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Bitcoin-Explain to me how to buy these things


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Just now, JerseyToughGuys said:

Doesn’t say a whole lot about your confidence in a bitcoin crash, frankly. 

BC I'm not going to expose myself to bad odds? 

Your comment doesn't speak to someone with the ability to analyze risk, something you share with your fellow Bitcoin backers. 

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1 hour ago, 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? 

Given the volatility, if you asked me (you haven’t), this range should be more in line with the percentage bitcoin moves around on a weekly basis.

it could drop 1,500 in a day, and climb back 2,000 the next.

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2 minutes ago, JerseyToughGuys said:

Given the volatility, if you asked me (you haven’t), this range should be more in line with the percentage bitcoin moves around on a weekly basis.

it could drop 1,500 in a day, and climb back 2,000 the next.

obviously in your example it climbs more than it falls :lmao:

it only goes up :shrug:, feels like I'm the sucker in this bet...

 

Edited by fantasycurse42
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13 minutes ago, fantasycurse42 said:

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. 

My understanding is it was a bet that kicks in automatically once it reaches 15k. But not until that point. 

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Just now, Peyton Marino said:

My understanding is it was a bet that kicks in automatically once it reaches 15k. But not until that point. 

I thought you guys were betting on whether it's o/u 15K on July 1st 2018

So if it shoots up to 20K in January but drops down to 10K in June and holds until July 1st FC would win

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Just now, Peyton Marino said:

My understanding is it was a bet that kicks in automatically once it reaches 15k. But not until that point. 

What's the difference here? You're absolutely confident it'll be over $15k in a little under 7 months (it prob will be in 6 days), I'm confident it won't. I think that is a fair number to just call the O/U. 

Here, this is from an OSU Honk in my office, I collected it today (we had a Bama/OSU playoff bet after the Auburn/Bama game) - take it back for him. Amazingly, $500 on the dot.

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I still have the same confusions here,  this is a "currency" that is not backed by anything that relies on people using it or else it just simply doesn't exist.

But it seems the only way this currency gains in value is people not actually using it.  Instead you rely on people buying currency they have no interest in using.  What I've read recently is that perhaps more than half of the entire BTC created so far is perhaps lost, for good, in people's abandoned wallets or miners abandoned rigs because they gave up caring about them.

The fact that it rises and falls in value is basically then strictly due to people wanting to take their funds off grid.  Not shocking then that this spike really started when the paradise papers leaked.  

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4 minutes ago, fantasycurse42 said:

BC I'm not going to expose myself to bad odds? 

Your comment doesn't speak to someone with the ability to analyze risk, something you share with your fellow Bitcoin backers. 

To be fair here, you're not "analyzing risk" in this thread either. Risk analysis is a quantitative discipline. You're casting out generic platitudes and making unfalsifiable claims.

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2 minutes ago, JerseyToughGuys said:

Your track record of predictions has been stellar so far. Glad you’ve made money on them. Oh, wait...

Nope, I've just returned 23% YTD across my entire asset class - You keep chasing those 1,000% returns and I'll stick to tried and true, we'll compare in a decade.  

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2 minutes ago, fantasycurse42 said:

What's the difference here? You're absolutely confident it'll be over $15k in a little under 7 months (it prob will be in 6 days), I'm confident it won't. I think that is a fair number to just call the O/U. 

Here, this is from an OSU Honk in my office, I collected it today (we had a Bama/OSU playoff bet after the Auburn/Bama game) - take it back for him. Amazingly, $500 on the dot.

The difference is the initial bet that you offered was more favorable to me and once I accepted you softened the terms in your favor.

I never said I was absolutely confident it would be over 15k. Stop projecting your idea of what a crypto investor is onto me.

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Just now, Peyton Marino said:

To be fair here, you're not "analyzing risk" in this thread either. Risk analysis is a quantitative discipline. You're casting out generic platitudes and making unfalsifiable claims.

I've fully analyzed my risk. I'm well aware I can lose this bet, but wagering amongst people I know and setting a cap on it, I've exposed myself to what I want to in this asset class. 

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1 minute ago, Peyton Marino said:

The difference is the initial bet that you offered was more favorable to me and once I accepted you softened the terms in your favor.

I never said I was absolutely confident it would be over 15k. Stop projecting your idea of what a crypto investor is onto me.

To be fair, once Lumpy accepted the terms, I decided I liked that bet better.  

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5 minutes ago, Peyton Marino said:

The difference is the initial bet that you offered was more favorable to me and once I accepted you softened the terms in your favor.

I never said I was absolutely confident it would be over 15k. Stop projecting your idea of what a crypto investor is onto me.

Curious what kind of “crypto investor” he thinks I am.

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10 minutes ago, Peyton Marino said:

thanks lumpy

We're splitting hairs here. I'd honestly take a bet on the bullish side that says Bitcoin will register over $15k at some point in the next 7 months, I just don't think it will hold. 

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45 minutes ago, TwinTurbo said:

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 seriously considered buying into it many times. But it simply comes down to this. The only reason I want to buy it is because I think I can find someone later to sell it to for more than I bought it for. Now, that's the reason why someone buys any investment, but again Bitcoin is supposed to be a currency, not an investment. It's not a company that takes resources and turns them into goods and services, which makes the company more valuable. It's not a home that has a useful purpose for the owner between they time they buy and the time they sell it. So the only reason it increases in value is because more people join the system after I buy it than were joining it before I bought it. At the point where less people are joining the system day after day, week after week, month after month, then the reason the value is increasing is gone. That's exactly how a ponzi scheme works. The early participants make a ton, but those that joined the scheme at the end lose everything. So yes, people will make a lot from Bitcoin. So do people who run ponzi schemes. 

Edited by Politician Spock
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8 minutes ago, The Indestructible said:

So, for somebody who is just looking to get started with this, is coinbase a good way to get in?  Am I a moron if I link my bank account to my coinbase account?  

That's what I did back in May. Added a bank account. Have deposited and withdrawn with no issues. 

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9 minutes ago, The Indestructible said:

So, for somebody who is just looking to get started with this, is coinbase a good way to get in?  Am I a moron if I link my bank account to my coinbase account?  

Coinbase is fine.  I'd transfer my funds into gdax and just purchase directly from the exchange though.  Much lower fees 

https://youtu.be/lcCIjIAqM-4

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Nicehash hacked of $62 million in Bitcoin

https://www.coindesk.com/62-million-gone-cryptocurrency-mining-market-nicehash-hacked/

The cryptocurrency mining marketplace NiceHash has been hacked, its team said in a newly released statement.

Posting on social media, NiceHash said that "there has been a security breach involving NiceHash website" resulting in a loss of funds. NiceHash, formed in 2014, serves as a marketplace for miners to rent out their hash rate to prospective buyers.

Edited by Jobber
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2 minutes ago, The Indestructible said:

Interesting.  Thanks.  Why does Gdax need the last 4 of my social?

All the exchanges have to go through KYC (know your customer) process.  But GDAX and Coinbase are owned by same people so if you verify on one you should have an account on the other.  

I will say I prefer Uphold over cuckbase anymore.  On top of the fact you can buy/sell/trade BCH (where coinbase is being contentious dip####s about it), you can also swap from crypto to fiat (yen, euro, real, shekels, not just usd) to precious metals (gold/silver/platinum/palladium) at any time.  But purchasing off an index like gdax/bittrex will save about 1.9% over the exchanges.  

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