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10-03-2018 , 02:34 PM

#30651

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,538

Quote:

Originally Posted by protonewb

They banned egold and liberty reserve - both centralized payment systems.

It's my understanding that these were not actually banned but their downfall was the result of not following KYC rules. Anyone dealing in Bitcoin will need to follow the rules as well.

Quote

10-03-2018 , 02:36 PM

#30652

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

Sure, people who don't use tor/vpn. But they haven't outlawed bitorrent itself.

Quote

10-03-2018 , 08:05 PM

#30653

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by Didace

It's my understanding that these were not actually banned but their downfall was the result of not following KYC rules. Anyone dealing in Bitcoin will need to follow the rules as well.

I do not get the distinction you seem to draw between being "banned" and having their assets seized and management indicted/prosecuted.

"In May 2013, Liberty Reserve was shut down by United States federal prosecutors under the Patriot Act after an investigation by authorities across 17 countries. The United States charged founder Arthur Budovsky and six others with money laundering and operating an unlicensed financial transaction company. Liberty Reserve is alleged to have been used to launder more than $6 billion in criminal proceeds during its history"

https://en.wikipedia.org/wiki/Liberty_Reserve

Quote

10-03-2018 , 08:08 PM

#30654

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by bahbahmickey

$0 to $6000 over 10 years is petty impressive, but me and my buddy created poopcoin last Thursday. There are currently 10 poopcoins in exsistance so it is extremely rare. We each started with 5 and no more will ever be created (we made a blood oath to never create another). This Tuesday he sold me 4 of his coins for $3 and a pair of gently used ankle socks and yesterday he wanted some back but I said no. Then this morning I sold him one coin for $7,000.

If you think 0 to 6k over 10 years is impressive you should contact me about the new coin that went from 0 to 7k in a week.

Serious inquires only. I accept Venmo, PayPal, cashiers check or pretty much anything that isn’t another crypto.

Do you accept Lock Poker dollars ?

Quote

10-03-2018 , 08:20 PM

#30655

Gzesh

Carpal \'Tunnel

Join Date: May 2011 Posts: 7,733

Quote:

Originally Posted by p2 dog, p2

guys, like, i dont know ****. But what i do know is there are a ton of people trying to make this work. I dont follow the space anymore, i dont care. Its for nerds. only nerds discuss hash rate and halving lifes and the like, so be it. nerds are smarter than me and they are advancing this ****. i buy into the 10 years strong, thats a huge part of why i am still a hodler, for not that long though. then the bitcoin atms and the fact that money should be digital because it essentially is. the global baby, just spitballing a few things here but gonna keep holding for the lulz. this futristic **** isnt just going to 0, lol, i dont think hysteria and pumps or some secret dudes drove it to where it is, its chilling and its gonna run again

all the podcasts, all the conventions, all the books, all the conversations, is it for nothing? is all this **** going to go up in smoke or is it going to continue? 10 years strong, maybe 9! ****ing moon boys, i should go buy way more, im being a pussy and mickey ****ing mouse is talking me out of it.

and one more thing

Spoiler:

Nice post.

Don't drop out, hodl.

(I bought ETH at $ .30, for the cost of one buy-in at low stakes poker, but got tired of waiting for development of applications and sold it for $16.00 or so, damn it.... 6 mos later it was to the moon. Don't be me, if you want to take some profits, don't sell it all.)

Quote

10-03-2018 , 10:02 PM

#30656

TheMVP

old hand

Join Date: Oct 2007 Posts: 1,760

Quote:

Originally Posted by TeflonDawg

The closest competition is gold? Is gold ahead or behind BTC?

If I'm investing my money long term, gold is lol. BTC is...what exactly?

I think it's fantastic that people, hopefully, took profit somewhere along the line of 0-6.5k. But BTC also went -67% in the past year and to recover that doesn't seem plausible given the spike prior to that drop was basically all FOMO hype and speculation. It's hard enough to see how the market itself triples in size and BTC grows organically with it let alone grow beyond that to make it a long term investment worth diversifying into vs VOO or VT or sth. If it really is like gold, then it's not worth investing in unless you know what you're doing and buy gold when you know its value will spike in large market corrections.

Am I way off base here? What am I missing?

Quote

10-03-2018 , 11:34 PM

#30657

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,538

Quote:

Originally Posted by Gzesh

I do not get the distinction you seem to draw between being "banned" and having their assets seized and management indicted/prosecuted.

It goes to the reason the government acted.

Quote

10-04-2018 , 02:54 AM

#30658

TeflonDawg

Pooh-Bah

Join Date: Oct 2006 Posts: 5,947

Quote:

Originally Posted by TheMVP

I noticed he said Bitcoin ETF and not crypto ETF. Are there going to be both? ETFs consisting of the various coins themselves and ETFs consisting of the various businesses intertwined in some way to the crypto space? What would be in a Bitcoin ETF, the coin itself and any entity with ties to BTC?

Quote

10-04-2018 , 02:58 AM

#30659

TheMVP

old hand

Join Date: Oct 2007 Posts: 1,760

A Bitcoin ETF would be the same as any other commodity ETF, ideally backed by BTC, less ideally simply tracking the price of BTC.

A 'crypto' ETF, something that tracks the top 10 coins or similar, is unlikely for a long time. We'll probably get an Ethereum ETF after BTC if anything at all.

Quote

10-06-2018 , 07:23 AM

#30660

iloveny161

old hand

Join Date: Feb 2007 Posts: 1,970

For those who held through the 2014-2016 bear market, how do you guys feel about now?

Quote

10-06-2018 , 07:40 AM

#30661

Captain Boomer

centurion

Join Date: Jul 2018 Posts: 110

Quote:

Originally Posted by TheMVP

I read a comment on twitter a while back that struck a chord with me. It was something like having a bitcoin ETF is as ridiculous as having a US dollar ETF.

Quote

10-06-2018 , 09:06 AM

#30662

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

There are several US Dollar ETFs: https://finance.yahoo.com/quote/UUP and others. There are also ETFs on every major currency.

As far as holding thru previous bear markets, this is totally different. During the previous bear markets there was a very real risk of it dying/going away. The community was much smaller, the global name recognition nonexistent, no cme/cboe futures contracts, no robinhood/cash app, no bitcoin ticker on yahoo finance/bloomberg/everywhere else.

For the people who saw the price drop from $32 to $2 it was basically "well, it was a good run, game over". Nobody feels that way now.

Quote

10-06-2018 , 09:32 AM

#30663

Mat Cauthon

adept

Join Date: Mar 2006 Posts: 1,147

Quote:

Originally Posted by iloveny161

For those who held through the 2014-2016 bear market, how do you guys feel about now?

News and chatter wise it's similar to the quiet 2015 $200 period, after the drama of Ghash.io and China "banning"/"unbanning". But it could easily tank a bit on some bad news, there hasn't been as much since the last top as there had been since the dec 2013 top by the time it was $200. In that regard it feels more like the $400-$450 range.

Quote

10-06-2018 , 09:49 AM

#30664

CoolTimer

adept

Join Date: Feb 2013 Posts: 1,029

I think this period is a blessing for Bitcoin, and for speculators (long term hodlers). There's so much going on right now, yet very little of it is reflected in the price. Bitcoin still needs to mature a lot, and periods like this are excellent for it.

Quote

10-06-2018 , 10:30 AM

#30665

Didace

Carpal \'Tunnel

Join Date: Nov 2009 Posts: 20,538

Quote:

Originally Posted by protonewb

There are several US Dollar ETFs: https://finance.yahoo.com/quote/UUP

That fund does not hold USD.

Quote

10-06-2018 , 10:36 AM

#30666

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

It holds futures that track an index of USD performance.

Just like cme/cboe bitcoin futures track performance but do not hold btc.

A bitcoin etf would do the same, but be available to retail investors through any brokerage - that is the point, wide availability and low cost for a vehicle tracking bitcoin performance.

Quote

10-06-2018 , 07:49 PM

#30667

bucktotal

old hand

Join Date: May 2006 Posts: 1,668

Quote:

Originally Posted by iloveny161

For those who held through the 2014-2016 bear market, how do you guys feel about now?

time-wise, i think its getting very close to a bottom or the bottom being confirmed. if one is interested in acquiring btc, i'd be dca'ing now, or just wait another month or so.

Quote

10-07-2018 , 01:03 AM

#30668

Dutch101

veteran

Join Date: Jun 2010 Posts: 2,031

Either buy now or wait till there is certainty about the MtGox coins. If they have to be liquidated then the price will drop significantly.

Quote

10-07-2018 , 02:12 AM

#30669

applesauce123

adept

Join Date: Jun 2016 Posts: 861

The thing is that it could go up, but then again it could also go down too

Quote

10-07-2018 , 02:20 AM

#30670

Dutch101

veteran

Join Date: Jun 2010 Posts: 2,031

He is asking about buying so his long term outlook is positive. We have had a very stable period and the only known negative is a sale of the MtGox coins which would cause a temporary drop but has no long term impact. Or no impact at all if the Japanese court allows distribution of the coins.

Quote

10-07-2018 , 02:47 AM

#30671

pontylad

banned

Join Date: Sep 2008 Posts: 8,754

Quote:

Originally Posted by Dutch101

He is asking about buying so his long term outlook is positive. We have had a very stable period and the only known negative is a sale of the MtGox coins which would cause a temporary drop but has no long term impact. Or no impact at all if the Japanese court allows distribution of the coins.

No impact is wishful thinking. I imagine there would be a lot of people cashing in some profits from receiving their coins back. Whatever happens with the MTgox coins, it seems inconceivable that it won't have anything but a suppression impact on the price.

Quote

10-07-2018 , 09:56 AM

#30672

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

Some will sell, but probably not that many. Here you have people who will have lost 90% of their coins by keeping them on an exchange, and you think the first thing they are going to do when they get 10% back is to send them to an exchange? lol

Quote

10-07-2018 , 10:00 AM

#30673

stinkypete

Carpal \'Tunnel

Join Date: Jul 2004 Posts: 15,783

Quote:

Originally Posted by protonewb

you think the first thing they are going to do when they get 10% back is to send them to an exchange? lol

That's literally exactly what most of them will do

Quote

10-07-2018 , 10:10 AM

#30674

protonewb

journeyman

Join Date: Feb 2017 Posts: 387

I think you are misreading this, by a mile. If you had a decent sized btc balance on mtgox you are by definition an early adopter and believer in btc. Hell, when the bk administrator did a survey of initial claimants, "do you want to get btc back if possible or fiat?" 93% said btc.

If they are just going to send to the exchange to dump, why bother? These are people who can't wait to get the 10% into a wallet they control, hard lesson learned over the years.

We'll see I guess, when this is over...in 2022ish.

Quote

10-07-2018 , 05:59 PM

#30675

Dutch101

veteran

Join Date: Jun 2010 Posts: 2,031

No need to send them to an exchange. If we get them returned as coins it will be as a balance on one of the exchanges. Final chance to claim is this month so the method is likely to be known soon.

Quote

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