It boggles my mind that the trend is like this with the sheer amount of new and large business that have adopted bitcoin lately.
Most of those businesses did not adopt bitcoin at all. They merely agreed to accept dollars from the sale of bitcoins that people already had, including cheap coins that had been dormant since 2013 or earlier. Bitpay expansion does little to increase adoption; it chiefly makes it easier and more tempting for long-time investors to sell some of their coins on the open market. Many people don't understand that there are 2 bitcoin economies: the original SR and like one, and the newer, legitimizing economy using Bitpay. But why would an early adopter (who bought below 20$) buy back with fiat the bitcoin that he spends today, at a 550$ market price? The smart thing to do, in order to buy back 1 BTC, would be to sell 4 BTC when a downtrend is obvious and then buy back 5 - 6 BTC (just an example) at a lower price. They would buy back at $550 or more only if they think or believe the price is going higher than $550 and is likely to remain above $550. |
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It's a really tiresome statement. You do lose if the price goes down and you haven't realized the loss. You have fewer options now. You have no access to your former wealth and your purchasing power has declined. Will it be undone in the future? Maybe. But you are trapped in the present.
Remember, everything is still denominated in FILTHY FIAT.
Denominated in whatever, I have a loss from the ATH till now. Had I sold at ATH, I would have more value. It's a loss. You have the same with a house, if it goes down even temporarily. There are lots of excuses, like I can still live in it and so on. The difference is that the house is in a thin market, and you know the value only when you sell it (if then, you still have the excuse of bad luck). Bitcoin is a thick market, there are always buyers. The mantra of "it's not a loss until you sell" is a deception. Its only a loss also if you bought at some higher price - otherwise it is a failure to realize a gain. or failure to make a profit, which is NOT the same as a loss.... You can call it a loss all you like and attempt to conceptualize a loss and a failure to realize a gain as the same thing, but they are NOT the same thing... that is fuzzy logic and failure and/or refusal to recognize the difference between two similar things... Let's say that buy a piece of gold for $10, and the value of the gold goes to $20, then it goes down to $5... however i still have the gold. I have NOT gained or lost anything until I cash out. I could have gained $10, but that is NOT a loss, and I could have lost $5, but that is NOT a loss, until I actually sell. IT is really misleading to attempt to describe all of these as losses, if you have NOT cashed out yet. Now it is possible that the value of the piece of gold will go to $1 and never return to $5, $10, or $20... but until it is sold, the amount of the loss or the failure to gain is speculation.. until locked in. |
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Why is still going down?
Because people are extremely scared. As soon as the price goes up someone will dump on it, Chinese FUD will be posted, a pool reaches 51% etc. There are people working non stop on trying to take the value of Bitcoin down and right now they control the market. Any hint of bad news atm and the sheep completely panic. A lot of the selling currently is because of "i better sell now before someone else sells". As always the idiots create their own problem. Of course this will change again but when...nobody knows. |
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Bitcoin cultists accusing religious people of being cultists? At least when it comes to religion, people are usually indoctrinated from birth and have massive social pressures (there are hardly people who convert). Now becoming a cultist of your own free will, that's something else.
Also, I don't think there is any disadvantage in investment being Muslim, what does it matter if he gets 0% instead of 1% interest? Nothing.
Free will is an illusion bro You're an idiot Nice, insults are very persuasive. https://www.youtube.com/watch?v=hq_tG5UJMs0or try reading "consciousness explained" by Daniel Dennett.  You're an idiot Gingermod: Keeping it short and sweet. |
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Hey Blitz.... I am very excited to notice that you got rid of that misleading definition of FUD from your signature ... that is great!!!!
In order that we can better understand the meaning of your statement, above, are you now back to using the commonly accepted meaning of FUD? That is "fear, uncertainty and doubt"?
Dude, I know bitcoins can't buy everything but please do get a sense of humour. Dude.. .I should have put a smiley face...    However, my comment above to Blitz was mostly serious... with only a very slight sense of humor.. so therefore I did NOT put any smiley face.. I'm gonna try to watch more TV and that might help... |
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This is a nice read for those who do not grasp the issue of concentration of power into one mining pool. http://hackingdistributed.com/2014/06/13/time-for-a-hard-bitcoin-fork/Excerpts: But the fact is, this is a monumental event. The Bitcoin narrative, based on decentralization and distributed trust, is no more. True, the Bitcoin economy is about as healthy as it was yesterday, and the Bitcoin price will likely remain afloat for quite a while. But the Bitcoin economy and price are trailing indicators. The core pillar of the Bitcoin value equation has collapsed.Worse, GHash has a well-known track record of actually engaging in double-spend attacks even when they did not command a majority of the hashing power. GHash used its hashing power to attack a gambling site that accepted 0-confirmation transactions. In essence, they would make a bet, as in red-or-black in roulette, and if the virtual roulette wheel spin came out the wrong way, they would cancel their losing bet and place a new one. This is outright theft: GHash stole from a gambling operator. I was led to believe by the starry-eyed bull tards that it's all nothing but FUD. And in November 2013 I was led to believe by the douche who wrote the article (Emin Gün Sirer) that Bitcoin should be dead and buried by now. Bitcoin is broken. And not just superficially so, but fundamentally, at the core protocol level. We're not talking about a simple buffer overflow here, or even a badly designed API that can be easily patched; instead, the problem is intrinsic to the entire way Bitcoin works. All other cryptocurrencies and schemes based on the same Bitcoin idea, including Litecoin, Namecoin, and any of the other few dozen Bitcoin-inspired currencies, are broken as well. Specifically, in a paper we placed on arXiv, Ittay Eyal and I outline an attack by which a minority group of miners can obtain revenues in excess of their fair share, and grow in number until they reach a majority. When this point is reached, the Bitcoin value-proposition collapses: the currency comes under the control of a single entity; it is no longer decentralized; the controlling entity can determine who participates in mining and which transactions are committed, and can even roll back transactions at will. This snowball scenario does not require an ill-intentioned Bond-style villain to launch; it can take place as the collaborative result of people trying to earn a bit more money for their mining efforts. http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/The guy has a history of spreading baseless bullshit to garner clicks. Just like the case of Professor Bitcorn, trolling Bitcoin seems to be good for an academic CV. Yes, and Blitz seems to add to the same FUD by circulating it and suggesting that there may be some validity to it. |
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2-I firstly use my logic and then the values that I took from my religion ( I am not a Muslim fanatic BTW, I am far from being a Muslim when it comes to sharia but I still have many values from being an Arab Muslim ) Surely, each of us have various religious and/or ethical and/or perceived legal boundaries that will cause us to place limits on how far we will go to personally profit.. or whether we attempt to manipulate or influence the behavior of others or to merely make ourself (ves) as a role model for others to emulate. To the extent that you are allowing various kinds of beliefs about the impropriety of earning interest or participating in forms of usury, these kinds of concepts and limitations seem to be much beyond the considerations of a lot of others participating in this thread and forum. Surely, you can apply these kinds of concepts to yourself and proclaim to your self that you are a moderate all that you want; however, if you are incorporating these ideas into your approach(es) about bitcoin and/or your future planning concerning your bitcoin proceedings, it seems likely that most people here are going to be merely distracted by these kinds religious limitations concerning interest and whether one kind of investment is ok .and another kind of investment is NOT., based on religious beliefs... In my humble bumble opinion, that just seems too personal to be muddying up the thread with those kinds of personal considerations. I didn't give any advice or any guidance about any investment, I decided upon my personal beliefs, but only when you insisted about knowing I told you, as far as I am concerned it is still a personal choice that somehow you don't like !!!! so next time you start writing about how my believes and my values and my personal choices doesn't fit your logic or the thread logic you must remember that they involves me and only me and they don't effect your life or the life of anyone except me.... got it ? this is where our freedom of choice comes from and no one should cross the lines. your freedom stops when others freedom starts. I'm NOT imposing anything on you, and this happens to be a public thread. I also have NOTHING against you. I will maintain; however, that you seem to be missing various details in your explanations, and accordingly, we seem to agree that several of the specifics of your investment plans (to the extent that any plan exists) may NOT be applicable to too many other people b/c financially, they have NOT been explained very well. Yet, they may be fine and dandy for you. I have NO problem wishing you Good luck with your choices. |
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Bitcoin cultists accusing religious people of being cultists? At least when it comes to religion, people are usually indoctrinated from birth and have massive social pressures (there are hardly people who convert). Now becoming a cultist of your own free will, that's something else.
Here we go again with these bullshit assertions that bitcoin believers or enthusiasts are some how engaging in religious and/or cultish behaviors.... You are ridiculous Blitz.. to be coming up with and spreading this baloney.. and you are supposed to be a moderator, no? That's what it says next to your name... and avatar... By the way Blitz... since you are a moderator and in the "know," can you make it so that I can have an avatar too? (after I just insulted you... he he hehe?  ) Also, I don't think there is any disadvantage in investment being Muslim, what does it matter if he gets 0% instead of 1% interest? Nothing.
HELLO!!!!!Even though 0% and 1% were presented as current potential bank interest rate options, NO one, with any kind of financial astuteness above the level of a drunken teenager, should reasonably be considering keeping large sums of moneys in any bank account(s) for two years.. that seems to be very financially irresponsible, unless there is some kind of explanation concerning why that seems to be a necessary or prudent course of action. Ok, you think you got it all figured out but you have no fucking idea of what you are talking about ( at least in my case)..... I don't know how old you are or what kind of a life you have but when you have a family and kids you tempt to chose the safest way to make sure they will have a roof and food and a good education for as long as you can... now if you think leaving potential profits in a high risk investment like Bitcoin without making any risk management is the way to go then you do it, I believe otherwise. Yes, you have already inadequately made your case for your supposed cashing out strategy and your tactics by NOT explaining what you are doing with very much specifics, and then when I suggested that you are lacking any kind of meaningful plan (b/c I do NOT know it) you have gotten on the defensive by suggesting that I do NOT know your details (that you have refused to provide). Of course, I do NOT know your particular case b/c you did NOT describe your case in advance, but merely began to brag that you are cashing out half your BTC stash... etc. etc.. and that you will be living in la la land for 2 years etc etc which makes nearly NO sense at the current time.. at least your explanation so far makes LITTLE to NO sense.. except that you seem to be acting out of desperation and you want a quick pay out.. in other words you seem to be panic selling.. and fine.. NOTHING wrong with that... if that's what floats your boat.
I didn't invest the first time I knew about Bitcoin it took me a while to understand what the hell it is and to be honest I didn't invest because of the technology, I didn't give a fuck about it, I invested (risked my initial investment) because of the fair potential of making huge profits out of it, it seemed like free money for me.
Yeah, you got in way before me, so good for you. You have experienced some good luck, and good timing and it is good that you were able to figure it out quickly that you were going to invest. now in case Bitcoin will fail which is possible I will have some time to figure out things before it is all fucked up, if you have all your funds in Bitcoin and no liquid cash in the bank then good luck if anything wrong happens, in fact I always keep enough cash in my bank account just in case, but IMHO investing all your funds in stocks and metals... and being over optimistic about it is just stupid.
Currently, I only have 5-10% of my total investment in BTC, so I would NOT have taken such a high risk in the first place to put a large portion of my money into BTC... and maybe that is why you are getting a quick pay out b/c you bet and your bet went the right direction. I am more of a long term planner, and I employ dollar cost averaging over a variety of investments. I only began to read about bitcoin in November 2013, and then I began investing at that point..... slowly.. .. anyway, I have been adding more to my portfolio recently.. so yes, we are in different places concerning our respective portfolios. beside, invest only what you can afford to lose, at this point I would hate my self if I lost 100% instead of 50% got it now ? risk management...
Yep.. I follow that philosophy too concerning NOT over extending myself regarding my investments.. and I have NO problem with my investment plan(s) regarding BTC or the level of my investment and/or diversification. As you likely realize from reading this response, I still stand by my previous comment(s).... concerning your plan, and I have been fairly tolerant in giving you the benefit of the doubt concerning your plan(s) and why you did it. You have NOT really explained, except to take a preachy tone to suggest that somehow I am NOT understanding the sophistication of you methodology. If you read my various previous responses, then likely you would understand better the crux of the issue regarding your seeming to bail out of half of your BTC at a weird time... and that seems to be your assessment of the situation.. so all the more power to you. |
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You do NOT really support any argument that supposedly bitcoin is a cult by citing a 2 month old article that argues that bitcoin is a cult by stating that bitcoin is a cult. It is just a stupid-ass argument to suggest that bitcoin enthusiast are following blindly and that they are true believers and that they are in a fantasy... blah blah blah. The arguments are denigrating, superficial and selectively attempting to paint a picture with little to no evidence, besides maybe some anecdotal evidence and also some feelings that bitcoin feels like a cult. The involvement of people in bitcoin did start with technological people, yet there already exists more variations in the profiles of adopters, and those adopter profiles are going to become more and more varied as more and more adoptions takes place.. .it is just a phenomenon that is evolving, as you should know better, rather than spreading this superficial information. |
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I would NOT call any body stupid or their actions stupid b/c of religion Joining cults isn't an issue of intelligence. It's more a reflection of emotional health vs injury. Studies say otherwise. There has been a negative correlation between religion and IQ for the majority of test subjects. Do I really have to bring up the distinction between correlation and causation? You just did. |
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In the past 5-6 months, I have found this news to be considerably amazing - like how could one city need or use so many bitcoin machines? If bitcoin were to become a central aspect of the Dubai economy, then 400 ATMs would make sense.... It just remains interesting to me about 400 ATMs going into place in one city when about 99% of the world's population likely does NOT even know what bitcoin is, or at least NOT even invested 1 satoshi into bitcoin. |
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monkey overslept, but got up in time to say this is a good intraday buy point (12:20pm Eastern)
Monkey is a misleading mammal, gave wrong prediction yesterday  Arguably yes! Arguably no. Monkey was still short on a dily basis. He just said it was a good intraday entry point. In fact during particularly strong moves he does tend to call out more possible turning points than I think he should. Usually when he picks a turn in the same direction on multiple timescales (like his daily and weekly s&p 500 bearish calls which became aligned on friday 13) the shorter term call is pretty reliable. If he is bearish on a daily basis then any intraday bullish reports that he makes are less reliable than usual. They can still be useful! For example a short term bearish report during a strong uptrend can suggest a time to take profits or hedge efficiently. I usually convert naked options to spreads at such times. To my lil doggie and me, it seems that you need to spank your monkey. Sometimes I spank my lil doggie, when she engages in inappropriate/damaging behavior(s). |
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Bitcoin cultists accusing religious people of being cultists? At least when it comes to religion, people are usually indoctrinated from birth and have massive social pressures (there are hardly people who convert). Now becoming a cultist of your own free will, that's something else.
Also, I don't think there is any disadvantage in investment being Muslim, what does it matter if he gets 0% instead of 1% interest? Nothing.
Free will is an illusion bro You're an idiot Nice, insults are very persuasive. https://www.youtube.com/watch?v=hq_tG5UJMs0or try reading "consciousness explained" by Daniel Dennett. I understand that there are some illusive aspects to free will, and I have done some of my own research into the topic over the years. Why can't you explain your theory about why free will is illusive? Personally, I am NOT going to merely throw up my hands and act under some kind of simplified concepts that free will does NOT exist... even though there is a lot of framing and limitations of my circumstances and the circumstances of others by and because of a vast array of social / psychological circumstances. |
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I would NOT call any body stupid or their actions stupid b/c of religion Joining cults isn't an issue of intelligence. It's more a reflection of emotional health vs injury. Studies say otherwise. There has been a negative correlation between religion and IQ for the majority of test subjects. Well, you are probably correct, overall, but still it is NOT really a good idea or practice to suggest someone is stupid, merely b/c s/he is religious or merely b/c studies say that it is likely that s/he is stupid or even one or two comments from him/her tend to support that the person may be stupid. Even if, in the end, the person really is stupid, it does NOT seem to be a very good idea to call the person stupid, that just causes inflammation.. even if the assertion is true. So, I do NOT necessarily disagree with you, that you may be correct, I just have some troubles with inflammatory oversimplification(s), but I will grant that sometimes inflammatory oversimplifications may make the point(s) more quickly, directly and clearly.  |
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For anyone that can understand Italian, here is a youtube of a bitcoin hearing by the Italian government. I think the live part is over, but this just happened today. If it still says "live" then you will need to rewind and skip the history part to get to the hearing. Diretta canale satellitare della Camera dei deputati: http://www.youtube.com/watch?v=Y5h-KfwC4aICan you say the overall punchline of it, especially since it is in Italian? Was the proceeding positive? Was it just gathering evidence for consideration of the government concerning future legislation? Can you help us out a little with some kind of overview? |
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This is a nice read for those who do not grasp the issue of concentration of power into one mining pool. http://hackingdistributed.com/2014/06/13/time-for-a-hard-bitcoin-fork/Excerpts: But the fact is, this is a monumental event. The Bitcoin narrative, based on decentralization and distributed trust, is no more. True, the Bitcoin economy is about as healthy as it was yesterday, and the Bitcoin price will likely remain afloat for quite a while. But the Bitcoin economy and price are trailing indicators. The core pillar of the Bitcoin value equation has collapsed.Worse, GHash has a well-known track record of actually engaging in double-spend attacks even when they did not command a majority of the hashing power. GHash used its hashing power to attack a gambling site that accepted 0-confirmation transactions. In essence, they would make a bet, as in red-or-black in roulette, and if the virtual roulette wheel spin came out the wrong way, they would cancel their losing bet and place a new one. This is outright theft: GHash stole from a gambling operator. I was led to believe by the starry-eyed bull tards that it's all nothing but FUD. Hey Blitz.... I am very excited to notice that you got rid of that misleading definition of FUD from your signature ... that is great!!!! In order that we can better understand the meaning of your statement, above, are you now back to using the commonly accepted meaning of FUD? That is "fear, uncertainty and doubt"? |
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This is a nice read for those who do not grasp the issue of concentration of power into one mining pool. http://hackingdistributed.com/2014/06/13/time-for-a-hard-bitcoin-fork/Excerpts: But the fact is, this is a monumental event. The Bitcoin narrative, based on decentralization and distributed trust, is no more. True, the Bitcoin economy is about as healthy as it was yesterday, and the Bitcoin price will likely remain afloat for quite a while. But the Bitcoin economy and price are trailing indicators. The core pillar of the Bitcoin value equation has collapsed.Worse, GHash has a well-known track record of actually engaging in double-spend attacks even when they did not command a majority of the hashing power. GHash used its hashing power to attack a gambling site that accepted 0-confirmation transactions. In essence, they would make a bet, as in red-or-black in roulette, and if the virtual roulette wheel spin came out the wrong way, they would cancel their losing bet and place a new one. This is outright theft: GHash stole from a gambling operator. Even though the article appears to be pretty well written, the whole concept seems like the attempt to spread FUD and to place way too much weight on some kind of dark cloud that could exist, but is unlikely to exist in the real world. Accordingly, Gizmoh, are you selling all your bitcoins while the price is in the $560s or are you just going to hang out here for a while (maybe a year or two) and edumacate us regarding the inevitable downfall of bitcoin (while the prices are going up.... hopefully, soon)? Oh.. and Gizmoh.. .dont miss out on the next buying opportunity created from this various FUD spreading... so then maybe you can sell at $1k or $2k rather than selling at $560. Probably, we are NOT getting rid of you soon... That's too bad...     |
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.................
. but you do NOT really have much of a plan for where you are going
wtf? he is running to the hills, why so annoying? morrowind, elder scrolls? get a life. He said that he cashed out half of his BTC yesterday b/c he has a plan to play with the proceeds for two years. I said that his plan seems to be very short sighted, especially given the likely direction of BTC in the next six months. Therefore I asked him where he planned to put his investments, and he failed/refused to answer, and instead stuck to his original framing about how wonderful he is., etc etc etc.. for making so much money, while he left quite a bit on the table through neglect and/or lack of foresight, so it seems. other posters mentioned morrowind and elder scrolls.... b/c I do NOT know WTF are morrowind and elder scrolls... even though those topics may be relevant. Regarding, "get a life" Yes, we each have lives and we choose how to spend our lives, and part of my life, at the moment includes posting on this forum and responding to relevant issues... and attempting to contribute to the forum (thread) in a productive direction. I have it in my bank account where I pay my bills and pay for goods with €.... The best of my current bank accounts only pays about 1% interest, and possibly you could get 3 or 4% if you have some kind of premium bank account and if that is what floats your boat, then who am I to say? BTW, I dont take the interest that the bank gives me, this is against my believes and it is called ribaPretty stupid of you. yea sure, being Muslim is stupid I would NOT call any body stupid or their actions stupid b/c of religion, yet Gingermod seems to make a point (whether sufficiently sensitive or NOT). I suppose that distinctions can be made - however, investing into bitcoin involves many similar financial principles as loaning money, especially given its limited supply. You buy 100 BTC in 2012 for $10, and then you sell them in 2014 for $600. The value of BTC has appreciated.. and can be considered a form of interest-1 that is shared by the whole BTC community. Anyhow, it does seem like your religion may be affecting your considerations (in possibly internally contradicting ways), and maybe also that is part of the reason that you are reluctant to get into specifics concerning your having had cashed out half of your stash to cover a two year period of time, when likely more financially prudent approaches could have been made and or considered. Also, I am speculating somewhat that your religion may be causing you to fail and/or refuse to make some detailed and potentially internally contradictory analysis regarding your financial planning concerning bitcoin. -2 Again, that is for you to decide those boundaries; however, when you are posting on a board like this, hopefully you realize that many of us are considering these matters without RIBA type influences in our analyses (and investment considerations). 1- nope, you are wrong that is called supply and demand and not interest. interest is when you need $100K to buy a house and I agree on giving you a loan with a condition to give me back $120K... the 20K is interest and I don't believe in it, what I could do is to buy the house and give it in a lease way, so you live in it while I am the owner for the next 20-25 years until you pay your debts and become the owner. and this is where leasing come from BTW. It is NOT likely that we are going to agree on these various intellectual distinctions that you want to make in order to rationalize your behavior. In the end, you have your various values and your various ways of conceiving your values and how to consider whether your money is appreciating or depreciating in value and whether that methodology is acceptable for you. Ultimately, it would probably be a big waste of time for us to attempt to sort this kind of thinking out and to make these kind of distinctions in this thread b/c these kinds of distinctions would probably confuse various readers (including ourselves) beyond any utility that we may gain to better understand what we personally should do in order to apply an acceptable financial model or strategy for investing our money into various assets or asset classes. 2-I firstly use my logic and then the values that I took from my religion ( I am not a Muslim fanatic BTW, I am far from being a Muslim when it comes to sharia but I still have many values from being an Arab Muslim ) Surely, each of us have various religious and/or ethical and/or perceived legal boundaries that will cause us to place limits on how far we will go to personally profit.. or whether we attempt to manipulate or influence the behavior of others or to merely make ourself (ves) as a role model for others to emulate. To the extent that you are allowing various kinds of beliefs about the impropriety of earning interest or participating in forms of usury, these kinds of concepts and limitations seem to be much beyond the considerations of a lot of others participating in this thread and forum. Surely, you can apply these kinds of concepts to yourself and proclaim to your self that you are a moderate all that you want; however, if you are incorporating these ideas into your approach(es) about bitcoin and/or your future planning concerning your bitcoin proceedings, it seems likely that most people here are going to be merely distracted by these kinds religious limitations concerning interest and whether one kind of investment is ok .and another kind of investment is NOT., based on religious beliefs... In my humble bumble opinion, that just seems too personal to be muddying up the thread with those kinds of personal considerations. |
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Even here we are talking about religion. FML. Religion=hate spreading Religion=war religion=racism. Making choices based on religion on a stock/crypto market, that is a whole New level of stupidity. Goodluck going bankrupt. Small hint: religion has brought shit for hundreds of years, that wont change a bit Small hint: today's religion is the idolatry of money. Printing money may have caused more death than any religion. During the 20th century, if we wouldnt have been off the gold standard, we would have had way shorter wars, way less debt and way less environmental problem. People have been bashing religion since the 19th century. It's old news. Its not a rebel act anymore. Everyone is doing it. You are engaging in very fuzzy logic if you are attempting to equate the pursuit of money as if it were a religion - even though both may share some components... You are simply over-simplifying the matter. |
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