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The Bubbly Bitcoin Thread -- Merged Threads

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3 minutes ago, tomandlu said:

And aren't the banks getting into BC futures? What could possibly go wrong?

TBH I have assumed that there are a lot whales buying actual Bitcoins in the last few months since CME futures was announced, so they can buy CME Bitcoin Short positions contracts next week, sell off their actual BTC, drop the price a large % , cash in on the "cash Settled" short contracts. Then buy the BTC back and start again.

Thing is to keep doing this the BTC price has to be made constantly higher and higher each time. If they haven't been buying lots of BTC, I cant see anything buy CME long Futures contracts making money, short positons could make many lose their shirts imho.

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1 minute ago, markyh said:

TBH I have assumed that there are a lot whales buying actual Bitcoins in the last few months since CME futures was announced, so they can buy CME Bitcoin Short positions contracts next week, sell off their actual BTC, drop the price a large % , cash in on the "cash Settled" short contracts. Then buy the BTC back and start again.

Thing is to keep doing this the BTC price has to be made constantly higher and higher each time. If they haven't been buying lots of BTC, I cant see anything buy CME long Futures contracts making money, short positons could make many lose their shirts imho.

Yes, I would never buy in at this level. There is a lot of mania right now and it nearly always ends badly for the price.

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4 minutes ago, Eddie_George said:

Explain why the vast majority of altcoins are down by 20%+ against Bitcoin in the last 18 hours then.

Altcoins always go down when BTC goes on a bullrun. 

People switch out of their alts to ride the train then buy back in with a bigger stack.

There is a lot of new money flooding into crypto - its been on mainstream media attracting hypre with its rapid rise. People are FOMOing. 

Interesting to speculate how much is due to practices with Tether.

There may not be a crash - it may be an upswing in the adoption curve. Alternatively it could drop by 80%. 

If so, that will be BTC's big test. Will the new money pump more in if it drops?

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Just now, ThePrufeshanul said:

Altcoins always go down when BTC goes on a bullrun. 

People switch out of their alts to ride the train then buy back in with a bigger stack.

There is a lot of new money flooding into crypto - its been on mainstream media attracting hypre with its rapid rise. People are FOMOing. 

Interesting to speculate how much is due to practices with Tether.

There may not be a crash - it may be an upswing in the adoption curve. Alternatively it could drop by 80%. 

If so, that will be BTC's big test. Will the new money pump more in if it drops?

I see a lot of big names weigh in with "I like Bitcoin and blockchain but not the price..."

Can't have your cake and eat it boys... crypto would have been consigned to the scrap heap a long time ago if it were not for the price rises. None of these guys were there to champion it when it was $50.

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Very true - that's why mass adoption may rest on their reaction if Bitcoin has a huge drop.

It was belief that BTC represented a new form of currency that would take power away from bankers and central government that played a large part previously in holding through the dips - even then there were (relatively) long periods where the value was static or dropping.

Will the people pumping the coin (as well as tethers) replicate that? I don't think anyone knows yet. 

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Uh I have warned about this before. There is zero transparency on Tethers, and one Tether is supposed to represent 1 USD. But without the transparency you could be holding jelly beans for all you know. Be careful with those.

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9 minutes ago, Eddie_George said:

WTF? It has no marketing budget whatsoever.

The marketing budget is you, and a clone network army of relentless invested sales pitches.

This forum's as good an example as any. BTC centre stage. IOTA thread - banished to a sub forum.

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46 minutes ago, Take Me Back To London! said:

Not everyone wants to put their money into something that is too complicated, unregulated and with no money back guarantees of any kind. 

 

Listen to Mike Novogratz, put from 1-3% of you net wealth in Bitcoin, or less, very low risk . I was way ahead of him in 2013, I invested (and Risked) 1% of my net wealth at the time (£2000 , via a leverages 0% 18 month purchase credit card , and a buy now pay in 9 months finance offer from Scan computers. lol). Over an 18 month period in 2013/14 to mine directly into BTC then in Alts into BTC. All my net worth was in the family home at the time.

Could have lost the lot,  thought I had fooked up by not selling come early 2015. So just HODL. Once you go through it once, it bothers you a lot less.

Edited by markyh

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Just now, guest_northshore said:

The marketing budget is you, and a clone network army of relentless invested sales pitches.

This forum's as good an example as any. BTC centre stage. IOTA thread - banished to a sub forum.

Ahahaha! You think this forum has any impact on the price of Bitcoin?

So you've lost money on the IOTA pump-and-dump? Wholly deserved.

 

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Absolutely - I think Tethers are the main driver behind the recent pump which has then resulted in mainstream media coverage encouraging a glut of new money. Bitfinex are major players in this regard and i have consequently moved all my funds off there.

LN may be a factor but its unlikely to be a large one. 

The people who know about LN or how it works are unlikely to have this kind of money to pump in. 

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1 minute ago, Eddie_George said:

Ahahaha! You think this forum has any impact on the price of Bitcoin?

So you've lost money on the IOTA pump-and-dump? Wholly deserved.

Ho ho. I haven't bought any cryptocurrency for about 3 years.

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I find it ironic that half way down the Guardian's coverage of Bitcoin is this
 

Quote

 

Newsflash: UK house prices kept rising last month, according to the latest data from Halifax bank.

Halifax reports that prices rose by 0.5% during November, leaving them 3.9% higher than a year ago.

 

So everybody gets to keep drinking the punch, unless you don't own a house. In which case you have two options:

Put in savings account for -negative returns. (oh come on, nobody is beating inflation, especially not on housing)

Put in crypto for ????? possibly less, possibly 100x

Why is it that people cannot see... TPTB are leaving people with NO option but to find an alternate way to protect the wealth that they have WORKED HARD for.

It is not about people making unearned wealth. That is just a by-product of people trying to protect HARD-EARNED wealth in a system that punishes savings.

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6 minutes ago, ThePrufeshanul said:

Absolutely - I think Tethers are the main driver behind the recent pump which has then resulted in mainstream media coverage encouraging a glut of new money. Bitfinex are major players in this regard and i have consequently moved all my funds off there.

LN may be a factor but its unlikely to be a large one. 

The people who know about LN or how it works are unlikely to have this kind of money to pump in. 

A BCash pumper can never acknowledge progress, always has to spread FUD. Sad.

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Well for example on Bitfinex, there is going to be a lot of fiat money on the sidelines waiting for a buying opportunity.

People don't wait for big news like LN and then wait 3 days for a Billy the Slug Bank to OK the transaction and then make the trade. (Not to mention if it's weekend and you have to wait til Monday... such an archaic system is destined for the gutter)

No. They have the money sat on the exchanges ready to pounce.

Although having read the news, LN is still not here despite the fanfare. It is more about progress. It's getting closer.

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7 minutes ago, adamLancs said:

This is going to be the catalyst that causes them to raise rates. A lot.

Either they protect savers, or they will buy crypto.

I cant see the Government realising this until it's way to late, good for us though, would be nice to exit some Crypto into Fiat a few years time and get a 8% return on the cash savings, saves mucking about with shares for a 5% + divi.  Win win if your and early Holder.

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A BCash pumper?

Not particularly but as I said BTC and BCH are both derived from the original Bitcoin whitepaper.

i don't really regard the explanation of why BTC is rising as FUD - it's just my opinion. If anything I'm pointing out that BTC is getting closer to mass adoption as "ordinary" people and institutions are channeling money in. 

You may be right and everyone is super excited about the rumours of the upcoming LIghtning Network. I just think its unlikely that most of the people who have been raising the price from approx $5.5k to $15k in a few weeks -  are really that techno-savvy.

But whatever - our musings on HPC won't make any difference to the success or failure of BTC. 

It is useful to discuss crypto on this thread in a balanced and civil way - there arent many places we can still do so on the internet.

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alt-coins are a sea of red today.

As i have said several times people pump and dump them to get a good position in BTC. Silly to mess with alt-coins when you could of just gotten BTC instead. 

Bitcoin is not even main-stream yet, for most people its only just the first blip on their radar. 

Price action is scary. Massive massive growth, could be a blow off top, the final mania stage, but its eating through the price rises today. 

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44 minutes ago, adamLancs said:

I see a lot of big names weigh in with "I like Bitcoin and blockchain but not the price..."

"blockchain, not bitcoin" - I missed out on bitcoin and I'm sore about it.

"I really like the tech in this alt" - I missed out on bitcoin and I'm sore about it.

 

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35 minutes ago, markyh said:

Listen to Mike Novogratz, put from 1-3% of you net wealth in Bitcoin, or less, very low risk . I was way ahead of him in 2013, I invested (and Risked) 1% of my net wealth at the time (£2000 , via a leverages 0% 18 month purchase credit card , and a buy now pay in 9 months finance offer from Scan computers. lol). Over an 18 month period in 2013/14 to mine directly into BTC then in Alts into BTC. All my net

Could have lost the lot,  thought I had fooked up by not selling come early 2015. So just HODL. Once you go through it once, it bothers you a lot less.

Thank you, I will listen Mike Novogratz with great interest, I appreciate you sharing your experiences and well done on your 1% investment.

I do have concerns about Bitcoin as it was initially proposed as a system of decentralised payments - peer to peer (cut-out the banksters), however Bitcoin seems to have become a place to just park money to make a huge profit or the prospect of it.  It is not clear who is behind Bitcoin.  Given the huge and rapid price rises I find it worrisome  that there is possibly insider dealing going on for what is an unregulated market, a powerful cartel ramping up the Bitcoin price for pure profit and/or control to the detriment of the majority of bitcoiners.

Edited by Take Me Back To London!

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30 minutes ago, Eddie_George said:

Ahahaha! You think this forum has any impact on the price of Bitcoin?

So you've lost money on the IOTA pump-and-dump? Wholly deserved.

 

for those who bought IOTA probably best to flog on and get a decent position in BTC while you have a chance, if you have not already done so.

Who knows how this will play out, suddenly the central bank system has a pressure relief valve, and the results are pretty spectacular. 

At what price do central banks and governments act? £200k a bitcoin?

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17 minutes ago, markyh said:

I cant see the Government realising this until it's way to late, good for us though, would be nice to exit some Crypto into Fiat a few years time and get a 8% return on the cash savings, saves mucking about with shares for a 5% + divi.  Win win if your and early Holder.

Shares are going to be cannibalised by a transition into crypto. Watch out. Might not happen overnight.

Companies will raise funding through token sales and people will take direct control of their shares through distributed networks. No "too big to fail" holding everybody's money, shares etc. No "too big to fail" banks being able to leverage up on their balance sheet and cause a financial crisis. They won't have the toys to play Russian Roulette with anymore. It has basically already been happening with ICOs, but these are new companies. Existing companies will come on board.

Bankers are middle-men. In the new financial system, they don't exist. Middle-men, aren't required. People own their own money. They own their own shares. They make their own decisions. And they are protected from the unscrupulous musings of a select few who delegate wealth to one portion of a population over another, at great cost to society.

Edited by adamLancs

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