Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 4. (Read 85774 times)

You've got it completely backwards.  Bitcoin is a currency, not money.  That's why low scalability is completely counterintuitive to it's value proposition.  The only way it can derive value is by tons of people using it in every day transactions, NOT a tiny number of people attempting to use it as a settlement layer or generational store of wealth because gold and silver are far superior for that purpose.

Of course....I stand corrected.



When Jim Roger's talks about currency collapse. He is of course talking about a USD collapse. Bitcoin needs to be readily convertible into strong currencies. Without this feature, Bitcoin would be worthless. Bitcoin does not have any inherent value, nor is there is a formidable authority enforcing it's acceptance as money.

Sure, if some mikey mouse currency goes 'puff', but the dollar prevails, then Bitcoin is awesome for people who would otherwise be in mickey mouse bucks, but if USD goes puff, then so does Bitcoin.

Venezuela and india disagrees. Reality itself is conspiring against you.

Uh dude, it was like ~120K hacked. Not a million btc. Get yer facts straight.

Meanwhile, the exchange 'hackers' (cough cough, nudge nudge, wink wink, say no more), are in control of a sizeable stack of Bitcoins with which they can surely boss the market around left right and centre. What was it, around 1 million BTC?

A big fkn stack of Bitcoins on side of the table, a big fkn pile of USD on the other. The Bitfinex crooks could be to Bitcoin what JPMorgan is to the silver market. Both it's maker and it's breaker.

https://www.bitfinex.com/posts/198

Quite clever: get hacked for $60 million but create BFX tokens to remain solvent, then buy them on your own exchange with ~80% discount, announce BFX tokens will be 100% redeemed, effectively change the damage of the 'hack' from $60 million to ~$12 million.

In the meanwhile still not a single word how the hack has happend but everybody is cheering for a job well done. Amazing.

I wanted to buy an expensive item the other day, for which I needed to transfer EUR to GBP.

My first thought was to use Bitcoin for the 'fast easy transfer' of wealth. Obviously, I couldn't be bothered with transferring funds to Stamp, where I still haven't submitted to their ridiculous KYC requests, and I shall never transfer funds to Kraken ever again, cos these fuckers robbed me, told me my computer must have spyware and then told me to fuck off. This left LocalBitcoin. By the time all the vendor premiums were factored in, I would have been taking an 8% haircut on my capital. Fuck that! Better just taking a shafting from the banks!

Instead, I used Transferwise and incurred a fee of 0.36%.

In the developed world, Bitcoin really has no viable use beyond speculation and black market transactions and Bitcoin totally relies upon fiat currencies and their associated infrastructure in order to have any purpose whatsoever. I could see Bitcoin really taking a bid during periods of instability in one particular fiat currency should external currencies remain 'strong', (I am thinking CNY v USD here), but in the long run, Bitcoin is of course vapour.

Whilst crypto is here to stay, Bitcoin is to crypto what the Zeppelin 'von Hindenburg' was to trans-Atlantic flight. A monstrous looking contraption that got a hitherto impossible job done, until it all went up in a ball of flames and was replaced by better alterntives.




Still very curious about this sudden change of tune that seemed to totally and 100% coincide with the Bitfinex scam r0ach? Cos you never lost a single penny there, right!?

I of course agree with you that Bitcoin is vapour, but that doesn't mean that there still isn't a good 35% up move left to come in Bitcoin before the fat lady sings? Isn't it your job to take advantage of market swings regardless of any philosophical concerns about the underlying asset?

 

And why bitcoin can't compete with gold and silver in that new system in the long run:

I think the odds are kind of high that bitcoin will have no use or value at all during the coming financial implosion.

And copper ?  the peoples metal and of industry.  In china they have been banned from exchanging copper as a currency substitute, this was largely between building firms as it was considered superior to cash

1270 marked a high and a good place to sell in the ongoing protocol 'debate'     I dont know if we have passed that potential fork idea and so calm has returned to otherwise quite regular uptrend (relative to btc volatility)

Bitcoin has recently passed 1050 with good momentum that appears confident to build further.   Very close but also significant I think is 61% retracement of the ETF low and high, which is 1100.   Again marking this area with confidence is bullish longer term and short term its reasonable for it to be a rough ceiling till the market can achieve that.

The multi year trend matches the recent low of 900 or 888 and my guess is bitcoin retains a good trend upwards over this year despite recent doubts.   Many expected gains after the block reward reduced but proper moves take much more time and I think this action now is the tail end of previous changes and good continued use of the blockchain by many global entities. 
  As well as the chart it'd be good to have a record of transaction and perhaps approximate value conveyed within hashing operations to confirm a positive trend in business not just apparent price of each coin

I see lots of good opinions on this thread confirming what I've known for a few years now. Gold, Silver and Bitcoin.

This short term trade setup is an absolute Classic with a Capital C.

Flag formation right beneath the 38.2% retrace line, Harmonic AB=CD lining up with Volume Profile POC and 61.8% retrace. A no brainer (if it fires):

PBoC told all the Chinese exchanges to stop monkeying around and start charging trade fees for each trade, as a means of putting a halt to high frequency trading, most of which will have been conducted by the house themselves.

The ironic thing is fortunes have been made in manure.  I think it was bird droppings or guano that was actively traded, it helps create good profitable crops

https://en.wikipedia.org/wiki/Guano

There you go, but I dont know about gerbils so much.   Meanwhile the cost of printing of a dollar is an additional burden on tax payers to use, but its ok because in that case we are subdising the farmers to grow the cotton that dollars are printed on.   It would be better if they used crap for batches of money then the present system, kinda unbelievable.  

In that scenario I can only assume bitcoin will find a way to be useful and a better currency then the commodity of crap or the failure of dollar.

Why is BTCchina volume appearing far lower now then year start.  Is all of the current action not as significant.  The chart for BTC In CNY looks better and possibly still in a process of gains if confirming above 6936.   In dollar terms I think its sideways at best till 1073 is regained with apparent confidence

so as a way of rebalancing the ridiculous debt situation, governments revert to a gold backed system but all prices stay the same? The reason to revert to gold would be to induce inflation to devalue the debt. It would mean instant inflation as everything is repriced according to gold, no?

It won't be inflation, it will be transfer of wealth.  But sure, there could be hyperinflation and god knows what else going on at the same time and maybe you'll see gold revalued to $200,000 an ounce instead.  The act of doing so won't be inflationary though, it will be transfer of wealth of digital and/or paper fiat being invalidated.

And if gold were to be revalued so high, that would mean instant inflation. The gold gains would mean you retain your purchasing power, not necessarily become fabulously wealthy.

The crypto gains can and have literally made (and lost) people millions in a very short space of time - btc earliest adopters, eth, xmr.

a lot of luck involved and a lot of obstacles to overcome.

i think it needs a big picture outlook; if you see crypto as an ecosystem / tech growing into the future, this is still kind of the groundfloor. I kick myself for not looking at eth like 2010 bitcoin, & putting 5k in during the crowdsale. It would not hurt too much if I lost it, but the returns are potentially huge.

if crypto gains decent global adoption and the ecosystem continues to grow, it wouldnt be out of order to expect 50x over the next decade. i even read an opinion that if a mid sized btc etf was approved, you'd be looking at 35k per coin. that's a massive risk reward scenario.

Historically, at the end of a primary business cycle, Gold has always hit parity, or 1/2 with the Dow. If that were to happen tomorrow, then gold would be $21K. That would be something like an 1500% rise. Astounding returns. If/when this happens, it will be a once in a lifetime event and so incredible, that no one will be able to quite believe it...apart from those who have looked at financial history that is.

Meanwhile, DASH is up about the same amount this year, and 1000% in the past month, or 500% in the past week. ETH and XMR just made astounding gains also.

Gold isn't really all that great for speculation. It is a safe guard of wealth. I wouldn't be moving a big bunch of capital into gold seeking gains of several orders of magnitude like we see in Crypto and indeed many conventional stocks. I like holding gold, because it is real wealth and in the long long run, it will also win out, no matter what. In the meantime, we have a very probable US equities boom in front of us, and fuck knows what with crypto. For anyone with a proven track record in trading, I doubt that precious metals are the place to be for the time being. They still consolidating and going by the chart, could do so for another year at least......

.......but for your local friendly neighbourhood black marketeer, who has all his capital in bundles of notes wedged in between his floorboards, now would be a very good time to convert a good chunk of that into precious metals.

If you ever thought the debt would not be defaulted on or alternatively devalued by hyperinflation, this mike maloney chart tells you all you need to know about that: 

https://www.youtube.com/watch?v=x7q-73dpBKo

Alternatively, they can do something like revalue gold at $20,000-$50,000 an ounce, but those are basically the only 3 options.  Places like china + india + russia now own such large amounts of gold they have no incentive to force a gold only standard on people because it would make india too powerful, so they don't really have any reason to try and stop silver from rising too.  The profits are almost mindblowingly unbelievable, but I think you will eventually see something like gold $20,000 silver $600.

Yes, because the elites of various ancient civilisations spanning from the Orient to the New World, used to venerate gerbil droppings. They would decorate their palaces with gerbil droppings, make statues of their gods out of the stuff. They would wear gerbil droppings as jewellery. It is a lilttle known fact that the real goals of the Spanish conquistadors in South America, was to secure the copious supply of gerbil droppings to be found in that continent. Indeed, the Rothchild's cemented their financial power not by controlling the gold market, but by owning all the gerbil droppings.

More recently, post the flattening of Libya and ousting of Gaddafi. Along with all Libya's gold, the 'rebels' also handed over Gaddafi's supply of Gerbil droppings, thus bringing an end to Gaddafi's proposal to launch an African Dinar, backed by Libyan Gerbil droppings, which would be required to buy Libyan oil.