Most likely situation, if this were to happen: DOJ swoops in, seizes/restrains bank accounts, presses civil case to recover assets... then after several years, account holders get paid pennies on the dollar out of a remission fund. If you feel safe with fiat on the exchanges, don't. (Same goes for BTC, obviously)
BTC is a little safer since it only needs an internet connection to withdraw it, not a bank. It's definitely true you need to be wary though. Point is that your BTC on exchanges are not real BTC. You cannot withdraw them unless they send them to you. If we're talking about an exchange "going rogue", they aren't going to fulfill withdrawal requests. In fact, at least with fiat, you have a shot at getting something back via three-letter agencies. BTC, not so much. |
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the wall at 100 keeps growing
Yeah when did those 5k coins show up?! |
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The thing is, since these exchanges operate within legal boundaries and the owners are known and probably documented by law enforcement agencies, we are somewhat safeguarded if our fiat were be stolen or abused by the owners of the exchange. There are systems in place in the real world which would combat criminal endeavours to steal our fiat. Bitcoin has none of those. It might all turn to shit tomorrow, that's the harsh truth of it all, and you wouldn't be able to do a damn thing to prevent it. Your coins might even get stolen from the exchange, and you wouldn't be able to do squat. You might be a "bitcoin believer", but i prefer to be realistic about this whole thing, and i think that's the smart thing to do as well instead of putting blind faith into all of this.
Most likely situation, if this were to happen: DOJ swoops in, seizes/restrains bank accounts, presses civil case to recover assets... then after several years, account holders get paid pennies on the dollar out of a remission fund. If you feel safe with fiat on the exchanges, don't. (Same goes for BTC, obviously) |
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Do you really think I care about what you say? I don't care. Yes I made a lot of bitcoins when they were like $5, but that wasn't the main reason I was here. If that is the first thing that comes out your mouth then you to me are just another one of these get rich quick people and probably leave soon anyway. I have also done a lot for the community and I am not going to sit here and list out what I have done, but since your new, I wouldn't hold against you.
You are so righteous!  |
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“My goal is to get rich,” says Jonathan Mohan, blunt as you like.
I stopped reading after this. If your goal is to get rich doing bitcoins, your doing it for the wrong reasons. Getting rich was a by product, and people like this don't believe in bitcoin like other people on this forum do. They even labeled him as a "Bitcoin promoter", this is insane. What's wrong with trying to get rich, ya socialist weenie? Not everyone is in the bitcoin cult, sorry  Honestly, thinking like that is not going to get you anywhere. Venture capitalists are needed to help build the infrastructure needed for wider adoption. And venture capitalists don't invest because they are "bitcoin beliebers" and they are part of the Gweedo Cult where nobody should try to get rich, everyone should just give everyone else their money and BELIEEEEVVVEEE. Venture capitalists invest because... they are rich, and they are trying to get richer. Good luck with the socialist bitcoin cult mentality, though. At least it's amusing.  There is nothing "wrong" with trying to turn a profit. Then he shouldn't be labeled a bitcoin promoter. I am wealthy from bitcoins, and I could retire, but I don't cause I am so passionate about it. I think if your doing bitcoins just to get rich, you are not here for the right reasons. That is my opinion. I see that you don't like when people have opinions against your opinion. You need to work on that. He probably should; he is just not promoting your own limited vision. The thing is, bitcoin is not your little pet project. It is not going to be what you fantasize that it will. It is what others make it. Keep telling people that you're righteous and they're not. It only marginalizes you and (in its small way) perpetuates the perception of bitcoiners as a cult. Bitcoins are useless to me as currency; I have dollars and more versatile payment systems for that. You don't like people like me? Watch what happens if all the speculators leave the market. It is opinion dude, get over yourself LMAO. Let the speculators leave, I made my money off of them doing panics sells and buys LMAO I see. So now that you've made your money, people trying to do the same are "doing it for the wrong reasons." ...But if you were here for the right reasons, you wouldn't have been trading in and out of fiat, would you? ...Get over myself? What are you even babbling about? If you don't want people to disagree with you, stop posting your opinions and then proceeding to dig yourself into holes. |
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People who want the price of BTC to go up are hurting the long term viability of bitcoin. This is because they buy bitcoins and then hold them until the price goes up which removes bitcoins from circulation. Obviously for bitcoin to be a true currency it needs to be traded like others and have long term price stability. Bitcoins going up up up in value is terrible for bitcoin...
This seems to imply that "currency" is the only (or even principle) use of bitcoin. Not so. I'm happy to see some cheaper coins, though. |
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“My goal is to get rich,” says Jonathan Mohan, blunt as you like.
I stopped reading after this. If your goal is to get rich doing bitcoins, your doing it for the wrong reasons. Getting rich was a by product, and people like this don't believe in bitcoin like other people on this forum do. They even labeled him as a "Bitcoin promoter", this is insane. What's wrong with trying to get rich, ya socialist weenie? Not everyone is in the bitcoin cult, sorry Honestly, thinking like that is not going to get you anywhere. Venture capitalists are needed to help build the infrastructure needed for wider adoption. And venture capitalists don't invest because they are "bitcoin beliebers" and they are part of the Gweedo Cult where nobody should try to get rich, everyone should just give everyone else their money and BELIEEEEVVVEEE. Venture capitalists invest because... they are rich, and they are trying to get richer. Good luck with the socialist bitcoin cult mentality, though. At least it's amusing. There is nothing "wrong" with trying to turn a profit. Then he shouldn't be labeled a bitcoin promoter. I am wealthy from bitcoins, and I could retire, but I don't cause I am so passionate about it. I think if your doing bitcoins just to get rich, you are not here for the right reasons. That is my opinion. I see that you don't like when people have opinions against your opinion. You need to work on that. He probably should; he is just not promoting your own limited vision. The thing is, bitcoin is not your little pet project. It is not going to be what you fantasize that it will. It is what others make it. Keep telling people that you're righteous and they're not. It only marginalizes you and (in its small way) perpetuates the perception of bitcoiners as a cult. Bitcoins are useless to me as currency; I have dollars and more versatile payment systems for that. You don't like people like me? Watch what happens if all the speculators leave the market. |
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If your goal is to get rich doing bitcoins, your doing it for the wrong reasons.
That's that cult shit. Who are you to say? |
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Trend reversal? I think not. Good to see, though. Not a fan of the believer/evangelist angle... we're not all part of the cult!
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Isn't the bitstamp account number just an incremented integer for each new customer (ie something predictable and easy to guess, unlike user email addreses).
Do you mean incremented like, sequential? Account numbers aren't sequential. |
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Just a bit of consolidation before double digits. |
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2k wall at 104 moved to 102 |
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Willem's in the house yall, stop hating!
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Is there something I don't know? No reason the price should be going down further... oh well.
I was thinking that as well and can only come to one conclusion: panic selling based on nothing. People STILL do that? Seriously? Are you serious when you say this? I've seen others say similar things, that "there are no more panic sellers." People aren't going to stop panic selling in any speculative market. No panic = calm before storm. Just wait until we really start moving!  |
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Is there something I don't know?
Apparently! |
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With a password-protected file that is dl before an event is supposed to happen does not really need a timestamp.
If I'll read this thread next year then I will not know if you edited your post or not. But you cannot edit block chain. Posts show last edit if you hover over the time... I'll edit this one. Edit: Edited Edit2: Well, shoot, it used to. Edit3: I still see it on other posts, maybe it just doesn't show on your own posts. If you do it now, it will show up. There is a short time window where it won't. If you ninja edit, no one ever knows! |
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No effect. Same goes for all the "Rally Time!", "$5k bitcoins", etc. threads.
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As BTC started to go hyperbolic, Businessinsider.com was posting daily updates of its price. They also posted about its crash. Businessinsider, I would imagine, gets a lot of its web traffic from people in the business/finance world. The kind of people that love making money and invest/trade in equities. The founder of the site, Henry Blodget, used to be an equity research analyst on Wall Street during the tech bubble era many years ago. He even wrote an article about Bitcoin saying how a $1000 price target may happen one day and it may be worth the risk to invest.
My point is, a lot of speculators may have been exposed to Bitcoin for the first time by reading these articles on BI. I'm sure a lot of these speculators also use TA. As more and more people apply TA to BTC, TA will become more practical. It is kind of like a self-fulfilling prophecy as people have said.
How big is BusinessInsider? IIRC, they are pretty damn fringe. I remember reading a lot of them back when I was an agorist a few years ago. The same people who I'd see posting BI articles were posting shit from Alex Jones, etc..... not really the finance crowd. More so the fringe anti-government crowd (more or less the niche that bitcoin already occupies). Obviously this is just anecdotal, though. I also don't quite understand how conventional TA is applied to BTC.
Mainly because this is a relatively new market and most people factor out the continuously changing parameters and circumstances which you don't have in 'old' markets.
Can you elaborate as to how this would negate the effects of TA? Being a relatively new market does not mean that price movement cannot be analyzed. On the contrary, we are constantly seeing familiar retracements in the BTC market. |
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