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OT: Bitcoins / Other Crypto Currencies for Dummies

Today's low of $6925 is holding. For now...

I find it very telling that fans tout this as "the next internet". As if you could buy stock in "internet" 35 years ago. 1500 different coins to choose from, with more being added every week. All you have to do is pick the correct coin.
 
ivan brunetti said:
Today's low of $6925 is holding. For now...

I find it very telling that fans tout this as "the next internet". As if you could buy stock in "internet" 35 years ago. 1500 different coins to choose from, with more being added every week. All you have to do is pick the correct coin.
Click to expand...

minor retrench on a triple down cycle cross-phased. Expect a J-curve to hit $50,000 eventually (or $1).....
 
In positive territory this morning. Low was $5950, and now at $7150. You could have made yourself a cool 20% in a few hours if you caught the low!
 
Are you guys on the Litecoin split?

If you hold LTC - you get 10 times in LTC Cash.

Good luck

 
I'm thinking of dumping BTC and putting everything into World of Warships Gold Doubloons........ good call?
 
RUfromSoCal? said:
where's that guy who wanted my BTC at $8,100? Asking for a friend.....
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Saw this thread pop up again, so I checked Bitcoin prices today: $5900. This thread was started less than 7 months ago, 2 days after Bitcoin had a high of $19,700. Losing 70% of value in 7 months is quite a bear.

I stand by my earlier assessment that Bitcoin is a lousy investment vehicle and a lousy currency.
 
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Upstream said:
Saw this thread pop up again, so I checked Bitcoin prices today: $5900. This thread was started less than 7 months ago, 2 days after Bitcoin had a high of $19,700. Losing 70% of value in 7 months is quite a bear.

I stand by my earlier assessment that Bitcoin is a lousy investment vehicle and a lousy currency.
Click to expand...

exactly!... that's why I'm so glad I dumped BTC and moved it all into Beanie Babies.... they haven't lost any value this year.....
 
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Upstream said:
Saw this thread pop up again, so I checked Bitcoin prices today: $5900. This thread was started less than 7 months ago, 2 days after Bitcoin had a high of $19,700. Losing 70% of value in 7 months is quite a bear.

I stand by my earlier assessment that Bitcoin is a lousy investment vehicle and a lousy currency.
Click to expand...
Glad I stayed out. You scarred me with that paying 20 times too much for a lap dance argument.
 
RutHut said:
Glad I stayed out. You scarred me with that paying 20 times too much for a lap dance argument.
Click to expand...

lolz........ i agree!! BTC is exactly like the champagne room-- except without any of the fun.... you enter with anticipation -- and leave broke and thoroughly disappointed...
 
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Upstream said:
Saw this thread pop up again, so I checked Bitcoin prices today: $5900. This thread was started less than 7 months ago, 2 days after Bitcoin had a high of $19,700. Losing 70% of value in 7 months is quite a bear.

I stand by my earlier assessment that Bitcoin is a lousy investment vehicle and a lousy currency.
Click to expand...

When dudes on a message board are talking about it, it's over.
 
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RUfromSoCal? said:
minor retrench on a triple down cycle cross-phased. Expect a J-curve to hit $50,000 eventually (or $1).....
Click to expand...



I have no idea what you said in your post (whether it was gibberish or genius)…but it sounded impressive!

BTW, I'm selling a new investment vehicle, The Rutgers Intercontinental Intergalactic Electronic Scarlet Squeegee and I'm sharing this unique investment opportunity with you, so you can share it with your family / friends...

MLM MO
PS I expect Madoff is laughing / drooling in between showering and isolated PE at this whole exercise.
 
Upstream said:
Saw this thread pop up again, so I checked Bitcoin prices today: $5900. This thread was started less than 7 months ago, 2 days after Bitcoin had a high of $19,700. Losing 70% of value in 7 months is quite a bear.

I stand by my earlier assessment that Bitcoin is a lousy investment vehicle and a lousy currency.
Click to expand...


Computer video card prices are coming back to earth so the miners are chilling. Alas BTC has crashed and burned drastically before. Extreme volatility is built-in.

I never liked BTC, but mostly because the pioneers take the arrows. Who remembers MySpace was the monster social site before Facebook? MySpace scared and provoked all sorts of people including Congress. Facebook easily moved-in after MySpace was nothing but charred remains. BTC will get pummeled and other cryptos run by the more usual suspects will roll on
 
Upstream said:
Not true at all. Although I track the value of my stocks in US Dollars, I could just as easily track the value (and buy/sell) in Euros, or Canadian Dollars, or any other currency I choose. When I own $1000 of IBM, I own a share of IBM, not currency. Do you think people in Toronto or Paris track their stock in US Dollars instead of their local currency.
Click to expand...

Stocks are issued in a currency of the exchange on which they are listed. If you purchase in a foreign country you can buy an ADR on the local exchange in your own currency.
 
RutgersMO said:
Haven't been following the Bitcoin explosion (SEC closed down trading till after New Year).

Questions:
1. How will people trade these items....e.g. if the Coin? is worth approximately $20,000 how do you negotiate it for a transaction in the $20-100 range (i.e. will someone give you $19,900 change?)?
2. Why do we need a Bitcoin...if the transaction seems to be entirely electronic? What's to stop hackers / scammers from stealing $$ from your account?
3. Why do we need it? It seems like the Dark Web, Drug Dealers, Terrorists and others who value PRIVACY want it...and now some Tech Companies (are they in a Cabal with the Dealers / Terrorists??) but I don't care about that? What's the value of having a Bitcoin or Bitcoin account vs. currency, CD's, MM's, Checks, Credit Cards etc?
4. WTF is a Bitcoin anyway: it was being hawked about 2 - 3 years ago by Ron Paul-I'm not a fan)?
5. Is there a protection against THE BUBBLE? What if the Bitcoin...BITES The BIG ONE?
I.e. Is this an MLM ... or scheme that Madoff created to get back at society for putting him away?

Just wondering...

MO
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Bit coin is really for criminals who are looking for a digital version of cash so transactions can't be followed and libertarians with a poor understanding of macroeconomics. You'll be able to spot the libertarians by their use of the term fiat currency as a pejorative.
 
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Kodiak Bear said:
Bit coin is really for criminals who are looking for a digital version of cash so transactions can't be followed and libertarians with a poor understanding of macroeconomics. You'll be able to spot the libertarians by their use of the term fiat currency as a pejorative.
Click to expand...


Yes...I sort of got there when I started this thread lo these many months ago!

MO
 
Strange, I would never expected anything like this in an unregulated, totally opaque market like cryto.....

Traders Are Talking Up Cryptocurrencies, Then Dumping Them, Costing Others Millions
‘Pump groups’ fuel millions in trading activity, with price rises followed by quick falls
By Shane Shifflett and Paul Vigna
Published Aug. 5, 2018 at 9:00 a.m. ET
Dozens of trading groups are manipulating the price of cryptocurrencies on some of the largest online exchanges, generating at least $825 million in trading activity over the past six months—and hundreds of millions in losses for those caught on the wrong side, according to a Wall Street Journal analysis.

In a review of trading data and online communications among traders between January and the end of July, the Journal identified 175 “pump and dump” schemes involving 121 different digital coins, which show a sudden rise in price and an equally sudden fall minutes later.....

https://www.wsj.com/graphics/cryptocurrency-schemes-generate-big-coin/

(u may need a subscription to read full article.....)
 
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RUfromSoCal? said:
never expected anything like this is an unregulated, totally opaque market like cryto.....

Traders Are Talking Up Cryptocurrencies, Then Dumping Them, Costing Others Millions
‘Pump groups’ fuel millions in trading activity, with price rises followed by quick falls
By Shane Shifflett and Paul Vigna
Published Aug. 5, 2018 at 9:00 a.m. ET
Dozens of trading groups are manipulating the price of cryptocurrencies on some of the largest online exchanges, generating at least $825 million in trading activity over the past six months—and hundreds of millions in losses for those caught on the wrong side, according to a Wall Street Journal analysis.

In a review of trading data and online communications among traders between January and the end of July, the Journal identified 175 “pump and dump” schemes involving 121 different digital coins, which show a sudden rise in price and an equally sudden fall minutes later.....

https://www.wsj.com/graphics/cryptocurrency-schemes-generate-big-coin/

(u may need a subscription to read full article.....)
Click to expand...
That's a pretty interesting fraud scheme, and a little different that traditional stock pump-and-dump schemes. Here the losers are people who know they're participating in a pump-and-dump scheme and are hoping to take advantage of others, but end up losing because they're too slow on the sell, or mistiming the peak. The only certain winners are the people planning the pump-and-dump, because they're the only ones who know in advance which coin will be pumped. So they can buy that coin weeks in advance and only have to worry about timing the dump when the pump-and-dump is advanced.

What I can't figure out is why anyone would willingly participate knowing that the entire scheme only lasts a minute or two, and an internet latency glitch can wipe out your investment.
 
Upstream said:
That's a pretty interesting fraud scheme, and a little different that traditional stock pump-and-dump schemes. Here the losers are people who know they're participating in a pump-and-dump scheme and are hoping to take advantage of others, but end up losing because they're too slow on the sell, or mistiming the peak. The only certain winners are the people planning the pump-and-dump, because they're the only ones who know in advance which coin will be pumped. So they can buy that coin weeks in advance and only have to worry about timing the dump when the pump-and-dump is advanced.

What I can't figure out is why anyone would willingly participate knowing that the entire scheme only lasts a minute or two, and an internet latency glitch can wipe out your investment.
Click to expand...
Automated trading algorithms and unsophisticated retail investors can't help but jump on the upward trend.
 
RUfromSoCal? said:
Strange, I would never expected anything like this in an unregulated, totally opaque market like cryto.....

Traders Are Talking Up Cryptocurrencies, Then Dumping Them, Costing Others Millions
‘Pump groups’ fuel millions in trading activity, with price rises followed by quick falls
By Shane Shifflett and Paul Vigna
Published Aug. 5, 2018 at 9:00 a.m. ET
Dozens of trading groups are manipulating the price of cryptocurrencies on some of the largest online exchanges, generating at least $825 million in trading activity over the past six months—and hundreds of millions in losses for those caught on the wrong side, according to a Wall Street Journal analysis.

In a review of trading data and online communications among traders between January and the end of July, the Journal identified 175 “pump and dump” schemes involving 121 different digital coins, which show a sudden rise in price and an equally sudden fall minutes later.....

https://www.wsj.com/graphics/cryptocurrency-schemes-generate-big-coin/

(u may need a subscription to read full article.....)
Click to expand...
And you dont think the stock market is a pump and dump scam theres a reason why W Buffet is a billionaire.
 
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greenknight said:
And you dont think the stock market is a pump and dump scam theres a reason why W Buffet is a billionaire.
Click to expand...

of course there are..... but, at least I know there is a multi-billion dollar federal/state/international disclosure and regulatory structure that helps provide (at least a modicum) oversight.... and yet, fraud is still rampant...


Crypto I have to rely on a couple internet message boards and some guy in Estonia named Serge....
 
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Still dropping, down to $3,370. Interesting chart below. Not pretty.

0
 
Upstream said:
How the hell is bitcoin priced at $3370? Who in their right mind would pay $3370 for a bitcoin?
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You could have bought bitcoin at $3370 about a year and a half ago and if you sold it after 6 months, you would have made earnings of 583%. Of course if you held onto it until now, you would have gained nothing at this point though.
 
robcac26 said:
You could have bought bitcoin at $3370 about a year and a half ago and if you sold it after 6 months, you would have made earnings of 583%. Of course if you held onto it until now, you would have gained nothing at this point though.
Click to expand...
I could have bought a tulip bulb in 1635 for the equivalent of $10 and sold it for the equivalent of $1000 in 1636. By 1638, the bulb was worth less than 1 cent. Today, you can buy 25 tulip bulbs on Amazon for $2.50.

At least with tulip bulbs, you get flowers.
 
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Its early in the game boys..liken it to the internet when that 1st came out...it was going to fail it was a fad. It now controls the world

This will dwarf the internet
 
Postman_1 said:
Here is some good info on Iota. Ive been into this for a while. Its one of the only cryptos out there that has a real use. The have some big participants in there Data Marketplace and just this week Bosh Venture Capital invested in them. So many other coins out there are just BS coins that have major flaws. Iota is IMO the way to go


View embedded media
Click to expand...

Only down 94%. “The way to go”? :flushed:
 
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greenknight said:
Its early in the game boys..liken it to the internet when that 1st came out...it was going to fail it was a fad. It now controls the world

This will dwarf the internet
Click to expand...

So are you trying to pump this up to recover losses? You have a previous post in this thread where you post specifics about one of your purchases. Well that investment is down significantly. Most, if not all, of these currencies have little or no value; except for criminals that can use it. The internet is nothing like cryptocurrency. There is nothing like the internet. We already have a currency, and it works fine. It’s embarrassing that I have to watch Brian Kelly and Tom Lee on CNBC, for 9 months, keep making excuses why crypto is down. But they keep pushing it as a great investment. Scores of people have lost a fortune on this. As noted above $422 billion, gone. People have lost thier homes believing in this.
 
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I put last years tax return and bonus into Litecoin for 10K and will HODL till the end. I kissed the money good bye - it was a bet but will ride it out till the end.

I mean the only people left are the HODL's and market riggers - when capitulation happens it will go back up. imo
 
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Not at all. It is the Future I"m very comfortable with my holdings. Infrastructure highway is beiing built
 
RU in IM said:
So are you trying to pump this up to recover losses? You have a previous post in this thread where you post specifics about one of your purchases. Well that investment is down significantly. Most, if not all, of these currencies have little or no value; except for criminals that can use it. The internet is nothing like cryptocurrency. There is nothing like the internet. We already have a currency, and it works fine. It’s embarrassing that I have to watch Brian Kelly and Tom Lee on CNBC, for 9 months, keep making excuses why crypto is down. But they keep pushing it as a great investment. Scores of people have lost a fortune on this. As noted above $422 billion, gone. People have lost thier homes believing in this.
Click to expand...
FYI not trying to change your position could care less. But our monetary system is not fine and does not work just fine. The way money is handled is Archaic. Out with the old in with the new. Is case you did not know Ohio now accepts BTC as a method of payment for business taxes. I could go on and on but not worth my typing
Cash as we know it will be gone in 20-25 yrs
BTW our monetary system works so great that many many places do mot accept $50 or $100 bills arent they government back
 
RU in IM said:
So are you trying to pump this up to recover losses? You have a previous post in this thread where you post specifics about one of your purchases. Well that investment is down significantly. Most, if not all, of these currencies have little or no value; except for criminals that can use it. The internet is nothing like cryptocurrency. There is nothing like the internet. We already have a currency, and it works fine. It’s embarrassing that I have to watch Brian Kelly and Tom Lee on CNBC, for 9 months, keep making excuses why crypto is down. But they keep pushing it as a great investment. Scores of people have lost a fortune on this. As noted above $422 billion, gone. People have lost thier homes believing in this.
Click to expand...
Also to add there are thousands of scam coins out there but you might want to check history.....The DOT COMS also had thousands of scam companies so to speak out there that Billions were lost on...but from the Ashes came Amazon, Ebay, Google, Facebook etc its all the same just a different product offering.
 
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