BitCoin
Quote: rxwineDOJ recovered millions in crypto from the Colonial ransom payment.
I have to assume this is very BAD for BTC, right? Isn't one of the main advantages is lack of traceability? Someone (the criminals) thought they were getting BTC which could not be reversed. I guess not!
Quote: SOOPOOI have to assume this is very BAD for BTC, right? Isn't one of the main advantages is lack of traceability? Someone (the criminals) thought they were getting BTC which could not be reversed. I guess not!
BitCoin is completely traceable. Maybe the identity of the account holder is ananymous but everyone can always knows which bitcoins are where.
BTC transactions are infinitely traceable. The authorities simply need to intercept them.Quote: SOOPOOI have to assume this is very BAD for BTC, right? Isn't one of the main advantages is lack of traceability? Someone (the criminals) thought they were getting BTC which could not be reversed. I guess not!
As I understand it, the FBI had a copy of the private key of one of the BTC addresses that the funds passed through. Probably from a server that they had earlier compromised or confiscated. Or maybe the thieves used a mixing service run by the feds.. So, not funds reversed or transactions cancelled. Just swift intervention to withdraw those BTC when they hit a compromised address.
Quote: SOOPOOI have to assume this is very BAD for BTC, right? Isn't one of the main advantages is lack of traceability? Someone (the criminals) thought they were getting BTC which could not be reversed. I guess not!
Bitcoin is not anonymous. It's easily traceable. I assume that works for the bad guys as well as good guys.
There are ways to ensure no one knows you own bitcoin.Quote: billryanBitcoin is not anonymous. It's easily traceable. I assume that works for the bad guys as well as good guys.
Quote: billryanBitcoin is not anonymous. It's easily traceable. I assume that works for the bad guys as well as good guys.
Traceability and anonymity are two different things.
Traceability is the entire backbone of how blockchains work. That does not mean it’s not anonymous.
$30,000 is the wall.
If Bitcoin falls below $30K I predict disaster.
It's looming closer.
(I do not have any Bitcoin but I do own some marginal Crypto currencies)
Indeed. I've spent the last few days watching as it breached 35,000 and now watching it test 32,000. Not feeling good knowing/believing that 30,000 and then 25,000 and heaven forbid, 20,000 are in the firing line.Quote: darkozThe catalysts for disaster are adding up.
$30,000 is the wall.
If Bitcoin falls below $30K I predict disaster.
It's looming closer.
(I do not have any Bitcoin but I do own some marginal Crypto currencies)
Buy!
Let's not and say we did :o)Quote: rxwine31!
Buy!
Not seeing much by way of bullishness. I think the bulls will be licking their lips at the idea of watching the price fall much further. $25k?
Confident this is not the end for BTC, but we need some world event to counter China's recent hostile acts.
Quote: OnceDearLet's not and say we did :o)
Not seeing much by way of bullishness. I think the bulls will be licking their lips at the idea of watching the price fall much further. $25k?
Confident this is not the end for BTC, but we need some world event to counter China's recent hostile acts.
Agreed.
Also the US seizing the Bitcoin from the ransom guys.
I mean it had to be done. Those guys had to be taught a lesson.
But as a side effect it has also taught people who thought their Bitcoin was safe from government that it's not.
Bitcoin has a 50% off sale and people rush to sell.
All is well in the world.
Last month, BC market cap was 1.1 trillion dollars. Today it is under 600 billion.
Where did the missing 500 billion go?
Quote: billryanMacy's has a 50% off sale and people rush in to buy
Bitcoin has a 50% off sale and people rush to sell.
All is well in the world.
Last month, BC market cap was 1.1 trillion dollars. Today it is under 600 billion.
Where did the missing 500 billion go?
So after criticizing me for comparing Bitcoin with Visa and claiming I know nothing of finance, you now compare a drop in Bitcoin investment with an incentive sale at Macy's.
The hypocrisy on this forum is just amazing!
Quote: billryanMacy's has a 50% off sale and people rush in to buy
Bitcoin has a 50% off sale and people rush to sell.
All is well in the world.
Last month, BC market cap was 1.1 trillion dollars. Today it is under 600 billion.
Where did the missing 500 billion go?
LOL?!?!?!?
Where did it go? I’d ask where did it come from! $600 billion that ‘should’ be worth ZERO. But you know better than most, everything is worth what someone will pay for it….. not what you or I think it SHOULD be worth.
Quote: darkozSo after criticizing me for comparing Bitcoin with Visa and claiming I know nothing of finance, you now compare a drop in Bitcoin investment with an incentive sale at Macy's.
The hypocrisy on this forum is just amazing!
The sad thing is you honestly don't understand how silly your response is. That you are evidently unaware of a colloquialism most traders learn early on is pretty telling.
If a new suit at 50% off at Macy's is a bargain, one would think being able to buy bitcoin at 50% off would be as well, unless it was over-valued in the first place.
I read that one of the reasons BTC dropped is because the FBI recovered BTC from the ransomware hackers who extorted Colonial Pipeline
it that's true - that's pretty sad
it means the BTC buyers and sellers are rooting for crooks to be able to operate with BTC with impunity
and are disappointed when that turns out not to be the case
maybe because it means they will not be able to continue illegally evading taxes
very, very sad
*
Quote: billryanMacy's has a 50% off sale and people rush in to buy
Bitcoin has a 50% off sale and people rush to sell.
Macy's rush to sell and so Macy's has a 50% off sale
[Insert whale] rush to buy and Traders have a 50% off sale.
For every buy, there is a sell: Two perspectives.
Elvis's Fart in a jar: Was $60,000 now reduced to $31,000. Does that make it a good deal?
[I hodl over half a BTC. Sitting on my hands]
Quote: OnceDearMacy's rush to sell and so Macy's has a 50% off sale
[Insert whale] rush to buy and Traders have a 50% off sale.
For every buy, there is a sell: Two perspectives.
Elvis's Fart in a jar: Was $60,000 now reduced to $31,000. Does that make it a good deal?
[I hodl over half a BTC. Sitting on my hands]
The big difference is Macy's has a sale to reduce inventory and raise money.
Bitcoin is on sale because there aren't enough buyers at the old price so sellers need to reduce their asking prices. I'm sure every bitcoin holder would love to sell at $60,000 but there are no buyers.
Are there large institutions already invested that will commit more money in order to prop up their earlier investments?
Is there a Warren Buffet or Kirk Kerkorian type out there who can pump a billion or two into it and revive it? Would a few billion make that much of a difference?
Even with its market cap down to a mere 600 billion, it would take a legion of white knights to ride to its rescue.
Not disagreeing. I know less than the next guy about where BTC is heading.Quote: billryan
The big difference is Macy's has a sale to reduce inventory and raise money.
Bitcoin is on sale because there aren't enough buyers at the old price so sellers need to reduce their asking prices. I'm sure every bitcoin holder would love to sell at $60,000 but there are no buyers.
Are there large institutions already invested that will commit more money in order to prop up their earlier investments?
Is there a Warren Buffet or Kirk Kerkorian type out there who can pump a billion or two into it and revive it? Would a few billion make that much of a difference?
Even with its market cap down to a mere 600 billion, it would take a legion of white knights to ride to its rescue.
The buyers and support were there a couple of weeks ago.
In case you didn't know, there's a neat trick the whales do.... They transfer their BTC from offline wallets to exchange hosted wallets. Traders and weak holders see that as a preparation for the whale to unload and convert to fiat, so the traders and weak holders sell, trying to get out quick. Price drops. Whale soaks up the cheap BTC and then transfers his original holding back off the exchanges to offline. Traders & weak holders see that as a sign that the whales are going to hold firm. Prices rise. It's such simple manipulation by the whales.
Quote: OnceDearNot disagreeing. I know less than the next guy about where BTC is heading.
The buyers and support were there a couple of weeks ago.
In case you didn't know, there's a neat trick the whales do.... They transfer their BTC from offline wallets to exchange hosted wallets. Traders and weak holders see that as a preparation for the whale to unload and convert to fiat, so the traders and weak holders sell, trying to get out quick. Price drops. Whale soaks up the cheap BTC and then transfers his original holding back off the exchanges to offline. Traders & weak holders see that as a sign that the whales are going to hold firm. Prices rise. It's such simple manipulation by the whales.
Sounds like yet another reason to avoid it altogether.
Bitcoin is the new snake oil. There were salesman that went town to town selling fake medicine but because it was worthless and it didn't work they eventually ran out of customers. That's what we're witnessing with Bitcoin. It's a worthless and stupid idea to have a currency that's backed by nothing. I'll say it again. Go to Costco and count how many cars are in the parking lot and realize they're worth several million dollars. You're looking at one parking lot in a country full of parking lots. That's what's backing the US dollar. Incredible wealth. What's backing Bitcoin is hot air.
Quote: EvenBob$32,000 is looking pretty likely today, you guys keep asking me why do I care. Schadenfreude, are you kidding me? This is a schadenfreude dream come true. I see the price today and I laugh because I know how many men are looking at that and their balls are retracting up into their scrotum.
Bitcoin is the new snake oil. There were salesman that went town to town selling fake medicine but because it was worthless and it didn't work they eventually ran out of customers. That's what we're witnessing with Bitcoin. It's a worthless and stupid idea to have a currency that's backed by nothing. I'll say it again. Go to Costco and count how many cars are in the parking lot and realize they're worth several million dollars. You're looking at one parking lot in a country full of parking lots. That's what's backing the US dollar. Incredible wealth. What's backing Bitcoin is hot air.
Very weird schadenfreude.
"Hah, Bitcoin only went from $1 to $32,000. And you thought you had $64,000. What a bunch of losers."
Well done!
Quote: darkozVery weird schadenfreude.
"Hah, Bitcoin only went from $1 to $32,000. And you thought you had $64,000. What a bunch of losers."
If BTC was at $60k it means there are REAL people who bought BTC at $60k. Those people are big losers. Bob is obviously referring to them, not the guy who bought it at $1.
I personally hope it goes to $0. The energy wasted in the whole process irks me. There is absolutely no need for upstanding people/businesses to need BTC. NONE. Everything accomplished with BTC can now be accomplished with $$ or Euros or (insert government backed currency here).
I do not expect it to go to $0. I think I offered a bet a while back that it wouldn’t hit $25k. Glad no one took me up on it!
there is a general rule - not in every case - but the majority of the time...............
older people fear and shy away from new things or ideas
and younger people embrace new things and ideas
there were a helluva lot of older people who talked down computers and the internet
and there are still today a lot of older people who don't or can't use it or are mystified by it
doesn't mean younger people are right all of the time
doesn't mean older people are wrong all of the time
but our society would stagnate and not be representative of who we are if new ideas and things weren't constantly coming in and being tried out
*
Quote: SOOPOOIf BTC was at $60k it means there are REAL people who bought BTC at $60k. Those people are big losers. Bob is obviously referring to them, not the guy who bought it at $1.
I personally hope it goes to $0. The energy wasted in the whole process irks me. There is absolutely no need for upstanding people/businesses to need BTC. NONE. Everything accomplished with BTC can now be accomplished with $$ or Euros or (insert government backed currency here).
I do not expect it to go to $0. I think I offered a bet a while back that it wouldn’t hit $25k. Glad no one took me up on it!
But then EB should have schadenfreude about every stock in the market. Certainly every stock has had people who purchased at a high and the price dropped.
EB has been saying Bitcoin is a failure since it was extremely low. To say it's failed now is a definitely premature. It's only gone up so much.
Which is why I say it's weird schadenfreude.
BTC and other Crypto can be useful even if they turn out to be nothing but a gambling game
people love to gamble
if they like it why not?................no worse than any other kind of gambling
people have a right to gamble if they want to and there's no reason why they can't gamble on this
they might lose big - just as gamblers do in all other games - so what?
*
EB's schadenfreude may not last long.............................................................................(~:\
just since 12 p.m. BTC rebounded from about 31 to right now 33,617.85
*
And how they got that is what we need to know. I doubt they are going to tell us. One of the criminals may have simply given it up.Quote: OnceDearBTC transactions are infinitely traceable. The authorities simply need to intercept them.
the FBI had a copy of the private key
Quote: AxelWolfAnd how they got that is what we need to know. I doubt they are going to tell us. One of the criminals may have simply given it up.
I have read of three possibilities all seem likely.
The first is as you say above. onof the criminals cooperated.
Two. The FBI hacked the hackers
Three. FBI notified the exchange and demanded cooperation with authorities
Quote: AxelWolfAnd how they got that is what we need to know.
why do you need to know that?
because you fear your personal transactions might become easily traceable and not anonymous?
*
Quote: lilredroosterwhy do you need to know that?
because you fear your personal transactions might become easily traceable and not anonymous?
*
Bitcoin is already traceable by design.
As for anonymity what's wrong with that?
I don't commit crimes yet I am not allowing police to search my house without a warrant. Should be the same with crypto
Quote: darkoz
As for anonymity what's wrong with that?
I don't commit crimes yet I am not allowing police to search my house without a warrant. Should be the same with crypto
No Sir
you're badly mistaken
any time you have a profit on a stock trade (capital gain) or interest on an account it's reported annually to the IRS by the brokerage or bank
why should you have anonymity with regard to your BTC profits?
why should that be any different than any other financial transaction?
what's so special about it? the fact that you think it's special?
there can only be one reason you're so concerned about anonymity
and we all know what that reason is
*
Quote: darkozI have read of three possibilities all seem likely.
The first is as you say above. onof the criminals cooperated.
Two. The FBI hacked the hackers
Three. FBI notified the exchange and demanded cooperation with authorities
If the FBI is determined to prosecute you for something, you probably got some bigger worries than holding onto your Bitcoin.
Quote: lilredroosterNo Sir
you're badly mistaken
any time you have a profit on a stock trade (capital gain) or interest on an account it's reported annually to the IRS by the brokerage or bank
why should you have anonymity with regard to your BTC profits?
why should that be any different than any other financial transaction?
what's so special about it? the fact that you think it's special?
there can only be one reason you're so concerned about anonymity
and we all know what that reason is
*
I'm not talking about reporting profits. I'm talking about seeing what's in my wallet
Because if they have a clever way to snap off your bitcoin, it won't be long before the criminals do. I personally don't care about traceability as I already know my transactions are traceable. I don't really do anything to ensure they aren't. Since others do care, and I want bitcoin or some form of decentralized cryptocurrency to be successful, therefore it's something I want us to know.Quote: lilredroosterwhy do you need to know that?
because you fear your personal transactions might become easily traceable and not anonymous?
*
Quote: AxelWolfAnd how they got that is what we need to know. I doubt they are going to tell us. One of the criminals may have simply given it up.
Maybe someone sent it over the “secure” ANON messaging app.
Quote: lilredrooster..........
EB's schadenfreude may not last long.............................................................................(~:\
just since 12 p.m. BTC rebounded from about 31 to right now 33,617.85
Some rebound. It was 35,000 yesterday. LOL
Quote: EvenBobSome rebound. It was 35,000 yesterday. LOL
The sight of someone schadenfreude being ruined.
Quote: darkozThe sight of someone schadenfreude being ruined.
You do not understand schadenfreude. Now that there was such a huge drop from the sixties down to the 30s it's going to be constant schadenfreude until it regains most of its value. But just like Beanie Babies and Elvis collector plates there is no real value to Bitcoin, it's only in people's heads. I was in the collectibles business from the mid eighties to about 2005. I saw a lots of stuff that was valuable one year five years later wasn't worth squat. Where did the value go? It was never there to begin with, just like Bitcoin.
You have been comparing Bitcoin to beanie babies for about 7 years now, and it's worth well over the $130-$200 when you started saying that. Your current schadenfreude happiness had to be eclipsed by that more than a thousand times over as it kept going up and up and up constantly for the past 7 years. You can never get enough BTC schadenfreude to make yourself even, since soo many people have already made the big bucks, even if it goes to zero.Quote: EvenBobYou do not understand schadenfreude. Now that there was such a huge drop from the sixties down to the 30s it's going to be constant schadenfreude until it regains most of its value. But just like Beanie Babies and Elvis collector plates there is no real value to Bitcoin, it's only in people's heads. I was in the collectibles business from the mid eighties to about 2005. I saw a lots of stuff that was valuable one year five years later wasn't worth squat. Where did the value go? It was never there to begin with, just like Bitcoin.
Aside from that, members who delight in schadenfreude against you can look back when I told you to use BTC on Bovada as a deposit method while using your super-duper betting system but choose not to use it. Just imagine the winnings all compounded by the upward movement of Bitcoin. (and yes, the BV roulette is set up in a way where it would have to be a betting SYSTEM).
Quote: AxelWolf
Aside from that, members who delight in schadenfreude against you can look back when I told you to use BTC on Bovada as a deposit method while using your super-duper betting system but choose not to use it. Just imagine the winnings all compounded by the upward movement of Bitcoin. (and yes, the BV roulette is set up in a way where it would have to be a betting SYSTEM).
he's made it perfectly clear several times why he doesn't use his roulette system to make big bucks
he doesn't need or want big bucks - big bucks would have no use to him - it would be just like hodling a mountain of bitcoin - a worthless pursuit
he much prefers to sit on WOV all day long and get schadenfreude from the misfortunes of posters here
*
All the people I have ever meet that claim they have the ability to easily make big bucks and claim they just don't want to, are totally full of it, especially when it comes to gambling. Sure, some people are not interested in making money, but you will notice they have probably dedicated their life to a greater cause, doing something special, have some screws loose, or they are off living in the wilderness with nature. They certainly are not participating on gambling forums all day.Quote: lilredroosterhe's made it perfectly clear several times why he doesn't use his roulette system to make big bucks
he doesn't need or want big bucks - big bucks would have no use to him - it would be just like hodling a mountain of bitcoin - a worthless pursuit
he much prefers to sit on WOV all day long and get schadenfreude from the misfortunes of posters here
*
What's the point of developing a super-duper betting "method" if not to make big bucks from it somehow?
Assuming one thinks money causes problems(usually only for people who don't have the ability or skills to handle it) he could always give it away or donate it to a worthy cause.
here is something interesting about schadenfreude.
People are more likely to experience schadenfreude when they experience another person as a threat or when they dislike someone. However, people with low self-esteem sometimes experience schadenfreude even when they care about someone. A sibling who feels his/her parents don’t notice his/her talents, for example, might delight in his/her sibling’s failures, particularly if the other sibling is often praised by the parents.
While some degree of schadenfreude is part of the normal continuum of human experience, frequent schadenfreude can indicate a mental health condition. People with personality diagnoses such as antisocial personality may delight in the pain of others and have little regard for others’ well-being. Chronic anxiety, depression, or low self-esteem might also cause someone to seek validation in others’ failures. Some mental health professionals differentiate between glee at minor misfortunes—such as slipping on a banana peel or making a stupid remark—and glee at more serious suffering such as terminal illness or the death of a child.
Quote: AxelWolfAll the people I have ever meet that claim they have the ability to easily make big bucks and claim they just don't want to, are totally full of it, especially when it comes to gambling. Sure, some people are not interested in making money, but you will notice they have probably dedicated their life to a greater cause, doing something special, have some screws loose, or they are off living in the wilderness with nature. They certainly are not participating on gambling forums all day.
What's the point of developing a super-duper betting "method" if not to make big bucks from it somehow?
Assuming one thinks money causes problems(usually only for people who don't have the ability or skills to handle it) he could always give it away or donate it to a worthy cause.
here is something interesting about schadenfreude.
People are more likely to experience schadenfreude when they experience another person as a threat or when they dislike someone. However, people with low self-esteem sometimes experience schadenfreude even when they care about someone. A sibling who feels his/her parents don’t notice his/her talents, for example, might delight in his/her sibling’s failures, particularly if the other sibling is often praised by the parents.
While some degree of schadenfreude is part of the normal continuum of human experience, frequent schadenfreude can indicate a mental health condition. People with personality diagnoses such as antisocial personality may delight in the pain of others and have little regard for others’ well-being. Chronic anxiety, depression, or low self-esteem might also cause someone to seek validation in others’ failures. Some mental health professionals differentiate between glee at minor misfortunes—such as slipping on a banana peel or making a stupid remark—and glee at more serious suffering such as terminal illness or the death of a child.
Totally agree.
Let me add that people who brag about super duper gambling systems but know they really don't have one are going to be quick to call other people liars when they do as well.
Notice how EB easily called MDawg out for BS. Because EB has no system. He just brags he has one so he can't imagine someone else does. And someone else having a system takes away from the "Brag" that EB has found something no one else can.
I personally AM a braggart HOWEVER I brag about my actual success. I could never brag about something that was BS because I would know it wasn't true and my brag would be half-hearted at best (and probably easily rebuked)
But because I brag about reality I am quicker to believe someone else when they make similar claims. That's my failing.
Still EB's roulette claims are ridiculous. And his schadenfreude about a crypto that has made millions of people profit is also ridiculous.
Quote: darkoz
I personally AM a braggart HOWEVER I brag about my actual success.
Socrates supposedly did say “Know thyself.” Is a good thing.
He also said some other things. Then he drank hemlock.
Quote: billryanWasn't he the guy who masturbated in public and said he wished he could satisfy his mind as easily as he satisfied his penis?
I don't know, but wasn't he right about that last part?
