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Topic Starter Topic: Re: Bitcoin is tumbling

Truffle Shuffle
Truffle Shuffle
Joined: 08 May 2002
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PostPosted: 01-18-2018 08:21 PM           Profile Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
losCHUNK wrote:
Blyth is pretty good, started watching his shit a little while back.

Maybe you could explain where he's wrong ?, he's basically saying the price is over inflated due to a lack of supply to demand, demand is high due to people wanting to get on the gravy train with the majority of people jus sitting on their coins, which is nothing new. So it's a bubble that will collapse if people start trading, like when the price gets to the point that demand drops and people shift their coins. This sort of thing caused the banking crash :smirk:



Pretty much every single point he made is incorrect. Just because it's complicated doesn't mean it isn't money, is it a store of value? Well yes, you buy bitcoin which has value if you sell bitcoin. It's volatility doesn't dismiss that fact and if we're really talking about how volatile it is then how about mentioning how it's steadily been increasing in value since its inception. Sure it's volatile, in the best possible way for early adopters. It's used to buy goods and services and the technology behind it is thus far fairly robust and hasn't been cracked which is really the key here.

As far as everyone hording coins, sure, people are doing that which just drives the price up which is a good thing. The higher the price of bitcoin the better off it'll be as it'll get harder and harder to manipulate by buying large amounts with fiat currency. However, assuming everyone does that is erroneous. Many people exchange bitcoins for goods and services. Some of the main hurdles are introducing it into the mainstream as a currency, right now, there's millions of people, mostly nerdy types, that deal with bitcoin and look at what its worth. Imagine the explosion in value once this is easy for anyone to use like an interact card is today. Back when interact started, people thought it was stupid, who wants to use a plastic card when you can use cold hard cash? It's the same ignorant attitude with a different new concept, almost like people don't like change... until they do.

Then there's his idiotic quip about the technology being useless when it's obviously not. He's fucking clueless when it comes to bitcoin. If anything, he's just pandering to idiots listening to his show.

EDIT: Also, a lot of people saying bitcoin isn't a currency are rich fucks that don't want it to be because it's a threat to their fortunes. Think about that.


He didn't say it was complicated so it isn't currency, he was basically saying if someone explains why they should accept this form of payment it becomes difficult to trade, especially without the facilities or ease. The volatility also makes it non currency, you can't trade with an unstable 'currency', people won't touch something that can change by 50% (up or down) of its value in 1 month because no one can predict it especially if there isn't a legal tender that it can be traded for (in a world of only Bitcoin), something that's £1 today could be £2 tomorrow and fuck knows how I'd keep track of my wages (without getting into exposure and hedging). If they're using it for storage its for investment. Hoarding in large volumes is also bad as if the 'goods' started moving demand for it would drop. All those things makes Bitcoin non liquid. When he was talking about the techno quip I assume you are referring to blockchain ?, which I assumed he was talking about its verification process.

It doesn't really matter if its getting moved around by nerds or drug dealers, or if it's secure, it's like trading stock bonds. An investment.

fiat will be backed by banks and government, being regulated by the economic environment. Other currencies (like gold) is backed by intrinsic value, Bitcoin doesn't have that, it has an assigned cost by the market without any value.

Rich fucks are in the position to capitilise on Bitcoin too.



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Etile
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PostPosted: 01-19-2018 09:41 AM           Profile Send private message  E-mail  Edit post Reply with quote


fucking text wall :alert:




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Kempston Joy
Kempston Joy
Joined: 11 Aug 2000
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PostPosted: 01-19-2018 09:43 AM           Profile   Send private message  E-mail  Edit post Reply with quote


lol. facts are it's still a good investment. move on.




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Truffle Shuffle
Truffle Shuffle
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PostPosted: 01-19-2018 09:47 AM           Profile Send private message  E-mail  Edit post Reply with quote


Did say ill be back, but tldr crypto isnt liquid ;).

But aye as an investment its worth a punt, low risk high reward, just dont put anything into it that you cant afford to lose, cos cliffedge.



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Last edited by losCHUNK on 01-19-2018 09:50 AM, edited 1 time in total.

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Kempston Joy
Kempston Joy
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PostPosted: 01-19-2018 09:49 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Thanks Gandalf




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Truffle Shuffle
Truffle Shuffle
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PostPosted: 01-19-2018 09:51 AM           Profile Send private message  E-mail  Edit post Reply with quote


No probs frodo. Should clear up the currenxy confusion :up:



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Canadian Shaft
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PostPosted: 01-19-2018 01:21 PM           Profile Send private message  E-mail  Edit post Reply with quote


People when will you learn to not argue with Kracus? He dumb.




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Kempston Joy
Kempston Joy
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PostPosted: 01-20-2018 07:04 AM           Profile   Send private message  E-mail  Edit post Reply with quote


it went up £1k overnight.




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Truffle Shuffle
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PostPosted: 01-20-2018 10:44 PM           Profile Send private message  E-mail  Edit post Reply with quote


And its lost it again :olo:

This fucking game man



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Bück Dich
Bück Dich
Joined: 21 Oct 2003
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PostPosted: 04-17-2018 09:52 PM           Profile Send private message  E-mail  Edit post Reply with quote


So how much did you lose so far?



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Lead Pipe Mafia
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PostPosted: 04-18-2018 03:44 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I bought in when it was 9k and I sold a bunch when it was over 20. Even if it drops to 0.01 I'm still up no matter what at this point but I'm still holding onto some coins. I suspect by December of this year you'll see another climb into the 20k+ realm but it'll probably stick there this time.




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Lead Pipe Mafia
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PostPosted: 07-05-2019 07:41 AM           Profile   Send private message  E-mail  Edit post Reply with quote


11,000$ ATM If you bought when it was down to 2k 6 months ago you're laughing now. Expect it to go back to 20k (bad time to buy right now though)




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Digital Nausea
Digital Nausea
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PostPosted: 07-05-2019 07:54 AM           Profile   Send private message  E-mail  Edit post Reply with quote


If you expect it to go to 20k, why is now a bad time to buy?




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Digital Nausea
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PostPosted: 07-05-2019 07:56 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Also, it hasn’t hit 2000 since 2017...




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Lead Pipe Mafia
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PostPosted: 07-05-2019 09:07 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Yeah you're right, it was near 2k though around 6 months ago I recall seeing. I shoulda bought some then cause I knew it was going to go back up. I think going forward I'll be buying it up at 6k and under.




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redline
redline
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PostPosted: 07-06-2019 03:07 PM           Profile Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
Yeah you're right, it was near 2k though around 6 months ago I recall seeing. I shoulda bought some then cause I knew it was going to go back up. I think going forward I'll be buying it up at 6k and under.

It's easy to play captain retrospect with trading. Make a decision and follow through :up:




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Lead Pipe Mafia
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PostPosted: 01-21-2021 04:45 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Been making a tidy profit as of late... Despite how long it's been out there's still enough skepticism and fear out there to classify this as new technology. New ideas and applications are being built every day in the crypto world. It's probably going to be going downhill soon though until summer/fall but 2023 around December is going to be big.




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Cool #9
Cool #9
Joined: 01 Dec 2000
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PostPosted: 01-21-2021 05:45 AM           Profile   Send private message  E-mail  Edit post Reply with quote


It's at like 30 grand now, right?

My colleague showed his empty bitcoin wallet which used to contain 1.2 bitcoin or something like that, which he sold for $300 or so believing that's as high as it would go.




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Lead Pipe Mafia
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PostPosted: 01-21-2021 05:50 AM           Profile   Send private message  E-mail  Edit post Reply with quote


It went up to 50k CDN at one point here.




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Lead Pipe Mafia
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PostPosted: 02-04-2021 09:36 AM           Profile   Send private message  E-mail  Edit post Reply with quote


So.... Yeah I've been heavily adding to my etherum holdings over starting directly after the January dump. Sold it yesterday for some substantial profits and bought more today. This isn't financial advice, don't spend money you're not willing to lose but jesus christ this is like printing money. Went from 1250$ to 1650$ in 2 weeks, kinda wish I had put more into it. I've also been looking into developing apps with Ethereum and the technology behind it is extremely promising. Like, 1600$ is wildly undervalued for it, I wouldn't be surprised to see Ethereum surpass bitcoin in the future.




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Digital Nausea
Digital Nausea
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PostPosted: 02-04-2021 09:42 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I bought XRP and IOTA back in late 2017. Bought it on Binance and hadn’t touched it since then. With all that’s been going on, I thought I might want to move some around and do some converting or trading. So I went to log into Binance and they said they no longer allow USA citizens to access the exchange. My crypto was just stuck in there. So last night I VPNed from Amsterdam and pulled all my coins out of there. Ended up just signing up with Binance.US and dumping it all into Etherum. I’ll keep it there until I see another opportunity to jump on...




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Lead Pipe Mafia
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PostPosted: 02-04-2021 09:52 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Well that certainly sucks, I use coinbase pro, different than coinbase. I have looked at other exchanges though as I'd like one that I can short too as I don't do that currently, and can't on coinbase pro.

I've never been a fan of XRP and the recent lawsuits surrounding it has not helped my frame of mind on that particular crypto.

Crypto's I avoid at all costs.

BCH
XRP
MANA

I just don't trust those or any crypto that seems centrally controlled. I mostly deal with the following.

BTC
ETH
UNI
BAT
CVC
USDC (this is my stable coin of choice)

I HAD been trading with a dozen more in the past but I've reduced the number of cryptos I trade with due to the difficulty of knowing when a trade is profitable when you can't measure it directly against the USD... It's kinda tricky to explain but some cryptos can only be bought with BTC so if BTC is going down in price it looks like I'm losing money when comparing it to the USD even when sometimes the trade isn't neccessarily bad. Since then I've been pretty strict about trading only with currencies that trade against the USDC because it's value is in parity with the USD at all times.

I'm always reading up on crypto news too so I generally know which ones to avoid when I read about scams and whatnot surrounding certain coins. Other coins worth checking out:

COMP
ALGO
XLM
LTC

So COMP and ALGO have staking options too that generate more of that particular crypto along with an interest rate increase compounding your return in exchange for staking which lets them have liquidity to lend crypto which they also earn interest on. Pretty interesting stuff.

We're at a point now where crypto can be likened to the internet in the late 90's. It's become a technology most people have heard of but that few people use.




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Aneurysm
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PostPosted: 02-04-2021 11:30 PM           Profile   Send private message  E-mail  Edit post Reply with quote


Check out ADA.




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Who's that man, Mommy?
Who's that man, Mommy?
Joined: 27 Aug 2003
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PostPosted: 02-05-2021 02:38 AM           Profile Send private message  E-mail  Edit post Reply with quote


Κracus wrote:
From 1250$ to 1650$ in 2 weeks, kinda wish I had put more into it.


So you made 400$?

How many hours did you spend on this?




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Aneurysm
Aneurysm
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PostPosted: 02-05-2021 04:16 AM           Profile   Send private message  E-mail  Edit post Reply with quote


That’s the price of Ethereum. He means a 25% increase on investment.




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Lead Pipe Mafia
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PostPosted: 02-05-2021 05:03 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Pext wrote:
Κracus wrote:
From 1250$ to 1650$ in 2 weeks, kinda wish I had put more into it.


So you made 400$?

How many hours did you spend on this?


For ETH not much as I've been holding ETH since 2017. I trade every day though while I do other things, pretty much in between races on GTAV or matches in Apex I look at candlestick charts to see what look profitable. Trades will take anywhere from 10 - 15 minutes all the way to a full day to complete. Sometimes I lose but I try to be patient and I generally aim for 2% profit with 1% risk. It's not unusual to get 6 to 10% though. On average I do about 4 trades a day and I'm kinda aiming for a consistent profit of 300$ a day. If I achieve that, and I'm a long way off, I might consider leaving my job to do this full time.

edit: by not much I meant the time i took me. I could sell my ETH right now and pay off my motorbike if I wanted to...




Last edited by Κracus on 02-05-2021 05:11 AM, edited 1 time in total.

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Lead Pipe Mafia
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PostPosted: 02-05-2021 05:09 AM           Profile   Send private message  E-mail  Edit post Reply with quote


shaft wrote:
Check out ADA.


Yeah I have, there's a lot of crypto's that look super interesting like Polkadot, ADA and others. I'm currently experimenting though and I will only trade with coins that go directly against the USDC and I'm only trading on coinbase so I can only trade coins that they allow on that platform. Trading against the USDC though has thus far made it very easy to always profit. Could just be that the market is bullish though.




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Lead Pipe Mafia
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PostPosted: 02-05-2021 07:05 AM           Profile   Send private message  E-mail  Edit post Reply with quote


It's pretty funny reading through this thread again and all the posts of people laughing at me. Also, I railed against XRP/Ripple WAY back in the day, I knew that currency was trouble way before it became mainstream news. In fact, I made so many accurate predictions it's kinda ridiculous. Am I bitcoin jesus? :p




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Lead Pipe Mafia
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PostPosted: 02-05-2021 07:29 AM           Profile   Send private message  E-mail  Edit post Reply with quote


LawL wrote:
Κracus wrote:
Yeah making money IS hilarious.


That's why I'm laughing and you're not.


This comment is from 2014. lawl got destroyed so hard it registered on the richter scale.




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Kempston Joy
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PostPosted: 02-05-2021 07:38 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Κracus wrote:

For ETH not much as I've been holding ETH since 2017. I trade every day though while I do other things, pretty much in between races on GTAV or matches in Apex I look at candlestick charts to see what look profitable.


I'm not trolling you but don't you have kids? (sure you did). Where do you find the time to play so much xbox, work and trade?




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Lead Pipe Mafia
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PostPosted: 02-05-2021 07:49 AM           Profile   Send private message  E-mail  Edit post Reply with quote


My oldest is now a teenager and my youngest is turning 11 on Monday. Yeah... it's been that long since I posted a picture of my oldest son on this forum. You generally won't see me playing xbox during the day as I'm at work, got that job promotion I applied for btw, I'm a sysadmin for a, not ironically, consumer financial regulations board, basically a private corporation that became a crown owned company. I don't just play video games though although I definitely play a lot, often with my kids as I have several xbox's setup in my house but it's by no means all I do. I'm often out on my motorbikes or working on them and have some friends I hang out with up-town although I haven't been doing that as of late since covid. Like said, trading is something I do in between matches of apex or races. I have a laptop open in front of me while I game on my flat screen and I just peruse the market and buy when I see certain conditions. Some days I make no trades at all and trading is actually something new I've been doing. I didn't really trade before, I mainly bought and held the coins.




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Lead Pipe Mafia
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PostPosted: 02-05-2021 07:52 AM           Profile   Send private message  E-mail  Edit post Reply with quote


BTW if anyone is interested in trading I highly recommend using this web site.

https://www.tradingview.com/




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Kempston Joy
Kempston Joy
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PostPosted: 02-05-2021 07:56 AM           Profile   Send private message  E-mail  Edit post Reply with quote


ah, i had it in my head they were young for some reason. Going to wait for the next crash then put some spare down.

What's Coinbase like?




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Lead Pipe Mafia
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PostPosted: 02-05-2021 08:06 AM           Profile   Send private message  E-mail  Edit post Reply with quote


I like it, seems safe and secure however their support is absolutely horrid. My advice is if you add a second layer of security, which might not be optional anymore, make sure you keep that shit up to date yourself. Don't rely on their support to fix it for you if you switch phone numbers for example, get that shit sorted before you do something like that.

Also, coinbase and coinbase pro are vastly different. For trading, definitely use Coinbase Pro. In fact, beyond the purchasing of crypto's you probably shouldn't store your crypto on the coinbase site although I'm guilty of doing that and actually still have a fair amount of coins on there. You can transfer coins from coinbase to coinbase pro for 0 fees though and trading on coinbase pro is chepaer because they have much lower fee's. Especially once your trading volume exceeds 10,000$ which may sound like a big number but can be reached pretty easily, I'm currently in that bracket and likely will stay there until I hit 50k at which point I'll get even cheaper rates. They charge 0.5% for transactions, 0.35% at 10k and it just gets cheaper from there, that 0.15% is huge though, it makes it far easier to make small profits on trades that aren't going anywhere which is nice. Also, if you sign up on coinbase you can watch these videos that'll earn you free crypto, they're pretty short and well worth doing when you're not busy.




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Lead Pipe Mafia
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PostPosted: 02-05-2021 08:13 AM           Profile   Send private message  E-mail  Edit post Reply with quote


Also, in regards to a crash, ETH right now is hitting an all time high... It's tricky to predict a crash because when you hit that ATH there's few sellers above those prices which causes the value of it to soar. I would not be surprised to see ETH worth more than bitcoin in the near future, there is just so much potential with it. It might never get back to the prices you see today. Bitcoin however... I'm not sure. It could keep rising, because it's so institutionally adopted at this point it might always remain at a high value and if that happens then it'll only get higher as it's availability dwindles.

Of course with dinosaurs like Janet Yellen in power in the US it could come crashing down because those people are inherently against these technologies but it's a genie they've already released and good luck putting that back in the bottle but it might make the price drop... maybe.




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