BitCoin
I know in the morning time it had got as high as 41300. I know there is a time difference, however, you confirmed in the afternoon at the time you posted. That's why I asked you where you got that information because at the time you posted that it was around 40,129, that's a big spread, so if that information came from an exchange it's lagging behind, love BTC or hate BTC there is an opportunity to make an instant profit via arbitrage.Quote: EvenBobIt was at 41000 when I posted that earlier this afternoon
I see you liked this post OD. Grow some balls and do the right thingQuote: AxelWolfI think you made a mistake regarding your own policy he attacked the writing, not the writer. He said that's pathetic, he didn't call him pathetic.
by un-suspending him, perhaps your pay will get lowered from zero to negative zero, ill make up the difference.
Remember when they were predicting it would get to 50k, IIRC it got up to 64k. All while you kept claiming doom and gloom for BTC and have been wrong most of the time.Quote: EvenBobRumors from the rich guys had a small effect, 38500 this afternoon so far. Somebody important in the Bitcoin world is claiming next summer it will be $250,000. Sure it will..
here is one example of many.
Quote: EvenBobBC dropped another $70 today, from $3400 to
$3330. Hard to find any who are predicting
a rosy future, most are saying it will bottom
out under $2000 and there will be a selling
frenzy with everybody getting out. Then the
buying will slowly begin again. There are
only two BC mining companies still making
money, soon it will be one, then zero.
Myself, I think it's over. Just another collectible
biting the dust.. Just like Beanie Babies and
anything made by Franklin Mint.
Quote: AxelWolfhere is one example of many.
I wasn't wrong, it's still playing the up-and-down game and running on rumors. It does not know what it's doing it does not know what it is because it is a big nothing. You should read some of the articles out there about what a farce Bitcoin and all crypto is.
Quote: EvenBobI wasn't wrong, it's still playing the up-and-down game and running on rumors. It does not know what it's doing it does not know what it is because it is a big nothing. You should read some of the articles out there about what a farce Bitcoin and all crypto is.
Bitcoin will never "know what it's doing". Neither will a roulette ball or a craps dice.
I can see the fallacies you follow.
Quote: darkozBitcoin will never "know what it's doing".
But a real currency does. A real currency is regulated, it has rules that it follows. A real currency has to be able to determine the true value of something and be consistent. If something has a value of $5 today, it has to be worth $5 next week and next month in the same currency. This is called functioning as a 'unit of account.' Bitcoin can never be a unit of account because of its wild deviations. What is valued at $5 this week could easily be $2 next week or $8. How El Salvador will make this work is a mystery. Personally I think it will never happen. But who knows they really could be that foolish. Bitcoin will never stabilize because its entire value comes from speculation in it. Take the speculation away and bitcoin's value disappears. The only reason people buy it is because it might be worth more money tomorrow. Nobody goes to a bank and gets a $100 bill hoping it will be worth $125 tomorrow. They hope it's still worth $100 tomorrow, that's the point of a stabilized currency.
If you read enough articles and just add your own spin perhaps you will be right some of the time, but regarding bitcoin overall you have been super duper wrong. The evidence is clear since you were telling people it was horrible back when it was around $150, it's now in the 40k range and was over 60k.Quote: EvenBobI wasn't wrong, it's still playing the up-and-down game and running on rumors. It does not know what it's doing it does not know what it is because it is a big nothing. You should read some of the articles out there about what a farce Bitcoin and all crypto is.
Meanwhile, a few Advantage Payers from this very forum who disregarded your advice have since made an absolute killing.
Quote: AxelWolfhave since made an absolute killing.
Ever hear the saying 'Even a blind pig finds an acorn once in awhile'. I don't get your point.
Before OD squeals with delight that I just insulted the entire forum and scrambles for the suspension button, this is an actual saying from ancient Rome, look it up. It means everybody gets lucky once in awhile.
"If you’re having a tough time finding something, remember that even a blind pig can find an acorn once in a while. This encouraging idiom actually comes from ancient Rome, where the concept of a blind animal turning something up lent itself to the Latin saying that a blind dove sometimes finds a pea."
Well, you haven't found that acorn in your 7ish long years of predicting the fate of BTC, but hey, keep trying, because as you pointed out..."Even a blind pig finds an acorn once in awhile".Quote: EvenBobEver hear the saying 'Even a blind pig finds an acorn once in awhile'. I don't get your point.
Before OD squeals with delight that I just insulted the entire forum and scrambles for the suspension button, this is an actual saying from ancient Rome, look it up. It means everybody gets lucky once in awhile.
"If you’re having a tough time finding something, remember that even a blind pig can find an acorn once in a while. This encouraging idiom actually comes from ancient Rome, where the concept of a blind animal turning something up lent itself to the Latin saying that a blind dove sometimes finds a pea."
Quote: EvenBobEver hear the saying 'Even a blind pig finds an acorn once in awhile'. I don't get your point.
I have never heard that saying. I always heard it as a blind squirrel. Wouldn't a blind pig more likely find a truffle?
Quote: EvenBobBut a real currency does. A real currency is regulated, it has rules that it follows. A real currency has to be able to determine the true value of something and be consistent. If something has a value of $5 today, it has to be worth $5 next week and next month in the same currency. This is called functioning as a 'unit of account.' Bitcoin can never be a unit of account because of its wild deviations. What is valued at $5 this week could easily be $2 next week or $8. How El Salvador will make this work is a mystery. Personally I think it will never happen. But who knows they really could be that foolish. Bitcoin will never stabilize because its entire value comes from speculation in it. Take the speculation away and bitcoin's value disappears. The only reason people buy it is because it might be worth more money tomorrow. Nobody goes to a bank and gets a $100 bill hoping it will be worth $125 tomorrow. They hope it's still worth $100 tomorrow, that's the point of a stabilized currency.
Ridiculous!
What is the value of a dollar in Euros today versus a week or a month from now? It's hardly exactly the same.
One Bitcoin equals one Bitcoin every week
One dollar equals one dollar every week
One Euro equals one Euro every week.
Your fallacy is trying to compare currencies for fluctuation and concluding all currencies have to compare to the US dollar.
OD tried to explain this to you as well.
If you happen to exchange dollars for Euros and the value of the dollar goes down try explaining to the bank why you should get the same dollars you first exchanged it for. They will tell you your dollars not worth as much.
But still one dollar will be one dollar just as one Euro will be one Euro and one Bitcoin will be one Bitcoin
Quote: AxelWolfWell, you haven't found that acorn in your 7ish long years
You would be the guy in the Bernie Madoff scandal that would be pointing out all the people that made money with him and ignoring all those that lost their shirts.
Quote: darkozRidiculous!
What is the value of a dollar in Euros today versus a week or a month from now? It's hardly exactly the same.
And again, right on cue, you absolutely don't get it. I just explained it in detail and you still don't get it. Amazing..
Quote: EvenBobAnd again, right on cue, you absolutely don't get it. I just explained it in detail and you still don't get it. Amazing..
Because your details are wrong.
Amazing!
Quote: darkozBecause your details are wrong.
Most of that stuff in that post came from a long article I read on the five major things that are wrong with Bitcoin. Very long very detailed very scholarly article. I'll send it to you and you can email the author that he's wrong. That should give him a big belly laugh.
Quote: EvenBobMost of that stuff in that post came from a long article I read on the five major things that are wrong with Bitcoin. Very long very detailed very scholarly article. I'll send it to you and you can email the author that he's wrong. That should give him a big belly laugh.
I'm waiting for the article.
It's funny you like to point to Bernie Madoff.
Bernie was a recognized authority by other authorities in the financial sector for decades. In fact the one person who recognized the Ponzi scheme was laughed at.
Unless that's the author of the article there isn't any financial authority that can say they know anything
Quote: darkozI'm waiting for the article.
Unless that's the author of the article there isn't any financial authority that can say they know anything
What a bizarre statement.
Quote: billryanWhat a bizarre statement.
Let me explain it for you.
Every financial expert was wrong about Bernie Madoff except one.
His opinion I will give credence too.
Everyone else who talks about Bitcoin I don't trust their opinion.
So far they have mostly been wrong about Bitcoin anyway
Are you aware that Ed Thorp was aware that Bernie Madoff was up to no good and reported him to the appropriate agency. However nothing was done about it.Quote: darkozLet me explain it for you.
Every financial expert was wrong about Bernie Madoff except one.
His opinion I will give credence too.
Everyone else who talks about Bitcoin I don't trust their opinion.
So far they have mostly been wrong about Bitcoin anyway
Quote: darkozLet me explain it for you.
Every financial expert was wrong about Bernie Madoff except one.
His opinion I will give credence too.
Everyone else who talks about Bitcoin I don't trust their opinion.
So far they have mostly been wrong about Bitcoin anyway
Please point out one thing I've been wrong about bitcoin. When it got to $60,000 I said it was a good idea to cash some out and lock in the profits. I said it was a bad investment at $60 and was still not worth buying at 40.
I'd love to read why you think the Madoff situation has anything to do with this. Bernie had a small firm that managed to fly under the radar by taking advantage of loose regulations. Most of those conditions no longer exist and would be impossible to duplicate today. Bitcoin is the bull in the china shop of an almost completely unregulated industry.
Quote: HunterhillAre you aware that Ed Thorp was aware that Bernie Madoff was up to no good and reported him to the appropriate agency. However nothing was done about it.
I trust his opinion too
Quote: billryanPlease point out one thing I've been wrong about bitcoin. When it got to $60,000 I said it was a good idea to cash some out and lock in the profits. I said it was a bad investment at $60 and was still not worth buying at 40.
I'd love to read why you think the Madoff situation has anything to do with this. Bernie had a small firm that managed to fly under the radar by taking advantage of loose regulations. Most of those conditions no longer exist and would be impossible to duplicate today. Bitcoin is the bull in the china shop of an almost completely unregulated industry.
1) I said I don't trust financial advisors. You are a financial advisor?
2) You are interrupting a conversation between me and EB. I.E. I am stating he has been wrong in his Bitcoin predictions. You seem to think I am always trying to attack you specifically.
3) EB was the first to compare Bitcoin to Bernie Madoff. Again, you are interrupting a different conversation then getting confused about my replies
Quote: darkoz1) I said I don't trust financial advisors. You are a financial advisor?
2) You are interrupting a conversation between me and EB. I.E. I am stating he has been wrong in his Bitcoin predictions. You seem to think I am always trying to attack you specifically.
3) EB was the first to compare Bitcoin to Bernie Madoff. Again, you are interrupting a different conversation then getting confused about my replies
My bad. I wasn't aware you can't multi-task.
Quote: billryanMy bad. I wasn't aware you can't multi-task.
You are back one day from banning for insulting me and you going at it again?
If I answer EB and you don't realize ut, it's not because I am failing to multi-task.
That has to be a new definition of multi-tasking. Mistake an answer for someone else, then accuse the answered of failing to multi-task
This is coming from a guy who's admitted that he delights in other people's misery. I believe I am far more compassionate than you.Quote: EvenBobYou would be the guy in the Bernie Madoff scandal that would be pointing out all the people that made money with him and ignoring all those that lost their shirts.
Bitcoin seems like the opposite of a Ponzi scheme since Ponzi schemes are based on lies and deceit whereas Bitcoin actually shows truthful proof of work. No one person or group is in control of bitcoin, they can influence the price, but that can be said about many things. To call bitcoin a Ponzi scheme, you would also have to call the companies in the stockmarket Ponzi schemes as well. Bitcoin might be a bubble just like stocks can get to Bubble status.
There are certainly Ponzi schemes surrounding Bitcoin, such as high-interest loaning schemes.
Quote: billryan
I'd love to read why you think the Madoff situation
Most people are not aware that 84% of those that got robbed by Bernie Madoff we're paid back for their losses.
Quote: EvenBobMost people are not aware that 84% of those that got robbed by Bernie Madoff we're paid back for their losses.
Even the two biggest Bitcoin naysayers on this thread can't agree, lol.
Bill and EB! Must be all that multi-tasking
Who protects bitcoin investors?
Quote: billryanThey got 84% of their investments back, not their losses. That is a huge difference. Their investments were insured against fraud by the USof A.
Who protects bitcoin investors?
From fraud?
There hasn't been a single case of a fraudulent Bitcoin to my knowledge.
That's due to the Blockchain technology.
So what fraud are you referring to?
You would need to understand more about how bitcoin works and understand all the different options and risks before you ask that question. Do you understand that no one can take or get your bitcoin if done properly, one only needs to remember a 12-word passphrase that would give you access to it where ever you wanted to go. if you keep it on an exchange then i guess you are at their mercy while it's sitting there.Quote: billryanThey got 84% of their investments back, not their losses. That is a huge difference. Their investments were insured against fraud by the USof A.
Who protects bitcoin investors?
Quote: AxelWolfYou would need to understand more about how bitcoin works and understand all the different options and risks before you ask that question. Do you understand that no one can take or get your bitcoin if done properly, one only needs to remember a 12-word passphrase that would give you access to it where ever you wanted to go. if you keep it on an exchange then i guess you are at their mercy while it's sitting there.
The FTC is currently investigating about 8,000 claims of fraud involving cryptocurrencies. I've heard numbers in the thirty million dollar range in Saffords case.
To say there is no fraud is naive, at best.
And what? HE used BTC as a tool in order to bilk people... a side scam, just like people use different tools to bilk and scam people out of their money. it's no different than any other scam or fraud not involving crypto.Quote: billryanDavid Saffron?
Let me know how many fraud cases per year there are that are not involving cryptocurrencies.Quote: billryanThe FTC is currently investigating about 8,000 claims of fraud involving cryptocurrencies. I've heard numbers in the thirty million dollar range in Saffords case.
To say there is no fraud is naive, at best.
Whatever the case, he said there has not been a single case of a fraudulent bitcoin. IE, you can not counterfeit a bitcoin-like you can, money, gold, art, comic books, sports cards, silver, gold etc. You may be able to trick someone into thinking they will get some legit BTC but you can check and ensure that's not the case.
Quote: billryanThe FTC is currently investigating about 8,000 claims of fraud involving cryptocurrencies..
"Cryptocurrency scams rose 1,000 percent in the past year "
Consumers have reported losing more than $80 million to cryptocurrency investment scams, the data shows. The FTC said it received nearly 7,000 scam reports in the last quarter of 2020 and the first quarter of 2021, 12 times the number reported over the same period a year earlier. The median amount consumers lost in the scams was $1,900. That is nearly 1,000 percent more in reported losses compared to the same period a year earlier, the agency said.
https://www.washingtonpost.com/business/2021/05/18/ftc-cryptocurrency-scams/
Quote: EvenBob"Cryptocurrency scams rose 1,000 percent in the past year "
Consumers have reported losing more than $80 million to cryptocurrency investment scams, the data shows. The FTC said it received nearly 7,000 scam reports in the last quarter of 2020 and the first quarter of 2021, 12 times the number reported over the same period a year earlier. The median amount consumers lost in the scams was $1,900. That is nearly 1,000 percent more in reported losses compared to the same period a year earlier, the agency said.
https://www.washingtonpost.com/business/2021/05/18/ftc-cryptocurrency-scams/
I love how people who claim I know nothing of finance can't tell the difference between a fraudulent currency and fraudulent people.
People scamming others out of Bitcoin is no different than Bernie Madoff. I suppose the US dollar is fraudulent because someone scammed others out of their US dollars???
If anything these major scammers prove how valuable Bitcoin is. No one is scamming Beanie Babies or Elvis plates to the tune of millions. Gee, wonder why? Because Bitcoin is a valuable currency,
Serious money would be subjective.Quote: billryanYou may want to read up a bit on the subject., especially if you have any serious money in it.
Feel free to enlighten me on what you are talking about and explain why anything I have said was off the mark, as I dont claim to be an expert or make any to the moon or crash and burn predictions. I will make this prediction, BTC will be around and used long after me and you are gone.
Quote: AxelWolfSerious money would be subjective.
Feel free to enlighten me on what you are talking about and explain why anything I have said was off the mark, as I dont claim to be an expert or make any to the moon or crash and burn predictions. I will make this prediction, BTC will be around and used long after me and you are gone.
The cockroach colony in my backyard will be around long after you or I. Does that make it a good investment?
Quote: billryanThe cockroach colony in my backyard will be around long after you or I. Does that make it a good investment?
With logic like this I understand why you think stealing or scamming a currency by con artists means the currency isn't a good investment
Quote: billryanThe cockroach colony in my backyard will be around long after you or I. Does that make it a good investment?
The culinary aware will prefer the ‘free range’ cockroach in the future, over the factory farms, where the little creatures barely have room to wiggle their little legs.
I don't know, I'm not an expert in environmental biology, but I'm certain cockroaches play an important role in our environment. If you can find a way to make money from the cockroaches they would be a good investment. I have no doubt there are people making money from selling cockroaches.Quote: billryanThe cockroach colony in my backyard will be around long after you or I. Does that make it a good investment?
I clearly stated before, I have no clue if BTC is a good investment at this point, nor do you or anyone else. I do know it's useful and has benefits. You and Bob talk as if BTC is rubbish. You guys should put your money where your mouth is like Mike did and short it. Yeah, yeah, I know... there are all kinds of I dont do this and I dont do that excuses.
FYI your beloved PayPal is rife with scams ad problems, it's nowhere near as secure as BTC.
Bidding on a film that started at $709 (eBay does the conversion from Euros).
Today I checked and the bidding is at $693. How did the bidding go down?
Oh, wait a minute, the US dollar value dropped (or maybe the Euro but so much for stability)
Quote: billryanThe price dropped because the dollar gained value. You have it backwards. Math is hard.
I said or the Euro dropped.
Reading is fundamental!
EDIT: Funny how you point out a mistake in math but not the point about stability. Probably because you can't argue the truth about it and have any real argument about Bitcoin
1) If I buy now, is it more expensive than it was six months ago.
2) Why am I wanting to buy something because the price is higher than it was. Can you imagine if supermarkets worked like that?
3) Is there any evidence to suggest prices will be higher in the future?
4) If I'm going to buy it now and sell it for a profit later, who is the market I will be selling to. Is it growing or receding?
5) If I like it at 35,000, why didn't I like it at $20,000. What has changed to make it a buy at a higher price.
6) Have I convinced myself that I am more in tune with the future of the product than "the herd"
It's hard having a rational discussion with people who think a one percent price swing means instability.
