Bitcoin and Cryptocurrency Thread

[meeb]

dp

[Atramental]

People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were. 

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.

Well, that might change if the rumors about Amazon accepting bitcoin are true. 

If Amazon starts accepting Bitcoins you'd have to be omega distinguished mentally-challenged to actually purchase anything using a bitcoin. Use fiat so your bitcoin will gain 100000% more value.

Totally but there are bitcoin whales out there that don't give two fucks if they drop a bitcoin or two since they probably have north of 1000 btc.

Also, for all we know Amazon might end up using/backing some other cryptocurrency or hell even make their own.

edit: Man, the future is going to be fucking weird.

[meeb]

People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were. 

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.

Well, that might change if the rumors about Amazon accepting bitcoin are true. 

If Amazon starts accepting Bitcoins you'd have to be omega distinguished mentally-challenged to actually purchase anything using a bitcoin. Use fiat so your bitcoin will gain 100000% more value.

Totally but there are bitcoin whales out there that don't give two fucks if they drop a bitcoin or two since they probably have north of 1000 btc.

Also, for all we know Amazon might end up using/backing some other cryptocurrency or hell even make their own.

edit: Man, the future is going to be fucking weird.

I await the future where we live in company towns and are paid in digital company scrip.

[Brehvolution]

People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were. 

Paper money wasn't rolled out as an investment. It was y'know... a currency. To be used for daily exchanges.

Well, that might change if the rumors about Amazon accepting bitcoin are true. 

If Amazon starts accepting Bitcoins you'd have to be omega distinguished mentally-challenged to actually purchase anything using a bitcoin. Use fiat so your bitcoin will gain 100000% more value.

Totally but there are bitcoin whales out there that don't give two fucks if they drop a bitcoin or two since they probably have north of 1000 btc.

Also, for all we know Amazon might end up using/backing some other cryptocurrency or hell even make their own.

edit: Man, the future is going to be fucking weird.

I await the future where we live in company towns and are paid in digital company scrip.

#Earlystagecapitalism...... and #Latestagecapitalism

[Atramental]

http://boards.4chan.org/biz/thread/4052519

Crypto whale giving advice in this thread.

Worth a look.

[kingv]

People were also skeptical when paper money replaced gold so I'm willing to take this leap of faith into crypto as it were. 

People bought houses to flip instead of live in or rent out too. I see parallels here, except houses actually have innate value.

I don’t think the idea of a digital currency is bad, exactly (and we already have that in a sense, as there is not enough physical cash available to actually cover all of the money in circulation).

I just believe that BTC is effectively tulip futures. It could take years for it to implode, and it might increase in price a lot in the meantime, but I think the safe money is that long term, BTC eventually trends toward zero.

[Bamelin]

I can't trust it enough to get involved. To me it's using real money to invest in fake. There is no central place holding any of the money and you can't just cash out whenever at full value. You can only cash out if you get someone else to buy your coin for real $$$. There are account lock outs and other fuckery as well.

Exactly why I will never invest in Bitcoin no matter how much it bubbles up. People forget MtG:Exchange and the fuckery of that.

*pay $5000 for 5 bitcoin or whatever*
(Next day someone hacks a "bank"/wallet site)
"LOL YOUR MONEY IS GONE!"

Fuck. That.

People that kept their money on MTG were fools.  You keep your private keys on a mobile wallet or paper.
edit:  specifically exchanges your money can get stolen. On mobile wallets your private keys are on your phone.  Paper wallets your keys are offline.

NEVER keep your BTC on an exchange.

So then you're telling me to be paranoid with my money and hide it in the ground near my house instead of putting it in the bank?

Yeah, this is why Cryptocurrency's fail: Your money is too easy to "burn"/steal/etc.

A paper wallet IS the bank.  YOU are the bank.  When you put money on an exchange you are letting them hold your private keys.

[agrajag]

WTF coinbase changed it's layout?? I can't see the stats over the past hour, week, month anymore?

I can see it on my end. 

nm you just have to click on individual coin to see the other stats now. I jumped the gun.

[Atramental]

Hmm... possible head and shoulders pattern on BTC/USD. Second shoulder is forming right now.

Not to be a FUDer but it might be good to sell in a couple of days if you bought near the all time high since the price could plummit down to $4500. 

edit: It might not though due to segwit2x. But keep an eye out.

[agrajag]

I bought most of it when it crashed hard in the summer and before it started blowing up so at around 3000-ish?

[Atramental]

I bought in right around the high point so... naturally I'm a bit antsy.

Antsy enough that I have most of money back in USD. 

[agrajag]

A lot of people were saying it will crash hard when China cracked down on the trading, but it still kept going up though

[Atramental]

True.

I'm more or less just waiting for a significant dip that gets a lot of people who bought in this late (like I did) all panicky and then a good chunk of them panick sell and the price ends up dropping even further.

That low point will be when I start dumping a good portion of my money in so I can possibly end up with 3 or more bitcoin instead of .5 right now. 

[brawndolicious]

True.

I'm more or less just waiting for a significant dip that gets a lot of people who bought in this late (like I did) all panicky and then a good chunk of them panick sell and the price ends up dropping even further.

That low point will be when I start dumping a good portion of my money in so I can possibly end up with 3 or more bitcoin instead of .5 right now. 

https://en.wikipedia.org/wiki/Greater_fool_theory

[warcock]

I want to gamble with the smaller high return/high loss coins, tell me where to start bore. Kreygasm.

[BobFromPikeCreek]

For THE CURRENCY OF THE FUTURE it sure is still a fucking pain in the ass to buy this shit.

[Atramental]

We're in the Model-T era of this stuff. Give it time. 


Anyways, I'm patiently waiting for the RSI to dip below 30% before I buy some more bitcoin again. 



The bull market's momentum seems to be slowing down. It's having hard time trying to breach the $6000 price point again.

[BobFromPikeCreek]

From the sounds of it it's just doubly hard to buy with CAD than it is with USD. Almost there after passing through about 100 ridiculous verification processes.

[Atramental]

USD  

[BobFromPikeCreek]

Thinking about using a paper wallet like a crazy coot. What do you use?

[Great Rumbler]

Eagerly awaiting the "OMG I JUST LOST ALL OF MY LIFE SAVINGS" post.

[BobFromPikeCreek]

Lol I'm not enough of a coot to put more than a small percentage of my savings in this shit.

[Atramental]

Thinking about using a paper wallet like a crazy coot. What do you use?

Coinbase's app at the moment, which technically isn't a wallet.

I have Exodus installed on my Mac and I see a lot of cyrpto enthusiasts using it on YouTube. Haven't really used it yet since I want to have north of 1 bitcoin before dealing with Coinbase's withdraw fees.
https://www.exodus.io/

but EVENTUALLY I'll get myself a hardware wallet and a paper wallet once I have about 6+ bitcoins.

edit: Also, I only have about 5% of my networth in coinbase/gdax at the moment. Probably won't dump any more USD in there and just try and grow what I have with "hodling" and some low risk swing trading.

[BobFromPikeCreek]

Yeah. I'm going no higher than 10% as a 'fuck it why not' kinda thing, chucking it all on a paper wallet, and just mentally writing it off as already lost. We'll see what the situation's like in a few years.

[Atramental]

http://boards.4chan.org/biz/thread/4075867

*sitting comfy with my USD* 

edit: If bitcoin keeps on dropping by the time I get back from my late lunch I might buy some ethereum because that typically goes up when bitcoin is doing poorly.

edit2: Might also look into putting some money back into IOTA and some other altcoins as well.

[Bamelin]

I love payday.  That Friday bump

[Atramental]

Bitcoin spiked up when I was asleep this morning and I didn't buy in last night because I had a strong feeling it was going to go down. 

Thank god I wasn't one of those silly fuckers that shorted it. 

[BobFromPikeCreek]

Cool! Glad I'm stuck in verification limbo and missed the valley! 

[Atramental]

By the time you get verified we'll probably be in another valley.

[Atramental]

So... ignoring what Bitcoin is doing, I'm going to go long on Verge for now and potentially go long on OmiseGO and Metal when they aren't so bearish.
 
If verge goes from $0.005 to $0.06 by next year I'll be a very happy boy. 

edit: researching a bunch of other altcoins as well that would good to hold long term.

[Atramental]

Another thing that has peaked my curiosity in the blockchain/crypto space are ICOs (initial coin offerings).

A good chunk of them are scams, so obviously be cautious & use good judgement, but one that has caught my eye recently is Gladius. https://gladius.io/

Probably won't buy in until it's out on a major exchange but I like the core idea behind it.

[warcock]

atra have you ever made money off an ICO

[Atramental]

Not yet.

Hold my beer. 

edit: Basically, every ICO in the past month is at or below ICO price. And no ICO is going to succeed until after the BTC fork nonsense is over with.

So I'll keep an eye on this and other promising ones and buy in when things start to look promising on the exchanges.

[Atramental]

https://onchainfx.com/

Posting this resource here for later use.

[Atramental]

http://fucktoken.io/

*cashing out of crypto forever*

spoiler (click to show/hide)

*buying 100,000 fuck tokens*

 

[close]

edit: Also, bitcoin spiked up again and I was in this time.

[benjipwns]

http://www.cnn.com/2017/10/31/africa/zimbabwe-bitcoin-surge/index.html

The most expensive bitcoin in the world are flying off virtual shelves in Zimbabwe.

The price of the digital currency has soared beyond $10,000 over the past week on Harare-based trading platform Golix, almost double the rates on major international exchanges.

"The price has been high for some time and it keeps going up," says Golix trade coordinator Yeukai Kusangaya. She expects soaring demand to drive the price even higher.

Bitcoin is no longer a specialist curiosity in Zimbabwe. The virtual currency is in increasingly common usage, even accepted by businesses such as car dealers.

The analyst even raises the prospect of bitcoin becoming an official currency of Zimbabwe.

"The state has already taken extreme measures like banning the importation of fruits," he says. "So adding bitcoin to the country's multi-currency basket might not be so absurd."

Clearly they just need to form ZugabeCoin and flood the market with it.

[Atramental]

Zimbabwe

edit: Decided to buy some more Verge this morning. Thank fuck I did.

bless up

[Atramental]

BITCOIN NEARING 7000 USD 

edit: JUST HIT A HUGE FUCKING SELL WALL AAAAAAAAAAAAAAAAAA 



CHRIST THOSE WICKS ARE HUGE

edit2: shit I better put in my stop losses just in case everything implodes when I'm asleep.

[CatsCatsCats]

I could never trust myself with something like this, but I really want to see you be successful at this because it would make a great story for me to read 🤞

[Atramental]

I no joke made $500 these last two days.

It's mentally straining as fuck but I think I'm getting the hang of it.

edit: I just have to make sure I'm not deep in alt coins when bitcoin is having its daily to weekly moon missions.

Most of the altcoins start tanking as soon as  bitcoin starts rocketing off into space.

BUT on the flip side you can buy the altcoins really cheap when they've hit rock bottom and by the time bitcoin cools off those alts begin to shoot back up.

[CatsCatsCats]

Well, have me over for a smoke at your mansion next year, I believe in you

[Bamelin]

I started a month ago at 5700 USD a coin and wondered am I too late?

Today we are at 6800 USD a coin.  Crazy.

[Bamelin]

Not yet.

Hold my beer. 

edit: Basically, every ICO in the past month is at or below ICO price. And no ICO is going to succeed until after the BTC fork nonsense is over with.

So I'll keep an eye on this and other promising ones and buy in when things start to look promising on the exchanges.

What do you think of crypto20?  https://crypto20.com

The idea of a diversified crypto index fund is SO appealing to me but in the end I trust NOBODY with my private keys.  What's to stop them from taking off with the underlying assets supporting the tokens?

[Atramental]

It does sound appealing but I wouldn't bother doing any sort of long term diversification right now when bitcoin is so dominant.

>he fell for the diversification meme
is a joke on /biz/ for a reason because people who go long on alts usually suffer massive losses.

And I'm still waiting for bitcoin to do a major pullback but that might not happen until late 2018 at this rate.

[benjipwns]

I don't follow any of this closely, just like fifth hand because I mean, libertarian circles what am I gonna do about it some of them are nuts (shocking I know), I've never understood the constant almost glee around the idea that a bitcoin crash is literally around the corner, and it's been like that for five years now, the system is too embedded. The value probably isn't worth what it says once significant selloffs happen but I think most "investors" understand that. And that makes it no different from anything else. Stocks especially.

But there's always people like OH MAN YOU'RE GONNA HAVE EGG ON YOUR FACE WHEN THIS CRASHES, when most of the people they're talking to often haven't even invested large amounts of "real" money into it. They've just been active in the market/mining/etc. or got started long ago.

Though my favorite are the libertarians who rage against any story reason posts about bitcoin being taken up by X company or available now in Y country or can be used in Z program not even endorsing it just covering it, BECAUSE IT'S FIAT CURRENCY YOU COSMOTARIAN SHILLS.

Personally, I keep all my money invested in a strongly backed system that can't ever fail, Steam games with trading cards. And if the rainy day ever comes, well, I have a GENTLE MANNE'S MEDAL for the Soldier in TF2 of which only 5,000 or something exist.

*checks Community Market* WHAT?!? THE PRICE IS DOWN TO $3.10?!? THOSE USED TO BE WORTH $40+! OH GOD I'M RUINED. DANG OBAMA AND HIS KENYAN ECONOMICS.

[Atramental]

Another useful resource I found:
http://cryptobiz.party/#!/detail


You can see when people on /biz/ (probably the dumbest crypto community out there) are the most fearful and the most optimistic about a coin.


When people are freaking out about something for a while it's generally a great time to buy in. 

[warcock]

Anyone have some juicy altcoins they want to shill?

i just lost like 1k on GRS, you should try that. put lel

i think i may put some into vert now

[Atramental]

https://bashco.github.io/2x_Countdown/

Very important countdown for bitcoin for those of you who are just now getting into this stuff.

If you're on a participating exchange for the segwit2x fork you'll end up getting b2x for free. https://coinmarketcap.com/currencies/segwit2x/

There might be a huge sell off of this new coin and/or bitcoin then. I'm gonna hold both until I get a good idea which one is moving where.

[Bamelin]

I have my coins safe in a mobile wallet where I control the keys.  I'm not happy about this fork, the politics
fuckery over the control of bitcoin will fuck with prices.

With that said I expect a pandamonium runup of btc over the next two weeks.  I think we might see 9 or 10 k just before the fork, followed by a massive DEVASTATING drop.

Crossing my fingers I'm HODLING!!!!

[OathToOrder]

I got few grands burning a hole in my bank account, worth buying now (lol) or wait for it to crash (lol)?

[Bamelin]

I got few grands burning a hole in my bank account, worth buying now (lol) or wait for it to crash (lol)?

The runup to the fork will be crazy.  Afterwards who knows?  I started 30 days ago at 5700k it's now 7300k. Shits crazy.

[OathToOrder]

I got few grands burning a hole in my bank account, worth buying now (lol) or wait for it to crash (lol)?

The runup to the fork will be crazy.  Afterwards who knows?  I started 30 days ago at 5700k it's now 7300k. Shits crazy.

So you're saying I should wait until they inevitably crash and buy at the start of the new cycle?

[Atramental]

Nobody really knows what's going to happen.

I'm assuming bitcoin will keep on sky rocketing until an hour before the fork and then just stagnate until the fork.

And there could be a huge correction OR the price will just keep on climbing but not as fast OR it will just kinda go sideways for days until something causes it to move up or down.

But I believe the last time there was a major fork bitcoin just kept on climbing despite it. I need to double check that.




Whatever happens I bought in low enough that I could still get out and still make a decent profit.

[VomKriege]

I've never understood the constant almost glee around the idea that a bitcoin crash is literally around the corner, and it's been like that for five years now, the system is too embedded. The value probably isn't worth what it says once significant selloffs happen but I think most "investors" understand that. And that makes it no different from anything else. Stocks especially.

For having been that guy (aggressively skeptic of bitcoin) I would have a hard time telling you. Probably a combination of having the signs of a gold fever including shady practices, exasperation at the smugness of Bitcoin inventors and proponents and a negative response to some of the ideological tenants sometimes peddled with it... though in that case I was probably blinded to hubris of my own, basically a case of everyone thinking he's smarter than everyone else.

I've ate my crow a long time ago on the issue, it obviously didn't crash and I guess some people are managing to extract wealth from it. In that sense it did achieve some credibility as a speculative asset. It's still predicated on a bunch of vapor IMO but then again you could say the same for many a financial product. I'm still wary of the lack of liquidity of the asset (though AFAIK it's slighty better than when the main exchange was a former Magic the Gathering site ) and I think some of the most outrageous claims have felt flat on their face. But with a cooler head, I can appreciate some of the mechanics and concepts they experimented with this.

[BobFromPikeCreek]

Finally bought in yesterday. Already made 1k on Bitcoin Cash. 

[Atramental]

I probably should get on bitcoin cash as well.

Probably has the potential to be as large as bitcoin is right now a year or two in the future. 

[BobFromPikeCreek]

It's the one I'm watching closest right now. Bitcoin is taking a hit this morning so I might buy a bit later today.

[kingv]

I don't follow any of this closely, just like fifth hand because I mean, libertarian circles what am I gonna do about it some of them are nuts (shocking I know), I've never understood the constant almost glee around the idea that a bitcoin crash is literally around the corner, and it's been like that for five years now, the system is too embedded. The value probably isn't worth what it says once significant selloffs happen but I think most "investors" understand that. And that makes it no different from anything else. Stocks especially.

But there's always people like OH MAN YOU'RE GONNA HAVE EGG ON YOUR FACE WHEN THIS CRASHES, when most of the people they're talking to often haven't even invested large amounts of "real" money into it. They've just been active in the market/mining/etc. or got started long ago.

Though my favorite are the libertarians who rage against any story reason posts about bitcoin being taken up by X company or available now in Y country or can be used in Z program not even endorsing it just covering it, BECAUSE IT'S FIAT CURRENCY YOU COSMOTARIAN SHILLS.

Personally, I keep all my money invested in a strongly backed system that can't ever fail, Steam games with trading cards. And if the rainy day ever comes, well, I have a GENTLE MANNE'S MEDAL for the Soldier in TF2 of which only 5,000 or something exist.

*checks Community Market* WHAT?!? THE PRICE IS DOWN TO $3.10?!? THOSE USED TO BE WORTH $40+! OH GOD I'M RUINED. DANG OBAMA AND HIS KENYAN ECONOMICS.

Im still on the “it’s going to crash train” I have no idea when that will be,  but IMO, it will happen. Doesn’t mean you can’t make money on it in the meantime, but the idea that it’s an “asset” that you can invest in is flawed to its core. It can’t be an asset because there is no way to use it to produce anything of value, nor does it have any intrinsic value.

So if it’s not an asset, it’s a currency, and a very bad currency because you can’t easily use it to buy stuff, the transaction costs are pretty high, and the price is so volatile that you wouldn’t want to use it to buy stuff anyway.

IMO, it either needs to start being used as an actual currency, or it will eventually crash.

I will make sure to bookmark this post and refer to it when the reckoning happens.

And for more hot takes, ubeam and Magic Leap are also scams.

[Atramental]

It is a "currency"...

...to buy alt coins with 

it's a very incestuous market.

edit: I see it all as a big game really.

He who can take the most altcoins and covert them back it bitcoins to eventually covert it back into to fiat wins. 


edit:


hmmm

[warcock]

It is a "currency"...

...to buy alt coins with 

it's a very incestuous market.

edit: I see it all as a big game really.

He who can take the most altcoins and covert them back it bitcoins to eventually covert it back into to fiat wins. 


edit:
(Image removed from quote.)

hmmm

no derp fuck these distinguished mentally-challenged libertarians who actually believe in the viability of this idiocy, over night it can be destroyed if they deemed it so. This volatility is the means by which my dumb fuck millenial attention span will either get rich or die trying. And i'm not really too concerned with a too big the fail scenario because investors are just going to divert their funds into other assets if they start making it unappealing(regulations, taxation etc...)