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Ren's old crypto thread || we know how to buy this stuff now (2 Viewers)

humpback said:
Of course it matters, it completely changes your risk/reward. Taking a "gamble" if you think you're upside is "an off chance" at 2% better prices doesn't make sense. 20% (or much  more) potential upside is a very different story.
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And if I knew what the market would do from second to second, we'd all be millionaires.  The point is I don't know what it will look like in 1-2 weeks.  

 
ren hoek said:
And if I knew what the market would do from second to second, we'd all be millionaires.  The point is I don't know what it will look like in 1-2 weeks.  
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JFC. I know that, but that isn't the point at all. Go back to your post that I responded to- there is a much larger than an "off chance" of a much larger than a 2% move lower based on the recent trading in these things. It sounds like you actually agree based on subsequent posts so not sure why you're arguing, but I'll bow out now.

 
humpback said:
JFC. I know that, but that isn't the point at all. Go back to your post that I responded to- there is a much larger than an "off chance" of a much larger than a 2% move lower based on the recent trading in these things. It sounds like you actually agree based on subsequent posts so not sure why you're arguing, but I'll bow out now.
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Don't be so defensive.  Thanks for the big headsup on crypto being able to fluctuate more than 2% in a week.  Jeez

 
RUSF18 said:
Why do you think it is worth $2K? 
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I don't get the value at all. I can see the ability to be an exchange and tech and how that has value. I just don't get the inherent value in these coins and why people think it'll continue to go up. Why is this any different than the Nasdaq or Discover? Although, credit card companies are a bit different in that they are floating loans so to speak. I should be excited about something like this since I've worked in the Internet/tech world my whole career, but I guess I see the Internet bubble of search engines where investors think any company is printing money and yet one company (google) made it out of the fray as a profitable investment and the rest are $0. Seems like the same thing, new coin billions of dollars in market cap and no real profit or company. Maybe one makes it out of the fray but the thought that the coin that will make that company profitable is an investment is a crazy thought IMHO. 

 
RUSF18 said:
"However, in a somewhat surprising move, JP Morgan purchased a large block of Bitcoins just after the CEO’s harsh criticisms, according to a careful observer on Twitter."

No, they certainly did not.
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I'm not following. What do you see in that screenshot that I don't? Looks like a giant purchase made by JPMorgan to me...

 
Warrior said:
Fire the people that allowed their clients to purchase something they wanted? Why? JPM didn't invest in BTC, they just allowed their clients to make a purchase. 
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He said he'd fire any trader 'in a second' for trading bitcoin.  Clearly I think he's dead wrong on that one but that's what he said.

 
Rick James said:
I'm super biased, because I'm pissed at myself for not listening to my friend who wouldn't shutup about bitcoin as far back as three years ago. He won't tell me how many he has, but he has a lot. I'm hoping it dips further down, even below $2,000 so I can scoop up a bunch of them.
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I have a friend that has 1.  Just 1 that he bought a long time ago.  Lives with his parents, has had no real job for the last decade or so.  He won't #### about the 1 good decision he's made in 10 years.

 
ren hoek said:
He said he'd fire any trader 'in a second' for trading bitcoin.  Clearly I think he's dead wrong on that one but that's what he said.
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Point taken, but he was obviously talking about traders who would bet on BTC via JPM funds or advice. If a client asks (instructs) them to buy BTC on their behalf, that has nothing to do with his comments. 

 
Warrior said:
Point taken, but he was obviously talking about traders who would bet on BTC via JPM funds or advice. If a client asks (instructs) them to buy BTC on their behalf, that has nothing to do with his comments. 
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Who cares?  Dimon doesn't know what he's talking about.  Of course he thinks the fiat neoshekel system that made him rich is better than bitcoin.  

 
I sure am glad I didn't sell at the bottom like people were suggesting and lose a ####load of money.  The haters would give anything to see us go out weak.  Meanwhile China, Japan and likely the US' central banks are looking at forming their own digital currencies.  Other countries have already legalized bitcoin, mondo corporations are building around ethereum, the biggest transfer of human wealth in history is taking place and they still can't see the writing on the wall.  

"HERP DERP NOTHING TO SEE IN THIS TULIP BUBBLE PYRAMID PONZI SCAM!"  Stay poor dopes.  

 
Warrior said:
Having trouble keeping track of my tulip news. 
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I think you just don't understand what it is, hence your formal decision to be condescending and ignorant.  

Bitcoin is skyrocketing because of the forthcoming segwit-2x hard fork.  People are expecting another jump in btc like happened last time after the Bitcoin Cash fork (where it traded around 2500 before and 5k after).  There's also a Bitcoin Gold fork happening on the 25th, which seems kind of weird and scammy to me, but I've not read much about it.  Money is flying out of alts into Bitcoin in anticipation of this.  The money will come back when there is a massive sell-off after the segwit2x fork sometime in November, when people decide which chain of Bitcoin will be the dominant one (likely 2x going forward in 2017).  It's worth noting that Coinbase will open up access to its users that held Bitcoin during the August 1st hard fork to their rightful share of Bitcoin Cash by 2018.  No telling how this will affect the prices for the different Bitcoin chains.  

Ethereum is staying put for now but will have its moment in the sun soon enough.  People hardly even know what it is yet.  There's a small fraction of people that if you ask them about Bitcoin, will know what you're talking about.  There's that much smaller of a segment who have ever heard of Ethereum.  Yet somehow Microsoft, JP Morgan, BP, Credit Suisse, Intel, Cisco, Deloitte, ING, MasterCard, Samsung, Toyota, and UBS seem to know what it is so I'm sure it's a huge tulip fad.  

I'll step out on a limb a bit and say it'll hit $450-500 sometime by year's end.  

 
ren hoek said:
I think you just don't understand what it is, hence your formal decision to be condescending and ignorant.  

Bitcoin is skyrocketing because of the forthcoming segwit-2x hard fork.  People are expecting another jump in btc like happened last time after the Bitcoin Cash fork (where it traded around 2500 before and 5k after).  There's also a Bitcoin Gold fork happening on the 25th, which seems kind of weird and scammy to me, but I've not read much about it.  Money is flying out of alts into Bitcoin in anticipation of this.  The money will come back when there is a massive sell-off after the segwit2x fork sometime in November, when people decide which chain of Bitcoin will be the dominant one (likely 2x going forward in 2017).  It's worth noting that Coinbase will open up access to its users that held Bitcoin during the August 1st hard fork to their rightful share of Bitcoin Cash by 2018.  No telling how this will affect the prices for the different Bitcoin chains.  

Ethereum is staying put for now but will have its moment in the sun soon enough.  People hardly even know what it is yet.  There's a small fraction of people that if you ask them about Bitcoin, will know what you're talking about.  There's that much smaller of a segment who have ever heard of Ethereum.  Yet somehow Microsoft, JP Morgan, BP, Credit Suisse, Intel, Cisco, Deloitte, ING, MasterCard, Samsung, Toyota, and UBS seem to know what it is so I'm sure it's a huge tulip fad.  

I'll step out on a limb a bit and say it'll hit $450-500 sometime by year's end.  
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Sounds good. I'll take the free $, though most of it is pure speculation from people who know even less about it than me. I'm quite alright with that though, as long as I can sell before the pop. 

Thanks for the info, this stuff is actually really interesting. 

 
fantasycurse42 said:
A lot more pain ahead. 
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RUSF18 said:
Anyone who isn't locking in profits at this point is bat-#### insane. 

You've been at the blackjack table on an incredible heater. The pit boss finally noticed and just brought out The Cooler. She pulled a 21 on her first hand. Take your pile of chips and happily walk away.
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fantasycurse42 said:
The world's second largest economy is shunning cryptocurrency, the CEO of the one of the biggest banks in the world said anyone in his currency department that would speculate on this would be terminated.

Writing is on the wall. Maybe it succeeds long term, but right now it is in full collapse mode and has a long ways to go until that is over. 
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ren hoek said:
These brave takes now that the market is falling are pretty enjoyable.  Here's a few questions to ask yourself.

Do you think Jamie Dimon is calling bitcoin a fraud because he cares about investors all of a sudden?  Or is it because crypto markets pose a direct threat to the banking industry?  Was it so insiders could increase their position with market manipulation?  Rest assured, it is not lost on JP Morgan how valuable blockchain tech is.  Or other multi billion dollar corporations.  Or China for that matter.  It's here to stay.  

That the state of China, possibly the US, and the banking industry perceive it as such a grave threat should tell you everything you need to know.  If it gets banned somehow the capital will just move elsewhere.  This is only the beginning.  
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Bitcoin at $7k, crypto markets at an all-time high around $191 billion dollars.

 
ren hoek said:
Bitcoin at $7k, crypto markets at an all-time high around $191 billion dollars.
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It's going to the sky before the upcoming fork, but after that I'm trading it all for ETH, as there is likely to be some pull back right after the fork happens.  ETH has a ways to go but the upside there is tremendous long term. 

Once you take into consideration that a vast majority of the population are just sheep, you will start to see more and more volume coming in, once the talking heads in the finance industry give it their stamp of approval.  That time is rapidly approaching, the CME is adding bitcoin to their exchange and a lot of hedge fund companies are already allocating a portion of their portfolio to cryptocurrency. 

It may be a bubble, I won't deny that, but it's not even close to popping if you ask me.  Look at the dot com bubble for instance was somewhere around 5-6 trillion in market cap versus 191 billion in crypotcurrencies as of today.  Once the sheep catch on, I think you could see $50k bitcoin at some point in the next 2-4 years before ultimately bursting and coming back to Earth.  

I'll take the free money in the interim.  

 
Gustavo Fring said:
It's going to the sky before the upcoming fork, but after that I'm trading it all for ETH, as there is likely to be some pull back right after the fork happens.  ETH has a ways to go but the upside there is tremendous long term. 

Once you take into consideration that a vast majority of the population are just sheep, you will start to see more and more volume coming in, once the talking heads in the finance industry give it their stamp of approval.  That time is rapidly approaching, the CME is adding bitcoin to their exchange and a lot of hedge fund companies are already allocating a portion of their portfolio to cryptocurrency. 

It may be a bubble, I won't deny that, but it's not even close to popping if you ask me.  Look at the dot com bubble for instance was somewhere around 5-6 trillion in market cap versus 191 billion in crypotcurrencies as of today.  Once the sheep catch on, I think you could see $50k bitcoin at some point in the next 2-4 years before ultimately bursting and coming back to Earth.  

I'll take the free money in the interim.  
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I've been thinking the same thing.  Once the normies start flooding in, the market gets really saturated, and we start seeing Bitcoin lunchboxes and stuff will be the time to get out for a little while.  We're still really far from that point.  

Alts are just absolutely dirtcheap right now.  BAT is trading around 13 cents, but was trading around 19-20 cents historically before all the money started flying out of alts into Bitcoin for the B2X fork.  I think we're about to see the market get really irrational before the fork around November 16th.  I've got 1k loaded into GDAX to buy into whatever's trading low (probably ETH).  I think the marketcap for Brave/BAT could easily make it to a billion dollars within the next few years, making each unit worth $1.  I'm looking at that and Kyber Network tokens around that time.  

What's funny is that the Bitcoin legacy chain has about the worst fundamentals you could imagine.  High fees, superslow confirmation times, impractical for regular usecases beyond being a simple store of value.  It's a total ####coin.  I don't think pure name recognition alone will prop it up forever.  Blockstream/Core have stalled btc development for years and to me it's only a matter of time before the market realizes that and the flippening commences.  Btc/B2x may end up being the top dog but I feel much more bullish/comfy with Bitcoin Cash in the long term.  

 
If you add up all the Bitcoin chains (BTC, BCH, B2X, Bitcoin Gold) and pretend they were one homogenous chain, (you'd own the equivalent number of units in each chain anyway if you'd just held since late July), counting the price of B2X futures from HitBtc in that figure, the real price of Bitcoin is $10,120.99.   :loco:

B2X futures up 80% in the past 24 hours ($2063 from ~$1200).This fork is going to be bananas.  

 
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