Damn he was kind of fun if you took him at face value

I assume at some point there will be state sponsored crypto currencies which will make bitcoin et. al. obsolete except for criminals, libertarian cyberpunks and speculators/gamblers. Though now that I think about it, those are the only people who are using it right now. LOL

Off topic: Elaine was so hot.

it's amazing how many people who posted in that thread are now banned and that flash75gordon isn't one of them

rip xmember

rip doyle

Go buy the Venezuelan Petro coin if you feel so strongly about state sponsored currencies. Because ultimately that’s what 99% of centralized state sponsored crypto currencies will be like.

That bitfinex spread is gruesome. Everything is down 15-30%

It is already trivially easy to electronically transfer money anywhere in the world assuming it is for legitimate purposes and you are not trying to evade taxes (obviously I'm not talking about places that don't have electricity/internet, but crypto's won't work there either).

States/banks will make their own blockchain upon mutually agreed standards when there is a legitimate use case that is better than our current system, and our current system is already pretty good. Our current financial system is light years ahead of anything a current crypto can offer and is only continuing to get better, expanding the gap over inferior technologies like bitcoin by the day.

Pablo Escobar really needed bitcoin.

You're as knowledgeable of crypto as a Shoe.

There is 0 marginal value compare to traditional banking in making a crypto if it's not decentralized.

What's the purpose of making a government crypto where the government can just issue more coins at will? And no government will volunteer to have less power or control over their money.

Why does it take so long to send money internationally and why does it cost so much?

Why do the poor not have access to banking?

These questioned are not answered by crypto today, but at least they are addressed.

Define long? I don't see how a transfer taking a couple days is that big of deal in most circumstances.

Define poor, are you talking American poor or third world country poor?

How are they being addressed?

bitcoin is literally saving lives in places like brazil, ukraine, and venezuela. doesnt matter if price is 2k or 8k or 20k


youve been a bear since $250, we know you think it doesnt solve any problems. Good thing for people using it, that this is not the case.

If you could prove that to me I would not be as much as a bear and could even become a bull. I see the potential, just have yet to see it work first hand, or even understand how it can be used more effectively first hand. I have not seen it save a life in places like brazil, ukraine, and venezuela. Can you provide more info or detailed stories? I doubt it has saved many poor people, maybe some already well off in those countries bought bitcoin instead of buying gold or USD to preserve their assets. I don't see how someone who is struggling to acquire food or shelter would have the means to acquire and use bitcoin.

Also if it has saved lives like you say, then how many people who bought at 18k has it killed? I know you and your private group was glad to sell at 18k. Does that make you evil like today's bankers?

I completely agree on this, if it had a more stable and reasonable value (and liquidity) it would be a lot easier for people like me to get behind. When it is just a buy and hodl, never sell, you will get rich and go to the moon and be part of the next 1% elite, that is where I become ultra-bearish

updating this:

price made a clear break. when posted it was about 10,1k

new positions

Bfx Positions LONG SHORT
Bitcoin (BTC): 56% 43%
Long: 26,438 BTC; Short: 20,070 BTC
--------------------------
Monero (XMR): 26% 73%
Ethereum(ETH): 87% 12%
Litecoin(LTC): 48% 51%
Zcash(ZEC) : 68% 31%
EClassic(ETC): 58% 41%
DashCoin(DSH): 13% 86%
Bcash (BCH) : 56% 43%
2018-02-02 07:15:27.994769

Alot of these longs are under water. probably ~20k worth.



bids across all exchanges are super thick down to 8k
gdax: 4k coins rn
bitfinex: 5.4k coins


we're super likely to test 8k or wick down below it. this is just how bitcoin works.... 3k and 5k are completely in the cards if this selling and volatility continues.

Yes, bitcoin is volatile.


No, buy and hodl has no impact on price. Because bitcoin has a supply float that is constantly increased via mining. Its fixed supply distorts and amplifies price volatility because there is no supply response to price. its fixed.


e.g. when oil goes up, biz are incentivized to increase output
e.g. when gold goes down, biz are less incentivized to mine less profitable areas

there is no such responses possible in bitcoin

that's why its volatile. Price is simply the midpoint of the bid:ask spread. dont conflate price with supply float. the supply float either remains the same or is always increasing via mining.

Buy and hodl does have an impact on price though, it is like baseball cards in the 1990's, everyone is saving them not realizing how many there are just being stored in people's basements right now. That combined with eventually there will be no more bitcoins, everyone is going to start dumping at some point. It might be slightly beyond our lifetimes but the economics of how it is designed means it is doomed to failure within ~100 years, most likely well before that, and who knows how big the bubble could get and how many lives it could crush at some point?

If you just want to speculate and get rich quick, whatever go for it I don't care what happens either way short-term. I'm talking long-term, 100 years from now after I'm dead, how is this viable and something I would want to support and contribute to?

hopeless to keep posting in this thread if people keep shooting at the hip...

Your private group knows it's true.

This 8800 bottom that was discussed doesn't seem to be correct.
Seen alot of analysts quoting 7.5k and 5k as the next levels of support.

Sent from my SM-G920F using Tapatalk

i have no private group


and its preposterous to compare infinitely printed baseball cards to a cryptocurrency that is finite. just shows your ignorance.

after all these years of being bearish and bitcoin still +3500% one would think that you wouldve learned something about it along the way.

What tea leafs are your experts recommending to back their claims?

Also just realized you suggest supply and demand does not apply to bitcoin.