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Old Dec 7, 2017, 09:51 AM   #91
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Razeus
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I'm hoping it crashes (what that means at this level is beyond me at this point), so I can put my entire bonus check into it.

Won't received it until January/February though.
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Old Dec 7, 2017, 10:36 AM   #92
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Old Dec 7, 2017, 10:53 AM   #93
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corrected back to 16
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Old Dec 7, 2017, 10:55 AM   #94
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Quote:
Originally Posted by A2597 View Post
corrected back to 16
Back to 17.
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Old Dec 7, 2017, 11:36 AM   #95
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So next time someone steals a bunch of bitcoins you can expect a price spike...


http://www.guru3d.com/news-story/min...-is-empty.html

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Nicehash, a famous mining pool seems to have been hacked, according to online data, a good 56 million USD worth of BitCoin seems to have disappeared overnight. While unconfirmed, it seems 4700+ BTC has gone missing and all NH mining pools are offline.

NiceHash is one of the more popular solutions thanks to an easy interface and its usability, by downloading a small application and associating your BTC address, you are good to go. Users mention that their wallets have been emptied and the bitcoins are now in a wallet that received 4736 bitcoins on Wednesday, currently, that entails a total value of 51 million euros, roughly 56 million USD.
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Old Dec 7, 2017, 12:24 PM   #96
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Originally Posted by pax View Post
So next time someone steals a bunch of bitcoins you can expect a price spike...


http://www.guru3d.com/news-story/min...-is-empty.html
get a hardware wallet I guess the lesson is
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Old Dec 7, 2017, 12:33 PM   #97
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Quote:
Originally Posted by pax View Post
So next time someone steals a bunch of bitcoins you can expect a price spike...


http://www.guru3d.com/news-story/min...-is-empty.html
Couldn't stores potentially trace where all those coins are going and blacklist the addresses that receive said coins?
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Old Dec 7, 2017, 03:35 PM   #98
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What the heck is causing the meteoric rise of value in the bitcoin? And how come its happening now and not before?
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Old Dec 7, 2017, 04:00 PM   #99
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By this rate by end of year it will be around $50k/ bitcoin.
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Old Dec 7, 2017, 04:24 PM   #100
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Originally Posted by pax View Post
With a marketcap of ~156 billion at 13k a bitcoin I dont think the issue is about it being a currency if it ever was much. They allowed it into the futures market. Might be a US decision seeing as China is trying to kill it. This thing has political as well as financial market roots now.
US Senate has a bipartisan bill to make it a felony to not disclose that you have bitcoin under your tax bill. (The penalty is looking like 20-25 years per offense if you knowingly don't inform the IRS) but I guess that could change?
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Old Dec 7, 2017, 04:29 PM   #101
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Quote:
Originally Posted by Sasquach View Post
What the heck is causing the meteoric rise of value in the bitcoin? And how come its happening now and not before?
People coming on board. It's that simple. Supply and demand.

CBOE says Bitcoin can now be a futures market and starts in a few days. So here comes the big money institutions.

The IRS wants to collect tax on it. Russian is about to legalize it officially. China is changing its mind about it.
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Old Dec 7, 2017, 05:25 PM   #102
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More and more people are investing in it like it is a commodity. Mean while merchants are dropping support for it. The whole things feels too volatile and seeing why there are less and less merchants accepting it, including Steam.
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Old Dec 7, 2017, 09:38 PM   #103
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Originally Posted by ElBerryKM13 View Post
By this rate by end of year it will be around $50k/ bitcoin.
And by 2020 it may well hit a million. I ****ing lost 400k godamnit.
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Old Dec 7, 2017, 10:17 PM   #104
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Should have invested at least earlier this year.

Nevertheless, there is still Litecoin and Ethereum out there to invest in.
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Old Dec 8, 2017, 03:51 PM   #105
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So of course I bought a little extra. Not much, but a little.
At 8:30pm EST last night.
AKA, minutes before it dropped 2k. LOL
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Old Dec 8, 2017, 04:55 PM   #106
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Quote:
Originally Posted by A2597 View Post
So of course I bought a little extra. Not much, but a little.
At 8:30pm EST last night.
AKA, minutes before it dropped 2k. LOL
Such is Bitcoin. It'll recover, most likely. But when it does, I'm considering putting some long-term into Ethereum.
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Old Dec 10, 2017, 04:15 PM   #107
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It's funny how people talk about buying Bitcoin or other cryptocurrencies as an investment while in reality they are literally gambling that someone else is willing to pay them more for the coin on a later date.

It's unsustainable and a lot of people are going to get burned sooner or later.
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Old Dec 10, 2017, 04:41 PM   #108
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Quote:
Originally Posted by Eisberg View Post
More and more people are investing in it like it is a commodity. Mean while merchants are dropping support for it. The whole things feels too volatile and seeing why there are less and less merchants accepting it, including Steam.
That's because transaction fees for a lot of it are retardedly high.
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Old Dec 10, 2017, 08:40 PM   #109
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It only makes sense as a penny stock gamble. You buy a lot of it cheap not putting or risking up much money and hold to see what happens.
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Old Dec 10, 2017, 11:47 PM   #110
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A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.

Dad: What? $15,554??? $14,354 is a lot of money! What do you need $16,782 for anyway?
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Old Dec 11, 2017, 04:49 AM   #111
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Quote:
Originally Posted by Eisberg View Post
A boy asked his bitcoin-investing dad for 1 bitcoin for his birthday.

Dad: What? $15,554??? $14,354 is a lot of money! What do you need $16,782 for anyway?
Hah!
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Old Dec 11, 2017, 08:17 AM   #112
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Quote:
Originally Posted by aop View Post
It's funny how people talk about buying Bitcoin or other cryptocurrencies as an investment while in reality they are literally gambling that someone else is willing to pay them more for the coin on a later date.

It's unsustainable and a lot of people are going to get burned sooner or later.
Like any other investment.
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Old Dec 11, 2017, 08:25 AM   #113
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Bubble.

It's gonna blow out, it's just a question of when.
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Old Dec 11, 2017, 09:22 AM   #114
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I know another guy who just bought a $5M home in east Toronto with cash from his bitcoin investment. Have no idea what that stake represents of his overall portfolio, but he's doing all right. Real nice guy too.
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Old Dec 11, 2017, 10:09 AM   #115
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Quote:
Originally Posted by Razeus View Post
Like any other investment.
You are completely wrong about that.

Bitcoin doesn't pay any dividents nor does it produce anything unlike companies whose stock you can buy. If you invested in Bitcoin mining that would be more like investing into regular stocks as your investment would actually produce something (Bitcoins). Saying investing in Bitcoin is like any other investment is like buying a Tesla car and claiming it means you are investing in Tesla.

Bitcoin exchanges are completely unregulated and unaudited which means there are absolutely no safeguards or rules against insider trading and there is also no way to know if the exchanges actually have the amount of Bitcoin or USD they tell their customers they have. For example if you have an account in Coinbase and the site claims you have balance of $10k USD and 2.4 BTC those numbers could be completely imaginary and in reality the exchange could have only fraction of that amount available.

Exchanges which offer margin trading have quite heavy incentive to manipulate prices as it allows them to literally rob their customers by liquidation.

It gets even fishier with stuff like Tether which are used to prop up the Bitcoin price on the promise that it's backed by equivalent amount of USD but for some reason Bitfinex refuses to let anyone audit it.

If you think Bitcoin is investment just like stocks or commodities like gold you deserve to lose your money.

That said I do believe the bubble will continue growing for quite a while since a lot of people have seen the +2000% YTD gains and are pouring in money in hopes of being rich by this time next year. I just hope you people realize the exchanges and big players get rich by taking your fiat money and giving you gambling tokens in return.
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Old Dec 11, 2017, 11:11 AM   #116
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Originally Posted by aop View Post
You are completely wrong about that.

Bitcoin doesn't pay any dividents nor does it produce anything unlike companies whose stock you can buy. If you invested in Bitcoin mining that would be more like investing into regular stocks as your investment would actually produce something (Bitcoins). Saying investing in Bitcoin is like any other investment is like buying a Tesla car and claiming it means you are investing in Tesla.

Bitcoin exchanges are completely unregulated and unaudited which means there are absolutely no safeguards or rules against insider trading and there is also no way to know if the exchanges actually have the amount of Bitcoin or USD they tell their customers they have. For example if you have an account in Coinbase and the site claims you have balance of $10k USD and 2.4 BTC those numbers could be completely imaginary and in reality the exchange could have only fraction of that amount available.

Exchanges which offer margin trading have quite heavy incentive to manipulate prices as it allows them to literally rob their customers by liquidation.

It gets even fishier with stuff like Tether which are used to prop up the Bitcoin price on the promise that it's backed by equivalent amount of USD but for some reason Bitfinex refuses to let anyone audit it.

If you think Bitcoin is investment just like stocks or commodities like gold you deserve to lose your money.

That said I do believe the bubble will continue growing for quite a while since a lot of people have seen the +2000% YTD gains and are pouring in money in hopes of being rich by this time next year. I just hope you people realize the exchanges and big players get rich by taking your fiat money and giving you gambling tokens in return.

Any gain you make in any investment is because someone was willing to pay more for it than you did. That's literally how this works. Doesn't matter if it's regulated. It works with the shortage in PS4's as well.

Gold doesn't produce anything and can't be used to make purchases, and yet it's considered an investment.

You can replace the word Bitcoin with real estate or stock and it's the same thing.

By the way, the stock market has been known to crash. Real estate did famously in 2008. Bitcoin will be no different. It will recover.
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Old Dec 11, 2017, 01:40 PM   #117
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No one knows what will happen.

Still, there are 2 groups who believe they know the future:
1. "sour grapes" nocoiners who believe the crypto-crash is coming "when, not if".
2. "bitcoin cultists" who believe the crypto-train is unstoppable no matter what.

I try to stay agnostic. But in the battle for hearts and minds the cultists are clearly winning. They're quite smart in promoting "hold no matter what, don't panic, never sell" tactic, to avoid run-on-the-bank scenario, and to limit the supply, which helps the price, which makes their job easier.

So far, it's confidence mind games. But if the cultists will keep up the game for a few more years, bitcoin might become like land in Manhattan - valuable because there are lots of actual businesses build on top of it.
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Old Dec 11, 2017, 01:51 PM   #118
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Old Dec 11, 2017, 01:56 PM   #119
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can someone explain what the difference between Bitcoin itself and Bitcoin futures is?
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Old Dec 12, 2017, 09:32 AM   #120
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Quote:
Originally Posted by Sasquach View Post
can someone explain what the difference between Bitcoin itself and Bitcoin futures is?
A bitcoin goes for $17k.

A future on bitcoin is betting the price will be lower or higher in the future via a legal contract saying you must deliver said bitcoin on the price determined by the contract.

https://www.investopedia.com/terms/f/futures.asp
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