The State of Cryptocurrency

[trog100]

i havnt a clue as to what or who drives crypto up or down.. i look for signs but never really see any..

i will just keep hodling along.. if trump is worried about it threatening the US dollar hegemony that in my view gives it credibility.. but who knows how it all ends..

trog

ps.. a fat finger maybe.. he he

ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

 

[Deleted member 158293]

don't worry the corrupt chinese farmers who mined 60% of all bitcoin will make sure the price goes back, I am sure they have several fake accounts where they transfer millions back and forth all the time to build confidence in people at key locations. good ol' non regulated financial enterprises.

Don't follow too closely lately, but most of the recent rally was fueled by U.S. futures (commercial/institutional investors), seemingly not so much Asian or small individuals. Looking at arbitrage opportunities, a lot of money seems to be exiting the market through Coinbase, a U.S. exchange.

Looks like mostly U.S. based activity lately I would say.

 

[Space Lynx]

All I know is all my bills require USD payment and I don't foresee that changing any time soon, /shrug

 

[FordGT90Concept]

...a lot of money seems to be exiting the market through Coinbase, a U.S. exchange.

Which probably means it was connected to Facebook. A lot of the surge over $10k was because of Facebook and now Facebook's ambitions are getting a reality slap in the face by politicians, regulators, and ratings profilers.

 

[ZenZimZaliben]

well i was wrong about 10k being the bottom.. bitcoin has just jumped off a cliff and taken a $1000 dollar dive.. its now at $9600 -ish..

Yup, don't bet stuff like that. Instead bet on the long term. If you look at the overall growth just this year the return has been sweet. A low of 3200 so even if you bought at 3200 you still have tripled your money. And that is why everyone says HODL because if you try to trade on the volatile daily, weekly trends you will probably go broke.

 

[R-T-B]

Which probably means it was connected to Facebook. A lot of the surge over $10k was because of Facebook and now Facebook's ambitions are getting a reality slap in the face by politicians, regulators, and ratings profilers.

Why would facebook buy bitcoin or any of coinbases offerings? That makes no logical sense, they are setting up their own fiat backed coin remember, not buying into the existing crypto ecosystem.

Sorry ford but that makes exactly 0 bit of sense.

 

[ZenZimZaliben]

Facebook coin(token) is really dumb and just a cash grab. They are trying to sell on hype, but Tether is already doing the exact thing they want to achieve, without the hype. The bigger issue here is Facebook is a publicly traded company. So if investors are willing to allow FB to start making crypto that will be the first publicly traded backed crypto. It is a real easy way to Add 1+Billion in Market Cap for FB which investors would love.

Lets say they make the coin worth $1USD and make 1 Billion Coins...even if no one is using them they can say that coin's market cap is 1 Billion USD and effectively add 1 Billion to FB stocks market cap. It is semi fraud honestly because it is not a market driven coin.

 

[FordGT90Concept]

Why would facebook buy bitcoin or any of coinbases offerings? That makes no logical sense, they are setting up their own fiat backed coin remember, not buying into the existing crypto ecosystem.

Sorry ford but that makes exactly 0 bit of sense.

People buying into crypto on the belief that Facebook getting involved adds legitimacy to them causing the market cap to rise. A relatively easy way for a quick profit. It turned into another pump & dump because regulators and politicians were quick to return fire.

Facebook coin(token) is really dumb and just a cash grab. They are trying to sell on hype, but Tether is already doing the exact thing they want to achieve, without the hype. The bigger issue here is Facebook is a publicly traded company. So if investors are willing to allow FB to start making crypto that will be the first publicly traded backed crypto. It is a real easy way to Add 1+Billion in Market Cap for FB which investors would love.

Lets say they make the coin worth $1USD and make 1 Billion Coins...even if no one is using them they can say that coin's market cap is 1 Billion USD and effectively add 1 Billion to FB stocks market cap. It is semi fraud honestly because it is not a market driven coin.

Sounds like Steam Market. Still don't fathom how that hasn't set regulator's pants ablaze.

 

[Deleted member 158293]

Which probably means it was connected to Facebook. A lot of the surge over $10k was because of Facebook and now Facebook's ambitions are getting a reality slap in the face by politicians, regulators, and ratings profilers.

Facebook's coin & bitcoin are at opposite ends of the spectrum (centralized fiat vs. decentralized hard money), but yeah it's certainly a tradable event even if it doesn't really make sense. Could be what happened cause the rest of the world didn't really seem to follow. It does setup bitcoin for some nice possible lows though, that's what is more interesting imo.

 

[R-T-B]

It turned into another pump & dump because regulators and politicians were quick to return fire.

Responding to market or political conditions is not a "pump and dump." That's standard rise and fall of a commodity. A pump and dump is planned in advance.

That said, I do appreciate the clarification. I thought you meant facebook inc was the sole buyer responsible for the rise... obviously not the case.

Sounds like Steam Market. Still don't fathom how that hasn't set regulator's pants ablaze.

Because there's no withdrawal point for currency... ie every dollar there is really just "store credit." It isn't real true regulatable currency any more than a gift card or coupon. It's arguably even less "real" than bitcoin.

 

[Space Lynx]

People buying into crypto on the belief that Facebook getting involved adds legitimacy to them causing the market cap to rise. A relatively easy way for a quick profit. It turned into another pump & dump because regulators and politicians were quick to return fire.


Sounds like Steam Market. Still don't fathom how that hasn't set regulator's pants ablaze.

On the hand I think humans get bored easily and wise up faster than analysts realize. Vast majority of people I suspect within a few years as has been trending up and up and up, will stop using facebook or slowly dwindle down to almost no usage time, or altogether delete it like I know a lot of people including myself did. Facebook is a ticking time bomb, give it 5 years, I predict once marketers realize they are having less impact than they realized it will crash hard. Or they use adblock/ublock/umatrix, etc. Eventually the only market left will be very old people, and when the marketers finally realize this, it will all collapse. It's not there yet, but it will be someday, it's def trending that way.

Responding to market or political conditions is not a "pump and dump." That's standard rise and fall of a commodity. A pump and dump is planned in advance.

That said, I do appreciate the clarification. I thought you meant facebook inc was the sole buyer responsible for the rise... obviously not the case.



Because there's no withdrawal point for currency... ie every dollar there is really just "store credit." It isn't real true regulatable currency any more than a gift card or coupon. It's arguably even less "real" than bitcoin.

less real? bitcoin doesn't pay my bills, and when I go to get a loan the agencies sure as heck are not checking my bitcoin credit score. bitcoin has no way to punish people for being bad, no government oversight to enforce it even if it did exist. if you truly believe bitcoin is the future you might as well believe in full on lawless society, everything requires stability and and rule of law that mostly works, even if its not perfect, it hasn't collapsed yet.

 

[moproblems99]

On the hand I think humans get bored easily and wise up faster than analysts realize. Vast majority of people I suspect within a few years as has been trending up and up and up, will stop using facebook or slowly dwindle down to almost no usage time, or altogether delete it like I know a lot of people including myself did. Facebook is a ticking time bomb, give it 5 years, I predict once marketers realize they are having less impact than they realized it will crash hard. Or they use adblock/ublock/umatrix, etc. Eventually the only market left will be very old people, and when the marketers finally realize this, it will all collapse. It's not there yet, but it will be someday, it's def trending that way.



less real? bitcoin doesn't pay my bills, and when I go to get a loan the agencies sure as heck are not checking my bitcoin credit score. bitcoin has no way to punish people for being bad, no government oversight to enforce it even if it did exist. if you truly believe bitcoin is the future you might as well believe in full on lawless society, everything requires stability and and rule of law that mostly works, even if its not perfect, it hasn't collapsed yet.

I don't think you can pay your bills with steam market either...

 

[Space Lynx]

I don't think you can pay your bills with steam market either...

that wasn't my point, but thanks for understanding context. lulz.

bit off topic - https://www.cnn.com/2019/07/17/investing/united-states-debt-risks/index.html apparently USA is 71 trillion in debt...

 

[ZenZimZaliben]

bitcoin doesn't pay my bills, and when I go to get a loan the agencies sure as heck are not checking my bitcoin credit score. bitcoin has no way to punish people for being bad, no government oversight to enforce it even if it did exist. if you truly believe bitcoin is the future you might as well believe in full on lawless society, everything requires stability and and rule of law that mostly works, even if its not perfect, it hasn't collapsed yet.

You can use bitcoin as collateral for loans at many banks.

 

[Space Lynx]

You can use bitcoin as collateral for loans at many banks.

It doesn't matter anyway, I go to work I come home, currencies might change, but that won't. Enjoy your riches.

 

[moproblems99]

that wasn't my point, but thanks for understanding context. lulz.

bit off topic - https://www.cnn.com/2019/07/17/investing/united-states-debt-risks/index.html apparently USA is 71 trillion in debt...

Maybe you didn't understand what rtb said then.

 

[Deleted member 158293]

Wow, at least one person in the U.S. Congress is understanding Bitcoin & Libra quite well at the Libra hearings... all officially documented too:

 

[Space Lynx]

I mean technically speaking, China knows everything about each of their citizens, and I mean everything. They just don't share that information. Maybe those in Hong Kong a little less so. Regardless, if it is indeed true that 60-70% of all currently mined Bitcoins were mined in China, then there is indeed a possibility China could manipulate the Chinese exchanges, mass confiscation, or other shady means I can't think of to act as a central agent for or against Bitcoin.

A very unlikely scenario, but it is is possible from my estimation, they know ever site you visit, China probably has a list of everyone that has ever downloaded a BTC wallet even, I mean they restrict travel based on your social media credit score... so yeah they know.

I wouldn't be surprised if some of the 20k price rise last year was based on China creating propaganda in some places. They like to have fun with it. Oh we are banning it, oh wait nah we changed are mind.

 

[lexluthermiester]

Wow, at least one person in the U.S. Congress is understanding Bitcoin & Libra quite well at the Libra hearings... all officially documented too:

That was both interesting and impressive. I predict congress is going to tell Facebook to stuff it.

 

[FordGT90Concept]

Stuff it? I think they'll tell Facebook to move it to a separate company with a controlling stake so it's easier to regulate. Anything dealing in crypto financial assets shouldn't also be a publicly traded company: it exposes investors to too much risk.

 

[lexluthermiester]

Stuff it? I think they'll tell Facebook to move it to a separate company with a controlling stake so it's easier to regulate.

I think you misunderstand what FB is trying. They don't want to get in on the bitcoin action, they want to create one of their own which they alone can control. This is the problem at hand.

 

[FordGT90Concept]

G7 urges tough Libra regulation, agrees to tax digital giants

Digital currencies such as Facebook's planned Libra raise serious concerns and must be regulated as tightly as possible to ensure they do not upset the world's financial system, Group of Seven finance ministers and central bankers said on Thursday.

www.reuters.com

 

[R-T-B]

that wasn't my point,

No, but it was mine.

 

[Space Lynx]

No, but it was mine.

cool, enjoy your riches, I could care less about any of this anymore

 

[R-T-B]

cool, enjoy your riches, I could care less about any of this anymore

I don't have any riches to care about, but you quoted my point and butchered it is all I'm saying.

Crypto isn't my game at all. Can't afford it.

they want to create one of their own which they alone can control. This is the problem at hand.

Really how is that different from VISA, mastercard, or paypal?

They are all backed by currencies.