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Bitcoin-Explain to me how to buy these things (6 Viewers)

Futures are going to push this up to like $15-$16k, here is why I think that:

When the futures come, there will be a flood of money to short - THEY will make sure these people shorting get punished and squeezed. When this happens, we will get a surge to $15-$16k... At that point you'll see an implosion like nothing you've ever seen before going from $15k to $5k in the matter of days, which for almost any asset would be a first. I honestly think it could happen in 2 days if they didn't have the 20% rule in place. 

 
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fantasycurse42 said:
Futures are going to push this up to like $15-$16k, here is why I think that:

When the futures come, there will be a flood of money to short - THEY will make sure these people shorting get punished and squeezed. When this happens, we will get a surge to $15-$16k... At that point you'll see an implosion like nothing you've ever seen before going from $15k to $5k in the matter of days, which for almost any asset would be a first. I honestly think it could happen in 2 days if they didn't have the 20% rule in place. 
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how much money are you putting behind this theory?

 
fantasycurse42 said:
A total of zero dollars - when I'm in the mood to gamble, I prefer Vegas, get more entertainment for my buck. 

I'd recommend you invest everything you have in Bitcoin though, you'll be worth billions :moneybag:
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i'm free rolling with a nice chunk.  I have zero risk of losing money in BTC.

 
ILUVBEER99 said:
i'm free rolling with a nice chunk.  I have zero risk of losing money in BTC.
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Good luck to you. 

I hate to be this brutally honest, but I am so excited to watch this crash, and although I have nothing invested, the pure entertainment will be worth it to me. Just sucks that people are going to get hurt really bad.

 
fantasycurse42 said:
Futures are going to push this up to like $15-$16k, here is why I think that:

When the futures come, there will be a flood of money to short - THEY will make sure these people shorting get punished and squeezed. When this happens, we will get a surge to $15-$16k... At that point you'll see an implosion like nothing you've ever seen before going from $15k to $5k in the matter of days, which for almost any asset would be a first. I honestly think it could happen in 2 days if they didn't have the 20% rule in place. 
Click to expand...
Using "THEY" will without a doubt bring the  :tinfoilhat: responses. But in the context of Bitcoin, "THEY" represents a lot of real, recognizable, and powerful people. It's not just the Federal Reserve, but central banks around the world (https://qz.com/1148052/beware-of-bitcoin-the-reserve-bank-of-india-warns-again/). And because using bitcoin is one of the easiest ways to launder money, criminal enforcement agencies, anti-terrorism agencies, and department of defense don't like it, as a lot of the forces they are fighting are funded via money laundering. Like I said, the best way they have to kill Bitcoin is to pump it up into a bubble and burst it. That would kill confidence in it, and a currency without confidence isn't worth much. 

That said, as many people who have read me for years know, I believe modern money mechanics is due for a serious change, but not because of crypto-currencies. It is due to change because the Federal Reserve was not designed for how the US dollars is being used. Essentially the problem is the charter of the Federal Reserve does not fill the need for a world reserve currency. Because it doesn't, the US has to consume more than we produce, so that the world can get the increase in dollars needed to match the increase in the world economy. Basically this means Americans get to live better lives than the rest of the world as our consumption exceeds our production. And this situation only lasts as long as other counties are willing to keep the status quo. That will never go on for ever. I don't know when it will change, but eventually the world will create a world reserve currency that does not benefit one country over everyone else. And it won't be bitcoin, because the creators of bitcoin put a limit on the maximum amount of bitcoins that can exist, and a limit on how many times a bitcoin can be divided. It also suffers from not even being close to being able to handle the amount of transactions per second the world would produce if it was used as a world reserve currency. So not only is bitcoin fighting existing central banks, a world reserve currency would likely be developed that is just as appealing as bitcoin for many of the same reasons, but without the problems bitcoin suffers from. 

Time for the irrational bitcoin buyers to respond that I don't know what I'm talking about. In 5... 4... 3... 

 
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fantasycurse42 said:
Good luck to you. 

I hate to be this brutally honest, but I am so excited to watch this crash, and although I have nothing invested, the pure entertainment will be worth it to me. Just sucks that people are going to get hurt really bad.
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Just curious.  What do you think a crash might look like.  Drop of 25% down to $9750?  Drop of 50% down to $6500?  Drop 90% down to $1300?  

 
siffoin said:
Just curious.  What do you think a crash might look like.  Drop of 25% down to $9750?  Drop of 50% down to $6500?  Drop 90% down to $1300?  
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The CME has a limit of 20% per day... But when all is said and done, 75-80% from peak, possibly 97-98%. 

 
fantasycurse42 said:
The CME has a limit of 20% per day... But when all is said and done, 75-80% from peak, possibly 97-98%. 
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What about other crypto's like Ethereum?  I'd guess they'd crash too...I see Ethereum having intrinsic value...not sure about Bitcoin.  I'm interested in some others like OneGram...but I don't know much about any of this. I did $ cost average into Ethereum starting in May...I don't own much and didn't put a lot in

 
siffoin said:
What about other crypto's like Ethereum?  I'd guess they'd crash too...I see Ethereum having intrinsic value...not sure about Bitcoin.  I'm interested in some others like OneGram...but I don't know much about any of this. I did $ cost average into Ethereum starting in May...I don't own much and didn't put a lot in
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To me it is the wild west right now, investing in cryptos is no different than buying penny stocks. Sure, you might have a winner that makes someone filthy rich, but for every one of those, you'll have 1,200 losers. 

 
siffoin said:
Just curious.  What do you think a crash might look like.  Drop of 25% down to $9750?  Drop of 50% down to $6500?  Drop 90% down to $1300?  
Click to expand...
Fiat based currencies have no intrinsic value. Its value comes from the confidence that the owner of it can buy something with it. 

When a currency is doing what Bitcoin is doing now, people don't obtain bitcoins in order to spend them instead of dollars. They buy them and hold on to them because they want it to become worth more. So it's no longer even a currency. It's an investment. 

When something has no intrinsic value, and does not even serve the purpose of being a currency, then what is it's worth? We could start by simply looking at a rock. 

 
siffoin said:
What about other crypto's like Ethereum?  I'd guess they'd crash too...I see Ethereum having intrinsic value...not sure about Bitcoin.  I'm interested in some others like OneGram...but I don't know much about any of this. I did $ cost average into Ethereum starting in May...I don't own much and didn't put a lot in
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Also, you're a chart guy Siff - does that chart for Bitcoin look normal to you? It's like a straight line up, the line down will be even worse - IMO, obviously. 

 
fantasycurse42 said:
Also, you're a chart guy Siff - does that chart for Bitcoin look normal to you? It's like a straight line up, the line down will be even worse - IMO, obviously. 
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If one were to chart the value of the original investment of a ponzi scheme, it would do the exact same thing before the crash. 

 
fantasycurse42 said:
Good luck to you. 

I hate to be this brutally honest, but I am so excited to watch this crash, and although I have nothing invested, the pure entertainment will be worth it to me. Just sucks that people are going to get hurt really bad.
Click to expand...
oh no not you again

 
siffoin said:
What about other crypto's like Ethereum?  I'd guess they'd crash too...I see Ethereum having intrinsic value...not sure about Bitcoin.  I'm interested in some others like OneGram...but I don't know much about any of this. I did $ cost average into Ethereum starting in May...I don't own much and didn't put a lot in
Click to expand...
 I do think that a major crash in BTC would shake the already tenuous public faith in crypto-currency pretty badly. I'm guessing it would take all currencies down pretty significantly. 

Could it recover? Maybe. Would another type of currency surface and take its place? Possibly. 

 
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fantasycurse42 said:
Also, you're a chart guy Siff - does that chart for Bitcoin look normal to you? It's like a straight line up, the line down will be even worse - IMO, obviously. 
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Does the chart of Bitcoin look normal? No.  But I can say that about many many many charts.  I don't have  interest in Bitcoin for any purpose.  But I am fascinated by cryptocurrency and their impact moving forward.  A week or so ago I thought "what if there was a crypto backed by something like silver or gold"...and that's how I found OneGram.  I have a coinbase account...but I don't have any clue as how to take positions in cryptos beyond there...so basically I'm stuck with Ethereum.  In regards to being a straight line up and a straighter line down...that's possible and  most likely in a value-based reality driven world.  Do we live in such a world today?  So who knows..it looked like a bubble at $1000 too from a chart perspective.

 
When the folks who are still in the 'it's a bubble' camp today begin to jump on board is when I think it will be time to get out.

 
Peyton Marino said:
When the folks who are still in the 'it's a bubble' camp today begin to jump on board is when I think it will be time to get out.
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I'd say once my mom asks me how to buy some the end is near

I did mention it to her once early summer.  "Yeah it's worth like $3000 now and just a few months ago it was only like $1000"

 
fantasycurse42 said:
FWIW, when the futures start trading, I think you'll have a lot of dumb retail money jumping in (without a full understanding of what they're buying) pushing this to $13-$14k - that'll precipitate the catastrophic crash that bankrupts a lot of these people.
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Pretty good read I had on this from a few days ago... I raised that to $15-$16k today. You Bitcoin lunatics can post all your jokes, but I had another post I can't locate about 2 weeks ago that details how bubbles burst; it involved euphoria, nothing can go wrong, and a massive melt-up. 

Feeling pretty good about all of these statements. I'd make some wagers with the Bitcoin maniacs, but my fear is they'll have nothing to pay me with when I want to collect. 

 
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fantasycurse42 said:
Pretty good read I had on this from a few days ago... I raised that to $15-$16k today. You Bitcoin lunatics can post all your jokes, but I had another post I can't locate about 2 weeks ago that details how bubbles burst; it involved euphoria, nothing can go wrong, and a massive melt-up. 

Feeling pretty good about all of these statements. I'd make some wagers with the Bitcoin maniacs, but my fear is they'll have nothing to pay me with when I want to collect. 
Click to expand...
Eventually you're going to be right, it will dip, I just enjoy all these wrongs along the way.

 
lumpy19 said:
Eventually you're going to be right, it will dip, I just enjoy all these wrongs along the way.
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Currently around $13k and up about 1,200% on the year - being that it only goes up, why don't I offer you some free money - when it hits $15k (and it will pretty soon), our wager will go into place, if it doesn't, no bet. 

I'll take your avatar (the under) for the price of Bitcoin on 7/1/18 being under that $15k number, you take the over. I'll offer this wager to any respected poster. I expect to be paid in US dollars though. 

Let me know your dollar amounts. 

 
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fantasycurse42 said:
Currently around $13k and up about 1,200% on the year - being that it only goes up, why don't I offer you some free money - when it hits $15k (and it will pretty soon), our wager will go into place, if it doesn't, no bet. 

I'll take your avatar (the under) for the price of Bitcoin on 7/1/18 being under that $15k number, you take the over. I'll offer this wager to any respected poster. I expect to be paid in US dollars though. 

Let me know your dollar amounts. 
Click to expand...
What sort of max were you thinking for this?

 
I'm good with that, but I want to stipulate that you can't increase your exposure, a la cstu, by taking other bets. If at any time your exposure increases above 1k your bet with me is void. I know you're likely good for more, just being cautious 

 
Peyton Marino said:
I'm good with that, but I want to stipulate that you can't increase your exposure, a la cstu, by taking other bets. If at any time your exposure increases above 1k your bet with me is void. I know you're likely good for more, just being cautious 
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Samesies

 
Peyton Marino said:
I'm good with that, but I want to stipulate that you can't increase your exposure, a la cstu, by taking other bets. If at any time your exposure increases above 1k your bet with me is void. I know you're likely good for more, just being cautious 
Click to expand...
So $500, 7/1/18 O/U $15k? 

I'm on the under, you're on the over...

Accepted?

Don't worry, I'm not taking more than another $500 in action on this. I would like to safely expose myself to betting against Bitcoin, this is the easiest/safest way. 

 
Do you guys just want to start this right now? Make it official? $15k Bitcoin price, $500 bet, I'm under $15k on 7/1/18... 

Now, just so there is no room for interpretation, in the very remote chance it is trading up and down between like $14,750 & $15,250 throughout the day on that date, we'll call it a draw? 

 
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fantasycurse42 said:
Do you guys just want to start this right now? Make it official? $15k Bitcoin price, $500 bet, I'm under $15k on 7/1/18... 

Now, just so there is no room for interpretation, in the very remote chance it is trading up and down between like $14,750 & $15,250 throughout the day on that date, we'll call it a draw? 
Click to expand...
Deal, let's do this

 
Just so we don't have a CSTU incident you guys should probably just send all the money to me for safe keeping in my Bitcoin wallet 

 
I'm gonna wait until Bitcoin reports their quarterly earnings before I buy some. 

Do they pay a nice dividend?

 
Peyton Marino said:
I kind of liked the 'only if it reaches 15k' stipulation can we keep that in?
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I kinda like the $15k O/U - at this pace, it'll be over $15k by next week. If it rips to like $16,500 out of nowhere, by not accepting the $15k number today, I might look to renegotiate a more favorable term. We're talking 15% here, this is Bitcoin, it gains 15% while we sleep. 

 
Politician Spock said:
Using "THEY" will without a doubt bring the  :tinfoilhat: responses. But in the context of Bitcoin, "THEY" represents a lot of real, recognizable, and powerful people. It's not just the Federal Reserve, but central banks around the world (https://qz.com/1148052/beware-of-bitcoin-the-reserve-bank-of-india-warns-again/). And because using bitcoin is one of the easiest ways to launder money, criminal enforcement agencies, anti-terrorism agencies, and department of defense don't like it, as a lot of the forces they are fighting are funded via money laundering. Like I said, the best way they have to kill Bitcoin is to pump it up into a bubble and burst it. That would kill confidence in it, and a currency without confidence isn't worth much. 

That said, as many people who have read me for years know, I believe modern money mechanics is due for a serious change, but not because of crypto-currencies. It is due to change because the Federal Reserve was not designed for how the US dollars is being used. Essentially the problem is the charter of the Federal Reserve does not fill the need for a world reserve currency. Because it doesn't, the US has to consume more than we produce, so that the world can get the increase in dollars needed to match the increase in the world economy. Basically this means Americans get to live better lives than the rest of the world as our consumption exceeds our production. And this situation only lasts as long as other counties are willing to keep the status quo. That will never go on for ever. I don't know when it will change, but eventually the world will create a world reserve currency that does not benefit one country over everyone else. And it won't be bitcoin, because the creators of bitcoin put a limit on the maximum amount of bitcoins that can exist, and a limit on how many times a bitcoin can be divided. It also suffers from not even being close to being able to handle the amount of transactions per second the world would produce if it was used as a world reserve currency. So not only is bitcoin fighting existing central banks, a world reserve currency would likely be developed that is just as appealing as bitcoin for many of the same reasons, but without the problems bitcoin suffers from. 

Time for the irrational bitcoin buyers to respond that I don't know what I'm talking about. In 5... 4... 3... 
Click to expand...
The markets are highly irrational about all sorts of things. It makes no sense to me that FANG stocks are at their current prices, but I thought the same thing a year ago and bought anyway. Same goes for NYC real estate and a bunch of other assets. I used to think like you about BTC and then changed my mind when it hit $2500 earlier this year and legitimate entities starting accepting it, with many big companies and payment services are looking at it, such as Square, Apple and others. I think it's here to stay and prices could go much much higher from here. It's going to be extremely disruptive. 

 
I love guys coming in here and pointing out this #### is unique, volatile, and extremely risky and then patting themselves on the back for the awesome analysis and accomplishment.

:lmao:

 
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TwinTurbo said:
I used to think like you about BTC and then changed my mind when I made a 300% return in 2 weeks, I mean this stuff is legit and that is when I realized it.
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I helped you out - most people trapped in the bubble don't understand the mentality until it bursts. 

 
fantasycurse42 said:
So $500, 7/1/18 O/U $15k? 

I'm on the under, you're on the over...

Accepted?

Don't worry, I'm not taking more than another $500 in action on this. I would like to safely expose myself to betting against Bitcoin, this is the easiest/safest way. 
Click to expand...
Doesn’t say a whole lot about your confidence in a bitcoin crash, frankly. 

 
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