Bitcoins are officially donkdown

[sonatine]

[Scandinavian Bob]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

[sonatine]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

a nuance here that has been fascinating me lately is that just because a single bitcoin costs $17k now, it does not mean that N bitcoins represent an aggregate investment of N*17k.

so the 'logical' value of a bitcoin is 17k... to whomever sells before the music stops.

once people start to panic unload, the value is going to go off a cliff, not slide down a ramp, with a lot of people simply never being able to unload their coins because the next guy is going to undercut the buying price (if there even is one) by 10-20% just to make sure he doesnt get fucked, meanwhile the guy behind him is going to do the same, and so on, and so on, and so on.

seriously one weird tweet from Trump about interpol taking a look at exchanges and the 17k ephemeral value drops to exactly fuckall because there wont be buyers anymore to speak of.

[lol wow]

THAT IS SOME SCINTILLATING STUFF FATS

[OSA]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

a nuance here that has been fascinating me lately is that just because a single bitcoin costs $17k now, it does not mean that N bitcoins represent an aggregate investment of N*17k.

so the 'logical' value of a bitcoin is 17k... to whomever sells before the music stops.

once people start to panic unload, the value is going to go off a cliff, not slide down a ramp, with a lot of people simply never being able to unload their coins because the next guy is going to undercut the buying price (if there even is one) by 10-20% just to make sure he doesnt get fucked, meanwhile the guy behind him is going to do the same, and so on, and so on, and so on.

seriously one weird tweet from Trump about interpol taking a look at exchanges and the 17k ephemeral value drops to exactly fuckall because there wont be buyers anymore to speak of.

Oh the retweets and reactions. Might make twitter crash with traffic.

[Tellafriend]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

Don't worry, the guvment will bail them out, just like they did for the house speculators.

[OSA]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

Don't worry, the guvment will bail them out, just like they did for the house speculators.

Hopefully the student loan borrowers first

[Scandinavian Bob]

I am glad I am seeing and reading commentary that people are finally admitting Bitcoin is not a currency. It cannot be a currency because it has no float and way too volatile. You can never go into a BMW dealership with a flash drive with 5 Bitcoins and walk out with a new car.

What Bitcoin is now, is an asset. Problem is this asset does not produce any value. This is what is driving guys like Jamie Dimon nuts, is Bitcoin is based on a belief and future value, but nobody can identify what that value is.

Because very few people hold bitcoin in large values, say north of 10,000+ coins, there is a high probability these whales know each other. Because bitcoin is unregulated, these owners of large bitcoin quantities can collude (legally) to sell. It's a tremendous risk to the proverbial system. Wealth could rapidly get concentrated to a very few who have never created anything. That is the issue long term, billions are redistributed, but no assets are being created in the process.

Central bankers obviously are going to step in at some point, as many people mortgaging their homes will lose all their money to the market manipulators. A very few are going to make a ton of money, many will lose it all. I suspect central governments will tax bitcoin profits at 75%, basically destroying it's value. Then it's real lure is to tax cheats.

I don't give a shit either way, I like the story. Personally I am not mad at myself for not buying at $20, because I certainly would have sold at $100. I'd like to see the coins get to $100,000, just as I like spectacular hurricanes, I like spectacular crashes.

a nuance here that has been fascinating me lately is that just because a single bitcoin costs $17k now, it does not mean that N bitcoins represent an aggregate investment of N*17k.

so the 'logical' value of a bitcoin is 17k... to whomever sells before the music stops.

once people start to panic unload, the value is going to go off a cliff, not slide down a ramp, with a lot of people simply never being able to unload their coins because the next guy is going to undercut the buying price (if there even is one) by 10-20% just to make sure he doesnt get fucked, meanwhile the guy behind him is going to do the same, and so on, and so on, and so on.

seriously one weird tweet from Trump about interpol taking a look at exchanges and the 17k ephemeral value drops to exactly fuckall because there wont be buyers anymore to speak of.

This is correct, because there is no value in bitcoin, it just takes as much of a rumor to collapse it. Most of the volume on bitcoins reportedly have been in Asia, just about all retail. You literally have people taking their paychecks and dumping it into bitcoin. In my early 20s, I literally was using credit cards to buy dot com stocks, you get wrapped into a dream and can't wake up.

What we are seeing now is the FOBLB effect. Better known as Fear Of Being Left Behind. There was a guy on CNBC saying bitcoin in 20 years would be $1M a coin. When challenged why a $1M and not a Billion, he had no answer, but got right back on his talking points that this was "Digital Gold", and "Stored Value" and all the terminology that get people so excited.

Years ago in college, I almost bit on an MLM scheme, where the math they showed led you to millions. You talk to a mere 50 people in a month, 10 buy, then those 10 people talk to 500 people in total and 50 buy, then 5000, and so forth. It's intoxicating to say the least. LOL.

As soon as enough people start cashing out, the dollars will dry up instantly. There is not enough cash to sustain a run to the exits as you put it. Greed is so beautiful. Gamblers can never get enough that is for sure.

[Sanlmar]

[snake_in_the_ass]

a nuance here that has been fascinating me lately is that just because a single bitcoin costs $17k now, it does not mean that N bitcoins represent an aggregate investment of N*17k.

so the 'logical' value of a bitcoin is 17k... to whomever sells before the music stops.

once people start to panic unload, the value is going to go off a cliff, not slide down a ramp, with a lot of people simply never being able to unload their coins because the next guy is going to undercut the buying price (if there even is one) by 10-20% just to make sure he doesnt get fucked, meanwhile the guy behind him is going to do the same, and so on, and so on, and so on.

seriously one weird tweet from Trump about interpol taking a look at exchanges and the 17k ephemeral value drops to exactly fuckall because there wont be buyers anymore to speak of.

This is correct, because there is no value in bitcoin, it just takes as much of a rumor to collapse it. Most of the volume on bitcoins reportedly have been in Asia, just about all retail. You literally have people taking their paychecks and dumping it into bitcoin. In my early 20s, I literally was using credit cards to buy dot com stocks, you get wrapped into a dream and can't wake up.

What we are seeing now is the FOBLB effect. Better known as Fear Of Being Left Behind. There was a guy on CNBC saying bitcoin in 20 years would be $1M a coin. When challenged why a $1M and not a Billion, he had no answer, but got right back on his talking points that this was "Digital Gold", and "Stored Value" and all the terminology that get people so excited.

Years ago in college, I almost bit on an MLM scheme, where the math they showed led you to millions. You talk to a mere 50 people in a month, 10 buy, then those 10 people talk to 500 people in total and 50 buy, then 5000, and so forth. It's intoxicating to say the least. LOL.

As soon as enough people start cashing out, the dollars will dry up instantly. There is not enough cash to sustain a run to the exits as you put it. Greed is so beautiful. Gamblers can never get enough that is for sure.

When it eventually goes donkdown, it will drop 50-75% in one day leaving 1000's of bagholders wondering what went wrong.

[sonatine]

http://dfw.cbslocal.com/2017/12/12/b...es-investment/


honestly i wonder if this is exactly what china was waiting for before the yank the rug.

[Scandinavian Bob]

http://dfw.cbslocal.com/2017/12/12/b...es-investment/


honestly i wonder if this is exactly what china was waiting for before the yank the rug.

He was on CNBC yesterday. Like I said, in my mid early 20s I literally was cashing in credit cards to buy dot.coms in the 90s. History proves when this happens, the end is near. I knew barbers in 2006 that were flipping houses.

[DonaldTrumpsHairPiece]

http://dfw.cbslocal.com/2017/12/12/b...es-investment/


honestly i wonder if this is exactly what china was waiting for before the yank the rug.

He was on CNBC yesterday. Like I said, in my mid early 20s I literally was cashing in credit cards to buy dot.coms in the 90s. History proves when this happens, the end is near. I knew barbers in 2006 that were flipping houses.

With all do respect the end is near is a buying op for us with cash so...thank you.

[sonatine]

[OSA]

Giggles. What does this do differently besides it being faster than bitcoin?



But as the cryptocurrency protocol closes on 18 months without an upgrade, is the fun-loving dogecoin finally dying? And what does dying even mean for a distributed software currency?

According to Jackson Palmer, the cryptocurrency's founder (who departed the community amidst growing acrimony in 2015), dogecoin has seen a broad decline on the development side – a state of affairs that doesn't bode well for its longevity.

Palmer, who continues to maintain his distance although he checks in on the parody currency every so often, told CoinDesk:


"New features aren't being implemented into dogecoin because there's no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down."


TBF, this was in March

[OSA]

http://dfw.cbslocal.com/2017/12/12/b...es-investment/


honestly i wonder if this is exactly what china was waiting for before the yank the rug.

Speaking of China, NEO Coin is @ $36 from $6 dollars in July.


https://coinmarketcap.com/currencies...storical-data/

[DJ_Chaps]

fuck yeah baby, all abooooooooooooaarrrrrrd.

[sonatine]

https://www.reuters.com/article/us-m...-idUSKBN1E703O

south korea holding emergency meeting on cryptocoin trading and planning to drop The Hammer on friday.


and so it begins.

[Sanlmar]

Bitcoin games are legal.

Poker is illegal.

All pathological phenomena are not created equal

[Sanlmar]

Giggles. What does this do differently besides it being faster than bitcoin?

Sonatine has for years contributed tirelessly & selflessly to educate, amuse and inform

.... and your still asking questions about utility.

I know you’re prolly kidding, OSA - but this is in bad taste - even for you.

Doge was a Sonatine meme. Ironically it has gone up.