Bitcoins are officially donkdown

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Originally Posted by monsterj

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Originally Posted by Sanlmar

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

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I wonder how accurate this is. If I were running a business that accepted BTC, there is no way in hell I would keep it in crypto. WAY too big of risk.

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Exactly. Any other business dependent on a commodity would hedge. Weak example is jet fuel and airlines. International manufacturers hedge currencies. You really never could with BTC.

Processing has got to suck on it’s own merit. The sites gotta be paying the processing fees to make this worthwhile. I have on occasion wondered if a site will cancel BTC as an option.

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

I congratulate you on the futures play recently.

While Druff rues not being long years ago I remember seeing March futures at $20k when BTC spot was $18k. They just wanted too much from me and I passed.

There were certainly guys who binked HUGE. Such a clean descent you never would have been shaken out. I wish someone had a blog or whatever chronicaling their windfall.

I am resigned to a life of nickels & dimes.

https://www.youtube.com/watch?v=5N1_2sqTfAA


Sounds like a solid strategy

https://www.youtube.com/watch?v=mG_knO0AeeU

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Originally Posted by Sanlmar

I congratulate you on the futures play recently.

While Druff rues not being long years ago I remember seeing March futures at $20k when BTC spot was $18k. They just wanted too much from me and I passed.

There were certainly guys who binked HUGE. Such a clean descent you never would have been shaken out. I wish someone had a blog or whatever chronicaling their windfall.

I am resigned to a life of nickels & dimes.

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One future would have made over $50k in 45 days! That's Hilary Clinton level returns there. I have to imagine there will be lots of new million dollar condos being bought here Chicago after this decent.

All of a sudden the big guys can hold BTC and trade the spread on spot OTC for huge size with no delta risk. It's incredible the money you could make just taking phone calls from paper that has to get in the cool new bitcoin and doesn't care about how wide your bid ask is.

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Originally Posted by Sanlmar

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

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That's why we keep you around, Sanlmar.

I actually forgot that some offshore books are Bitcoin Only (betcoin.ag, Nitrogen Sports being two of the larger ones) where their site allows bets only in BTC, whereas most only allow you do deposit in bitcoin but exchange it to dollars.

So, yeah only portion of this offshore betting requires a "buy and hold" component leading up to the Super Bowl - the bitcoin only books - and I agree, the other part is revenue neutral for bitcoin demand.

Look for a small effect on bitcoin overnight, but nothing too huge...I stand somewhat corrected.

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Originally Posted by BetCheckBet

https://www.youtube.com/watch?v=5N1_2sqTfAA


Sounds like a solid strategy

https://www.youtube.com/watch?v=mG_knO0AeeU

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tine has this shit playing on loop 24/7...

https://www.youtube.com/watch?v=b4uvoogiDTc

One of the greatest You Tube Videos I have ever seen (and I have seen thousands).



https://www.youtube.com/watch?v=z363s28e8TE

bunch of homos jerking each other off

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Originally Posted by big dick

bunch of homos jerking each other off

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I love these new terms of "stored value" and "liquid gold". Reminds me of the Dot.Com 1999 days when people threw around "new economy" and "profits don't matter". Fundamentals always matter. I was standing in line today at Dunkin Donuts, never once did I think "Boy, it would be nice to pay with a Bitcoin". Nobody fucking says that.

biggest homo out a large group of homos


this is like the 3rd time you said this. Get some new material

Hopefully DonaldTrumpsHairPiece is hanging in there. Doesn't look good at the moment. And seriously, thank you Sonatine for your $60,000 BTC target by March 2018. I did scale back big-time and you saved me a ton. You fucking mush.

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Originally Posted by monsterj

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

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Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

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Originally Posted by big dick

biggest homo out a large group of homos


this is like the 3rd time you said this. Get some new material

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http://www.valuewalk.com/wp-content/...A-Bubble-1.jpg

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Originally Posted by snake_in_the_ass

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Originally Posted by monsterj

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

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Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

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The people holding Spot(the public). The market makers will trade with you as long as they can sell on spot and buy futures. This is the pressure of the tail wagging the dog.

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Originally Posted by big dick

bunch of homos jerking each other off

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ahhh shitcoins must be deflating again.

[smart money]
|
V
[institutional money]
|
V
[public]
|
V
[big dick]

ABSOLUTELY SICK BLOODBATH REVERSAL

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Originally Posted by Krypt

ABSOLUTELY SICK BLOODBATH REVERSAL

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Krypt unloads a full clip into a dead body.

Show some respect.

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Originally Posted by monsterj

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Originally Posted by snake_in_the_ass

Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

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The people holding Spot(the public). The market makers will trade with you as long as they can sell on spot and buy futures. This is the pressure of the tail wagging the dog.

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So they are selling on an exchange and then shorting an equivalent amount on the futures? Why not just short on gdax with an institutional account? Never played with futures.

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Originally Posted by Sanlmar

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Originally Posted by Krypt

ABSOLUTELY SICK BLOODBATH REVERSAL

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Krypt unloads a full clip into a dead body.

Show some respect.

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He is Persian, they lack class and respect. I don't even think they wash their hands after using the bathroom.

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Originally Posted by sonatine

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Originally Posted by big dick

bunch of homos jerking each other off

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ahhh shitcoins must be deflating again.

[smart money]
|
V
[institutional money]
|
V
[public]
|
V
[big dick]

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The big difference in all this, is there are no institutional investors, it's all a bunch of faggots trying to get rich quick and FOMO is extreme. Problem is on the leg down the retail shitbag already mortgaged his house so he has no more money. If this were traded on a legit exchange the margin calls already would have taken this to zero.

Bitcoin is not a currency, it never was. There is no demand for crypto currency, none. So Bitcoin is an asset, but in produces NO income from it. At least Gold can be converted to jewelry and wedding rings.

Sonatine was correct all along. He was right on Charlie Sheen, right on Prince, right on Bitcoin, wrong on Trump. 3/4 ain't bad. Just because Bitcoin went to $20K does not make him wrong. It just makes him early.

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Originally Posted by Sanlmar

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Originally Posted by Krypt

ABSOLUTELY SICK BLOODBATH REVERSAL

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Krypt unloads a full clip into a dead body.

Show some respect.

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http://i.imgur.com/O1hmwwf.png

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Originally Posted by tgull

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Originally Posted by sonatine

ahhh shitcoins must be deflating again.

[smart money]
|
V
[institutional money]
|
V
[public]
|
V
[big dick]

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The big difference in all this, is there are no institutional investors, it's all a bunch of faggots trying to get rich quick and FOMO is extreme. Problem is on the leg down the retail shitbag already mortgaged his house so he has no more money. If this were traded on a legit exchange the margin calls already would have taken this to zero.

Bitcoin is not a currency, it never was. There is no demand for crypto currency, none. So Bitcoin is an asset, but in produces NO income from it. At least Gold can be converted to jewelry and wedding rings.

Sonatine was correct all along. He was right on Charlie Sheen, right on Prince, right on Bitcoin, wrong on Trump. 3/4 ain't bad. Just because Bitcoin went to $20K does not make him wrong. It just makes him early.

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placeholder to remind me to rep in 5 hours and edit this post so its another picture of a magical pony.

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Originally Posted by tgull

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Originally Posted by sonatine

ahhh shitcoins must be deflating again.

[smart money]
|
V
[institutional money]
|
V
[public]
|
V
[big dick]

---

The big difference in all this, is there are no institutional investors, it's all a bunch of faggots trying to get rich quick and FOMO is extreme. Problem is on the leg down the retail shitbag already mortgaged his house so he has no more money. If this were traded on a legit exchange the margin calls already would have taken this to zero.

Bitcoin is not a currency, it never was. There is no demand for crypto currency, none. So Bitcoin is an asset, but in produces NO income from it. At least Gold can be converted to jewelry and wedding rings.

Sonatine was correct all along. He was right on Charlie Sheen, right on Prince, right on Bitcoin, wrong on Trump. 3/4 ain't bad. Just because Bitcoin went to $20K does not make him wrong. It just makes him early.

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Only financial advisor touts use that line "I'm not wrong, I'm just early." Peter Schiff is famous for using that line. If you took sonatines advice and shorted BTC, you would be bankrupt. So how was he right?

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Originally Posted by snake_in_the_ass

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Originally Posted by tgull

The big difference in all this, is there are no institutional investors, it's all a bunch of faggots trying to get rich quick and FOMO is extreme. Problem is on the leg down the retail shitbag already mortgaged his house so he has no more money. If this were traded on a legit exchange the margin calls already would have taken this to zero.

Bitcoin is not a currency, it never was. There is no demand for crypto currency, none. So Bitcoin is an asset, but in produces NO income from it. At least Gold can be converted to jewelry and wedding rings.

Sonatine was correct all along. He was right on Charlie Sheen, right on Prince, right on Bitcoin, wrong on Trump. 3/4 ain't bad. Just because Bitcoin went to $20K does not make him wrong. It just makes him early.

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Only financial advisor touts use that line "I'm not wrong, I'm just early." Peter Schiff is famous for using that line. If you took sonatines advice and shorted BTC, you would be bankrupt. So how was he right?

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I don't daytrade long and shorts anymore. I did that circa 1999 on dotcoms and for like a year or two I was really, really smart. Then I was really dumb in 2002. What people are doing with Bitcoin is simply casino roulette with worse long term odds. I just think its hilarious people think its anything otherwise. Digital gold, Digital gold.

you're stilll dumb

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Originally Posted by tgull

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Originally Posted by snake_in_the_ass

Only financial advisor touts use that line "I'm not wrong, I'm just early." Peter Schiff is famous for using that line. If you took sonatines advice and shorted BTC, you would be bankrupt. So how was he right?

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I don't daytrade long and shorts anymore. I did that circa 1999 on dotcoms and for like a year or two I was really, really smart. Then I was really dumb in 2002. What people are doing with Bitcoin is simply casino roulette with worse long term odds. I just think its hilarious people think its anything otherwise. Digital gold, Digital gold.

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Back to the "I'm not wrong, I'm just early" statement. Reminds me of the NFL touts who sell picks. Say they say take the Eagles +4.5 in the Superbowl and they have 4 turnovers and lose the game by 5. The tout will never say, "Sorry, I made a bad pick." They will say "you can't handicap turnovers." That is exactly like saying "I am not wrong, I am just early." Only frauds say that line.

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Originally Posted by snake_in_the_ass

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Originally Posted by tgull

I don't daytrade long and shorts anymore. I did that circa 1999 on dotcoms and for like a year or two I was really, really smart. Then I was really dumb in 2002. What people are doing with Bitcoin is simply casino roulette with worse long term odds. I just think its hilarious people think its anything otherwise. Digital gold, Digital gold.

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Back to the "I'm not wrong, I'm just early" statement. Reminds me of the NFL touts who sell picks. Say they say take the Eagles +4.5 in the Superbowl and they have 4 turnovers and lose the game by 5. The tout will never say, "Sorry, I made a bad pick." They will say "you can't handicap turnovers." That is exactly like saying "I am not wrong, I am just early." Only frauds say that line.

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yeah tgull, because if there is one person you want to modulate your opinions for, its the guy who managed to profit off a ponzi scheme because he listened to my advice and got out early, but hates me for being right.

:lol2 :lol2 :lol2 :lol2 :lol2

More Pets.com symmetry:

Second commercial after the national anthem at the Super Bowl = TD Ameritrade. Ends commercial with:

"Bitcoin futures now available".



Society is doomed.

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Originally Posted by Forum Wars

More Pets.com symmetry:

Second commercial after the national anthem at the Super Bowl = TD Ameritrade. Ends commercial with:

"Bitcoin futures now available".



Society is doomed.

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lol also society:

Lloyds Bank to ban credit card owners from buying cryptocurrencies

https://www.reuters.com/article/us-l...-idUSKBN1FO0UL

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Originally Posted by sonatine

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Originally Posted by Forum Wars

More Pets.com symmetry:

Second commercial after the national anthem at the Super Bowl = TD Ameritrade. Ends commercial with:

"Bitcoin futures now available".



Society is doomed.

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lol also society:

Lloyds Bank to ban credit card owners from buying cryptocurrencies

https://www.reuters.com/article/us-l...-idUSKBN1FO0UL

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Yeah, that matches JP Morgan Chase, Bank of America, and Citi, who also announced this weekend. (Capital One and Discover had already enacted their own bans.)

Talk about a concerted effort...I believe debit cards are OK though.

http://fortune.com/2018/02/04/banks-...n-credit-card/


"The moves are above all in the banks’ self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever."

I can't imagine the sickness of buying BTC on credit at $19,000 and watching this past month unfold not knowing how you're gonna pay.

Half Time graded Bitcoin-only Sportsbook payouts with people scramblin?:

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Originally Posted by Forum Wars

"The moves are above all in the banks’ self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever."

I can't imagine the sickness of buying BTC on credit at $19,000 and watching this past month unfold not knowing how you're gonna pay.

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https://i.imgur.com/GP3gVMn.gif

https://i.imgur.com/OgYtfpl.gif

https://i.imgur.com/qGW5yeO.gif

http://i.imgur.com/OYQKOZp.gif

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Originally Posted by Forum Wars

Half Time graded Bitcoin-only Sportsbook payouts with people scramblin?:

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in all fairness that's normal variance for bitcoin.

Market depth still terrible though and could easily see bitcoin at 5-6k by end of the week.

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Originally Posted by snake_in_the_ass

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Originally Posted by monsterj

The people holding Spot(the public). The market makers will trade with you as long as they can sell on spot and buy futures. This is the pressure of the tail wagging the dog.

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So they are selling on an exchange and then shorting an equivalent amount on the futures? Why not just short on gdax with an institutional account? Never played with futures.

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They dont use gdax. They use OTC call around brokers.

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Originally Posted by BetCheckBet

in all fairness that's normal variance for bitcoin.

Market depth still terrible though and could easily see bitcoin at 5-6k by end of the week.

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Pretty much. I've been witholding posting any more "charts" because it makes some people on here mad...

charts are making people mad?


well then!


http://i.imgur.com/PVsuM5O.gif


Rumor is that was Micon cashing out to finish paying his lawyer but

https://i.imgur.com/ZOB9YMN.png

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Originally Posted by snake_in_the_ass

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Originally Posted by tgull

The big difference in all this, is there are no institutional investors, it's all a bunch of faggots trying to get rich quick and FOMO is extreme. Problem is on the leg down the retail shitbag already mortgaged his house so he has no more money. If this were traded on a legit exchange the margin calls already would have taken this to zero.

Bitcoin is not a currency, it never was. There is no demand for crypto currency, none. So Bitcoin is an asset, but in produces NO income from it. At least Gold can be converted to jewelry and wedding rings.

Sonatine was correct all along. He was right on Charlie Sheen, right on Prince, right on Bitcoin, wrong on Trump. 3/4 ain't bad. Just because Bitcoin went to $20K does not make him wrong. It just makes him early.

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Only financial advisor touts use that line "I'm not wrong, I'm just early." Peter Schiff is famous for using that line. If you took sonatines advice and shorted BTC, you would be bankrupt. So how was he right?

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So far he couldn't be more wrong. It's at 8K not zero you are just making yourself look like a jackass IF IT GOES TO ZERO OR EVEN 1K YOU HAVE ALL THE RIGHT IN THE WORLD TO TALK SHIT but not when it's @ 8k and was @ 400 last year. Surely you see how this would make you look like a shit talking schmuck right?

caps were an accident btw but lol how they kinda fit in perfectly