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Check /r/Bitcoin for the good stuff
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Dec 22, 2017 15:57
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Looks like it's already starting to recover. Seems like there are too many die hard believers (and a few high level market manipulators) for it to truly bottom out right now. Could just be the "bull trap" on the chart though: 
Elysium fucked around with this message at 16:26 on Dec 22, 2017 |
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Dec 22, 2017 16:17
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Isn't bitcoin so volatile because it spikes whenever people buy more and then drops like a rock whenever people sell? So when these drops happen, the forums are filled with posts of "BUY BUY BUY ITS ON SALE" and it spikes back up because people are buying again?
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Dec 22, 2017 16:27
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WarMECH posted:Isn't bitcoin so volatile because it spikes whenever people buy more and then drops like a rock whenever people sell? So when these drops happen, the forums are filled with posts of "BUY BUY BUY ITS ON SALE" and it spikes back up because people are buying again? I think you just described the stock market. Granted that has a measure of transparency and if E-Trade gets hacked you don't lose all your assets. But the concept is the same. Can also apply to things like the McRib (except you substitute volatile prices for scarcity).
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Dec 22, 2017 16:33
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Yeah but I guess the stock market as a whole is not as volatile due to the sheer number of stocks and stockholders. Bitcoin is small enough that the effect is exaggerated, and like one dude making a large sale could gently caress the whole thing up.
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Dec 22, 2017 16:36
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People say buy buy buy because of a phrase made popular by TV "Buy the dip". It is theorized that this singular phrase is keeping the bull market afloat.
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Dec 22, 2017 16:37
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Here's some context for the other people like me that don't follow bitcoin too closely: https://twitter.com/charliebilello/status/944048619174457344?s=09&
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Dec 22, 2017 16:48
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WarMECH posted:Yeah but I guess the stock market as a whole is not as volatile due to the sheer number of stocks and stockholders. Bitcoin is small enough that the effect is exaggerated, and like one dude making a large sale could gently caress the whole thing up. I mean, it's definitely exciting to watch. Finance is usually pretty boring. But there are going to be thousands of paper millionaires who will lose everything. It reminds me of one guy who sold his company to Excite@Home for several million in stock that he was forbidden to sell for X number of years. Before his stock could vest Excite imploded, so he got to watch as he lost everything over a span of several months. This is going to be similar because when poo poo starts to go sideways, people aren't going to be able to divest themselves fast enough. Reddit is going to be full of sad sack stories as coin wallets see double digit percentage drops every day. And then a few weeks later you'll hear about all the investors who bought their coins on credit and everyone's dingles will tingle some more.
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Dec 22, 2017 17:02
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There are nearly 300,000 unconfirmed transactions currently waiting to hit the blockchain. With a 30% drop, you can bet the margin calls have started. They may precipitate a selloff dive if the exchanges don't decide to up and stop trading again.
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Dec 22, 2017 17:21
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Heh this is bitcoin, a 30% dive is just another Thursday. Shits going to get hilarious when BitFinex shuts down though.
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Dec 22, 2017 17:26
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Liquid Communism posted:There are nearly 300,000 unconfirmed transactions currently waiting to hit the blockchain. What does this mean, exactly? It looks like there are $700,000 in transaction fees just waiting to hit? How far from normal is this?
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Dec 22, 2017 18:22
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Nocheez posted:What does this mean, exactly? It looks like there are $700,000 in transaction fees just waiting to hit? How far from normal is this? The blockchain is slow, so there will be transactions made now that won’t process for 20 hours. Edit, 26 hours, I calculated wrong at 3 transactions per second.
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Dec 22, 2017 18:25
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Or longer, if the sender didn't include enough of a fee. Because transactions are prioritized by how much the sender pays, so you can jump the line by paying more. This is a feature. What's the transaction fee at these days? About $20?
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Dec 22, 2017 18:28
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Jesus, what a bloodbath. Oh well.
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Dec 22, 2017 18:30
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It seems to be fluctuating between $30 and $50 these days to get a transaction through in anything resembling a human timescale.
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Dec 22, 2017 18:31
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Nocheez posted:I live near the border between 2 states, and the state to the south has much cheaper taxes on gasoline. I've known people who will drive their gas guzzler 40 miles round trip to save $.25/gal. Assuming they are getting 15 mpg and they are filling up 25 gallons, they were actually wasting an hour+ driving back and forth to basically come out even.
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Dec 22, 2017 18:33
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I am mostly enjoying the Bitcoin show but at what point does mining with these transaction fees become GWM.
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Dec 22, 2017 18:43
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Youth Decay posted:People with real jobs generally don't post when they fill up their car with gas like it's a big achievement... That looks like its some sort of debit card they put your paycheck on like wal-mart. I bet that thing has all the hidden fees.
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Dec 22, 2017 18:47
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I remember hearing somewhere that if your doctor starts recommending an investment, you know it's time to get out. It started a few weeks ago here.
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Dec 22, 2017 18:57
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Residency Evil posted:I remember hearing somewhere that if your doctor starts recommending an investment, you know it's time to get out. One of my partners is reading a book on blockchain investing, and my Facebook dad doc group has been blowing up with what coins to buy. The end is nigh
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Dec 22, 2017 19:00
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Doctors are loving retarded financially. Possibly just in general.
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Dec 22, 2017 19:05
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BattleMoose posted:I am mostly enjoying the Bitcoin show but at what point does mining with these transaction fees become GWM. Never. The computing power (and thus energy) you need to mine adjusts every two weeks or so so that a block is mined every 10 minutes on average. People with faster computer mine more blocks so get more money, so if you're not constantly increasing your computing power you're going to lose out rapidly. The transaction fee is metered and paid out in bitcoin so it scales with the price of bitcoin.
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Dec 22, 2017 19:21
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FrozenVent posted:Never. The computing power (and thus energy) you need to mine adjusts every two weeks or so so that a block is mined every 10 minutes on average. And you are competing with people who don't pay for power. (People where their parents/work pays the bill, they are stealing it, etc.) Plus bitcoin never actually ran the math on becoming a world currency, so things like the blockchain running out of transaction space (see: bitcoin cash) or the minimum transaction size being a fixed floating point number (the "satoshi" or whatever, which is now $20.) When did it make sense to mine? >5 years ago.
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Dec 22, 2017 19:45
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https://twitter.com/ProudMoolie/status/944047003557945345
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Dec 22, 2017 19:53
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H110Hawk posted:And you are competing with people who don't pay for power. (People where their parents/work pays the bill, they are stealing it, etc.) It's not so much the people stealing power as the people who don't care if they're making money because they're just avoiding capital controls or laundering money. There was a bitcoin mine in China that had its own small power dam for gently caress's sake. Everyone should read divabot's book, it's great. Every time you think "no way that's true, that's way too stupid, that goon is exaggerating"... Nope, it is that stupid. It's crypto.
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Dec 22, 2017 20:02
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This is extremely good poo poo. I can't wait for more.
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Dec 22, 2017 20:03
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edit: poo poo talking about myself, nevermind
drainpipe fucked around with this message at 20:07 on Dec 22, 2017 |
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Dec 22, 2017 20:04
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No one else panic sell until I exit my position tia.
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Dec 22, 2017 20:06
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drainpipe posted:I recently decided to dip my toe in BTC/ETH/LTC (in the last two weeks no less 
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Dec 22, 2017 20:06
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). It was less than 1% of my total portfolio, so whatever, I'll ride this out or lose it all in the end. Honestly, paying 1% to shut up everyone about bitcoin wouldn't be too big a sacrifice.
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BattleMoose posted:I am mostly enjoying the Bitcoin show but at what point does mining with these transaction fees become GWM. You have to go all in. 
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Dec 22, 2017 20:13
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This is amazing.... my favorite response quote:
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Dec 22, 2017 20:26
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theHUNGERian posted:You have to go all in. This better be called Stillcoin.
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Dec 22, 2017 20:40
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NancyPants posted:This better be called Stillcoin. He will know the ways of your cryptocurrency as if born to them...
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Dec 22, 2017 20:45
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 "You wear your bitcoin suit Libertarian style! "
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Dec 22, 2017 20:59
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The Matrix robots were mining bitcoins.
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Dec 22, 2017 21:05
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Zyklon B Zombie posted:The Matrix robots were mining bitcoins.  BWM: dumb money speculating on iced tea and other non-tech companies because they added the word 'blockchain' to their name
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Dec 23, 2017 00:50
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Guest2553 posted:
From the schadenfreude thread: `Nemesis posted:Longfin Corp bought a blockchain company, and the CEO went on CNBC to discuss crypto and his company.
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Dec 23, 2017 00:58
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MisterOblivious posted:From the schadenfreude thread: Bwahahahaha!!! theHUNGERian posted:You have to go all in. "Just wait till we're bitcoin." theHUNGERian fucked around with this message at 02:07 on Dec 23, 2017 |
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Dec 23, 2017 01:16
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Residency Evil posted:I remember hearing somewhere that if your doctor starts recommending an investment, you know it's time to get out. The apocrypha I heard was Vanderbilt [or insert other oligarch here] knew they were in for a crash when the shoeshine boy had stock tips for him.
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Dec 23, 2017 03:17
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The doctor theory is good. Never take investment advice from a doctor and never get into a small plane with one either.
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Dec 23, 2017 04:25
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