I almost feel like any move in stocks is somewhat meaningless, compared to the absolute chicanery underway in the cryptocurrency world. I suppose the Wannacry hack added some fervor to the already hot crypto market. I want to be clear about how I feel about the faux currency market: I want it to work, in order to crush the heads of bankers. But color be skeptical that a cabal of warmongering devil worshippers are going to cede power to a bunch of autistic nerds ‘mining’ digital currencies from their shit-heap apartments, whilst playing minecraft, or whatever the fuck they do in their spare time.
Also, the idea that the crypto-currency market is free and without Wall Street’s influence is false. The venture capital-fags are more influential than Goldman and Morgan now and they’ve been all over this run — promoting Bitcoin and Ethereum ad nauseam.
So stocks are higher by 75, with decent pin action in oil, silver and gold. But look at this shit.
Cryptocurrency bonanza.
There are dozens of these video game currencies, totally made up nonsense that retards are piling into. Let’s be clear about this melt up higher. People are chasing performance and acquiring these digital assets to make money. Ethereum is the second largest digital currency in the world, with a market cap of $18b, about half of Bitcoin’s, and it has doubled since Friday — on no news.
This move has all of the hallmarks of a speculative bubble. While I may not know anything meaningful about this movement into cryptocurrencies, human behavior is a constant and I know markets. This too shall fall. When it does, the internet will be littered with faggots who took erroneous financial advice from pseudo-gurus on Reddit and other forums, trying to foment demand for their alternative investments.
This is an unregulated, wild west, market, which is being actively promoted by people who are trying to make a profitable transaction, out of cryptocurrencies and back into dollars.
What can go wrong?
NOTE: the sole way to play this in the ETF market is via GBTC, which is trading up 9% to new highs at $239.
If you enjoy the content at iBankCoin, please follow us on Twitter
Future of BTC by bankers: embrace, enhance, extinguish.
This smells like the latest thing for millennials to opine on how their elders “don’t get it.”
I think you should get more UEC today fly
Someone educate me. I get that it is a secure way of transacting and there are a finite amount. But there are not a finite amount of crytpo currencies. If crypto currencies see mass adoption why would I care if I use the most expensive one on the list? If it’s just a safe and secure means of transacting it shouldn’t matter what currency I use. Long term you would think people would just create more new crypto currencies to meet demand even if each individual currency has a finite amount available. Am I way off base here. Is there something special about Bitcoin other than it’s the most known?
There are digital gold bars backing the currency. Really, they are there.
Bitgold and goldmoney never took off. Same premise.
They didn’t take off because they’re fundamentally different – they require you to trust a company to not fuck you over. Trustless payments is an incredibly difficult problem to solve. It’s a problem that has existed in computer science for 40 years and was only solved with Satoshi Nakamoto’s paper. Of course this might seem like gibberish to a non computer science, but it was a profoundly important discovery
Goldmoney is a Soros scheme.
Fly, do you realize how many times you’ve called bitcoin a bubble? Yes it goes through bubble phases and crashes, but every crash ends up higher than the last peak.
What you’re witnessing it the real-time monetization of the first digital good. Bitcoin allows value to be transferred between people without any trusted third party. This is literally the first time in history this has been possible. It’s like gold with teleportation built it.
Surprising that you don’t see why this is valuable given your lifetime in finance
Bubbles are hard to call. I’ve never tried to bet against it. Best to avoid something you do not know.
Bitcoin is far from valuable. It is a means to scam people without leaving a traceable counterparty.
To wit: put something in a cart at this website
http://big-saves-store.com/
Doesn’t accept credit card payment. Try to pay with pay pal. You will get a message that says “We are experiencing temporary technical difficulties and can’t accept PayPal payment. Please select an alternate payment method. Thank you for understanding”
Only way to get your item at incredible “discount” is to pay with Bitcoin. Then, google reviews of the site and you will find that nobody ever gets what they ordered and their bitcoins are lost and unrecoverable. “So vely, vely solly. please come back again.”
Some nerdy millennial will crack the cryto code and every Bitcoin owner will wake up with a zero balance. it will happen… Then, they will cry to the feds “do something, I just lost every penny I own.”
Opinions of charlatans who have never held, let alone traded, cryptos;
YOUR OPINIONS ARE TO BE CONSIDERED FAKE NEWS
I will fill you in Fly, as the knowledge you have bestowed upon me has been invaluable…
The beauty of these markets are that in the current state of wild west free market capitalism the trading exchanges are offering extremely low fees (.3% to NO FEE). On top of this some exchanges allow as much as 5x margin to the unwashed masses based. Combined with the the ability to quickly sign up and without a deep background check (no extreme vetting) any at home player can be purchasing cryptos in 30 mins or less. These are all cases to be made for a bubble.
That being said, the movement of the financial sector out of various transactional systems, such as SWIFT, that take days to settle and charge a couple points, into encrypted blockchains that settle in minutes for .1% of the current cost model does make good business sense. I firmly believe that gold has been replaced by cryptos and the ease to which oppressed populations can circumvent their local authoritarian fiscal oppressors into foreign currencies (extra CHYNA) has and will drive up demand for these products.
Just my .00001 BTC
I welcome the commentary.
To add to that, the SWIFT system runs on Microsoft Vista–an outdated OS. Incredible. Hello? Can you say “hack on!”? Bitcoin is based on blockchain technology, a more secure and decentralized system.
Eh. Yes and no: Every crypto exchange I’ve used require a 5-7 day period to transfer funds from your bank account into the exchange which you then use to buy the coin. Its almost like a waiting period when buying a gun in the US. I’m sure there are exceptions, and with at least one exchange you can wire the money from your back account to the exchange within 24 hours for a $10 fee + your bank wire fee.
That 5 day fund transfer murdered me when I predicted one of the major jumps.. I was trying to buy more Ethereum at $25. By the time my transfer from my bank finally arrive 5 days later, it was up to the $40s I think.
I can deposit into coinbase via credit card instantly with a 2500 daily limit. I can buy up to 25k via bank ach, and the coin takes 5 days to hit my account, but the price i the coin at is set at the time of the transaction. Sounds like you are doing things the hard way.
Gold has been replaced by cryptos? LOL! Maybe for millennials. How does one BTC feel in your hand? Sorta like gold eagle?
If you get your BTC wallet QR code laser engraved on the back of a Gold Eagle.. yeah 🙂
Gold. Shells. Salt. Bitcoin. Dont confuse the forest for the trees, and dont make the mistake that gold = value.
We are talking a store of value are we not.
The reality is that when WW3 hits and the mobs are surveying the streets, the most valuable store of value will be food and water.
And guns and ammo.
Question for all-
Wasn’t an Ether ETF supposed to be in the works and on the market soon?
Definitely see parallels between gold and bitcoin.
You need both. No electrical grid, no access to bitcoin. An EMP attack by NK or Iran would fry all circuits. Food, water, shelter, guns and ammo, gold and bitcoin—in that order.
And don’t forget about a non-bank storage facility overseas in ?? in case certain governments think they have a right to confiscate your property “for the good of the people”.
https://www.silverbullion.com.sg/