tomkaz

Bitcoin, 21st Century Tulips ?

44 posts in this topic

Nicehash just annoced that it was hacked for unknown amount (72 million approx)

 

BitfineX lost 65 million last year after being hacked

 

Bitstamp the year before.

 

Still a great way to launder money so it will probably be outlawed it seems.

 

Share this post


Link to post
Share on other sites

anyone see big bang theory this week - they remembered they mined some bitcoin 7 years ago. that made me remember that I mined Litecoin about 3 years ago.

 

I haven't looked yet, I know I have a very small number and they were worth like $2-3 - but they are now worth $95 an LTC.

Share this post


Link to post
Share on other sites

Son #2 coming down to FL for holidays when school lets out. Will be able to control his trading algos from wherever he is. His mining rig has to stay in Boston and he said he will leave it running to mine the $3-4 per day but also to keep the apartment warm, it gives off that much heat.....

Share this post


Link to post
Share on other sites

Russia has converted a few old buildings and created a compact pc/OS specifically designed to mine coin. 

They run 24 X 7

Share this post


Link to post
Share on other sites
33 mins ago, seadogface said:

Russia has converted a few old buildings and created a compact pc/OS specifically designed to mine coin. 

They run 24 X 7

oh yeah, these 'farms' like Tom mentioned are all over the place - the pc's are specially designed with bigger fans and vents to distribute the heat out.

 

if they were really smart they'd source the power from solar panels and not pay anything at all for their BTC's etc other than the hardware.

Share this post


Link to post
Share on other sites

I, too, believe there is a massive and coordinated pump and dump scheme going on and it just so happens to coincide with a larger influx of speculation by individuals who fear missing out.  I also believe it will unravel rather spectacularly at some point as all of the other major btc pumps to date have.  I disagree with some sentiment in this thread though- btc isn't just a tool to launder money & buy drugs with, I think it is an important technological advancement (blockchain def is, btc itself may go the way of pets.com).  Let us not forget that the favorite currency of criminals, drug dealers, and money launders is in fact CASH.

 

There is an anonymous twitter account "bitfinexed" which has been given a blog on medium's website to voice their opinion about the status to bitcoin, tether, and specifically the exchange bitfinex.  The writer makes good points as lays out a case as to why he believes this pump is either being sanctioned or directly performed by bitfinex and I believe he is likely right.  He essentially claims that bitfinex is manipulating the btc market to hide their own insolvency and he speculates that they were never actually hacked in 2016 when they used this excuse to give a 36% haircut to all of their customer accounts.

Share this post


Link to post
Share on other sites
1 hour ago, sbcbmx112 said:

By the way tomkaz, I hope your son is not trading on margin...  That scares me.

There’s no margin available I need the tire sense. No, just "cash".  

 

He's pissed today because his non-BTC portfolio is down about 10% in past two days. He trades the pairs that are represented as Value=xyz/BTC. If prices of coin xyz are flat and BTC is soaring, the increasing denominator brings down the value of the cross.  

 

He's learning about what is called the "basis" in the derivative business. 

Edited by tomkaz

Share this post


Link to post
Share on other sites
Just now, ChumSlickJon said:

Sounds like some bull**** to me.  

Bullchit? Not sure, but consider that the Vinkelvoss twins took $12mm of their legal payment from Facebook and investing it in BTC at ~240$/BTC. At $15,000/BTC, that is nearly $1Billion. They claim they have not sold any of their bitcoin so good for them. 

Share this post


Link to post
Share on other sites

Its a ponzi scheme

 

you give real $$ for an encryption, you lose your encryption key your ****e out of luck, super shady

 

 

Share this post


Link to post
Share on other sites
5 hours ago, Sandflee said:

Its a ponzi scheme

 

you give real $$ for an encryption, you lose your encryption key your ****e out of luck, super shady

 

 

 

Why does that fact that if you lose your key you lose your money make it necessarily shady?

 

If you lose your wallet that has cash and a gold coin in it you most likely will never see either again.

Share this post


Link to post
Share on other sites

I wouldn't be inclined to start with this now. If ya got some house money from previous success...well...

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to register here in order to participate.

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.