Bitcoin is crashing again.

13,625 Views | 111 Replies | Last: 3 yr ago by Decay
HelloUncleNateFitch
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4:29p, 11/14/18
All the crypto currencies are down about 15%. Looks like no global cryptocurrency revolution which topples all governments is going to happen after all. It is as many of us predicted, digital beanie babies.

https://www.bing.com/amp/s/mobile.reuters.com/article/amp/idUSKCN1NJ2GY
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MouthBQ98
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4:31p, 11/14/18
AG
The tech is interesting, but the currencies were always a speculative collectible with no substantial intrinsic value unless many legitimate entities settle on one for LEGAL use.
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TxSquarebody
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4:32p, 11/14/18
I bought in a few years ago...still in the black. Not saying it is or isn't coming back, but you only lose if you sell at the wrong time.
Floor it until you see God
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pagerman @ work
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4:41p, 11/14/18
AG
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.
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TJJackson
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In reply to pagerman @ work • 4:44p, 11/14/18
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.


This!
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White Liberals=The Worst
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In reply to pagerman @ work • 4:46p, 11/14/18
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.
Could say this about the vast majority of stocks. Especially this day and age.
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aggiehawg
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4:48p, 11/14/18
AG
Arbitrage in currencies of any kind is not for the faint at heart. Bitcoin, without any government backing it, is even riskier.

That's the thing about arbitrage, certain people make a lot of money by tanking currencies. cough<Soros> cough.
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4:57p, 11/14/18
AG
I should have cashed out in December. But like I said then: I'll ride it to the crash or the highest of highs.
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FrioAg 00
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4:58p, 11/14/18
AG
I actually agree with this definition, and it applies to any Commodity Futures, Fx or other financial plays that are not based intrinsically on something with expected earnings.

There is a counterparty and this is a zero sum outcome
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5:02p, 11/14/18
AG
I think I can feel sorry for those that bought when it was real high. There are people who sank their life savings into it.
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Clob94
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5:02p, 11/14/18
Arms, drug, human dealers are bailing. Moving their money to other outlets.


At least that's what I heard.... from a friend.... in Africa...
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administrative errors
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5:27p, 11/14/18
BCH (bitcoin's hardfork) is also going a hardfork by craig wright (who claims he's satoshi) into Bitcoin SV.

apparently the hashing (mining) power is in BCH SV's favor currently.

Gonna be fun to watch how it all plays out.
***
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services

Step 3: property found

Step 4: set date

Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience

Step 6: long-term planning

I am amped.
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WaltonAg18
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7:20p, 11/14/18
AG
I remember seeing bitcoin first come around on 4chan when it was $5 for 1BTC (or something absurd like that). As soon as I saw it come off the semi-deep web and onto morning news and talk shows, I knew it was going to balloon and then crash. Classic quote about shoe shiner and stocks.

The funniest thing is that they were originally for buying and selling fun illegal drugs off of the Silk Road, and now people are using them to gamble.
No one should have to work to survive. Your right to life should not depend solely on your ability to produce capital.
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SquirrellyDan
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In reply to WaltonAg18 • 7:56p, 11/14/18
AG
WaltonAg18 said:
I remember seeing bitcoin first come around on 4chan when it was $5 for 1BTC (or something absurd like that). As soon as I saw it come off the semi-deep web and onto morning news and talk shows, I knew it was going to balloon and then crash. Classic quote about shoe shiner and stocks.

The funniest thing is that they were originally for buying and selling fun illegal drugs off of the Silk Road, and now people are using them to gamble.
You knew all of this, so I'm guessing you're rich as hell, right?
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SMM48
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In reply to TxSquarebody • 8:10p, 11/14/18
AG
Once the CBOE began trading futures on bitcoin....that was the beginning of the end.

Bitcoin whales could exit their position, with a big fee of course.

Firms would collect the fee, uses options to hedge themselves fully.

Whales happy, Wall Street firms happy, cboe happy.

December 18, 2017 was the date they started.

Pull up a chart on bitcoin. Look at the peak.

Coincidence? Nope.
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SMM48
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In reply to White Liberals=The Worst • 8:17p, 11/14/18
AG
One could....however.

Look at a chart on bitcoin.

Notice December 18,2017?

That was the day The Chicago options exchange started trading futures.

This allowed individuals to bet on the demise of bitcoin rather than just the long only universe before.

My bet is other bitcoin mini whales are approaching firms like Goldman asking for a way out.

Goldman creates a package for them. For a large fee of course. Goldman protects itself by buying puts on bitcoin.

They didn't create the futures on bitcoin for nothing. There was a ton of money to made on its demise.

The other thing the futures created was a way to bet on bitcoin without actually buying any.

Prior to dec 17 the only way to make money on bitcoin was to buy it and hope other buyers continued the momentum.

Now, why buy bitcoin when I can go long the futures contract.....or if I feel it's going down, short the futures.
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Rocag
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8:35p, 11/14/18
AG
Maybe GPU prices will fall some more now.
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TyHolden
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8:38p, 11/14/18
AG
Mr Robot has not made his requests yet...
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BlitzBrother
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9:10p, 11/14/18
You know it's air , right ?
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rfvgy12
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In reply to White Liberals=The Worst • 9:12p, 11/14/18
AG
Wycliffe_03 said:
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.
Could say this about the vast majority of stocks. Especially this day and age.


Until it is stable like currency it's not currency. It's an investment with high risk.
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94chem
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In reply to pagerman @ work • 9:13p, 11/14/18
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.


Investment, bet, whatever. Doesn't matter. You buy them with dollars, and you measure their worth in dollars. It's circular reasoning to assign some revolutionary meaning.
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administrative errors
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In reply to rfvgy12 • 9:23p, 11/14/18
rfvgy12 said:
Wycliffe_03 said:
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.
Could say this about the vast majority of stocks. Especially this day and age.


Until it is stable like [the global reserve currency] it's not currency. It's an investment with high risk.

Had to fify, as it has proven more stable than some currencies.
***
Coming soon:
AE Ventures - sooner than soon
*Psychedelic Retreats
*Physical and mental exercises
*Addiction services

Step 3: property found

Step 4: set date

Step 5: plan agenda for participants, food, logistics etc, integration and counseling post-experience

Step 6: long-term planning

I am amped.
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mazag08
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In reply to White Liberals=The Worst • 10:29p, 11/14/18
AG
Wycliffe_03 said:
pagerman @ work said:
Crypto currencies are not an investment, they are a bet.

Which is fine, but they are not an investment.
Could say this about the vast majority of stocks. Especially this day and age.


No. Stocks support companies or products that actually produce something that has value.

Even speculative stocks are based on a potential future with a tangible product.

Bitcoin was invented out of air with a value made of air and hopes and dreams of deep web dorks and pot heads who have never understood how real investments work.
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WaltonAg18
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In reply to SquirrellyDan • 12:23a, 11/15/18
AG
I was around 15 when the prices were that low, and by the time it had swung back around I'd completely forgotten about it. Could've made lots of money but wasn't psychic. Lots of cryptocurrencies were popping up around the same time
No one should have to work to survive. Your right to life should not depend solely on your ability to produce capital.
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PooDoo
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1:17a, 11/15/18
AG
Quote:
Bitcoin was invented out of air with a value made of air


What isn't?
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aTmAg
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In reply to PooDoo • 5:52a, 11/15/18
AG
PooDoo said:
Quote:
Bitcoin was invented out of air with a value made of air


What isn't?
Almost everything else.
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Gradaggie05
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6:07a, 11/15/18
AG
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BigRobSA
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9:37a, 11/15/18
I made a TON of money last year with crypto, while still unemployed.

I bought tons of furniture for the house, jewelry for the woman, stuff for the kids, remodeled the house, etc.

I still have a tiny bit of crypto, but it's just sitting there for now. If it blows up, awesome. If it tanks, awesome. Whatevs.
"The Declaration of Independence and the US Constitution was never designed to restrain the people. It was designed to restrain the government."
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PooDoo
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In reply to aTmAg • 9:54a, 11/15/18
AG
aTmAg said:
PooDoo said:
Quote:
Bitcoin was invented out of air with a value made of air


What isn't?
Almost everything else.

Artwork, patents, a lot of software, that are worth a ton of money are pretty much created out of thin air.
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pagerman @ work
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In reply to BigRobSA • 10:17a, 11/15/18
AG
BigRobSA said:
I made a TON of money last year with crypto, while still unemployed.

I bought tons of furniture for the house, jewelry for the woman, stuff for the kids, remodeled the house, etc.

I still have a tiny bit of crypto, but it's just sitting there for now. If it blows up, awesome. If it tanks, awesome. Whatevs.
Some bets pay off.
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txagbear
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10:19a, 11/15/18
Whatever happened to the guy who was always pushing bitcoin? Suicide?
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BigRobSA
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In reply to pagerman @ work • 10:20a, 11/15/18
pagerman @ work said:
BigRobSA said:
I made a TON of money last year with crypto, while still unemployed.

I bought tons of furniture for the house, jewelry for the woman, stuff for the kids, remodeled the house, etc.

I still have a tiny bit of crypto, but it's just sitting there for now. If it blows up, awesome. If it tanks, awesome. Whatevs.
Some bets pay off.
One of them was one I was actually on the DEV team for. I got paid in the coins, and they blew the F up after we launched the wallet, and other tech.

I wouldn't venture into the market now, mind you. It's too much work and there are TONS more regs now, across the board. One of which being your bank/CU finding out your money is tied to crypto and locking your acct. Fun times.
"The Declaration of Independence and the US Constitution was never designed to restrain the people. It was designed to restrain the government."
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BigRobSA
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In reply to txagbear • 10:20a, 11/15/18
txagbear said:
Whatever happened to the guy who was always pushing bitcoin? Suicide?
wheelsjkm, IIRC
"The Declaration of Independence and the US Constitution was never designed to restrain the people. It was designed to restrain the government."
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cr
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In reply to txagbear • 10:39a, 11/15/18
txagbear said:
Whatever happened to the guy who was always pushing bitcoin? Suicide?

I bet he's a multi-millionaire retired on a beach somewhere. He was pushing it when it was worth very little and Im sure he was heavily invested.
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Socially liberal NPC 888
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In reply to txagbear • 10:41a, 11/15/18
txagbear said:
Whatever happened to the guy who was always pushing bitcoin? Suicide?


He got in super early years ago I believe when bitcoin was in double or even single digits so he's likely enormously in the black.
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