291–300 of 357 posts
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function generateBitcoinSkepticism(oldPrice, newPrice) { if (oldPrice > newPrice) { return "It was a bubble all along."; } else if (oldPrice
generateBitcoinNewsReaction(); generateBitcoinSkepticism(); generateButteryPopcorn();
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It's not reasonable in the sense that the SEC should respond to the level of trader interest in BTC with something other than "don't trade it". The SEC has a three pronged mission: - Protect investors - Maintain fair, orderly, and efficiently markets - Facilitate capital formation With this decision they missed on all three. No investor was protected. The BTC market today was not fair, orderly, or efficient. There wa…
How was their capital destruction? People can buy in at a lower price. It's a zero sum game.
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Generally speaking, it's a bad idea to use currency as a store of value. The unwavering stability of the almighty US Dollar is a massive historical outlier. For most of history the wealthy didn't keep Scrooge McDuckian piles of cash around, they converted their cash into hard goods and investments like loans, which won't evaporate if hyperinflation occurs. Even today, the smart thing to do is to store most of your va…
Except it's not stable at all. If you hold USD long term, because of the inflation target of the FED, you'll be able to buy less and less. USD lost a massive amount of value in the previous century alone, despite the massive advances in every field of human activity. https://www.measuringworth.com/uscompare/relativevalue.php
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gold is a share of a conversion of energy to dug up earth, and sometimes nasty mercury tailings.
Gold actually has practical applications. Just go to wikipedia and find out what part of the CPU of the computer you are using to write your comment upon is made of.
Bitcoin has practical applications as well, on the Internet as peer to peer cash. But like gold, it's value comes largely from speculators, not its practical applications.
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>Bitcoin just went from a high of 1327.1926 to 995.9575 in the blink of an eye. That is a loss of 25% of its value. This announcement does nothing to hurt the utility of Bitcoin or its application as a medium of exchange. That drop certainly seems like a speculative investment bubble popping.
Yup. Any "currency" that can plummet in value by 25% because of a minor SEC ruling is not ready to be a store of value.
Those kind of statistical anomalies happen all the time, you must be aware of them if you look at real time chart. The bottom line is that you can't really know what the price is before a 30min period ends.
That being say, I expect the price to go down further after a bounce (disclaimer : I'm not a financial adviser, this is an opinion). Bitcoin was already at its all time high, and then there was the rumor of ETF, promising it will go even higher and will reach the moon. That's a big red flag to me. What seems the most plausible to me is that it will now enter a downtrend until it finds its support, then only start a new uptrend. I may be wrong, but at least I won't loose money.
I totally agree we can't use btc as a currency, though. I have a prepaid visa card that I can load with btc, but I only use it very rarely because it's annoying to have to look at chart to know when is the good time to load my card for this week's grocery. Things are settled, now, bitcoin is a speculative asset. It would be more interesting if cryptocurrencies like tether, which provide USDTether and EURTether, crypto currencies always indexed against their fiat counterpart, were finally available at scale.
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What's stopping him from doing a similar thing by selling deep OOTM options off of money he borrows on his margin account at any other broker?
Deep out of the money options have optionality whereas BitMex contracts are delta 1 products. They have literally nothing in common. The relevant difference in this case is that the option caps your upside.
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Buy coins, create positive news & watch the price go up, sell coins at the new high. Sell coins, create negative news & watch the price go down, buy coins at the new low. Same as what unscrupulous people have been doing since the beginning of commerce.
Back when bitcoin was pennies, I bought BTC and then listed a bunch of nonexistent desirable drugs shipping from a convenient location for sale on the silk road, then dumped the BTC a few cents higher, without ever taking an order. I only made a few bucks, but I was curious if it were possible then to move such a tiny market. It was.
This is a pretty big blow. The ETF has been the talk of the town for the last four years, and it is not unreasonable to think that it has been holding the hand under the price, since to a lot of people it represented the coveted inflow of institutional investment into bitcoin. With this gone, the immediate outlook for bitcoin is bleak. There is little market adoption to speak of, in fact bitcoin is probably losing ma…
The transaction backlog is so high because people are using bitcoin more than ever, alot of times to get to those other cryptos
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It's easy. If your product practical application was actually more important than it's speculation aspect then price manipulation would be greatly reduced. As bitcoin exists right now that's not the case of course. Bitcoin is now a mostly speculative asset since the amount of transactions you can do is extremely small compared to the market value of bitcoin at the moment.
This is somewhat false. It is true that Bitcoin can currently support about 7 txps. However, this isn't the whole picture. 1) A much better number to use is 4,500/10 minutes, because if the transactions aren't used in a prior second, they can still be used in the next. 2) One-way ratcheting timelocked channels (these payment channels work kind of like a giftcard) are ridiculously easy to implement -- basically just u…