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Thread: Bitcoins are officially donkdown

  1. #6541
    Serial Blogger BeerAndPoker's Avatar
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    Quote Originally Posted by Dan Druff View Post
    I've actually been holding off cashing out for this reason.

    I don't want them processing it while I'm sleeping, only to find that 20% of my money has vanished in between them sending it and my waking up.

    Also I'm afraid of their shady processor pulling shenanigans with the price they use to send it to me.
    True most of the time but they actually sent me an extra $35 to $40 according to the value at time it was sent so who knows.

    I felt it was going up and was willing to risk it otherwise I could have made the few percent when it did bounce back and get out early.

    Two years ago bitcoin was nuts around this time of year booming to the point each transaction cost at least $5 to $50 to send and if you didn't go with normal time frame trying to save your transaction could take days.

    This year is completely the opposite with bitcoin being down a lot from then but it only costs pennies per transaction you make.

  2. #6542
    Nova Scotia's REAL #1 Webcam DJ sonatine's Avatar
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    http://shanghai.pbc.gov.cn/fzhshangh...566/index.html


    "Once [bitcoin or cryptocurrency trading] is discovered, it will be disposed of immediately, and it will be prevented from happening early"

    china is not fucking around any longer.
    "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


  3. #6543
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    Quote Originally Posted by bitcoins View Post

    :SFO
    "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


  4. #6544
    Still plenty of profit being made by the large Bitcoin mining operations, they are mining at about $3,000 a Bitcoin.



     
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      MumblesBadly: But I thought Bitcoin was “Donkdown”???

  5. #6545
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    NICE BOUNCE TODAY. LETS SEE WHERE SEE GOES.
    --------------------------------------------------------------------------------------------
    Chaps' 2017-18 NFL $$ Thread

  6. #6546
    Owner Dan Druff's Avatar
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    Quote Originally Posted by DJ_Chaps View Post
    NICE BOUNCE TODAY. LETS SEE WHERE SEE GOES.
    Back down, apparently. At least somewhat.

  7. #6547
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    lotta people had scripted purchases at 6999 for the usual reasons, i was tempted to hang ten myself, but i think this is going to get worse before it gets better and the china sitch makes this especially difficult to grin & bare.
    "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


  8. #6548
    Fun read about the billion dollar scammer of OneCoin dubbed the 'CryptoQueen'....

    https://www.bbc.com/news/stories-504...=pocket-newtab

  9. #6549
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    FBI just arrested Ethereum employee Virgil Griffith for going to DPRK to essentially teach them how to evade sanctions using cryptocurrency.

     
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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


  10. #6550
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  11. #6551
    Owner Dan Druff's Avatar
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    Anyway, here's an interesting story.

    A major, major bitcoin mining ponzi scheme has been busted, which went on for years, and just ended two days ago.

    It was a supposed mining operation called BitClub, but apparently there was no mining involved. Victims were enticed to invest in a supposedly advanced mining operation, since modern bitcoin mining requires equipment too expensive for the average individual to afford. In this case, there was no mining at all. They faked the mining, and paid out "profits" with money from new investors, resulting in $722 million stolen total.

    Here's the indictment: https://www.justice.gov/usao-nj/pres...24926/download

    Here's the DOJ statement: https://www.justice.gov/usao-nj/bitclub

    Three Americans have been arrested, and two others are still being sought.


    Crypto investors have typically been easy marks, thus giving rise to the proliferation of scams. A few years ago, a super-obvious poker scam (where they solicited money to "invest" in poker bots which would auto-play and you'd be shipped the profits) was aimed only at the crypto community, and not the poker community. It was assumed that, as gullible as poker players can be, the crypto community was a better target, as this particular scam required the super-gullible.

    This particular mining scam, however, was fairly well conceived, as mining pools do exist, and it's difficult for the investor to verify whether real mining is taking place or not.

    If you read the indictment, you can see chat logs between the perpetrators, where they mock their victims as "idiots".

  12. #6552
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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


  13. #6553
    Unless the price for Bitcoin drops below $4,000 a coin, the big Bitcoin miners don't give a fuck.



    Quantum computers could ruin and damage Bitcoin’s security protocol. The elliptic curve signature system employed by Bitcoin is at jeopardy and could be destroyed by a quantum machine as early as 2027?
    Less than 3 million Bitcoin (BTC) remain to be mined, with the process expected to take around 121 years. Some allege however, that Google’s quantum computer, Sycamore, could do it in “less than 2 seconds”.

  14. #6554
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    MONKEYHAMMER BLOODBATH

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  15. #6555
    Owner Dan Druff's Avatar
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    I have over 2 BTC and have to decide if this is a permament crash (like the one I averted by selling at 9450), or if we are popping back up to 7k.

  16. #6556
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    Druff, I need some advice regarding AMEX annual fees (thread to come later), but hindsight bias withstanding, you should’ve sold your btc month + ago

  17. #6557
    Owner Dan Druff's Avatar
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    Quote Originally Posted by Krypt View Post
    Druff, I need some advice regarding AMEX annual fees (thread to come later), but hindsight bias withstanding, you should’ve sold your btc month + ago
    I did sell over a month ago at 9450. One of my best-timed BTC decisions ever, actually. I could feel the Kermit crash coming in my bones.

    I just got these 2 BTC over the past 2 days (most of it today).

  18. #6558
    Owner Dan Druff's Avatar
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    It touched 6700 today but I was busy and didn't sell. Then it kept sitting between 6600-6700 and I was waiting for it to happen again.

    Now it's crashing and sits at 6461.


  19. #6559
    Owner Dan Druff's Avatar
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    Sold for around 6870. I didn't panic when it went into the 6400 range earlier.

    Now Kermit can fall off the cliff and I can just laugh at the misfortune of the true believers.

  20. #6560
    What would Bryan Micon do?



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