BITCOIN as an alternative to regular currency

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ruthlessimon
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"Jaime Dimon, would fire 'in a second' anyone at the investment bank found to be trading in bitcoin. 'For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.'”

Lol sure Dimon! If I'm a trader at JPMorgan, & I know my boss is about to hammer it publicly, the R:R is too good not to short it!
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workpeter
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so bitcoin is currently taking a beating because the Chinese government is putting its foot down. The question everyone should be asking is why now?
ec0n0mist
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workpeter wrote:
Thu Sep 14, 2017 6:33 pm
so bitcoin is currently taking a beating because the Chinese government is putting its foot down. The question everyone should be asking is why now?
They've been firing warning shots for some time now. As typical as it is of the way China goes about things, in this instance it actually seems they tried to avoid a hard landing to prevent all the mom and pop investors who are naively taking part in getting hurt. But it's likely that the craze has reached heights beyond tolerance thresholds and this is the point they deemed necessary to step in before every Tong, Dong and Hong piles their nest egg into this volatile beast.

The U.S probably want to do the same but likely coming up short with an obvious optimal solution
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workpeter
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Its a fair point, i read somewhere that something like 90% of bitcoin is traded by Chinese?
ec0n0mist
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workpeter wrote:
Thu Sep 14, 2017 9:51 pm
Its a fair point, i read somewhere that something like 90% of bitcoin is traded by Chinese?
Yeah it was close to those levels about two years ago. Since then, South Korea and Japan have become major players. These days China account for approx 20% of global BTC mining & trading.
poklius
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damn
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Orixian
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Massive buying opportunity if you can call the floor on this. Absolutely nothing has changed with the fundamental technology. Also I suspect in the long run the decentralised exchanges that are currently being developed will bypass all the regulations China is passing as no single group owns them so can't be pressured by the government. Question now is when to buy, whats the level if you remove the Chinese hype traders from the market and your left with just those who believe in the technology?
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megarain
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$3000 was a pretty key support level, and it broke thru, to $2960, and has retraced, to $3300.

Its as volatile an 'asset class', as there probably is out there.

I would be tempted to buy at $1000 - but, not at current prices - which, could be an epic mistake, but, the fundamental question, of how to empirically value crypto currencies, still remains + u now have some respected business leaders, saying its a crock of shit.

At least IG have reduced bid/ask spread to 10 pips, now its in the $3300 area.
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Orixian
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megarain wrote:
Fri Sep 15, 2017 1:47 pm
$3000 was a pretty key support level, and it broke thru, to $2960, and has retraced, to $3300.

Its as volatile an 'asset class', as there probably is out there.

I would be tempted to buy at $1000 - but, not at current prices - which, could be an epic mistake, but, the fundamental question, of how to empirically value crypto currencies, still remains + u now have some respected business leaders, saying its a crock of shit.

At least IG have reduced bid/ask spread to 10 pips, now its in the $3300 area.
Jamie Dimon is not respected when it comes to bitcoin. As leader of a large bank he has every interest in seeing a wealth transfer mechanism outside the global banking system fail as it would take business from them. I'm not certain I'm going to let the head of a bank that has paid out over $20 billion in fines since 2008 tell me what is and isn't fraud either. Ill be in again at 2k and Ill be headed straight for my wish list of alt coins.
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ruthlessimon
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workpeter
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Warren Buffet:

On bitcoin: "Stay away from it. It's a mirage basically," Buffett said on CNBC in 2014.
"The idea that it [bitcoin] has some huge intrinsic value is just a joke in my view," he added.
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Euler
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A Crypto Fund King Says Bitcoin Will Be the Biggest Bubble Ever

Mike Novogratz is reinventing himself as the king of bitcoin.

The swaggering macro manager who flamed out at Fortress Investment Group LLC is starting a $500 million hedge fund to invest in cryptocurrencies, initial coin offerings and related companies. Novogratz will put up $150 million of his own money and plans to raise $350 million more by January, mainly from family offices, wealthy individuals and fellow hedge fund managers, said a person familiar with his plans.

https://www.bloomberg.com/news/articles ... hedge-fund
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Euler
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marksmeets302
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Replace the word start-up with ICO and it's 2000 all over again
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Euler
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marksmeets302 wrote:
Fri Sep 29, 2017 7:21 am
Replace the word start-up with ICO and it's 2000 all over again
I agree, just waiting for the office cleaner to ask my advice on Bitcoins
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