Next target for the bitmex liquidation is $250-$750.
is it just me, or are bears getting overconfident? this is beginning to sound just like bulls aiming at $100k+. I think we will go to 2800$-$1800
#corona
Not going to happen....  masterluc has now joined the bear party. he is aiming for $1800 too: https://www.tradingview.com/chart/BTCUSD/qNy2lBH5-Bearish-outcome-of-previous-ideas/and he's one of the conservative ones. all the cool kids are expecting <$1000 now. |
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The bulltard cult is already trying all kind of excuses for the failure of bitcoin as a store of value. bitcoin was never a store of value. how could it be? it is a beta software released in 2009. this is the definition of speculative. bitcoin could be a store of value similar to gold many years from now---but first comes adoption and usage/trust over time. you (and anyone else clinging to the store of value status) are putting the cart before the horse. |
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I'm wondering whether they'll give any consideration to suspending stock trading. There comes a point where there's so much chaos and uncertainty it becomes impossible to price anything. Then again maybe suspending the media would do the most good.
they should have suspended trading last week. that's what they did directly after the 9/11 attacks, which likely saved the markets from a complete disaster. the panic died down after that. |
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What I don't understand, and I haven't been able to find the answer to, is if I own some bitcoin, how does that help me buy groceries at the market, or gas for my car? The market I go to doesn't accept bitcoin and neither do the gas stations. If I can't do that, how is bitcoin worth anything to me? rome wasn't built in a day. imagine a world where workers receive wages in BTC, and merchants can pay their vendors in BTC. that is a world where grocery stores and gas stations would accept it. plus, LN and other means of instant settlement aren't consumer grade yet, so bitcoin is still primarily useful for online purchases and not brick and mortar stores. we are still in the speculative early adoption phase where most people are buying BTC because they are speculating on future adoption and value. Also, how are people supposedly getting rich with bitcoin? I thought it was a currency, where we can buy things. Then I find that it's also a commodity where we can trade it.
The fact that a single bitcoin was approximately equal to a few cents when it first came out, but now is worth tens of thousands, is very troubling.
it's a currency and a commodity. really, it's a whole new type of asset. why are the gains troubling? |
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Bitfinex got under governmental scrutiny several times during the bull market of 2017 (due to the tether FUD, where tether was supposedly being printed to boost bitcoin price - a good thing, but the cucks freaked out over it), whereas with Bitmex nobody says a word about it. the CFTC opened a probe into bitmex last year: U.S. Regulator Probing Crypto Exchange BitMEX Over Client Tradesfor all we know, the DOJ is involved by now and they plan to unseal an indictment next year. the feds take years to build these cases. When CME started trading bitcoin futures contracts, they implemented breaks for both short and long positions, to avoid intense manipulation. Such breaks do not exist with Bitmex. Bitcoin didnt go to zero because Bitmex had a hardware malfunction. That's why we are sitting at 5k and not at 10 dollars. The break was a random event! people are giving bitmex too much power. they weren't solely responsible for the drop (or the reversal) and there's no way they could bring the price to $10.  Now, you can lie to yourself and to the world and believe it was the coronacircus all along, but bitcoin is much more resilient than stock markets. why would you think that? bitcoin has way less market depth. it's easy to pump and dump. and to hear you tell it, the market is completely controlled by bitmex.  |
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I don't know about you guys, but since bitcoin wasn't created with anonymity in mind (that's included in altcoins like Monero and Zcash), I wouldn't attempt to lie about my cryptocurrency net worth in the first place. I know talking about paying taxes is a sensitive topic for some people because it could easily be seen as attempting to dictate you in how to manage your money.
As bitcoin gets more popular it's inevitable that it will be taxed on, taxing isn't inherently bad, they are one way of funding the government, but there are a large demographic of people who would rather pay less taxes. It isn't wise to evade filling this field because usually they will find out and interest will have been accrued on the tax so not only would you have to pay the cryptocurrencies tax but also the interest that accumulated after you tried to dodge the form.
The warning letter they send is basically "You have 30 days to send the remaining taxes". I don't think they're doing anything malicious here.
you're giving the IRS too much credit. they are utterly dependent on voluntary compliance. that's what this is about---scaring people into paying or else. the same goes for the mass letter campaign from last year. if you received a "Letter 6173" or "CP2000" that means you either got caught in the coinbase john doe summons net, or an exchange sent you a 1099, and you obviously didn't report some activity. lying in this situation (at least about the data the IRS already has) is obviously dumb. https://cointelegraph.com/news/internal-revenue-service-sends-new-round-of-letters-to-crypto-holdershttps://www.cryptotrader.tax/blog/irs-letter-6174-a-for-cryptocurrencyas for the rest of your holdings and trading activity? the IRS has nowhere near the manpower to unravel the mess of p2p/no KYC services, mixers, exchanges etc for every average joe. if a broker or exchange sends them info and you didn't report it, that's when shit gets real. |
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It's bad that tournament without additional buys (at least one time for 50 % of initial poker chips). I was the first one who lost everything (all in kek) and there no chance to come back  Agreed 1 rebuy would be awesome to add into the next tourney. Some may use it, some may not but it would add to prize pool and give ya a second life. i'm down. this is a good way to sweeten the pot. i'm looking through their lobby. i see standard unlimited rebuy + 1 add-on, or 1 rebuy + 1 add-on......i assume we could also do 1 rebuy only. what would people prefer? I know I didn't make a single tournament yet but I hope to change that soon. I will hazard a guess and say there was more players this time because of Corona virus outbreak. Situation is getting more serious in my County as well so maybe I will have a forced break from real life soon and consequently some time to join the tournament.
makes sense. my weekends look pretty clear for the next while now. shows are getting postponed, restaurants are shutting down. crazy stuff! should we shoot for the 28th, 29th? earlier? |
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@Steamtyme thanks, let us know when you get them uploaded. Final result for March 15th 2020 edition. Gratz to ceehe, CoinEraser, Iv4n and efialtis.
+1, great game guys! i was pleasantly surprised with the turnout. Thanks Buddy, I never bluff 😎👍 gratz to second place ✌️
well played. post your BTC address and @buwaytress and i will both send you 0.001 BTC.  When we play next time? It was a bad idea for me to get into it :/ Now i'm full of excitement about next game :c
due to all the coronavirus stuff, my schedule is free and clear for the foreseeable future. next weekend? the weekend after? i'm open..... back to the discussion thread to plan the next game! https://bitcointalk.org/index.php?topic=5217547.0 |
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16 players, best turnout yet!
i got crippled on a set vs set hand. Steamtyme slow played a flopped 999, i hit 222 on the turn. naturally i called his all-in. i never recovered after that. i think i got knocked out 10th after short stack shoving KT vs KJ.
i'll check back later today to see how things turned out. 1st place gets an extra 0.002 BTC (half from me and half from @buwaytress).
i don't recognize the current 1st and 2nd place. (ceehe and ElGambino) too bad. if an unknown player wins, we'll have to send the extra winnings via p2p transfer on SwC.
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A Bitmex exit scam could throw the price to sub-$1000. I would guess something around $700. any reason to expect that? bitmex is a money printing machine. they have a strong interest in not exit scamming. Now, I could not care less for legacy money, as they will eventually return to bitcoin when the mass vaccinations starts. But Bitmex, seriously, why the crypto sector let this thing run? what is anybody gonna do about it? bitmex is registered in the seychelles and operates from HK. the USA government can't even touch them, let alone anyone else. We dont want freedom for thieves, we want value for holders.
what thieves? if degenerates want to gamble with huge leverage on a shady exchange, who is getting hurt? i don't believe these narratives that bitmex is fundamentally bad or controls the market. that is just a different way of generally blaming "manipulators" whenever the market moves against you. |
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I was looking for the best place to look for volume too, and thought CMC could be one, as it shows volume accumulated over tens of multiple exchanges. So if we look at the volume on the chart here: https://coinmarketcap.com/currencies/bitcoin/, the volume on these days (March 13-14) is unmatched - way more than ever. Not sure how trustworthy those numbers are though. Anyone knows a better place to see the overall worldwide BTC volume? Would appreciate if someone point to it. i wouldn't trust CMC's numbers. i would look at the top "real volume" exchanges as listed here (although i'm not sure if poloniex is legit anymore either): https://twitter.com/BitwiseInvest/status/1109114665240616962the market saw monumental volume across the board. if that were the only metric that mattered, i'd say we obviously bottomed already. |
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the tournament starts in ~3 hours! the password is: btc95krn7bg2sending out a last minute PM reminder now..... Since most users have their avatar and sig space spoken for, would all in the tourney agree to let the winner have all losers make a message for losers PM space? For example if I won you'd all have to put yahoo62278 owns me in poker. Or something along those lines. Nothing derogatory or ridiculous.
Anyone have any complaints on this?
lol, i'm in. why not? that will make things a little more interesting. anyone know who "youcantwin" on SwC is?
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Whales cashed out from the most stable asset in recent months (that is BTC of course ) To make some dollies on extremely volatile, classic, cash grabbing, roulette-like, FED(fake) stock market. Change my mind  bitcoin just proved it's much more volatile than stocks. why leave for the stock market at all? here's a theory for you: the plus token scammers dumped 13k BTC on the market right as the stock market was imploding. recession and economic crash fear combined with massive dumping into a thin market---it's no wonder why this happened, really. we should have seen it coming. |
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Bitcoin isn't at such low prices now because people don't realise it's the better alternative to cash or any other type of money, for that matter. It is down now because economies are down.
dumping by the plus token scammers, combined with the coronavirus FUD, created a selloff of epic proportions: some researchers think this crash had more to do with plus token scammers unloading than the coronavirus scare and decline in world markets. plus token wallets moved another ~13k BTC into mixers last week shortly before the crash: https://twitter.com/ErgoBTC/status/1236072541808029696it's probably safe to assume this amplified the selling pressure. Payment for goods and services through cash can transmit Corona virus, doing transactions through bank, especially cash deposits can also transmit the virus. The safest way that we can create values and pay for goods and services during this time still remain blockchain and those selling off at this moment are doing so because they did not spend time to study the Blockchain technology and how it works.
i'm ordering grocery/food/supply deliveries on credit card and just avoiding physical stores. no need to use bitcoin. i don't like spending my coins after their value has been cut in half! |
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some researchers think this crash had more to do with plus token scammers unloading than the coronavirus scare and decline in world markets. plus token wallets moved another ~13k BTC into mixers last week shortly before the crash: https://twitter.com/ErgoBTC/status/1236072541808029696it's probably safe to assume this amplified the selling pressure. according to Ergo, the rate of selling is decreasing significantly compared to last year. i'm not sure how many coins they still have. it would be nice to know how much reserves they have left to dump but i can't find a straight answer. this is like the mt gox bankruptcy distributions all over again. |
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When saything price crash, people are still unconsiously using fiat money as a standard to measure value, this is the major reason that bitcoin can not become a safe-haven asset
Now some people even say that the machine that makes surgical masks has become the money printing machine, means that medical supplies has become the safe-haven asset, but they still use fiat money to measure value
So I think the key is to let people to use bitcoin to measure value, that will make quite big difference, otherwise, always a slave of fiat currency
people still have overwhelming confidence in fiat currencies. this confidence was temporarily shaken in 2008 but liquidity injections managed to sustain the system. it's gonna take something drastic like a full blown USD default to break that confidence and change the current paradigm. when that finally happens (could be decades from now), assets like gold and bitcoin could become units of account, which would reinforce them as stores of value. until that day comes..... Recession Rule #1: Cash Is King |
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Although it’s difficult to quantify demand for bitcoin (BTC) in informal markets across the Middle East enough said. Well, we are in a very different situation now, imo. People who were buying BTC in December 2017 were buying at the top, and today we at the bottom, don't you think? i like your attitude, but who's to say for sure we're at the bottom? something like this seems within the realm of possibility: https://bitcointalk.org/index.php?topic=5128394.msg54018386#msg54018386markets are emotional and irrational. prices are subjective. today, both $1k and $100k are still on the table. all i know is bitcoin is one hell of a roller coaster ride!  |
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I went for a shit in the supermarket and someone had even stolen all the toilet paper from the toilet. Bastards.
i hope you made it out okay. i know a guy who works construction, he said someone raided all the tp from the portable toilets! unbelievable..... |
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just wanna drop an invite to our poker game tomorrow. i figure everyone is stuck inside anyway. come play poker with us. Stores are being stripped here good today.. They are madhouses..
My freezers and cupboards are packed..
ah, so you're one of the people hoarding up all the toilet paper. people in my facebook feed are showing pictures of empty shelves at supermarkets.  |
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i'll post the password in here tomorrow morning UTC. I will play this tournament. Waiting for password figmentofmyass. sent. You can think of it as kind of socialzing in times of social distancing due to Corona  +1, with everything getting postponed or closed it looks like my weekends have been freed up for the next few weeks. Stay safe as always but don't forget to join the fun at SwC tomorrow with the amazing players. I don't think we can be 6 players the same as before I am guessing @Steamtyme will join the fun and @johhnyUA too. This is a "We Want You" bump.
also expecting @Improved, @BTCLiz, @efialtis.....and hopefully @buwaytress and some other randoms. 18 hours until game time. i guess i'll drop an invite in the wall observer thread. |
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