https://www.youtube.com/watch?v=XbZ8zDpX2Mg

Because something that is popular has to be a bubble.

Bitcoin will likely crash again but you have no way of telling where the high will be. You could get in a little before the crash and you could still come out ahead after the crash. The people who bought before all of those crashes are still very rich today assuming they held. This is a long term investment.

The vid is making exactly this point.

What happens to bitcoin cash when coinbase adds it? Coinbase WILL 100% ADD IT. They are going to be giving all their customers their BCH January 1st. The chance of them telling them they have to go trade it else where would have to be 0.

There are a couple very different scenarios. Everyone might dump their coins right away for their free money, or like 95% of people on coinbase will see CHEAPER BITCOIN.. OMG, and it will rip. LTC ripped like a bandit when it was added to coinbase, and it had already been previously announced weeks before.

Curious to hear other people's thoughts, and what % of people think there's even a remote chance they won't add it. The volume is massive on it right now, they just won't pass it up. I like the gamble. The timing is tricky.

Bitstamp & Gemini didn't add it, they simply allowed customers to withdraw.

I'm probably a little biased, but I believe this is the best method, keep it simple for everyday customers.

Or instead allow customers to instantly exchange for more BTC.

Bitstamp was slow as **** to add ETH and Gemini still doesn't have LTC. Coinbase always leads the way. I'd be willing to bet even money on it. They also gave the BCH to the customers before it was gaining traction. Hell, Ignition accepts it.

Ignition accepts it because Calvin Ayre is one of the scumbags pumping it.

Or he prefers cheaper faster transactions? Only benefit of BTC right now is less volatility. However, he should just add ETH if he wants the cheapest fastest transactions.

I'm sure this is probably covered here somewhere and apologies if I'm an idiot asking but my brother has invested $20k in what he says is a bitconnect investment platform that seems to guarantee a ~1% return per day. He claims that he has knowledgeable contacts who recommended this platform.

I've read a bunch of stupid testimonials about these sorts of things (assuming it's something similar) but is there anything legitimate along these lines? He says he's been able to transfer $300-$500 a day back to his bank account but is this bs?

I feel kind of stupid asking.

Edit - this was his response when I pressed him on it:
the coin is bitconnect
they have an investment scheme
you give them bitcoin for bit connect coins.
You then loan your bitconnect coins to them for the relevant $ amount and that loan amount is locked away for 120 days
They say you will probably end up with about 1% interest on average per day
They say it is possible to give those high returns because they have a trading bot which is an algorithm that goes and buys and sells the bitcoin that you gave to them for bitconnect. They say it is very effective

It is not mining. One of three things is happening

a. They are telling the truth. Their trading bot is making a lot of money and they give you a cut
b. They might be paying the interest out of the profits they make from Bit connect and bitcoin going up in price
c. It is ponzi scheme where they are only paying everyone from the money of new investors which would eventually crash and everyone will lose their money

Sounds legit:

https://thenextweb.com/hardfork/2017...zi-investment/

Ponzis work fine while new money is coming and the underlying is going up.

I think he said he thought it was probably a ponzi which didn't bother him if he gets out but his mates have been into it for a year or two with success. I don't know.

That's the nature of ponzis. The early entrants get paid out reliably so they rave about it to their friends, who pile in too. Add in an underlying that's appreciating hundreds of percent and it can go on for a while. Bernie Madoff managed a 30+ year ponzi with the most careful people in New York for tens of billions of dollars.

Once the crypto bubbles collapses a little and the <"))))>< money like your brother stop piling into these schemes enthusiastically, these kind of guys run with your friend's money.

Just google "bitconnect scam"

Yeah bitconnect is pretty widely recognised as a scam.

Onchainfx, an alternative to coinmarketcap, even lists it as a scam project.

Haha, nice satire. I did not edit this post either.

They probably do have a bot so that they are less likely to get into legal trouble. Whether this bot actually works is another thing. The bot is probably effectively random and only rides the bitcoin success. In other words, it is a fancy disguised Ponzi.

Bitcoin may be a giant bubble, but who knows when it will pop. Maybe it never will. The dollar is a bubble that isn't likely to pop. Its support is very strong because of the psychological value that everyone gives it. As long as it is +EV to stay in Bitcoin it makes sense to keep them.

The fact that there are so many shady characters involved with bitcoin make me side more with Toothsayer's Ponzi idea. The BCH pump was helped fueled by Gavin Anderson. Wasn't that guy someone Satoshi trusted? Roger Ver was involved too and others. What is the motivation? Inovation? No it wasn't, it was greed.

Another part of me wants to believe that Bitcoin will increase in price because it is revolutionary, but what if some of the big holders decide to dump it for another coin. Oh wait, they may have just done that. Good thing they failed this time.

There really isn't anyone stopping governments from making their own cryptos similar to Tether. Bitcoin has a lot of struggle to get through, but a lot of people think it is invincible which is dangerous financially speaking.

The guy was being sarcastic.. he's a bitcoin enthusiast /faceplam

Believe what you want about btcoin, but the dollar isn't a bubble. Its support is strong because a dollar is a promissory note by which you can force exchange of any market-priced US economic output you choose, the forced exchange of which is backed by the full might of the US government, courts, police force and army. That's where its value comes from, not psychology. The dollar is force-backed drawing rights on US economic output. Bitcoin is drawing rights on...what? A self-referential chain whose real world value depends on sufficient bids constantly coming in?

I'm not sure what quote you're making up? I think you're putting words in my mouth.

So in a nutshell:


US: Hey South Korea, do you want to buy my pie?

South Korea: What a kind gesture, but I'm not hungry. I do not wish to buy you're pie.

US: Well, too ****ing bad!! Buy my pie damn it!

South Korea: Noooooo!

(US forces South Korea to accept the pie and takes dollars from him. China enters stage left with a guitar.)

US: I want you're guitar.

China: No, it is mine.

US: Accept my money, NOW!

China: Make me!

(US forces China to take his money and grabs guitar from him)

No, you have it both backwards and are wrongly placing the power outside the US.

In reality:

Vendor: (somewhere in the US) Pies for sale! Pies for sale!
Customer: Here's $5
Vendor: I don't accept US dollars
Police, courts: You have no choice but to accept US dollars.

That's essentially where the US dollar's value and stability comes from. You can exchange it for all US economic output and land that's on sale on the open market. As well as to extinguish tax liability.

It's not a psychological value, unlike bitcoin, which is pure psychological value/constant bid required in order to retain its value.

This is how I feel about Bitcoin Cash.

http://gph.is/2iZq6mb

edit: I tried to get it to load on the page, but the GIF wouldn't work. The link ruins the effect I know, but I'm tired and should probably be in bed sleeping. GN 2+2.

Lol, you really will take the opposite end of anything.

If going to 0 isn't a bubble, what is? Your telling me that the dollar is going to be the first fiat currency in the history of time to not go to 0? That would seem super logical. At least they've got you brainwashed into thinking the USD is the all mighty.

Things change. Just because it's that way now, doesn't mean it's going to be that way in 20 or 100 years.

Are you seriously suggesting USD will be worthless? I also assume you think bitcoin will become the futures currency for the whole world right? Think the brainwashed one is you mate.