Bitcoin and virtual cryptocurrencies

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#41

I don’t follow Litecoin closely enough to know but there can be many reasons… Iceberg orders, order “walls”, bots that try to create natural barriers but cancel their order before it is fulfilled, whale sell out, manipulation, etc. Also I’ve seen much bigger walls than these…

There was great story last week when Bitcoin fallen and competing currency “Bitcoin Dash” tripled in few hours. Everything because total amount of mining power backing the Bitcoin Cash blockchain surpassed that of the Bitcoin blockchain. So bear in mind that mining power (equals security of the blockchain) and price of the currency are connected.

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#42

yes i missed out on bitcoin cash and bitcoin opportunities waiting for verification. so i traded a small amount of LTC (2 lol) for a 5-10$ profit ! woooohooo. or 2.5% ROI within 24hr, not bad!

cryptocapital is a bank in panama which allows instant transfers of fiat to and from every exchange i think and also allows arbitrage etc i just need to find out if deposits or anything are insured. probably not if it’s in panama.

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#43

i think i just learned my first lesson about cryptos, watch the markets for a bit before making a buy! i bought BTG then the price plummeted right after i bought it :frowning: hoping it recovers at least to break even!

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#44

Bitcoin is a bubble!

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#45

oh i 100% agree, the point is to profit off the bubble before it bursts. it’s extremely overvalued considering it’s inherently worthless. in theory it’s good but the developers have entirely too much control and influence on it.

not to mention it’s estimated “satoshi” holds over 1 million bitcoins in his wallets. that’s around 10 billion dollars at current valuations. more than enough to crash the market completely or at least manipulate it

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#46

To be able to serve as payment option on world-wide level (and compete with visa/mastercard) bitcoin has to be priced at least 100 000 - 200 000 dollars per coin…

Satoshi stepped out very early from the project (in 2009) to let bitcoin evolve as independent currency. I’m pretty sure he won’t appear on the market. He has probably destroyed all the keys.

Developers do not have much control. It is the miners who controls the network. But their interest is to provide stable and trusted currency to the users, so basically the won’t do anything to damage the currency. This was very well described in original paper. Miners are directly interested in bitcoin price (and future) through the value of bitcoin and value of fees they get from the transactions (and of course expensive hardware that they obtained for long term mining). They won’t do anything to harm reputation of the bitcoin (e.g. changing some pre-defined constants like number of all coins in circulation).

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#47

i’m confused are you saying $100 or $100,000 per coin?

#48

Sorry, corrected 100 000 USD

#49

wow do you honestly have that high of expectations for it?? maybe i shouldn’t have sold for BTG (which tanked as soon as i bought it lol)

#50

Yes, I think that 100 000 USD is pretty real in 5 years. I invest only long term in bitcoin. (I have traded daily a lot in past and gained but also lost a lot, so I can’t recommend it)

Biggest change will come with CME group starting the derivative market. Then the price will surge I think cause bitcoin investment will be available for everybody not just IT geeks and nerds… I’m trying to invest before they start the exchange.

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#51

I hope you all had your surf boards waxed for that wave :wink: Btc volatility we luv it :sunglasses:

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#52

yeah i’m still waiting on btg to recover, it’s $100 a coin less than i bought at :frowning: i should have at least looked up what btg was before i bought it. after reading about it i don’t have high expectations for it. maybe i should just get out now before i lose more.

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#53

I wouldn’t say im a believer or non believer in crypto, it made me some good profits, I never hold it for long, treat it like a hooker it doesn’t mind. :smile:

I was around when MTGox happened and learned from others lessons :wink:

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#54

wow BTG is now almost $200 a coin less than when i bought it and still sinking… does anyone expect this currency to stick around/recover or did i get sucked in to a shitty pump and dump ? i should have cut my losses at $100/coin :anguished:

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#55

@legalcanada I’m responding to your post number 28 where you say that Bitcoin is a huge Ponzi scheme. I think it’s more like classic tulip mania, but that’s a difference without much of a distinction.

It will grow until people get scared and it will suddenly lose all of its value as investors all run for the exits at once. Unlike a widely traded currency, there’s nothing to stop them.

These currencies are fundamentally different from national currencies like the US dollar; the $ is backed by the full faith and credit of the Federal Reserve, Bitcoin has no such backing.

National currencies can also be destabilized and manipulated to their own destruction; a recent example was the currency of Zimbabwe. But that’s not exactly a solid nation with a low level of corruption.

Occasionally I feel a pang of regret at not having gotten into Bitcoin with a few bucks back in the day, but I’m a fundamentals investor. I think technical investing is just a game of beating the next ripoff artist.

I think that the rise and fall off Bitcoin is a strong leading indicator of economic optimism. It will rise until people think shit is about to hit the fan and then suddenly its value will vanish- to be followed in short order by the sound of economies crashing around the world.

I wish the investors the very best of luck- because that’s all they’re trading on.

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#57

bitcoin went over 15k canadian per coin today. really regretting selling at 12k and buying this money loser BTG !!! lesson learned !!! i’m just going to absorb the loss and rebuy BTC, because if i had done that 4 days ago when i was considering it i would have made my losses back and some!!!

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#58

I wish you the very best of luck! Just don’t bet what you can’t afford to lose.

It’s like shooting fish in a barrel- until one day you find yourself with fins.

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#59

This is absurd :smiley:

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#60

Tell me again it’s not a bubble.

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#61

Nice article published few days ago from one of Slovak experts in economics Juraj Karpis with which I can fully identify with (myself I’ve attended Economy on university too):

Of course, bitcoin is a bubble.

Even the euro is a bubble. The dollar is a bubble. Gold is a bubble. Everything that has money demand is in a bubble. The price is not determined by “fundamentals”, for example, in the form of future earnings as in stocks or non-monetary use as in commodities. People just want to change them for something else in the future. And they have to believe that they will be able to do so.

Bubble defines money. It would not surprise the readers of Bad Money (title of the blog - note Joe). I write that fiat money is also considered by the main stream economists as a bubble: "The current prevailing approach to the values ​​of money in forced circulation in literature, Wallace (1980), Kiyotaki and Wright (1989), Samuelson (1958) is to approach money in a model with an infinite horizon as a bubble … There are then typically multiple equilibria, including non-monetary balances, where … fiat money has zero value. "

To make money happen, it must be a bubble. But not everything in the bubble becomes money. Money is a bubble that never cracked.

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