just a quote from warren buffet [Modified by Torque]:
"Gold gets dug out of the ground in Africa, or someplace. Then we melt it down, dig another hole, bury it again and pay people to stand around guarding it. Then over the last 200 years, it gets looted from vaults all over the world, faked, diluted with tungsten, priced set and pegged by monopolistic Elitist Mining Cartels, and ETF'd to death by many orders of magnitude, to the point that no one actually knows how much real Gold even exists in the world today, where it all lives, who controls what amounts (if any), and what its nominally speculative value should even remotely be anymore.
It has no utility. Anyone watching from Mars would be scratching their head. And a return to a worldwide Gold standard? Fat chance in Hell on that!"
FTFY |
|
|
|
Poloniex would. From what I can tell they're the new "crook exchange on the block." Also, is that the total number at the bottom? If so it's short about 40K. |
|
|
|
So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450.   So Dafar, still mocking me thus far? Quoting myself ftw. Looks like we're just going to keep grinding down ~$10/week or so, until this bubble completely deflates. Since there are no buyers, looks like the only thing that could put the floor in is the hashrate/mining cost, wherever that may lie. It's gone down no more than $20 since then, and because of that you're predicting another massive bear market from which Bitcoin never recovers. Dafar will be mocking you in a few months when it's gone back above $600, not down to $450. If it eventually settles back to ~500, then I predicted right and I win. If it heads above 600, I simply get richer. So I win again. Either way, I win.  |
|
|
|
So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450. So Dafar, still mocking me thus far? Quoting myself ftw. Looks like we're just going to keep grinding down ~$10/week or so, until this bubble completely deflates. Since there are no buyers, looks like the only thing that could put the floor in is the hashrate/mining cost, wherever that may lie. |
|
|
|
Because they, the pumpers/hackers, completely rely on massive shorting to make the real money. But hackers know that Bitcoin's security is now rock solid. They can't hack/exploit a flaw in the actual coin or network anymore (they could in the infancy days), and can't hack the one shitty exchange anymore that constituted 80% of it's trading volume (Mt. Gox).
Bitcoin had an exploit. It was plugged before anyone nefarious got their hands on it in 2010. That's the only one I've heard of apart from the 2013 hard fork. The biggest Gox hack that happened in front of everyone was rolled back and shorting didn't exist at the time anyway. Yes, but pumpers need a hack, a valid FUD reason to dump and short into the ground. Hacking Bitfinex gave them that. So who's to say they won't do it again with another prominent exchange? Or do it again to Bitfinex? (Assuming it wasn't an inside job of course). In 2013, it was the Mt. Gox insolvency and the FUD of a China ban that gave them the massive drop they needed. Also, Bitcoin may have a hard fork coming in the future. Who's to say that what happened to ETH/ETC (the split debacle) won't happen to Bitcoin too? It creates confusion and fear for Average Joe in the market, and makes the whole risky proposition even worse for new comers. In fact if Bitcoin splits into 2 valid coin chains in the future that have to compete for the world's attention, I may finally walk away from Bitcoin forever and never look back. At that point I think many others will throw in the towel as well. |
|
|
|
|
Adam, you wanna know the REAL reason why Bitcoin doesn't get pumped to the moon anymore, and moving forward likely will never get pumped to the moon again?
Because they, the pumpers/hackers, completely rely on massive shorting to make the real money. But hackers know that Bitcoin's security is now rock solid. They can't hack/exploit a flaw in the actual coin or network anymore (they could in the infancy days), and can't hack the one shitty exchange anymore that constituted 80% of it's trading volume (Mt. Gox). The best they can do with Bitcoin now is try to hack one of its various exchanges and steal coins directly, using negative sentiment to their advantage, and this latest attempt seemed to work (Bitfinex).
But that all may change moving forward as Bitcoin's ecosystem continues to grow and mature. Those holes will eventually get plugged for good.
So the best they that can do now is target shitcoins (and what they did with Ethereum was fucking brilliant.)
So any new shitcoin now that comes along, and gets pumped out of nowhere, should be regarded as completely dubious. Because the grand hack is coming when the time for the crash is right. They don't pump it without already having the exploit/hack in their back pocket.
|
|
|
|
---->>>>>> this time its different.
This is the exact sentiment the pumpers need/use to convince the fools the buy in. 95% of the time, the Madness of Crowds works every time. And is even made with bits of real panther! |
|
|
|
didn't think adam would sell his account
mmmm... yeah... that kind of comments are not adam's comments... shit happens! How hard is it to believe Adam just comes here to pump shitcoins now? not shitcoins, shitcoin. there's a difference. anyway its not about the shitcoin itself its about what the shitcoin represents. seriously, this is a very cool thing ( OMNI ) the coin itself isn't all that interesting its the functionality the "OMNI layer" provides thats exciting. basically "OMNI layer" resides on the bitcoin blockchain it allows you to create assets on the blockchain it also provides a decentralized exchange for these assets. grab a front row seat. its going to be a good show. yes it is a fascinating development, http://www.rsk.co/ is another one doing smart contracts on the blockchain, great news for bitcoin with all these developers showing the dream - a basic decentralised finance of exchange (btc) that can be built upon to build a decentralised financial economy ya these things are pretty cool each project takes a different spin on it, this one has a coin with a two way peg. OMNI has USDT. Ether Tries to do it all. ( but has its own blockchain... which has proved to be week  ) It's going to be interesting to see these projects grow / compete. Actually Adam, no it's not interesting. At all. Every new shitcoin that comes out has some sort of new "angle" or "tech twist" that the pumpers know they can exploit one day. They buy a lot of the shit on the low for the first 6 months after launch, all the while looking for a way to hack/exploit it. Once they have the perfect exploit in their back pocket, they run the coin up to the moon, all the while touting the "gee-whiz-it's-better-than-anything-else-especially-dinosaur-bitcoin" features. All the n00b suckers pile in, wishing and hoping for dreams of riches, gloating that it'll take over everything 'cause it's 2.0. Then, out of nowhere, the hack/exploit happens. The pumpers short the market, crash the coin, and all the fools watch as the price of the shitcoin plummets back to earth. It's the same shit over and over. Wash, rinse, repeat. When will people ever learn? |
|
|
|
How can 1.6 millions $ or 2700 BTC affect the market? This ammount of volume is traded in one minute on big exchanges  Because the pumpers are all about screwing over every single auction winner, by pushing the market price as high as possible to the day of the auction. Go back and look at all the other prior auction days, there's been a pre-auction pump like clockwork. |
|
|
|
So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450. So Dafar, still mocking me thus far? |
|
|
|
So zooming out to 1d on the chart, from 5/24, bitcoin is just looking like your typical PnD bubble that we've seen so many times before. A blow off top, followed by long legs down. Looks like it could eventually deflate all the way back to ~450. |
|
|
|
It's about adding liquidity. You think bitcoin would be worth fuck all without trading? I'm done arguing with an idiot, moving on now.
Well, there'd be a discount, as buying and selling OTC carries a natural penalty. I'm not sure it would be worth "fuck all" however. There are plenty of illiquid assets that possess speculative value. i'm with chesthing, "fuck all" is an exaggeration but obviously the biggest game in bitcoin town has been is likely to continue being for some time the buying and selling of bitcoins. collectively traders have a high degree of control over price... and not only add liquidity but also bring prices higher and prevent and major jump/dip, if it drops like 30% in 5 min, you can bet your ass traders will buy it back up to 50% fib No questions asked.IMO Completely agree with this. For example, if it weren't for traders (and hackers) the 'coin-that-can't-be-named-here' would be worth "fuck all", aka zero right about now. Its utility is effectively zero. |
|
|
|
|
So now Finex is offering a 'bounty' because they have no idea who the thief was???
That's impossible, and I call total bullshit on that. Had to be an inside job, otherwise their security is worse than Mt. Gox.
Those guys really need to see some jail time.
|
|
|
|
Update;
After much thought, analysis, and consultation, we have arrived at the conclusion that losses must be generalized across all accounts and assets. This is the closest approximation to what would happen in a liquidation context. Upon logging into the platform, customers will see that they have experienced a generalized loss percentage of 36.067%. In a later announcement we will explain in full detail the methodology used to compute these losses.
So their total fiat/crypto assets are in the range of ~330k BTC. Hmmm... Now "all accounts and assets" also include ETH, right? So dumping time for ETH?  The announcement bullish? |
|
|
|
How convenient that all the focus is now on Bitfinex, and not the outcome of the bitcoin Core Dev/Miner roundtable. Remember the HF, big block debate? Status of LN? Naw me neither, now back to the Finex fiasco...  |
|
|
|
I swear, if Bitfinex comes out saying that they've recovered most if not all the missing bitcoin, then we will KNOW that this all was just an elaborate scam to crash the market so that they could short it. And risk criminal prosecution if it came to light that this was all an elaborate scam? Their business reputation is already destroyed, has been for a while with all scammy crap they have routinely pulled. So now you are defending them? |
|
|
|
I swear, if Bitfinex comes out saying that they've recovered most if not all the missing bitcoin, then we will KNOW that this all was just an elaborate scam to crash the market so that they could short it. |
|
|
|
What if Bitfinex lied for a profit? I just can't believe so many security locks have been breached. Military-style planning is needed to perform such a diverse attack.
What if they had been insolvent for quite a while now, essentially running a Ponzi, and this was all just an elaborate cover story for their final demise?  |
|
|
|
|
Price is rising, hashrate returning to higher levels.
Feel like we'll be back in the 600's soon, perhaps today.
|
|
|
|
|
Show Posts
