Economy Bitcoin Doubters, Come Eat Your Crow

So it's just like stocks?

Like i know there is Bitcoin, Ether, and something else and I've been curious for a bit.

It is like speculating which I basically do. I agree with Mark Cuban and Tony Robbins and others. If you put money in bitcoin, you must treat that money as if it were already lost. It is a true gamble. Robbins said this is something you play with for fun with 10% of your portfolio max. That is how I operate too. I have "real" stocks like Tesla, Apple and Facebook. Majority of my money is in that. And like 10% I just fuck around with for fun.

It has spilled over into stocks too. This bubble. A company just says they are blockchain tech now, which is tech behind bitcoin, and their stock soars. Then fuckin collapses. I have made money off it though. Like this one company just yesterday, I sold at 15 after buying for 13. In two days. Its called swing trading. You get the rhythm of a stock and figure out its range. The ceiling and floor it bounces between. When it is near the floor, I buy it until it bounces back and I sell it. rinse and repeat. I'll do that with penny stocks too. Buy hundreds or thousands of them and make like a nickel on each. 13 cents to 18 cents.

There are such things as meme stocks. Stocks with high volume and everybody is interested in. Shit is fun. lol. I am not predicting by any technical analysis but predicting what other people will do. They buy it within that range.

This is one of the blockchain stocks I swing. Riot:

Avoid Volatile and Unpredictable Stocks -- It's Gambling

In the last two days Riot Blockchain Inc. (RIOT - Get Report) has had a range from about $12 to $25. There has been no news to account for that volatility and random action.Other collateral bitcoin plays such as Social Reality Inc. (SRAX - Get Report) and Xunlei Ltd. (XNET - Get Report) have had similarly large trading ranges. No specific company news there, either. Given my risk profile, I never will trade in these stocks. Others believe differently and believe they successfully can skate on this thin ice, but I will stick to my risk appetite, and I believe all but a few professionals may be kidding themselves in rationalizing these stocks "tradeability.


https://finance.yahoo.com/m/295ea7b6-ac02-3461-863c-5111e8a7a3b4/stock-price-deception-is-the.html

That guy is right. I am gambling. I like the thin ice tho. lol. But these price jumps have had nothing to do with technicals/financials but just the craze of bitcoin.
 
On Nov. 12, someone moved almost 25,000 bitcoins, worth about $159 million at the time, to an online exchange. The news soon rippled through online forums, with bitcoin traders arguing about whether it meant the owner was about to sell the digital currency.


Holders of large amounts of bitcoin are often known as whales. And they’re becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings

What’s more, the whales can coordinate their moves or preview them to a select few. Many of the large owners have known one another for years and stuck by bitcoin through the early days when it was derided, and they can potentially band together to tank or prop up the market.


“I think there are a few hundred guys,” says Kyle Samani, managing partner at Multicoin Capital. “They all probably can call each other, and they probably have.”

https://www.bloomberg.com/news/arti...1-000-people-who-own-40-percent-of-the-market
 
You know who is actually making real money in this? Money that touches the ground anyway. Not pixie dust. Is the people charging all these fees like brokerages. Classic con shown brilliantly in Wolf of Wall Street. You are those suckers Leo sold garbage to. Mark Cuban said if you look around in a room and don't see the fool, the fool is probably you.

It is a ferris wheel they just want to keep you on cuz it brings them revenue.

Mark Hanna: *Fugayzi*, fugazi. It's a whazy. It's a woozie. It's fairy dust. it doesn't exist. It's never landed. It is no matter. It's not on the elemental chart. It's not fucking real.

 
I got a similar notice for a different site in NY.


So ny has already shut this down?


I used to make 12-1500 a week during the poker boom until our detestable government shut it all down.

I've been considering buying shitcoin but I have a hunch that uncle Sam is going to find a way to limit access, or regulate it in a such a way that it is no longer worth it while probably crashing the price.
 
No, stocks provide a revenue stream (dividends) in addition to changing value over time.
not all stocks pay dividends.

furthermore, that would be a fairly minor difference, compared to the actual difference. stocks represent partial financial ownership of a company.

bitcoin is not a company. it is a currency.

I tried to exchange my bitcoin for goods a while back and was unable to do so. Doesn't matter how many zeros they put behind the value of them if you can't buy anything, they're worthless.

no bitcoin is not mastercard. it is not accepted everywhere and you cant go to your grocery store and buy chicken with it.

bitcoin is however accepted many places, including overstock.com, expedia, newegg, and dish network. and of course, its accepted many places online for the purpose of activities that are illegal/gray zone in legality.
 
So ny has already shut this down?


I used to make 12-1500 a week during the poker boom until our detestable government shut it all down.

I've been considering buying shitcoin but I have a hunch that uncle Sam is going to find a way to limit access, or regulate it in a such a way that it is no longer worth it while probably crashing the price.


I have heard it is a major pain in the ass to buy or sell bitcoin. Google it. Tons of stuff on reddit.

I can use CoinBase but that site, like most others, only has a few cryptos. I am not interested in buying bitcoin, I am interested in buying the next future bitcoin. Like this Einsteinium now. I missed the bitcoin train. There are some other cryptos out there as penny stocks now and going up. I wanted in on them. And one of the few sites I could buy them does not take NY customers. Also, it seems like you can never do a transaction through just one site. Like I can buy, sell, deposit and withdraw and a bunch of other things just with one brokerage account. With crypto, it seems you have to go through many sites. Like buy here. Store there. Exchange there.

Here is part of a post from Reddit. It is like they don't want you to buy or sell the shit they make it so difficult and you are giving all this information to many different "companies".

I've recently decided to get in the bandwagon, after years of observing bitcoin and other altcoins from a distance. The price had dropped to around $3,000, I figured it was a good time to get some.

So I started researching exchanges and ended up creating accounts on: Bitfinex, Bitstamp, Coinmama, Coinbase, Kraken and Poloniex.

All of them required me to provide scans of my passport, photos of me holding my passport and/or a piece of paper with the current date. I had to validate my mobile phone, my email and my residential address. I aborted an attempt to use Indacoin after they requested a video of me holding my passport and credit card. For a currency touted for its increased anonymity, I feel awkward at the thought that 6-7 obscure organizations now have a LOT of personal info on me in their databases and it's not like they have never been hacked before.

When I mentioned how hard it was, and that after a full week of trying, I still had no bitcoin and not a single validated account on the aformentioned exchanges, some people told me to try Localbitcoins.com and maybe arrange a p2p exchange in person. I happen to be an expat in Southeast Asia and nobody's selling any in my city at the moment. Even then, the fact that my only recourse to buy bitcoins right now is to meet some stranger in a cafe and expect not to be scammed or robbed is so absurd that I want to laugh.

https://www.reddit.com/r/Bitcoin/comments/728sq9/why_is_it_so_hard_to_buy_bitcoins_my_experience/
 
not all stocks pay dividends.

furthermore, that would be a fairly minor difference, compared to the actual difference. stocks represent partial financial ownership of a company.

bitcoin is not a company. it is a currency.



no bitcoin is not mastercard. it is not accepted everywhere and you cant go to your grocery store and buy chicken with it.

bitcoin is however accepted many places, including overstock.com, expedia, newegg, and dish network. and of course, its accepted many places online for the purpose of activities that are illegal/gray zone in legality.

yeah, dividends arent relevant. I got like a dollar a share on apple. It is that Apple went from 120 to 180 this year. Tesla pays no dividends and went from 200 to 300 this year. I made $4 a share on Tesla already today.

And you will find that many places that claim they take bitcoin comes as news to people running the store. Many companies have went back on it. New egg dropped it in Canada for example:

AetwHA0.png
 
yeah, dividends arent relevant. I got like a dollar a share on apple. It is that Apple went from 120 to 180 this year. Tesla pays no dividends and went from 200 to 300 this year. I made $4 a share on Tesla already today.

And you will find that many places that claim they take bitcoin comes as news to people running the store. Many companies have went back on it. New egg dropped it in Canada for example:

AetwHA0.png
im not seeing your point here.

my first statement was about one you someone made, completely inaccurately, that the difference between bitcoin and stocks is that stocks pay dividends.

paying dividends is not what makes a stock a stock, and is not what makes a stock different from bitcoin.

you then retort by citing stocks that pay low or no dividends that went up in value. how is that relevant?


in the second set of statements, im responding to someone saying you cant exchange bitcoin for goods/services. i then cite places where you can exchange bitcoin for goods/services.

you respond by citing one place in which newegg no longer accepts bitcoin. again, how is this relevant?
 
im not seeing your point here.

my first statement was about one you someone made, completely inaccurately, that the difference between bitcoin and stocks is that stocks pay dividends.

paying dividends is not what makes a stock a stock, and is not what makes a stock different from bitcoin.

you then retort by citing stocks that pay low or no dividends that went up in value. how is that relevant?


in the second set of statements, im responding to someone saying you cant exchange bitcoin for goods/services. i then cite places where you can exchange bitcoin for goods/services.

you respond by citing one place in which newegg no longer accepts bitcoin. again, how is this relevant?

I agree with you. Dividends are irrelevant. I am agreeing with you but we somehow got switched up.

I am not buying stocks for dividends. I am buying them because I can sell them for much higher than I bought them.

And it is more than one place. google it. Dell and other companies have gone back on it too.
 
And it is more than one place. google it. Dell and other companies have gone back on it too.
i didnt say it was one place. i said you cited one place. that doesnt change the fact that i can exchange my bitcoin for goods and services (and more importantly, gamble :) )
 
i didnt say it was one place. i said you cited one place. that doesnt change the fact that i can exchange my bitcoin for goods and services (and more importantly, gamble :) )

You wanna gamble for free? lol. Download robinhood app. All trades are free. never pay them a dime for anything. And if I refer you we both get a free stock. lol. Probably something cheap but I will take a free 5 bucks.

I consider the way I play the market to largely be gambling. It is fun. And I am up too.
 
I have heard it is a major pain in the ass to buy or sell bitcoin. Google it. Tons of stuff on reddit.

I can use CoinBase but that site, like most others, only has a few cryptos. I am not interested in buying bitcoin, I am interested in buying the next future bitcoin. Like this Einsteinium now. I missed the bitcoin train. There are some other cryptos out there as penny stocks now and going up. I wanted in on them. And one of the few sites I could buy them does not take NY customers. Also, it seems like you can never do a transaction through just one site. Like I can buy, sell, deposit and withdraw and a bunch of other things just with one brokerage account. With crypto, it seems you have to go through many sites. Like buy here. Store there. Exchange there.

Here is part of a post from Reddit. It is like they don't want you to buy or sell the shit they make it so difficult and you are giving all this information to many different "companies".

I've recently decided to get in the bandwagon, after years of observing bitcoin and other altcoins from a distance. The price had dropped to around $3,000, I figured it was a good time to get some.

So I started researching exchanges and ended up creating accounts on: Bitfinex, Bitstamp, Coinmama, Coinbase, Kraken and Poloniex.

All of them required me to provide scans of my passport, photos of me holding my passport and/or a piece of paper with the current date. I had to validate my mobile phone, my email and my residential address. I aborted an attempt to use Indacoin after they requested a video of me holding my passport and credit card. For a currency touted for its increased anonymity, I feel awkward at the thought that 6-7 obscure organizations now have a LOT of personal info on me in their databases and it's not like they have never been hacked before.

When I mentioned how hard it was, and that after a full week of trying, I still had no bitcoin and not a single validated account on the aformentioned exchanges, some people told me to try Localbitcoins.com and maybe arrange a p2p exchange in person. I happen to be an expat in Southeast Asia and nobody's selling any in my city at the moment. Even then, the fact that my only recourse to buy bitcoins right now is to meet some stranger in a cafe and expect not to be scammed or robbed is so absurd that I want to laugh.

https://www.reddit.com/r/Bitcoin/comments/728sq9/why_is_it_so_hard_to_buy_bitcoins_my_experience/


I looked up a tutorial yesterday on using coin base and it did look like a pain in the ass to get a valid account but easy to use once set up.


If u can't cash out immediately then it's worthless imo.
 
I agree with you. Dividends are irrelevant. I am agreeing with you but we somehow got switched up.

I am not buying stocks for dividends. I am buying them because I can sell them for much higher than I bought them.

And it is more than one place. google it. Dell and other companies have gone back on it too.

Valve
 
It must be so exhilarating to have $100M worth of bitcoins that you can't turn into real money.
 
Good read that explains why bitcoin is fundamentally flawed. Some have compared it to a religion. That comparison isn't far off.

Bitcoin is limited to 1mb of transactions per 10 minutes. This works out to be about 7 transactions per second. If more than 7 transactions are generated in a second, the 7 that payed the highest fees go through.

Also, the 7/sec applys to normal transactions with few inputs. The way the blockchain works, when you send bitcoin, your transaction includes where you got the bitcoin. Most transactions only have bitcoin from one or two sources. If you have a transaction that has many sources, it has to take up a larger part of that 1 mb block. Now you need to pay enough to cover the several transactions that could take place.

If you didn't pay enough for your transaction to get included, it waits in the mempool until there are fewer transactions, and it gets included. Eventually, if it doesn't get included in a block, it drops and the bitcoin is returned to your wallet.

another:

all completely valid points as to why bitcoin will not be a valid currency for a long while.

its too costly

it takes too long for transactions

it is a value store at most now as its just too much money and time to use effectively at stores.


one poster put is concisely:

People using bitcoin for its intended purpose is bad for bitcoin

https://www.reddit.com/r/Bitcoin/comments/7hzl78/steam_is_no_longer_supporting_bitcoin/?sort=top
 
It must be so exhilarating to have $100M worth of bitcoins that you can't turn into real money.

I have a client who turned $50,000 aud into crypto currency then turned it back into $55,000,000 aud.

Its difficult and i don't understand it but its possible.
 
I have a client who turned $50,000 aud into crypto currency then turned it back into $55,000,000 aud.

Its difficult and i don't understand it but its possible.
That's only a 10% gain which is super easy to do. I gain over 20% just today. Bitcoin is up 60% this week alone. Buy and hold. It's that simple
 
Good read that explains why bitcoin is fundamentally flawed. Some have compared it to a religion. That comparison isn't far off.

Bitcoin is limited to 1mb of transactions per 10 minutes. This works out to be about 7 transactions per second. If more than 7 transactions are generated in a second, the 7 that payed the highest fees go through.

Also, the 7/sec applys to normal transactions with few inputs. The way the blockchain works, when you send bitcoin, your transaction includes where you got the bitcoin. Most transactions only have bitcoin from one or two sources. If you have a transaction that has many sources, it has to take up a larger part of that 1 mb block. Now you need to pay enough to cover the several transactions that could take place.

If you didn't pay enough for your transaction to get included, it waits in the mempool until there are fewer transactions, and it gets included. Eventually, if it doesn't get included in a block, it drops and the bitcoin is returned to your wallet.

another:

all completely valid points as to why bitcoin will not be a valid currency for a long while.

its too costly

it takes too long for transactions

it is a value store at most now as its just too much money and time to use effectively at stores.


one poster put is concisely:

People using bitcoin for its intended purpose is bad for bitcoin

https://www.reddit.com/r/Bitcoin/comments/7hzl78/steam_is_no_longer_supporting_bitcoin/?sort=top

On my limited understanding i too see it as impractical for transactions simply because there is to much processing required per transaction.
 
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