[ARCHIVED THREAD] - BREAKING: Bitcoin falls to $7,365 on 2/5 (Page 27 of 30)
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What makes you think there is going to be an upswing? Since it isn't backed by anything, I would doubt any kind of swing. Economic drivers cause switches between backed markets, but this is different. It wasn't like some economic condition forced investors to move to oil or bonds, the only thing it has was confidence and now that is gone. Quoted:
Quoted: The question you should be asking, is what's the Downside. You could sell now, and re-buy it on the upswing. What are the transaction costs? I'm here to learn. Human nature is endlessly fascinating, and if I can use that interest to make some money, I aim to do so. I'm a buyer at sub $1000, maybe. |
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I know a guy who bought all of the WorldCom stock he could and urged his grown children to do the same when WorldCom stock was at $0.25 per share. He said, "Even if they liquidate the WorldCom assets, it will be worth more than 25 cents per share." It went to $0.00 and he is no longer considered a financial wizard in his family. I'm not either, and I have no dog in the race, but I think Bitcoin could go all the way down to $0.00. What's to stop it? But I recall having this world.com long distance calling card I prepaid for around early 2000s May have been 2002-2005 or so. It was original purchased long distance calling card to use my home phone to make LD calls and the such as LD cell phone rates at the time were not free like they are now Anyway ... I used this thing for a month or so whatever its time frame was ( like a prepaid Visa card - had a specific balance ) Fast forward a few months and I just out of curiosity try to use the card again - basically just enter a numerical sequence before dialing the number ( easy to use ) It worked every time I tried to use it for a year or so. Now I did not abuse it by calling Madrid Spain or Brazil or Russia and talking for endless hours, but I did make a handful of free calls over a year or so time frame until one day the numbers code failed to ever work again |
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I know a guy who bought all of the WorldCom stock he could and urged his grown children to do the same when WorldCom stock was at $0.25 per share. He said, "Even if they liquidate the WorldCom assets, it will be worth more than 25 cents per share." It went to $0.00 and he is no longer considered a financial wizard in his family. I'm not either, and I have no dog in the race, but I think Bitcoin could go all the way down to $0.00. What's to stop it? |
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that site is crazy 
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that site is crazy |
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Such as what? A year ago when BTC broke $1k the darknet drug trade was still booming and they were all using BTC. At $700ish Ethereum and another coin were just beginning to be used in some markets which created a huge boom for them. I don't know what the darknet markets have been doing for the past year but if those markets have moved on and BTC isn't integral to the illicit drug trade any more its value should have fallen even more than I expected it to after CA and several other states legalized. As you know it did not drop and there really hasn't been anything to give it additional inherent value since. Amazon and none of the other big retailers that were rumored to begin accepting it never did. Quoted:
Quoted: I quit reading after you mentioned illicit drug trade. That hasn’t been the case for a while. There are much better options being used. I don't know what the darknet markets have been doing for the past year but if those markets have moved on and BTC isn't integral to the illicit drug trade any more its value should have fallen even more than I expected it to after CA and several other states legalized. As you know it did not drop and there really hasn't been anything to give it additional inherent value since. Amazon and none of the other big retailers that were rumored to begin accepting it never did. |
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Quoted: Lots of tiny buys, and then you get real big sells. Smart money is abandoning ship, new money is buying in. |
| At this point I would sell everything and wait. |
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I know a guy who bought all of the WorldCom stock he could and urged his grown children to do the same when WorldCom stock was at $0.25 per share. He said, "Even if they liquidate the WorldCom assets, it will be worth more than 25 cents per share." It went to $0.00 and he is no longer considered a financial wizard in his family. I'm not either, and I have no dog in the race, but I think Bitcoin could go all the way down to $0.00. What's to stop it? during the dotcom heyday i knew noc techs worth several million dollars on paper. the bitcoin mania is very similar in feel to the dotcom meltdown. folks in love, fascinated by a new technology who mortgage their homes to get in on the ground floor only to have the hold shebang crash. |
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I'm not sure you should say it had "Confidence". The bubble was fueled by simple human greed. "Bigger fool theory". I'm here to learn. Human nature is endlessly fascinating, and if I can use that interest to make some money, I aim to do so. I'm a buyer at sub $1000, maybe. Quoted:
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Quoted: The question you should be asking, is what's the Downside. You could sell now, and re-buy it on the upswing. What are the transaction costs? I'm here to learn. Human nature is endlessly fascinating, and if I can use that interest to make some money, I aim to do so. I'm a buyer at sub $1000, maybe. What makes bitcoin valuable, the consumers confidence that it will be worth as a currency will increase in the future. That is all it has. If nothing else, Oil, gold, wheat all have physical practical value. It will never be worth $0. Stocks yes can go to zip, but you are still part owner of a company. You get dividends. Crypto is worse than actual money, at least money is worth the paper its printed on, even if for using as toilet paper. |
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Both chairmen co-authored an article on the subject in the Wall Street Journal recently.
Definitely worth a read. |
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Quoted: Primarily, Monero when security is a concern. I was interested in buying Ethereum and Monero when they were first added to some of the markets in hopes of catching the next BTC but after signing up for AlphaBay which was supposed to be the biggest market at the time(gone now) only a small fraction of the vendors accepted anything other than BTC so I decided against buying them. Things might have changed seeing as I don't even know what the top markets are any more but it still doesn't change the fact that BTC did not fall when it should have. Its use in illicit drug trade was one of its practical values. A lower demand due to legal drugs and a move to another coin should have had a huge impact on its value and that never happened. |
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Quoted: Look at it this way futures such as oil, oj, gold, wheat all are driven by real economic factors. Stocks, same way, driven by companies economic factors, performance of service, products,what not. What makes bitcoin valuable, the consumers confidence that it will be worth as a currency will increase in the future. That is all it has. If nothing else, Oil, gold, wheat all have physical practical value. It will never be worth $0. Stocks yes can go to zip, but you are still part owner of a company. You get dividends. Crypto is worse than actual money, at least money is worth the paper its printed on, even if for using as toilet paper. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. |
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Monero was the "and another coin" I was referencing. Couldn't recall its name when posting. Have the major darknet vendors started accepting it exclusively? I read that some markets that only accept it exist but the last time I checked all of the major markets and vendors on those markets primarily or exclusively used BTC. This is dated information though as I don't even know what the top markets are any more though. I was interested in buying Ethereum and Monero when they were first added to some of the markets in hopes of catching the next BTC but after signing up for AlphaBay which was supposed to be the biggest market at the time(gone now) only a small fraction of the vendors accepted anything other than BTC so I decided against buying them. Things might have changed seeing as I don't even know what the top markets are any more but it still doesn't change the fact that BTC did not fall when it should have. Its use in illicit drug trade was one of its practical values. A lower demand due to legal drugs and a move to another coin should have had a huge impact on its value and that never happened. Quoted:
Quoted: Primarily, Monero when security is a concern. I was interested in buying Ethereum and Monero when they were first added to some of the markets in hopes of catching the next BTC but after signing up for AlphaBay which was supposed to be the biggest market at the time(gone now) only a small fraction of the vendors accepted anything other than BTC so I decided against buying them. Things might have changed seeing as I don't even know what the top markets are any more but it still doesn't change the fact that BTC did not fall when it should have. Its use in illicit drug trade was one of its practical values. A lower demand due to legal drugs and a move to another coin should have had a huge impact on its value and that never happened. Litecoin is also preferred (lacks Monero’s security, but has high liquidity/low costs/speed without the BTC spotlight) |
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Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. |
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Quoted: The move away from BTC was caused by both higher transaction fees/slow network and the spotlight. Litecoin is also preferred (lacks Monero’s security, but has high liquidity/low costs/speed without the BTC spotlight) |
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You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. Quoted:
Quoted: Look at it this way futures such as oil, oj, gold, wheat all are driven by real economic factors. Stocks, same way, driven by companies economic factors, performance of service, products,what not. What makes bitcoin valuable, the consumers confidence that it will be worth as a currency will increase in the future. That is all it has. If nothing else, Oil, gold, wheat all have physical practical value. It will never be worth $0. Stocks yes can go to zip, but you are still part owner of a company. You get dividends. Crypto is worse than actual money, at least money is worth the paper its printed on, even if for using as toilet paper. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. Will they be backed by Bitcoin? Iow, will Bitcoin be needed, and maintain value? |
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Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. What's your stake here, friend? 
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Quoted: Which Alts will be the big winners? Will they be backed by Bitcoin? Iow, will Bitcoin be needed, and maintain value? Take a look at any crypto that has an actual product utilizing blockchain that is useful & go from there. Blockchain is going to change everything in the near future, and some of these are the new Amazon, Google & so on. I'm not giving any investment advice, but I will say I'm using this drop to pile some more of these up at prices I'm glad to see again. Bitcoin can go its own way |
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Thanks, that is absolutely mesmerizing.
How long do transactions take, for regular people? |
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There appears to be a feeling that it can be wished away, but as with most markets, it's not driven by the die hards but by the heard. Quoted:
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We haven't even seen the Capitulation phase yet, guys. |
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Everything is tied to BTC now because of the way crypto is bought & traded. Satoshis won't matter anymore. Fairx and other decentralized exchanges will decouple alts from BTC & the market will change drastically. Bitcoin won't drag everything with it either way anymore. Take a look at any crypto that has an actual product utilizing blockchain that is useful & go from there. Blockchain is going to change everything in the near future, and some of these are the new Amazon, Google & so on. I'm not giving any investment advice, but I will say I'm using this drop to pile some more of these up at prices I'm glad to see again. Bitcoin can go its own way Quoted:
Quoted: Which Alts will be the big winners? Will they be backed by Bitcoin? Iow, will Bitcoin be needed, and maintain value? Take a look at any crypto that has an actual product utilizing blockchain that is useful & go from there. Blockchain is going to change everything in the near future, and some of these are the new Amazon, Google & so on. I'm not giving any investment advice, but I will say I'm using this drop to pile some more of these up at prices I'm glad to see again. Bitcoin can go its own way Thanks |
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Why? What's the logic behind $4-5K buy in? Quoted:
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Cant wait to buy more cheap BTC. Looking towards $4-5K entry points. There is still plenty of greed out there to make BTC gains come back this year. Just my speculative opinion. YMMV |
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Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. No company is going to do remittances with something so volatile. First off I know our board would never ever let us transact in something this volatile. The idea that we could lose money from the time of the execution of the deal to settlement... and it may sound counter intuitive but we would not really want to suddenly gain a bunch of money either. In effect you are settling two things, the commodity and the currency for the settlement. But the real nail in the coffin will prob be SEC, CFTC and Dodd Frank. They don't (as of now) have a hand in spot markets, but any manipulation, fraud, or when its leveraged, they do. And I have heard the CFTC is currently planning on going after serveral exchanges that are not registered in the US. CORRECTION, the CFTC has prosecuted serveral companies already. (Oh my, seems some guys were doing wash trades and other foolishness.) SEC has also shot down crypto currencies too. They don't want them in any funds at this point. And BTW, even if you don't convert back into US dollars, you know you should be showing capital gains on your taxes. How much depends on if you are treating it as cash or an investment. Sounds like some of you owe some big tax dollars. Just too many things going against it. |
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Meh, that's the name of the game. I'm so far ahead at this point if it crashes another 50% I still made money. If you can't stomach the swings don't get in the market! It hit $20k at one point, right? Depending on how many you have, why wouldn't you at least dump half of it? I know next to nothing about BC, so I can't really have an meaningful, intelligent conversation about them one way or another. |
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Please PM which ones you are buying during this drop. I want to compare notes. Thanks Quoted:
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Quoted: Which Alts will be the big winners? Will they be backed by Bitcoin? Iow, will Bitcoin be needed, and maintain value? Take a look at any crypto that has an actual product utilizing blockchain that is useful & go from there. Blockchain is going to change everything in the near future, and some of these are the new Amazon, Google & so on. I'm not giving any investment advice, but I will say I'm using this drop to pile some more of these up at prices I'm glad to see again. Bitcoin can go its own way Thanks Buzzkils! 
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Regulators are looking to step in. The party's over. Quoted:
Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. |
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The SEC and CFTC don’t agree with you. Quoted:
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Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. |
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Hey I don't wish anyone to lose money, I'm just offering a word of caution. This stuff could really take off, I doubt it for reason listed on here, but the risk is all yours. |
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When has the SEC and CFTC ever not wanted to regulate something Quoted:
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Quoted: You have no idea what you're talking about. Several of these alts are going to be big players in the way things are done in the future, including remittances, transfers, copyright/licensing, shipping, etc. Enjoy pontificating from a position of ignorance. People with your depth of understanding have been saying the exact same thing for the last 9 years. I'm sure the end is right around the corner...this time for sure. Read both of their statements for tomorrow’s hearing. |
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Since it's al pretty much gambling... at what point do you feel like you've made enough and cash out? It hit $20k at one point, right? Depending on how many you have, why wouldn't you at least dump half of it? I know next to nothing about BC, so I can't really have an meaningful, intelligent conversation about them one way or another. Quoted:
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Meh, that's the name of the game. I'm so far ahead at this point if it crashes another 50% I still made money. If you can't stomach the swings don't get in the market! It hit $20k at one point, right? Depending on how many you have, why wouldn't you at least dump half of it? I know next to nothing about BC, so I can't really have an meaningful, intelligent conversation about them one way or another. I go to Vegas a few times every couple years .... when I play blackjack I typically will buy in somewhere around $400-700. Play mostly $25 hands ( I call this fun gambling ) Not wagering enough to get butt hurt if you lose all $500 over the course of an hour or so, and if you understand the game you can be even with the house over a few hours of fun and drink a bunch of free drinks and enjoy yourself. Sometimes you win ( maybe win $1000 if very lucky ) and sometimes you can lose your entire buy in $500 give or take. If I am running good and get to near double my buy in ( around $1000-1300 chips ) I will pinch a couple $100 chips and put them in my pocket as my insurance. That minimizes my potential losses while I sit at the table. Sometimes I have pinched my entire buy in where only house money is sitting infront of me so worse case scenario is I break even. Actually I win as I have had great entertainment and free drinks for a couple hours ( thats the whole point in going to Vegas ) I am never wagering enough to reach 'change my life status' so its only entertainment I am buying with the money I play. All these bit coiners are sitting at the gambling table right now doing the exact same thing as a blackjack table. The smart ones would cash out and pinch their buy in so only house money is in play. The compulsive gamblers will let it ride .... that is human nature for some. |
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Quoted: You may be right. I do hedging for a Fortune 500. I was on our Enron and MF Global remediation team and implementer of our Dodd Frank response. I've been doing this quite a while. No company is going to do remittances with something so volatile. First off I know our board would never ever let us transact in something this volatile. The idea that we could lose money from the time of the execution of the deal to settlement... and it may sound counter intuitive but we would not really want to suddenly gain a bunch of money either. In effect you are settling two things, the commodity and the currency for the settlement. But the real nail in the coffin will prob be SEC, CFTC and Dodd Frank. They don't (as of now) have a hand in spot markets, but any manipulation, fraud, or when its leveraged, they do. And I have heard the CFTC is currently planning on going after serveral exchanges that are not registered in the US. CORRECTION, the CFTC has prosecuted serveral companies already. (Oh my, seems some guys were doing wash trades and other foolishness.) SEC has also shot down crypto currencies too. They don't want them in any funds at this point. And BTW, even if you don't convert back into US dollars, you know you should be showing capital gains on your taxes. How much depends on if you are treating it as cash or an investment. Sounds like some of you owe some big tax dollars. Just too many things going against it. https://www.stellar.org/blog/IBM-KlickEx-Partnership/ |