Bitcoin Update

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glubalist
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Bitcoin Update

#1 Unread postby glubalist » Thu Dec 06, 2018 9:32 pm

Almost time for IQ to buy, lol

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Re: Bitcoin Update

#2 Unread postby Mike16v » Thu Dec 06, 2018 10:26 pm

Ha, so that’s why eggs hasn’t been posting.
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Re: Bitcoin Update

#3 Unread postby glubalist » Thu Dec 06, 2018 10:33 pm

Eggs is furiously toggling between r/The_Donald and BitcoinWisdom

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Re: Bitcoin Update

#4 Unread postby glubalist » Thu Dec 06, 2018 10:34 pm

My $235 investment is down to $127.25, and I'm hoping it goes to $0

THROW THE CHANGE ON THE GROUND

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Re: Bitcoin Update

#5 Unread postby PhreenyPhan » Thu Dec 06, 2018 10:37 pm

I’ll consider it at $1900
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Re: Bitcoin Update

#6 Unread postby glubalist » Thu Dec 06, 2018 10:38 pm

The Chinese forgot to prop up Bitcoin tonight, they're so angry about that executive detained in Canada

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Re: Bitcoin Update

#7 Unread postby prizm » Thu Dec 06, 2018 11:23 pm

my buddy who was a bitcoin millionaire never cashed out and now has chump change lol
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Re: Bitcoin Update

#8 Unread postby Skeeter » Fri Dec 07, 2018 12:29 pm

I'm starting to rethink my standing offer to buy 1500 btc at $1 per btc.

I may have to cut it to $.10 ten cents per. Wait - I mean $.05 five cents per. Hang on...

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Re: Bitcoin Update

#9 Unread postby eggs » Sun Dec 09, 2018 6:52 pm

My last prediction was wrong... but for reasons I didn't fully anticipate. Clearly the spot is market is deriving its price momentum and swings from Bitmex as of late.. the volume on Bitmex can't be denied. All the sharks moved to were the traders with coins were at.. Bitmex. Pretty powerful scenario for anyone with capital to play on Bitmex right now and force the rest to follow.. which right now is down.

BTC settled futures IS killing the BTC price and it will continue until the volume drys up on BTC settled futures.

The BitMEX platform's derivatives are especially harmful to unregulated markets as these futures are settled in asset (BTC) instead of fiat.

When a contract settles or is sold on a BTC settled futures platform, the winner gets BTC (both short and long winners get BTC). The spot (fiat) market controls the settlement price and cannot be bought up with BTC. It can ONLY be sold down with BTC.

In a normal market there would be competing long traders offsetting the short traders. These long traders would be attempting to manipulate the spot up and therefore profit from their futures contract longs. This cannot happen in a BTC settled futures market without massive outside cash reserves. There is no way for a long trader to make fiat in order to buy the spot market up, they can only make BTC. The manipulation process ONLY works to the downside on BitMEX BTC settled futures. Since BitMEX is far and away the most volume, there is no competition for the short manipulators.

The manipulation cycle works like this:

They shorted futures, then dumped their BTC on the spot market causing their short futures positions to be profitable

They then close some futures and are paid in BTC from the people who took the 'long' side of the contract.

They open more short futures contracts and then dump the BTC they just earned on the spot market Finex, Stamp, Coinbase causing the new short futures contracts to be profitable.



If the volume was dominated on spot exchanges or on fiat settled futures exchanges then long/short competition would be offset as there would be the long side trying to manipulate the price up on the spot exchanges by the same process described here. BitMEX owning the most volume and settling futures in BTC, results in a structural advantage to shorts. This results further in manipulation of the BTC price to the downside.

NASDAQ to Launch Bitoin Futures 2.0 in Early 2019 as well, people interpreted this as good news when it was announced, i'm indifferent. on one hand, any news is good news as far as buying confidence goes. On the other hand, this is very obviously a way for banks to manipulate the price of Bitcoin, and I have no idea what that means for it's future.

https://www.ccn.com/nasdaq-to-launch-bi ... arly-2019/


Also the Securities and Exchange Commission delayed making a decision on VanEck’s bitcoin ETF until Feb. 2019.... it's the third time this year they delayed the decision.

https://www.ccn.com/as-expected-sec-del ... bruary-27/

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Re: Bitcoin Update

#10 Unread postby luvs2spwg » Sun Dec 09, 2018 7:03 pm

In other words bitcoin's real value is zero

No money is worth anything unless it is backed by military force, this is elementary economics

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Re: Bitcoin Update

#11 Unread postby phlowersphan » Sun Dec 09, 2018 7:08 pm

I use ApplePay and PayPal

Explain why we need TardCoin
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Re: Bitcoin Update

#12 Unread postby eggs » Sun Dec 09, 2018 9:08 pm

luvs2spwg wrote:In other words bitcoin's real value is zero

No money is worth anything unless it is backed by military force, this is elementary economics



it's value is whatever people are willing to pay for it. that's elementary economics



whether you want to consider it a currency or a store of value or an investment is another whole other debate.


also the central bank hates bitcoin, because it's decentralized, no one "runs" bitcoin....but wall street has started working with the exchanges and investing in it by buying it up and allowing people to trade futures and short it, which is against their own best interests... unless their real interest is to try and keep the price down and discourage people from using it.

if the sec rules in favor of the ETF application, that would be very very good news and i would expect the price to rise quickly after. it's also going to halv again in 2020 and the 6 months leading up to each halving usually is heavy investing followed by a 1000 percnt rise a year later. it will be back up to $20,000 by the year 2021

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Re: Bitcoin Update

#13 Unread postby nateypoo » Sun Dec 09, 2018 9:26 pm

phlowersphan wrote:I use ApplePay and PayPal

Explain why we need TardCoin

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Re: Bitcoin Update

#14 Unread postby eggs » Sun Dec 09, 2018 9:41 pm

phlowersphan wrote:I use ApplePay and PayPal

Explain why we need TardCoin



how many business days does each take? 3-5?


ach bank transfers take like 10

plus the fees. minimum and maximum fund limits. the electronic paper trail of every penny.

it's preposterous in the year 2018 there's no main stream way to send funds securely, electronically and instantly....or anonymously for that matter ....(with or without a third party being involved). you practically have to send a DNA sample to verify a paypal account these days..

i imagine apple isn't any easier. also i do not own any apple products, so i would have no way of knowing. i can't use it lol.

bitcoin is that. and it's decentralized and unregulated and anonymous (kind of)... the federal reserve can't fuck it up no matter how hard they try lol...although like i said wall st. traders are trying their best with this futures bull shit. there's too much market capital for them to destroy it, it's become too large. they just want to manipulate it and create panic buying and selling bubbles.

..actual bubbles, created by market manipulation and FOMO... not the mike "everything that isn't at an all time high is a bubble" type lol (no offense mike).... which is a new concept that didn't exist until very recently. they'd very much like to kill it though.




(also how's that saying about why do people like gold so much...because of the smell...i forget how the saying actually goes. but the implication is that it has no smell. no taste...no paper trail. the government doesn't need to know about it exchanging ownership. same with bitcoin. it has no smell.)

when it boils down to it, bitcoin's value is decentralized and based solely on supply and demand. that's it. no inflation, no interest rate hikes, no 10-year bond yields, no quantitative easing, blah blah

speaking of gold and inflation, this should slightly terrify people:

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the fed has absolutely no idea what it is doing and it needs to be audited or this country and the rest of the world is going to be a in lot of trouble one day.it's unsustainable. very literally.


here's an article from 2016 using argentina as an example of how and why bitcoin is needed if a country's currency becomes debased due to inflation and bad monetary policy... which is ironic because two years after this was written argentina's peso became virtually worthless....just a few months ago. it's happening right now.

https://chicagounbound.uchicago.edu/cgi ... ram_papers

some people look at it from this perspective. other people look at it as a way to exchange money without the government knowing about it (and the guy who made that popular, ross ulbritch, is now in prison for life without parole because of it. he pissed off all the people in the world you should never ever piss off LOL)

others look at it as a way to invest their money like a stock based on all of the above... it's a bit risky and not for the faint of heart of panic traders.... as most stocks don't swing up and down a thousand percent in a week occasionally without warning lol.

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Re: Bitcoin Update

#15 Unread postby eggs » Sun Dec 09, 2018 10:02 pm

byw, try to spot on that graph:

when the federal reserve was created (1913)
when FDR outlawed private ownership of gold with that retarded executive order and literally stole all the gold in the country (1933)
and when nixon took the USD off the gold standard (1971)

(look what happens to the graph after each of those 3 events)

do you guys remember what a bunch of those original wikileaks cables were about back in 2011?

https://wikileaks.org/plusd/cables/09BEIJING1134_a.html

https://seekingalpha.com/article/418106 ... gold-cheap
https://www.zerohedge.com/news/wikileak ... ying-spree
https://www.economicvoice.com/wikileaks ... es-higher/

gold will always be king. think of bitcoin like gold's electronic retarded little brother that you can't actually hold (which is one ron paul's biggest criticism actually, that society will never completely adopt a currency they can't tangibly hold...but ron paul hates everything that isn't gold lol...he's not wrong i guess)

. if you have absolutely no use for bitcoin and think it's too volatile and risky to be worth your time investing in it, and paypal/applepay suit your needs just find, that's a perfectly valid criticism (there are countries in the world who don't have much of a choice at the moment though... they've tried adopting th USD instead via services liek paypal, but that has it's own problems, and the world is currently moving away from the USD as the standard...trump wants china to decouple for a bunch of reasons that are very complicated and i don't completely understand...but china would be the first of several) ,

however if you say "it doesn't exist" or "it's not real" then that's not a valid criticism. it's a retarded over-simplification and shows a complete lack of understanding of what bitcoin is, how it works, or how the US (and global) monetary system and policies work in the first place.

(i'm not talking about you sirmo)
mostly rondo
and that faggot who runs barstool and all his followers
and people who read cnn
and "nobel prize winning economist Paul "has never been right about anything ever, doesn't see anything at all wrong with keynesian economic policies, wants to kiss ben bernake on the mouth..... and also once called bitcoin evil, irrelevant and dead back in 2012 before the price rose from $3.00 to $20,000 over the next 5 years" Krugman

if someone like mike or phifer say "why do i ned this?" the answer is.. you don't. not now at least. maybe in 10 or 20 years..i dunno. i can't predict the future.
if someone like rondo, david portnoy or paul krugman say "it's not real" i want to pull my fucking hair out and slap them.

-------------
ps: the names rondo, david portnoy and paul krugman should never in a million years be used in the same sentence ever for any reason in a topic about economics in any universe that makes sense...and yet...here i am typing it LOL

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Re: Bitcoin Update

#16 Unread postby Mike16v » Sun Dec 09, 2018 10:34 pm

Uh, paypal and applepay are instant.
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Re: Bitcoin Update

#17 Unread postby Mike16v » Sun Dec 09, 2018 10:35 pm

Ach transfers (which many of my customers to use) is 24 hours, not 10 days, lol.

Come on eggs.
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Re: Bitcoin Update

#18 Unread postby phlowersphan » Sun Dec 09, 2018 11:59 pm

This “third party” you refer to is also known as “a bank”

I don’t mind that my bank takes a day to transfer the money. I’m sure the market will someday improve that to 12 hours, then 6
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Re: Bitcoin Update

#19 Unread postby eggs » Mon Dec 10, 2018 12:20 am

the last time i did an ACH transfer it was ironically was through coinbase to buy bitcoin hahaa, i swear i initiated the transfer on june 24th and it cleared on july 3rd

and the price was bouncing up and down from $200 to like $900 every other day and i was freaking the fuck out because it wasn't my money. i made a lot of angry emails and phone calls to all sorts of people in the meantime lol

that was an extreme example and not par for the course

but i learned all sorts of shit.. there's 4 types of transfers
Domestic Inter-bank Transfers
Domestic Intra-bank Transfers
International Inter-bank Transfers
International Intra-bank Transfers


but if they clear in 24 hours it's them posting the credit before the money actually cleared because of your stats as a client...usually it's not in the banks best interest to make the money move as fast as possible... they'd rather borrow it for a few business days. there's no money to be made in instant transfers. also i'm pretty sure anything over $10,000 has to be held for 5 business days..
there's a whole craigslist scheme that involves sending people cashier checks, claiming the check was for too much, so you send them like $500 of the $2,000 or whatever... you're up $1,500... it takes the bank a week to catch up and suddenly you owe the bank $2,000... it's been around for years. it all exploits the loopshole of them posting money as credit before it actually clears.

and i have no idea what international rules are..
but i know ach transfers involeve the Bank purchasing the the currency you are transferring into, if they do not posess that currency in reserve. They do so via their international FOREX traders and depending on the type of client you are to them (business or personal account or high net worth) they may put your request at the back of a priority list. and they go through in batches during business days. there's a lot of steps for money to get from point A to point B...

a lot of places not named paypal are based out of the uk and international currency exchanges are more common than you'd think...and in my experience you don't realize it until you've already initiated the transfer.

but even if it's a debit and it transfers in 24 hours, it's in their best interest to not release it that fast if they have an excuse to... interest free loans for any amount of time is how banks make money when they don't rely on fees.



but anyway, forget everything i just said lol

let's pretend all bank transfers are 24 hours in a perfect world in the not distant future

it's still 23 and a half hours longer than a bitcoin transfer

ps: fuck paypal. it's evil. i haven't used it in years and don't plan on it either.

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Re: Bitcoin Update

#20 Unread postby phlowersphan » Mon Dec 10, 2018 12:30 am

You’re not making a good argument that we need bitcoin
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