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Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

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Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#281

Post by jstarfish »

celticninja wrote: post #209
jstarfish wrote: post #178

Earlier quoted context omitted.

Not true, it's a very savvy move. You're gambling with someone else's money-- credit card debt can be discharged in bankruptcy. You don't lose your house or your shirt, and the only real consequence is poor credit for a few years. And if bitcoin goes up? Pay it off, keep the profits...you still win.

In a bankruptcy that was for personal debt such as credit cards surely your house as an asset can be sold in the event of a bankruptcy?

Not if it's your primary residence.

Your summer home or a rental property, sure.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#283

Post by spookthesunset »

stcredzero wrote: post #147
JumpCrisscross wrote: post #42

Earlier quoted context omitted.

> Naive speculators The problem with this characterization is when enough people lose their shirts on leveraged crypto purchases, a problem of individual finances becomes one of collective policy. I'd be careful with dismissing the problem as one contained to the stupid. There was a thread on the front page, earlier, where multiple commentators were equated the odds of a massive and permanent Bitcoin crash with that…

I'd be careful with dismissing the problem as one contained to the stupid. The subtle genius of the truly stupid, is their unstoppable penchant for making their problems yours as well!

See also: the 2016 US election result and the aftermath that continues to this day.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#284

Post by spookthesunset »

wslh wrote: post #60
matwood wrote: post #39

Earlier quoted context omitted.

How much I think is key here. I'll try and find the article from late 2017 but it said that most crypto buyers invested ~3k or less. A large portion of BTC is concentrated in fewer than 1k people. What this means is that for most people when crypto crashes, it sucks but will simply be a cool story. This isn't .com or the housing bubble where many people's lives were ruined. Of course with the craze, the stats could h…

Beyond the concentration, there are a lot of millionaries out there. Much more than 1k. I always tell that I know more crypto-millionaries than startup ones.

Paper crypto "millionaires" or actual cold, hard, federal reserve-backed fiat Millionaires?

That being said, scammers, shysters and pumpers always say bombastic shit like you are saying. That is how they get all the rubes to buy into their scam.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#285

Post by ActsJuvenile »

flashmob wrote: post #213
dudus wrote: post #158

Earlier quoted context omitted.

Holy Shit, are they just trying to print out tethers out of thin air right now to pump Bitcoin? And it seems to be working, at least for now. This can't end up well.

> Holy Shit, are they just trying to print out tethers out of thin air right now to pump Bitcoin? That's the line I often see on Twitter / Reddit and usually gets a lot of upvotes, despite being irrational, with no proof to back it up. As bitcoin falls, the demand for Tethers goes up. To keep Tethers pegged to, say, $1 USD, they need issue more to meet the demand, which would be a more rational explanation why more w…

The problem people have with Tether is their promise of 1 USDT = 1 USD.

Tether was kicked out of their HK and Taiwan banks, and now they are banking in Caribbean islands. They are supposedly holding $1.55 Billion USD cash in one of those banks to back USDT issued so far.

My question is, have you seen a Caribbean bank? Most bank HQs over there look like a 7-Eleven, and banks are owned by local politicians or shady characters. Anyone who deposits more than $1 million in those banks is a fool.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#286

Post by jhwang5 »

KasianFranks wrote: post #93
AndrewKemendo wrote: post #81

Earlier quoted context omitted.

creates no need to middle men I've seen this consistently touted as a structural advantage to (bit)coins, but have yet to see a compelling technical explanation as to how/why this would be the case. The Satoshi paper doesn't discuss middlemen at all. Very few people (relatively) are actually mining and most are just buying with USD from an exchange which by default is a middleman. Many of the other coins are pre-mine…

P2P baby.

miners baby

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#287

Post by ActsJuvenile »

bdcravens wrote: post #169
gruez wrote: post #125

Earlier quoted context omitted.

it's a rumor/meme. supposedly during the last crash, r/bitcoin had the suicide hotline pinned, but i wasn't able to confirm that on archive.org either.

I've been in crypto since 2011. It was indeed there at the time.

So how many Lambos are there in your garage?

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#288

Post by spookthesunset »

Mandatum wrote: post #280
FabHK wrote: post #212

Earlier quoted context omitted.

> irritate the hell out of banks (bank accounts are being closed and restricted from exchange transfers, including coinbase) It irritates banks not, by the way, because they're oh so scared about this fantastic new competitor to "their" money and money related businesses, but because it's often used (when it's used) for illegal transactions.

I think it decentralizes account fees, lending, term deposits, funds, everything. It turns the traditional banking model on its head because anyone can "become a bank" and handle the traditional "keep your money safe" model that banking was originally created for. Those getting paid for transactions will be those investing in the network infrastructure - which is also decentralized, because again - anyone can jump in…

Do bitcoin pumpers ever come up for air? None, I mean absolutely none of what you are writing will ever happen. Why? Because if Bitcoin boosters understood anything about politics, economics, math, finance, computer science, monetary policy, business, accounting, marketing or seemingly life in general.... they too would look at it and go "sounds way to good to be true. no thanks".

Every single thing in your post makes zero sense.... it is all breathless hype.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#289

Post by naveen99 »

jacquesm wrote: post #25
adamnemecek wrote: post #17

Earlier quoted context omitted.

Welcome to investing?

Speculation. Investing is something different entirely, just like the lottery is different than owning a chunk of a business.

Playing the Lottery is worse than speculation. Lottery has negative expected outcome. Speculation doesn't have a quantifiable outcome before hand which is why it's called speculation.

Re: Bitcoin Fall Extends to 25% as Fears of Crackdown Linger

#290

Post by imcoconut »

bduerst wrote: post #275
brucephillips wrote: post #269

Earlier quoted context omitted.

If I say "the sky is brown", am I being up front that I'm defining "brown" to be the color of the sky?

This comment thread has been one of the weirdest internet arguments on the semantics of a word that I've seen in a while.

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