Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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tdtwedt
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Re: Bitcoins - fad or trend?

Postby tdtwedt » Wed Jul 29, 2020

Why One Trader Is Long "My Favorite Ponzi Scheme..."

https://www.zerohedge.com/crypto/my-fav ... nd-im-long

:pop:
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Wed Jul 29, 2020

tdtwedt wrote:Why One Trader Is Long "My Favorite Ponzi Scheme..."

https://www.zerohedge.com/crypto/my-fav ... nd-im-long

:pop:


I read that article earlier this morning, and it is hot garbage. Cliff notes:

1) author lost a portion of his Bitcoin when a non-US unregulated exchange got hacked
2) author claims Bitcoin is a ponzi, either not understanding how a ponzi scheme works or willfully misleading people
3) author claimed there "was no mechanism to buy Bitcoin until GBTC (Greyscale)" even though he acquired some before it existed
4) author now actually owns GBTC but complains about high fees and NAV spread

This guy has a lot of internal conflicts, like a self-hating used-car salesmen. Basically he wrote the article for clicks because it logically makes no sense, and he knows it too. A ponzi scheme pays new investors with current investor money in order to "guarantee a rate of return" to sucker people in. Bitcoin offers no guarantee, and new investors/buyers aren't paid with old investor money - they are trading something (likely USD or anther crypto) for Bitcoin. The price will go up, then down, then up again, and probably down, and back up. That doesn't make it a ponzi, and by that rationale and definition, the entire stock market is a ponzi scheme. Thanks for playing.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Aug 01, 2020

Fidelity Digital Assets: BITCOIN INVESTMENT THESIS - AN ASPIRATIONAL STORE OF VALUE. (July 2020)
https://www.fidelitydigitalassets.com/bin-public/060_www_fidelity_com/documents/FDAS/bitinvthessisstoreofvalue.pdf
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sat Aug 01, 2020

MARKETOUTLOOK–MACROPERSPECTIVE. Paul Tudor Jones & Lorenzo Giorgianni.
THE GREAT MONETARY INFLATION.
https://www.docdroid.net/H1fuimX/the-great-monetary-inflation-pdf
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sat Aug 01, 2020

Fusion wrote:So here’s a cool development I can share.
My company created a full end to end Securities Based Lending (SBL) platform that connects banks to BD’s who wish to lend to HNW clients pledging their securities as collateral. Merrill pioneered this business 20 years ago and today all the major warehouses that have an affiliated bank are not surprisingly the dominant players with about $600 billion outstanding on around $2.5 trillion in lines.
Believe me, the market trends for SBL are off the charts as advisors gain awareness of the product. SBL has become the most profitable, lowest risk product that investment professionals today can offer. Morgan Stanley leads their quarterly earnings reports with SBL revenues.

A very well capitalized European bank contacted me a few weeks ago. They intend to use our technology to free up liquidity in the global crypto markets, bitcoin and Ethereum in particular. The bank will combine the power of their balance sheet with our technology to offer clients a traditional secured non-purpose line of Credit with BTC and ETH as collateral.

Now, I know there are some smaller players in the space that have tried something similar on a smaller scale so the concept isn’t entirely new. However, with a global bank seizing on this opportunity i am thinking this will be a game changer for the industry. Think of all the bitcoin paper millionaires who want to avoid a taxable event (selling their crypto) to access cash. Needless to say, this is pretty exciting. I’ll report back in a few months when we go live.


Any update on this?
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tdtwedt
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Re: Bitcoins - fad or trend?

Postby tdtwedt » Sat Aug 01, 2020

17 Year Old Tampa Teen Among 3 People Charged With 30 Counts For Recent Twitter Hack

The two other individuals charged include 22-year-old Nima Fazeli in Orlando and 19-year-old Mason Sheppard in the UK. They go by the hacker aliases “Rolex” and “Chaewon,” respectively, according to The Verge.

Sheppard was found out because he used a personal license to verify himself at Binance and Coinbase and his accounts were shown to have sent some of the scammed Bitcoin. Fazeli also used a driver's license to verify on the same exchanges.


https://www.zerohedge.com/political/17- ... itter-hack

:pop:
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Mon Aug 03, 2020

This Engineering PhD has a unique cycle theory that makes sense based on the available data. He doesn't see bitcoin as a natural 4-year cycle based on the halving events, but more as a lengthening cycle projection, where each subsequent wave top takes longer and is less pronounced than the former. I could see this playing out as he describes as a definite possibility.

Last edited by SilverDoge on Tue Aug 04, 2020, edited 1 time in total.
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Aug 04, 2020

Coindesk: First Mover: As Fed Nears Inflation Rubicon, Analysts See $50K Bitcoin in Play.
https://www.coindesk.com/first-mover-as-fed-nears-inflation-rubicon-analysts-see-50k-bitcoin-in-play
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Aug 04, 2020

YouTube: The First MAINSTREAM Cryptocurrency Bull Cycle Is HERE! Joe Rogan & Barstool BOTH Pumping Bitcoin! (12:45)

Look at the "cup and handle" in the charts at 2:01 and other places.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Aug 05, 2020

RT: Putin signs law legalizing Bitcoin & other cryptocurrencies, lifting them out of Russian legal 'grey-zone'.
https://www.rt.com/russia/496959-russia-legalizes-cryptocurrencies/
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
https://tinyurl.com/y4hdgd7a

If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Tue Aug 11, 2020

Grayscale: Store of Value.

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Don't let Apple turn 2020 into 1984.
https://tinyurl.com/y4hdgd7a

If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Thu Aug 13, 2020

CoinTelegraph: 250 Million Reasons Why MicroStrategy Adopted Bitcoin... And Why Others Will Too.
https://cointelegraph.com/news/3-reasons-why-microstrategy-adopted-bitcoin-and-why-others-will-too
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
https://tinyurl.com/y4hdgd7a

If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Fri Aug 14, 2020

CCN: Dave Portnoy Buys $200,000 in Bitcoin – As a Total Crypto Noob. (video embedded in link)

https://twitter.com/stoolpresidente
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
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If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Aug 16, 2020

This is a cool visualization tool. It shows the data points for profitability at every possible initial position on a slanted timeline.

Takeaway: The maximum amount of time that someone has been "underwater" on a bitcoin purchase is 3 years, 4 months and 4 days. Of course we still need to wait until the 2018 bear market gets beyond this time horizon to see if this line holds, but the trend is looking good.

https://hodl.camp/
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shinnosuke
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Re: Bitcoins - fad or trend?

Postby shinnosuke » Sun Aug 16, 2020

Very cool. Makes me wish I could go back to my Oct. 2017 entry point again.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Aug 16, 2020

Bucketeer wrote:CoinTelegraph: 250 Million Reasons Why MicroStrategy Adopted Bitcoin... And Why Others Will Too.
https://cointelegraph.com/news/3-reasons-why-microstrategy-adopted-bitcoin-and-why-others-will-too


A quick clip of Pomp talking about this here. Whenever I hear people talk about being "too late" or the gains have already been had, I think to milestones like this. We are hardly into the early adopter stage of crypto yet. The first major non-crypto company using Bitcoin as a reserve asset instead of cash. You think they'll be the last? As our government prepares to print and print? How many non-mining companies hold gold as a reserve asset instead of cash? Any? Not financial advice, but, I wouldn't allow my exposure to bitcoin to be zero. Once you own a little you pay attention, you learn about the tech, you can get excited about this next bull run coming up instead of watching from the sidelines. My last bitcoin purchase was in March during the flash crash. If we dip below $10k I'll be buying again.

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Aug 17, 2020

About 6 months ago when interest rates dropped from 2+% to almost zero, I stopped saving money and started stacking Satoshis on a weekly basis with Gemini. With 2% percent interest, I might have made a chance to keep up with inflation, but until interest rates (almost an impossibility), I can't see any reason to keep saving money with Chase or teh Treasury Department.

This is a warning for Trezor users from reddit/r/bitcoin.


Fake Trezor website. All crypto syphoned from my wallets.

I did google Trezor Bridge to find the latest update, thats when I clicked into the fake Trezor website. Everything looks the same as the legit Trezor.io website, except the popup saying there is a need to recover the wallet and I did put in my seed words. I tried to have access to my coins but Trezor Wallet wouldn't let me until I enter my seeds.

Watch out for this hacker wallet. If I can help 1 person, my loss would be worth it.

The BTC address that stole the funds is:
1DmsY3tkHTAtgzZaNAKu6ZTJJAJXfEnPB

The Ethereum wallet of the hacker is:
0x46901272adea02036e7433265acc1ebdfe8b8a9a

The LTC of the hacker is:
0x46901272adea02036e7433265acc1ebdfe8b8a9a

It seems that the hacker is using an Exodus wallet.

Also report it to google and fill out this FBI form: https://complaint.ic3.gov/default.aspx

This is a warning only. I know I lost my Crypto forever.
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
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If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.

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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Mon Aug 17, 2020

Bucketeer wrote:About 6 months ago when interest rates dropped from 2+% to almost zero, I stopped saving money and started stacking Satoshis on a weekly basis with Gemini. With 2% percent interest, I might have made a chance to keep up with inflation, but until interest rates (almost an impossibility), I can't see any reason to keep saving money with Chase or the Treasury Department.


I know you're tracking my High Yield Crypto thread....where I'm getting a 6% return on my bitcoin and 8.6% on my USDC. Why settle for only 2% with Gemini? Do you feel as though Gemini is not as risky?

Bucketeer wrote:This is a warning for Trezor users from reddit/r/bitcoin.

This is a warning only. I know I lost my Crypto forever.


This is more of a warning for all users to ensure you are using the correct URL address to not get spoofed. This could happen for any exchange, hardware wallet software, MEW, mycrypto, E-trade, Ameritrade, etc. Whenever there is a LOT of money on the line, hackers are incentivized to create these spoof/phishing websites to trick users into entering their seeds/passphrases.
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hot grits
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Re: Bitcoins - fad or trend?

Postby hot grits » Mon Aug 17, 2020

^^^^^^ this

This is why you should bookmark any sites you use instead of googling

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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Aug 17, 2020

You're right Doge, the warning applies to everyone, not just Trezor.

I view Gemini as "risk free" because I trust the Winklevoss Brothers. I'm not dissing the companies or exchanges that you are using, but those companies aren't in my comfort zone. Trust means a lot. Banks used to have it, or maybe provided a good illusion of trust, but they no longer have that.

I think that BitMex also pays interest, something over 12%.

I'll stick with HODL for my main cache. I dollar cost average Bitcoin every week, and continue to hope the trajectory is onward and upward. It has become a "savings" account", so if I want to sell it to purchase something, it's there, and I don't have to comprise my main cache.
Gentlemen prefer Engelhard.

Don't let Apple turn 2020 into 1984.
https://tinyurl.com/y4hdgd7a

If Steve Jobs was still alive, he would have fired Tim Cook 2 years ago.


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