Let's Discuss Bitcoin
yahooyahoo said:
A sucker's game.
I don't know. I ordered by peyote yesterday from "On The Button," using Bitcoin and it came right on time.
jamie said:
only down 9% today. $5,040
That was on 11/19 - today it's $3,700.61
Time to buy?????????
I'm kidding - what a scam.
cramer said:
A tweet by someone I follow. I remember when Jamie Dimon said it (but I'm with Jersey Jack.)
"let's call Oct 13 the 'Jamie Dimon bottom' in bitcoin. it was 5,300 on that day when he said people who buy bitcoin are 'stupid'. a month later, JPM was getting into bitcoin futures trading. do as I do, not as I say!"
eta - Bitcoin dropped $500 from its morning highs. It's back to $14,500.
I hope JP Morgan lost a bundle on this cr@p.
yahooyahoo said:
cramer said:I hope JP Morgan lost a bundle on this cr@p.
A tweet by someone I follow. I remember when Jamie Dimon said it (but I'm with Jersey Jack.)
"let's call Oct 13 the 'Jamie Dimon bottom' in bitcoin. it was 5,300 on that day when he said people who buy bitcoin are 'stupid'. a month later, JPM was getting into bitcoin futures trading. do as I do, not as I say!"
eta - Bitcoin dropped $500 from its morning highs. It's back to $14,500.
JP Morgan could have been shorting Bitcoin, so they could have been doing exactly as they said.
From Believeland To Blockland — Cleveland Aims To Be A Tech Hub
An effort is underway in Cleveland to rebrand the city as a national tech hub.
The Blockland initiative hopes to develop a local economy based on blockchain technology — the software behind cryptocurrencies like Bitcoin. But it's a challenge for a city that has more of a manufacturing heritage than a technology one.
…
But many here struggle with understanding blockchain itself and its potential benefits. Waverly Willis is the first barber in Cleveland to accept Bitcoin as payment, and an early backer of the Blockland project. "It's regular blue-collar guys that's saying, 'why do I need to know about this stuff?' And so you need a guy like me to explain it," he says.
Which gives new meaning to the old song, "Shave and a haircut - two bits."
Was curious to find out what fractions of bitcoins are called and found this:
0.000001 is a microBitcoin or sometimes called MikeyBits but that is too small of a fraction to be used at the current exchange rates. The smallest fraction currently supported by the system is 8 decimal digits or 0.00000001. This is called a “Satoshi” in honor of the inventor of Bitcoin
So if a shave and a haircut were $20, that might be two bits (depending on how bit is defined), but would definitely be 2 billion Satoshis.
Anyone have any thoughts about the potential of Ethereum which seems to be a little less volatile than Bitcoin?
dave said:
yahooyahoo said:JP Morgan could have been shorting Bitcoin, so they could have been doing exactly as they said.
cramer said:I hope JP Morgan lost a bundle on this cr@p.
A tweet by someone I follow. I remember when Jamie Dimon said it (but I'm with Jersey Jack.)
"let's call Oct 13 the 'Jamie Dimon bottom' in bitcoin. it was 5,300 on that day when he said people who buy bitcoin are 'stupid'. a month later, JPM was getting into bitcoin futures trading. do as I do, not as I say!"
eta - Bitcoin dropped $500 from its morning highs. It's back to $14,500.
Yes, they could have made money depending on their bet. I just hope they guessed wrong.
yahooyahoo said:
dave said:Yes, they could have made money depending on their bet. I just hope they guessed wrong.
yahooyahoo said:JP Morgan could have been shorting Bitcoin, so they could have been doing exactly as they said.
cramer said:I hope JP Morgan lost a bundle on this cr@p.
A tweet by someone I follow. I remember when Jamie Dimon said it (but I'm with Jersey Jack.)
"let's call Oct 13 the 'Jamie Dimon bottom' in bitcoin. it was 5,300 on that day when he said people who buy bitcoin are 'stupid'. a month later, JPM was getting into bitcoin futures trading. do as I do, not as I say!"
eta - Bitcoin dropped $500 from its morning highs. It's back to $14,500.
They're heads and shoulders above us when it comes to financial analysis and projection. They also have computers that would put the NSA to shame.
Anyway, even if they did lose on Bitcoin, their revenue stream is still astoundingly healthy:
I’d like to once again point out the company we were going to use to manage payments has disappeared.
The QuadrigaCX cryptocurrency exchange says it can't access some $190 million in bitcoin and other funds after its founder and CEO, Gerald Cotten, died at age 30 — without sharing the password for his encrypted laptop.
Cotten was "the sole officer and director" of the Canadian cryptocurrency exchange when he died, said his widow, Jennifer Robertson, in an affidavit that is part of the company's request for court assistance as it seeks protection from its creditors.
The debt filing comes weeks after Robertson announced that Cotten had died — an event she described as "a shock to all of us."
"Gerry died due to complications with Crohn's disease on December 9, 2018 while travelling in India," Robertson wrote, "where he was opening an orphanage to provide a home and safe refuge for children in need."
Robertson, who is executor of Cotten's estate, also announced that Quadriga has put new limits on daily withdrawals, trying to keep pace with demand and resolve transaction problems that lingered through much of last year.
jamie said:
Back up to $9,768.87 - a 400 day high. I just don't get it.
I'm still comfortable with my theory, that I posted on this thread last year.
nohero said:
Yes, one group of people who "need" to acquire Bitcoin are those who want to buy something illegal, such as drugs or perhaps a murder.
They create a demand. If people are holding their Bitcoin and not selling, then that reduces the supply.
The law of "supply and demand" means that the value of all Bitcoin goes up, as the demand has to be met by a hard-to-obtain supply.
If more people "need" Bitcoin for their purchase of drugs and/or murder, the value will go up.
Conclusion: Bitcoin is a great investment in the illegal drugs and murder "futures market".
(Not that serious a point, just a thought.)
Bitcoin helps Chinese get RMB out of the country -- escaping the $50k per year limit.
There's also China who has a large ownership - here's a few random articles:
https://www.coindesk.com/china-bitcoin-crypto-millionaire-real-estate
https://www.nytimes.com/2019/04/09/business/bitcoin-china-ban.html
https://www.buybitcoinworldwide.com/mining/china/
https://www.cryptopolitan.com/bank-of-china-council-explains-bitcoin-possession-is-legal-in-china/
dave said:
Bitcoin helps Chinese get RMB out of the country -- escaping the $50k per year limit.
Yes, forgot about the money laundering. Something must be up ...
Can someone like to explain this - Facebook wants to create a new global financial currency system based on cryptocurrency. It's called LIBRA.
galileo said:
Can someone like to explain this - Facebook wants to create a new global financial currency system based on cryptocurrency. It's called LIBRA.
They call it a cryptocurrency, but it's more like digital cowry shells. You give them some real money, and you get back digital "tokens" with which to trade on their system.
I assume they add some bells and whistles, and tell you that you're money is safe because, really, it's Facebook. What could go wrong.
It's the next step in Mark Zuckerberg becoming a Bond villain. All he needs is to acquire Elon's space company.
Using figures from Coin Metrics and statistician Clark Moody, ChartsBTC’s Halving Index compares Bitcoin’s progress since May’s halving with the six months after the 2012 and 2016 events.
The results show that in terms of price action, Bitcoin is beating its run to 2017’s all-time highs of $20,000. Only 2012 produced quicker upside, at a time when at the halving, BTC/USD traded at just $12.
Six months after the halving, Bitcoin's price is 2.2 times higher in 2020. 2016 was more like 1.3 times, while 2012 produced a 12-times upside in the same period.
PayPal has made it so you can purchase BTC through its app now. I read that theyve purchased 70% of all newly mined coins since. I got in on a couple coins during the crash and I'm not sure if I should take the money and run or hodl. I'm guessing it's a pump and dump, wash rinse repeat..
Bitcoin exchange founder sentenced to prison for money laundering
https://www.yahoo.com/finance/news/bitcoin-alexander-vinnick-prison-money-laundering-083053555.html
Alexander Vinnick, the Russian man who founded and ran the now-defunct Bitcoin exchange service BTC-e, has been sentenced to five years in prison. A Paris court has found Vinnick guilty of money laundering and has ordered him to pay €100,000 (US$121,000) in fines. Vinnick was arrested in Greece back in 2017 under an international warrant issued by the US Department of Justice and was extradited to France earlier this year.
The Justice Department accused Vinnick of operating BTC-e as a front for a massive money laundering operation that accepted stolen funds from cyberattacks. Security firm Wizsec previously linked his private BTC-e accounts to funds stolen from Mt. Gox. If you’ll recall, around $480 million worth of Bitcoins disappeared from the exchange service back in 2014 due to, as Mt. Gox CEO Mark Karpeles called them, "weaknesses in the system."
Bitcoin is at $38,000! Ok, I have no clue what this is anymore. It was $20,000 11/20/20 and I thought that was massively overvalued.
jamie said:
Bitcoin is at $38,000! Ok, I have no clue what this is anymore. It was $20,000 11/20/20 and I thought that was massively overvalued.
41k as of this post. I was able to get in at about 6k 
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A sucker's game.