Zizek, have you put a significant % of your networth into shorting Bitcoin? With such certainty of what the future holds, you'd be crazy not to!

No, I would never short Bitcoin. See aforementioned point about the whales gaming Bitmex. They're not even trying to be subtle about it anymore.



The moment enough people short Bitcoin they'll just jack the price up $1K in 5 minutes.

So what? I wasn't talking about swing trading. If the long term outlook on Bitcoin is dire, and you seem extremely confident that it is, then shorting it should be free money.

rofl, none of those 3 bullet points are even remotely true/applicable in the real world

You've completely missed the point. When did I say the price would collapse? The floor has to remain high enough that the whale supply isn't bought out. That's exactly the point of maintaining artificial scarcity. The price will trend downward to a floor over a prolonged period of time - this could take years, the point is to sell Bitcoin now to rebuy it later when people begin capitulating at the lower floor.

lol i generally stay out of these online crypto discussions, but what's an example of "businesses with crypto as part of infrastructure" other than like, drug dealers and child porn distributors on the dark web?

Collapse seemed implied when you said it's basically a ponzi scheme. I'm not an expert on this, though. How do ponzi schemes usually run their course?

lol isn't this the definition of shorting?

I must still be missing the point, so please bear with me. Unless you think the depreciation of Bitcoin will be extremely small, like -3% per year on average or something, I still don't see the problem. If it's guaranteed to tank, still sounds like free money to me.

Would poker sites count? It's not the currency that they play in but it's a major withdrawal methods used for lots of players. I think without it a site like WPN would have major issues allowing people to withdrawal. There are bitcoin sites too but I couldn't imagine keeping to much money in a crypto currency when there is no stability.

Again, you missed the point. The Ponzi element is that a profitable "investment" in crypto can only happen if someone buys your bags at a higher price. This cannot continue forever and eventually someone will get burned. This is contrast to real investments that can generate real value in the future through continued economic growth. Crypto cannot be treated as an investment because even if early individuals can profit, collectively the investing pool will break even or lose money.

Promoting crypto speculation is basically giving people hope that if they're skilled and lucky enough that they can screw someone else over later down the line. Even if crypto somehow becomes all the rage in finance (even though its basically universally condemned by almost every major institution), cryptocurrency's effectiveness as a currency is not a function of its price. Bitcoin can function just as well for exchange at $100 or at $100K.


I don't think the price will tank. Actually once enough people sell the price could easily experience another huge rally but this will only occur when the profits from rebuying their Bitcoin at the price floor exceed the cost of rebuying Bitcoin on the way to the new price ceiling.

It's an unimaginably rigged game and the net result will be hugely negative for individuals trying to speculate.

Let me put this another way - the price of Bitcoin will do whatever hurts individual investors the most.

Damn, this is like one of those curses in Greek mythology. You've found a complex financial market that you understand so deeply, that you can foresee price action with remarkable clarity. And yet, somehow, there's apparently no way of profiting from this.

Correct. It's hard to profitably play roulette with a casino that chooses where the ball lands.

The best strategy for exploiting this is to long Bitcoin after months at an established price floor.

lots of dumb **** you say in this thread but this really takes the cake.

Market manipulation on the short market has to be the least controversial thing I said. If you don't think that happens then you're hopelessly delusional/stupid.

Even Charlie Lee acknowledged that much.

bitcoin isn't really part of a poker site's basic infrastructure, it's just one of several deposit/withdrawal methods. poker isn't a really big thing to begin with either.

Professional hitman also get paid in bitcoin, real fast and easy, recommend it highly.

ahhh so that's why jungleman got into crypto

rofl

There's some dangerous young people in crypto.

True . . .

good luck in the 300K.

Play big pots in position. Play really big pots in position with good hands.

you'll do fine .

Doug, I'm pretty sure there's a couple new Alec Torelli hands we'll need analyzed.

(barrel Kd3d on ace hi board with two hearts, and flop trips then go x/c, x/c, tank fold river on a blank/safe river)

see: LATB

Relevant bump.

How many more Bart Simpsons will it take before you admit I was right?



Don't have a cow man.

What is up with Doug Crypto chanel? I watched Jasen Mo Poker Life Podcast and heard that Doug will take a break or something similar. Enyone knows what is happening?
Btw very nice idea for politic satire videos
Thanks

I think he said he is going to take a break because he is going on a 2w vacation to Hawai or smthg