"Bitcoin is a Fraud" and "Worse than tulip bulbs"

This is crazy, you guys can brag all you want about cryptos and good luck to you, but if everybody actually did buy it then sure as day turns to night and night turns to day - it will crash. I'm not buying something that's way over priced only to see it crash very soon and lose my money. Or for a hacker to hack my account and steal it all. I need to fully understand it first. If I knew what the future would.bring and I could indeed make money from it then certainly I would.buy some. But my gut feeling says lto leave it alone because I am not one of those lucky people who will make money so easily.
 
Sept 1st 2016 price of BTC $574 U.S, Current price $9047 . And rising. Gold stable, Silver stable....
 
Seven of Nine, maybe just do some research, get educated a little bit and get ahead of the crowd.
Blockchain technology is not going to go away any time soon.
The crowd hasn't found it yet , but you know about it....
Ask yourself what happens when the crowd finds out about it ?
 
If my brother is telling me to jump in, sounds to me like the crowd has found it. First time he has shown an interest in investing speculating so was very surprised. Was also very impressed with himself as the $185 worth of something he bought jumping to $300 in 3 months. Hilariously he’s unable to transfer his own money out due to technical issues :rolleyes:


April 2013- $233 to $67 overnight. Down 71%
Nov 2013- $120 to $1,150 then down 43% to $500
Feb 2014- $867 down 49% to $439
July 2017- $3k down 36% to $1,869
Sept 2017- 37% knocked off

Possibility it’ll drop back down to $6k or less in the next overnight crash?

 
the bus is pulling out of the station, not sure when the next crash will be, anyone good at catching falling knives?
 

http://www.zerohedge.com/news/2017-11-26/candle-problem-why-bitcoin-misunderstood
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Who Owns the Internet?
The answer to this is the reason Bitcoin is succeeding where E-Gold (shut down by the USG) didn't.

For reference, E-Gold was a gold backed digital currency. Its flaw? Centralisation.

Things which are decentralised are much tougher to kill. This is why the US army. despite being the world's largest, is still embroiled in places like Afghanistan fighting guerrillas (decentralised). It's the same reason that the stinger missile changed the power balance of warfare.

The internet is owned by everyone.

Ok, sure there are significant players in it, but there is no single party, rather hundreds, actually thousands of parties that make up the pieces that we today call the internet.

Should one or more of these significant players get taken down, rest assured the arbitrage and value gap that would open up would be filled faster than you can say "Darling, take a look, this site's not working anymore."

And this doesn't even get into mesh networks, IPFS, and an entire smorgasbord of fun stuff like that which is coming and will further decentralise the internet. The point is this: Sometimes there is push, and sometimes there is pull.

As we sit here today, we all know it. We can all feel it. The existing government and financial systems are creaking and groaning under their ever increasingly incompetent weight. The foundation cracked in 2008 but they all banded together to "solve" the problem.

saupload_Screen_2BShot_2B2015-12-07_2Bat_2B10.21.13.png


The thing is instead of repairing the shonky foundations, they dug out more of the existing foundation and piled it on top of this creaking groaning mess. And that nearly non-existent foundation is what folks are relying on.

Now, let me introduce a really radical monetary (Shatbit crazy really) experiment to you...

Imagine you're a little green alien just landed. You know nothing about the world but you understand that value needs to be transferred, thus money is needed.

Now, imagine a type of money. This money is issued by a cluster of central authorities. These central authorities determine what the price is to borrow this type of money, they issue it with wild abandon most regularly to their friends, and here's the mind blowing part:

More than 20 of these central authorities in control of this money have their interest rates at negative. It's never happened before in the history of mankind, though I'm sure it's ok because men with badges and letters and authority stand behind it.

And then you take a look at Bitcoin.

Which of these sounds like a radical monetary experiment to you?


So, you might ask, "well, if these incompetent sociopaths stand behind this monetary system, then who stands behind Bitcoin?"

Well, none of that. Mathematics and cryptology. Which would you trust more?

What is Money
Bitcoin as money? Sure, why not?

Money is anything that we believe is money. Heck, money is simply an abstract token of value. Humans have gone through 5 distinct phases of money.

  1. Barter exchange
  2. Things such as sea shells, salt, beads, etc.
  3. Precious metals
  4. Paper money, followed by plastic money
  5. And now we're moving into the stage of using network based, cryptographically secure, programmable, digital money
Furthermore, prior to nation states and kings and queens, transactions were conducted using anything that was deemed to have value, which had nothing to do with a centralised authority or issuer.

Bitcoin takes us back to such a time, which is why most people can't get their head around it. They are still looking around for someone with a uniform or a badge (or both) to tell them it's OK and their government approves of it.

The world needs a global currency. Not one that is so deeply flawed as the one we have.

Have you ever asked yourself why should banks and intermediaries make money from you when you exchange dollars to yen, yen to baht, or any other currency?

Have you ever asked yourself why should they have the power to create wealth and distribute it to whomever they please?

Have you ever thought of the incredible friction caused and constraints placed on human progress by the inefficient and corrupt systems of central banking?

Now, if you'd asked me these questions 10 years ago, I would have shrugged my shoulders, nursed my beer, and acknowledged grudgingly that I could see your point but it all looked pretty hopeless. We're just destined to roll from one disaster to the next, and the best we can do is to navigate our way through it all.

Blockchain can actually solve this problem. Crazy to think about, sure, but true nonetheless.

It was crazy to think that a bootstrapped currency maintained by literally anyone who cares to code for "core-dev" on something called Bitcoin could be utilised to transact value securely and efficiently all around the world. But here we are today.

market-price-usd-1-1024x337.png


Looks like a bubble right?

Of course, if you're using your old search and retrieval system looking for that pear it does.

Let me show you something else.

Here's another chart showing the relationship between the number of users and price. I prematurely nicked this from some work we've been doing here at Capitalist Exploits HQ.



By the way, if you're on the mailing list, you'll get access to what I promise you will be a very cool report as soon as we're finished with it. To get on the mailing list just go here.

Bitcoin doesn't fit into anything we've seen before, aside maybe from the Internet, and so nobody's seen this before. And the easy thing to do is to compare it to something you've seen before.

I think that's a mistake.

Now, before you run out and mortgage the house to start buying frantically remember this: 90% of the crypto coins being issued will almost certainly vaporise and become worthless, taking with them all the dreams and hopes of those who invested.

Peter Brandt pointed this out the other day and I replied.
Click to expand...
Snip
 
Sure Bitcoin is being featured on Bloomberg and CNBC but ask your neighbour if he knows how to buy bitcoin, store them and spend them. Wait, ask him about the other 700+ cryptocurrencies out there.

I spam my FB feed with Bitcoin news regularly and not a single one of my friends actually gives a damn. And they still don't cos they're all too busy working their 9-5 jobs while the money makers are busy getting ahead of the curve.
 
Altima said:
Sure Bitcoin is being featured on Bloomberg and CNBC but ask your neighbour if he knows how to buy bitcoin, store them and spend them. Wait, ask him about the other 700+ cryptocurrencies out there.

I spam my FB feed with Bitcoin news regularly and not a single one of my friends actually gives a damn. And they still don't cos they're all too busy working their 9-5 jobs while the money makers are busy getting ahead of the curve.
Click to expand...

The shame is that most are happy to work 9-5 for the rest of their lives just like Mum and Dad did as a Debt Slave and never change their own lives nor that of their Kids in any way at all. It's sad.....
 
Dark web drug market growing rapidly in EU

"The report, which is the first of its kind to analyse the drug trade in Europe on the dark web, showed that online markets are becoming increasingly sophisticated and offering growing numbers of illegal products to buyers.

The dark web, or darknet, is a part of the internet that lies beyond the reach of search engines. Users are largely anonymous and untraceable and mainly pay with cryptocurrencies like bitcoin."

read more at: http://www.news.com.au/world/breaki...u/news-story/32857fc5dfcb4d6e734675c80b02783b

It is not mum and dad investors driving the boom .... it does not take a genius to realise why crypto currencies are booming when it is the pay method of choice for ransomware hackers and drug dealers etc
 
There is no data to back the claim that illegal activity is driving up the prices of cryptos.

In all likelihood it is Chinese capital restrictions that have primarily been responsible for the initial spike in prices - but again, there is no data to back that claim either.
 
Surely all outflow of BTC into legal currency are mostly illegal or ill gotten funds.

Why do I say this.... in the context of now

1. If it is a speculater they HOLD.
2. Most miners HOLD
3. pumper are Holding
4. Invester are Holding


A. So who are cashing out at $10,000
 
Not sure where you get your info from. I would probably fit into categories 1 and 4 and I cashed out my BTC I bought in 2013 a couple of days ago.

I’m holding some alts for now, but I will take a profit (cross fingers) if and when I think the time is right.
 
Not to confuse and to be upfront, this is my gut feeling and I am in 1 and 2.

Also to highlight that for BTC to be worth $10k someone has to pay for it with real money

1
mmm....shiney! said:
Not sure where you get your info from. I would probably fit into categories 1 and 4 and I cashed out my BTC I bought in 2013 a couple of days ago.

I’m holding some alts for now, but I will take a profit (cross fingers) if and when I think the time is right.
Click to expand...
 
I think we’re in the mania phase now, lots of talk on FB, lots of questions asking advice, lots of stupid responses. Very reminiscent of 2013. In the middle of the ponzi comments, references to Bartercard etc was this gem:

They say it’s going to be worth $500,000 to $1 million in 10 years.
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IF we could monetize decency and goodwill we would have a better currency to trade with than a spinning computer chip ...
 
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