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Bitcoin-Explain to me how to buy these things


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If you guys like Bitcoin now, wait until you can trade the futures in 2 weeks. Being that the majority of Bitcoin investors have no understanding of futures, I don't see what can go wrong. I read the details, they'll be trading at 5x leverage with a $5k margin.

So when Bitcoin goes from $10k to $20k, instead of making $10k, one contract will make you $50k :excited:

What can go wrong? I see no problems with taking the most volatile thing on Earth and giving it 5x leverage per contract - standard operating procedure here :lmao:

 

Edited by fantasycurse42
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Oh, but they have stabilizers in place :lmao:

If Bitcoin started the day at $10k, the max you could lose in a day would be about $10k per contract (20% before the day is halted). That's all :lmao:

something tells me that at some point in the next 4-12 weeks, the suicide hotline is going to be very busy. 

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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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1 hour ago, 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.

Not sure what the top is, but 13-14k seems like such a small boost when it's already near 11k.

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Would Yashimoto advise anyone to buy bitcoin right now? Would love to know.

He pulled an L Ron Hubbard here except he hooked some smart people by advanced math.  Good group to champion this further along with some ideoligical ones who think they are making the world better.

It is genius but this got created out of nothing.  If you don't fool people with a ponzi scheme, it doesn't work.  How long does it last and will the influx of all these new currencies bring it down sooner than later.  Some of these are going to crash and burn quickly.   Some will offer a better technical solution.  

I don't know the answer to these questions, I want to play the game just to play because on paper it makes sense but it could be the tulip craze too.

Edited by Jefferson the Caregiver
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On 12/1/2017 at 10:00 AM, onionsack said:

What's all this talk about mining? The days of lone keyboard warriors mining on their home PCs for bitcoin scraps are long over. You're FBGs, for god's sake: plunk down 10K for a coin and join the rest of the 1% of humanity that already has some. Wait for that number to become 2% (probably a few months, the way this thing is cooking) and enjoy your plunder. Choo choo!

So anyhoo....how are y'all planning on spending that $1,700 you made over the weekend? :thumbup:

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17 hours ago, Jefferson the Caregiver said:

Would Yashimoto advise anyone to buy bitcoin right now? Would love to know.

He pulled an L Ron Hubbard here except he hooked some smart people by advanced math.  Good group to champion this further along with some ideoligical ones who think they are making the world better.

It is genius but this got created out of nothing.  If you don't fool people with a ponzi scheme, it doesn't work.  How long does it last and will the influx of all these new currencies bring it down sooner than later.  Some of these are going to crash and burn quickly.   Some will offer a better technical solution.  

I don't know the answer to these questions, I want to play the game just to play because on paper it makes sense but it could be the tulip craze too.

You are correct, it is 100% a ponzi scheme. If the value went down to $0, there is no asset there that has any real value. The only thing propping it up is that people believe in its worth and are buying them. If people believed it wasn't worth anything, it would go straight down. Kind of like a hot potato and who's holding it last.

There will also be technology that comes out of it and I'm interested to see who is the Google/Amazon out of this and who is the Alta Vista, Excite, Lycos, eToys, etc. out of this.

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Well I just sold all my bitcoin. Cashed out 14k CAD.

I spoke about moving into IOTA last week. I did a small ($200) test buy last week to make sure everything worked as expected with plans to invest more this week. Everything did go well and I was planning to hit the bank today to wire some more money. But IOTA jumped 70% overnight and I can't wait 7 days for my bank wire to process. So I sold all my bitcoin and I'll be buying into IOTA later this morning once my transaction finishes.

Keeping in mind that this is total speculation territory....you could lose everything you invest....but I would recommend to anyone looking to get their feet wet that IOTA is what you want. Bitcoin had already made it's leap. You can't get rich there anymore. Ether has moderate potential for big gains. But IOTA is just a baby coin trading for only $2.50 as of right now. You can easily get a 10 bagger or better with this coin.

 

https://www.cnbc.com/2017/12/04/cryptocurrency-iota-rallies-after-launch-of-data-marketplace.html

 

 

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55 minutes ago, SkyRattlers said:

Well I just sold all my bitcoin. Cashed out 14k CAD.

I spoke about moving into IOTA last week. I did a small ($200) test buy last week to make sure everything worked as expected with plans to invest more this week. Everything did go well and I was planning to hit the bank today to wire some more money. But IOTA jumped 70% overnight and I can't wait 7 days for my bank wire to process. So I sold all my bitcoin and I'll be buying into IOTA later this morning once my transaction finishes.

Keeping in mind that this is total speculation territory....you could lose everything you invest....but I would recommend to anyone looking to get their feet wet that IOTA is what you want. Bitcoin had already made it's leap. You can't get rich there anymore. Ether has moderate potential for big gains. But IOTA is just a baby coin trading for only $2.50 as of right now. You can easily get a 10 bagger or better with this coin.

 

https://www.cnbc.com/2017/12/04/cryptocurrency-iota-rallies-after-launch-of-data-marketplace.html

 

 

I'll put a few bucks in on that. What exchange do you use for your IOTAs? If it's one that does referrals, PM me your link or code or whatever and I'll sign up with it. 

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Threw down $110 on a few back in May just to follow along with all the buzz. Withdrew my $110 (all from BTC) this morning, and still have this house money to tinker with:

Ethereum 0.2556 ETH $118.24

Litecoin 0.9988 LTC $98.59

Bitcoin 0.0050 BTC $57.19

:boatloads: :lol:  

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4 minutes ago, Nathan R. Jessep said:

I'll put a few bucks in on that. What exchange do you use for your IOTAs? If it's one that does referrals, PM me your link or code or whatever and I'll sign up with it. 

Interesting. Hadn't even considered a referral system but after some research they do have one.

The exchange is called Binance. It is one of only two exchanges that currently trade IOTA. The other is Bifinex and I don't trust them. But if you have an account there it might be easier to use that.

But for anyone who does choose to make a Binance account here is my referral link. 

https://www.binance.com/?ref=11381976

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One thing I would caution those new in this space on is the value of coins. Just because a coin is cheap doesn't mean that it is an easy 10-100x. Different coins have different supplies. 

Ripple is less than $0.25 right now, so it might be easy to think it could easily go up to $5-10 per coin. Hell, why not since a single bitcoin is almost $11k. The problem with that logic is there are already over 38 billion Ripple coins in circulation with a max supply of 100 billion. So Ripple going up to even just $5 would mean it's cap is almost as much as bitcoin. 

Now it's possible in the long run, but don't be fooled by what looks like a low price.

https://coinmarketcap.com/

Edited by CR69
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8 minutes ago, onionsack said:

12K. En fuego. :popcorn:

That's nothing, check this out:

https://www.cnbc.com/2017/11/29/james-altucher-predicts-bitcoin-will-reach-1-million-by-2020.html?recirc=taboolainternal

$1 million per bitcoin. That would be 100 times what it's worth today, which is just under $200 billion. So, at $1 million, the market cap of bitcoin is $20 trillion. For comparison's sake, that is worth about what all the companies in the S&P 500 are worth combined. JFC.

I'm sorry, but this is the type of stuff that makes me realize that the people in it now don't even know what the point of bitcoin was when it was created. Have fun riding the bubble, but definitely get out at the right point. 

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7 minutes ago, CryptoNinja said:

You can get little bits of Bitcoin and other cryptos for free at:

 

http://CryptoNinja.co

Not going to click on that for any reason, but when the scams come flying out of the wood works, you are close to the bubble popping. I still can't fathom people predicting that bitcoin's market cap will be the same as the S&P 500, which includes Apple, Amazon and another 498 companies.

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This price action is insane, where does it end and how hard will the crash be?

All the different coins Im hearing about too.  From someone that is on the outside of it, it seems like complete insanity but cant knock the immediate results. Only question is how quick are you going to need to get out when it does inevitably crash.

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I stopped paying attention to bitcoin when the Mt Gox thing came crashing down.

Then a couple weeks ago my 15 year old son says to me out of the blue that he wants to invest in it. My first thought was if high school freshmen are looking to buy in there must be a bubble. Sure enough, I look at bitcoin and it looks like it may be one of the biggest bubbles in history.

As we were in the car traveling just after Thanksgiving some news on the radio mentioned that something like 250,000 new accounts were created over the thanksgiving weekend at one bitcoin trading site. I said to my son, in order for the price to keep doing what it's doing, that many people would have to keep signing up every single weekend.... and that's impossible. In any investment you want to buy before everyone else starts buying. When you see everyone else buying, you're too late. 

I doubt it's going to pop soon, as there are still people signing up. But again, it's a highly inflated demand right now that is not sustainable. It will pop eventually. 

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Just now, Politician Spock said:

I stopped paying attention to bitcoin when the Mt Gox thing came crashing down.

Then a couple weeks ago my 15 year old son says to me out of the blue that he wants to invest in it. My first thought was if high school freshmen are looking to buy in there must be a bubble. Sure enough, I look at bitcoin and it looks like it may be one of the biggest bubbles in history.

As we were in the car traveling just after Thanksgiving some news on the radio mentioned that something like 250,000 new accounts were created over the thanksgiving weekend at one bitcoin trading site. I said to my son, in order for the price to keep doing what it's doing, that many people would have to keep signing up every single weekend.... and that's impossible. In any investment you want to buy before everyone else starts buying. When you see everyone else buying, you're too late. 

I doubt it's going to pop soon, as there are still people signing up. But again, it's a highly inflated demand right now that is not sustainable. It will pop eventually. 

Which is your opinion, and I am not disagreeing.  But have you looked into more than that post?

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3 minutes ago, The_Great_Dane said:

Which is your opinion, and I am not disagreeing.  But have you looked into more than that post?

Not sure what post you are referring to, but I looked into bitcoin a lot before the Mt Gox crash happened. 

The problem it suffers from is that it's competing with the Federal Reserve. I wouldn't be shocked if the Federal Reserve (as well as other central banks around the world) are actually buying a ton of bitcoin to produce this bubble in order to produce a pop so bad that no one in society would ever trust it again. 

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1 minute ago, Politician Spock said:

Not sure what post you are referring to, but I looked into bitcoin a lot before the Mt Gox crash happened. 

The problem it suffers from is that it's competing with the Federal Reserve. I wouldn't be shocked if the Federal Reserve (as well as other central banks around the world) are actually buying a ton of bitcoin to produce this bubble in order to produce a pop so bad that no one in society would ever trust it again. 

Ok, but all transactions are public.

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23 minutes ago, Politician Spock said:

I stopped paying attention to bitcoin when the Mt Gox thing came crashing down.

Then a couple weeks ago my 15 year old son says to me out of the blue that he wants to invest in it. My first thought was if high school freshmen are looking to buy in there must be a bubble. Sure enough, I look at bitcoin and it looks like it may be one of the biggest bubbles in history.

As we were in the car traveling just after Thanksgiving some news on the radio mentioned that something like 250,000 new accounts were created over the thanksgiving weekend at one bitcoin trading site. I said to my son, in order for the price to keep doing what it's doing, that many people would have to keep signing up every single weekend.... and that's impossible. In any investment you want to buy before everyone else starts buying. When you see everyone else buying, you're too late. 

I doubt it's going to pop soon, as there are still people signing up. But again, it's a highly inflated demand right now that is not sustainable. It will pop eventually. 

In the end you didn't want btc, you should have got iota, but that went through the roof, so get yoyo or pix.

Best advice I can give.

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34 minutes ago, Politician Spock said:

I stopped paying attention to bitcoin when the Mt Gox thing came crashing down.

Then a couple weeks ago my 15 year old son says to me out of the blue that he wants to invest in it. My first thought was if high school freshmen are looking to buy in there must be a bubble. Sure enough, I look at bitcoin and it looks like it may be one of the biggest bubbles in history.

As we were in the car traveling just after Thanksgiving some news on the radio mentioned that something like 250,000 new accounts were created over the thanksgiving weekend at one bitcoin trading site. I said to my son, in order for the price to keep doing what it's doing, that many people would have to keep signing up every single weekend.... and that's impossible. In any investment you want to buy before everyone else starts buying. When you see everyone else buying, you're too late. 

I doubt it's going to pop soon, as there are still people signing up. But again, it's a highly inflated demand right now that is not sustainable. It will pop eventually. 

You are right, it may pop eventually. But it may increase another 10x before then. Give your son a few bucks to invest and let him learn about how markets act irrationally. Buy it before Sunday.

Edited by TwinTurbo
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2 minutes ago, TwinTurbo said:

You are right, it may pop eventually. But it may increase another 10x before then. Give your son a few bucks to invest and let him learn about how markets act irrationally. Buy it before Sunday.

Joseph P Kennedy said that he knew in 1929 that Wall Street was overly optimistic and a crash was on its way when he started to get stock tips from his shoeshine boy.

That was the first thing I thought of when my son said he wanted to invest in it. 

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6 minutes ago, Politician Spock said:

Joseph P Kennedy said that he knew in 1929 that Wall Street was overly optimistic and a crash was on its way when he started to get stock tips from his shoeshine boy.

That was the first thing I thought of when my son said he wanted to invest in it. 

Your son is better informed than you.  1929 is great but....

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2 hours ago, Politician Spock said:

Joseph P Kennedy said that he knew in 1929 that Wall Street was overly optimistic and a crash was on its way when he started to get stock tips from his shoeshine boy.

That was the first thing I thought of when my son said he wanted to invest in it. 

Imagine the shoe shine boy trying to explain the internet to Joe Kennedy back in 1929. That's probably a better comparison.

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