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RenascentMisanthropy

Bitcoin trading.....

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I've just watched " Banking on Bitcoin" via Netflix. Interesting. I wonder how enticed I'd be if I had money to lose ...


Oh LOL. just saw scruffy1's link , ahahahaha :)

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If it wasn't already, it was definitely doomed from the moment the dudes got their regulation claws out


the Netflix show was a good watch, for me. I had no idea of how it worked and I am a little amazed by the story

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It's a bad idea from the start: the only reason any fiat currency has any stability is because it has the full weight of The State backing it. Without the financial mass, a currency is going to zooming about all over the place like a deflating party balloon.

 

Sure, you can make a bundle if you catch it at the right moment, but it's about as reliable an investment as letting it ride on the craps table.

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It's a bad idea from the start: the only reason any fiat currency has any stability is because it has the full weight of The State backing it. Without the financial mass, a currency is going to zooming about all over the place like a deflating party balloon.

 

Sure, you can make a bundle if you catch it at the right moment, but it's about as reliable an investment as letting it ride on the craps table.

Yeah, it's a cool scam made by cool 'puter dudes who don't trust the banks and established financial institutions cos they be thieving mo'fos . lol

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https://www.bloomberg.com/gadfly/articles/2018-01-17/you-ve-seen-the-bitcoin-bust-movie-before

 

A dramatic, unexplained 1,000 percent boom. Then a 50 percent collapse in weeks.

 

Not Bitcoin in early 2018, but at the end of 2013 and start of 2014. We have been here before.

 

...

 

If history is a guide, Bitcoin is set to fall further for longer, perhaps as much as 80 percent. But the urge to gamble in the great cyber casino with untraceable digital cash is hard to kill. Expect the establishment's cries of I-told-you-so to keep falling on deaf ears.

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Bitcoin was created because of the crash in 2009 of our current system. Bitcoin is only one currency anyway. The Jan crash was not unexplained, people panic sold when China and South Korea started saying they were banning it. The crash was caused by potential government regulations!

 

People like crypto because it removes the need for those parasites called "banks" to perform transactions.

Edited by Jeruselem

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i dont know what, if anything, could be done to reign in the volatility of bitcoin by formally tying it up *somehow*.

 

however, i think crypto will just continue creeping towards stability by insinuating itself into the mix.

 

right now speculators far exceed those who own bitcoin for its actual utility. but as more and more people are enticed to procure 'what the heck' amounts, and that disproportion begins to shift, this will have a dampening effect. once enough of it is tied up as average joe's savings or 'in play' for the exchange of everyday goods and services, would-be peaks and troughs will just be absorbed by the masses rather than causing uncontrolled feedback loops. you wouldnt sell off all of your aussie dollars if its value was in sharp decline. fiat currency or not, your immediate reason to trust that it will stabilise is the shared dependence on it doing so with millions of other average AUD owners equally hostile to paying for their morning coffee in USD.

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I am quite aware volatility in crypto but pretty much any "paper" asset has volatility. It is a very young platform, it will mature and the volatility will be reduced over time when currencies find their place in the market.

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I am quite aware volatility in crypto but pretty much any "paper" asset has volatility. It is a very young platform, it will mature and the volatility will be reduced over time when currencies find their place in the market.

 

 

Right over there, next to Santa, the Easter Bunny and an honest politician

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I wouldn't be putting much faith in the stock market either. It's pretty much driven by FUD news or insider trading.

Edited by Jeruselem

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I wouldn't be putting much faith in the stock market either. It's pretty much driven by FUD news or insider trading.

Oh it's all rigged. People do that shit all the time. I've a feeling the initial inventor of bitcoin and it's workings was honest with his endeavour ...

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crypto is a speculative fantasy in its current position

 

the reason behind its existence is not the cause of the wild fluctuations, it's a matter of everyone wanting to get a piece of the "investing" action, not any utilitarian benefit as a means of simple transaction token

 

 

 

like the poseidon mining boom, and the dotcom craziness, people sniff money for nothing and can't smell anything rotten in that get-rich-quick scheme

 

so to use the olfactory analogy of perfume, the top notes are instant fortune, but the bloom is destitution via yet another ponzi scheme

 

 

 

good luck to all those who have ridden the rise and got out already, for they are the true speculators... anyone trying to get aboard now has missed the gravy train

 

and yet again, no-one rings a bell at the top of the market

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I wouldn't be putting much faith in the stock market either. It's pretty much driven by FUD news or insider trading.

Oh it's all rigged. People do that shit all the time. I've a feeling the initial inventor of bitcoin and it's workings was honest with his endeavour ...

 

 

Bitcoin was created from the ashes of the last stock market crash as a alternate system to the FUD fiat system.

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I wouldn't be putting much faith in the stock market either. It's pretty much driven by FUD news or insider trading.

Oh it's all rigged. People do that shit all the time. I've a feeling the initial inventor of bitcoin and it's workings was honest with his endeavour ...

 

 

Bitcoin was created from the ashes of the last stock market crash as a alternate system to the FUD fiat system.

 

That's what my viewing of the netflix show told me.

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Oh does one notice the Australian government's secret war on physical cash?

The government wanted to get rid of $100 notes claiming it was used for money laundering, the same excuse pointed at crypto currency?

 

Then the RBA pointed out the crooks preferred $50 notes LOL

Edited by Jeruselem

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50 are way more common, turn up with a pocketload and nobody bats an eyelid.

 

I considered Bitcoin but I don't want the paranoia of having to monitor it on almost an hourly basis.

It seems those so eager to promote it are either financially illiterate, compulsive meetoo-ists, or riding the downward side of a bubble and desperately wanting to prop it up so they can get off.

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50 are way more common, turn up with a pocketload and nobody bats an eyelid.

 

I considered Bitcoin but I don't want the paranoia of having to monitor it on almost an hourly basis.

It seems those so eager to promote it are either financially illiterate, compulsive meetoo-ists, or riding the downward side of a bubble and desperately wanting to prop it up so they can get off.

 

I'm a bit OCD so it doesn't bother me

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...a bit OCD...

 

... I know you didn't mean it that way and that ^that is just common usage these days, but boy does that get up my nose! You're "anally retentive" - which is a horrible term, but there it is. OCD, on the other hand, fucks up your life. If someone can't get out of the house because they have to relock the door 88 times, pausing between times to wash their hands again, then they might be entitled to claim OCD. People who line up their (like me) pencils and get uncomfortable with bad kerning do not.

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crypto is a speculative fantasy in its current position

 

you did say 'in its current position', but you do seem to be cheering for its demise. someone you care about is chasing teh fools gold perhaps?

 

crypto is a cool experiment that will lead to progress one way or another. its stem cell research, not eugenics. i dont get the sneering.

 

blockchain, however, is indisputably awesome.

50 are way more common, turn up with a pocketload and nobody bats an eyelid.

 

turn up where exactly, the speakeasy where you play poker? :P

 

...a bit OCD...

 

... I know you didn't mean it that way and that ^that is just common usage these days, but boy does that get up my nose! You're "anally retentive" - which is a horrible term, but there it is. OCD, on the other hand, fucks up your life. If someone can't get out of the house because they have to relock the door 88 times, pausing between times to wash their hands again, then they might be entitled to claim OCD. People who line up their (like me) pencils and get uncomfortable with bad kerning do not.

 

 

what about if you only relock the door 8 times — thats a bit OCD innit? :P

 

seriously though, misuse of the term is annoying. a bit like how "literally" has been trampled into nothing, except this has the added bonus of being casually offensive to those with an actual condition.

 

having said that, maybe Jeruselem checks on his bitcoin 88 times each morning...

Edited by @~thehung
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50 are way more common, turn up with a pocketload and nobody bats an eyelid.

 

I considered Bitcoin but I don't want the paranoia of having to monitor it on almost an hourly basis.

It seems those so eager to promote it are either financially illiterate, compulsive meetoo-ists, or riding the downward side of a bubble and desperately wanting to prop it up so they can get off.

 

People are looking at something different to our fiat currency system, where they have to put up with bankers taxing them at every change. Cryptocurrency in the purest form removes the need for middle man (aka banks).

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My bank doesn't charge me at every change. Fair enough I'm not happy at the 8 bucks a month or whatever the fees come to but I can use ATMs plenty, use debit (defacto credit card) facility to buy stuff and it's without needing to jump on a computer or run an app.

 

Actually, Bitcoin is supposedly not very good in those regards anyway. Isn't there like a 3% levy on "currency" conversions and a lag time of 4 hours whenever a transaction occurs for it to propogate through the network?


Some good points to be had from Uncle Bumblefuck (AvE) - NWS warning on the video.

He doesn't get down and deep technically but the overall points are pretty spot on.

 

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Banks used to charge like $2 per transaction for every ATM transaction but it gone because now because people complained. Yes you should your own banks ATM but in some cases, there are none of those in the location you and you have to use another ATM.

 

Bitcoin is the worst one to use, it has a very high network fee due to it's high price and cost. There are other coins you can use which have lower network costs. Bitcoin Cash has much lower network costs compared to it Bitcoin (aka Bitcoin Core).

 

Google R3 and Ripple XRP, even the banks want to use Crypto.

Edited by Jeruselem

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The problem with all of them is there's no backing, no guarantee. A panic in the market can send the value of one or all to peanuts with little hope of recovery.

And each new one just undermines the foundations of the whole lot of them.

 

You can say the same about our paper money but you'd be wrong. Governments of stable countries have trillions in tangible assets to back their currencies up. BTC has practically nothing.

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