepted by more than pedophiles and drug dealers
|
|
#
?
Nov 9, 2017 06:50
|
|
|
real currencies also do not use more power than the entirety of Ireland
|
|
#
?
Nov 9, 2017 06:51
|
|
|
COMRADES posted:Honestly this is one thing Ham Sandwiches is right about. I have no idea where this meme of "can't pull your money out!" comes from. I suppose it was more or less true back in the first year or so. you realize that buttcoin does not have the transaction amount to be used by Chinese billionaires to launder money, you also realize all of the major exchanges only allow withdrawing to tether(somehow even more worthless than buttcoin, if that’s possible)
|
|
#
?
Nov 9, 2017 06:54
|
|
|
Themage posted:real currencies also do not use more power than the entirety of Ireland Yesterday, over the span of just 2 hours, Bitcoins price shot up 6%, then immediately crashed by 13%, then shot up 6% again 
|
|
#
?
Nov 9, 2017 07:29
|
|
|
The government should secretly be trying to buy up all the bitcoin and then figure out something nefarious to do with it.
|
|
#
?
Nov 9, 2017 07:46
|
|
|
QuarkJets posted:Cashing out in a sufficient quantity has caused the price of bitcoin to plummet many times before. Selling 1 bitcoin usually isn't enough to do that, but it's not that rare for flash crashes to occur when a bunch of sell orders filled in sequence force over-leveraged traders to sell their positions, resulting in a cascade of closed positions. seriously if you're day trading and the market has enough liquidity for you to make your trades without slippage then why would you care? thin markets have high volatility and that's exactly what i want. the volatility of the crypto markets is what enables me to be as profitable as i've been without using any margin. some altcoins do have low volume and liquidity and that makes them difficult to trade unless there's a catalyst that brings in volume. the guy i responded to is wrong, bitcoin and crypto markets are great for day trading edit: to be clear, people who trade crypto with margin are dumb and just asking to lose money. they're the ones who are most at risk from flash crashes. XBT is what Bitmex calls BTC, and 1 contract is $1, so this person lost a lot of money https://twitter.com/BitmexRekt/status/928331335428603904 Uranium 235 fucked around with this message at 14:27 on Nov 9, 2017 |
|
#
?
Nov 9, 2017 14:17
|
|
|
Now if you really want to make a man's bet about the value of Bitcoin, you should  along with known sane person John McAfee.John McAfee posted:[In] July [2017], the eccentric software entrepreneur John McAfee tweeted that a single bitcoin would be worth more than $500,000 in three years—“if not, I will eat my dick on national television,” he said, with typical understatement.
|
|
#
?
Nov 9, 2017 14:20
|
|
|
|
| # ? May 29, 2024 22:52 |
|
|
Themage posted:you realize that buttcoin does not have the transaction amount to be used by Chinese billionaires to launder money, you also realize all of the major exchanges only allow withdrawing to tether(somehow even more worthless than buttcoin, if that’s possible) Coinbase/GDAX and Gemini both allow cash withdrawals for US customers. I think Kraken does too for EU users. I'm not familiar with the Asian exchanges.
|
|
#
?
Nov 9, 2017 14:28
|
|