Bitcoin is dying again. Bitcoin... the beginning of the end http://www.marketwatch.com/story/bitcoin-ether-and-other-cryptocurrencies-may-be-seeing-the-beginning-of-the-end-2017-09-06There's a big, smart short with pockets deeper than a whale puss that's gonna wreck any futile attempts at recovery.
It's just the way it is. Don't shoot the messenger.
So please sell all your bitcoins preferably on a weekend and during the next short attempt at a 25-35% discount. Be afraid be very afraid. Pay no attention to adoption or fundamentals. Bitcoin Exchange Coinbase Hits 10 Million Users https://www.google.com/amp/s/www.cryptocoinsnews.com/bitcoin-exchange-coinbase-hits-10-million-users/amp/Now, Coinbase has surpassed 10 million registered users. In the last three weeks of August, the bitcoin exchange added an astonishing 800,000 users.
Don't think to hard about the fact that there are currently only 16.5 million bitcoins worldwide and that Coinbase alone has 10 million users adding just shy of a full million new members in a single month. Sell all your bitcoins right now this very second. Fear... Uncertainty... Doubt(A message from your favorite local investment bank which will kindly help you out and buy your dying investment from you because they are motivated by goodness and altruism.) |
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yes, but you can short BTC with leverage, even high, almost naked. And if you have deep pockets or a money printer you can short forever. But I guess that now the lizards are undecided between milking and killing crypto.
There are limits. Most exchanges don't allow shorting. Those that do have a limited amount of BTC they can lend out. These limits won't be noticed by the small players but are very real for a larger player trying to move the market. This is different from other markets where unlimited naked short selling is allowed and overlooked. |
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What does the weekend even do to keep people from "getting fiat onto an exchange"? I've never understood this. Any wire will have to be sent days in advance anyway.
I know this may be crazy to conceive but have you possibly thought that there are people who both own a lot of BTC and a lot of fiat? I know, crazy right? Who'd think that the two would be in any way correlated.
Only those lacking in IQ leave a large amount of money on an exchange if they don't plan to actively trade with it. I have both fiat and Bitcoin very little of it is on an exchange. I could move my BTC onto the exchange right now in response to a market change. For fiat the banks are closed until tomorrow in the USA. This dynamic makes it easier to push the price down on weekends and holidays. If you want to get a sense of how much of this is going on compare Gemini exchange which requires wired funds with Coinbase app which allows you to buy straight from a checking account and is one of the only weekend/holiday fiat on-ramps. As of this post BTC Gemini is $4240 BTC Coinbase app is $4523 Almost a $300 spread. Actual spread is over $300 after Coinbase fees. |
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There's a big, smart short with pockets deeper than a whale puss that's gonna wreck any futile attempts at recovery.
It's just the way it is. Don't shoot the messenger.
The problem for the big pocketed folks is that unlike the gold futures market or the stock market you can't naked short BTC. You actually have to have some to sell or borrow. This makes the market much harder to control hence the weekend/holiday attempts when people can't get fiat onto an exchange. |
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$3500 would be nice to be able to buy back in  Possible but I doubt it will drop that low. This ICO clampdown crash panic reminds me of the panic after Silk Road was shut down by the Feds. At the time the forum was full of people proclaiming doom as the "only real market" for Bitcoins was gone. Check out the price action on October 2 2013 if you want to know how that played out. ICO clampdown is good for BTC and the market will figure that out sooner or later. |
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Bought @ 4200 There is a $200 spread now between buying on Gemini which necessitates having fiat on an exchange and buying on the Coinbase app which lets bigger players instantly buy up to $25,000 and have it deducted from their bank accounts the next weekday. Bodes well for tomorrow's prices imho. Sure, I could have made a lot of money from ETH but it would have meant compromising my ethics. Yeaaah. Sure. We're all here for the ethics right. Some of us are. |
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Most people are already all in - In terms of the maximum exposure they would like to take towards Bitcoin. But if it goes below $3000 again, I am sure they will tweak their asset allocation given the good opportunity they see.
Most people here on this forum perhaps but that's not most people. There is a flood of passive money just waiting to pour into BTC once it becomes easy enough. Just look at the premium on the Bitcoin Investment Trust (GBTC) it was recently trading at premium of 101.6% higher than the actual market value of the bitcoin it holds. I think $4,500 will be considered cheap very soon dispite the massive recent gains as more options for the general public open up which is inevitable sooner or later. I certainly won't be selling. |
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This guy accidentally flashes his stash and everybody loses their shit. I guess all the whales are over here. 9 BTC ? What a poor. The U.S Bureau of the Census has the annual real median personal income at $30,240 in 2015. 9 BTC is a fair amount over that. |
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Every bubble is going to crash, sooner or later. It's just that the magnitude of the bubble isn't as great as the tulip mania.
There is one type of bubble that does not crash over the short term. That bubble is a monatary bubble. Gold is a shiny metal that does not corrode. It has limited utility as jewelry and in electronics. Most of its value, however, comes from its 5000 year history of acceptance as money. The proper question to ask regarding bitcoin is not whether it is a bubble but if it is money. I believe the answer is a clear yes. |
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...I wonder how market will react at $4800
GS will probably sell a bunch during a period of low volume to trigger a dip. They have a reputation as to uphold after all. I doubt the dip will last very long. |
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Even if it is 'friendly' it's still not helpful. And it also has the magic three letters of I C & O http://btcgpu.org/I am not so sure about that. The more you have folks in China, Africa, North Korea or wherever creating random and shady forks the more it focuses draws peoples attention to who is doing responsible development that is thoroughly and openly vetted and who is staging hostile takeover attempts. In the long run this kind of stuff will probably strengthen the position of the core developers. |
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Breaking News: According to BitcoinMeister the next 'friendly' BTC fork is on the way called Bitcoin Gold. Video info here https://www.youtube.com/watch?v=eAukxlpwyHgGPU mined bitcoin fork with POW change to GPU originating from China. Competitor to BCH and maybe Etherium later. Sold my BCH for a nice 17.2% dividend that was an easy call. This one might be a harder call. Could pull some interest away from ethereum once ethereum goes proof of stake. Team behind the bitcoin gold project will implement replay protection and are pro core according to the video which is interesting. |
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Just a heads up -- there seems to be a concerted effort going on right now by some well known YouTube crypto personalities to promote and pump every crypto BUT Bitcoin. I'm not going to name names, but I'm sure you can figure out who. I've long suspected that either these guys 1) are secretly being paid off by unknown entities, 2) are true patsies being manipulated by the "powers that be" to steer their followers away from Bitcoin, or 3) all of the above. Stay vigilant my friends.  I recognized this as well. You don't want to name a name. well then I will do. The first one was that Crypt0s guy who suddenly starts to pushing Bcash. But not just that, he also started bashing Bitcoin and reading out comments about Blockstream etc. which can easily be put into conspiracy land!! Even his followers were surprised he is doing this, as he generally claims to represent objective news.  To me it's obvious these guys were offered some nice amount of money to push certain coins, as they show some never seen before behaviour, a complete 180°. I mean we've seen pushing and pumping altcoins before, that's not new. But this dramatic change by some Youtubers is sooo obvious! To accumulate a major position in BTC you have to induce current holders to sell. You can do this by raising your offering $ price but this is expensive and if the price goes up too quickly people start holding their BTC rather then selling making it ever more expensive. For a large player it might be cheaper to induce some artificial FOMO among BTC holders. Promote an altcoin as the next big thing pump the nominal price up on low volumes and then try to convince BTC holders that they need to take a stake in it to diversify their crypto holdings or risk missing out.  |
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According to Google Trends google the search frequency for the term Bitcoin is highest right now in Bolovia and Nigeria and there has been a slight drop in the total number of searches for the term Bitcoin. https://trends.google.com/trends/explore?q=bitcoin |
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Moderator Image
Haha ok I will take that as I sign that patience with my off topic conversation is running low. No more off topic posts from me. |
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It is. Knowledge defies faith, which is why god went poof in a cloud of logic.
Just skimmed that link and not gonna bother with it, except for this little tidbit: "Our model explains things such as why stars look fair and beautiful to our eyes when it serves no credible Darwinian purpose to do so."
Yes it does. Stars are not dangerous to us so there was never a reason to develop a negative reaction to them, and we like sparkly things. Probably because water is easier to find when it reflects light, water being required to survive. And of course we use them to navigate, probably since millions of years ago. Stars benefit our survival.
That seems trivial to me, which is why I will assume the rest is as well.
I am actually sympathetic to your position as I was a strong agnostic/atheist for most of my adult life. I ended up that way by reading the Old Testament and being turned off by the barbarism of those times. That combined with a very skeptical personality and exposure in my youth to a disproportionate number of inarticulate religious folks set me on a 20 year path of firm agnosticism. I viewed the religious as foolish holding quaint but outdated and untrue views. It took me the better part of a quarter century before I gradually realized that the inarticulate bumpkins of my youth despite their lack of sophistication were more or less correct and it was I with my smug intellectual superiority that had adopted the untenable position. I reached the conclusion not due to any great spiritual event or conversation but the application of logic and consequence. Below is the logic that pulled me away from agnosticism. It is essentially an essay divided into 6 parts. Since you have adopted the position you have I recommend reading it if for no other reason then to understand the logical basis of an opposing view. Health and ReligionReligion and ProgressThe Nature of FreedomThe Beginning of WisdomFaith and FutureThe More Rational Model |
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Guys, I converted to Judaism today. After the ceremony, I was handed a kilo of gold, paid for by the blood and sweat of the goyim. Immediately after, I received my job offer from Goldman Sachs, and I was handed an invitation to the Bilderbergs.
But none of this has anything to do with the reason I converted. I did it for the jokes!
Sigh... |
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