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Daddy

Bitcoin/Cryptocurrency

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Davaoeno

$8490 as of 2:30 pm    

 

at least with the tulip bulbs you could plant them and watch them grow !

Edited by Davaoeno
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Cgu

Well now I found an easy way to short bitcoin (and It was directly in front of my nose - one of my home stock exchanges - go figure). Just to play a little bit....:D, maybe a coin or two (unless they allow me to margin it - then I need less - need to find out today, if and how much I can margin it. Normal "investment" they allow margin).

It broke, as I guessed at around 12k in my previous post (as said - not really good tape reader), however I do not short it yet, as the volumes have to be higher. As I read it, it might bounce back a little and then break big time. Would be unusual if it breaks straight through, but if volume follow, I will short it.

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Davaoeno

Or the big players are intentionally not supporting it so it will fall and shake out all the amateurs who were looking to get rich quick- and  the pros will then back it big time and drive it back up !! ??

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Jersey Jim

Not a big fan of NY Times in general especially Paul Krugman, who has been so wrong on so many economic issues I've lost count. 

As usual this economic genius is a bit late to the party, but he does bring up some salient points on our friend Bitcoin. Enjoy......

 

https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html

 

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Cgu
20 minutes ago, Jersey Jim said:

Not a big fan of NY Times in general especially Paul Krugman, who has been so wrong on so many economic issues I've lost count. 

As usual this economic genius is a bit late to the party, but he does bring up some salient points on our friend Bitcoin. Enjoy......

 

https://www.nytimes.com/2018/01/29/opinion/bitcoin-bubble-fraud.html

 

Well, I agree this time with Krugman, except maybe Tether, which should bit backup up 1:1 with dollar amount, but they failed to go through an audit. And if so, why bother to buy Tether (if it is 1:1), just stick to USD (or better EUR at this time)

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Contango
On 01/02/2018 at 12:21 PM, Oz Jon said:

Is this game vying for the record of being the world's biggest, ever, Ponzi scheme?

Not a Ponzi, its a genuine market, BTC on the other hand is not a genuine currency.

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Jersey Jim
30 minutes ago, Cgu said:

Well, I agree this time with Krugman, except maybe Tether, which should bit backup up 1:1 with dollar amount, but they failed to go through an audit. And if so, why bother to buy Tether (if it is 1:1), just stick to USD (or better EUR at this time)

Isn't Tether the same concept as Bitcoin? So why should it be at parity with USD? Audit or not, the US economy is 18.57 Trillion and Tether is measurable against what exactly?

We've all been hearing for years that the world's major currencies are "fiat" currencies , but at their bare minimum they all have economies that produce GDP, which is the reasonable indicator to their currencies market worth.

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Cgu
27 minutes ago, Jersey Jim said:

Isn't Tether the same concept as Bitcoin? So why should it be at parity with USD? Audit or not, the US economy is 18.57 Trillion and Tether is measurable against what exactly?

Not exactly. Bitcoin is backed up by thin air. Tether should have been backup by USD (1:1), but failed to prove it. But you confirm my point - what intrinsic value has bitcoin? None!  (leaving Tether for the moment out, as it should be matched by every dollar - in my views, as mentioned above - making it useless).

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Jersey Jim

Think you actually confirmed my point, when you stated that "Tether should have been backed by USD , but failed to prove it" how so and why? Its not an officially US backed entity or quasi govt entity, so why so it be granted the same sovereign rated as the US Govt? Not trying to be a wise guy, just want to understand the logic.

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Cgu
21 minutes ago, Jersey Jim said:

Think you actually confirmed my point, when you stated that "Tether should have been backed by USD , but failed to prove it" how so and why? Its not an officially US backed entity or quasi govt entity, so why so it be granted the same sovereign rated as the US Govt? Not trying to be a wise guy, just want to understand the logic.

Well, simple logic. First, any (trustworthy) exchange/platform must be "liquid" , like a bank, meaning whatever happens they should be able to meet customer demands if they withdraw (not so with Bitcoin). To achieve this, Tether holds the same amount of dollars as Tether is floating, making it more trustworthy. However, they never went to a audit, so their claims that they hold the equivalent dollar amount, remains a "claim".

Second, any currency or for a fact equity, can be pegged to the USD. That is not a choice of the US govt, but any entity to wish to do so. For example, many SE-countries used to peg its currency to the USD (even the Philippines). Of course, speculators can attack the peg, if the currency is overvalued. Pegging does not mean it is guaranteed by the underlying currency, neither will it have the same rating - as it only defends the peg by its intrinsic value.

My point was a little bit different. What is the advantage to peg a crypto to the USD? Transaction cost are still higher. So my point was that it is a useless crypto. 

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Daddy
13 minutes ago, Cgu said:

My point was a little bit different. What is the advantage to peg a crypto to the USD? Transaction cost are still higher. So my point was that it is a useless crypto. 

Coinmarketcap and other reporting websites report in USD. Currently USD is stable compared to Bitcoin or other cryptos exchange rate.  

Most exchanges to not accept USD so as to avoid US banking laws but they do accept USDT, which in a perfect world is perfect from an accounting point of view. Usually when you sell an alt coin you are paid in another coin such as BTC which is very confusing when trying to estimate the value/cost/profit/loss etc. 

Also when selling a coin into USD triggers a taxable event. Selling into USDT does not trigger a taxable event. 

I do not own any but I think it is a good idea if everything is done according to their statements that there is one to one in reserve. 

I am not a tax expert, so seek your own tax adviser before basing any tax advice from me.

 

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Cgu
39 minutes ago, Daddy said:

Coinmarketcap and other reporting websites report in USD.

This was not about reporting, it was about pegging - I do not know any other crypto, which has a peg on anything.

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musicman666

Pegging is the underlying success of the Hong Kong dollar ...  I think if you want to invest in a coin long term then it needs to have an angle ...something other than everybody thinks it’s good... I see big waves ahead with governments and banks doing their utmost to protect their monopoly ...so what coins will traverse these waves?...or more specifically what coins are going to fly below the radar?

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Lordblacknail

All I can say is thank goodness for all the hoops that the idiots put up for me to jump through before they would consent to sell me bitcoins. I wasn't able to buy any crypto currency at all because I couldn't satisfy them, so I still have what little money I started with.

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