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Thread: Bitcoins are officially donkdown

  1. #2821
    Serial Blogger BeerAndPoker's Avatar
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    Back down to $1125.

  2. #2822
    Silver GringoStar's Avatar
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    Quote Originally Posted by badguy23 View Post
    Quote Originally Posted by GringoStar View Post
    If anyone would like any location or demographic information on any other user in the forum, please let me know.

    I accept Bitcoin: 1K7QacoPvEnPjHcN3k8UMBm3dvDgMdehev

    How much? Im trying to get rid of these things b4 sonatine comes out right once again. Best to use them on something useful.
    It depends how many users and which user. Also, if you just want basic info or digging beyond just the geographic location and getting more into personal details.

    You can PM me, or if you are serious I can provide you with an email address so that Druff will not be able to read out communication.

  3. #2823
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    noob question


    Ive never used bitcoin, wallets or anything like that before. I know very little about the whole deal.

    I want to open an account to use it for depositing on poker sites seeing as how this is apparently the method most people are using at the present time

    Is there a certain wallet I should be using? one that is better than another?

    then, do i do a bank transfer or something, or what is the best method everyone uses to deposit money into the wallet?

  4. #2824
    Silver GringoStar's Avatar
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    Quote Originally Posted by Gordman View Post
    noob question


    Ive never used bitcoin, wallets or anything like that before. I know very little about the whole deal.

    I want to open an account to use it for depositing on poker sites seeing as how this is apparently the method most people are using at the present time

    Is there a certain wallet I should be using? one that is better than another?

    then, do i do a bank transfer or something, or what is the best method everyone uses to deposit money into the wallet?
    Use Coinbase. Read their forum and documentation. They are the Google of BTC right now and are the least likely to be hacked, etc.

     
    Comments
      
      Gordman:

  5. #2825
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    Quote Originally Posted by GringoStar View Post
    Quote Originally Posted by Gordman View Post
    noob question


    Ive never used bitcoin, wallets or anything like that before. I know very little about the whole deal.

    I want to open an account to use it for depositing on poker sites seeing as how this is apparently the method most people are using at the present time

    Is there a certain wallet I should be using? one that is better than another?

    then, do i do a bank transfer or something, or what is the best method everyone uses to deposit money into the wallet?
    Use Coinbase. Read their forum and documentation. They are the Google of BTC right now and are the least likely to be hacked, etc.

    OK, thank you!

  6. #2826
    Plutonium Sanlmar's Avatar
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    1080'ish

    Open up bitcoinwisdom or whatever chart you choose. Draw a horizontal line at 1100. If it closes under 1100 the sentiment is gonna turn bearish.


    China Bitcoin Rules Would Require Exchanges to Verify Clients’ Identity
    - Wall Street Journal

    The trading is so light now that shananigans can happen. They ought to try to prop it up above $1100. It won't take much.

    I can't fathom China not being involved. The trading has vaporized. This is an entirely new market.

    I have spent time watching the market depth on bitstamp and such since the SEC decision. Frankly, I can't make sense of a lot of the action. Either traders are idiot noobs or somethin ain't right.

    At the same time, I am a believer in 3 red candles here on the daily. Two so far

    Hope Druff is out.

     
    Comments
      
      GringoStar: Yup, as mentioned before, it plateaued 2 weeks ago and is gonna go down hundreds in the next couple months. But it will be back up.

  7. #2827
    Plutonium Sanlmar's Avatar
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    Go to bitcoinwisdom and go to weekly. Punch OkCoin (China)

    You see weekly volume 17million ---> now 70k. Discount something for the fake trades and all the other exchange fraud and manipulation (just for fun).

    My question is this:
    If blockchain volume has declined then why have fees gone up?

    Please don't tell me about growing McDonalds Bitcoin purchases or some such nonsense. It's all trading and speculation for the most part.

    Are fees rising cause it used to be a volume business for the miners and now it ain't? If this is the case, the game gets real interesting

  8. #2828
    Plutonium sonatine's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Are fees rising cause it used to be a volume business for the miners and now it ain't?

    Ever notice that as a whale corpse at the bottom of the sea gets picked clean... the less meat that is left, the slimier the predators become?

    Eventually its nothing but a writhing ball of hagfish, sawing away at the cartilage and sinew.



     
    Comments
      
      GringoStar: Metphor noted, but you are still wrong.
      
      Sanlmar: Every time BTC dumps you hear about the proverbial whales selling. Appropriate metaphor
    "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

  9. #2829
    Gold DonaldTrumpsHairPiece's Avatar
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    For all y'all under a rock Ill break this down.

    There is a REAL chance....

    BTC hard forks, two chains go at it, BTU Coin wins (Bitcoin Unlimited), everyone gets both coins if they already own BTC, all major exchanges agreed to add BTU Coin if a HF is successful yada yada yada.

    This is the MAIN reason the price is tanking, uncertainty.

    We will wake up one day and BTU will have either failed or replaced BTC "technically".

    Many news reports on this but when exchanges come out like this you know something is up.

    http://www.coindesk.com/bitcoin-exch...tingency-plan/

    Goodnight

  10. #2830
    Silver GringoStar's Avatar
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    Quote Originally Posted by DonaldTrumpsHairPiece View Post
    For all y'all under a rock Ill break this down.

    There is a REAL chance....

    BTC hard forks, two chains go at it, BTU Coin wins (Bitcoin Unlimited), everyone gets both coins if they already own BTC, all major exchanges agreed to add BTU Coin if a HF is successful yada yada yada.

    This is the MAIN reason the price is tanking, uncertainty.

    We will wake up one day and BTU will have either failed or replaced BTC "technically".

    Many news reports on this but when exchanges come out like this you know something is up.

    http://www.coindesk.com/bitcoin-exch...tingency-plan/

    Goodnight
    If you didn't already sell 2 weeks ago, I suggest people put their coins in cold storage and get them off of the exchanges while this whole mess sorts itself out. BU developers are scumbags, but things will work out. I still think buying after the next major dive (400-600USD) is a strong investment.

    But I talked about this before, how the banks are going to either try to co-opt BTC or create their own digital/cryto currencies that are more easily tracked, manipulated and taxed by governments. The crypto community will strongly reject this and I am sure that BU will see people undermining it at every step. Bitcoins value is derived from its pre-ordained limit, which creates increasing scarcity, which is why the value has slowly risen as more bitcoins are created. Creating a system that is tied to an external market completely goes against this core principle.
    Last edited by GringoStar; 03-18-2017 at 02:58 AM.

  11. #2831
    Gold DonaldTrumpsHairPiece's Avatar
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    Sooooo many ways this BTU thing plays out, so many sides to it.

    Firstly will a switch in "name" or controlling parties drop value, perhaps momentarily but it could increase it too (New BTU Coin) if marketed as an improved version of Bitcoin, follow me? See Ether situation, not all gloom and doom.

    It could also just fail completely, that is also a very real chance.

    Ultimately it is the tech (chain) behind these acronyms and controlling parties that matters and is being or trying to be utilized by the financial sector etc.

    The name and coin is just the front man to a greater tech.

    At any rate, selling off was a good idea a week or 2 ago, you may want to jump in again IF BTU fails to take over as BTC may rise on that news.

    Be careful though how much you sell (BTC) because remember if BTU Coin ends up on top at some point you get 1 for every BTC you own, so a tricky game. Pick your horse gentlemen

  12. #2832
    Plutonium Sanlmar's Avatar
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    $990'ish

    It'll probably settle in here for now and do some work. Maybe try to retrace back to the new resistance of $1100 and fail.

    I personally don't buy the scarcity (fundamentals) argument. If ever there was a vehicle whose price was built on speculation this was it.

    I was watching the trader chat preceding and during the SEC decision and I was surprised to see the focus on ether & dash. Something new will come along whether another alt or some institutionally backed BTC derivative.

    I am still curious about the fee issue. This could be the kiss of death. Again, why are fees going up? Miners gotta eat too. As blockchain activity wanes from reduced trading miners increase fees to keep cash flow neutral? Not a good development.

    Guess it might be interesting to catch up on this BTU thing.

    The lesson I learned as we start roughing out the obituary was the importance of speculation and bubble mania in the early traction for BTC. It created interest and fed the miners.

    The next step was supposed to be utility and just now fees become news which attenuates that growth. Oops.

    Try to wrap your head around this volume chart. Look to the far right hand side and think about what this means to all concerned. Amazing. The denial will be amazing too.

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    Comments
      
      GringoStar: I see the range of value as speculative, but the structure of the value is built on a principle of scarcity.
      
      DonaldTrumpsHairPiece: Agree 100% I may go agaisnt Ringo a bit but as they say in the pawn world, rare doesnlt mean expensive. Value highly based on speculation imo.
    Last edited by Sanlmar; 03-18-2017 at 07:41 AM.

  13. #2833
    PFA Emeritus Crowe Diddly's Avatar
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    Quote Originally Posted by GringoStar View Post



    If you didn't already sell 2 weeks ago, I suggest people put their coins in cold storage and get them off of the exchanges while this whole mess sorts itself out.
    I would suggest never, ever, ever leaving your coins, ever, in any online exchange, ever. Never ever.

  14. #2834
    Owner Dan Druff's Avatar
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    It's currently sitting at 950.

    That's bad news, as below 1000 will soon become the new normal, and people won't start buying again at sub-1000 expecting (and thereby causing) a rebound.

    The last time it fell, it dropped to 975 but quickly popped back up.

    There are too many factors working against BTC right now. I really wish I sold yesterday when it was at like 1160, because I had a feeling this was coming.

    - Long transaction times

    - Expensive ($1+ in some cases) transaction fees

    - Current discussion of a "hard fork" is scaring people

    - Bitcoin exchanges in China won't be allowed to serve anonymous transactions anymore



    So what caused this crash? Take your pick.

    But there's too many factors working against bitcoin, and not enough working for it at the moment.

  15. #2835
    Owner Dan Druff's Avatar
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  16. #2836
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    Quote Originally Posted by GringoStar View Post
    Quote Originally Posted by snake_in_the_ass View Post

    Not me. I think bitcoins are going to get crushed in March/April.
    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.
    Based on 20 years of trading experience. Just a gut feeling. And my gut feeling has made me a ton of money and lost me a ton of money.

  17. #2837
    Plutonium sonatine's Avatar
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    Quote Originally Posted by Dan Druff View Post
    So what caused this crash?

    They are implicitly worthless digital beanie babies.
    "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

  18. #2838
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    5 billion in market cap gone from bitcoin+ethereum in past week or so. Easy come, easy go.

  19. #2839
    Gold DonaldTrumpsHairPiece's Avatar
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    I now have no doubt a HF will be attempted, so much so exchanges are adding btu/bcu/bcc swaps seeing offers already for when it happens.

  20. #2840
    Silver GringoStar's Avatar
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    You guys seriously have the most reactionary tendencies for people who supposedly play poker professionally.

    As I said two weeks ago, the plateau of this swing was around 1400 two weeks ago. It will go down as far as $600USD again, I'm guessing, within the next two months, but it will go back up.

    BTC will eventually fail but it won't be this year or probably not even the next.

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