BITCOIN as an alternative to regular currency

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Euler
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ruthlessimon
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I thought late 2013 was meant to be the high, wasn't it ;)
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Euler
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ruthlessimon wrote:
Tue Aug 29, 2017 8:30 pm
I thought late 2013 was meant to be the high, wasn't it ;)
That's why you can't short it. The market will show your opinions no respect.

During the dot com boom I was begging people not to buy. But the prices kept on going up. Something that was worth a billion that clearly wasn't, but people were paying 10 times that a year later.

A friend of mine listed his website on AIM and is reached £143m in valuation which was crazy.

Ultimately everything has an underlying value that is eventually reached. It may just deviate massively in the interim.
LinusP
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Euler wrote:
Tue Aug 29, 2017 8:36 pm
ruthlessimon wrote:
Tue Aug 29, 2017 8:30 pm
I thought late 2013 was meant to be the high, wasn't it ;)
That's why you can't short it. The market will show your opinions no respect.

During the dot com boom I was begging people not to buy. But the prices kept on going up. Something that was worth a billion that clearly wasn't, but people were paying 10 times that a year later.

A friend of mine listed his website on AIM and is reached £143m in valuation which was crazy.

Ultimately everything has an underlying value that is eventually reached. It may just deviate massively in the interim.
So what are you advising now? :)

Been reading up a lot about the underlying technology / code in bitcoin and ethereum, the guys working on this are at another level when it comes to programming, really clever stuff. Looking forward to future of where the blockchain goes but wouldn't be surprised if bitcoin is replaced, it has a lot of limitations.
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workpeter
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Bitcoin gets its value from its apparent function as an anonymous currency and logically there are big players taking advantage. It's a vessel for tax evasion and funding crime and terrorism. Initially, it baffled me it's not outlawed but then it dawned on me that governments may be taking advantage of the situation. My guess would be it's not so anonymous and it's given them a window to the black market. When the British developed the enigma machine they used it just enough for an edge, but not too much as to give away their advantage.

if Bitcoin somehow gets an upgrade in the cryptography department, I would short it soon after it gets a bump in value, and then watch it crash. If governments lose their edge, the regulators will be set loose.
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ruthlessimon
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LinusP wrote:
Tue Aug 29, 2017 8:52 pm
Euler wrote:
Tue Aug 29, 2017 8:36 pm
ruthlessimon wrote:
Tue Aug 29, 2017 8:30 pm
I thought late 2013 was meant to be the high, wasn't it ;)
That's why you can't short it. The market will show your opinions no respect.

During the dot com boom I was begging people not to buy. But the prices kept on going up. Something that was worth a billion that clearly wasn't, but people were paying 10 times that a year later.

A friend of mine listed his website on AIM and is reached £143m in valuation which was crazy.

Ultimately everything has an underlying value that is eventually reached. It may just deviate massively in the interim.
So what are you advising now? :)

Been reading up a lot about the underlying technology / code in bitcoin and ethereum, the guys working on this are at another level when it comes to programming, really clever stuff. Looking forward to future of where the blockchain goes but wouldn't be surprised if bitcoin is replaced, it has a lot of limitations.
This is why trading is so hard. Peter wants to fade, but like everyone, doesn't know the exact day it will collapse. I'm sure I saw recently that Soro's hedge fund lost millions fading tech stocks too early. & in fact, he sees joining bubbles as great opportunities - if you get out in time.

Trading is timing

Those who bought the tulips @ 1 and sold @ 60 made a fortune. Just as the people who sold @ 60. Both trades are just as hard to perform. Which is why sometimes it's best to just sit on the sidelines
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ShaunWhite
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tulip1.png
Euler's got etchings of all the markets from 1634 if you need them....and probably a steam powered automaton for high speed bidding too.
history-automaton1.jpg
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ruthlessimon
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ShaunWhite wrote:
Wed Aug 30, 2017 2:30 pm
tulip1.pngEuler's got etchings of all the markets from 1634 if you need them....and probably a steam powered automaton for high speed bidding too.history-automaton1.jpg
Yes please, I'll have Newton's nightmare :D

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Euler
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Everybody thinks they can get away with trading a bubble because they will get out in time. But nobody really knows when it will pop and when they try to sell nobody wants to buy and that;s why the decline is so precipitous, no buyers.
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Orixian
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workpeter wrote:
Tue Aug 29, 2017 9:17 pm
Bitcoin gets its value from its apparent function as an anonymous currency and logically there are big players taking advantage. It's a vessel for tax evasion and funding crime and terrorism. Initially, it baffled me it's not outlawed but then it dawned on me that governments may be taking advantage of the situation. My guess would be it's not so anonymous and it's given them a window to the black market. When the British developed the enigma machine they used it just enough for an edge, but not too much as to give away their advantage.

If Bitcoin somehow gets an upgrade in the cryptography department, I would short it soon after it gets a bump in value, and then watch it crash. If governments lose their edge, the regulators will be set loose.
You shouldnt be guessing that it "isnt so anonymous" its common knowledge it isn't. You need to hook it up to a VPN or TOR to get it to work anonamously and still Id bet the more sohpsiticated IT people out there could trace you. It is infact more traceable than fiat currency. You cant tell from a dollar where it has been; the bitcoin blockchain is entirely transparent and online. So you can see what goes where. Who owns the wallet however is anonymous. However most people using it transact for fiat via large exchanges that require KYC like a bank so its easy to see who is buying what.

Most of us aren't interested in tax evasion or any of its other illicit uses. The same way most people who use the dollar don't want to buy cocaine or higher contract killers. This is the side of bitcoin that gets the headlines because it sells papers. I wish I read as much in the papers about how it is helping Venazuelans survive the crippiling monetary policies placed upon them or how the coin can't be inflated into infinity the next time theres a banking crisis.

This being said everything crypto is currently overvalued and when a bubble bursts in an unregulated asset if the fallout effects so much as one non-savy financial investor, Im sure it will be public enemy number one for financial regulators. Even after this the underlying utility of the technology will see some coins remain and change the world in my opinion. Couldn't tell you which ones though.
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Orixian
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Euler wrote:
Wed Aug 30, 2017 4:15 pm
Everybody thinks they can get away with trading a bubble because they will get out in time. But nobody really knows when it will pop and when they try to sell nobody wants to buy and that;s why the decline is so precipitous, no buyers.
Id be willing to speculate that in this case the "mass awareness" that will drive the bubble to a new frenzy has yet to occur. Infact betting on this by buying alt coins is, in my opinion, the only prfoitable play left as everything seems incredibly overvalued now so im not certain that utility counts for anything.
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Orixian
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Dallas wrote:
Wed Aug 23, 2017 6:02 pm
Euler wrote:
Tue Aug 22, 2017 9:05 pm
Good documentary: -

https://www.netflix.com/title/80154500
Thanks for that, it was a interesting watch especially from the history perspective of how its got to were it now is
Best documentary out there. I liked the fact it didn't shy away from the negatives of bitcoin but also explained the genuinely positive things many of us hope blockchain technology could lead too. Id still recomend videos by Andreas Antonopoulos for more depth on the subject.
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megarain
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Cryptos off between 10-20%, on news China bank is prohibiting raising of capital, for new coins.

Will be interesting to see if its just the start of a major sell-off, or, an opportunity to buy the dip.

V tricky, and the more youtube videos I watch, the more confused I seem to become.

Happy to be on the sidelines.
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Euler
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A Trader So Secret They’re Only Known by a Number Just Made Over $200 Million in One Month

https://www.bloomberg.com/news/articles ... ium=social

An unknown cryptocurrency trader turned $55 million of paper wealth into $283 million in just over a month.

The only clue about this person or persons, beyond a virtual wallet with the identification code 0x00A651D43B6e209F5Ada45A35F92EFC0De3A5184, surfaced on a June 11 Instagram posting, in Bahasa, in which he or she (or they) (or somebody posing as them) boasted about the 413 percent profit accumulated earlier this year from ether, the digital money of the Ethereum blockchain.
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Euler
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