Monitoring the Crypto Bubble

Discussion in 'Digital Currencies' started by Bullion Baron, Dec 12, 2017.

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Where do you think we are in the crypto bubble?

  1. Very early (years left to run)

    19.8%
  2. Around the middle (could still run for months or a year)

    45.3%
  3. Very late (could end within days/weeks)

    22.1%
  4. It's not a bubble

    12.8%
  1. Nabullion Dynamite

    Nabullion Dynamite Active Member

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    I've learned to accept that I know nothing about how big this market can get. On an Ripple forum I remember chatting with people early 2017 talking about the price could hit $1 by the end of the year. I simply did not think it was possible. Ripple then pumped from a half cent to 7 cents and then back to 3 cents in a couple days. I sold over 250k at 3 cents USD. Caught many others early and up until December every coin I had ever sold was worth 10X months later. I was also buying gold and silver with bitcoin around 2 grand. Kinda wish I held off for a few more months. Every time I've sold thinking we peaked out it has costs me, but then I hold through the new year and it costs me haha. I'm just taking my hands off the wheel and letting this play out at least into the end of 2018. I think the mania has died down but the amount of development and integration has been kicked into overdrive and this asset class is not going away anytime soon.
     
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  2. ego2spare

    ego2spare Active Member

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    CRYPTOCURRENCIES are “pump-and-dump” schemes being promoted by “scamsters”, according to the real-life Wolf of Wall Street who made his money swindling investors in pump-and-dump schemes.

    In an interview with The Street, Jordan Belfort predicted the crypto craze would come to a bad end and millennial investors would be “left holding the bag”. “They’re all [pump-and-dump schemes],” he said.

    “At this point in time the money’s been made in bitcoin already. If you’re in the crypto game right now and you’re looking to make money — the guys that are really committing the fraud — the only way to do it is, you need to issue a new currency at the bottom and ride it up.”

    He told The Street that the only way to keep issuing new cryptos was to “keep bitcoin up high enough so people still believe in cryptocurrency so they create the illusion of prosperity”. “This is what I did, I’m sad to say, at Stratton,” he said.

    “The days of bitcoin making money are over for the scamsters. Where’s it going to be? It’s $US8000, it could go up to $US10,000, down to $US2000, I think it’s going to be zero pretty quickly, but besides that, the only way to make money is to create a new supply of some new cryptocurrency, and then by keeping the old ones high enough people will dump even more money into the new ones and they make their money on that.

    “It’s maintaining the illusion of prosperity, not allowing something to go down that should be going down, and by keeping it up they bring more people into the game.”

    He predicted that “when that comes out”, regulators would be swift to act. “You see it happening right now, the first step is there’s been a sort of industry-wide co-ordination of all the banks around the world to de-link their system from bitcoin,” Belfort said.

    “That’s step one, isolate the virus. Step two is going to be, crush it. And that’s my problem with bitcoin — I don’t think bitcoin itself is a fraud, it never was a fraud, it’s what people do to bitcoin that’s a fraud. It lends itself to being manipulated.”


    good article...

    http://www.news.com.au/finance/mone...s/news-story/80f292d0a378ac0c79fed84ff64357f2
     
  3. whay

    whay Active Member

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    If he is referring to the currency market, housing market, stocks & bond market. Then he is absolutely correct. Name me one market that is not manipulated by the big banksters. :oops:
     
  4. Stoic Phoenix

    Stoic Phoenix Well-Known Member Silver Stacker

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    The one the first little piggy goes to?
     
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  5. southerncross

    southerncross Well-Known Member Silver Stacker

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  6. SilverDJ

    SilverDJ Well-Known Member

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    A 50% crash is a lot easier to stomach when you have a few K play money "invested" in it back when it was an unknown tech play thing vs a few hundred K people are putting in these days because it's gone mainstream.
     
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  7. southerncross

    southerncross Well-Known Member Silver Stacker

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    What next ? Brothels and Bottleshop's ?

    http://www.smh.com.au/business/bank...dit-cards-to-buy-bitcoin-20180214-p4z0bf.html
     
  8. southerncross

    southerncross Well-Known Member Silver Stacker

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    Arizona, Colorado, & Wyoming Push Legislation Supporting Cryptocurrency
    https://www.zerohedge.com/news/2018...ng-push-legislation-supporting-cryptocurrency
     
  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Good point but it is the Commonwealth Bank's risk to do as it wishes. Permitting the purchases of cryptos on CCs would raise the risk profile of any CDOs sold. Of course there's always the chance that the bank has an unterior motive to reducing risk exposure.
     
  10. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    I'm actually fine with what CBA have done there. You shouldn't be borrowing and putting yourself in debt to get into crypto
     
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  11. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    ING has introduced NPP, nothing to do with blockchain technology at all, just an instant payment system.

    It could be tht ING and the other banks introducing the tech agree to "take on" the deposits and withdrawals as a kind of debt obligation until funds are transferred. Unless of course they can actually transfer funds immediately. This is not Ripple technology by the way, but it's good to have a competing system out there.
     
  12. leo25

    leo25 Well-Known Member Silver Stacker

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    ^ I think all the main banks in Australia are doing instant payment now (NPP New Payments Platform).

    Be interesting to know how this works under the hood. How is it different from the old bank transfer way?
     
  13. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    That's been coming for a while now

    Check "PayID" which launches this month. I just registered with CBA for it a few days ago

    About time this is happening although not sure what this has to do with the crypto bubble lol
     
  14. ParanoidAndroid

    ParanoidAndroid Well-Known Member

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    I don't agree with this. Once a bank has issued you a credit card with a defined limit then they have no right to tell you what to spend that predetermined limit on. Presuming you met all the financial requirements of being assigned a debt limit, how is it different to taking it all out as a cash advance and putting it through pokie machines or betting on a horse?

    This is simply banks trying to keep the money in their system. People have to be responsible for their own choices.
     
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  15. dozerz

    dozerz Well-Known Member Silver Stacker

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    how are they able to know what you are buying? going to try this on coinbase now, they love collecting the $7 international fee so cant see how they will enforce this with their snouts in the fee trough.

    **edit** payment was rejected.
     
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  16. leo25

    leo25 Well-Known Member Silver Stacker

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    I guess they have a list of accounts that are for crypto exchanges, so if you send money to one of accounts on the black list it will get block.
     
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  17. leo25

    leo25 Well-Known Member Silver Stacker

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    Fair point, but i would say people should be responsible for their own money. Save up some money then you can do whatever you like.
    You can't really complain that you don't like the rules someone is applying to the credit they are offering. Now i may not agree with the rules they make, but at the end of the day they are free to set any rules they like and you are free not to use that service.

    Now if they start putting bans on what you do with your savings account then ill be up in arms with you.
     
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  18. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Terms and conditions, they change them all the time.
     
  19. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    The ability of mainstream financial institutions to respond to the threat of a fast, cheap means of sending money may negatively impact upon the potential magnitude and profitability of those coins touted as an alternative to sending/receiving fiat, particularly in commercial applications.
     
  20. southerncross

    southerncross Well-Known Member Silver Stacker

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    You don't think it is a bit like moving the goal post's leo ?
    As P.A stated, if you already qualify for their CC and meet their credit criteria what is the difference between Dan Murhpy's, Hookers, Pokies, or a Cash withdrawal ?
    This is aimed purely at Crypto purchases and nothing else.

    Does anyone have any other examples of where a CC can not be used to purchase certain products at all ?

    While I don't at all condone or suggest that people use any sort of credit to purchase Crypto (or anything else for that matter) it just seem's to me that the CBA is specifically picking out Crypto as a pet hate (Or threat).
     

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