Let's all enjoy this brief period of reprieve from our future as slaves to the hodlers.

Its not a ponzi scheme. discuss ?

I'm not interested in making perma bears understand anything.

http://www.cmegroup.com/trading/equi...x/bitcoin.html

26th jan and they went long on it.
though not too sure how true the tin foil wall street manipulated the market is.

These guys are professional gamblers basically and when btc was making an absurd bull run the best bet would be that it would pull back/crash.

That said it's not like bankers/wall street has ever done anything shady or tried to manipulate markets before.....

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You've totally missed the point. There's considerably more at play than whether or not it's actually a ponzi scheme. There's considerably more relevance to the Indian gov. making that statement but you seemed to have completely missed it.

If you have no interest in debating, informing or helping others understand a topic than please stop posting. Name calling does nothing but show ignorance. It also weakens the bull case considerably.

yes so discuss then. what do you think are the issues or problems with the Indian governments statements.

You don't contribute anything but FUD so why should anyone respond in a serious manner?

I don't think the conversation should be if cryptos are ponzi schemes or not. I think the questions is what the effects are that government(s) think they are ponzi schemes.

What makes you think this was the main influence? Btc has been on a downward slide for a solid month now. During that time there have been multiple negative announcements regarding btc, there have been multiple crypto pump & dumps, government warnings to investors, the whole bitconnect thing, the whole tether issue, China & Korea both making overtures to added regulation or banning, unregulated marketplaces doing who knows what, and tons of dumb money piling into the market.

It seems a bit much to blame the downward slide on the one regulated marketplace.

ETA:

Greensmoke,

I've stated multiple times what I thought the relevance of the Indian government's statements was. The reply I received every time, including from you, was an emphatic "It's not a ponzi". The other response you gave was "it's not valid". The first response totally misses the point and the 2nd response makes it clear you're only here for the name calling.

You were late, I bought more at 10:45AM eastern. BTC up 20% since then, even better on ETH.

This thing just goes round the clock right?

Not sure what to expect come morning. I'd believe $13,000 and I'd believe $9,000. What a roulette wheel.

mooooooooooooooon. lambo

Greensmoke,

I think your pm would have been a good post here. Here's my response:


I believe your view of people celebrating losses is biased. I think if you went back through the thread you'll find anyone making a bear case is subject to considerably more abuse. It also tends to be the bulls who call people out as poors and do the name calling.

Of course the entities in my links might benefit from destabilizing btc but that is something that is incredibly relevant to anyone invested in or considering investing in btc especially given how much dumb money is piling in without understanding the risks. The fact that those entities are major world governments makes it even more relevant. A common retort here to possible government intervention is that governments want btc because it would be detrimental to them to ban bitcoin. That doesn't really square w/ governments recently discussing bans and calling it a ponzi.

It's an incredibly dishonest thread when people aren't exposed to both viewpoints. I think if you take a step back and look at the thread you might see that it's not a fair representation and the bulls make it very hard to have a meaningful conversation because all anyone cares about is their own bottom line. Literally anything negative posted in this thread is immediately shot down w/ name calling and accusations of fud. That should be a warning sign. Nothing is 100% positive and when people try to hide the negative instead of addressing it it's time to be worried.

I've never said btc doesn't have value. I think it's value is inflated, I think people are piling in without an understanding and I actually think it's value has declined due to risks associated w/ possible government intervention, decreasing merchant adoption, and slow evolution of it's use cases.

eta:
This. Whether it is or isn't is not as relevant as what governments think about it, what they advise their citizens to do, and how they ultimately regulate it. The statement by the Indian government could be likened to the canary in the coal mine dying. It seems unlikely to me that the Minister of Finance just made a rogue statement without considerable research and at least some input from some other governments on their stance.

Can people who have literally no knowledge about the politics of Venezuela stop referencing it? Thanks.

Profitability tends towards an equilibrium because the difficulty (and thus cost) of mining gets adjusted based on the average time it takes for miners to find blocks.

When bitcoin price drops it means profitability drops, inducing some miners to leave. That slows the average block time which triggers a decrease in difficulty and increase profit (due to the lowered mining cost).

When profitability goes up, more miners join causing blocks to be found faster, triggering an increase in mining difficulty.

Who leaves and joins is based on the tech they have access to and their local costs (electricity/rent/etc) for running it. (And how profitable they want to be).


So to answer your question, yes, some will still mine at $600. It will just be fewer miners doing it, most likely.

Why do people hate USDT so much? Seems like a good idea.

Better yet you could educate them.

Lol at all the chicken little tards who come in here the 2 percent of the time crypto is tanking. Must hurt to missed/be missing the biggest opportunity in your lifetime to make a big score.

We need them, but the only problem is there are only the extremes represented:

Ponzi-----------Neutral----------Moon

Because what you really want in the bitcoin thread is a 10,000 word response on the politics of a South American nation and American foreign policy? I'm sure upswinging would respond well to such.

To whom are you referring?

That is exactly what I want. It would be considerably more welcome and enlightening than most of what's being posted here. This is BFI and the perfect place for such posts as opposed to the useless one liners this thread is full of.

Xmurder and the guy who says the whole crypto market is worth 0$ would be two examples off the top of my head

I concur wholeheartedly. However, I'd say your view suffers from selection bias. That's 2 posters. How many posters have come out of the woodwork today to blast

?

You made 1 post in this thread over the last year, previous to today. Today you made 2 insulting posts. Welcome back.

I've been told by longs to expect BTC 100k+ and that this was still the early stages?

Not sure if missed opportunity or not missed opportunity?

According to my chart the exact moment you posted this is when the recovery started to reverse.

You must live with this shame now!

Lol.