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Bitcoin-Explain to me how to buy these things (3 Viewers)

ren hoek said:
holy ####### ####, get your popcorn boiz 

https://jochen-hoenicke.de/queue/#2d

It's pretty wild that I sold 2.7 btc in July, and I've let go because I know it's dumb money and big finance setting up a massive short, but holy cow that is a lot of money.  Still, I'm kind of glad I can just be a bystander to all this.  Unreal
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Ren, i remember posting back and forth with you a few months ago.  Your opinion has changed a ton on BTC since you sold.  Do you think it's possible that the change of opinion is due to selling and missing the run up?

 
ren hoek said:
Dude you've been wrong over and over again, and really have no grasp whatsoever of what made bitcoin a paradigm in the first place.  Here's a clue: it wasn't as an investment speculation tulip.  

I tend to agree with you as far as the forthcoming short, I mean this is beanie baby tier stuff, but you are literally the dead last most historically wrong person on this board to claim any type of authority when it comes to being knowledgeable about cryptocurrency.  
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:lmao:

 
ILUVBEER99 said:
that's been said since it was at like $10 though.

Disclaimer: It won't shock me at all to see an epic crash eventually
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As others have said... once "your mom starts talking about it"... it's time to get ready to eject.  

I still think it goes up short term as more ham and eggers jump in to get the free money... but I truly believe we're at the point where a LARGE portion of BTC holders are purely speculative folks just trying to have a seat on the Challenger on it's way up. The problem is, these types are all conditioned by past bubbles/crashes to try to get out at the first hint of the crash. That's the mentality that brings this down 50% or more as quickly, or quicker, than it spiked yesterday. 

JMHO. We'll see! 

 
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[icon] said:
As others have said... once "your mom starts talking about it"... it's time to get ready to eject.  

I've got a buddy who seems to be on the tail end of every stock run / investment trend.... ever.  I walked into his office this morning and he was hunched over a computer trying to figure out how to buy a bitcoin. This guy likely had no idea what a bitcoin was 6 months ago. He's the "your mom starts talking about it" guy for me. 

I still think it goes up short term as more ham and eggers jump in to get the free money... but I truly believe we're at the point where a LARGE portion of BTC holders and speculative folks just trying to have a seat on the Challenger on it's way up.... and they're all conditioned by past bubbles/crashes to try to get out at the first hint of the crash. That's the mentality that brings this down 50% or more as quickly as it spiked yesterday. 

JMHO. We'll see! 
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When I think about the Wall Street firms getting ready to trade Bitcoin futures, the thought "the rip on Farrow Tech is now $3 dollars" comes to mind. I laugh at the thought that these mom/pops are buying this up heading into futures thinking they're getting in ahead of Wall Street, it's almost frightening and I kinda feel bad for these people, they can't help being born stupid. 

 
ILUVBEER99 said:
Ren, i remember posting back and forth with you a few months ago.  Your opinion has changed a ton on BTC since you sold.  Do you think it's possible that the change of opinion is due to selling and missing the run up?
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It certainly could have influenced my thinking on it.  I think I've been pretty open about my regret with selling when I did.  It was regret that drove me to figure out why the fork happened and general lack of understanding in the first place.  I wish I'd listened to your post about how they'd settled disagreement over the fork and were moving forward with it before I sold that night.  

That being said, I didn't really understand at the time how Blockstream/Core have essentially crippled bitcoin out of scaling and adoption.  Look at Steam's withdrawal from acceptance of bitcoin as payment.  The opposite of adoption is happening.  That is a terrible longterm trend.  And given AXA's funding of Blockstream, there are serious banking industry titans behind the decision to keep the blocksize small and put this lightning network vaporware on the roadmap.  It's like holding MySpace or Blockbuster stock with Facebook and Netflix around the corner.  

Look at one of the Core developers explaining how a small business like a restaurant might actually make use of Bitcoin as a currency: https://www.youtube.com/watch?v=BGfPEZRkn6o

These people don't have a clue.  I don't believe in btc anymore and I'm looking forward to when the market inevitably moves to better alternatives.  

 
Are these figures correct: 

USD: Total USD physical currency in existence: $1.5 Trillion
BTC: Total value of BTC in existence: 0.4 Trillion

So Bitcoin is currently sitting at a Market Cap of about one third of all USD Physical Currency in existence.... 

I realize a few shops have started to accept BTC and some ATMs support it (with huge fees in comparison to traditional currencies).... What is the annual economy of BTC with regards to legitimate purchases? 

 

 
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[icon] said:
Are these figures correct: 

USD: Total USD physical currency in existence: $1.5 Trillion
BTC: Total value of BTC in existence: 0.4 Trillion

So Bitcoin is currently sitting at a Market Cap of about one third of all USD Physical Currency in existence.... 

I realize a few shops have started to accept BTC and some ATMs support it (with huge fees in comparison to traditional currencies).... What is the annual economy of BTC with regards to legitimate purchases? 

 
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I'm sitting on a ####load of CryptoKitties over here if you want

 
We trust the GDAX, right?  They keep this up and they have held in transfer 1.5Trillion bucks.  Today.  

 
culdeus said:
There is a $1500 arbitrage that can be made between the exchanges right now.  Is that alot?
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That's how I got a ####load of BTC and $$ stolen when Mt Gox went down.

I was arbing exchanges and someone stole a ~400k BTC from Mt Gox and I lost everything but 3 coins.  Very lame.

 
JerseyToughGuys said:
:unsure:

real money makes real income.  But ####coin does not, right?
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IRS is treating it like an investment vehicle (like stocks).  You pay capital gains when you cash out on the difference between your cash in price and cash out price.  If you use it to buy something instead of cash out, technically that is a cash out event as well and your gains will be based on the fair market value of the item (or services) purchased.

I wouldn't F around with not reporting it if you are doing anything substantial.  They (the IRS) will be coming for people who have made some bank in this stuff.

 
Jayrod said:
IRS is treating it like an investment vehicle (like stocks).  You pay capital gains when you cash out on the difference between your cash in price and cash out price.  If you use it to buy something instead of cash out, technically that is a cash out event as well and your gains will be based on the fair market value of the item (or services) purchased.

I wouldn't F around with not reporting it if you are doing anything substantial.  They (the IRS) will be coming for people who have made some bank in this stuff.
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So essentially everyone but @fantasycurse42

 
Jayrod said:
IRS is treating it like an investment vehicle (like stocks).  You pay capital gains when you cash out on the difference between your cash in price and cash out price.  If you use it to buy something instead of cash out, technically that is a cash out event as well and your gains will be based on the fair market value of the item (or services) purchased.

I wouldn't F around with not reporting it if you are doing anything substantial.  They (the IRS) will be coming for people who have made some bank in this stuff.
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I was joking, but thank you.

 
Capella said:
206k now 
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Wow, that's a lot of unfilled orders, $3+ billion.

This is where the ridiculous fraud can occur. There is nothing really stopping someone buying high for a little when they then turn around and sell more at that higher price. That 206k seems like a lot of people who want to cash out but can't. I recall looking at bitcoin a long time ago before the Mt. Gox crash (yes, stupid me didn't buy in) and there were articles showing fraudulent sell/buys that looked more like bots. I wouldn't be surprised at all if some of the same original folks are doing the same right now.

I don't care who the rah rah guys are, this is absolutely bubblelicious right now.

 
What does the 206k unconfirmed transactions comprise?  Is it just BTC transfers?  Or does it include purchases?

 
chet said:
What does the 206k unconfirmed transactions comprise?  Is it just BTC transfers?  Or does it include purchases?
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I don't know the answer but at 3.86 transactions/second it's a 15 hour backlog if no new transactions occur  :lmao:

 
fantasycurse42 said:
They already know how easily they can manipulate this price. 

The FC household is doing just fine. 
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Go back to Jojo's old thread. There were a bunch of articles showing the price manipulation because all of the transactions are available to see. Anonymous, but available. All those posts should still be there. I was a bit of a skeptic, but thought it was cool, but that was when the market cap wasn't on the level of the US economy and predictions weren't at the levels of the entire S&P 500.

Bitcoin market cap right now is above 40% of Apple. I still don't think people realize the scale of it right now and then you have people in here saying it could hit $100k or even in those articles $1 million. Basically predicting in a year it'll be 2.5 times as valuable as Apple and in 3 years 25 times as valuable.

As @ren hoek posted, I think bitcoin is going to lose more acceptance. I wouldn't risk my business taking bitcoin at this level. It's way too rich to take a chance that you sell say a car for 2 bitcoins and with the unconfirmed orders, you lose your shirt holding it. How can it really work as a currency, when you can't get your USDs back. That's the type of thing that started bank runs.

This is going to be fun to watch and yes, of course I regret not throwing a few bucks in back when it was $100 ish. Honestly, bitcoin had kind of disappeared for a while, but right now it is getting nuts and everyone wants in and like @icon's buddy, those guys will be left holding the bag.

 
If Bitcoin is a currency, then our economy is experiencing hyperdeflation, not just at a historic level, but at a level multiple time any historic level ever. 

In other words, Bitcoin is not a currency. 

 
Politician Spock said:
If Bitcoin is a currency, then our economy is experiencing hyperdeflation, not just at a historic level, but at a level multiple time any historic level ever. 

In other words, Bitcoin is not a currency. 
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It's really more of a crypto-assett or commodity. Gold and Silver seem to be looking better and better to me as the price of everything else continues to rise. Look at bitcoin, the stock market, real estate.  The precious metals are looking like bargains with room to catch up. I also like the precious metals for the geopolitical upside.  Props to those of which got into bitcoin early. 

 
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