Lose all your capital fast, with MatTheCat and his TA 101A!

[notme]

Mat, you're not making any sense. China isn't going to do a damn thing to upset the apple cart. If they fork it, bitcoin ceases to be universal, and that is not in their best interests. A unified decentralized bitcoin is the only workable solution, otherwise its just shit, as you point out. And FOR THAT REASON, China will do nothing. You can stake your life savings on it.

The Chinese Bitcoin Cowboy's aren't going to do anything to intentionally break Bitcoin, but their government might, should they see fit to do so.

If one day, the PBOC decides that Bitcoin is a bad influence on Chinese finance or society, they could just turn around and kill it on the spot, or if they are feeling charitable, give the miners and users of Bitcoin 3 months to get themselves out the game.

I am not saying that this will happen. I am saying that it could happen. And the very fact that it could happen, puts Bitcoin beyond the pale for any serious capital chasing anything other than high risk, short term gains. Gold it aint, and never will be.

Seems, you do not understand that bitcoin is a private key. If you shut down miners in china then they will emerge in other place. There is not government that can move your bitcoins. Maybe china can shut down miners but for how long time ? (2 hour, 2 days. 2 weeks ?)

China stopping mining would be a huge boon.  Hardware would be sold off to operators around the world.  There would be a few weeks of disruption and then the China centralisation concern could be killed.  China would be out of the game and bitcoin would continue just fine.

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[marcus_of_augustus]

... get yourself out of that nasty bear trap yet MatThe Bear?!?

lmfao

[Miz4r]

Gold it aint, and never will be.

Nope it aint, it is and will be much better than gold! Gold has had its time to shine, but there is a new cooler kid on the block (!) now.

[r0ach]

That's the problem, I played the ups and downs of the rise almost flawlessly at max leverage (up 2.7x Bitcoins - around 3.6x fiat equivalent)

You are full of shit r0ach.

I see absolutley no signs from you at all, that you are capable of reading markets so well, that you can sit and sell the highs and buy the lows consistently, like a pro.

Absolutely no sign except for me publicly posting most of my trades in this thread, even with pictures of where I was buying and selling because I knew you would say I was lying and nobody can succeed in Bitcoin.  You already know I was on the opposite side of 90% of your trades and that 90% of your trades were wrong in this thread.  The only time we were on the same trade is when Adam posted here and said "O god, Mat is on the same side of the trade as us, we're fucked".

It's not too late for MatTheMat to repent and get in the Bitcoin hyperspace shekel Cadillac of such profit.  There's one empty seat left:

http://www.youtube.com/watch?v=5l4OEJ38aLY

[r0ach]

Where have all the MatTheCats gone?  Where are all the TA gods?  Where's a TA-wise Hercules to examine the Bitcoin odds?  We need a MatTheCat.  I'm holding on for a MatTheCat till the morning light.  His margin has to be high, and his RSI low, and he's gotta be fresh from a bankruptcy fight.

[mpow]

Just as the first industrial revolution centered on Great Britain, bitcoin mining will be centralized in China. As with any new technology, it will always be amassed in one area first.   

[r0ach]

The Chinese Bitcoin Cowboys

The Chinese Bitcoin Cowboys

The Chinese Bitcoin Cowboys

[MatTheCat]

Whilst on holiday, had my Kraken account robbed. Could have been much worse, but this still amounts to around 10% of the total funds I have on BTC exchanges, and is no laughing matter. Think I am just about finished with Bitcoin. Kraken was the exchange that I probably trusted the most, but moved most of my funds from there due to leverage charges being 10x for short positions as what it costs on Finex...

...ultimately, there is not one single Bitcoin exchange, that is trustworthy and should the exchange operators or people with access to the back end of the exchanges get sticky fingers, then there is ultimately fuck all that dispossessed customers can do about it. Traders/investors are taking huge risks keeping funds on these exchanges imo and now that I have had a taste of what it means to be 'goxxed' (or Krakened), I am not sure I have the appetite for risking capital in a wild west unregulated environment, where I am totally powerless to respond to any act of theft that is committed against me. Fools game.

Asides from that....fizzle of the Bitcoin Halving pump has all but died away.....Bitcoin charts looking no different from every other crypto out there that is artificially pumped many order of magnitude beyond it's inherent worth, only to crash brutally, with the crash being followed by a series of bounces of ever decreasing velocity:





The difference with Bitcoin however, is that the whole overbloated garbage requires a min price of around $500 to keep functioning.......best of luck with that in long term I say....lol......good riddance to bad rubbish when the time finally comes I say.

[adamstgBit]

 

[Junko]

MTC Reverse Indicator initiated.

[MatTheCat]

MTC Reverse Indicator initiated.

Not a reverse indicator (or maybe it is)....just another kick in teeth, this time from no fault of judgement or error of my own, that serves to really really put me off bothering with crypto. As it happens, despite this theft (which I suspect was perpetrated by actors with back end access to Kraken), I am still up over recent weeks....but for me, this just puts the writing on the wall. Had this occurred a few months ago when I still had lionshare of funds on Kraken, I would be fucking devasted. No point in pretending that I am happy to entirely lose the funds I have on Bitcoin exchanges, cos I am not.

What is the point in trading Bitcoin when the exchanges can just turn around at any point and say 'Fuck You'? Not like Bitcoin doesn't have a notorious history for this sort of thing arleady. The way I see it is that if I persist to hold large amounts of funds on Bitcoin exchanges, then I deserve to be robbed. I have had my warning and indeed can count myself as lucky that a few days prior to the Kraken thefts, I emptied half of what I had on that exchange to fund a holiday.... My personal philosophy is that the the world has it's ways of giving us all hints that we would be best advised to follow..up to us whether we choose to follow them or not.

...as for Bitcoin itself...the halving has come and gone......and admit, ya just aint feeling it are ya?

Bitcoin now *needs* a price of around $500 in order to make it worthwhile for the miners to keep the network going......whilst real economy uses for Bitcoin are stagnating, if not actually decreasing......I just fail to see what is so promising about Bitcoin over the longer term

[adamstgBit]

fact is mat you had btc exposed on the web with nothing but a password protecting them...

sorry the system failed you.

[MatTheCat]

fact is mat you had btc exposed on the web with nothing but a password protecting them...

sorry the system failed you.

Yeah on this occassion, only a single password stood between thieves and my BTC. This is something that Kraken are busy pointing out to all their customers who got robbed. As for thier robbed customers who pointed out that they had 2FA activated, only for the thieves to deactivate simply by using their Kraken password to disable it, Kraken are telling those folks that this is also their fault for not having 2FA log-in enabled.

But that was just this occassion.

Plenty other incidences of exchanges robbing thier customers in crypto land where the only way the customers had of protecting themselves, would be to not have funds on the exchange.......that is all well and good, but if it isn't safe to keep funds on exchanges then it isn't safe to trade Bitcoin (or crypto) and no traders means no liquidity and no liquidity greatly undermines any crypto project.

[adamstgBit]

fact is mat you had btc exposed on the web with nothing but a password protecting them...

sorry the system failed you.

Yeah on this occassion, only a single password stood between thieves and my BTC. This is something that Kraken are busy pointing out to all their customers who got robbed. As for thier robbed customers who pointed out that they had 2FA activated, only for the thieves to deactivate simply by using their Kraken password to disable it, Kraken are telling those folks that this is also their fault for not having 2FA log-in enabled.

But that was just this occassion.

Plenty other incidences of exchanges robbing thier customers in crypto land where the only way the customers had of protecting themselves, would be to not have funds on the exchange.......that is all well and good, but if it isn't safe to keep funds on exchanges then it isn't safe to trade Bitcoin (or crypto) and no traders means no liquidity and no liquidity greatly undermines any crypto project.

>10% haircut must really suck, especially right before the greatest pump of all time...
I sympathize, and i wish every exchange was rock stable, extremely secure  and idiot proof. but fact is its dangerous out here.
I hope you dont abandon crypto because of this. just get away from here for a while... this place is toxic to most humans.

now, everyone go hit those buttons mat neglected to push. apparently even 2FA isn't all that safe if your computer is compromised.

[MatTheCat]

>10% haircut must really suck, especially right before the greatest pump of all time...
I sympathize, and i wish every exchange was rock stable, extremely secure  and idiot proof. but fact is its dangerous out here.
I hope you dont abandon crypto because of this. just get away from here for a while... this place is toxic to most humans.

now, everyone go hit those buttons mat neglected to push. apparently even 2FA isn't all that safe if your computer is compromised.

Ya think?

I would like to believe you, but I am not sure I can.

How was your track record in calling Bitcoin in between late 2013 and early 2015? I mean 'calling', not trading. A good trader can make money even when his overall market sentiment is essenitally wrong (and a shite trader can lose money even when his market sentiment is essentially correct....I know all about that).

[marcus_of_augustus]

bitcoin has a way of weeding out the weak, feeble, diseased and corrupted

[beastmodeBiscuitGravy]

bitcoin has a way of weeding out the weak, feeble, diseased and corrupted

And yet, you're still here.

[marcus_of_augustus]

^^ case in point ... hope they're paying you well NLC.

[r0ach]

I don't even use Kraken, just made an account once to look at the UI and they tried to get me, heh:

[r0ach]

MatTheMat, you gotta see this lol:

https://bitcointalk.org/index.php?topic=1567969.0