No, but I made the post before midnight so it still counts. I was actually hoping some people would catch on and join in. Oh well though.

Muahahahahaha!

Didn't WichitaDM buy BTC for a nickel?

I was specifically told No Politics In The Champagne Room.

The question was, surely Bitcoin is viable/should be taken seriously/could change the world for the better if smart people are backing it. I gave multiple examples of where well meaning, good hearted geniuses had backed all kinds of disasters and bad ideas and were economically and market illiterate despite spending their life studying it and advocating for it and working tirelessly for it.

If you lack the nuance to see how that's a straightforward answer and not really about politics (or perhaps you want to defend Stalinism or the "hyperinflation 2011 buy silver" clowns? That should be a hoot), then lol @ you.

Lol at trying to nuance shame. Lol at it not being about politics. Like you just happened to use multiple political examples when non-political example exist that would make the same nuanced point.

I was also under the impression there was a truce/ceasefire in The Champagne Room.

He could've totally namedropped The Juicero and not The Red Menace.


p.s. Or whatsherface with the blood tests.

What, drawn, and talk of peace?

Cryptocoins and champagne, both very bubbly.

I hate the word, as I hate hell, except in The Champagne Room.

Crypto currency has taken a good turn today. Steemit is up 47.57%! Wow.

think it hits new highs by Monday

Please help me out because I'm very noob to financial markets in general, but why is it that futures are a big scam and crash the market but ETFs would help continuously elevate the market?

Not trolling!

Sent from my SAMSUNG-SM-G925A using Tapatalk

This is great!

Is this another bull trap? OR is the bloodbath finally over?

Yes

A few reasons. With futures, you can take a huge position short and then dump for size and basically sell out without slippage. This encourages whales to sell as they can now exit without devaluing most of their holdings

For two, futures are generally only available to advanced traders. ETFs are available to garden variety retail losers, who love to ride bubbles and buy up penny stocks and go a little nuts trying to get rich. For example, there's a good argument made that the creation of gold and silver ETFs around a decade ago caused the gold and silver bubble - something that never happened with futures.

I think it's a reasonable point, but I don't think it's the reason the bubble deflated a bit. Bitcion is ****ing stupid and pointless and the rise in transaction costs meant that even the small number of non-illegal use cases are now dead. So Bitcoin is basically a pyramid, and as it mainstreamed the pyramid grew exponentially. The exponential ceased as the numbers of morons got saturated, and it lost 70% of its value as new pyramid layers failed to come in. I think that's the dynamic, not futures. Bitcoin tripled after the futures came out.

If you dispute that, why did all the alts - mostly useless and with a market cap larger than Bitcoin at the height of the bubble - crash also? They weren't traded on CME and yet they crashed, many more than Bitcoin. The simple and likely explanation is that the Bitcoin bubble collapsed because the pyramid/ponzi ran out of exponentially growing fresh meat.

You must be out of the loop to be using high transaction costs as a point of argument. That was a short blip in time in the grand scheme of things. It costs pennies to send thousands now and is as fast as it ever was and this is all without even using lightning network.

Lol, wish I could go back to $40 fees, as btc would be like $15k right now. Stupid ass low fees makin me broke over here....

It is kinda funny that fees are great, and have been since people/companies implemented segwit. And btcs price is way off from when the fees were high.

https://www.theverge.com/2018/4/3/17...ea-millennials

Do others here do it similar like this? This sounds like great idea. The other thing is this. Does anyone feel like casino boxes are probably the most safest place you could store your seed? If you have 2 boxes at 2 different casinos, that seems like the perfect place because isn't that almost impossible unless there is a huge fire etc? The only issue would be if you forget to go and check your box every x amount because they would drill your box if you don't open it once every x months right? And if they do that, wouldn't that mean your seed would be viewed by whoever has access to it? Also what happens to any cash or chips if a box gets drilled?


The bank safety deposit box is great idea as well but i read of cases where thieves break into banks at night and drill the boxes etc. Now these are rare but even if that is the case, well it needs to happen to both of the same banks where you keep your seed. But the thing is if say your nano ledger s no longer works and then you go to the bank deposit box to find your seed gone etc, then you are screwed unless you keep multiple backups. But the more backups you keep, the more likely it could get stolen or lost or exposed. And the thing is even if you keep the seed in a safety deposit box, all someone need to do is write down the seed or take a picture of it. Its not like cash or jewelry where a thief would take everything. Thus if they wrote the seed down or took picture, they would have 1/2 your seed and you wouldn't even have a clue.



So if someone doesn't have a casino box but does have say 2 deposit boxes, would you still suggest put half the seed in one bank deposit box and one in the other? But then make another copy and put it in your house/apartment? Im curious if anyone here keeps a copy in a usb stick? I heard ppl say this is great idea but a usb stick could always go bad or malfunction. But if you say have a google account and have either lastpass or keepass and then store you seed in lastpass or keepass... isn't that generally safe? Because a hacker would not only need to hack your gmail account... but they need to hack your lastpass or keepass? And before someone says you never put your seed online in lastpass or keepass...well im sure almost everyone puts their passwords for emails and banking and everything in lastpass or keepass right? I mean... that is what its mainly for. So i don't know why people are against this. Because if you store your seed in lastpass or keepass, someone need to hack your lastpass or keepass on your computer. But something could happen to your computer. So keeping a copy in google drive would be good idea since you would have digital copy right? Again, that person would need to get in your gmail account and lastpass and keepass. But have there been examples of cases like this? The only thing i heard of is people typing their seed in gmail and emailing it to themselves... that is obviously very foolish since if someone hack your gmail, they have the words.

I agree with the bit about the exponential FOMO growth being unsustainable (aggo's below link here: (old story but sad(ish) case in point)
https://www.theverge.com/2018/4/3/17...ea-millennials), but I don't agree that the reason futures can't be the cause of the crash is because the alts (that aren't traded on CME) also crashed.
Futures may very well not be the reason the BTC market crashed. That's just one of a few theories and it was headed for a major correction one way or the other. Possibly for a combination of reasons. The tech doesn't justify the value at this moment, any ****coin was being bought by people with no idea, BitConnect and other scams apparently hurt a few people pretty bad, congestion problems on exchanges, manic FOMO, whales and/or governments may or may not be manipulating the market etc etc etc.
But I can't see how the fact that everything going down together proves that futures weren't the cause.
I always thought that the alts were moving in unison with BTC because they're paired with and valued against BTC? BTC in turn is paired with and valued against the $ so it seems that when BTC moves the alts in turn must move the same way?
I'm no economist and I understand these things are probably more complicated on a micro scale, but alts being valued against BTC first and then against the $ seems to be the problem here (although there does appear to be some (temporary?) separation the past week or two).

Wow, if I was in South Korea, I probably would not be able to get a job. I do not envy South Korean millennials.

I know for absolute certain that since the months that crypto and pot stocks have tanked, big Canadian cities are seeing massive spikes in suicide rates. Stats never seen before. Hasn't hit the news cycles yet but eventually someone is going to have to report on it. Probably 5 years after the fact.

That is awful and a big story. How is it you know for absolute certain?