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Thread: Bitcoins are officially donkdown

  1. #2661
    Gold Starbucks Spunk Bucket's Avatar
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    I'm surprised it hasn't dropped lower at this stage.
    BALLIN'!!

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    Plutonium Sanlmar's Avatar
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    Absolutely frigging fascinating

    Chinese authorities are scrutinizing the cryptocurrency amid concerns it’s being used to spirit money out of the country, undermining official efforts to clamp down on capital outflows and prop up the yuan.
    ...the number of bitcoins traded on the three exchanges slumped from 13.6 million on Jan. 6 to just over 120,000 on Feb. 9.
    Keep in mind 98% of all BTC traded is Chinese. It is amusing to see you guys pasting Bitstamp charts.

    Chinese trading volume is now on par with ROW.

    So now you have a light volume situation where anything is possible - especially when the shorts are piling on. In light volume maybe you try to fuck with the new weak shorts.

    What's next long term? I dunno you'd like to gauge the temperature of investor sentiment but you can't get a rectal thermometer in puckered sphincters. It's not good. Once OKC & Huobi relax their restrictions and try to resume under new rules it'll be a shit show.

    The game has changed. But if you thought fee free trading, exchanges trading their own accounts, illegal capital flight was gonna go on forever you're special.

    Prattle on about the virtues on Bitcoin but the above is all Bitcoin's price has been about and it's over.

    For everyone else Bitcoin is just low fee PayPal and nobody gives a shit what the current price is.

    Will the blockchain survive a poor volume environment? Who knows. Someone else will cook up another block chain scheme. Dodgecoin anyone?

    Lol the Winkelvii. Always late.

  3. #2663
    100% Organic MumblesBadly's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Absolutely frigging fascinating



    ...the number of bitcoins traded on the three exchanges slumped from 13.6 million on Jan. 6 to just over 120,000 on Feb. 9.
    Keep in mind 98% of all BTC traded is Chinese. It is amusing to see you guys pasting Bitstamp charts.

    Chinese trading volume is now on par with ROW.

    So now you have a light volume situation where anything is possible - especially when the shorts are piling on. In light volume maybe you try to fuck with the new weak shorts.

    What's next long term? I dunno you'd like to gauge the temperature of investor sentiment but you can't get a rectal thermometer in puckered sphincters. It's not good. Once OKC & Huobi relax their restrictions and try to resume under new rules it'll be a shit show.

    The game has changed. But if you thought fee free trading, exchanges trading their own accounts, illegal capital flight was gonna go on forever you're special.

    Prattle on about the virtues on Bitcoin but the above is all Bitcoin's price has been about and it's over.

    For everyone else Bitcoin is just low fee PayPal and nobody gives a shit what the current price is.

    Will the blockchain survive a poor volume environment? Who knows. Someone else will cook up another block chain scheme. Dodgecoin anyone?

    Lol the Winkelvii. Always late.
    Definitely has changed. Want to give odds BTC trading below $500 for a month before the end of the year? I'm sure Mintjewlips will take the other side if the odds are reasonable given his prediction last month.

    http://pokerfraudalert.com/forum/sho...l=1#post622013

    Quote Originally Posted by Mintjewlips View Post
    Quote Originally Posted by Sanlmar View Post

    Bitcoin is just a yuan proxy
    Obviously, i thought that was well known.

    Trading battles will ensue and china will be on the losing end.

    Hold on to those coins boys(and girls, if any), it's going to hit 1,400 by the end of the year.
    _____________________________________________
    Quote Originally Posted by Dan Druff View Post
    I actually hope this [second impeachment] succeeds, because I want Trump put down politically like a sick, 14-year-old dog. ... I don't want him complicating the 2024 primary season. I just want him done.
    Quote Originally Posted by Dan Druff View Post
    Were Republicans cowardly or unethical not to go along with [convicting Trump in the second impeachment Senate trial]? No. The smart move was to reject it.

  4. #2664
    Plutonium Sanlmar's Avatar
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    Always trust a triple top. Lol, $1400. It wasn't bloody likely given the history of trading.

  5. #2665
    100% Organic MumblesBadly's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Saw the BTCC CEO Bobby Lee in the article above.

    Margin trading gets curbed. Yawn. The bigger story that was posted years ago in this thread involved the fake trades that go on with Chinese exchanges. The biggest red flag was the zero commission. Wash trades where the exchange sells to itself, lol.

    How does one make a profit on zero commission. You get creative.

    The story below is just something I grabbed quickly. This isn't news - the story has been out there forever. This article is kind of good cause Bobby Lee makes the bold claim and an ex CTO confirms the practice exists.

    Chinese bitcoin spot exchanges OKCoin and Huobi are faking most trading volume
    https://bitcointalk.org/index.php?topic=1415808.0

    It's fast & loose and a game of musical chairs.

    As the Doors, Jim Morrison wrote:

    " When the music's over. Turn out the lights. "
    Wondering if this exchange is *now* reporting volume honestly.

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    _____________________________________________
    Quote Originally Posted by Dan Druff View Post
    I actually hope this [second impeachment] succeeds, because I want Trump put down politically like a sick, 14-year-old dog. ... I don't want him complicating the 2024 primary season. I just want him done.
    Quote Originally Posted by Dan Druff View Post
    Were Republicans cowardly or unethical not to go along with [convicting Trump in the second impeachment Senate trial]? No. The smart move was to reject it.

  6. #2666
    Plutonium sonatine's Avatar
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    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  7. #2667
    Diamond BCR's Avatar
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    That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.

  8. #2668
    Serial Blogger BeerAndPoker's Avatar
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    Quote Originally Posted by BCR View Post
    That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.
    With cards like that you can usually walk into your bank and ask them to pull it off which they can do the maximum the ard will let you do per withdrawal. They usually won't charge you a fee but the card itself will do whatever it is, however, if you have ATM's that only let you grab a few hundred bucks this is easier.

    Some people rather not go that route even tho the bank shouldn't hassle but can have your transactions logged so for people who don't want that they might avoid going this route. From what I've been told you can also walk into Walmart and go to the service desk to withdrawal the max amount for cheap.

    I just recently ordered the bitpay card myself but I'm still waiting for it to arrive. I'm not sure why I waited so long because these cards give you that extra option if an exchange gives you problems or you want access to your money immediately.

  9. #2669
    Diamond BCR's Avatar
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    Quote Originally Posted by BeerAndPoker View Post
    Quote Originally Posted by BCR View Post
    That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.
    With cards like that you can usually walk into your bank and ask them to pull it off which they can do the maximum the ard will let you do per withdrawal. They usually won't charge you a fee but the card itself will do whatever it is, however, if you have ATM's that only let you grab a few hundred bucks this is easier.

    Some people rather not go that route even tho the bank shouldn't hassle but can have your transactions logged so for people who don't want that they might avoid going this route. From what I've been told you can also walk into Walmart and go to the service desk to withdrawal the max amount for cheap.

    I just recently ordered the bitpay card myself but I'm still waiting for it to arrive. I'm not sure why I waited so long because these cards give you that extra option if an exchange gives you problems or you want access to your money immediately.

    Yeah, I don't know if I can walk into bank and use card that way. I don't think so, as they want the surcharge, but it's beside the point. I can always walk into my bank and get $3k for free. It's the convenience of not having to carry $5k in a Cleveland parking garage at 4 AM. The real bonus is not having a shit ton of coinbase>bank transfers if you have a heater. Lot easier to just grab cash through ATM. It's through real bank, so it's not going to evade taxes, but it seems a lot of banks start questioning people after they have a number of strange transfers from btc sites. I haven't ran into this problem, but it seems many do.

  10. #2670
    Plutonium sonatine's Avatar
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    Quote Originally Posted by BCR View Post
    That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.

    this sort of convenience could be a real game changer about mass adoption, the problem i see off the bat is it takes us well into the sorts of areas where the government, especially this one, would begin to turn up their war machines. like, i remember the beginning of the end for neteller was their atm cards, for example.

     
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      MumblesBadly: Cogent
      
      BCR: Was neteller card affiliated with American bank? I had one, but can't recall. This is issued though Metropolitan Bank in Manhattan, so I doubt it raises money laundering or tax evasion charges. With speed of btc withdrawals, it just feels like
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

    "America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs

  11. #2671
    Diamond BCR's Avatar
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    Quote Originally Posted by sonatine View Post
    Quote Originally Posted by BCR View Post
    That bitpay visa is a really useful card for me that I just recently obtained for $9. Having the ability to load up to 25k directly from blockchain wallet on it and withdraw 3k in a day out of ATM is preferable to having to always carry a wad of cash to a casino. It's a bit of a rip off having to do 4 $750 withdrawals consecutively and incur the $2 per transaction in addition to ATM surcharge, but still cheaper than most other options for grabbing $3k quickly. Ftr, I havent ever loaded 25k on it, but that's listed limit. Most I've put on it is a little over 8k. Just a nice quick backup if you're going to play 2/5 or 5/10 game and only feel like bringing a few grand on your person for safety. Also limits the volume of coinbase to bank withdrawals if you have a nosey bank.

    this sort of convenience could be a real game changer about mass adoption, the problem i see off the bat is it takes us well into the sorts of areas where the government, especially this one, would begin to turn up their war machines. like, i remember the beginning of the end for neteller was their atm cards, for example.

    *rep-challenged conclusion*


    Like the old days where you could move money around with bovada going 1-2 day btc withdrawals and being able to flip it onto card and go play live or convert to cash quickly. I hope the government doesn't get involved. The fluctuations don't touch me because I'm always converting btc to usd the minute they hit wallet. I was too late to the game for btc speculation.

  12. #2672
    Plutonium simpdog's Avatar
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    Just like that btc back over 1k

  13. #2673
    Diamond hongkonger's Avatar
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    Forgive my ignorance, but is it possible to have a reliable method for depositing and withdrawing USD to Bitcoin and vice versa, and using the Bitcoin to deposit and withdraw from online card rooms or sports books, such that the card room or sports book will not be able to know my identity?
    HILLARY WON

  14. #2674
    Diamond BCR's Avatar
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    Quote Originally Posted by hongkonger View Post
    Forgive my ignorance, but is it possible to have a reliable method for depositing and withdrawing USD to Bitcoin and vice versa, and using the Bitcoin to deposit and withdraw from online card rooms or sports books, such that the card room or sports book will not be able to know my identity?


    There's a strictly bitcoin bookmaker called nitro or something similar. That still doesn't solve the btc to usd part. Maybe someone more technically savvy will have a workaround. The problem is the poker sites and sports books that have real player pools require ID and utility bill when you make withdrawals randomly,
    particularly early. So unless you use your wife, you're looking at being confined to strictly btc poker and books, and then selling the btc for cash, which is probably a headache depending on exactly where you're at atm. There isn't any big poker sites that aren't going to require verifying your ID at some point that I'm aware of.

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    Silver GringoStar's Avatar
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    Quote Originally Posted by hongkonger View Post
    Forgive my ignorance, but is it possible to have a reliable method for depositing and withdrawing USD to Bitcoin and vice versa, and using the Bitcoin to deposit and withdraw from online card rooms or sports books, such that the card room or sports book will not be able to know my identity?

    There are a two main, reliable ways of doing this, in my estimation. This is, of course, in the US only, as tax and identification regulations in other countries differ and tend to be less strict than the US.

    1) Purchase things that can be easily flipped. Use a wallet (not linked to a real bank account) to briefly hold the coin and bounce it off to a retailer that accepts BTC. The list has grown, but I would suggest using one that sells gift cards. Then you can either use the gift card or sell them.

    2) Sounds daunting, but if you are amounting enough BTC that you are worried about the IRS or taxation (or you are in the middle of a divorce and trying to hide funds from your wife's lawyer), you could always become a vendor on a bitcoin exchange like Paxful. You end up basically selling 80% of your coin to prostitutes, because they use BTC to purchase ads on sites like Backstage (yes, they still do), etc. Again, annoying, but you usually end up with gift card - only this time you are selling your Bitcoin anywhere from 39-80cents on the dollar.

    I am sure there are other methods.

    ALSO, to everyone who STILL thinks Bitcoin is going to tank. YOU ARE WRONG. It'll go above $1500 before the Summer, but afterwards they also might crash again and go near or sub 500. Generally trending upwards, undoubtedly, look at them on a biannual scale. I would hold on to them, especially right now.
    Last edited by GringoStar; 02-12-2017 at 02:27 AM.

  16. #2676
    Owner Dan Druff's Avatar
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    A lot of people in poker are looking to buy and sell BTC.

    Just look around.

  17. #2677
    Plutonium Sanlmar's Avatar
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    Gringo or anyone else

    Does egifter.com still work? They took Bitcoin but they used Coinbase to process.

    The whole Coinbase thing has changed since I did this a long time ago. Coinbase got all militant and I wanted nothing to do with them.

    Once you deposited to egifter.com you could buy from about 250 gift cards including Amazon.

    Occurs to me that with Druff's reputation he could parlay that into becoming a small exchange himself.

    Light regulation and money laundering charges are annoying though.

  18. #2678
    Gold DonaldTrumpsHairPiece's Avatar
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    The world as a whole is too stupid to use bitcoin or should I say trust it. On the flip side the math and computer guys out of Russia and China are too smart.

    Bottom line, trade and play with this tulip as you wish but never forget it is only a gate way to something else.

     
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      GringoStar: this tulip? the scarcity of BTC is guaranteed, check out your local GOV currency

  19. #2679
    Silver GringoStar's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Gringo or anyone else

    Does egifter.com still work? They took Bitcoin but they used Coinbase to process.

    The whole Coinbase thing has changed since I did this a long time ago. Coinbase got all militant and I wanted nothing to do with them.

    Once you deposited to egifter.com you could buy from about 250 gift cards including Amazon.

    Occurs to me that with Druff's reputation he could parlay that into becoming a small exchange himself.

    Light regulation and money laundering charges are annoying though.

    You can make hundreds/thousands a week selling bitcoin on exchanges, but especially to those purchasing with gift card value.

    I am not sure about egifter, you'll have to check it out, but there are literally hundreds of places that accept BTC. You can check out "Gyft" which sells gift cards for btc, but if you are planning on doing it regularly you might as well find a place like Paxful and become a vendor because you will actually make profit in the exchange rather than losing it to transaction fees and fluctuating value during transactions/processing, etc.

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