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Daddy

Bitcoin/Cryptocurrency

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Kreole
20 minutes ago, Lordblacknail said:

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.

Same thing happened to me, but it gave me time to do more in depth research, and I realized that I was not in the game early enough to benefit.  When Bitcoin hit $4,500, I decided to buy some as a "gamble".  I had seen the price fluctuate enough to see that it would go up again.  My plan was to sell off my original investment and retain the remainder in Bitcoin and just sit back to watch it.  But that plan was ditched when

I realized that the fluctuation in price was driven by BIG investors who were into manipulation in a pump and dump scheme.  All the early investors made out like bandits, but late ones, as is usual, lost or gained nothing but frustration when the exchanges would "go down" when they wanted to sell, thus frustrating their efforts to get out when they were ahead.  Early investors could afford to ride out the fluctuations, sell when the value increased and buy when the value dropped significantly.

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A_Simple_Man
On 11/29/2017 at 11:09 PM, Thomson said:

I woke up today after a good nap and found out BTC is up at $11,164. There will be a correction incoming, but not sure if it will go back down below $10,000 soon. I think it's mooning time and it will go to $14,000 as I predicted

Looks like you are losing your "Bitcoin Guru" status.

On 2/2/2018 at 2:36 PM, Davaoeno said:

$8490 as of 2:30 pm    

I guess its just guessing and if people guess right they become gurus and if they guess wrong they are just wrong.

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musicman666
14 minutes ago, Kreole said:

Same thing happened to me, but it gave me time to do more in depth research, and I realized that I was not in the game early enough to benefit.  When Bitcoin hit $4,500, I decided to buy some as a "gamble".  I had seen the price fluctuate enough to see that it would go up again.  My plan was to sell off my original investment and retain the remainder in Bitcoin and just sit back to watch it.  But that plan was ditched when

I realized that the fluctuation in price was driven by BIG investors who were into manipulation in a pump and dump scheme.  All the early investors made out like bandits, but late ones, as is usual, lost or gained nothing but frustration when the exchanges would "go down" when they wanted to sell, thus frustrating their efforts to get out when they were ahead.  Early investors could afford to ride out the fluctuations, sell when the value increased and buy when the value dropped significantly.

Me too...I tried but they put all these limits up....I have some in but only enough to keep it interesting ...when I put it in I already mentally accepted it was lost since I know that if somebody like me is jumping in then it’s really a bad move ...so I sleep well but I still plan to play with “the investment” even if it dwindles to no real value...

 

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Oz Jon
13 hours ago, Travis said:

Here is an article about a 53 acre 75 million dollar mining facility that is happening in my town. 

Not sure how many coins they will be able to mine per year but it sounds promising. 

 

https://news.bitcoin.com/montana-is-home-to-new-53-acre-75-million-bitcoin-mining-facility/

 

 

I was fascinated by the description of their business plan.

Apparently this "osteopathic colleges" company has figured out how to be competitive and profitable at setting-up and running a new data centre.

Digital Reality Trust (20%), Global Switch (8%), DuPont Fabros (6%), Cyrus (4%) and China Telecom(4%) - the top 5 by market share - must be quaking in their boots!

But there is more! - they plan to also lease these capabilities AND at the same time mine for BitCoins.

I'm amazed that they aren't planning a Cannabis operation too! - that's another "in" topic!

These guys must be pretty b***dy good!

If they can just figure out how to add food, alcohol and sex - they'd have the lot!

Edited by Oz Jon

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Oz Jon
On 2/2/2018 at 7:00 AM, rep1 said:

A ponzi scheme pays you with other's money? crypto doesn't. The price is 100% based on faith.

Well, strictly speaking, you are probably right. It's not a pure Ponzi Scheme nor a pure Pyramid Scheme. Somewhat Madoff-like, but in a new class of it's own. The end result is very likely to be the same.

Call it what you will - there is no tangible backing for Bitcoins - their value is entirely in the minds of buyers and sellers. That could be 1 cent or $1M tomorrow!

Their current value is how many real US$ a buyer will actually give you for them. Tomorrow, next year, who knows?

Edited by Oz Jon
pusuit of perfection

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Jersey Jim

I think your analogy to Madoff is quite accurate, speaking from personal experience being a party (on behalf of the company I worked for) suing his company after the bankruptcy proceedings.

Remember visiting the Lipstick Building office (53rd/3rd) and asking very causally to see their options trading volume for past week, since Madoff claimed many of his profits were a result of options trading and being told its a black box strategy and couldn't be revealed.

A week later, I receive a report on options traded in IBM, which I was told they traded heavily in  ( for record I am series 4 Options Principal registered with FINRA/SEC) and the volume info I received, did not jive at all.

Two weeks later  they blow up.........Bitcoin has all the same traits of this scheme in my humble opinion.

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rep1
3 hours ago, Oz Jon said:

Call it what you will - there is no tangible backing for Bitcoins - their value is entirely in the minds of buyers and sellers. That could be 1 cent or $1M tomorrow!

Exactly!

If it becomes 1 cent I'd only lose a little.

If it becomes $1M, I'd lose everything for not buying. Global financial rank would drop to bottom, future ruined and I become a hopeless poor person in a blink...

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Daddy

Well! You guys can bash all you want and convince yourself that all of this is fake....and who knows, you may be right. As for me Im not putting all my eggs into the crypto basket but im still in and plan on making money at it. If you would judge the fiat using countries of the world you would come up with the same conclusion as some of you have stated for bitcoin. 

I view the arguments as a flat eart type argument. 

As for investing in crypto is concerned, Im buying now. Buy low and sell high is a simple enough term but it is hard for most people to execute, they only put money in when the asset is at or close to its peak in price. The crash/correction is here and it is almost time to buy if you have the guts. If you dont you can either be one to stand by and watch or one of the late comers on the following boom in prices. Personnally i love to hear the doom and gloom talk as it tells me that at maximum pessimisum is the time to buy and maximum optimisum is the time to sell. I have never been able to nail the exactl bottom or top but have come close enough to make good money.

I have buy orders in on some coins at bargain basement prices and will be placing others shortly.

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Cgu
4 hours ago, Daddy said:

I have never been able to nail the exactl bottom or top but have come close enough to make good money.

You don't have to  in order to make money. Actually, I would even say that most who try to nail high and low will lose money, because either they sell to early out of fear, or they  sit on a loss hoping the market will go higher.  You have to reverse fear and hope (what for most investors and humans is not intuitive).

I still believe cryptos are made out of thin air, but certainly you can make money in any market (commodities, futures, equity, currency, you name it).  But never buy in a down market hoping it will go up - fear it will go lower.  If you have a position in a down market just sell and get your loss. Accept you are wrong.  Opposite is true, never sell in an up market - let it run and hope it will go further.  So you see, you can't nail it - you don't have to - but at least you make good money - and that what you are in for! Or not?

But of course go ahead and buy - but for me that is down market and has not formed into a bull market. I do not care if I miss out on the low or high, but when I enter the market I do so with full force and get the gain - as you can hardly miss it. Even now, the equity market was in a bull - you made very easy and good money. So who cares, if they shave off 5-6 % off the top now! I missed the top - but I still get my gain now.  I more than happy! Most who wanted to nail the top, already sold.

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Contango
13 hours ago, Cgu said:

But never buy in a down market hoping it will go up - fear it will go lower.  If you have a position in a down market just sell and get your loss. Accept you are wrong.  Opposite is true, never sell in an up market - let it run and hope it will go further. 

I'm a Contrarian and do the exact opposite, buy into a falling market and sell into a rising market...someones always on the other side of the trade, i dont hope or accept, i simply understand that there is a time to buy and a time to sell...timing is everything.

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Daddy
14 hours ago, Cgu said:

But never buy in a down market hoping it will go up - fear it will go lower.  If you have a position in a down market just sell and get your loss. Accept you are wrong.  Opposite is true, never sell in an up market - let it run and hope it will go further.  So you see, you can't nail it - you don't have to - but at least you make good money - and that what you are in for! Or not?

I agree with Contango on this one. I too am a contraian. You are either a contraian or a victim. I think it is wise to be skeptical of anything new until you inspect it for yourself. If after you inspect you think it is a fraud then dont get involved. I have gone thru that eexercise with cryptos. Some of them are indeed frauds and scams while others are legitimate. I think some of them will go tits up on this downturn. At the bottom of this downturn will be a great place to get back in the market for those of us that have the balls to do it. Everyone else will be a victim of their own fears.

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Travis
1 minute ago, Daddy said:

I agree with Contango on this one. I too am a contraian. You are either a contraian or a victim. I think it is wise to be skeptical of anything new until you inspect it for yourself. If after you inspect you think it is a fraud then dont get involved. I have gone thru that eexercise with cryptos. Some of them are indeed frauds and scams while others are legitimate. I think some of them will go tits up on this downturn. At the bottom of this downturn will be a great place to get back in the market for those of us that have the balls to do it. Everyone else will be a victim of their own fears.

The problem is figuring out where the bottom is. 

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Daddy
14 minutes ago, Travis said:

The problem is figuring out where the bottom is. 

Ha Ha Ha, you are correct my friend. The best one can hope for is to get close to the bottom and have the balls to pull the trigger.

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Cgu
7 hours ago, Daddy said:

The best one can hope for is to get close to the bottom and have the balls to pull the trigger.

That confirms my observation. People hope it will go up. Well good luck. I rather buy in an uptrend, giving me maybe less gains, but less risk - I am after the odds being on my side:D. Cryptos would be no different, but in a crypto market there are no fundamentals, so judging an up market can be only done through TA - that eliminates a lot of uptrend signals. Even insider buying cannot be confirmed, as it can be in a normal market (to maybe eliminate false signals). 

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Contango

Anyway the big money in cryptos has already been made, the move from single dollar figures to 5 figures will never be repeated in % terms...im just playing around with a tiny crypto account, its impossible to value it or apply any real fundamentals or chart action..

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