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"We're not here to identify local bottoms" 
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Jan 16, 2018 23:41
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looks like it'll be a good time to buy a lightly used lambo in a couple of months
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Jan 16, 2018 23:42
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How often does the "dead cat bounce" actually work and stabilize the price?
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Jan 16, 2018 23:42
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CNBC posted:Bitcoin briefly tumbled more than 25 percent to a low of $10,242 on Coinbase. The digital currency was trading near $10,850 late Tuesday afternoon. Top story on CNBC, they can't even keep up and everyone isn't like "OK, this is nuts, I should not be "investing" in this."
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Jan 16, 2018 23:42
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WalletBeef posted:Up 8% in a matter of minutes after tether printed 100m of USDT. These are totally unrelated events. Do not look behind the curtain. Are you saying the shady unregulated exchanges decided to emergency pump in $100 mil into the price of Bitcoin out of thin air like a failing economy does by printing money? What about the libertarian ideals and the gold standard!
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Jan 16, 2018 23:43
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Jan 16, 2018 23:43
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WalletBeef posted:Up 8% in a matter of minutes after tether printed 100m of USDT. These are totally unrelated events. Do not look behind the curtain. For the buttcoin layman what does tether printing mean?
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Jan 16, 2018 23:43
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Delthalaz posted:How often does the "dead cat bounce" actually work and stabilize the price? Never. By definition a dead cat bounce is a small, brief recovery in the overall decline.
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Jan 16, 2018 23:45
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deadwing posted:looks like it'll be a good time to buy a lightly used lambo in a couple of months i was thinking the same thing lmao also: big rubba band bidness holy!!!! :o
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Jan 16, 2018 23:45
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Three Olives posted:$800 price swing in less than 10 minutes, lol. Normal currency
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Jan 16, 2018 23:46
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OhFunny posted:Never. Ah ok. Well the sudden infusion of currency is boosting this drat thing past 11,000
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Jan 16, 2018 23:46
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Not That Into You posted:For the buttcoin layman what does tether printing mean? You know how bitcoin evangelists are super mad at how the U.S. dollar is a worthless currency because the gov't can just print more whenever it wants to and it's not backed by real gold in a vault? With bitcoin, they somehow managed to design something even worse than that. Now the printing is done by a shady unregulated overseas company with a promise that it's all backed by a bank account that no one has ever seen. Rad Russian fucked around with this message at 23:57 on Jan 16, 2018 |
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Jan 16, 2018 23:46
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booo i wanted under 10000 edit: this dudes voice fuckin sucks!
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Jan 16, 2018 23:47
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Up up up! Well this isn't fun to watch.
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Jan 16, 2018 23:48
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Delthalaz posted:Ah ok. Well the sudden infusion of currency is boosting this drat thing past 11,000 i dont even want to know how much it took to pump it in actual spendable money
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Jan 16, 2018 23:49
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Delthalaz posted:Up up up! Well this isn't fun to watch. They just pumped $100 mil of fake money into this so yeah it's gonna go up for a while on the bids.
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Jan 16, 2018 23:49
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Not That Into You posted:For the buttcoin layman what does tether printing mean? Its an imaginary currency just like the dollar, but its printed at will by the exchanges when the price of bitcoin falls. Supposedly each tether can be redeemed for 1 dollar. The exchanges use tether to buy bitcoins and drive the nominal price up during a crash. You can totally redeem your tether dollars for real dollars. Totally. 
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Jan 16, 2018 23:49
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Bloomberg article detailing Tether Totally Backed By A Tiny Polish Mutual Fund Honest Guv https://www.bloomberg.com/news/articles/2017-12-05/mystery-shrouds-tether-and-its-links-to-biggest-bitcoin-exchange Wiki https://en.wikipedia.org/wiki/Tether_(cryptocurrency)
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Jan 16, 2018 23:50
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Rad Russian posted:They just pumped $100 mil of fake money into this so yeah it's gonna go up for a while on the bids. Who the hell is doing this?
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Jan 16, 2018 23:50
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Ok the bounce is petering out, now it gets interesting
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Jan 16, 2018 23:50
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WalletBeef posted:Its an imaginary currency just like the dollar, but its printed at will by the exchanges when the price of bitcoin falls. Supposedly each tether can be redeemed for 1 dollar. The exchanges use tether to buy bitcoins and drive the nominal price up during a crash. You can totally redeem your tether dollars for real dollars. Totally. that doesn't even remotely make sense
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Jan 16, 2018 23:50
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It's fighting a ceiling at 11k. Just saw someone dump 21 coins at once.
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Jan 16, 2018 23:51
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Zelder posted:booo i wanted under 10000 Give it another hour. Tether was printed, and it was just extremely overbought.
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Jan 16, 2018 23:51
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shiksa posted:that doesn't even remotely make sense welcome to bitcoin
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Jan 16, 2018 23:51
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12 hours ago the 24 hour volume for bitcoin on GDAX was at 25K BTC, it is now at 59K.
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Jan 16, 2018 23:53
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I think it's safe to assume Vladimir Putin is invested in bitcoin.
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Jan 16, 2018 23:53
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https://www.reddit.com/r/CryptoCurrency/comments/7qu8t9/18002738255_us_national_suicide_hotline/
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Jan 16, 2018 23:53
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WalletBeef posted:Its an imaginary currency just like the dollar, but its printed at will by the exchanges when the price of bitcoin falls. Supposedly each tether can be redeemed for 1 dollar. The exchanges use tether to buy bitcoins and drive the nominal price up during a crash. You can totally redeem your tether dollars for real dollars. Totally. So it's like a central bank intervening to stop a stock crash. Way to reinvent the wheel, but dumber.
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Jan 16, 2018 23:53
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shiksa posted:that doesn't even remotely make sense Just think of it like this. At the largest bitcoin exchanges, when you sell your bitcoin you can't sell it for dollars. You sell it for USDT, which is their own proprietary digital currency. Whether the exchange will cash those USDT out for actual dollars is the question we'll see answered over the next few days.
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Jan 16, 2018 23:54
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Not That Into You posted:For the buttcoin layman what does tether printing mean? There is a company that claims they have a billion dollars in the bank backing a cryptocurrancy that is pegged 1:1 with the USD. So you buy one for a dollar and then you can trade it like it's dollars. This is theoretically actually a useful thing! Of course, because this is loving bitcoin, the people in charge of Tether don't actually have audited financial records available and nobody can actually prove how much money is in the bank, except for their own listing on their website. They just popped a hundred million dollars of totally real money into existance. It's fully backed. Trust them. Even if this were completely legitimate, people are idiots for trusting it without any realistic sort of proof.
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Jan 16, 2018 23:55
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If this was an actual market, theyd have halted trading for a period.
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Jan 16, 2018 23:56
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Andy Dufresne posted:Just think of it like this. At the largest bitcoin exchanges, when you sell your bitcoin you can't sell it for dollars. You sell it for USDT, which is their own proprietary digital currency. Whether the exchange will cash those USDT out for actual dollars is the question we'll see answered over the next few days. So that's a ponzi scheme. That's what that is.
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Jan 16, 2018 23:56
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https://coinmarketcap.com/currencies/tether/ lol like hwo teh gently caress is this legal. 1.64 billion of FAKE US DOLLARS pumping up the price of Bitcoin that many people pay real dollars for.
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Jan 16, 2018 23:57
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"And this isn't an actual crash. It is a healthy correction"
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Jan 16, 2018 23:57
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Alpha Mayo posted:https://coinmarketcap.com/currencies/tether/ lol like hwo teh gently caress is this legal. 1.64 billion of FAKE US DOLLARS pumping up the price of Bitcoin that many people pay real dollars for. 
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Jan 16, 2018 23:58
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Wtf is this
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Jan 16, 2018 23:58
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Andy Dufresne posted:Just think of it like this. At the largest bitcoin exchanges, when you sell your bitcoin you can't sell it for dollars. A slight correction: At one bitcoin exchange, called Bitfinex
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Jan 16, 2018 23:58
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Alpha Mayo posted:https://coinmarketcap.com/currencies/tether/ lol like hwo teh gently caress is this legal. 1.64 billion of FAKE US DOLLARS pumping up the price of Bitcoin that many people pay real dollars for. America is really bad at financial regulations.
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Jan 16, 2018 23:59
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Burt Sexual posted:Wtf is this i'm the people cheering on the manipulation of the market
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Jan 17, 2018 00:00
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Burt Sexual posted:Wtf is this Oh they "printed" 100mil of fake money to prop up the price of bitcoin.
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Jan 17, 2018 00:01
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