Reminder: Bitcoin WILL hit $20,000 soon
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Poast new message in this thread
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Date: November 27th, 2013 5:18 PM Author: Honey-headed Trailer Park Partner
it applies even more to crypto than social networks. facebook was able to start out small as a harvard-only thing and still serve its purpose as a social network. other non-facebook websites have dominated in other countries, like russia and brazil, because they carved a local niche. there's no such thing as a local niche with cryptocurrencies. they are globally traded currencies secured by a global network of miners. you need to get the ball rolling in all the major countries before your altcoin is even a distant competitor to bitcoin in terms of liquidity and security. you can't dump millions of dollars into a small-cap crypto without massive slippage. you can with bitcoin.
if i wanted to transfer 1,000,000 USD worth of renminbi or euros from china or europe to america tomorrow, i'd be able to do it (for free or for a profit if i wanted to do a bit of work selling the btc in chunks for a premium), relatively quickly and without the markets really noticing. impossible with any smallcap coin. which means that all the BIG money is going to use bitcoin in the near future, which means the EVEN BIGGER money is also going to use bitcoin, and so on.
the security of cryptocurrencies is based on the size of the network. it would take the world's 15 largest supercomputers or something crazy at this point to get over 50% of the bitcoin global hash rate and take over the network. small-cap cryptos like namecoin and feathercoin have already been 50% attacked successfully. so people aren't going to put their money into the coin you just wholesale copied from bitcoin unless it actually has an amazing new feature. and if it does, then let it compete. may the best currency win. but there's absolutely no doubt that the currency with the biggest network behind it is orders of magnitude better than the others.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24522647) |
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Date: November 27th, 2013 12:11 PM Author: vivacious gaming laptop
To be fair,
This would be a damning analogy if there was a greater than 0% chance that the number of BTC could quadruple overnight at some point going forward.
The correct analogy here is "BAM! A copper mine, a silver mine, and three other types of mines (none of which are gold) are discovered tomorrow that collectively quadruple the world's supply of those metals overnight. what happens to the price of gold?"
The answer of course is absolutely nothing, unless and until the world collectively decides that it no longer thinks gold is pretty much the shiniest and prettiest metal.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521368) |
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Date: November 27th, 2013 12:09 PM Author: vivacious gaming laptop
To be fair,
"but that's beside the point"
Right, because that would be a retarded point to make, since claiming that gold's current market value derives in any meaningful way from its purely industrial applications would make you a fucking retard.
"that kind of intertia has some practical significance"
And my point is that as long as you believe that the internet is here to stay, that neckbeards are here to stay, and that oppressive/shitty governments are here to stay, I'm not sure why you wouldn't bank on cryptocurrencies being here to stay as a new form of storing value. And unless one cryptocurrency is significantly better than all of the rest, I'm not sure why you wouldn't just assume that whichever captures the most marketshare up front will remain the frontrunner going forward (at least in the medium term) simply by weight of that same general consensus principle.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521361) |
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Date: November 27th, 2013 12:58 PM Author: vivacious gaming laptop
To be fair,
Just FYI, this is like dismissing the entire internet boom of the late 90s by pointing out that pets.com failed. Meanwhile, I would literally kill a homeless man with my bare hands for the chance to go back and grab a bunch of Google stock c. 2000.
But feel free to continue observing that "anoncoin" will probably end up at zero. You are correct, and QED it follows that investing in cryptos right now is foolish.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521584) |
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Date: November 27th, 2013 1:51 PM Author: vivacious gaming laptop
To be fair,
Shall we go back to all of the XOXO threads from 6 months ago where everyone agreed that yeah, Bitcoin would have been a great buy at $8, but at a whopping $50 "it's definitely done here"? Or perhaps we can pull up a chart of Google from 1999 and laugh at the idiots who overvalued it?
Have fun beating the shit out of your strawman. The fact is that at the end of the day, no one on earth has any real idea right now whether Bitcoin will be more like Yahoo or more like Google because the internet makes this a uniquely disruptive and unprecedented situation. We only have our working theories, and if you think it's the former than God Bless and by all means please continue to chuckle at the idiots getting wrapped up in the hype. Just make sure that you are fully at peace with your decision so you're not punching any walls and beating yourself up if Bitcoin ultimately reaches $50k and crypto proves that it has real legs in a year or two. I can assure you that most intelligent people who have thoughtfully invested in cryptos at this point have made peace with the possibility of losing their $1k/$5k/whatever.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521779) |
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Date: November 27th, 2013 1:58 PM Author: vivacious gaming laptop
To be fair,
(Guy who totally gets the larger point himself, and doesn't get hung up on pointing out that Google wasn't publicly traded until 2004, totally eviscerating the idiotic distinction I was trying to draw between Yahoo and Google)
PS: The last thing I'll say is that even if everything you claim about the probable 3-4x "overvaluation" of Google stock in 1999 (if it had been publicly traded then) is true, it would have still been a long-term steal to have purchased it at that its 3-4x "overvalued" price back then and I would make that grab all day, every day because I think that Google is here to stay and is going nowhere but up.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521807) |
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Date: December 2nd, 2013 8:20 AM Author: lascivious coral coldplay fan
As much as the "Singularity" theory has a reputation for being boomer fantasy, one might argue that crypto-currencies, and Bitcoin in particular, are significant for turning computing power itself into an essential store of value. From that perspective, bitcoins do have an inherent value, perhaps on par with gold. I don't really know what range of goods or services can be bought with bitcoins right now, but the range is likely getting wider. Also, the idea that bitcoins are finite is belied most emphatically by the fact that they are (at present) divisible to 0.00000001. I don't think that the equivalent can be done meaningfully with existing currencies, so money supply expands. But for bitcoins, it really poses no problem at all. Perhaps future mining will rely on computing power to subdivide bitcoins to an even greater extent. Also, maybe one day a large nation will decide to back a crypto-currency with its full faith and credit.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24550791) |
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Date: November 27th, 2013 12:51 PM Author: vivacious gaming laptop
To be fair,
Holy fuck brother you're right, you're just not thinking big enough--what about when the other one decides to create 21 TRILLION units of value?!?!?! Get out now while you can!
(Legit retard)
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521552) |
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Date: November 27th, 2013 1:01 PM Author: vivacious gaming laptop
To be fair,
...except that once enough players are invested in the game, they don't want to see the system crash. And they can easily prevent that by simply coalescing (on the vendor/institutional investor fronts) around a few relatively well-designed, relatively secure coins that are coded to have a known finite supply. Sort of like BTC and LTC.
But you're right, if vendors just started throwing open the doors to every altcoin being created, or opened to the door to an altcoin coded with a limitless supply, the effect on the overall market could be devastating. Somehow I'm not too worried about that particular scenario because, you know, it's fucking idiotic.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521596) |
Date: November 27th, 2013 11:56 AM Author: vivacious gaming laptop
To be fair,
PS: Anyone who hasn't invested *at least* $1k in BTC and LTC at this point to hold is a fucking retard, straight up. Even if you think this is 100% a bubble (which also probably makes you a retard because there's definitely a >0% chance that these currencies will still be with us for at least the next decade in some internationally meaningful capacity), it's painfully obvious that this bubble is nowhere near the popping point just yet.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521311) |
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Date: November 27th, 2013 2:16 PM Author: vivacious gaming laptop
To be fair,
Brother I am not hating on you, I am making a point. You are a true believer, which often leads you to objectively absurd and extreme results. Sometimes those results are bad (being mocked on XO for your crazy beliefs about the normative autonomy of children), and sometimes those results are good (making $40k on your early bitcoin bid). I tend to think that on average, the former instances pop up much more frequently than the latter, which is why I'm not an ideologue.
My only point here is that I am much more of a principled pragmatist, with the latter being the key word. I try to hew a course much closer to the middle. That's why I'm not sitting on $40k right now and why I didn't give bitcoin a second thought two years ago--but it's also why I'm open to accepting that this was probably a mistake and making a leap into the market today.
And anyway you're $40k richer than I am on this front, so even if you take this comment as an insult (which you should not, it takes all kinds in this world and perhaps you are on the right course after all) you should just be laughing all the way to the bank at this point.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521906) |
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Date: November 27th, 2013 5:04 PM Author: vivacious gaming laptop
To be fair,
180 brother.
Just make sure you make peace with the fact that you really could lose it all. This is that extremely rare lottery ticket that actually comes with good odds and a real potential for life changing upside, but it's still a lottery ticket. Play it for what it is and don't do something crazy like sinking your whole life savings into it. Be smart, place your bets, and then hold.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24522582) |
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Date: January 20th, 2015 5:11 PM Author: zippy meetinghouse nibblets
November 27, 2013: "it's painfully obvious that this bubble is nowhere near the popping point just yet."
http://i.imgur.com/TciFiTb.png
* * * NOWHERE NEAR * * *
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#27153078) |
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Date: November 27th, 2013 1:41 PM Author: carnelian site
fair enough,
but i would argue that protections for banks is to prevent irrational behavior from fucking things up
while protections for bitcoins is to prevent rational behavior from fucking things up.
yes, this is a self-serving distinction, but 'backed by the usa government' versus 'backed by a guaranteed electronic scarcity algorhithm' makes the distinction apt, imo
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521743) |
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Date: November 27th, 2013 1:46 PM Author: vivacious gaming laptop
To be fair,
I'm not some CGM neckbeard true believer man, I'm just a guy who personally thinks that crypto (in some form) is here to stay and will get exponentially bigger than it currently is in the world marketplace. Could I be wrong? I doubt it but yeah I could be. Could we be approaching the top of a huge bubble? I doubt it but yeah I could be.
All I'm saying is that the "PONZI SCHEME!!!!" conspiracy theorists sound as loony to me as the "BITCOIN IS IMMUNE TO BUBBLE!!!!" ideologues. I think it's pretty clear that this falls somewhere in the middle. Whether crypto proves to be the next Google or he next Pets.com remains to be seen, but I think most people who are really involved in the crypto community are acting in good faith and really think they're selling something that will hold value in the long run.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521759) |
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Date: November 27th, 2013 2:03 PM Author: carnelian site
nsa stockpiling of beanie babies
cia cornering the market on upperdeck griffey jr rookie cards
nancy pelosi trading bj's for tesla stock
you might be onto something
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24521835) |
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Date: December 8th, 2013 1:54 PM Author: vivacious gaming laptop
To be fair,
Lawyer at first downturn in a market after they buy in: "Fuck this was terrible, abandon ship what the fuck was I thinking?" *buys high, panic sells low*
LJL indeed.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24595307) |
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Date: December 8th, 2013 2:11 PM Author: vivacious gaming laptop
To be fair,
April 2012:
"Hey guys BTC just hit $100, should I buy some?"
"(It is 1998)"
"Yeah I guess you're right, fuck I wish I had gotten in at $8 so I could have made some profit on this bubble before it popped"
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24595435)
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Date: December 8th, 2013 2:21 PM Author: heady grizzly public bath legal warrant
This subthread in a nutshell:
Pumo trolls TBF
TBF trolls pumo
But ultimately, TBF trolls TBF
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#24595504) |
Date: January 7th, 2015 2:32 AM Author: startled purple newt puppy
The Bitcoin boom has been wonderful for some people, obviously, but I am really struggling. Last year my father passed away (my mother passed away from cancer many years ago), and my sister and I were left with a large inheritance. I am 23 and my sister is only 17 (parents had us when they were somewhat older. The inheritance was placed entirely in my control to be split between my sister and I. He did not want her to have access to the money until she turned 21. I am tasked with assisting her with college payments, etc. I chose to liquidate the majority of the assets and was left with around $750,000. I am bitter about this because I was ripped off by a shifty individual taking advantage of my ignorance on some things. I should have gotten much more than I did.
I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.
I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.
I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc).
However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have already paid her first year of college tuition in cash anyway, this was around $30,000. I also bought her a used car to take to college ($5,000). We later found out they don't want freshman to have cars?? So we might sell it and I can give her that money. Ultimately, in addition to other living expenses, bills, car, etc I have around $280,000 left which is currently all liquid.
Now, if you took the time to read all of that, thank you, sorry it was so long. What I am looking for is advice on how to trade. How can I guarantee that I earn high returns? What are good resources on how to trade Bitcoin? Are there any good books to read on trading? General information I may be missing?
I know I can earn this money back, I just need to figure out how. If there is an experienced trader out there that is in need for funding I am willing to work out a deal where we can work together on this. I need to see a proven track record of success though.
Thanks for your time. I know a lot of people are going to respond negatively to me, I know I fucked up. I really, really, need advice though so please don't downvote me just because I am an idiot.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#27070983) |
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Date: January 28th, 2015 4:21 PM Author: Slate talented stead wrinkle
Coinbase just launched the first regulated exchange. the Winklevoss's exchange is going to launch in a couple months. Overstock is also working on something.
Coinbase's last round of $75 million included the NYSE, USAA, and Citibank's CEO Vikram Pandit. they're already backed by Andreesen Horowitz and Union Square Ventures.
Circle has similarly strong investors and advisors, including former deputy head of the CFPB and a number of Goldman Sachs people.
eBay and Paypal CEO John Donahue said they are working on integrating bitcoin into both Paypal and eBay.
sometime in the next 1 to 2 years:
https://www.youtube.com/watch?v=afdEFayjf1g&t=40s
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#27204479) |
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Date: February 10th, 2015 12:56 AM Author: Supple white abode place of business
i was gonna bump this thread with this story:
$386M allegedly missing, as investors fear bitcoin Ponzi
Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process.
The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors.
The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play.
"No one seems to know who is behind this," a woman surnamed Lau, who said she lost HKD 1.3 million, told the paper. "Everyone says they, too, are victims … but we were told by those at higher tiers [of the scheme] that we can get our money back if we find more new clients."
http://www.cnbc.com/id/102410095
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#27284020) |
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Date: June 23rd, 2017 1:36 AM Author: Nofapping Underhanded Field Old Irish Cottage
I arrive at a slightly different figure, although frankly I eyeballed them based on some article published on nov. 27, 2013 and not looking at the charts.
LTC $28.50 -> 35 LTC -> 1.67K
BTC $1K -> 1 BTC -> ~2.7K
Peercoin ~$3.5 -> 285 PPC -> .686K
= ~5K
But, to be fair, the SP500 is not a particularly meaningful comparison as it is periodically rebalanced. I don't think that TBF selected these three at random, but rather picked whatever "top 3" cryptos existed at the time. If you made a comparison of the SP500 to some "top 3" crypto index that was rebalanced as often as an SPX fund, I suspect the result would be substantially different.
In the end this thread is going to be bumped by crypto bulls and bears as crypto goes through boom and bust cycles, but I tend to see the resilience of cryptos through each cycle as evidence that increasingly cuts against cryptos as having no value whatsoever.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#33622892)
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Date: December 10th, 2017 11:02 PM Author: carnelian site
no one with a
thought
as to what btc would "max out at"
had any logic behind their thoughts. it was all just guesses based on nothing. i'm waiting for the first person to explain why btc should have value and the calculations that substantiate that claim.
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#34887256) |
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Date: December 10th, 2017 11:31 PM Author: zippy meetinghouse nibblets
"very quickly"
"six months"
"guarantee it"
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#34887476) |
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Date: December 7th, 2017 10:43 AM Author: Mahogany Dragon House
I'm throwing a holiday party tonight and some XO bros are coming, you want to contribute to the party? I'll give away cash if you send me some ETH or BTC.
1EyTV4HhBHW4iSr7oeu5imsGtDB11ywCx4
0x95eA495c791B938Fc47DF8e0C89a58FbA4E5FfC2
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#34860119) |
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Date: May 9th, 2018 1:21 AM Author: carnelian site
yeah, i missed this post
as i check right now, bitcoin is valued at $9050
this "value" is an amalgamation of greed, naivete, and willingness to participate in fundamentally illegal activities
some of this might be defensible. for example, youtube and uber ignoring of the law
however, bitcoin is remaining to be about illegal stuff that is first class such as weapons, kid porn, drugs
greed and the ability to claim ignorance keeps btc alive, but i still believe the value of bitcoin is far closer to zero (or negative) than $9050.
bitcoin is an interesting idea, but ultimately i believe it will prove to be fools gold at its current iteration. i make no claim as to the value of the underlying mechanics of it. is its ability to permit anonymous financial transfers via electronic means worth the electricity costs of ensuring security of transactions? i don't think so
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#36013011)
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Date: June 21st, 2019 10:05 PM Author: disgusting marvelous area really tough guy
"In the end this thread is going to be bumped by crypto bulls and bears as crypto goes through boom and bust cycles, but I tend to see the resilience of cryptos through each cycle as evidence that increasingly cuts against cryptos as having no value whatsoever."
http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#33622892
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#38423028) |
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Date: September 6th, 2021 2:34 PM Author: vivacious gaming laptop
To be fair,
Sure sure whatever, but the point *now* is that it's all going to zero any day. Trust me, this ride is almost over. Tick tock. Google "tether".
BTW, while I have your attention: Have you ever given though to investing in physical silver?
(http://www.autoadmit.com/thread.php?thread_id=2424641&forum_id=2#43071081) |
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