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Anyone who owns Bitcoin/cryptocurrency or is thinking about getting some, you need to be aware of this Login/Join 
Leave the gun.
Take the cannoli.
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quote:
Originally posted by braillediver:
Same people chasing this dream are the ones who brought us the Dot.com bubble, the mortgage bubble......


Undoubtedly, some people have become very wealthy already and have cashed out. From here on we’re playing high stakes musical chairs.
 
Posts: 5363 | Location: New England | Registered: January 06, 2003Reply With QuoteReport This Post
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Cryptocurrency; Intriguing yes. Enough that I will convert some of my accumulated wages for a (small) pile of virtual data? Not only no, but hell no.

My view, personal as it is, at the base of the crypto craze is a disdain for fiat currency. So much so that this stuff was invented to take the place of fiat eventually. That means fiat currency is envisioned to go away.

I only ask one thing: what is a bitcoin worth if no fiat (dollars) exist?
 
Posts: 213 | Location: NW NJ | Registered: December 07, 2015Reply With QuoteReport This Post
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Like any bullshit scheme, the time to get in and make money is long past. Anybody trying to get you into this is just ensuring they make their end. Any investment that you wouldn't be willing to buy and hold is a bad investment. Notice I didn't say you couldn't make money that way, I said it was a bad investment. Kind of like timing the market. You can make money but you are making a fairly uneducated guess. Bitcoin will tank, the numbers now are unsustainable and every one of you knows it.

If you had play money and could lose it, by all means. But you better have an exit strategy because unlike the guys wishing they bought Apple at 3 bucks, at the end of this the bitcoin guys don't have squat.

Cue the miners and the tech guys at any minute. Realize they aren't buying at 11k though. The minute people realize its a scam, or the perception that its a scam takes over, there will be a lot of people holding an empty bag.
 
Posts: 1476 | Registered: June 18, 2005Reply With QuoteReport This Post
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An investment is a speculation that worked out well, while a speculation is an investment that did not.




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 43257 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
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Originally posted by a1abdj:
quote:
If you can understand gold or other precious metals, then you can understand Bitcoin (and vice versa).



I guess this is the part that throws me, and why I can't understand. I can hold gold in my hand. I can make industrial items out of it. I can make jewelry out of it. If the electricity goes out, my gold is still there. I don't need a computer to buy or sell gold.

Things like Bitcoins are nothing. You can't see them. You can't touch them. You can't make anything out of them. Even tulip bulbs were something you could possess.


When you buy stock in a company, you get a certificate showing how many shares you own. Those shares are worth what someone else is willing to pay for them. A company creates demand for a variety of reasons... solid financials, trendy, groundbreaking technology, etc. and therefore the price of the stock increases. How many people rolled their eyes when Facebook went public and thought it was overvalued ($38/share vs. $172/share today)? What about Snapchat's initial IPO $4bil valuation that was revised to $22bil then at the peak of its debut almost hit $29bil? It's down to around $16bil right now but that's still 4 times higher than its pre-IPO valuation. Give it a few years to see if it mirrors Facebook's first year dip and it's possible it could be worth $120bil.

As a stock owner do you have the right to come and go on that company's property as you please? Have a key/passcode to any area because you're part owner? Can you present that certificate and take a few computers or chairs from the conference room because you want to exchange that certificate for like value? Of course not. Then what does owning stock really do for you? Well first and foremost it's an investment. A calculated risk for return. In theory if you have enough of it you could vote but that's unlikely if not impossible for most companies that are publicly traded.

What it boils down to is if you own stock, you get a piece of paper that is simply worth what someone else is willing to pay for it. Bitcoin is no different. How many of you would pay $3,000 for a 1955 double strike penny? $9,000 for a 1922 Caramel Babe Ruth baseball card? $3,000 for a Colt Python or $21,000 for consecutive Sig SP 47/48 Model P210 pistols? There's enough people interested in having those things that are willing to pay that price. Sure, you could put that penny in the "take a penny, leave a penny" tray for the next person, utilize (bolded for proper use of utilize) that baseball card as kindling for a campfire, the Colt Python as a hammer and those consecutive serial numbered P210s as noisemakers to be dragged behind a car with "just married" written across the back. I would hope not because there are much cheaper substitutes and those collectables have value because there is a limited amount of them available for purchase. Same is true with Bitcoin. Just because you can't hold it and need an internet connection doesn't make it a fraud or worthless. Imagine if electricity/internet ceased to exist. There would be much bigger problems than wondering how is that going to affect the price of Bitcoin. Bitcoin isn't meant to be the one size fits all solution for financial transactions. It's not going to replace any currency or take over as the primary payment method for any mainstream purpose. It's a cutting edge technology that has its uses, is limited in supply and demand for it is going up.

My original post wasn't meant to be interpreted as "this is the end of Bitcoin." It's a serious problem that could affect the current prices of tokens and it could recover in a week or it could take months. Why am I sitting in cash? Because I don't think this price is legitimate because it's pumped up with counterfeit Tether. I could be wrong. There's dozens of possibilities that could change the outcome and we won't know until after it happens and look back with 20/20 vision. But I'm willing to put my money where my mouth is and wait for a substantial correction before I go back in. Until then I'm day trading small amounts with sell stops and everything is sold for cash before I call it a day.

Bitcoin/tokens aren't going anywhere. It's overcome bigger problems than this. Case and point: Mt. Gox... Started in 2010, it was the largest Bitcoin exchange handling over 70% of the world's Bitcoin exchanges and closed in 2014 because 850k Bitcoins were stolen. Pretty serious stuff I reckon. Should have killed Bitcoin right? After all, about 7% of all the Bitcoins were stolen from the largest exchange in the world and in bankruptcy court it was discovered the remaining assets (aka Bitcoins) of Mt. Gox at that time totaled around $91mil. Bitcoin dropped 50% and since then not only has it recovered, the current value of the remaining Bitcoins held in trust could pay for all the lawyer fees (because they always get paid first) AND repay all the creditors. How many times has that ever happened in bankruptcy, let alone one of a company in which the public held stock? Mindblowing, I tell you.

I originally posted this because it's a factor that ought to be taken into consideration. If you own Bitcoin and aren't going to touch it for a few years then you probably have nothing to worry about. If you're looking to put it in now, check the price everyday and when this news comes out you rush to sell at a substantial discount, hopefully this will help you make a better decision either by selling now while it's high or having the fortitude to wait it out and decide if this is your thing once you're back to even money. To each their own. Best wishes.


__________________________________________________________________

Beware the man who has one gun because he probably knows how to use it.
 
Posts: 367 | Location: Somplace with cold drinks and warm women | Registered: May 04, 2016Reply With QuoteReport This Post
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quote:
As a stock owner do you have the right to come and go on that company's property as you please? Have a key/passcode to any area because you're part owner? Can you present that certificate and take a few computers or chairs from the conference room because you want to exchange that certificate for like value? Of course not.



That's my entire point. If I owned stock, I own something that represents physical assets that can be touched, seen, and accounted for. Something exists. A product or service is produced. They own real estate, equipment, and other materials.

What exists behind Bitcoin?


________________________



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Posts: 12327 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
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posted Hide Post
quote:
Originally posted by a1abdj:
quote:
As a stock owner do you have the right to come and go on that company's property as you please? Have a key/passcode to any area because you're part owner? Can you present that certificate and take a few computers or chairs from the conference room because you want to exchange that certificate for like value? Of course not.



That's my entire point. If I owned stock, I own something that represents physical assets that can be touched, seen, and accounted for. Something exists.

What exists behind Bitcoin?


Not only that but but for old fuddy-duddies like me, those assets earn a net income and might even pay a dividend.

In the old days, investors looked to the financial statements, crude and often untrustworthy as they sometimes were, to gauge the potential value. Book vslue is the assets shown on the balance sheet, net of depreciation and all debt, per share. In the unlikely event of liquidation, a shareholder might receive this or close to it. The higher the price is in relation to book value, the riskier this becomes.

There is also the intangible assets not reflected on the balance sheet. The name, reputation, so-called good will although this term represents the excess paid for assets over “fair value.”

At any rate, one way to value an asset is by measuring the earnings over its useful life.




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 43257 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
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a1abdj - Why does society trust the credit scoring system? You can't physically touch it yet a vast majority of our economy is based upon it. What about digital media... pictures, books, programs, etc. that are on your computer and the internet? You can access them but you can't physically touch any of them unless you convert it to paper or some other tangible medium.

I've said it probably half a dozen times now that Bitcoin is many things but primarily it's a store of value. A volatile one but one that has proven to consistently increase over time no matter what obstacles it had to overcome. Most Americans are in it because it's a way to make money. Most people who buy it outside of 1st world countries do so for reasons Americans could never truly understand because we've never worried about having 100s of extremists slaughtering your community overnight or having truly corrupt government snatch you and your family in the middle of the night or freezing all your assets and those of your business because you upset them in some way. Bitcoin is the first and most reputable option that allows people to convert fiat into exactly what you said: intangible property. The real irony is that those who believe in the purpose of Bitcoin want it that way because tangible property can be stolen much easier and is harder to bring with you everywhere you go.

You install safes for a living. Say you have a client who wants the most secure vault with the highest level of security and this is to be built and installed to withstand constant, expert attempts to breech it. For any tangible item that fits in the safe, good for it. For fiat let me tell you why Bitcoin is a better store of value than that safe.

1. You have to be physically present in order to access the fiat inside. With Bitcoin if you know the wallet and password it's accessible anywhere.

2. If you're forced to open the safe, they can take everything. With Bitcoin you can create as many wallets as you please and if forced to provide access to any of them, the bad guys need to know exactly which wallets you have and any they don't know of are still yours.

3. If you have a problem with the government, all they need to do is set up shop in front of the safe knowing you can't survive for long without retrieving the money in that safe and you'll have to come to them eventually. Bitcoin is accessible anywhere and in any major city/suburb there are Bitcoin meetups where you can exchange Bitcoins for fiat face to face.

4. Fiat that sits in that safe is depreciating because of inflation. Because of the limited amount of Bitcoins to be released, the value naturally inflates because there's less of it available to the market.

5. It's more likely that no matter how secure and well designed that security system is, how can one know it's capable of withstanding multiple attempts to break in and how experienced and capable are the theives? People have been trying to hack Bitcoin for years and it's attracted the best of the best yet the blockchain is still intact. It's to the point where no one tries to hack the blockchain because it can't be done and their time is better spent preying upon those who have poor wallet security.

6. On that note one can buy a dedicated hardware/cold storage wallet for $40-$100. How much does a top of the line safe/security system cost with installation while being restrained by all of the limitations mentioned above?

By the way, there's a lot of interest in proper cold storage/backup pair with a Faraday shield. Lots of people have their wallet/password backed up on a computer, thumbdrive or hard wallet but if there is an EMP strike hopefully that information is written down or memorized because if the EMP wiped it out, it's gone. The 2nd largest bank in Korea announced it is going to offer cold storage of cryptocurrency and I imagine being right next to N. Korea that's going to be a consideration given the nuclear situation.

There's plenty of information out there that does a much better job than I could explaining the basics and fundamentals of Bitcoin. If anyone is genuinely interested I'd recommend reading this one all the way to the end: Ben Yu made over $400k Investing in Bitcoin and Reveals His Strategy. It's a long read but there's a reason why he was accepted (then dropped out of Harvard) and I wasn't.


__________________________________________________________________

Beware the man who has one gun because he probably knows how to use it.
 
Posts: 367 | Location: Somplace with cold drinks and warm women | Registered: May 04, 2016Reply With QuoteReport This Post
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https://www.bloomberg.com/news...est-bitcoin-exchange

quote:
There’s an $814 Million Mystery Near the Heart of the Biggest Bitcoin Exchange
By Matthew Leising
December 5, 2017, 5:00 AM EST

Among the many mysteries at the heart of the cryptocurrency market are these: Does $814 million of a digital token known as tether really exist? And what is tether’s connection to Bitfinex, the world’s biggest bitcoin exchange?

This is the state of crypto in late 2017, where questions about the companies behind the currencies are multiplying with the profits. While cryptocurrencies appeal to people who lack faith in governments and banks, the digital assets often require a blind trust in companies about which few facts are available.


Tether Photographer: Andrew Harrer/Bloomberg
Read More: Bitcoin Heads to Wall Street Whether Regulators Are Ready or Not

Take tether. The currency, which started trading in 2015, is described as a stable alternative to bitcoin’s wild price swings. A restaurant owner who accepts bitcoin but fears its volatility could shift bitcoin into tether, which can be easier to do than exchanging bitcoin for dollars. Its price has stayed near $1 for most of its life because Tether, the company behind the digital token, says that every tether is backed by one U.S. dollar held in reserve. Since there’s $814 million of tether circulating, there should be $814 million parked in bank accounts somewhere.

Not everyone believes there is.

“Is there anything backing this?” said Tim Swanson, who does risk analysis for blockchain and cryptocurrency startups. Swanson, also director of research at Post Oaks Labs, said he fears problems with tether could hobble exchanges that trade it. “If these aren’t backed 1-to-1, then what is the contagion risk if one of these exchanges goes down?”


Some wonder whether tether has helped pump up the price of bitcoin, which recently surpassed $11,000 after beginning the year below $1,000. Charlie Lee, creator of Litecoin, the world’s seventh-largest cryptocurrency, wrote in a Nov. 30 Twitter post, “There’s a fear going on that the recent price rise was helped by printing of USDT (Tether) that is not backed by USD in a bank account.”

Little public information exists about how tether is created, fueling questions, said Barry Leybovich, a product manager at IPC System who creates risk and compliance products for financial institutions interested in blockchain applications. The market believes that each tether is worth $1, even if they’re not actually backed by that money, and trades of tether for bitcoin at Bitfinex are helping drive up the price of bitcoin, he said.

No Guarantee

Tether’s website makes a claim that’s unusual among cryptocurrencies: “every tether is always backed 1-to-1 by traditional currency held in our reserves.” The site also says each tether can be redeemed for $1. But its terms of service say: “There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”

On Dec. 2, Bitfinex released a quarterly report announcing it would no longer serve U.S. customers because it’s too expensive to do business with them. This followed Wells Fargo & Co.’s decision earlier in the year to end its role as a correspondent bank through which customers in the U.S. could send money to Bitfinex and Tether’s banks in Taiwan. Bitfinex and Tether filed suit against Wells Fargo, but later withdrew the case.

‘Clear Challenges’

“We continue to experience banking bottlenecks for some customers, but are proceeding to open accounts around the world,” according to the quarterly report. “While we have some clear challenges, please note that tens of millions of dollars continue to flow in and out of Bitfinex daily. Although not available to everyone, these fiat flows have been sufficient to keep our market in alignment with other exchanges as we continue to gain market share.”

Bitfinex and Tether identified four Taiwanese banks in the Wells Fargo lawsuit. However, Ronn Torossian, a spokesman for Bitfinex and Tether, refused to identify their current banks unless a reporter signed a non-disclosure agreement, an offer that wasn’t accepted.

Polish Bank

Documents posted online show Bitfinex directing prospective customers to Poland’s Bank Spoldzielczy in Skierniewice. Torossian wouldn’t comment on whether the documents are authentic.

Wladyslaw Klazynski, the bank’s chief executive officer, wouldn’t confirm if any accounts have been opened by Bitfinex clients, citing Polish financial law that forbids revealing client data. “We are in touch with the Polish financial market watchdog in order to explain media information” about the situation, he said in a phone interview, adding that his firm isn’t “financially engaged” with any company trading bitcoin.

Neither Tether nor Bitfinex disclose on their websites or in any public documents where they’re located or who’s in charge, but information is available elsewhere.

Jan Ludovicus van der Velde is CEO of both Bitfinex and Tether, Torossian said by email on Dec. 3. A LinkedIn page for someone named J. L. van der Velde, who identifies himself as Bitfinex’s CEO, says he speaks Dutch, English, German, Italian and Chinese, attended National Taiwan Normal University from 1985 to 1988 and was previously CEO of PAG Asia Inc.

Paradise Papers

Phil Potter is a Tether director, according to documents -- dubbed the Paradise Papers -- recently leaked by the International Consortium of Investigative Journalists. He’s also the chief strategy officer at Bitfinex. A graduate of Yale University, Potter worked as a derivatives analyst for Morgan Stanley and then moved to the private client services unit at Bear Stearns Cos., where he worked on technology infrastructure and software design. He’s given many interviews that can be found on YouTube, including Q&As after Bitfinex was hacked last year.

Bitfinex incorporated in Hong Kong in 2013, but then changed its name to Renrenbee Ltd. a year later, according to Companies Registry in Hong Kong. Giancarlo Devasini is listed as a director at Renrenbee by Companies Registry. He’s identified as a Tether director in the Paradise Papers.

Torossian said van der Velde, Potter and Devasini weren’t available for interviews.

Oguz Serdar said he tried tether, but came away disappointed. When Turkey banned PayPal last year, he began using bitcoin to pay contractors working with his advertising technology company, then started investing in it on his own. When he feared bitcoin was poised to drop, he said he shifted funds into tether. “It’s a way to park your gains,” he explained in a telephone interview. “It’s what you do temporarily.”

He said that in early November he tried to cash out $1 million of tether, a request Tether refused.

‘Banking Difficulties’

“Due to ongoing banking difficulties we are only able to process requests for verified corporate customers,” Serdar was told by Tether, according to emails he shared with Bloomberg News. Serdar said the company stated that its currency was backed by reserves, meaning it was one of few places to exchange tethers for dollars, and while he didn’t have an account he approached them to find out who they banked with.

Tether, Serdar says, declined to disclose its banks and instead recommended in an email that he try to sell on one of the exchange partners it lists on its website. More than a dozen names appear there, but many don’t offer investors a way to exchange tether for dollars. One that does is Kraken, but Serdar didn’t think that market could handle his trade. “The demand side is entirely empty there,” he said. “You try to sell $1 million of U.S. dollar tether, the price crashes to zero, so you don’t do that.”


Serdar “doesn’t have any money with us and he never did,” Torossian said. “The customer in question was flagged as suspicious because of numerous irregularities,” he added. “If this customer wishes to complete our KYC process properly, we may review this matter further. Until that time, this individual will not be permitted to do business with us,” he said, referring to know-your-customer regulations that require financial firms to vet their clients.

Serdar said he alerted the U.S. Treasury Department and the Justice Department about his concerns regarding Tether through an online tip website, but hasn’t heard back. As for how the company characterizes him now, he said, “they’re speculating on me being some type of enemy.”

Lawyers Hired

On Dec. 3, Bitfinex said it had hired law firm Steptoe & Johnson LLP because of “false claims and related activity by various parties,” according to an emailed press release. “To date, every claim made by these bad actors has been patently false and made simply to agitate the cryptocurrency ecosystem,” Stuart Hoegner, counsel for Bitfinex, said in the statement.

Serdar says he eventually traded his $1 million tether stake for bitcoin. “I don’t think they have even $100 million or $200 million in a legitimate country,” he said. “It’s the elephant in the room, but a lot of people don’t want to talk about it because they’re invested in it.”

— With assistance by Marta Waldoch, and Benjamin Robertson


The Kraken exchange works about as well as electricity did in Puerto Rico before the hurricane. When market volume is high, it works about as well as electricity does in Puerto Rico after the hurricane. Tether charges 0.1% to purchase USDT using fiat. They're supposed to exchange it back for 0.1% but apparently this doesn't happen very often or at all. It's safe to say Tether has been exposed and all that's missing is the proof. Why hire a law firm instead of showing the proof of assets to the total of ~$860mil... it's because they can't or else they would have. This will correct the market but it shouldn't take long for the market to recover IF institutional money comes in which is still very likely. CME beings option trading on 12/17 & CBOE begins on 12/10. NASDAQ announced futures trading in the first half of 2018 and word on the street is that there's going to be a lot of shorts to curb the growth/volatility.


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Beware the man who has one gun because he probably knows how to use it.
 
Posts: 367 | Location: Somplace with cold drinks and warm women | Registered: May 04, 2016Reply With QuoteReport This Post
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You don't want to be the last investor in a Ponzi scheme.


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"Extremism in the defense of liberty is no vice. Moderation in the pursuit of justice is no virtue." - Barry Goldwater
 
Posts: 1907 | Location: Minnesota | Registered: February 23, 2002Reply With QuoteReport This Post
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Originally posted by TooTech:
You don't want to be the last investor in a Ponzi scheme.


Nor do you want to be the first.

When a Ponzi scheme is uncovered, everyone scrambles to recoup. The lawyers start looking for deep pockets, of course. The perp, in the large ones anyway, files bankruptcy and its assets are thus transferred to a trustee which goes around collecting all the assets it can. This includes clawbacks, suing and recovering money from early participants who took money out before the collapse.

There is no getting around it. Once you are in, even if you get out, you aren’t out, like the Hotel California or something.




Luckily, I have enough willpower to control the driving ambition that rages within me.

When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson

"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
 
Posts: 43257 | Location: Texas hill country | Registered: July 04, 2005Reply With QuoteReport This Post
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You guys might want to look up the definition of a Ponzi scheme.


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Beware the man who has one gun because he probably knows how to use it.
 
Posts: 367 | Location: Somplace with cold drinks and warm women | Registered: May 04, 2016Reply With QuoteReport This Post
Stop Talking, Start Doing
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Bitcoin is about to hit $13,000. Up over $2,000 this week. When will it end?!?

$1,000,000 by 2025?

Up $12,000 this year ... man oh man I should have bought!!


_______________
Mind. Over. Matter.
 
Posts: 4173 | Location: North of Seattle, Warshington | Registered: August 31, 2011Reply With QuoteReport This Post
Yew got a spider
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quote:
Originally posted by Copefree:
Bitcoin is about to hit $13,000. Up over $2,000 this week. When will it end?!?

$1,000,000 by 2025?

Up $12,000 this year ... man oh man I should have bought!!


You would have just been pissing the money away anyway. Razz
 
Posts: 4130 | Location: Colorado Springs | Registered: April 12, 2006Reply With QuoteReport This Post
Void Where Prohibited
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Screw Bitcoin - soon, you'll be able to buy a petro !
Backed by Venezuela's resources. What could be better?
Roll Eyes



"If Gun Control worked, Chicago would look like Mayberry, not Thunderdome" - Cam Edwards
 
Posts: 14368 | Location: Under the Boot of Tyranny in Connectistan | Registered: February 02, 2005Reply With QuoteReport This Post
eh-TEE-oh-clez
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Bitcoin is at $13,976 as of the time of this post.
 
Posts: 9807 | Location: Orange County, California | Registered: May 19, 2002Reply With QuoteReport This Post
186,000 miles per second.
It's the law.




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Posts: 1579 | Registered: August 19, 2001Reply With QuoteReport This Post
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Cnbc.com published earlier tonight it crossed $14k. Dutch tulips come to mind.
 
Posts: 1139 | Location: Fayetteville, GA | Registered: December 08, 2005Reply With QuoteReport This Post
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Dutch tulips come to mind.



You could actually touch a tulip bulb......


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Posts: 12327 | Location: St. Charles, MO, USA | Registered: September 22, 2003Reply With QuoteReport This Post
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Yup, it's comedy hour. Laugh at the Millennial(s) and crack jokes about the cryptocurrency ponzi scheme that you can't touch or feel so therefore it isn't real!

You know a guy by the name of Jamie Dimon? He's kind of a big deal on this subject because as CEO of JP Morgan every anti-cryptocurrency article references his "bold" prediction that echos most of the sentiment on this forum about Bitcoin and tokens being a fraud. Well put this in your pipe and smoke it:

http://www.telegraph.co.uk/bus...gold-says-jp-morgan/

A few weeks ago I said Bitcoin/tokens are the biggest thing to happen since the internet. Apparently Forbes wrote an article about it:

https://www.forbes.com/sites/a...rrency/#5a931c60b28a

I know you laugh it up types aren't up to speed because if you were you wouldn't think this is such a big joke. Here's a nice article back in 2015 about IOT...

https://www.forbes.com/sites/t...gamble/#586e22229d95

I didn't read that article in 2015 but I read it last week. Then I researched it and heard the chatter about IOTA landing some major backers. With my OP in this thread about Bitcoin and the Tether issue I pulled out of Bitcoin and have been daytrading with a few swing trades on the side.

Prior to cashing out, my portfolio doubled in the second half of November. I've been diversifying and put a relatively small amount into IOTA. Why is this important? I'll tell you why. Someone wanted to make a joke that tulip bulbs are worth more because you can't physically touch this stuff. You're hilarious.


Can you touch this?




That's the initial investment I put into IOTA a week ago. It tripled and I cashed the principle out because I'm going someplace nice for the holidays. Apparently companies like Microsoft and Samsung love entering into ponzi schemes and hired some real incompetent decision makers.. just ask any one of the experts here in the peanut gallery who can't grasp a simple concept like intangible value.

I'm done here. I tried to share my knowledge and speak objectively on the subject when there's so much disinformation and myths about cryptocurrency. The closed minds that are quick to judge wore me out. I'm not going to waste my time to be mocked. Maybe they don't understand it or can't stand the fact that people are making more money than they are so they hope it's a ponzi scheme so they can feel better about their own investment decisions. Regardless, my time is better spent elsewhere and it ends the same way in each of these threads... with a bunch of comedians circle jerking each other. The real joke is that if their investment portfolio was so great they wouldn't feel the need to put down someone else's.

Here's the mic boys, have at it. I bet there were people who thought the automobile was a stupid invention when they first heard about it. They really showed the world by keeping the horse and buggy around. Outside of Lancaster, PA anyways. Merry Christmas and many happy new years to come. Au revoir.


PS. $15k gets a lot of hookers and blow.


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Beware the man who has one gun because he probably knows how to use it.
 
Posts: 367 | Location: Somplace with cold drinks and warm women | Registered: May 04, 2016Reply With QuoteReport This Post
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