Bitcoins are officially donkdown

[Tellafriend]

They will all eventually go to $0 but it will take some time. It's like a stock that gets delisted and goes on the pink sheets for years before finally disappearing. Expect a lot of bear market rallies, that's the only way to profit off of crypto these days. Nobody cares about crypto anymore, the Kermit troll posts even stopped.

It feels all listless/tired these days with crypto. I guess I just noticed how no one really cares much anymore after you said it. That sort of lack of caring should probably have killed the market already, and I guess it might be finally going through a slow death spiral thing now after after it went from under 6K to over 11K for some reason about a month and a half ago...

If you have $20,000 in your pocket, you can buy a car, make a part of a down payment for a house, buy stocks that pay dividends monthly or you can buy almost 3 units of a blockchain marker for this one specific variety of over 1,600 different varieties of cryptocurrency that exist. This one is called bitcoin and it happens to have been the first one created, but it's not special for having that quality - being first doesn't "do" much for it. Except maybe that it has a few uses (as a way to get $$ out of currency restrictive countries or to put $$ onto a an online sportsbook/casino).

But bitcoin has in the recent past been a wildly successful "made-up" specultative instrument. And let's be real: this is and has been nearly 100% of what has caused it to be valuable. It's a lottery ticket. It worked out for a bunch of smart/lucky/dumb-ass foolish people who made money because other smart/lucky/dumb-ass foolish people paid successively higher prices for it.

I think the smart people are gone. If your buy now you have to be lucky. If you're not lucky, you're going to be in the third category of buyers. And there's going to be a lot more fools who lose $$ than bitcoin "investor" fools who made money.

Most astute thing I've read about Bitcoin -- maybe ever. Very well said FW.

[TheXFactor]

U.S. Launches Criminal Probe into Bitcoin Price Manipulation

https://www.bloomberg.com/news/artic...criminal-probe

The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter.

The investigation is focused on illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling, said the people, who asked not to be identified because the review is private. Federal prosecutors are working with the Commodity Futures Trading Commission, a financial regulator that oversees derivatives tied to Bitcoin, the people said.

Authorities worry that virtual currencies are susceptible to fraud for multiple reasons: skepticism that all exchanges are actively pursuing cheaters, wild price swings that could make it easy to push valuations around and a lack of regulations like the ones that govern stocks and other assets.

The illicit tactics that the Justice Department is looking into include spoofing and wash trading -- forms of cheating that regulators have spent years trying to root out of futures and equities markets, the people said. In spoofing, a trader submits a spate of orders and then cancels them once prices move in a desired direction. Wash trades involve a cheater trading with herself to give a false impression of market demand that lures other to dive in too. Coins prosecutors are examining include Bitcoin and Ether, the people said.

Well, as long as they don't look into how stupid idiots promoted Bitcoins and other Crypto Currencies as safe investments. And got other even bigger morons to continue to buy this worthless shit.

[MumblesBadly]

[sonatine]

[LastPaperTowel]

Hello

Chess/Poker Question for anyone in the world.

Is The online "personality" Bongcloud the same person as bong_Cloud 2.0?

I have never seen evidence of Nakamura using any bong_Cloud 2.0 strategy. Ever?

I am not sure that I have ever seen Nakamura play live or online. So i am in no way Judging his Unlimited Power and mental abilities to construct GTO approaches to games. He must be very good for me to know how to spell his name. He must know that the fundamental math for this new bong_Cloud 2.0 strategy was first used by slave Egyptians to create Light in Dark places out of copper/glass/rotting bananas etc... It is a BC Attack in very few chess forums around. I thought only I knew about it and I was going to use it to win the chess championships of the world one day. My ultimate dream.

Damn. If you or Nakamura already has this theory I may need time to develop a new chess theory. Say 5 days.

Is bong_Cloud 2.0 Real?

Peace

LPT

[TheXFactor]

Tether Used to Manipulate Price of Bitcoin During 2017 Peak: New Study

https://www.bloomberg.com/news/artic...-boost-bitcoin


Bitcoin's record price was artificially manipulated, research claims

https://nypost.com/2018/06/13/record...ital-currency/

Bitcoin soared 488 percent over 13 months ended March 31, captivating both Wall Street pros and millions of Main Street investors.

But roughly half of the incredible run-up in value of the crypto-asset was the result of manipulation, according to a startling research report on Wednesday.

Without manipulation, bitcoin’s rise over the 13 months would have been a much less glossy 245 percent, the report claims.

The manipulation was orchestrated by Bitfinex, a bitcoin exchange with offices in Asia, the report claims, through Tether, a second crypto-asset, which it owns.

Tether, which would be used to purchase bitcoin, would be distributed by Bitfinex when the price of bitcoin sagged on other exchanges, according to the 66-page report from John Griffin, a finance professor at the University of Texas, and Amin Shams, a graduate student.

“Tether seems to be used both to stabilize and manipulate bitcoin prices,” the two claimed in the paper. Tether is tied in value to the US dollar and is backed by a reserve of the currency, Bitfinex claims.

US regulators subpoenaed records from Bitfinex last year to see if it did, indeed, have a reserve of US dollars. No charges have been filed against the exchange and its executives have denied any wrongdoing.

“Bitfinex nor Tether is, or has ever, engaged in any sort of market or price manipulation,” Bitfinex CEO JL van der Velde told Bloomberg in an e-mailed statement. “Tether issuances cannot be used to prop up the price of Bitcoin or any other coin/token on Bitfinex.”

The report said that Tether had a pattern of being spent on bitcoin at pivotal moments, helping to drive bitcoin to a value close to $20,000 in December. Bitcoin on Wednesday fell to its lowest price since Feb. 6, at $6,250.

I'm starting to believe that Bitcoin is not a safe investment.

[sonatine]

[snake_in_the_ass]

Kermit posting = bear market rally time.

[Gordman]

Here we go, this is going to fly now.

SEC just ruled that Bitcoin and Ether are NOT securities, therefore not subject to regulation.

BTC already up approx 300 on the breaking news.

[snake_in_the_ass]

Here we go, this is going to fly now.

SEC just ruled that Bitcoin and Ether are NOT securities, therefore not subject to regulation.

BTC already up approx 300 on the breaking news.

The Kermit rally never fails.

[Dan Druff]

Here we go, this is going to fly now.

SEC just ruled that Bitcoin and Ether are NOT securities, therefore not subject to regulation.

BTC already up approx 300 on the breaking news.

So this means selling on sites like localbitcoins is legal now?

Because this was always technically illegal, and in fact they busted one guy in Florida for it (though they only arrested him when they tricked him into selling to an undercover agent who claimed he was going to use the BTC to buy stolen credit cards).

[MumblesBadly]

Here we go, this is going to fly now.

SEC just ruled that Bitcoin and Ether are NOT securities, therefore not subject to regulation.

BTC already up approx 300 on the breaking news.

So this means selling on sites like localbitcoins is legal now?

Because this was always technically illegal, and in fact they busted one guy in Florida for it (though they only arrested him when they tricked him into selling to an undercover agent who claimed he was going to use the BTC to buy stolen credit cards).

The SEC ruling that cryptos are not securities doesn’t help those who want to make a market in bitcoin as a business without filing the proper paperwork declaring that the business is a *currency* exchange.

[Sanlmar]

I’ve mentioned previously Robinhood offers “fee free” crypto trading in some states. Massachusetts is one of the approved states.

I’ve screwed around with some trades - get in and get out. Mostly for a cheap rush and some lulz.

I cashed out my sportsbook a while ago and needed some crypto to refund & for my man Sizzle too. So I set a limit order 2 days ago and thought I’d scoop at support and make a few bucks and ship some coins to the book and settle some stale debts.

First, I cannot believe how tired the BTC market acts. I haven’t followed for a while and I am stunned. It’s got no juice. Typical setups fail over and over. The bid ask spread is huge compared to what I remember. There is NO juice anymore.

So I say, “fuck it, where’s my coin?” I look around my account. WTF, you can’t ship BTC from your account. There’s no wallet! Some bullshit about money laundering. Like, no shit! It’s Bitcoin. That’s what it’s for. Christ.

So I own Bitcoin at $6714. I am apparently one of the last fools to buy someone else’s mistake.

Paranthetically, Robinhood does execute orders at other fee based exchanges. They build the fee into the BTC price. So a limit buy order of $6714 won’t execute until $6694 or some such bullshit. You get the idea. The lengths I will go to avoid Coinbase is a little extreme I admit.

On the stock side Robinhood appears to do deals where they sell their order flow to scummy exchanges. Execution is no prize. You’d swear you were in the midst of high frequency front running shenanigans - maybe you are.

Millennials are such innocents. Ain’t nothing free.

One last Robinhood story. So there exists a traders chatbox. I guess it is important that the yutes feel socially connected. It’s gotta be an experience not a trade. I have never read such idiotic shit in print outside of PFA’s Trump thread. You simply want to poke your eyes out with a pencil.

So I guess I’ll let the Bitcoin sit for the next leg down. I simply have no fucking clue what is going on. Some exchange hackers must be selling their spoils.

[Sanlmar]

Bitcoin fell out of bed and died last night

It passed away alone and ignored.

The absence of any tears or laterfags from PFA really says a lot about how quickly something that brought countless hours of forum lulz can be thanklessly dismissed by you guys

Gringostar and China will be pallbearers.

[Salty_Aus]

Bitcoin fell out of bed and died last night

It passed away alone and ignored.

The absence of any tears or laterfags from PFA really says a lot about how quickly something that brought countless hours of forum lulz can be thanklessly dismissed by you guys

Gringostar and China will be pallbearers.

I sold out all of my altcoins I was trading day before yesterday, consolidated them all into dogecoins and sold them all locally, 276,000 dogecoins seemed like a lot at the time.

My timing was good by the look of things.

[snake_in_the_ass]

RIP DonaldTrumpsHairPiece

[Sanlmar]

I know I have problems. I try to dispassionately monitor my behavior for signs of trouble.

I spent some time yesterday reading stuff like “21e800: Bitcoin, Satoshi and the Mystery Twitter Is Obsessing Over”

My thoughts included Satoshi marking the beginning of Bitcoin with the genesis block & then the end with E8. Sweet lord, there is an elegance to his work that has to be admired.

I need to find more productive uses for my time.

[sonatine]

[Forum Wars]

Hope I can help get the rally started from here:



Old gif from about 3 months ago, but appropriate again..

[Sanlmar]

Hope I can help get the rally started from here:



Old gif from about 3 months ago, but appropriate again..

Thing has lost the bounce in its step.

It just drops and trades sideways. Over and over. What is the level where traders step in? It’s never perceived as a bargain.

Thing is dead now. I am in at $6714 Just lighting some money on fire for lulz