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The Bubbly Bitcoin Thread -- Merged Threads

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Here's a prime example of how bad Ripple's XRapid actually is, straight from Ripple's youtube channel.

XRP is purchased on a shady exchange (BITTREX) with USD and then transferred to an even worse exchange (BITSO) and then converted out into the destination currency. 

https://www.youtube.com/watch?v=zCzMg5_9Nng

Can someone explain what the value proposition is here? 😂

Edited by narco

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3 hours ago, Kosmin said:

In 2011 it went from $1 to $31 (July) to $2 (December). It should be obvious that a fall of the same proportion is more serious in a bigger market.

One other thing I think is worth noting is the length of this bear market, we have been dropping for 11 months, is this the longest bear market?

 

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36 minutes ago, reddog said:

One other thing I think is worth noting is the length of this bear market, we have been dropping for 11 months, is this the longest bear market?

 

No the last one was longer and much more painful because we thought Bitcoin may have died.

Edited by lombardo

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16 minutes ago, lombardo said:

No the last one was longer and much more painful because we thought Bitcoin may have died.

Quite true. At the end on 2014 I stopped occasionally looking at Bitcoin, Litecoin and Dogecoin, and pretty much consciously forgot about them during 2015 and 2016. I was only when I read in an edition of my moneyweek subscription in 2017 that the price of bitcoin had overtaken the price of an once of Gold I suddenly took notice again because that was a big thing at the time. 

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4 hours ago, Kosmin said:

In 2011 it went from $1 to $31 (July) to $2 (December). It should be obvious that a fall of the same proportion is more serious in a bigger market.

Not if you accept that investing in crypto this can and does happen. Big % bull runs followed by big % drops. It's the newbies getting fleeced. This is my 2nd bear market and so far @ 82.5% it's a worse drop than last time, seems quicker too so far. 

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3 minutes ago, markyh said:

Not if you accept that investing in crypto this can and does happen. Big % bull runs followed by big % drops. It's the newbies getting fleeced. This is my 2nd bear market and so far @ 82.5% it's a worse drop than last time, seems quicker too so far. 

The newbies get fleeced and then what? I don't know what the biggest losses were and how widespread they were in 2011. Maybe a handful bought a few thousand at $30 and sold at a loss of tens of thousands. But there must be lots of people loses thousands and quite a few losing millions in 2017-2018. Are they going to rush back in? And when they don't, who is going to replace them? Everybody has heard of bitcoin now and it's very doubtful that anyone is waiting at this point. What are they waiting for?

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38 minutes ago, markyh said:

Quite true. At the end on 2014 I stopped occasionally looking at Bitcoin, Litecoin and Dogecoin, and pretty much consciously forgot about them during 2015 and 2016. I was only when I read in an edition of my moneyweek subscription in 2017 that the price of bitcoin had overtaken the price of an once of Gold I suddenly took notice again because that was a big thing at the time. 

I didn't stop looking everyday! There was too much going on in the community even though the price died.

This time we are just waiting it out for the sellers to dry up. We also know that an economic crisis is just around the corner. This bear market came at just the right time.

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7 minutes ago, lombardo said:

I didn't stop looking everyday! There was too much going on in the community even though the price died.

This time we are just waiting it out for the sellers to dry up. We also know that an economic crisis is just around the corner. This bear market came at just the right time.

Funny I was just back several hundred pages doing a page count for the last leg of the last bear market. Guess how many pages we managed to muster from October 2014 to January 2016?  Six...……………...six pages of comments to cover 15 months! 

We do six pages now every time we drop another 10% (then recover it seems! I got fed up and put in a big buy order @ $3.5k!) 

I cant wait for the update to these videos in a few years ; 

 

Interestingly watching the 2017 update the rise was steady to $4000-$5000 even in October 2017, and that feels about the right level we should be at now before it went parabolic in November and December 2017.

Roll on the 2018 to 2020 update.

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Anyone notice Bitcoin SV has now planted itself on the market cap? So now we have:

Bitcoin, Bitcoin Cash, Bitcoin SV, Bitcoin Gold, Bitcoin Diamond and Bitcoin Private, plus the 100's of cut and paste replicas such as Litecoin, Dash, Zcash, Dogecoin. 

No wonder the crypto market has turned into a complete joke. 🙄

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1 hour ago, narco said:

Anyone notice Bitcoin SV has now planted itself on the market cap? So now we have:

Bitcoin, Bitcoin Cash, Bitcoin SV, Bitcoin Gold, Bitcoin Diamond and Bitcoin Private, plus the 100's of cut and paste replicas such as Litecoin, Dash, Zcash, Dogecoin. 

No wonder the crypto market has turned into a complete joke. 🙄

But scarcity. Valuable because limited supply.

Guys? Guys?

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23 minutes ago, dugsbody said:

But scarcity. Valuable because limited supply.

Guys? Guys?

It's the lack of innovation that takes the piss with these coins. They're all nothing more than a cash grab with zero effort involved. 

These Bitcoin forks are the worst since they are a straight cut and paste job. These fraudsters don't even have any hassle of  doing any distribution either since they just gift them to existing holders.

What a farce.

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The most curious thing about all this is that there does not seem to be anyone anywhere who is losing money. I only ever seem to bump into the highly astute people who got in below this price but did not buy anything above it. There must be some very smart people out there.

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1 hour ago, AdamoMucci said:

The most curious thing about all this is that there does not seem to be anyone anywhere who is losing money. I only ever seem to bump into the highly astute people who got in below this price but did not buy anything above it. There must be some very smart people out there.

Then you don't read back far enough! Plus anyone who bought before August 2017 is still above water.  Only an handful of current regulars on this thread where here when it started in 2013, and of course the prices paid then or before are well below now. 

Most of the regulars here now appeared sometime in 2017 and most have decalred they don't have or don't want crypto, just it's demise!

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I really got into bitcoin in the wake of the financial crisis and QE, due to my disgust at how everything was bailed out. That’s in part why it was created (see message in genesis block). I have a feeling we’ll have another financial crisis of similar or worse proportions. Until then we may drift lower and lower but I’ll keep increasing my holding

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10 hours ago, AdamoMucci said:

The most curious thing about all this is that there does not seem to be anyone anywhere who is losing money. I only ever seem to bump into the highly astute people who got in below this price but did not buy anything above it. There must be some very smart people out there.

Have you not met me? I'm excellent at buying at the top. I could have still been up if I'd just held my original bitcoin gamble but I'm down about 50% due to purchasing more in December, then buying into XRP at near to the all time high.

I wrote the money off of my wealth tracking spreadsheets when it left my account. I don't buy into the hype that there is a problem out there crying for crypto to solve. But mania can sometimes make you rich if you time it correctly. Which I didn't. Still, I consider the crypto holdings I have like an expensive lotto ticket. Unlikely to result in anything but a tiny chance of winning big.

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I doubt they’re making it, sounds a bit far fetched. Although charts are quite useful for spotting when you’re near the top/bottom of a massive bubble. Hopefully someone can provide the answer.

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45 minutes ago, Lavalas said:

I doubt they’re making it, sounds a bit far fetched. Although charts are quite useful for spotting when you’re near the top/bottom of a massive bubble. Hopefully someone can provide the answer.

Its a speculative bubble with little behind it other thsn frenzy, mania and the need to not miss out. Next time instead of calling it as a nonsense im going to jump on the next bubble for a few weeks before quietly stepping off.

Anyone on here is either still in denial and thinks the market is some great being that can raise itself from the ashes (rather than just a market price caused by some investors hoping to make an easy buck), is looking to say "I told you so" or is just here purely for the entertainment.

Im just waiting for Jiltedjen to comment because he is apparently the expert.

Edited by wsn03

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Try sending a bank transfer to Nigeria and see the costs involved and time it takes to get there. 

That's why I hold xrp. 4 seconds max and pre-advised network fee of a thousandth of a pence. 

Tokyo 2020 coming. What odds would you give me for XRP being the currency of choice for tourists? 

Bear market brings the trolls, bull market brings the haters. Win win for me. I keep converting my worthless pound sterling and use xrp in as many ways as I can. 

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9 minutes ago, dragging boot straps said:

Try sending a bank transfer to Nigeria and see the costs involved and time it takes to get there. 

I presume you needed to do that when you got an email about some unclaimed inheritance money someone needed to get out the country?  You should make a tidy profit ;)

 

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  • 245 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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