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Bitcoin community in panic as major exchange goes AWOL.
- Thread starter criesofthepast
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And_Gignac
Member
Also, if bitcoin was regulated it would be less volatile and the chance to get high and fast returns would be null except for those super early adopters. Volatility is a good thing in this case and I think most people understand it comes with a risk.
D
Deleted member 231381
Unconfirmed Member
Until you can invent a cryptocurrency with a central bank, they won't be viable.
EDIY: Also, by definition, buying a crypocurrency with the intention of selling it at a higher price is not investment, it's speculation.
D
Deleted member 231381
Unconfirmed Member
The two parts are intrinsically linked. People speculate it will one day be a viable currency alternative, which drives up demand and creates value. If not a single person ever believes it will be a viable currency alternative, why would you demand it? It has no intrinsic value, isn't used in the production of future goods, and isn't redeemable for any other goods.
No chance of high returns? Good! It will not be accepted as a currency until purchasing power is stable. There is an even more fatal flaw than that, however. The alleged innovation of cryptocurrency is a more secure way to handle e-payments, but it turns out they're less secure than the trusted broker approach.
Based on thar chart it looks like the price should be $80-100.
That shit be textbook.
And for real, just look at bitcoin market cap and daily volume, anybody in its right mind could tell it's a giant speculative bubble (and yeah, it still is).
And while there is definitely money to be made riding a bubble, there are less riskier ways than speculating on bitcoins.
So shady
Not enough LOLs.
Wish you the best though.
the dreams of becoming a millionaire off this are pretty goofy, but when the "omg bitcoin skyrocketing!" thread comes around, this guy will be doing better than all the "damn, should've invested on the last crash" shmucks
Not enough LOLs.
Wish you the best though
You can lol all you want but the joke is seriously going to be on you guys if I bump this thread in a year telling everyone my scheme worked and I'm now as loaded as all fuck, driving a high class sports car, looking hot as all fuck
And I have to do it. I have to pull this off. I've got a point to prove to this skeptical, cynical world.
Anyway, my scheme. It's basic compounding. 2% roi daily (averaged over time) is equivalent to an annual interest rate of 730% a year. The compound factor is daily.
A 2% roi can be achieved with a few successful trades a day on a bitcoin market such as BTC-e. Losses can be minimised through conditional stop loss orders if the price falls below the line of support. The majority of trades should be successful through the use of solid good chart analysis fundamentals and not letting emotion get in the way of strategy.
So I say a millionaire within a few years? Ok.
Use the following parameters in this compound interest calculator - http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Annual Rate 730%
Compound Rate Daily
A base of $1000, getting a 2% roi daily will return 1.3 million after 1 year.
The question is can one actually achieve 2% daily? I achieved 17% daily averaged over the last week. I'm confident enough.
PhoenixDark
Banned
Libertarians lost a fortune just to prove how worthless digital and paper currency really are. Gold wins again.
Much dedication such resolve wow.
Much dedication such resolve wow.
Bitcoin lost about 18% of its value today.
In October 28th, 1929 (AKA the crash that started the great depression) the stock market lost less than 13%.
By any definition of the word this is a crash, in fact, in the history of the US only Black Monday is bigger.
If anyone is showing their bias it's you.
I would not look at charts like this as investment advice, this is not a crystal ball, just a neat observation about market psychology, and while it often rings true, it does not bat a 1000.
Personally, I seriously doubt bitcoin will go down to these levels, it's almost purely speculative at this point, and there still enough money to be made and enough believer to run that boom and bust cycle a few more times.
criesofthepast
Member
Go to r/bitcoin and tell me that isn't panic. It got fairly bad teetering on the edge just at or below 400. Jumping from 400 to 460 in 10 seconds at one time. It was crazy. I said it was free-falling which it was. And yes I am in fiat now which is a great feeling. Been making trades on these highs and lows for the past 12 hours. Currently stopped though because it is calm & that scares me more than when it is bobbing back and forth violently (also not much money to be made when its calm.) Waiting for Gox to make it official because we know everyone will panic again and I'll get in lower again before it shoots back up. I personally don't really care how low it goes.
Also, we've never had every major bitcoin exchange come together and release a statement like that against Gox. Yeah, we knew Gox was fucked up but to have it be confirmed is entirely different and yes it did cause major panic. Go look at bloomberg, WSJ, and every other major news publication as well. It is one of Bitcoins darkest days. If you think I'm spreading fud then ok. lol
I don't know about FUD, but we both knew this was a very strong possibility.
I'm just saying we're not at stickied suicide hotline posts on r/bitcoin yet. YET. maybe it'll get there, but it's not looking likely unless some whale has a delayed reaction and sells.
I think the other exchanges showing some solidarity is a real good thing and there's talk about transparent reserves for sites. These are positive things.
Tal Shiar Agent
Member
I just want cryptocurrency to die so GPU prices normalize again for people who will actually use them for gaming.
j_k_redtail
Member
Seriously. Bernie Madoff was promising 12 to 15 pct a year in fake gains. If he'd promised 2 pct a day no one would've bought into it - because everyone would have known it was a scam.
It appears that you're joking, but I know people in real life with a similar mentality, so I'll just take what you're saying at face value. Nobody has returns that good for that long. Ask yourself this: why do I want a sports car? I can't really relate, but then again, my aspirations do not include owning luxury goods.You can lol all you want but the joke is seriously going to be on you guys if I bump this thread in a year telling everyone my scheme worked and I'm now as loaded as all fuck, driving a high class sports car, looking hot as all fuck
And I have to do it. I have to pull this off. I've got a point to prove to this skeptical, cynical world.
Anyway, my scheme. It's basic compounding. 2% roi daily (averaged over time) is equivalent to an annual interest rate of 730% a year. The compound factor is daily.
A 2% roi can be achieved with a few successful trades a day on a bitcoin market such as BTC-e. Losses can be minimised through conditional stop loss orders if the price falls below the line of support. The majority of trades should be successful through the use of solid good chart analysis fundamentals and not letting emotion get in the way of strategy.
So I say a millionaire within a few years? Ok.
Use the following parameters in this compound interest calculator - http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Annual Rate 730%
Compound Rate Daily
A base of $1000, getting a 2% roi daily will return 1.3 million after 1 year.
The question is can one actually achieve 2% daily? I achieved 17% daily averaged over the last week. I'm confident enough.
criesofthepast
Member
I think you missed a lot of this when it was going down live last night. Reddit was insane. Anyways I'd say 95% of us knew the truth, I posted a bunch in the other thread saying they're done, but even though it was known it still caused a panic when it was confirmed. The scary part is it hasn't really even been confirmed technically since they just basically up and disappeared and people are waiting for a statement. The markets are irrational and decisions are made based on fear so even expected news causes major shifts. Too many manipulators. We all now know the general truth and look the market will crash again when Gox say something. It shouldn't because we already know, but you know it will. I mean unless they release good news which would probably be complete lies but maybe people will buy it and we will go up? Who knows really. Panic is a common theme surrounding Bitcoin as long as I've been into it (about a year now.)
reggieandTFE
Member
I don't think he's trolling. Check out the community thread and the
9/11 Reuther thread
HarryKS
Member
You can lol all you want but the joke is seriously going to be on you guys if I bump this thread in a year telling everyone my scheme worked and I'm now as loaded as all fuck, driving a high class sports car, looking hot as all fuck
And I have to do it. I have to pull this off. I've got a point to prove to this skeptical, cynical world.
Anyway, my scheme. It's basic compounding. 2% roi daily (averaged over time) is equivalent to an annual interest rate of 730% a year. The compound factor is daily.
A 2% roi can be achieved with a few successful trades a day on a bitcoin market such as BTC-e. Losses can be minimised through conditional stop loss orders if the price falls below the line of support. The majority of trades should be successful through the use of solid good chart analysis fundamentals and not letting emotion get in the way of strategy.
So I say a millionaire within a few years? Ok.
Use the following parameters in this compound interest calculator - http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Annual Rate 730%
Compound Rate Daily
A base of $1000, getting a 2% roi daily will return 1.3 million after 1 year.
The question is can one actually achieve 2% daily? I achieved 17% daily averaged over the last week. I'm confident enough.
With $500-$1000, you're expecting such dividends?
Silentium
Member
You can lol all you want but the joke is seriously going to be on you guys if I bump this thread in a year telling everyone my scheme worked and I'm now as loaded as all fuck, driving a high class sports car, looking hot as all fuck
And I have to do it. I have to pull this off. I've got a point to prove to this skeptical, cynical world.
Anyway, my scheme. It's basic compounding. 2% roi daily (averaged over time) is equivalent to an annual interest rate of 730% a year. The compound factor is daily.
A 2% roi can be achieved with a few successful trades a day on a bitcoin market such as BTC-e. Losses can be minimised through conditional stop loss orders if the price falls below the line of support. The majority of trades should be successful through the use of solid good chart analysis fundamentals and not letting emotion get in the way of strategy.
So I say a millionaire within a few years? Ok.
Use the following parameters in this compound interest calculator - http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Annual Rate 730%
Compound Rate Daily
A base of $1000, getting a 2% roi daily will return 1.3 million after 1 year.
The question is can one actually achieve 2% daily? I achieved 17% daily averaged over the last week. I'm confident enough.
I think you'll find generating consistent returns difficult, and you'll get eaten by the spread and transaction costs.
As others have said, I'm sure you're kidding (I hope).
EDIT: because I'm a bad person, and interested to see this play out, you should check out the FOREX market - $5.3 trillion liquidity per day, open 24 hours.
how about we compare it to crashes of the same currency
December and April 2013-- ~50% each. those are bitcoin crashes. 18% used to be caused by a negative story at a mid-tier publication, but those days are over.
I'm not saying it's not bad, it's just that if you've been following, it's not that dramatic. mt.gox has been notoriously bad forever, a total dinosaur. They might come back in a day with a whole new site, reopening withdrawals; they might be gone forever. Nobody knows because they don't communicate very well.
They're the Lindsay Lohan of Bitcoin exchanges
PetriP-TNT
Member
Understatement of the year.
criesofthepast
Member
I don't think paile is joking lol. Day- trading is not easy at all.
I bought in some litecoins not long ago at $26.50. It went down immediately after I bought and has never hit close since. I sat on them for a month or so. Then sold at around 18 and took the loss, bought back in lower and sold higher. Did this a few times with small ups and downs (risky) and eventually made my money back to what I had before I made that stupid $26.50 buy.
So if you can make 2% everyday without fucking up then awesome, but good luck with that.
I bought in some litecoins not long ago at $26.50. It went down immediately after I bought and has never hit close since. I sat on them for a month or so. Then sold at around 18 and took the loss, bought back in lower and sold higher. Did this a few times with small ups and downs (risky) and eventually made my money back to what I had before I made that stupid $26.50 buy.
So if you can make 2% everyday without fucking up then awesome, but good luck with that.
paile, an index fund is your best bet. Requires no education and ROI is about 10% annually. That may seem small compared to your estimated 750% ROI, but I think your acutal ROI will be closer to -50% (notice the minus sign).
I did not realize 9/11 conspiracy theorists were still active. Always thought they were just an easy strawman foil for establishment-types like myself.
If you want to invent a new definition of what constitutes a crash, knock yourself out, it's all semantics anyway.
But laughing at someone and accusing them of having an agenda only because they're calling a spade what most people who knows anything about investments would call a spade, well, that speak pretty loudly about your own personal bias.
D
Deleted member 1235
Unconfirmed Member
I'm late! it's busy at work.
mt gox being a crooked bunch of cunts hasn't exposed a fatal flaw in bitcoin itself. indeed it appears that they were a bunch of shady dudes who were massively incompetent. what it taught everyone is that you should not leave your money in an online exchange and take your own precautions.
I don't think this crash will be fatal for bitcoin. shit it's had bigger crashes for smaller reasons at this point.
what I'm truly surprised about is that dogecoin is not deflationary like the rest of the coins. I'm fucking staggered that doge is looking more and more like the 'real' currency. I would laugh if it became useable.
jim-jam bongs
Member
You can lol all you want but the joke is seriously going to be on you guys if I bump this thread in a year telling everyone my scheme worked and I'm now as loaded as all fuck, driving a high class sports car, looking hot as all fuck
And I have to do it. I have to pull this off. I've got a point to prove to this skeptical, cynical world.
Anyway, my scheme. It's basic compounding. 2% roi daily (averaged over time) is equivalent to an annual interest rate of 730% a year. The compound factor is daily.
A 2% roi can be achieved with a few successful trades a day on a bitcoin market such as BTC-e. Losses can be minimised through conditional stop loss orders if the price falls below the line of support. The majority of trades should be successful through the use of solid good chart analysis fundamentals and not letting emotion get in the way of strategy.
So I say a millionaire within a few years? Ok.
Use the following parameters in this compound interest calculator - http://www.thecalculatorsite.com/finance/calculators/compoundinterestcalculator.php
Annual Rate 730%
Compound Rate Daily
A base of $1000, getting a 2% roi daily will return 1.3 million after 1 year.
The question is can one actually achieve 2% daily? I achieved 17% daily averaged over the last week. I'm confident enough.
HOT AS ALL FUCK YO
Can you imagine if Dogecoin became the world currency? Future historians are going to have a hell of a time explaining the 21st century.
chaostrophy
Member
I remember watching the bitcoin price tracker at bitcoinity.org, and until MtGOX disappeared, the majority of the tracked transactions were MtGOX based. If MtGOX were so shady why did so many people use them, when bitcoin was supposedly designed to give BTC holders free choice of exchanges? I get the impression that it was a huge part of the general bitcoin infrastructure, and apologists are trying to downplay it now that it's gone.
Comparing actual data points isn't semantics. Comparing apples and oranges doesn't work!
i lost money yesterday and am also in USD, waiting to reenter, that's my bias. not that I could prove it. I'd love for it to be a real crash.
Wow. over $2 million. Where do people get this much cash to blow on speculation (or were they doing something else)?
My sincere condolences to this victim: "Damn you, Gox! I lost ALL my trading cards!!!"
Prophet Steve
Member
Yeah, was just reading that, some either very stupid or very rich people there.
EDIT: Or trolling, that is always the alternative option on the internet.
Black Door
Banned
I cringed (then loled) when they name dropped it on Almost Human last night
ProudCanuck
Banned
I still can't understand the concept of mining bitcoins out of power consumption of a GPU to generate coins which is creating money out of nothing. Isn't that what cooking the books is for wall street folks? Is mining like printing money? if anyone can print money isn't that a recipe for the biggest meltdowns in finance history on a yearly basis rather than a decade basis like a regulated market?
Why would I be joking? Not at all. I'm quite serious. I love the naysayers because that will make my victory in the end all the more sweeter. I long to taste their bitter salty tears of envy
I never did say it was easy, but markets are not the random graph lines on a chart you all seem to think they are. They follow patterns, trend lines, momentum, all based on human herd behaviour mentality. They are predictable to an extent. Predicable to a degree that the majority of trades you make can be successful trades 6-7 times out of ten. On the losing trades you act to minimize your losses. On the winning trades you act to maximise your gains.
I laid out what is necessary to ensure my success. 2% return a day on average. Obviously trading on an exchange with low trading fees is important, i.e. 0.2% a trade is good. One day I might make 5%, the other -3%. Over time the average will be a net positive 2% return daily. The assumption that this automatically can't be done is based on what exactly? Because you can't do it and scoff? That isn't my problem.
People make money off of the markets day in, day out. This is not some mythical thing. They have for centuries. Apparently though, it's too hard for some reason. Well, I am quite prepared to put my money where my mouth is and give it a shot. If I lose, I lose. If I win, your mockery becomes resentment, jealousy and envy. And that is the sort of revenge that will fill my heart with joy.
Finally, how are my views of 9/11 relevant to bitcoin? Seriously? This an attempted put down by tying me with tin foil hat conspiracy theorists. I really don't care what you think, think whatever you like. I'd rather be a rich tin foil hat wearing nutter than an establishment pauper.
I think ASICs have already killed GPU profitability for bitcoin. It's the scrypt-based currencies like dogecoin and litecoin that are still being mined with GPUs. ASICs are more expensive to make for scrypt due to higher memory requirements for the algorithm, so those markets haven't been affected yet.
Baraka in the White House
2-Terms of Kombat
Why would I be joking? Not at all. I'm quite serious. I love the naysayers because that will make my victory in the end all the more sweeter. I long to taste their bitter salty tears of envy
I never did say it was easy, but markets are not the random graph lines on a chart you all seem to think they are. They follow patterns, trend lines, momentum, all based on human herd behaviour mentality. They are predictable to an extent. Predicable to a degree that the majority of trades you make can be successful trades 6-7 times out of ten. On the losing trades you act to minimize your losses. On the winning trades you act to maximise your gains.
I laid out what is necessary to ensure my success. 2% return a day on average. Obviously trading on an exchange with low trading fees is important, i.e. 0.2% a trade is good. One day I might make 5%, the other -3%. Over time the average will be a net positive 2% return daily. The assumption that this automatically can't be done is based on what exactly? Because you can't do it and scoff? That isn't my problem.
People make money off of the markets day in, day out. This is not some mythical thing. They have for centuries. Apparently though, it's too hard for some reason. Well, I am quite prepared to put my money where my mouth is and give it a shot. If I lose, I lose. If I win, your mockery becomes resentment, jealousy and envy. And that is the sort of revenge that will fill my heart with joy.
Finally, how are my views of 9/11 relevant to bitcoin? Seriously? This an attempted put down by tying me with tin foil hat conspiracy theorists. I really don't care what you think, think whatever you like. I'd rather be a rich tin foil hat wearing nutter than an establishment pauper.
Not sure if day trader.
You got the act down pat, though.
criesofthepast
Member
I'm going to guess a lot of these people with thousands of coins are early miners. If you mined early on in 2010 you were getting hundreds if not thousands of coins a week. :/
Some dude spent 10,000 bitcoins on a pizza back in the day when it was worth just that. The thread on bitcointalk is hilarious now that its been bumped in present day. The OP even posted again. Surprised he didn't kill himself but no way he could have known it'd get this big.
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