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Thread: Bitcoins are officially donkdown

  1. #5441
    Quote Originally Posted by Sanlmar View Post
    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.
    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.

  2. #5442
    Quote Originally Posted by monsterj View Post
    Quote Originally Posted by Sanlmar View Post
    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.
    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.
    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.

  3. #5443
    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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      sonatine: amazing
      
      MumblesBadly: Actual financial trading acumen rep

  4. #5444
    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.

  5. #5445



    Sounds like a solid strategy


     
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      sonatine: godspeed, sides

  6. #5446
    Quote Originally Posted by Sanlmar View Post
    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.
    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.

  7. #5447
    Quote Originally Posted by Sanlmar View Post
    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.
    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.

  8. #5448
    Quote Originally Posted by BetCheckBet View Post



    Sounds like a solid strategy


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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

  9. #5449
    tine has this shit playing on loop 24/7...


  10. #5450
    One of the greatest You Tube Videos I have ever seen (and I have seen thousands).




     
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      sonatine: probably the #6 or #7 best youtube video of all time

  11. #5451
    Plutonium big dick's Avatar
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    bunch of homos jerking each other off

  12. #5452
    Quote Originally Posted by big dick View Post
    bunch of homos jerking each other off
    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.

  13. #5453
    Plutonium big dick's Avatar
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    biggest homo out a large group of homos


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

  14. #5454
    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.

  15. #5455
    Quote Originally Posted by monsterj View Post
    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.
    Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

  16. #5456
    Quote Originally Posted by big dick View Post
    biggest homo out a large group of homos


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

  17. #5457
    Quote Originally Posted by snake_in_the_ass View Post
    Quote Originally Posted by monsterj View Post
    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.
    Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.
    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.

  18. #5458
    Quote Originally Posted by big dick View Post
    bunch of homos jerking each other off

    ahhh shitcoins must be deflating again.

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

  19. #5459
    Platinum Krypt's Avatar
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    ABSOLUTELY SICK BLOODBATH REVERSAL

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  20. #5460
    Quote Originally Posted by Krypt View Post
    ABSOLUTELY SICK BLOODBATH REVERSAL

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    Krypt unloads a full clip into a dead body.

    Show some respect.

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