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Bitcoincryptocurrency
Any thoughts on whether this is a space many people are looking at?
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41 Replies
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most of what I’ve seen from the big money types is to stay away. Jack Bogle just said the something like lets talk about it when it’s $100 and that it’s based on nothing. Jamie Dimon similarly thinks it’s a fraud (not that bankers have much room to complain about fraud). TV heads like Cramer I want to ssay have it crashing and short term hurting the market. I kind of agree. It would’ve been awesome to buy 5000 bit coins for $27 and trade those in for $10k cash a piece. However, what the bejesus is that based on?
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Not that I know anything but, I read an article that said that chase was going to offer some products and an article this morning g that it is the new gold, not a currency. And may go to 100k.
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I just read Nasdaq will also have something. I still don’t see what exactly makes it valuable. In a sense you’re plugging money in and it’s magically going to be worth $100k. How?
In terms of Jamie Dimon and what you’re saying about Chase, I guess I have no doubt if there’s a way to “make markets” the banks will do so. Anything for an easy buck in the banking industry. (keep in mind current admin is trying to undermine consumer protection)
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Quote from DICOM_Dan
most of what I’ve seen from the big money types is to stay away. Jack Bogle just said the something like lets talk about it when it’s $100 and that it’s based on nothing. Jamie Dimon similarly thinks it’s a fraud (not that bankers have much room to complain about fraud). TV heads like Cramer I want to ssay have it crashing and short term hurting the market. I kind of agree. It would’ve been awesome to buy 5000 bit coins for $27 and trade those in for $10k cash a piece. However, what the bejesus is that based on?
What is the USD based on?
Exactly.-
The dollar is a store of value right? Just like bitcoin. It can go up and down in value vs other currencies. Bitcoin value is riding a rocket to the moon but you tell me why? Speculation perhaps. There’s no real practical use for it and it’s pretty limited where you can use it. I don’t see governments allowing anonymous currency.
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Quote from DICOM_Dan
The dollar is a store of value right? Just like bitcoin. It can go up and down in value vs other currencies. Bitcoin value is riding a rocket to the moon but you tell me why? Speculation perhaps. There’s no real practical use for it and it’s pretty limited where you can use it. I don’t see governments allowing anonymous currency.
I think the point is to take the banks and government out of it. If enough people used any form of currency, it will become accepted.-
Good luck getting the government out of your pockets. Bitcoin is anonymous right? They ain’t letting that happen.
Interesting this came up in briefing and press secretary implied Homeland security is looking at bitcoin. The favored currency of the nefarious actors.
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When laws like “structuring” are on the books it is hard to call people nefarious since with such asinine laws those that use even their own currency in their own bank accounts are deemed “nefarious” by the state.
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Except that hackers ask.for bitcoin, my understanding is it’s also on the dark web. Need drugs send bitcoin, need a Hitman send some bitcoin.
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^ Insert “cash” for bitcoin there
Are you anti-cash too?-
Bitcoin Can give you anonymity. Cash is traceable right? Serial numbers, you get physical currency, you can’t travel with lots of cash.
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Quote from DICOM_Dan
Bitcoin Can give you anonymity. Cash is traceable right? Serial numbers, you get physical currency, you can’t travel with lots of cash.
Theoretically traceable in a similar manner (hard), but yes BTC is even harder to track and the actual transaction is anonymous, but there are ways to associate keys with people, just like numbered bills.
You can’t travel with lots of cash for the same reasons I complain of, above. My view is that you have freedom or you don’t. This is a case where we don’t. If I commit a crime, gather evidence and charge me. Don’t tell me I’m holding X amount of money and act like that’s “evidence.” -
Bitcoin now off 70% from December highs. It’s close to Dot-com bubble pop.
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Speculators & gamblers. Crypto doesn’t make any sense. Yet. Maybe later. Right now it’s for pirates.
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Quote from dergon
Bitcoin now off 70% from December highs. It’s close to Dot-com bubble pop.
Do you usually compare to lifetime highs?
Crypto is an interesting thing, and BTC is definitely a buy right now. But I would say a fair number of other things are too, so it depends on what you are doing/looking for. -
Interesting thing about Bitcoin & cryptocurrency. “SHOW ME THE MONEY!”
oops!
No FDIC or equivalent insurance. Too bad.
Funny money.
[link=https://www.washingtonpost.com/business/2019/02/04/cryptocurrency-company-owes-customers-million-it-cant-repay-because-owner-died-with-only-password]https://www.washingtonpos…ied-with-only-password[/link]
After the founder of Canadas biggest cryptocurrency exchange, QuadrigaCX, died unexpectedly, about 115,000 clients have been unable to retrieve $190 million in holdings because the owner was the only one who knew the password to access them, the company said.
Gerald Cotten, 30, died of complications with Crohns disease while doing philanthropic work in India in early December, according to [link=https://www.facebook.com/quadrigacx/posts/2218141444897123]a post on QuadrigaCXs Facebook page. [/link]The company didnt announce Cottens death until more than a month after he died, and as customers panicked and tried to withdraw their funds, QuadrigaCXs website went down, and the company went off the grid.
When QuadrigaCX broke its silence a week later, the company revealed it had filed for creditor protection in the Nova Scotia Supreme Court, [link=https://www.coindesk.com/quadriga-creditor-protection-filing]according to reporting from Coindesk[/link]. Evidently, Cotten was the sole person responsible for transferring QuadrigaCX funds between the companys cold wallet secure, offline storage and its hot wallet or online server, according to court documents. Very little cryptocurrency was stored in the hot wallet for security purposes. Cottens laptop was encrypted, and his widow, Jennifer Robertson, and the expert she hired have been unable to access any of its contents. The company had no corporate bank accounts and used third-party services to manage payments and withdrawals.
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We cant make this sheet up
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From our local Nova Scotia newspaper.
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Trouble in Bitcoin paradise.
[size=”0″]Most Bitcoin Trading Faked by Unregulated Exchanges, Study Finds[/size]
Wasn’t Bitcoin supposed to resolve these things without government “interference?”
[link=https://www.wsj.com/articles/most-bitcoin-trading-faked-by-unregulated-exchanges-study-finds-11553259600]https://www.wsj.com/artic…tudy-finds-11553259600[/link]
Nearly 95% of all reported trading in bitcoin is artificially created by unregulated exchanges, a new study concludes, raising fresh doubts about the nascent market following a steep decline in prices over the past year.
Fraudulent trading volume has [link=https://www.wsj.com/articles/the-bots-manipulating-bitcoins-price-1538481600?mod=article_inline]dogged cryptocurrency trading[/link] for years, but the extent of the market manipulation has been difficult to determine. Bitwise Asset Management said its analysis of trading activity at 81 exchanges over four days in March indicates that the actual market for bitcoin is far smaller than previously thought.
The San Francisco-based company submitted its research to the U.S. Securities and Exchange Commission with an application to launch a bitcoin-based exchange-traded fund. The study, made public Thursday, is an attempt to alleviate the agencys longstanding concerns that a bitcoin ETF would leave investors [link=https://www.wsj.com/articles/sec-rejects-nine-proposed-bitcoin-exchange-traded-funds-1534978380?mod=article_inline&mod=article_inline]exposed to fraud[/link] and market manipulation.
The study adds to a growing body of research that casts doubt on just how much cryptocurrency is changing hands daily. Last week, research firm Crypto Integrity said it concluded that 88% of all trading in February had been inflated. The TIE, another cryptocurrency researcher, on Monday estimated that 75% of exchanges had some form of suspicious activity occurring on them.
Of the roughly $6 billion in reported daily volume during four days in March, the firm calculated that about $273 million was legitimate.
By contrast, the dozens of unregulated exchanges that have cropped up over the past year show different trading patterns. Buy and sell orders appear in pairs, with one neutralizing the other. Trades are almost always executed within bid and ask prices, indicating a lack of the more haphazard decision-making one would expect from human traders. There are very few small or round-number trades. Volume is consistent across the trading day.
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[link=https://www.bloomberg.com/news/articles/2019-11-04/lone-bitcoin-whale-likely-fueled-2017-price-surge-study-says?srnd=premium]https://www.bloomberg.com/news/articles/2019-11-04/lone-bitcoin-whale-likely-fueled-2017-price-surge-study-says?srnd=premium[/link]
[b]Lone Bitcoin Whale Likely Fueled 2017 Price Surge, Study Says[/b][/h1]
[b]A Texas academic created a stir last year by alleging that Bitcoins astronomical surge in 2017 was probably triggered by manipulation. Hes now doubling down with a striking new claim: a single market whale was likely behind the misconduct, seemingly with the power to move prices at will.[/b]
[b]Our results suggest instead of thousands of investors moving the price of Bitcoin, its just one large one, Griffin said in an interview. Years from now, people will be surprised to learn investors handed over billions to people they didnt know and who faced little oversight.
[/b]
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Probably true. With the large percentage of bitcoin still in the hands of the creator, any ‘investment’ in bitcoin is a gamble at best.
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Trouble in paradise. “Where is my money?”
More on safety from government interference with your money. Nothing like the private markets to protect us from government interference. “We don’t need no stinking government!”
[size=”0″]Maybe we should return to the days when each bank could print their own currency.[/size]
[link=https://www.washingtonpost.com/nation/2019/12/16/gerald-cotten-quadrigacx-cryptocurrency-death-body-exhumed]https://www.washingtonpos…ncy-death-body-exhumed[/link]But before long, the words of support and sympathy were replaced by panicked messages from investors: Where was their money?
As it turned out, only Cotten knew the passwords to the digital wallets where cryptocurrency was stored, meaning that more than 100,000 users were unable to access at least [link=https://www.cnn.com/2019/12/14/business/lawyers-exhumation-gerald-cotten-intl-scli/index.html]$145 million[/link] in assets, according to [link=https://www.bloomberg.com/news/articles/2019-02-04/crypto-exchange-founder-dies-leaves-behind-200-million-problem]Bloomberg News. [/link]As months passed and the money failed to materialize, a [link=https://www.washingtonpost.com/business/2019/02/04/cryptocurrency-company-owes-customers-million-it-cant-repay-because-owner-died-with-only-password/?tid=lk_inline_manual_4]conspiracy theory[/link] emerged: Cotten had faked his own death and disappeared.
Now, attorneys for QuadrigaCXs investors are asking that Cottens body be exhumed, so that they can settle the question of whether he is really dead.
The company used a cold wallet system where cryptocurrency like bitcoin and ethereum was stored offline to protect it from hackers, and Cotten was the only person with the ability to transfer users money back into a hot wallet where they could access it. In February, when QuadrigaCX filed for creditor protection, the company [link=https://www.quadrigacxtrustee.com/]said[/link] that it had been unable to unlock the cold wallets, leaving millions in limbo.
The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key, Cottens widow, Jennifer Robertson, [link=https://www.theguardian.com/world/2019/dec/13/cryptocurrency-exhumation-gerald-cotten-investors-canada]said in court filings, according to the Guardian.[/link] Despite repeated and diligent searches, I have not been able to find them written down anywhere.
So far, auditors have recovered only about [link=https://www.bbc.com/news/world-us-canada-50751899]$33 million in Canadian dollars[/link], the equivalent of more than $25 million in the United States. Nearly all of that money was [link=https://globalnews.ca/news/5830003/quadriga-crypto-fbi-rcmp/]cash[/link], and the millions in cryptocurrency remain elusive. What the auditors did uncover, according to a [link=https://documentcentre.eycan.com/eycm_library/Quadriga%20Fintech%20Solutions%20Corp/English/CCAA/1.%20Monitor’s%20Reports/6.%20Fifth%20Report%20of%20the%20Monitor/Fifth%20Report%20of%20the%20Monitor%20dated%20June%2019,%202019.PDF]June report,[/link] was evidence that funds invested in QuadrigaCX may have been used inappropriately. -
As if government doesn’t F you. Just look at the debt and liabilities which it will never (be able to) pay.
Buyer beware -
“It” will be able to pay because we will pay.
As Republicans taught us, “Deficits don’t matter!”
The cost of Afghanistan war alone is higher than the cost of rebuilding Europe after WWII when our debt was then considered extraordinary!
Now we have Trump who in economic good times keeps digging a deeper hole in deficits and national debt than ever existed before to the cheers of his supporters. YAY! MORE TAX CUTS!!!
Suddenly all of you spendthrift people will become misers complaining of the “Democratic Debt” with the next Democratic President in 2021. -
But I think you should invest all of your money in Bitcoin and other cryptocurrencies, cigar.
Forget gold, crypto is the new gold! -
MSFT up to 155, told you in January when it was 100.
Why do I need to put “all my money” in anything?
I have crypto and gold, but the melt up is just beginning so I’m not worried about markets … yet. -
Ah little Newbie, so happy for you. MSFT has been on the upswing since 2010.
Apple was at 140 in Jan and is now at 280 but has been growing since 2004 when it was at <$3.
I’ve owned both for long term.
But portfolios should not be measured by a single super performer.
And why are you still buying gold when you have such faith in Donald? Gold is the hedge against a failing economy. Gold was at $1,350 in Jan and is now $1,470 with an upshoot only when Donald started playing his easily winnable trade wars in May moving up from $1,300.
Yes, keep investing in Au.
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In the middle of all this, an acquaintance cashed out his 401k to participate in the get-rich scheme. It worked, for about three months.
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The moron above can’t understand that even if New England has been winning and covering games for quite a long time, if I tell her that New England is going to cover the next game, all of a sudden I get no credit when I make the right call. What kind of tampon are you, really, Frumi? You’re totally brainless.
Why can’t I buy anything I want? Gold has been going up too, it’s a hedge, and you make all sorts of assertions that act like Donald Trump has controlled the world for 100s of years and it’s all his doing, good or bad. It’s just stupid, weird, fantastical thinking.
I can hold equities and gold at the same time. That might be a new idea for you, but this just shows you’re a total moron; I won’t bother answering your questions anymore since there is no good faith in any of them.
What’s better is that Trump will be president for 4 more years and it’ll be fun enough seeing you gnash your teeth with all your circle jerk loser friends. -
“I’M RICH!” I OWN $220 MILLION OF BITCOIN!
if only i could remember my wallet’s password.”
[link=https://www.nytimes.com/2021/01/12/technology/bitcoin-passwords-wallets-fortunes.html]https://www.nytimes.com/2…-wallets-fortunes.html[/link] -
I don’t think that’s unheard of. I was reading another article about a guy who turned down 50k bitcoins to buy his house. those would be worth 1.2 billion or something like that.
***I still don’t understand why bitcoin is worth anything. The value is inflating but it’s based on nothing. -
Speculation
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I heard of an aunt Minnie Poster who claims to be a Bitcoin millionaire
He made a bet Me on the election and lost
He owes me 1500$ and refuses to pay up
Big mouth making promises his bank account cant keep
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Quote from Chirorad84
I heard of an aunt Minnie Poster who claims to be a Bitcoin millionaire
He made a bet Me on the election and lost
He owes me 1500$ and refuses to pay up
Big mouth making promises his bank account cant keep
Someone owes me a bitcoin and lies about me. Send it to my address, you ready? Get a pen. Oh yeah, I forgot, you know nothing about BTC
Which is why I got stacks and you get zero -
Quote from DICOM_Dan
I don’t think that’s unheard of. I was reading another article about a guy who turned down 50k bitcoins to buy his house. those would be worth 1.2 billion or something like that.
***I still don’t understand why bitcoin is worth anything. The value is inflating but it’s based on nothing.
I could explain it to you, but it seems to me you won’t understand, buy it, or be honest about it so why should I waste my time?
If you really think its value is going up and it’s “based on nothing” you haven’t even done the first page of homework on it Dan. Come on man -
Cmon big mouth
Pay what you owe
Then learn to never make a bet your bank account czz as my pay
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When I see you post something honest I’ll send you something
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Pay my my money
You made the bet big mouth
Now pay up
Or are you totally FOS and cant afford to pay the bet that your big mouth made
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What bet? You mean the one where I said BTC would outdo your shtty stock picks? OH yeah, you didn’t pay. Then you changed your name. LOL
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If you really did make all that money on Bitcoin you should be able to pay the bet that you lost
1500$ Amazon gift card in my pm
Should not be too much for a Bitcoin millionaire
Unless of course you are lying again
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