Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 22. (Read 85774 times)

Just as the first industrial revolution centered on Great Britain, bitcoin mining will be centralized in China. As with any new technology, it will always be amassed in one area first.   

Where have all the MatTheCats gone?  Where are all the TA gods?  Where's a TA-wise Hercules to examine the Bitcoin odds?  We need a MatTheCat.  I'm holding on for a MatTheCat till the morning light.  His margin has to be high, and his RSI low, and he's gotta be fresh from a bankruptcy fight.

Absolutely no sign except for me publicly posting most of my trades in this thread, even with pictures of where I was buying and selling because I knew you would say I was lying and nobody can succeed in Bitcoin.  You already know I was on the opposite side of 90% of your trades and that 90% of your trades were wrong in this thread.  The only time we were on the same trade is when Adam posted here and said "O god, Mat is on the same side of the trade as us, we're fucked".

It's not too late for MatTheMat to repent and get in the Bitcoin hyperspace shekel Cadillac of such profit.  There's one empty seat left:

http://www.youtube.com/watch?v=5l4OEJ38aLY

Nope it aint, it is and will be much better than gold! Gold has had its time to shine, but there is a new cooler kid on the block (!) now.

... get yourself out of that nasty bear trap yet MatThe Bear?!?

lmfao

China stopping mining would be a huge boon.  Hardware would be sold off to operators around the world.  There would be a few weeks of disruption and then the China centralisation concern could be killed.  China would be out of the game and bitcoin would continue just fine.

Wow, it seems my pessimism borders on the irrational.   XD

thanks for the math lesson.

Fixed.

Thought it sounded very low with just 20 billion.

Mat, even if you'd turn out to be right (that serious capital will mostly stay out), we still have no idea how much bitcoin is worth, even without capturing anywhere near a similar amount of capital as say, the precious metals market. Total global wealth is around 200 trillion. If bitcoin captures a tenth of one percent of global wealth, (0.1%), that is a 20 billion dollar market, double what it is now. To me, that is what you define as not "serious capital" in terms of individual investment; most are not investing more than they can afford to lose. I think your pessimism borders on the irrational.

Seems, you do not understand that bitcoin is a private key. If you shut down miners in china then they will emerge in other place. There is not government that can move your bitcoins. Maybe china can shut down miners but for how long time ? (2 hour, 2 days. 2 weeks ?)

The block reward will drop by 12.5 coins. That is all that will happen, precisely as advertised. And when the world sees that the network did, in fact, not implode from the massive strain of doing its programmed duty, things will continue as normal. As usual.

You are a panicky idiot, iow.

The Chinese Bitcoin Cowboy's aren't going to do anything to intentionally break Bitcoin, but their government might, should they see fit to do so.

If one day, the PBOC decides that Bitcoin is a bad influence on Chinese finance or society, they could just turn around and kill it on the spot, or if they are feeling charitable, give the miners and users of Bitcoin 3 months to get themselves out the game.

I am not saying that this will happen. I am saying that it could happen. And the very fact that it could happen, puts Bitcoin beyond the pale for any serious capital chasing anything other than high risk, short term gains. Gold it aint, and never will be.

Mat, you're not making any sense. China isn't going to do a damn thing to upset the apple cart. If they fork it, bitcoin ceases to be universal, and that is not in their best interests. A unified decentralized bitcoin is the only workable solution, otherwise its just shit, as you point out. And FOR THAT REASON, China will do nothing. You can stake your life savings on it.

So adamstgBit...u been around here a while...u seen it all before....

.....what do you reckon is going to happen to Bitcoin in the aftermath of the Halving, some 20 hours or so away?

Mat go Long and HODL!

FFS......

blah blah blah....

.....yeah yeah....there are plenty of other p2p ledger algo's that do exactly the same thing as Bitcoin can do, can do the same things better, and can do much more than Bitcoin can do.

Only thing Bitcoin has going for it, is the network effect. Unfortunately, that 'network effect' has essentially relocated to, and concentrated itself in, China. Never again, will anyone be able to faithfully and correctly claim, that Bitcoin is 'decentralised' currency for the digital age. It is totally centralised. Over the 70% of the mining capacity is in China, which is dominated by essentially two big miners, and the same 'distribution of wealth' problems affect Bitcoin now, as they always have done, with the difference being a dominance of Chinese based whales over Western based whales. This situation is not a lot unlike the Rothchilds, or JP Morgan cornering the gold markets back during the era of the gold standard, but at least these guys never had the power to make gold that the Little Man held in his hands, vanish. The Chinese authorities have that power with Bitcoin. On the say so from the PBOC, the Bitcoin network could be killed overnight, at any time. It would be naive to imagine that the Bitcoin phenomena could survive the effects of 70% of the p2p network processing capacity going down overnight, let alone the panic this would induce on the exchanges. How likely this is to happen or not, I don't know. But the fact that it can happen, means Bitcoin will never be embraced as a safe haven asset by any serious amount of Western Capital...

....Meanwhile, from 2moro evening onwards, it is going to cost miners on averaged, around $500 to produce a single Bitcoin in order to keep the whole network going, the network which is already painfully slow, with it not being uncommon for transactions to be delayed for hours. Bitcoin is of course currently trading well above that level, basically cos 'they' pumped it up well above that level....but in the absence of the Whale pumpers, and any opportunistic speculators looking to make a fast buck on the 'Halving Pump', is the organic Bitcoin market really capable of demanding a $500+ price tag per Bitcoin, essential for keeping the whole overbloated system running?

Bitcoin Kool-Aid merchants need to realise how fragile this thing really is.

Wait are you still stuck in the "bitcoin is nothing because i can hold it with my hands" phase? This is how the average 60 year old reacts to Bitcoin when you mention it to them. Are you fucking kidding me? What are you still doing on this forum if you haven't understood anything yet after all this time? lol.

If you ask people to list their trading or investment problems, they are of two types—problems they don't own and mental state control problems. Problems they don't own consist of blaming the markets, blaming floor traders or locals, blaming insider trading, blaming their broker, or blaming their system for what goes wrong. We have a natural tendency to blame something other than ourselves for what happens. Society promotes it. For example, the recent media coverage of program trading virtually implies that investors who lost money in the stock market did so because of this activity, rather than because of any fault of their own. Yet, when you blame something other than yourself, you can continue to repeat the mistake because it was the result of something beyond your control. The best thing an investor can do, when things go wrong, is to determine how he or she produced those results. Now, I don't mean that you should blame yourself for your mistakes either. I mean that at some point in time, for any situation, you made a choice that produced those results. Determine what that choice point was and give yourself other options to take when you encounter a similar choice point in the future. Change the decision at similar choice points in the future and you will change the results you get. And by imagining doing so now, you can make it easy to select those alternatives in the future. When people own their own problems, they discover that their results usually stem from some sort of mental state. Common examples are: • I'm too impatient with the markets. • I get angry at the markets. • I'm afraid at the wrong time. • I'm too optimistic about what will happen. These are just a few examples of mental state problems. Once you identify a mental state problem, you can do something about it because this sort of problem is within your control. I've already mentioned how one can use body posture, breaming, and muscle control to manipulate one's mental state. To try this out for yourself, go into a shopping mall and notice how other people walk. Duplicate a dozen or so walks for yourself and notice how your mental state changes with each one. I'm not saying that controlling your mental state is the magic solution to trading success. It's just part of the answer. But when you admit that the answer is within yourself, you've come a long way. The realization that you are responsible for the results you get is the key to successful investing. Winners know they are responsible for their results; losers think they are not.

From Market Wizards, and I could have quoted so much more here...