Is anyone else starting to become a bit worried? mod note in first post

Kenny Logins · 15-11-2018 02:01PM

Pintman Paddy Losty wrote: »

2018 was the year that showed all paddy and Johnny had posted was the truth and the crypto Boyz were deluded and full of hot air.

You would have been right in 2014 also.

Two years out of ten 'aint bad. Well done.

Tinder Surprise · 15-11-2018 03:18PM

Anyone buying anything?

el diablo · 15-11-2018 06:00PM

Tinder Surprise wrote: »

Anyone buying anything?

Not yet. I think it's got quite a bit more to drop.

SachaJ · 15-11-2018 06:12PM

el diablo wrote: »

Not yet. I think it's got quite a bit more to drop.

XRP is back in the green and Siacoins rate of drop is slowing so I might make a trade there.

sexmag · 15-11-2018 06:36PM

Wait until Friday night I'd say, the weekend will have people cash out further and then there will be a good time to buy in,then id say maybe Monday there will be a small bounce

grindle · 15-11-2018 09:08PM

Pintman Paddy Losty wrote: »

2018 was a great year for you? Bullshid.

You can't poo-poo like that - most people are rekkkkkt beyond belief but there have been great opportunities that have made some people a lot of money as long as they weren't too greedy.
e.g. if you placed €1k in GO when I mentioned it a few months back you'd have had the opportunity to gain an extra €2-4k by swing trading it.
RVN was an easy pick months back (which I sold too early - again - because this year has tricked me into thinking 5-10x doesn't happen any more)
Counter to those, if you'd have placed €1k in NEU when I mentioned it you had the opportunity to lose half your cash!
Comme ci comme ça.

JJJJNR · 15-11-2018 10:37PM

Buy more doge.

el diablo · 18-11-2018 06:03AM

Bitcoin is officially dead according to the Irish Independent. Oh well, it was fun while it lasted. :P

He compares BTC to "pet tortoise skeletons" :rolleyes:

https://m.independent.ie/business/technology/news/bitcoins-rollercoaster-ride-finally-comes-off-the-tracks-37537429.html

Bitcoin's rollercoaster ride finally comes off the tracks
Saturday insight
Stock image
Stock image
David Chance

November 17 2018 2:30 AM

So much for Bitcoin, beloved of libertarians, drug dealers and, for a few golden years, the private sector currency that was set to displace the hated money of central banks.

A week of sharp falls in its value has caused investors to question whether it is even viable as a financial asset, let alone a global currency that would one day replace the dollar or euro.

At its height on December 16, 2017, it cost $19,499 to buy one Bitcoin, by late Friday you could get one for a mere $5,615.

That's a fall in value of 71pc, more than Wall Street lost in the four traumatic days of the 1929 crash, when the market lost a quarter of its worth.

There is a silver lining though. Bank of England Economist John Lewis, of whom more later, says that 97pc of Bitcoin is estimated to be held by just 4pc of addresses, so those losses are confined to a small number of people.

Who knows, perhaps the old market saying of 'buy when there's blood on the streets' may also apply to Bitcoin.

But it was never going to be what its founder, Satoshi Nakamoto (a pseudonym), imagined when he mined the first Bitcoin in 2009. He argued that banks could not be trusted with our money because they lent it on and created financial storms, and that their huge overheads meant they could not process small value transactions cheaply.

Despite the cynicism, Bitcoin and the array of other cryptocurrencies probably do have a future, in poor countries where banks are thin on the ground or in countries whose economies are in crisis.

But the major Bitcoin boosters are still out there, touting its potential for the whole world.

It turns out however that the basic laws of economics have asserted themselves over the hopes of the faithful. In a paper published this month by the Bank of England's Mr Lewis he spelled out the "Seven deadly paradoxes of a cryptocurrency".

One sin is that, unlike a government bond which pays interest and principal; or gold, which can be made into a bracelet; or even cigarettes, used as a currency in prisoner of war camps and which can of course be smoked, Bitcoin has no intrinsic value.

Boosters say it is worth what was paid to mine it - an argument that Mr Lewis demolishes. "If I waste £150 on employing labourers to find and exhume the buried remains of my childhood pet tortoise from my parents' garden, those costs don't make the skeleton worth £150 to an investor," he writes.

Strike two: The Bank for International Settlements, the central banks' central bank, has crunched the numbers and it reckons that storage demands would grow to over 100 gigabytes per user within two and half years - that's equivalent to the storage memory of a laptop, a hugely inefficient waste of resources.

The very nature of Bitcoin rewards people for creating the currency, which means it is expensive.

Imagine if you went into your bank branch and they told you that you could only withdraw the €500 for your post-Brexit bargain shopping in €50 notes at a time and that you would be charged for 10 transactions.

Another sin is that because it is anonymous, crypto lends itself to market manipulation or outright fraud, while the biggest irony of all is that the more optimistic you are about tomorrow's cryptocurrencies, the more pessimistic you must be about the value of today's crypto.

Perhaps the next time you look at that Bitcoin ad, you should ask yourself: "What's it worth in pet tortoise skeletons?" For everything else, there are euros.

makeorbrake · 18-11-2018 06:47AM

el diablo wrote: »

Bitcoin is officially dead according to the Irish Independent. Oh well, it was fun while it lasted. :P

He compares BTC to "pet tortoise skeletons" :rolleyes:

https://m.independent.ie/business/technology/news/bitcoins-rollercoaster-ride-finally-comes-off-the-tracks-37537429.html

I'd say he's a bit of a 'Chance-r' :P working for a rag I wouldn't even line the cat's litter box with (and would have gone out of business years ago if irl.gov was not propping it up).

Other than that, the premise of the article is wrong. People speculate on risky 'assets' and make or lose money. There's no major revelation in that. That doesn't mean Bitcoin or any other crypto is coming off any tracks.

Are there issues with Bitcoin that need solving? Sure. Can they be solved - maybe or maybe not. Can they be solved by other crypto's? I'd like to think so - certainly some of them can ...as regards whether all of them can remains to be seen. There are those that are hell bent on seeing its demise. Either way, crypto is not going anywhere so they may as well get used of the fact!

Strike two: The Bank for International Settlements, ...reckons

See link above - the BIS stands front and centre in doing all possible to discredit decentralized crypto because they only want currency THEY can control.

Imagine if you went into your bank branch and they told you that you could only withdraw the €500 for your post-Brexit bargain shopping in €50 notes at a time and that you would be charged for 10 transactions.

Imagine if you went into your bank and it was shut - gone for good along with your hard earned money! People here should know...many of them were scrambling to stash their euro in uk/german bank accounts only a few short years ago for fear that their savings would be taken.

Boosters say it is worth what was paid to mine it - an argument that Mr Lewis demolishes. "If I waste £150 on employing labourers to find and exhume the buried remains of my childhood pet tortoise from my parents' garden, those costs don't make the skeleton worth £150 to an investor,

The old intrinsic value argument. He demolishes nothing until such time as all crypto is worth $0. Until then, people determine what the value of pieces of mouldy paper, gold or crypto are. He may not like it but since 2009 people have conferred a value on Bitcoin.

As regards 'pet tortoise skeletons', the only tortoises knocking about are those that blindly dismiss cryptocurrency without seeing any potential merits.

Truckermal · 18-11-2018 10:49AM

XRP and BCH on a good pump this morning.

smacl · 19-11-2018 09:17AM

Truckermal wrote: »

XRP and BCH on a good pump this morning.

And one serious dump this morning.

Kenny Logins · 19-11-2018 11:45AM

The egos of a few big names have killed Bitcoin Cash, the one we we've been hearing ad nauseam is the "real Bitcoin".
It'll be a very long time before the entire crypto market recovers from this IMHO.

19-11-2018 02:36PM

Below 5k looking very likely today

Pussyhands · 19-11-2018 02:38PM

This thing is done.

lawred2 · 19-11-2018 02:43PM

Well the ALT coin craic is dead for sure

makeorbrake · 19-11-2018 03:21PM

Pussyhands wrote: »

This thing is done.

Anyone with money in the game (speculating) is getting a pasting right now for sure but crypto as a tech is as valid as it was last week/month, etc.

lawred2 wrote: »

Well the ALT coin craic is dead for sure

Altcoins were always dead - most of them. There will still be projects that will come to the fore but there wont be many of them.

TallyRand · 19-11-2018 03:46PM

makeorbrake wrote: »

Anyone with money in the game (speculating) is getting a pasting right now for sure but crypto as a tech is as valid as it was last week/month, etc.

Altcoins were always dead - most of them. There will still be projects that will come to the fore but there wont be many of them.

Most alt coins were always dead? Starting to sound like Johnny and Paddy now. A changing of the narrative!

makeorbrake · 19-11-2018 04:12PM

TallyRand wrote: »

Most alt coins were always dead? Starting to sound like Johnny and Paddy now. A changing of the narrative!

No - no change in the narrative. I have stated that before here - as have many others here. It's quite logical. There are a couple of thousand 'coins'. Not every project is going to be a success. That's logical to anyone.

Are you suggesting anyone here has said any different??

It makes sense that the projects that have tangible use cases and that collaborate with players in the industries they seek to disrupt are more likely to rise to the top.

There seems to be an assumption if the price is going south, the technology is over - which is illogical. Speculation has little to do with day to day crypto projects and the work being done on them.

lawred2 · 19-11-2018 04:27PM

that is true

so how do I get USDT into EUR?

I had not planned on figuring that out for a long while but there it goes

Pussyhands · 19-11-2018 04:30PM

makeorbrake wrote: »

No - no change in the narrative. I have stated that before here - as have many others here. It's quite logical. There are a couple of thousand 'coins'. Not every project is going to be a success. That's logical to anyone.

Are you suggesting anyone here has said any different??

It makes sense that the projects that have tangible use cases and that collaborate with players in the industries they seek to disrupt are more likely to rise to the top.

There seems to be an assumption if the price is going south, the technology is over - which is illogical. Speculation has little to do with day to day crypto projects and the work being done on them.

People in this sub and people into cryptocurrencies don't care about blockchain.

Look at the forum you're in. People want to make money.

Kenny Logins · 19-11-2018 04:37PM

TallyRand wrote: »

Most alt coins were always dead? Starting to sound like Johnny and Paddy now. A changing of the narrative!

There are over 2000 coins now. I don't think anyone would disagree that a very high percentage of those are complete sh!te.

cnocbui · 19-11-2018 04:55PM

lawred2 wrote: »

that is true

so how do I get USDT into EUR?

I had not planned on figuring that out for a long while but there it goes

Shapeshift to BTC then to € via an exchange?

ZeroThreat · 19-11-2018 04:56PM

I'm actually surprised Pintman Paddy or Johnny haven't been on here today to gloat!

makeorbrake · 19-11-2018 04:57PM

Pussyhands wrote: »

People in this sub and people into cryptocurrencies don't care about blockchain.

Look at the forum you're in. People want to make money.

Sure - we're not in any sort of disagreement. Of course people want to make money. Everyone recognizes it as a highly volatile speculative game. As regards nobody caring about blockchain, i'm sure there are those that don't. I have an interest in it and a basic belief in it that drew me in - in the first instance.

Surely its useful to care about it - as otherwise, how do you select the projects that you put money in?

Otherwise, the reason I keep pointing out that the tech is decoupled from the speculation is that there are some on here that maintain the tech is dead when the price slides. I'm simply pointing out that's not the case.

lawred2 · 19-11-2018 05:16PM

cnocbui wrote: »

Shapeshift to BTC then to € via an exchange?

so back into an exchange then

to get out I have to go back in

cnocbui · 19-11-2018 05:19PM

lawred2 wrote: »

so back into an exchange then

to get out I have to go back in

You could use Belgacoin within their limits.

lawred2 · 19-11-2018 05:30PM

cnocbui wrote: »

You could use Belgacoin within their limits.

Changelly to ETH wallet on coinbase and then sell to EUR?

cnocbui · 19-11-2018 07:29PM

lawred2 wrote: »

Changelly to ETH wallet on coinbase and then sell to EUR?

That went over my head. I thought coinbase was an exchange.

lawred2 · 19-11-2018 09:10PM

cnocbui wrote: »

That went over my head. I thought coinbase was an exchange.

It is lol

I was just teasing it out in my own head pretty much

TallyRand · 19-11-2018 09:58PM

I’m glad we’re all in agreementthat the vast majority of “coins” are a scam!

Btw, I’ve never argued blockchain isn’t a good tech, just don’t think it’s as amazing as some here view it. I do however think the electricity waste for mining is disgusting and that the likes of bitcoin without illicit uses like drug buying would be a pink sheet by now.

Is anyone else starting to become a bit worried? mod note in first post

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