Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
User avatar
Long John
Turtle Supporter
Posts: 3680
Joined: Sun Feb 14, 2016
Location: Northeast

Re: Bitcoins - fad or trend?

Postby Long John » Sun Mar 18, 2018

Yup. Patience. It's another step in the evolution. Despite all, BTC is still more than 7X what it was a year ago.

User avatar
Brick's
Supporter
Posts: 1624
Joined: Wed Dec 19, 2012
Location: 'Cuse

Re: Bitcoins - fad or trend?

Postby Brick's » Sun Mar 18, 2018

Interesting to watch this mid-March (or is it a continuation of early Feb?) correction pan out. Out of the dozen or so Crypto I'm following, to date only BTC, XMR, OMG, and BNB are still above their early Feb. lows. Could one consider these the stronger of the Crypto out there now? I'm smelling opportunity all over the place and it looks like the smell is only going to get better.
"You pompously call your selves Republicans and Democrats. There is no Republican Party. There is no Democratic Party. There are no Republicans or Democrats in this house. You are Lick-Spittlers and panderers, the creatures of the plutocracy".
- Jack London

"It is a government of corporations, by corporations, and for corporations."
- Rutherford B. Hayes, 19th President

User avatar
Long John
Turtle Supporter
Posts: 3680
Joined: Sun Feb 14, 2016
Location: Northeast

Re: Bitcoins - fad or trend?

Postby Long John » Sun Mar 18, 2018

About 10-12 days ago, the day after respected analysts said BTC's trend was looking very good, it plummeted. Things that steer the herd which analysts don't and can't account for, such as selloffs triggered by "news" and manipulation, have a greater effect on short-term price action than indicators based on a trend.

Longer-term is a different matter. This market has experienced some extraordinary short-term moons and crashes, but overall BTC has risen from $1,000 to $7,700 in the past year. The market as a whole: from $24 billion to almost $300 billion. It's only recent memory of much greater heights that make current levels depressing.

Point being that I don't think looking at what has performed best (or least-worst) since early February is a reliable predictor for what will perform best in the next comparable time period. A month from now there might be an entirely different list of short-term gainers.

User avatar
Bucketeer
Bearish Supporter
Posts: 2596
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Mar 18, 2018

Long John wrote:Since we're posting nonsensical videos.


True, but it is fun until we get some real news. Bitcoin is Bitcoin, HODL on or jump off.
Gentlemen prefer Engelhard.

User avatar
Long John
Turtle Supporter
Posts: 3680
Joined: Sun Feb 14, 2016
Location: Northeast

Re: Bitcoins - fad or trend?

Postby Long John » Mon Mar 19, 2018

Bucketeer wrote:Bitcoin is Bitcoin, HODL on or jump off.

Everyone should do what is right for them. My personal opinion is jumping off made a lot more sense at $18,500 than it does at $8,500. Anyone who decided to keep all their crypto on the table then, shouldn't be taking it off now. Again, IMO. Everyone's situation is different. Entry point and motivations have a lot to do with it.

User avatar
grantwoodisgold
Posts: 1743
Joined: Mon Oct 20, 2014

Re: Bitcoins - fad or trend?

Postby grantwoodisgold » Mon Mar 19, 2018



:duck:
"SAUSAGE FLAVORED MEAT PELLETS, GRADE D BUT EDIBLE"
"Better 1 or 2 years early than 1 day late"

User avatar
jcz1
Posts: 4630
Joined: Sat May 28, 2011
Location: USA

Re: Bitcoins - fad or trend?

Postby jcz1 » Mon Mar 19, 2018

Trump Prohibits U.S. Purchases of Venezuelan Cryptocurrency

President Donald Trump banned U.S. purchases of a cryptocurrency the Venezuelan government is rolling out, as part of a campaign to pressure the government of President Nicolas Maduro.

Trump issued an order on Monday prohibiting U.S. citizens from engaging in transactions using the oil-backed currency, called the Petro. He authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce his order.


Of course, because Trump hires only the best people, this was announced in an email with this subject line:

"Executive Order on Taking Additional Steps to Address the Situation in America."
Dissenting voices have been silenced. BS is now a safe space.
Democracy Dies in Darkness

User avatar
SilverDoge
Constitutional Supporter
Posts: 4446
Joined: Mon Apr 21, 2014
Location: Italy

Re: Bitcoins - fad or trend?

Postby SilverDoge » Mon Mar 19, 2018

jcz1 wrote:Trump Prohibits U.S. Purchases of Venezuelan Cryptocurrency

President Donald Trump banned U.S. purchases of a cryptocurrency the Venezuelan government is rolling out, as part of a campaign to pressure the government of President Nicolas Maduro.

Trump issued an order on Monday prohibiting U.S. citizens from engaging in transactions using the oil-backed currency, called the Petro. He authorized Treasury Secretary Steven Mnuchin to issue any necessary regulations to enforce his order.


Of course, because Trump hires only the best people, this was announced in an email with this subject line:

"Executive Order on Taking Additional Steps to Address the Situation in America."


A challenge to: thread discipline. At best this post could work in "alt-coins" (not bitcoin). Perhaps Politics & Economics threads? Or perhaps the Venzuela thread where this story was already posted?

:roll: :grinch: :pop:
Image

User avatar
SilverDoge
Constitutional Supporter
Posts: 4446
Joined: Mon Apr 21, 2014
Location: Italy

Re: Bitcoins - fad or trend?

Postby SilverDoge » Mon Mar 19, 2018

grantwoodisgold wrote:

:duck:


Ah yes, Chris Duane. I love how he focuses on Bitconnect on his last few crypto-hate videos, like that was the beacon of crypto. This would be akin to me buying fake silver from China on Alibaba, and then claiming that all silver was worthless because fakes exist and I got scammed because I am a greedy moron thinking I could buy silver for 90% under spot price.

You know how I know Duane is full of it? Because I'm willing to put my money where my mouth is and he surely would not. I would put up a monster box of silver against his, that bitcoin will never close on a daily price chart 2 days in a row under $100 at any point in the next 10 years (on CMC). If he believes it is going to zero, then $100 is well above that mark, and 10 years is plenty of time. Of course he would never take that bet, and if he did he would almost surely renege on it. Heck, I'd even put my monster box in a time deposit lock box using a smart contract that would email me the password combination after 10 years assuming that my criteria was met, or emailing him the combo password at any time if his criteria were met. I don't know if he'd even get the irony of the blockchain smart contract sending me the password ;)

Of course he has no conflict of interest. It isn't like he makes his money selling generic silver....oh wait :shock:
Image

User avatar
Bucketeer
Bearish Supporter
Posts: 2596
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Mar 20, 2018

Doge, I'm willing to backstop you 500 Ounces of Englehard. Duane is crazy. Solid offer.

Old men like me don't lie or care. F*ck him. You are correct, Sir. (Salute)
Gentlemen prefer Engelhard.

User avatar
tdtwedt
Gold Supporter
Posts: 4221
Joined: Sat Nov 01, 2014
Location: South Mississippi

Re: Bitcoins - fad or trend?

Postby tdtwedt » Tue Mar 20, 2018

NSA Has Been Tracking Bitcoin Users Since 2013, New Snowden Documents Reveal

In a blockbuster report published Tuesday in the Intercept, reporter Sam Biddle cited several documents included in the massive cache of stolen NSA documents that showed that the agency has been tracking bitcoin users since 2013, and has potentially been funneling some of this information to other federal agencies.


https://www.zerohedge.com/news/2018-03- ... nts-reveal
There are more ways than one to skin a cat.

User avatar
SilverDoge
Constitutional Supporter
Posts: 4446
Joined: Mon Apr 21, 2014
Location: Italy

Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Mar 21, 2018

tdtwedt wrote:NSA Has Been Tracking Bitcoin Users Since 2013, New Snowden Documents Reveal

In a blockbuster report published Tuesday in the Intercept, reporter Sam Biddle cited several documents included in the massive cache of stolen NSA documents that showed that the agency has been tracking bitcoin users since 2013, and has potentially been funneling some of this information to other federal agencies.


https://www.zerohedge.com/news/2018-03- ... nts-reveal


Haven't I said this is going to be a war? Some people truly believe bitcoin was invented by the NSA. I think that makes zero sense, but anybody is entitled to their theories. My response to this story would be.... only since 2013? What took them so long?

We know bitcoin isn't fully anonymous - especially when it pertains to the on/off ramps between fiat & crypto. Coinbase has ALL my damn information. My name, address and linked bank account. It's all there. That is where I acquire nearly all my BTC. So the government isn't really concerned because they already know. This is why they don't target your average user like me - they target the people who are selling large quantities of BTC with cash because that is anonymous to them and they can't see where it is going. If you sell a car (property) or a couch (property) for cash to someone locally on Craigslist or wherever, is that illegal? Are you a "money transmitter" for completing that transaction? What if you did that several times per month?

The federal government has not written any laws stating bitcoin (property) is a currency or money, however they will go after sellers of bitcoin who deal in cash and charge them with the crime of being unlicensed money transmitters - even though bitcoin is NOT money according to our same government. This is because our government, like every other government, now uses money as a SYSTEM of CONTROL to track you. In the history of mankind this is a relatively new phenomenon but society has already become so accustomed to the convenience of credit & debit cards that merely having a "large" amount of cash on you is considered suspicious, and therefore susceptible to civil asset forfeiture. Why else would you carry more than $200 on you unless you were a criminal? The State needs to be able to track your purchases, don't you know? It's for the children. Certainly our government wouldn't do anything unethical with the knowledge of your complete purchase history since birth (do I need a sarcasm tag?).

Privacy focused crypto coins like Monero, PIVX and Zcash are going to become more and more valuable the harder the authorities go after bitcoin. Decentralized exchanges are the future. Plan accordingly.
Image

User avatar
Bucketeer
Bearish Supporter
Posts: 2596
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Mar 21, 2018

SilverDoge wrote: In the history of mankind this is a relatively new phenomenon but society has already become so accustomed to the convenience of credit & debit cards that merely having a "large" amount of cash on you is considered suspicious, and therefore susceptible to civil asset forfeiture. Why else would you carry more than $200 on you unless you were a criminal? The State needs to be able to track your purchases, don't you know?


Civil asset forfeiture is rampant here in Florida.

+10
Gentlemen prefer Engelhard.

User avatar
Brick's
Supporter
Posts: 1624
Joined: Wed Dec 19, 2012
Location: 'Cuse

Re: Bitcoins - fad or trend?

Postby Brick's » Wed Mar 21, 2018

SilverDoge wrote:Haven't I said this is going to be a war? . . . [government becoming to centralized and controlling] . . . Privacy focused crypto coins like Monero, PIVX and Zcash are going to become more and more valuable the harder the authorities go after bitcoin. Decentralized exchanges are the future. Plan accordingly.


We have many here in the BS community who are aware, able to see, and understand. Many have stood on the shoulders of the giants who came before them. The view from this vantage point reveals a lot and at times is staggering. Others, will be or already are humble giants (in their own way) working under the radar. Some of their words will stand the tests of time.

So not being a poet or song write, I often borrow from those who have strengths in skills in areas I do not. Apologies in advance, my tribute to ALL who share their vision with our community sung tongue in cheek ;)

And the words of the prophets are written on the BS walls, and toilet stalls . . .
"You pompously call your selves Republicans and Democrats. There is no Republican Party. There is no Democratic Party. There are no Republicans or Democrats in this house. You are Lick-Spittlers and panderers, the creatures of the plutocracy".
- Jack London

"It is a government of corporations, by corporations, and for corporations."
- Rutherford B. Hayes, 19th President

User avatar
Purple and Gold
Posts: 7702
Joined: Mon Jul 13, 2009

Re: Bitcoins - fad or trend?

Postby Purple and Gold » Wed Mar 21, 2018

Brick's wrote:
And the words of the prophets are written on the BS walls, and toilet stalls . . .


And echoes with the sounds of salesmen, of salesmen, of salesmen!
ImageImageImage

User avatar
SilverDoge
Constitutional Supporter
Posts: 4446
Joined: Mon Apr 21, 2014
Location: Italy

Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Mar 21, 2018

Purple and Gold wrote:
Brick's wrote:
And the words of the prophets are written on the BS walls, and toilet stalls . . .


And echoes with the sounds of salesmen, of salesmen, of salesmen!


Interesting conclusion. Have you read the bitcoin (crypto) beginner thread? Lots of great (free) information in there. Do you notice a link to my "bitcoin store" where I, or others, are selling crypto goodies? You don't, because we have no such store, and we sell no such product.

The vitriol some PM stackers have for crypto simply amazes me. You have people who are on the same philosophical and ideological spectrum, who believe that debt-based fiat and those who control it have too much power and want to give that power back to the people where it belongs. These people, starting with Satoshi, developed and continue to improve bitcoin for FREE as an OPEN-SOURCE project voluntarily. They gave their time and effort to free us from government control of currency in a way that PMs have failed to do, and would still fail to do even if we returned to a classical gold standard. Most importantly, they gave us options.

But instead of recognizing the technological genius behind a decentralized, peer-to-peer, censorship resistant, immutable, distributed, triple entry accounting ledger, our allies take the "easy path" and denigrate the technology without understanding it, or denigrate the people and their "evil motivations". Crypto enthusiasts and PM stackers are allies, fighting the same enemies, yet one side looks at the other as the enemy instead, and sometimes vice-versa too. Sad.

This crypto experiment is a learning process. Mistakes will be made along the way. And while I had the opportunity to purchase my first bitcoin at about the cost of an ounce of silver, and passed, I'm glad I decided to give it a second look in 2013 even though it entered a nearly 2 year bear market within months after my first bitcoin acquisition. What is in store for crypto in 2018, 2019, 2020? I don't know. But I have skin in the game, and from my foxhole it is a risk well worth taking. I challenge you to question your premises, and ask the questions here that create doubt for you, instead of merely resorting to the lowest common denominator: name calling. You're better than that.

EDIT: I've been informed that the "salesmen" line might be a pop culture song lyric reference to a band called Rush? I'm way behind following modern, and old pop culture so if that is the case, please forgive my elaborate response.
Last edited by SilverDoge on Thu Mar 22, 2018, edited 1 time in total.
Image

User avatar
jcz1
Posts: 4630
Joined: Sat May 28, 2011
Location: USA

Re: Bitcoins - fad or trend?

Postby jcz1 » Wed Mar 21, 2018

We've all heard about criminal uses for bitcoin as a currency. Here's a new one in the blockchain itself:

The researchers at the German university decided to download Bitcoin's blockchain —which at the time was 122 GB in size— and scan for what they called "objectionable content."
...
Among the data was the child pornographic content found in three files;
...
This all could theoretically make the blockchain illegal to possess in 112 countries, the researchers warned in a new paper that was presented at a conference earlier this month.

https://www.pcmag.com/news/359936/bitco ... ornography

They go on to note that bitcoin holders don't need to download the entire blockchain to transact. They also note that "pruning" of non-essential data has been discussed, which would eliminate this data.

One theory floated around is that gov't put this into the blockchain to poison it and kill it.
Dissenting voices have been silenced. BS is now a safe space.
Democracy Dies in Darkness

User avatar
Bucketeer
Bearish Supporter
Posts: 2596
Joined: Sat Aug 23, 2014
Location: Warily watching the herd.

Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Mar 21, 2018

SilverDoge wrote:Haven't I said this is going to be a war? . . . [government becoming to centralized and controlling] . . . Privacy focused crypto coins like Monero, PIVX and Zcash are going to become more and more valuable the harder the authorities go after bitcoin. Decentralized exchanges are the future. Plan accordingly.

Doge is correct. Respect his wisdom and advice. I'm just an old school fool in Bitcoin who was lucky.
Gentlemen prefer Engelhard.

User avatar
SilverDoge
Constitutional Supporter
Posts: 4446
Joined: Mon Apr 21, 2014
Location: Italy

Re: Bitcoins - fad or trend?

Postby SilverDoge » Thu Mar 22, 2018

jcz1 wrote:We've all heard about criminal uses for bitcoin as a currency. Here's a new one in the blockchain itself:

The researchers at the German university decided to download Bitcoin's blockchain —which at the time was 122 GB in size— and scan for what they called "objectionable content."
...
Among the data was the child pornographic content found in three files;
...
This all could theoretically make the blockchain illegal to possess in 112 countries, the researchers warned in a new paper that was presented at a conference earlier this month.

https://www.pcmag.com/news/359936/bitco ... ornography

They go on to note that bitcoin holders don't need to download the entire blockchain to transact. They also note that "pruning" of non-essential data has been discussed, which would eliminate this data.

One theory floated around is that gov't put this into the blockchain to poison it and kill it.


Twitter response: https://twitter.com/santisiri/status/976190221665603585
wrong: bitcoin’s blockchain can’t store images, only 80 bytes of custom data likely to be hashes indexed to external files. this fud is a sophisticated attack aimed at clueless journalists making headlines like that. bitcoin’s enemies are getting furious.
Image

User avatar
jcz1
Posts: 4630
Joined: Sat May 28, 2011
Location: USA

Re: Bitcoins - fad or trend?

Postby jcz1 » Thu Mar 22, 2018

Someone responded to that twitter response that the images were not in the 80 byte OP_RET, but in the P2SH / P2PKH scripts which hold up to ~ 100k bytes.

The research paper mentions all sorts of other things found in the blockchain, such as a backup of Wikileaks Cablegate data. It seems unlikely that they just made this stuff up.

Here is the actual paper:

https://fc18.ifca.ai/preproceedings/6.pdf
Dissenting voices have been silenced. BS is now a safe space.
Democracy Dies in Darkness


Return to “Bitcoin/Crypto/Blockchain”

Who is online

Users browsing this forum: No registered users and 4 guests