Peyton Marino
Footballguy
OK, I'm in if I can say I got a better price than lumpy. how about 14,900?@Peyton Marino
Come on, it went from like 11 to 13.5 in 12 minutes, you in with me and Lumpy?
Prob could've gotten Lumpy with O/U of like $25k
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Bitcoin-Explain to me how to buy these things (2 Viewers)
- Thread starter Sheriff Bart
- Start date
Nathan R. Jessep
Footballguy
What was the hardware wallet you guys recommended? Can't remember which thread it was in?
Should we merge the Bitcoin thread with crypto thread for one stop shopping on all things crypto?
Should we merge the Bitcoin thread with crypto thread for one stop shopping on all things crypto?
JerseyToughGuys
Tough Guy
ren hoek
Footballguy
They're a merchant program to connect major vendors to bitcoin payment processing. That's what makes it so outlandish coming from Pair. He isn't some altcoin founder or traditional finance guy. This is someone whose entire life revolves around bitcoin functioning as a payment system.
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lumpy19
Footballguy
fantasycurse42
Footballguy Jr.
No chance - with how much it’s moved in the last few hours, you’re about to get a worse price
We locking this in?
Peyton Marino
Footballguy
Nah
fantasycurse42
Footballguy Jr.
Capella
Footballguy
Peyton Marino
Footballguy
Spent the first few years of my career on a trading desk, I'm hip to what you're doing here
ILUVBEER99
Footballguy
question, how confident are you in BTC crashing?
I ask because i don't understand how anyone can be super confident either way. Would anyone be shocked if it's over 100k in a few years? By the same token nobody should be shocked if it's basically zero.
Probably one of the biggest boom or bust "investment" vehicle we'll see in our lifetimes...and the kicker is nobody really knows how it will turn out.
chet
Footballguy
Your bunny has a good nose. Most of the stuff I read is written by people with absolutely no trading experience who think they're geniuses because they bought BTC and it's gone up. I will say that I agree that introducing futures could have an effect on the price. However, when BTC nerds write that there's going to be a resistance level etc, you're just as well taking a contrarian view.
I totally do not get this ####coin but is this saying that $62 million has been stolen from people?
Seems some ####coins were stolen. Did anyone actually lose any $? I'm so confused.
Congrats on anyone who has profited from this stupidity but I'm with fantasycurse. There are going to be people that lose their life savings dicking around with this ponzi scheme.
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So if I have a bitcoin and I want to buy a TV from Amazon that costs $2000, do they give me the TV and like $10000 or so in change?
What about having a pizza delivered to my house? How do I pay for that with my bitcoin?
Yeah, I really don't understand this ####. Does anyone actually use this to buy stuff or is the whole thing all about passing the ####coins around to each other like a hot potato waiting for the other shoe to drop?
When someone steals my ####coin, who do I report it to? Do I call 911?
What about having a pizza delivered to my house? How do I pay for that with my bitcoin?
Yeah, I really don't understand this ####. Does anyone actually use this to buy stuff or is the whole thing all about passing the ####coins around to each other like a hot potato waiting for the other shoe to drop?
When someone steals my ####coin, who do I report it to? Do I call 911?
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hagmania
Footballguy
fantasycurse42
Footballguy Jr.
Here’s the thing, it’s already boomed, more so than any chart I’ve ever looked at. But hey, it just went up from like $8k to $14k in a few weeks, after going from $1-$8 in a few months, completely normal. It’s gone from $11 to $14 in days. I’m pretty sure the majority of Bitcoin traders have zero understanding of futures and options yet want to trade them - I have coworkers that fall into this bucket, guaranteed to get hurt. 5x leverage per contract
Now, I’m not doubting blockchain technology, but Bitcoin will not be the winner, not even close... it’s going to crash and crash hard, when that happens, goodnight. Bitcoin bulls will be laid out on the streets.
You know who will prob win the digital currency race, Amazon - they’ll create their own digital currency & it’ll have value (now that’s half joking, but still, you get the idea... why the #### would they need Bitcoin?).
Nothing you can do if it is stolen. That's part of the point, the anonymous nature of it.
That said, no one is really using these coins for what they were meant for, i.e. buying actual goods. Right now, they are purely speculation and an investment, which is amazing seeing as how it is supposed to be a currency, like a dollar. I read about Ethereum, which is one of the top non-bitcoin crypto currencies. Right now, 20% of the transactions (the top 2 by %) are on one trading platform and crypto kitties. I am being serious about that. The second most usage is to buy digital kittens. Throw in all the side currencies that are exploding, posts in here about an Australian coin for energy trading, fraud in tether and another coin offering that was stopped, huge theft of coins because of really secure 1 year old business and teenagers telling their parents about great investments and I think we are in bubble bursting territory.
There will be a survivor, but I think the winners will be someone who's not at the top now and it'll be based on technology and the people getting rich will be the people who own part of that company, not people holding the "dollar bills" used to buy things.
McGarnicle
Footballguy
I'm starting to understand how old people feel about the world.
This is going to happen more and more and because of the anonymity of it all will likely be pretty bad. All of these companies are brand spanking new and now hold billions of dollars in value? The incentive to hack into these companies is huge, probably more so than hacking into Equifax. Lot more work to use identities to open accounts to steal thousands of dollars when you can break in and steal millions by getting digital cash.
culdeus
Footballguy
I still dont get the need for online storage. What possible reason would I need to store btc not on a usb stick and maybe paper?
I just read that and the article seems to say that will cause the collapse along with the fact that there are a finite # of ####coins.
Not sure if that's directed at me, but I get the cynical nature now that I've been around the block a bit. Most millennials weren't really working during the dot com bubble that burst in 2000. I was right there in the middle of it and I saw companies that I knew well that were worth $20 billion and I knew they were full of ####. Patterns repeat, human nature repeats and back then I saw all the excuses for why a company with no revenue was worth as much as Boeing because of "eyeballs" that Wall Street analysts were using since the normal P/E ratio didn't work.
If bitcoin is going to replace fiat currencies, there can't also be another 50 that are just as valuable. There won't be even 5 winners in all this, but right now there are coins getting "minted" all the time and some that the Feds are stopping because they are just fraudulent.
It's going to be fun to watch, but I see the similarities even though the cheerleaders come up with all the reasons why it isn't the same as if human nature has changed. I am not saying there isn't going to be another Google, just that Google went public in 2004, about 4 years after the dot com bubble burst and there were dozens of search engines with big market caps that went belly up before Google was big.
The reason is like a bank so you can actually buy things. Having bitcoin on a USB stick or paper kind of defeats the purpose of it as a currency, don't you think?
lumpy19
Footballguy
ren hoek
Footballguy
I do think Bitcoin in its current state is absolutely a tulip.
I'm all about the potential of decentralized currency. It is absolutely the future. But not like this. In lieu of everything else and how bizarre this rise has been it just seems like a collapse waiting to happen.
- 1 mb blocksize, pricing out many users
- rising fees
- slow confirmation times
- 115000 unconfirmed tx sitting in mempool
- commercial usecases dying left and right
- morons investing in vaporware "store of value"
- Bitfinex/tether inflation scam
I'm all about the potential of decentralized currency. It is absolutely the future. But not like this. In lieu of everything else and how bizarre this rise has been it just seems like a collapse waiting to happen.
The funny part about the bolded is that I have seen that as a reason why the value will continue to go up, because there are a finite number. I get that for something that has intrinsic value, but bitcoins are investments. No one is buying it for the original purpose:
Buying bitcoin as an investment goes directly against the original purpose because as @culdeus mentioned, the only safe way to keep bitcoins is to keep the keys on an offline storage or on paper. Kind of like putting your ATM card in a safety deposit box so no one steals it. Makes it a little harder to actually use it.
Yep, this will be fun to watch. As I said above, I witnessed the dotcom bubble first hand and this really feels so much like that because there were companies like Commerce One that were literally vaporware. My company partnered with companies like Oracle and SAP and I went to a trade show Commerce One put on to talk to folks about partnering and they had a school play as one of their break outs. I laughed and realized that this company that was worth $21 billion dollars was smoke and mirrors. I couldn't find the old stock chart, but it went public around $20 and at it's height hit $1000. This was all within a year or so. I think it went public in 1999 and hit the high when the bubble burst a year later. Within a couple years it was worthless.
fantasycurse42
Footballguy Jr.
I remember making 20% in one day right near the end and was not smart enough to bail out. In the final months before the crash started, I was making $ so fast that when I extrapolated it out, I would have turned my investment into $4 billion within a year. That's how nuts the end of the dotcom bubble was. This will get there if it hasn't already although it seems it has by the rise in this terd.
Frostillicus
Footballguy
I think it's super cool how you call it ####coin.
CryptoNinja
Footballguy
I dunno who he is. Look, it's worth explaining, so I will explain. I run a site that has no ads, doesn't mine crypto in the background, and doesn't sell a physical product. There used to be a faucet where you could get 2 free Bitcoin ... aaaaand it's gone. But it did exist and it was legit. Faucets today, give away much less, obviously, but they still work. The people that run them make very little money serving ads and I guess you also get paid by Google for solving captchas (rumored to be part of their AI data collection), so these relatively simple sites are able to make a little bit of money, giving away cryptocurrency, which they hope becomes used by more people, because they are highly invested in it. So, not a scam. You can actually get some free Bitcoin, right now.
Now, my site, lightweight pages, no pop ups, running on a supercache, should be pretty snappy, makes it easier to deal with claiming from multiple faucets. How do I make money? Referral links. The faucets pay a tiny percentage as a referral fee. Here is an example (should not violate TOS as it is not working): http://moonbit.co.in/?r=1f73dcf5bfb6
You can see from the code a referral number is injected into that URL. Theoretically, if a million people go to that faucet, and are served ads and solve captchas, the person who referred them could make a lot of money.
Now, there are scams and ponzis out there, we are talking about an unregulated market still, it's the wild west, for sure, and you have to be smart. Bitconnect is the biggest one, just has got to be a scam. I don't have proof, but I don't promote it. When Bitcoin corrects ... Bitconnect might just totally vanish, leaving it's youtuber promoters looking bad, with angry fans. A lot of people have made a lot of money with Bitconnect but I don't promote it, because I think it is a scam. Lot of scams I could list on my site, make a quick buck, but ... not how I roll. Sierrahash, thebitgoldmine, lotta scams out there, you wont find them on my site.
Thanks for the opportunity to clarify.
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Good Posting Judge
Footballguy
So you get kind-of-real money for looking at ads and doing word puzzles? WATTBA.
I tend to just dismiss people on either side who seem ideologically tethered (pardon the pun) to one side or another. And there are a lot of them. I don't think anyone knows anything, really.
I tend to just dismiss people on either side who seem ideologically tethered (pardon the pun) to one side or another. And there are a lot of them. I don't think anyone knows anything, really.
CryptoNinja
Footballguy
In short, this "magic internet money" is quickly, and easily convertible to the US dollar, or for that matter, any fiat currency.
CryptoNinja
Footballguy
Anyone who was with Full Tilt Poker should remember their affiliate program. Some people got rich off that. Was it a scam? I'll let you be the judge. Affiliate marketing is particularly easy when you are giving away free money.
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CryptoNinja
Footballguy
CryptoNinja
Footballguy
Here's why it's a big deal, as some of you might not understand this. Right now, as we speak, the world market for oil is priced in the US dollar. That's a little perk, the United States has enjoyed, pretty much from WW2 on, and why? Because we say so. If you want to deal in oil, you use our currency. Go ahead and Google how much money the US has printed since 2008 ... since the edge of total economic meltdown, before Bitcoin existed.
Right so, the American public is going, "phew, that was close, but it's all fixed now. Thank God for Obama! Save us with foodstamps. Save the American auto industry." and then after 8 years, things almost back in order and WTF? I am still in shock. This will not end well. We are burning the candle at both ends.
Bitcoin, which is technically not a brand, since it can't be owned or trademarked, represents a global economic system free of control of big banks and corporations. Right? That's the big thing to take away from learning about Bitcoin is it is, by nature, censorship resistant. Nobody owns it or controls it. Decentralized. Really, no other crypto is fully decentralized like Bitcoin, especially not Ethereum. Ok, so you got that, and it's deflationary ... and the network effect ... and it's going parabolic ....
So what do I need to do, to get you into some Bitcoin, today?
Right so, the American public is going, "phew, that was close, but it's all fixed now. Thank God for Obama! Save us with foodstamps. Save the American auto industry." and then after 8 years, things almost back in order and WTF? I am still in shock. This will not end well. We are burning the candle at both ends.
Bitcoin, which is technically not a brand, since it can't be owned or trademarked, represents a global economic system free of control of big banks and corporations. Right? That's the big thing to take away from learning about Bitcoin is it is, by nature, censorship resistant. Nobody owns it or controls it. Decentralized. Really, no other crypto is fully decentralized like Bitcoin, especially not Ethereum. Ok, so you got that, and it's deflationary ... and the network effect ... and it's going parabolic ....
So what do I need to do, to get you into some Bitcoin, today?
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CryptoNinja
Footballguy
What if it was free? If it was free, with no personal information collected, just a little effort on your part. Would you be intersted? Of course you would. You're not an idiot.
So, don't call my site a scam. Not a scam sir. Free bitcoin if you follow my instructions, not hard.
So, don't call my site a scam. Not a scam sir. Free bitcoin if you follow my instructions, not hard.
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CryptoNinja
Footballguy
$15k. We had a bet, right?
Charlie Harper
Footballguy
With the dramatic rise in pricing the past week, I'm really beginning to think this is big boy banks/wall street trying to bend the cryptoworld over and pull a fast one. Buy tons of BTC and drive up the price, short BTC, and then sell all the BTC they own. Getting paid at the top and bottom.
I've always viewed BTC as deriving it's value from speculation.... but the rate it has this past week is insane. Any possible explanations for why it's increased so much? Are BTC hodlers.....really that oblivious to the downside of the ETF? I've almost quadrupled my investment since May. I think before the ETF hit, I'm going to pull out my capital for sure. Now it's just a matter if I'm pocketing some profit too or just let it ride out. I'll be free rolling anyways.
I've always viewed BTC as deriving it's value from speculation.... but the rate it has this past week is insane. Any possible explanations for why it's increased so much? Are BTC hodlers.....really that oblivious to the downside of the ETF? I've almost quadrupled my investment since May. I think before the ETF hit, I'm going to pull out my capital for sure. Now it's just a matter if I'm pocketing some profit too or just let it ride out. I'll be free rolling anyways.
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CryptoNinja
Footballguy
Yes, Bank of America (which is one of the few banks that will help you buy Bitcoin) and other banks, can offer really low fees because they have a long term network effect (meaning they have tentacles reaching in many directions) and are mostly screwing other people over, that don't check their statements like you. Look it's not a big secret, even Wells Fargo who supposedly tried to deny bailout funds in 2008 ... whole buncha fraud going on. Bernie Sanders put it well, Wall Street's "business model is fraud." Big banks, Goldman Sachs, etc ... all they care about is revenue. They think it will last forever. No currency lasts forever, you can buy ancient Roman coins today for like face value because so many were minted. Inflation. It's a killer.
What we are talking about now, is a global, economic, paradigm shift. There is no reason why technology should not disrput and replace banking.
What we are talking about now, is a global, economic, paradigm shift. There is no reason why technology should not disrput and replace banking.
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CryptoNinja
Footballguy
Yeah look, estimates are there is like 5 million BTC in circulation. It's hard to say, but every day more gets lost. Data gets lost. It's deflationary, by nature. There are more people in the greater Los Angeles area than there are Bitcoin that have been mined. There are more millionaires in the world than there will ever be mined of Bitcoin. By it's nature, deflationary, decentralized, censorship resistant, largest network effect ... on it's way to being a global currency. But it's not a currency. You can spend it, like money, but also produces dividends (forks) like some stocks. It is also a store of value, like a commodity. Because it is totally decentralized, no government or corporation can control it. These things, make it different than anything that has ever existed, in economics, in all of humankind. That's why it's getting expensive.
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CryptoNinja
Footballguy
What's coming is futures markets. I believe the SEC said it wont allow ETFs due to lack of regulation. I could be wrong though.
TwinTurbo
Footballguy
yes its running up to futures trading which starts in Sunday. And that's when the real insanity will commence, probably with another big drop shakeout followed by a powerful move back up. Just freeroll and let it ride out.
CryptoNinja
Footballguy
Also, and this is important if you are Wall Street, whoever Satoshi Nakamoto is, he owns a LOT of Bitcoin. If you tried to manipulate the market, like in a big, instatutionalized way ... you can't be sure Satoshi is not going to just totally wreck your plans.
Imagine the best fintech ever created, and it's a stock, with regular dividends, and a really small float. Long term, it's going to be very hard for any one person, or company, to manipulate.
Imagine the best fintech ever created, and it's a stock, with regular dividends, and a really small float. Long term, it's going to be very hard for any one person, or company, to manipulate.
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