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>> No. 3223 Anonymous
18th February 2013
Monday 7:58 pm
3223 Bitcoins
Have any of you bought Bitcoins or spoken to anybody that has?

The underlying principle of removing the role of the banking industry from transactions (or at least limiting its influence) seems noble but it stinks of a giant scam IMO.
606 posts omitted. Last 50 posts shown. Expand all images.
>> No. 7179 Anonymous
30th September 2017
Saturday 3:06 am
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>>7178
I want to buy an overpriced house to rent out to poor people.
>> No. 7180 Anonymous
30th September 2017
Saturday 3:07 am
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>>7178
>bitbargain
Do they need your passport and 12 years worthy of details?
>> No. 7181 Anonymous
30th September 2017
Saturday 1:47 pm
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>>7180

Only if you want to go through the KYC kerfuffle and raise your buying limits significantly. If you just want to mess about a bit it's fairly anonymous, or was when I signed up. Just make sure you sign up with your real name, the same one as on your bank account, otherwise the vendors won't accept your payments.
>> No. 7185 Anonymous
24th October 2017
Tuesday 12:22 pm
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I missed the Bitcoin Gold cut off with my BTC sitting in Coinbase. Sad times.
>> No. 7186 Anonymous
28th October 2017
Saturday 12:43 pm
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>>7185
Segwit2X fork is coming up and has the potential to really fuck with things. Keep your bitcoin in your own wallet anyway, keeping them in Coinbase etc means they aren't your bitcoins - whoever controls the private key is the owner, regardless of what the site promises. (Gox is the obvious example but there are too many more to list.)
>> No. 7187 Anonymous
28th November 2017
Tuesday 11:26 pm
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Just hit $10k. Madness.
>> No. 7188 Anonymous
28th November 2017
Tuesday 11:46 pm
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>>7187
I hate spending money but I now have to or it'll upset my bennies.
>> No. 7189 Anonymous
10th December 2017
Sunday 3:50 am
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>>7187
And the other night it spiked to $17k (and $19k on Coinbase), right now back all the way down to $13k. Transaction fees are at ~$27, and >$50 if you want to guarantee a fast transaction, as the mempool is getting absolutely hammered and plenty of people are prepared to pay extra to get in or out quickly.

It's almost ironic that there must be a significant redistribution of wealth occurring here, from stockbroker Wall Street types with lots of money and little understanding of what they're buying, to much poorer people who just happened to mine or buy a few back in the day; if anything this smacks of communism, not exactly the ideology Bitcoin was supposed to represent. (I know nobody is forcing them to buy Bitcoin, it's not taxation, there are probably plenty of people with little money and equally little sense who are throwing their life savings into bitcoin, etc. Just a daft wee thought.)
>> No. 7190 Anonymous
10th December 2017
Sunday 8:33 am
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>>7189
>there must be a significant redistribution of wealth occurring here

There certainly is - I saw a stat that said 80% of transactions were in Chinese Yuan?
>> No. 7191 Anonymous
10th December 2017
Sunday 11:14 am
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>>7189
>Stockbroker Wall Street types with lots of money and little understanding of what they're buying,

I feel like this statement is internally contradictory. Probably because of some kind of resentment of stock brokers. What makes you think they aren't capable of watching the same 5 min YouTube video about 'what are bit coins?' You have? Before they pump millions of dollars into them.
>> No. 7192 Anonymous
10th December 2017
Sunday 2:31 pm
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>>7191
The Wall Street types know exactly what they're doing. They're ploughing their clients' money into it and taking fat commissions while the Chinese are still propping it up. I guess they figure that isn't likely to be the case for much longer.
>> No. 7193 Anonymous
10th December 2017
Sunday 2:46 pm
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>>7189
Many holders of Bitcoin are glad to see this small correction back to the all time high of 3-4 days ago. The increase was totally out of control.
>> No. 7194 Anonymous
10th December 2017
Sunday 3:59 pm
7194 spacer
I have about £1000 worth now, I bought about £100 of them ages ago as a 'lotteery ticket' in case it's post-scarcity currency or something. Sold yesterday in anticipation of it going down again, which goes against my 'strategy' but whatever.
>> No. 7195 Anonymous
10th December 2017
Sunday 4:05 pm
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>>7194
Should have sold off all but the value of the original £100. You'd be £900 up (minus transaction fee) and still have £100 worth of coin.
>> No. 7196 Anonymous
10th December 2017
Sunday 4:15 pm
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>>7195
Honestly I'd forgotten I'd bought it. Anything i get out is a bonus.
>> No. 7198 Anonymous
10th December 2017
Sunday 4:21 pm
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I started buying in September this year during the China scare having sold my mined coins in July 2011. It didn't occur to me until this week that I still have Bitcoin installed and the wallet I thought was empty actually wasn't (because of change addresses).
>> No. 7199 Anonymous
10th December 2017
Sunday 4:31 pm
7199 spacer
The smart money is being invested in Tether. Its market cap stands alone in its relentless climb upwards and seems immune to crypto-wide corrections.
>> No. 7200 Anonymous
10th December 2017
Sunday 4:32 pm
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>>7190 >>7192
It's been difficult to measure just how much the Chinese actually use Bitcoin, because their biggest exchanges (BTCC, Huobi and OKCoin) had 0% trading fees for several years, hence saw huge amounts of action and trading bot activity. By comparison, most other exchanges had around ~0.1% in taker fees, or similar; seemingly tiny, but enough to significantly dampen rapid trading, especially automated. I'm speaking in the past tense since the "big three" in China ended 0% fee trading (and margin trading) around the start of this year, at the same time as the Chinese government started clamping down on Bitcoin and their domestic exchanges, all of which precipitated the sharp cut-off you see in >>7158. Over that period the Japanese government moved to legalise and open up Bitcoin trading, which accounts for the growth in "Japanese" trading you see then; many traders jumped ship to Japanese/US/Korean exchanges (these also having the benefit for Chinese traders of being outside of the purview of the Chinese government).

If you're talking about transactions on the Bitcoin network itself, it's even harder to say which are from which country, because of its pseudonymous nature and the ease of spoofing IP geolocation. Even if you were to track geographical points of exit from exchanges (which, as alluded to above, are a poor metric upon which to base assumptions of nationality), users regularly move coins into new wallets (or more accurately, fresh addresses), and exchanges regularly move large amounts of bitcoin between hot and cold wallets. Neither of these are transactions in any meaningful sense, and both would skew transaction analysis. Then there are bitcoin tumbler services, which assist in a significant amount of on-chain coin movement, but are intermediaries to transactions rather than transactions per se.

>>7191
>I feel like this statement is internally contradictory.
The statement isn't internally contradictory, and I harbour no resentment towards stockbrokers. I concur that most have watched a five minute video, though, and precious little else, as this would explain the behaviour we've seen of late. Pumping millions into Bitcoin with prices around the level they are now is lunacy; as the value continues its spiral upwards it increasingly detracts from the fundamentals of the thing it represents.

>>7194
Most would advise holding onto a bit, but congratulations on your windfall, and it's refreshing to read someone having the strength of conviction to cash out completely.
>> No. 7201 Anonymous
10th December 2017
Sunday 4:36 pm
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>>7200
>it's refreshing to read someone having the strength of conviction to cash out completely.

I haven't yet cashed out, as I said it's a lottery ticket, I just sold in anticipation of a drop soon.

This is my second foray into Crypto. In 2014 I put £400 in and (actually) cashed out £5000. The £100 I bought recently was just a bit of fun really, I'm earning now.
>> No. 7202 Anonymous
10th December 2017
Sunday 4:37 pm
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>>7199
You mean the smart money is being stolen from Tether.

Also, this really isn't the right place to be trying to pump and dump.
>> No. 7204 Anonymous
10th December 2017
Sunday 6:25 pm
7204 spacer
I keep selling half of my holdings and then the price goes up again and I regret it. Facing the same situation again now.

Do I cash in a few thousand now and cry if it goes to a million per coin? Do I hold and cry if it goes to zero? If only I had the presence of mind to just accept that the future is unknown and I shouldn't beat myself up for not making perfect decisions.
>> No. 7205 Anonymous
10th December 2017
Sunday 6:26 pm
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>>7204
Withdraw an amount equal to what you put in, then whatever happens you haven't lost anything, then sit on the rest just in case.
>> No. 7206 Anonymous
10th December 2017
Sunday 8:03 pm
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>>7198
Nice. Someone's having a very merry Christmas this year, I bet.

>>7199
>>7202
>You mean the smart money is being stolen from Tether.
Indeed, to the tune of ~$31 million. It's also fundamentally centralised to a single corporation, ostensibly so they can tie it to the dollar, which defeats the entire purpose of having a cryptocurrency in the first place; if Tether go tits up, then all your Tether coins effectively vanish overnight. Wells Fargo cut off their outgoing dollar transfers back in April, and almost immediately afterwards four Taiwanese banks cut off their incoming dollar transfers, leading to a situation in which their only redeeming factor was lost. Now they won't name their bank/s, and they have been careful to avoid providing any real proof of their dollar reserves, which draws their market share into question. Last month's Paradise Papers leak proved that Tether was created by Bitfinex, a cryptocurrency exchange, themselves the "victim" of a 220,000 bitcoin theft in August of last year, then ~$70m (would now be $3.3bn); this direct connection between the two was something that both had previously repeatedly denied.

If you want dollars, buy dollars. As it stands there's no reason to believe that Tether and their coin are anything more than a fancy front for an already-shady unregulated exchange. Tether can be useful as a way to exchange to bitcoin or altcoins, but holding Tether's coins as an "investment" is self-defeating (they're worth a dollar, that's kind of the point) and extremely unwise even by cryptocurrency standards.
>> No. 7207 Anonymous
10th December 2017
Sunday 8:18 pm
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>>7205
I've already withdrawn much more than I put in, but it would still suck if I left the remainder only for it to become worthless, because it's still a significant amount of money right now.
>> No. 7228 Anonymous
22nd December 2017
Friday 1:57 pm
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Here we go, fasten your seatbelts
>> No. 7229 Anonymous
22nd December 2017
Friday 3:21 pm
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>>7228
>> No. 7230 Anonymous
22nd December 2017
Friday 5:07 pm
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>>7228
Oh my. Trading suspended on Coinbase, too.
>> No. 7231 Anonymous
23rd December 2017
Saturday 12:25 am
7231 spacer
Good heavens bitcoins have dropped to the price they haven't been since less than 2 weeks ago!

Stupid speculative bullshit currency.

I'm just bitter I didn't get a grands worth when they were $11 a coin
>> No. 7232 Anonymous
23rd December 2017
Saturday 8:08 am
7232 spacer
>>7231
You missed >50% gains by not buying this routine dip that hits literally every other month.
>> No. 7234 Anonymous
11th January 2018
Thursday 11:22 am
7234 spacer
So what would be some ways to make some easy money from all this crypto nonsense? Obviously actually buying in is a mug's game and carries actual risk, so is off the table. Things like a crypto equivalent of Star Citizen and the like. For instance, a company that apparently does nothing quadrupled its value by doing literally nothing other than adding the word blockchain to its name.
>> No. 7235 Anonymous
11th January 2018
Thursday 12:06 pm
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>>7234

> easy money

No such thing.
>> No. 7236 Anonymous
11th January 2018
Thursday 12:07 pm
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>>7235
Branson might like a word with you.
>> No. 7237 Anonymous
11th January 2018
Thursday 2:46 pm
7237 spacer
>>7234

It's easy to make money if you already have money. If you don't have money... not so much.
>> No. 7238 Anonymous
11th January 2018
Thursday 5:10 pm
7238 spacer
If I'd put all the bitcoins I spent on drugs between 2012 and 2017 into a bitcoin wallet instead I probably would have lost the wallet would be stinking fucking rich right now.
>> No. 7239 Anonymous
11th January 2018
Thursday 8:36 pm
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>>7237
True about everything, not just bitcoin.
>> No. 7240 Anonymous
11th January 2018
Thursday 11:03 pm
7240 spacer
>>7237
>>7239

Really it's the more money you have the easier it is to make a fairly modest return without serious risk taking. If you want to make serious returns off a smaller starting capital then you have to be prepared to take much bigger risks.
>> No. 7241 Anonymous
12th January 2018
Friday 1:00 am
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>>7240
You're quite right. Doesn't make it any fairer.
>> No. 7242 Anonymous
12th January 2018
Friday 10:59 am
7242 spacer
ITT posters discuss the essential principles of capitalism.
>> No. 7243 Anonymous
12th January 2018
Friday 11:39 am
7243 spacer
>>7242
So, that aside, anyone have any interesting ideas for skimming the crypto bubble?
>> No. 7244 Anonymous
12th January 2018
Friday 3:14 pm
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>>7243
Write an ebook* about how to make money from the crypto bubble.
*plagiarise generic investment advice books and tropes like "buy low, sell high" until you've hit a hundred pages or so.

now, as for how to get people to buy your book instead of one of the thousands of others that are doubtless trying this stunt? dunno. maybe instead of a book do a website with ads on it.
>> No. 7249 Anonymous
13th January 2018
Saturday 12:21 pm
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>>7244

Like a "libertarian" blog? There's so many, and they all talk such bollocks.
>> No. 7250 Anonymous
13th January 2018
Saturday 6:10 pm
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>>7249

Should be easy to write one that isn't bollocks then ey?
>> No. 7251 Anonymous
13th January 2018
Saturday 7:15 pm
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>>7250

Not really. The subject matter is inherently bollocks.
>> No. 7252 Anonymous
18th January 2018
Thursday 12:03 am
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ohDear.jpg
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My word, what a graph.
>> No. 7253 Anonymous
18th January 2018
Thursday 12:55 pm
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>>7252
It is my impression that the dot com bubble was far larger in dollar terms. How fair is it to compare the inflation of a newly created asset class with no price history whatsoever to all the others?
>> No. 7254 Anonymous
18th January 2018
Thursday 1:35 pm
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>>7253

Entirely fair. The tulip bubble was caused by a newly created asset class.

Bitcoins at this point have begun to demonstrate themselves to be unfit for purpose. They are volatile, slow, and have outrageous transaction fees, these are all qualities you don't want in a currency. And as a result even the early adopting tech companies who originally supported them (Valve, Microsoft ect) won't touch them now. So with all that in mind, you have to ask yourself, what is the value in this asset or future value.

I don't think there isn't value in crypto currency. Just not this one unless they can magically solve at least any 2 of the 3 problems mentioned above.
>> No. 7255 Anonymous
18th January 2018
Thursday 1:38 pm
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>>7253

Ish. The market cap of the entire NASDAQ was about $6.6 trillion at the peak of the bubble. The theoretical "market cap" of all circulating BTC and ETH peaked at about $0.5 trillion.

The difference is that a large proportion of NASDAQ companies had been profitably trading for years before the dot com crash and are still profitably trading today. They had tangible, saleable assets and real revenues. The top five companies in the NASDAQ at the peak of the crash were Microsoft, Cisco, Intel, Oracle and Sun. The first four are still outrageously profitable businesses and Sun were acquired by Oracle in 2010. The current total market cap of the NASDAQ is about $9.5 trillion.

The dot com crash was in many ways equally irrational to the inflation of the bubble. A lot of bullshit companies went bust when everyone realised that they were bullshit, but a lot of fundamentally sound companies became grossly undervalued.
>> No. 7256 Anonymous
18th January 2018
Thursday 3:10 pm
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>>7253
>a newly created asset class
>no price history whatsoever

Good grief.
>> No. 7258 Anonymous
19th January 2018
Friday 6:55 am
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>>7252
What does that graph look like when previous Bitcoin spikes and crashes are plotted on it? It went from practically zero to $30 and then back down to $2 in a short space of time, and the same for $50 to $1000 and back down to $200 during the Gox debacle, which was also a pretty quick boom.
>> No. 7259 Anonymous
25th January 2018
Thursday 4:34 pm
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https://www.bloomberg.com/news/articles/2017-12-21/crypto-craze-sees-long-island-iced-tea-rename-as-long-blockchain

>Long Island Iced Tea Corp. shares rose as much as 289 percent after the unprofitable Hicksville, New York-based company rebranded itself Long Blockchain Corp.

Well if that isn't proof that this is a speculative bubble I don't know what is.

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