Bitcoin....who's gotten into it?

[AKPogue]

I just opened a Coinbase Acct and bought some Bitcoin. Prepare for the impending crash.


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Lol, you weren't joking!

[MCS5280]

I just opened a Coinbase Acct and bought some Bitcoin. Prepare for the impending crash.


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You bastard

[riser3]

In a purely competitive market, an agile elastic managed currency will always out-do a fixed supply unmanaged currency.
That is why Bitcoiners want your fiat.
Their needs are finite. They want to get in and get out, with more of what will be used in the future - fiat.
If they truly believed that Bitcoin was the currency of the future, they would never sell their Bitcoin because fiat would be less valuable.

A scheme characterized by a loss system (pays $45M for miners each day), plus a ledger (distributed or not), plus the need for new investors to pay off old investors is not called a currency. It is called a Ponzi scheme - a decentralized Ponzi scheme is still a Ponzi scheme.

Heh.

[jm2e]

You bastard

You fuckers talked me into it.
I should have mentioned, I’m the unluckiest person I know.


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[MontuckyFried]

So about a week ago I was finally able to get going with trading. I tossed an equal amount at 3 different things on Gemini (Ethereum, BAT, and Orchid) and 1 thing on Kraken (Dogecoin).

All 3 on Gemini were actually on a solid trajectory over the course of the week and I was up a few bucks, but today they all just dipped below the initial "investment." The ONE thing that's holding strong for me? Freaking Dogecoin of all things. LMAO. It's all so ridiculous. Gonna ride it all til it either evaporates or actually does something. I guess if I've learned one thing, it's that throwing any legit sum of money at this stuff probably ain't for me. Either way, it's been really fun to watch the rollercoaster. Almost like watching the pig races at Bear Creek, Montana and just about as silly.

[stalefish3169]

Tether FUDDERS today.



https://bitcoinist.com/clear-skies-f...les-with-nyag/

A dark cloud has been lifted from Bitcoin, and it could mean clear skies for the crypto market for here on out. Why? The most dangerous potential “black swan” hanging over the crypto market for years, has now been significantly derisked. According to breaking news, the company behind the stablecoin Tether and crypto exchange Bitfinex, has settled with the New York Attorney General’s office for some $18.5 million to clear the firm of accusations of “any wrongdoing.”

Here’s why this is such a big deal for Bitcoin, Ethereum, and the rest of the crypto market.

DARK CLOUD OF TETHER FUD LIFTED FROM CRYPTO MARKET
Tether has long been the center of controversy in the cryptocurrency market. The stablecoin trading under the USDT ticker, earned itself a notorious reputation early on for a lack of transparency into the fiat and assets said to be backing the asset.

Tethers are tied one to one with the dollar in terms of value, and are said to be backed by a corresponding dollar or asset valued accordingly. The New York Attorney General’s office, however, made allegations against Tether after issues arose stemming from a portion of the company’s assets it could no longer access.

Tether today revealed that it has settled with the NYAG’s office for $18.5 million, while admitting to no wrongdoing. According to a statement, over 2.5 million pages of documents were submitted providing insight into operations, helping to defend the company’s innocence. ‘

A settlement, however, doesn’t fully prove innocence, so there’s no telling the true situation behind the scenes at Tether.

FORECAST: CLEAR SKIES FOR BITCOIN AND ALTCOINS
The stablecoin was also demonized for being used to manipulate the price of Bitcoin during the 2017 bull market. There’s also a direct correlation with new stablecoins entering the crypto market, and large Bitcoin uptrends.

One of the darkest clouds hanging over Bitcoin this entire time, however, has been the claim that the cryptocurrency market’s capital was nothing but unbacked capital built on Tether, that was ready to come crashing down as soon as this case concluded.

RELATED READING | BITCOIN HASN’T REACHED MANIA STAGE YET, ACCORDING TO THIS METRIC

The crypto community speculated it could potentially mean the end of the current bull market, had that information come to light. Instead, a settlement means the case is now closed, and the company is essentially cleared of “any wrongdoing” as it claims.

With nothing wrong to report, and no pending cases against Tether. There’s nothing but clear skies for Bitcoin and the rest of crypto.

[MultiVerse]

FWIW, Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York:

A Stablecoin Without Stability – Tethers Weren’t Fully Backed At All Times

When No Bank Backs You, Turn to Shady Entities — Bitfinex Hid Massive Losses

The OAG Investigation Shines a Light on Unlawful Trading in New York State

Bitfinex and Tether Banned from Continuing Illegal Activities in New York

[Skidog]

FWIW, Attorney General James Ends Virtual Currency Trading Platform Bitfinex’s Illegal Activities in New York:

A Stablecoin Without Stability – Tethers Weren’t Fully Backed At All Times

When No Bank Backs You, Turn to Shady Entities — Bitfinex Hid Massive Losses

The OAG Investigation Shines a Light on Unlawful Trading in New York State

Bitfinex and Tether Banned from Continuing Illegal Activities in New York

oh theres nothing to see here...

TO THE MOON...

[stalefish3169]

oh theres nothing to see here...

TO THE MOON...

If they had anything other than NY gangster shakedown tactics meant to keep the already powerful in power, there would be criminal charges. NY is screwing over young Americans while financial innovation goes elsewhere.

[MCS5280]

[MontuckyFried]

Looks like ALL my crypto getting crushed right now. Not like it matters since I'd be out a whopping few bucks if I cashed out now, which I won't. Actually thinking about tossing some MORE into it while it's on this hard dip. I wonder how much longer this dip is going to last. Seems to be pretty much across the board. What the hell. I'm in for more. Just gotta time it right.

I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:
https://www.cnbc.com/2021/02/22/yell...t-bitcoin.html

[skaredshtles]

Looks like ALL my crypto getting crushed right now. Not like it matters since I'd be out a whopping few bucks if I cashed out now, which I won't. Actually thinking about tossing some MORE into it while it's on this hard dip. I wonder how much longer this dip is going to last. Seems to be pretty much across the board. What the hell. I'm in for more. Just gotta time it right.

Ahhh... timing the market.

I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:
https://www.cnbc.com/2021/02/22/yell...t-bitcoin.html

Or... perhaps... they're correct about it.

[MontuckyFried]

Ahhh... timing the market.

Hey. When one of your "shares" is worth like 0.000000001 cents, timing is everything! Haha

[stalefish3169]

Hmmm...Some company called Square just bought 170 million dollars worth of Bitcoin. Interesting. Never heard of 'em. I'll have to look them up and see what they do.

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[Skidog]

Looks like ALL my crypto getting crushed right now. Not like it matters since I'd be out a whopping few bucks if I cashed out now, which I won't. Actually thinking about tossing some MORE into it while it's on this hard dip. I wonder how much longer this dip is going to last. Seems to be pretty much across the board. What the hell. I'm in for more. Just gotta time it right.

I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:
https://www.cnbc.com/2021/02/22/yell...t-bitcoin.html

Please. Gates and his Ilk ,(buffett) know how to make money.

Maybe they just see it as the ponzi scheme it possibly is? Remember maddoff used to run and trick the very best in the game.

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[Skidog]

Hmmm...Some company called Square just bought 170 million dollars worth of Bitcoin. Interesting. Never heard of 'em. I'll have to look them up and see what they do.

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Charge crazy rates per transaction that's all you need to know bout square. Believe they also allow rec stores to bank their $$ with them, but I assume, again , it's at some weird rate

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[puregravity]

You know what people in denial do? They double down on the fantasy.

[puregravity]

Charge crazy rates per transaction that's all you need to know bout square. Believe they also allow rec stores to bank their $$ with them, but I assume, again , it's at some weird rate

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https://stripe.com/blog/ending-bitcoin-support

Stripe made a public statement along those lines in 2018.

[Timberridge]

I dunno about this thing establishing itself as a currency. It's more volatile than the Venezuelan Bolivar.

[MontuckyFried]

I dunno about this thing establishing itself as a currency. It's more volatile than the Venezuelan Bolivar.

Seriously. Now my silly dogecoins are back well up above my initial purchase. Wild swings.

What if you used a crypto that was backed by a gold standard? (Unlike the USD)
https://www.fintechnews.org/top-five...rency-in-2020/

I guess you might as well just invest directly in gold, but maybe there's some sort of benefit by doing the crypto route instead? I really still don't understand all this to be perfectly honest. Been fun to watch my own personal horse races in my trading apps, though.

[MultiVerse]

I do have to laugh at people like the Treasury Secretary, Janet Yellen as well as Bill Gates talking trash about Bitcoin. It's almost as if they feel threatened by it or something. Makes you wonder:

I recently read an interview with a billionaire investor and he went on and on about the Cantillon Effect, about how unfair it is that rich people get richer because rich people have money in the market. Ray Dalio is another investor mentioned earlier in this thread talking about similar themes. You could say they have an ironic take.

What if crypto's popularity is populist rage commoditized? If a person thinks Janet Yellen and Bill Gates are elites threatened by revolution then equity markets have just the thing: SPACs, Tesla, GameStop and Bitcoin. Build the wall, drain the swamp, buy bitcoin.

Crypto price swings are like the VIX of populist rage. The financial system always wins. Often through embrace and extend. It's not David vs Goliath. It's Goliath sipping cristal while David dances for his entertainment. There will be no revolution, only memes.

[Timberridge]

^Whoa. Bitcoin as a weapon used against the deep state by demagogues and anarchists?

It's a heavy take. But I suppose it could work.

[AKPogue]

^Whoa. Bitcoin as a weapon used against the deep state by demagogues and anarchists?

It a heavy take. But I suppose it could work.

You don't know much about bitcoin do you.

[Timberridge]

You don't know much about bitcoin do you.

I do know this. Fiat money has come and gone through the centuries. Wampum beads and Roman denari are not so coveted anymore. Perhaps all of it will be replaced by your 0's and 1's one day, but somehow gold has survived all this. People still go cuckoo for that shit.

[stalefish3169]

Can't make this shit up. LMAO


https://www.frbservices.org/app/status/serviceStatus.do



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