Bitcoins are officially donkdown

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Originally Posted by Sanlmar

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Originally Posted by Sanlmar

Anyone interested in a $10 bet that the SEC does not approve the Winklevoss ETF on March 11th or before?

I am escrowed with Druff. He or I will ship in Bitcoin although pricing the transaction will be difficult in a falling market.

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Riddle

Limit poker player walks into a convenience store and purchases a can of Diet Coke for a dollar with bitcoin. His fees are 32 cents.

Was his purchase made with a currency or was this a nonscaled fee based money transfer?

Until this riddle can be hashed to "currency" the SEC votes no.

Two untimely events:

SHA1 has been hacked.

Cloudflare was hacked. Turns out it was a repository of a great number of BTC exchange logins.

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PayPal isn't a currency, it merely houses and transfers currency. BitCoin is a currency because the value is independent, or at least nonparallel, with government currency.

The value of a PayPal balance remains exactly the same value as whatever external currency it represents, but BitCoin value fluctuates based on speculation and, most importantly, on scarcity. In some ways, BitCoin is more of a true currency, in that way, than the US dollar, which is no longer tied to any real-world, scarce commodity.

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Originally Posted by snake_in_the_ass

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Originally Posted by chinamaniac

I'm predicting a run to $5000+

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Not me. I think bitcoins are going to get crushed in March/April.

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Based on what?

You know not what you say. It won't hit 5k yet, as it will probably crash again down to 4-500, but getting crushed in a month or two? No.

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Originally Posted by Sanlmar

Limit poker player walks into a convenience store and purchases a can of Diet Coke for a dollar with bitcoin. His fees are 32 cents.

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Had to stop right there because this always has annoyed me in life when I see people pay big fees (percentage wise) on tiny purchases.

When I was young working this job I knew a guy who went to an atm everyday that was not through his bank and took out $10 or $20 for lunch (whatever the minimum was). I'm like dude you are paying an insane rate per day in transaction fees. Why not take out enough for a at least a few days if you are going to do this? His response was "If I do that I will spend the money quickly on other stuff not stretching my paycheck out".

It made me question how many people are out there that have this same clueless logic and I'm sure it's quite a few.

Most things have a small transaction fee including credit cards (for the merchant) which many places won't even let you charge if you aren't spending at least $5 or $10 because they cannot handle eating the fee.

Bitcoin was not designed for micro transactions either.

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Originally Posted by BeerAndPoker

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Originally Posted by Sanlmar

Limit poker player walks into a convenience store and purchases a can of Diet Coke for a dollar with bitcoin. His fees are 32 cents.

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Had to stop right there because this always has annoyed me in life when I see people pay big fees (percentage wise) on tiny purchases.

When I was young working this job I knew a guy who went to an atm everyday that was not through his bank and took out $10 or $20 for lunch (whatever the minimum was). I'm like dude you are paying an insane rate per day in transaction fees. Why not take out enough for a at least a few days if you are going to do this? His response was "If I do that I will spend the money quickly on other stuff not stretching my paycheck out".

It made me question how many people are out there that have this same clueless logic and I'm sure it's quite a few.

Most things have a small transaction fee including credit cards (for the merchant) which many places won't even let you charge if you aren't spending at least $5 or $10 because they cannot handle eating the fee.

Bitcoin was not designed for micro transactions either.

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Dodd-Frank had a lot of good reforms in it, but this wasn't one of them. It used to be that merchants were explicitly told they couldn't do this type of shit, as it hurts credit card companies in the long run bc it can make people not use credit cards in situations which they would.

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All merchants are legally able to impose a minimum purchase, up to $10, for customers paying by credit card, under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Dodd-Frank was signed into law in December 2010.

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Friend just had 2k sent from his blockchain wallet unauthorized. No idea how or why. Any suggestion what he should do?

He was on a laptop via team viewer. im thinking this might have something to do with it.

sounds like he should have read this thread and realized bitcoins were donkdown.

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Originally Posted by backdoorb

Friend just had 2k sent from his blockchain wallet unauthorized. No idea how or why. Any suggestion what he should do?

He was on a laptop via team viewer. im thinking this might have something to do with it.

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Why do people leave money hanging in trees. This from their front page, but who knows what the fine print says

Safe & Secure

Our step-by-step Security Center helps you backup your funds, and protect them from unauthorized access.



https://blockchain.info/wallet/img/l...914dc1a6f1.pngSupported

Should you need help, our team will be there for you.

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Originally Posted by backdoorb

Friend just had 2k sent from his blockchain wallet unauthorized. No idea how or why. Any suggestion what he should do?

He was on a laptop via team viewer. im thinking this might have something to do with it.

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Your friend should have followed basic BTC protocol, which is to put any amount above $1000 in a "vault" or in any wallet which has 2-step verification on every sign-in.

What I would do is report it to whatever platform your friend is using to hold their Bitcoin.

What platform is your friend using? Has your friend accessed this platform from a computer/tablet/mobile device that anyone else has used or has access to?

Has your friend shared any information with anyone about the BTC wallet, aside from wallet addresses?

Has your friend recently downloaded any new software or had any computer issues? Has he/she opened any emails that turned out to be SPAM with an image, or with a link and they clicked the link?

Other than that, it is clearly related to TeamViewer. Did the person have control of your friend's computer? Can you tell more about the scenario and how the remote screen sharing came about? Was it a random guy from India who scammed your friend into letting him on his PC or does he normally use TeamViewer for business, etc?

what's the longest transaction time from a btc core local wallet transfer sent to coinbase. it has been over 36hrs and still 0 confirmations showing. coinbase shows the transaction in my account and has it marked "pending" still. I think the problem might be the low fee amount. I was reading it could take up to 5 days sometimes?

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Originally Posted by sonatine

sounds like he should have read this thread and realized bitcoins were donkdown.

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:lol2

Pretty sharp stock market trader wrote this on his blog today:

"As a parting postscript, we thought we would also offer up our opinion to those chasing what we believe to be the speculative du jour of the day – bitcoin.

Get out while you can.

Thirty years later and those same baseball cards are worth a fraction of what we'd sold them for in 1987. For bitcoin investors, we fear the fall will be even greater – as in, worthless. "

Sell at 1401, you're welcomed.

If people are brave enough to buy BTC at today's prices, fair play to them if it actually ever does really blow up huge.

Someone tell me I'm alright here

Have BitPay app account on my phone.
Got phone replaced yesterday
Tried logging into my BitPay app with the 12 word phrase they give out
Can't log in
Waiting to hear from bitpay

Anyone ever deal. With this bullshit? I would have transferred everything out if I knew I'd be left out in the lurch lime this


Anyone?

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Originally Posted by Spookygook

Someone tell me I'm alright here

Have BitPay app account on my phone.
Got phone replaced yesterday
Tried logging into my BitPay app with the 12 word phrase they give out
Can't log in
Waiting to hear from bitpay

Anyone ever deal. With this bullshit? I would have transferred everything out if I knew I'd be left out in the lurch lime this


Anyone?

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They are probably backed up responding to all the other users whose bitcoins are donkdown.

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Originally Posted by Spookygook

Anyone ever deal. With this bullshit?

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Yea, like everyone involved not on the original dev team ever.

Bitcoin price higher than gold.

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Originally Posted by smiflorida

what's the longest transaction time from a btc core local wallet transfer sent to coinbase. it has been over 36hrs and still 0 confirmations showing. coinbase shows the transaction in my account and has it marked "pending" still. I think the problem might be the low fee amount. I was reading it could take up to 5 days sometimes?

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so I ended up sending the transaction with such a low fee that the transfer was returned. this never happen in all the time I've used bitcoins. sometimes it may take a few days but never stay unconfirmed. after the transaction disappeared from the blockchain, I had to run Bitcoin Core with the -zapwallettxes to erase the unconfirmed transaction so the bitcoins balance would update back into my wallet.

what a pain in the ass..

said everyone involved ever.

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Originally Posted by Sanlmar

Bitcoin price higher than gold.

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During the gold bull market of the 70's, there were people lined up outside coin stores around the block waiting to get inside to buy coins. It didn't have a happy ending.

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Originally Posted by snake_in_the_ass

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Originally Posted by Sanlmar

Bitcoin price higher than gold.

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During the gold bull market of the 70's, there were people lined up outside coin stores around the block waiting to get inside to buy coins. It didn't have a happy ending.

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Yeah, but that precious metal bubble was because gold was partly marching in formulaic lockstep with silver when the Hunt brothers were trying to corner the futures market. The bubble burst shortly after the exchange raised the margin requirement, forcing the Hunts to quickly liquidate at unfavorable prices to try to cover their margin call.

Also, gold was partially linked with oil, and when the Saudis said "Fuck you, OPEC cheaters!" and opened the spigot on production in the mid 1980s, gold tumbled along with oil.

So, I'm not sure what is the modern equivalent co-factor regarding bitcoin. And China doesn't seem to really yet be doing much to shut down capital flight. And me thinks they don't mind the Yuan being a bit weak given risng wages there and the crackdown on corruption dampening profits.

The Hunt Brothers and the Winkelvii.

Your post makes me want to revisit the Hunts version of

"The immense pain of losing a lot of money gambling in one day."

An epic tale. You know of a well done version of their story? Swear to god first time I read about them was in Sports Illustrated as a kid

 

 

 

 

 

sell at 1401

The SEC approval of the BTC ETF's is the catalyst to this recent move.

If approved the Winkelvii's fund could see $300 million influx that will need matching underlying BTC asset. This is huge buying. Not to mention the SEC affirmation of BTC.

Imagine Black Rock or Vanguard (2 examples of ETF players) joining the action subsequently.

Risk/reward has gotta be 1:2 minimum. Hell, Bitcoin may not fall at all if SEC doesn't approve (Just joking Sonatine)

Here's some game theory regarding SEC approval:

You're the SEC guy leading the decision.
You approve and things go wrong - huge hack... further blockchain controversy like forking --> you lose your job

You approve and things go right ---> nobody gives you a pat on the back

There is a 3rd possibility ---> SEC renders NO decision. In which case, the ETF can proceed anyway.

I still say it's a no approval decision. But I think the gamble speculators are making is the right play.

This SEC thing is huge and I don't think we have yet to see the discussion heat up. Wait til next week.

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Originally Posted by Sanlmar

Bitcoin may not fall

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http://i.imgur.com/yenWxmi.jpg

Micon must be ballin right about now, right?

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Originally Posted by Mintjewlips

Micon must be ballin right about now, right?

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I don't know how he is coping with the pain right now. Xanax?

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Originally Posted by GringoStar

PayPal isn't a currency, it merely houses and transfers currency. BitCoin is a currency because the value is independent, or at least nonparallel, with government currency.

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“PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system.

I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.”

- Peter Thiel

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I left his second sentence in the interest of sanlmar honesty. Thiel's intent that PayPal be a new currency is more important as that was fact and the second sentence is his guess about Bitcoin.

The fact of the matter is that Bitcoin would immediately be rendered worthless if you closed the exchanges today. BTC only has value relative to fiat currency. You speculate then you are rewarded in dollars.

On the transaction/payment side it was enormously successful for the Chinese. Bitcoin wasn't the currency/yuan hedge but a method of transacting yuan to dollars or francs. It was just a method for exchange.

I leave the above to stand on its own merit.

I will add that Thiel is a made guy. He is a brilliant fag. Chess master at a young age. He was Milo at Stanford. He started a very conservative student paper that was nearly as outrageous as Milo. This is often forgotten or overlooked in his narrative. Love it.

Thiel was also very lucky. He didn't invent PayPal. That was another fellow he knew. He facilitated the development of PayPal and sold it to eBay literally a month before the Dot.com collapse for like $1.5billion. Luck meets opportunity or some such shit.

Nevertheless, he was theGodfather of the PayPal mafia. Elon Musk and the crew. Thiel is opinionated and balled hard with his hedge fund. He made big bets. He wasn't a Nancy-boy.

I agree with Thiel's politics and attitude. He has not gone soft and love that he is a Trump advisor. The similarity between Thiel and Milo amuses me. I swear Thiel may have been Milo's inspiration. I joked it would be god if Milo found a place on Trumps staff. We got the original article.

It's all Kabuki theater - but it's a fun rabbit hole if you like to waste time as I do.

Skip to 8:30 Gringo for PayPal & Bitcoin. Frankly, anything Thiel says on any subject is worth a listen.

http://www.youtube.com/watch?v=FMDlhy-ZTNo

Edit:
Here's a little Thiel trivia and an investing term that will win you the last round of Jeopardy

Mimetic markets. The notion that people simply imitate others actions. (Irrespective of any thought). Sound familiar?

Thiel holds the concept of mimetic investing dear to his core approach. He knows who the fish are.

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Originally Posted by Sanlmar

...

Skip to 8:30 Gringo for PayPal & Bitcoin. Frankly, anything Thiel says on any subject is worth a listen.

http://www.youtube.com/watch?v=FMDlhy-ZTNo

Edit:
Here's a little Thiel trivia and an investing term that will win you the last round of Jeopardy

Mimetic markets. The notion that people simply imitate others actions. (Irrespective of any thought). Sound familiar?

Thiel holds the concept of mimetic investing dear to his core approach. He knows who the fish are.

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Extremely interesting, I appreciate it. PayPal has definitely been flirting with digital currency for awhile now, as they quietly own Venmo and various other technologies in the field.

My feeling is that one of two things will happen:

1) PayPal stops flirting and integrates with BitCoin in a rudimentary way (probably by charging huge fees to cover variance) and bitcoin price actually does skyrocket, while other companies scramble to catch up by throwing around a lot of investments toward rolling out new interfaces and protocol.

2) PayPal makes or adopts a new State-approved crytocurrency that does not supply the same degree of anonymity and ultimately gets around the issue Thiel references of being able to pay your taxes. While he seems fairly principled in the way he spoke about the merit of crytocurrency being primarily in its anonymity, I feel that the only way that ease-of-use improves is by removing regulations and certain security measures, which means compromising with the men with the guns (unless Costa Rica wants to give it a go, but unlikely without a true military).

SEC’s First Bitcoin ETF Deadline is Actually March 13, Not March 11
https://news.bitcoin.com/secs-first-...-not-march-11/

Nobody has the date right. Even more important is that this is a deadline only and the decision might be made before that.

The first clue will be the price action ... not the announcement

That will be the most fun this week either way. Buckle up

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Originally Posted by Sanlmar

The first clue will be the price action ...

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yeah because 98% of the market movements havent been predicated on chinese whimsey or anything.

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Originally Posted by Sanlmar

SEC’s First Bitcoin ETF Deadline is Actually March 13, Not March 11
https://news.bitcoin.com/secs-first-...-not-march-11/

Nobody has the date right. Even more important is that this is a deadline only and the decision might be made before that.

The first clue will be the price action ... not the announcement

That will be the most fun this week either way. Buckle up

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Isnt going through on the 13th.

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Originally Posted by sonatine

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Originally Posted by Sanlmar

The first clue will be the price action ...

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yeah because 98% of the market movements havent been predicated on chinese whimsey or anything.

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The market always seeks to hurt the most people with one move. China seems like a big enough target.

Sitting on 10.3 BTC, most of which I acquired recently, and I just lost $1000 thanks to today's crash.

:gay

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Originally Posted by snake_in_the_ass

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Originally Posted by chinamaniac

I'm predicting a run to $5000+

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Not me. I think bitcoins are going to get crushed in March/April.

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Down $100/coin in past few days.

Drilling
Just saw $1160
New low

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Originally Posted by Sanlmar

Drilling
Just saw $1160
New low

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I find this comment funny when I remember back to where bitcoin was trading when I first criticized the bitcoin doomsday predictions on this forum as likely being indicative of overconfidence bias.

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Originally Posted by Dan Druff

Sitting on 10.3 BTC, most of which I acquired recently, and I just lost $1000 thanks to today's crash.

:gay

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And you are complaining because you actually have the ability using bitcoin to relatively cheaply circumvent financial transaction restrictions related to online gambing/poker so that you don't have to relocate out of the US to make a living playing poker? And the political party you supported in the 2000s passed the ridiculous law that enacted those restictions?

:facepalm3

UH OH

Yeah, I don't want to be an alarmist, but anyone holding Bitcoin for short-term investments should sell. It will be back up, but the last few days appear to be the plateau before a dive.

However, it's a good opportunity to re-buy several hundred dollars lower in a month or two and then watch it go back up.