Bitcoin bubble

how do I make money off of all these libertarian dweebs buying into bitcoin? Short the currency now or later? It's apparent to everyone that it's going to burst any minute now.

Other urls found in this thread:

en.wikipedia.org/wiki/The_Denationalization_of_Money
cnbc.com/2017/05/24/ethereum-price-bitcoin-rally.html
nakamotoinstitute.org/bitcoin/.
giveth.io/#
cointelegraph.com/news/bitcoin-will-be-dominated-by-western-nations-china-will-be-vassal-nation-again
twitter.com/SFWRedditImages

buy ETH GNT or DGB

They're all probably going to go down at the same time. Usually all of these are floated by bitcoin buoyancy. I think its better to get out of all of them at the same time. The only question is how high will they all go before bursting? Tricky question.

Bitcoin is propped up by illegal activity. Money laundering, black market (drugs, cheese pizza, stolen credits cards, etc.), online casinos, capital flight, tax avoidance, etc.
Speculation is quick money, and often a once-in-a-lifetime opportunity. But the real money is in the activities that create a demand for bitcoin in the first place.

It will burst when the first major holder of bitcoin decides to bail out, flooding the market.
I suggest keeping an eye on the traded volume and the difference between the volume of sell and buy orders.

"Burst" like it "burst" before? Buy the dip.

whales regulate altcoins so you can be safe with them unless they are mooning

It kept going down for one and half years last time it was in a bubble. Probably going to repeat same process, so not worth buying any dip.

Shorting is something the pseudo-porks tell you to do, but you need huge collateral. What you're after is buying up options, which are calls and puts. Buy put options if you want it to drop, buy calls if you want it to go up. These options are basically the "option" to buy the stock when it reaches the price set in the call or put, and when it reaches or goes beyond that point you can either sell the option or use it to trade stocks. So if you bought a put on BTC for $600 when it was $1000, you would get $400 when it reaches $600 by using the put, or you could sell it on if you didn't have the $600. Normally options are very cheap.

Not traded stocks in years so I could be slightly off, but the concept is correct and more accurate than the LARPers telling you to short it. If it goes up even more when you're shorting it people will be coming round for your house.

en.wikipedia.org/wiki/The_Denationalization_of_Money
DENATIONALIZE MONEY AND FACE TO PROSPERITY

Is there some sort of time limit on those? If I buy put options now I make money if the thing I buy the options on ever drops below whatever value it currently has?

I don't know about bitcoin but I know on the stock market people are ready for a pop any day now.
I don't know if that would cause people to dive into bitcoin for safety or cash out so they can meet obligations in the analogue world.

The price of the option depends on how long you intend for it to last, if you think it's going to explode within the week you would be wasting a huge amount of potential getting options that lasted two months, as you're cutting into the amount of week/fortnight long options you can buy by adding the extra time onto them out of fear of losing it all. An expired option is completely worthless.

To answer your question in short: Yes, options have an expiry built into them as a feature.

*Marxist theory of money intensifies*
I warned you goys, but you listened to Mr.Keynes instead.

May go up quite a bit still.

Someone with an insane amount can start dumping at any time, causing enough panic to make others do so. He'll probably buy even more back on the dip.

Stay poor, leftist scum. I will enjoy using my newfound capital to ensure prosperity for my own children, family and people.

t. A "libertarian dweeb" who got into bitcoin @ 23 USD/BTC.

...

...

Of course, the so called "Trump bubble". Any day now.

Bitcoin is about to split into two competing currencies. Your holdings might be affected.

And have you ever tried actually converting from bitcoin into the imaginary buy price in USD?

Going to burst when china cracks down the trade

Pretty retarded question, all buy prices are imaginary by that standard.

Ether is clearly a bubble
cnbc.com/2017/05/24/ethereum-price-bitcoin-rally.html

ether will likely rise past $200 in June

sage for stupid thread

You leftists really are financially retarded, which is why you're poor and cling to an ideology that keeps you poor and miserable.
Over 2 billion USD worth of bitcoin trading was done at around 2400 - 2900 USD just in the last 24 hours. Calling the price "imaginary" is about as economically retarded as you can get. People who bought and held bitcoin over the last 5 years have been rightly rewarded by the market for their perspicacity and the fact that they have given a great gift to all the normies and muggles out there, including you ungrateful lot: the gift of honest money.

You mean luke-jr's USAF boondoggle? LOL, not gonna happen, mate. Bitcoin will likely hard fork to upgrade the protocol, but there will be no long term split. Even if there was a split, who cares? If you held ETH after the split you made several 1000% in pure profit.

This is what we call pure ideology, or distilled cancer.

Oh, am gonna have SO MUCH FUN when the bubble bursts and the next crisis hits..

SO MUCH FUN!

No, it's what we call descriptive terminology. Like "honest miner" (Nakamoto consensus) or "honest player (game theory).

I have held bitcoin through three bubble cycles already. Your desperate tears are delicious, though.

didn't put any cash in but i lost valuable wank time.

language is not descriptive

But this is precisely the argument against bitcoin. It does not operate or function like a currency in practice, it's held by people like an investment vehicle.

Wrong. I bought a video card with bitcoin just the other day. It works perfectly fine as a money. In fact, it is better than perfectly fine - it is the best form of money ever invented. That is its primary value proposition.

i traded a blowjob for a videocard, doesn't make it money.

Tell me from what Bitcoin derives its value.

bitcoin is mostly libertarian garbage and has little to no place in a socialist society but it does have utility as a money protocol for the internet

I also didn't have to work for almost two years because of trading in 2013-2014. got in a little late this time but I found out that the $50 of sjcx I bought 3 years ago is like 1k now?

should I cash out now or swap for eth/btc and try trading the bull market?

Stefan molyneux baldness

No one knows how high btc will go before crashing. If someone had a good estimate, I would like to know too.

personal intuition is that btc peaks around 4500 but I have no clue about eth

It could reach $4500. But I'm not buying on the upswing anymore. It's too risky.

Bitcoin is a fungible medium of exchange. (Blowjobs are not fungible.) Denying that bitcoin is a form of money is just sticking your head in the sand. Come on guys, try coming up with an argument that hasn't been widely debunked since 2012.
Bitcoin is currently in its bootstrapping phase, so it is subject to cyclical volatility as the market distributes units of the currency and compels more economic agents to join the ecosystem. This is a process that any non-state money must go through as the economy built upon it expands.


Nobody knows the answer to this question. That is why the smart thing to do with bitcoin is to buy and hold. Timing the market is a fools errand. If you can successfully understand the fundamental value proposition of bitcoin, you do not need to worry about timing the market. The people trying to trade are 99% of the time going to lose to people who just buy and hold.

mfw


any money emission mechanism that is separated from the actual process of production cannot adequately facilitating exchange

If anything, it's libertarians who treat value and 'the market' as literal magic entities. Let's look at it economically: bitcoin is a commodity that takes next to no labour to create, so its exchange value is entirely subjective. This means that it can be determined by supply (which grows at a low capped rate) and demand. The demand can be divided into speculative demand (for both large speculators and personal savers) and demand for it as a currency.

When it comes to large speculators, one thing to keep in mind is that we have had a few decades of bubbles, among which are the dotcom and the housing bubble. This is offcourse a result of financialisation, where a large part of the surplus is appropriated by the banks which use this welath to speculate on commodities instead of directly investing in production. Seeing how much stock prices have risen since 2008, it is probable that stocks are one of the new bubbles. And because speculators are not complete idiots, they know this.
Now bitcoin would be an ideal way to diversify their portifolio, which would mean that the demand for bitcoin is pumped up by high stockprices.

In contrast, the 'true value' of bitcoin as a medium of exchange is dependent on the consumer demand to buy goods with bitcoins. This demand rises mainly with the number of people that want/are able to use bitcoin and the number of shops that accept them. These quantities are anyone's guess, but probably grow at a steady pace and don't suddenly jump in the last couple months. Unless there is a sudden spike in purchases of drugs/CP/weapons.

So with some basic economics, we can see that the current hike in value is probably speculative and what we are seeing now is large amounts of capital being pumped into the system. This means that the previous dynamics of bitcoin as a currency and a buffer for personal savings gets displaced by larger speculative forces and will likely be more volatile in the future.

I'm not even going to read the rest of your post, because it is clear you have no clue what you are talking about. You think that the cost of mining a bitcoin is trivial? LOL, tell that to the miners who have invested almost a billion dollars in fixed capital and hundreds of millions of dollars in electricity every year. It never fails: people who don't get bitcoin inevitably fail to hide the fact that they don't even understand the basic underlying mechanism on which it operates.
Read nakamotoinstitute.org/bitcoin/.

You don't seem to even understand the difference between different implementations (Core v. Unlimited) and different chains following a split. Bitcoin will scale, there is too much money on the line not to. Worst case scenario there is a hard fork split and the market picks the winning chain.

You guys could all understand the above if you had the requisite background knowledge and kept up with the state of the bitcoin ecosystem. It's really not that hard but most of you would rather whine about wealth redistribution while bitcoin continues to grow, making any future attempts at redistribution by society's losers all but impossible in the future.

It's poetic that a capitalism-apologist is priding himself on winning a zero-sum game.

I think cryptos are interesting, a future part of the internet, and I've even invested in them, but I'm under no delusion that I'm being fairly rewarded when I'm just profiting off of other's greed, or that I'm doing anything except getting in on a pyramid scheme while it's still worth it. We're living proof that Capitalism doesn't reward the intelligent, productive, or hardworking, only the people good at playing the game, which speculation is a core part of. You act like you're above us when you're not even getting wealthy from hard work, just pointless speculation.

It's also ironic that you bitch at people for not understanding cryptos when you come here not even understanding Leftism or what we're aiming for. We have no desire for redistribution of wealth, but radically changing the entire way society functions, which includes seizing the means of production, which can't be digitized and encrypted.

Bitcoin is designed so that it appreciates value over time. This means you can make money by putting some in and taking some out consistently over time.

What does that even mean? Bitcoins are scarce and trade-able, but they are terrible money. For one, they are vulnerable to hoarding, bubbles, and speculation, as is apparent from it's history. Any kind of "honest" money would not have these characteristics, as they distort the perspective of the prototypical homo economicus trying to engage in honest and productive business. How can you make any kind of rational decisions about consuming and investing when you are chained to this gyrating monstrosity?

All they are doing is making early adopters wealthy as the bubble grows, until it eventually pops. It's a wealth transfer to those lucky enough to buy low, trade out high, from the suckers holding the bag at the end (and/or the actors who need things like bitcoin, such as criminals - for them it's a kind of tax or rent that comes with using bitcoin).

Whatever, the State should just tax transactions in cryptocurrency, and smash all that wiggle out from under it, using either cyber or kinetic based weapons. Better yet, they should issue their own and force people to use it.

it takes no labour, just capital and time. You are not mining, your rig is

I have nearly 5 bitcoins gotten from mining around early 2013, I'm hoping it moons even further so that I can buy up a cheap apartment complex and make a cooperative housing arrangement. If it pops before then I'll be disappointed for a bit but I honestly only invested into one video card and just use it for games, I really didnt lose much that I haven't already gained back monetarily via working.

Honestly I think it's possible to use the block chain to measure SNLT in the real world and make a multifaceted time bank for the future, where I imagine cooperatives working with each other and paying each other in time rather than money.

Bitcoin is condemned to never become popular. The blockchain processes transactions too slowly, and as mining becomes more and more expensive, the storage size of the blockchain increases and the currency still stays unstable, it will never be trusted for day to day purchases. And that's ignoring the absurd amount of energy bitcoin needs to just process a fraction of what credit card companies work with, while neither being truly decentralized or anonymous. I remember being enthusiastic about it, denying it's faults, but really it's hopeless. Just look at all the fuss they had with the core developers, the 51% mining pools, and exchanges crashing. Even worse, all of this wouldn't work if it were not for a alternative more-or-less stable fiat currency like USD to back it up. Ancaps and libertarians talk about freely choosing their currency, but thb, I don't want to be thinking about if my money will loose all it's value, just because of some market fluctuations and what other currency I should invest my money into. right-libertarians might find this entertaining, but I'd hate having to spend all day worrying about the market, since everything could go bankrupt over night.


Wasn't Hayek pro-central banking?

I multiplied what I put in ten times since februari, because I put my mobey in SHIFT, which got 5x as high, and it is always traded via bitcoin, which got 2x as high.
I really did not expect it to work that well.
Either way, SHIFT might be nice to look into also, I don't know much about it 🎵all I know is its price🎵
But it had something with intergration in IPFS or some shit, so I assume it has similar potential for growth. It might already have done that tho.

Financial crashes boost bitcoin.

Please excuse my financially illiterate friends, they just want to stomp on your dreams for being a smug faggot whose only virtue was having enough money to spend at the right time.

Bitcoin and gold go up in value as the perceived value of gov issued currency drops in any major country it seems.

I never figured out how to obtain bitcoins, i wanted to use it for online gambling if I figured out a way to beat the system or find sites with major glitches in them to my favour. Might as well take advantage of the system.

Triggered much? Bitcoin is like a fungus remaking the decaying world economy in its own image. You cannot stop it.
Also, you clearly know shit about money. Just because a money is volatile in its bootstrapping phase does not mean that it will not achieve relative price stability when it has reached its full potential. You of all people should understand why bitcoin is the ultimate kind of money: it cannot be banned or effectively censored. It protects people like me (the honest and productive), from the people like you (the envious and violent).
Bitcoin Kills the State. Game Over, Parasites!

giveth.io/#

ETH seems to have potential for some great decentralised apps, I'm technologically illiterate, but it would be great to see some apps made by lefties.

That's quite alright. I understand. I also understand that most of you will never understand why bitcoin holders deserve their wealth. I have no illusions that you will recognize bitcoin for the good that it does, if you cannot even acknowledge the merits of individual property rights. Bitcoin will not create a paradise but it will make humankind as a whole wealthier and more prosperous.
It is truly a thing of beauty that those who seek direct first order solutions to complex problems will never understand.

Your overestimation of your own power and self worth is very entertaining.

Let's not get carried away here, you speculated on an obviously lucrative emerging market. Not everyone has the money lying around to do such a thing.

...

Bitcoin is only worth what you can buy with it.
We seek collective control over the MoP.
If bitcoin cannot buy MoP, it will be as worthless as any other currency in a socialist society.
We do not seek to take away your money. We only seek to return control of the MoP into the hands of the people.
So no, it does not protect you against spooky scary socialists, until you're able to put a factory in cyberspace and protect it.

I can buy a printer (a very large one in fact) with my bitcoin, does that qualify as MoP?
Also, you will never have have full control over the means of production, because ultimately that power lies in every individual. To claim that the "collective" has some right to a monopoly over the means of production implies that it also has control over the minds of individuals (which are, after all, not just another means of production but are in fact the *prime* means of production), which to anyone who understands human nature and the history of biology, is preposterous. Your ideology had a good run as a sort of quasi-religion to serve the ends of the state, but it is now receding in the face of cold hard realities. Bitcoin is one of those realities. It is going to make it exponentially more difficult for the agents of the state to extract undue rents from the productive sector of society, in the name of useful idiots like you.

Okay I'm going to address everything before this. When automation and wealth disparity increases enough, the economy as it is will simply cease to function, then "human nature" will make them start to rebel against it.

Sure, but what good does it do you? The more significant MoP in your life are not controlled by you. Even if you bought a top of the line 3D printer, you would still be better off buying all things on the market, and not likely to be able to produce anything marketable than what is available on the market from larger scale operations. 3D printing will not kill alienated capitalism.

Should I sell my ETHs?

Just sell some if you're starting to get cold feet. Keep a second monitor open watching the price in real time.

Tbh I think everyone here should accelerate the crash of bitcoin just to make the smug lolberts cry

...

ETH seems to be in a bubble as well. Hold on just yet. It may go up a bit, still.

This is one of those things about modern society that makes you step back and realize how drugged up we are on ideology.

We kill the planet with coal power stations and send old computer parts to landfill in the third world so that children can pick through them for recyclable parts, so that we can mine arbitrary computer data with the primary value stemming from the ability to exchange it for actual cash.

jesus

Agreed.
Got lucky when I bought 50 of them when they were 6$ and seeing how the price jumped, my paranoia kicks in every night before i go to sleep.
They are a very small fraction of my portfolio, but still…

One is for sure- there will be a global crash bigger than the one in '08 and I'm hopefull I could buy some cheap BTC/stocks after that.

Alright then, here's a hot tip from a complete stranger on the internet who may be a complete retard:

The buttcoin bubble is nowhere near bursting because demand for it can come from absolutely anywhere in the world. So far, very, very few people even know of it, and it's still enough to reach that price, so there's still 99% of mankind as possible demand, meaning it's still a looooong way from bursting.

Well, there is one way it could burst, via supply instead of demand. Obviously oversupply would crash the price, but AFAIK, mining buttcoin is a bitch, and heavily reliant on electricity prices. Of course, higher buttcoin value means higher profit margin when discounting electricity and hardware prices, until it reaches a balance when the margin reaches zero and no one supplies anymore. But as demand keeps increasing, this won't happen anytime soon. Tho I suppose someone could have access to electricity so ridiculously cheap he could oversupply the market, but good look finding that method.

...

Not a bad idea honestly, I mean they have plenty of useless desert area to cover in panels. I vaguely recall reading that covering about 1% of the Sahara with panels would provide enough energy for the entire world implying Porky wouldn't create artificial scarcity anyway. One of the nice things about solar farms is that they require little staffing and maintenance. They could rig up a nearly fully passive buttcoin generator.

how is bitcoin network gonna prevent commissar Cletus from confiscating your property?
this is what too much internet does to you; people start to confuse virtual with real world

kek, reminded me of this cointelegraph.com/news/bitcoin-will-be-dominated-by-western-nations-china-will-be-vassal-nation-again

God Market and his Prophet Bitcoin will punish chinks for trying to regulate bitcoin exchanges!

hysterical tone betrays the author, he goes form one extreme to the other
first he threatens chinks that regulation will lead to capital flight, then he promises them world domination and billions in taxes if they just leave bitcoin alone for 20 years

also, the whole "bitcoin - killer of the state" hype is a pure delusion
bitcoin will never become a decentralized SWIFT
because any scaling solution will lead to more centralization
lifting the block limit will result in Blockchain growing to several petabytes, if not more
only big companies would be able to afford the storage space, computing power and bandwidth necessary to process such huge amounts of data

so calm your tits, you delusional libertarian autist


pic related

LMAO SELL SELL SELL

MINSKY MOMENT

I'm 100% sure that's bullshit. Evidence?

Damn I shoulda listened to this topic

HABBENINGG

Get tulip'd, bitch.

The entire point of a "currency" is that it doesn't do this shit.

you cant do this because the bitcoin protocol is made to release a steady amount of currency regardless of the network's (or that of any individual party) hashrate

I'll probably buy some after the crash tbh.

Bitcoin isn't going to fall below $2000, or some equivalent. In fact, when the dollar ends its reign as world currency, bitcoin will probably make its greatest jump.

Spikes happen. 2.4k is still 4 times what it was worth a year ago. Like I said, not crashing any time soon.

Any day now.

LMAO hoping to ride this all the way down to $1500

the value of your meme money is established entirely on the existence of the state to begin with

>Me, honest and productive


Bitcoin creates no value. As such it cannot make us "wealthier" or more "prosperous".

Inb4 equating "money" with value
And before you ask. I invested in bitcoin.
I still think it's a glorified ponzi scheme outside it's black market uses.


I love how unbelievably smug they are about making money from what is basically speculation. It's as if deep down they realize they're contributing absolutely nothing of worth, but feel like masking it with an overly inflated sense of self-importance.

AHAHAHAHAHAAHAHAHA YOU FUCKING KIKE

Buttcoin is basically a ponzi scheme, the people who have bought in in the last few years are just cattle for the early adopters to profit from as they convert back to USD. Just spin some libertarian propaganda and turn butts into a religion and it sells itself. The Ayn Rand collegiate set walk in like lambs to the slaughter and get bilked. In a time where there seems to be nothing but bad news it's nice to see something we can smile about.

got yourself a de-llibtarded market, good for subverting the state. lot of you guys are spooked on this tech.

...

Well, of course, but every good investment looks better in hindsight. Look on the bright side, you didn't put your money into ENRON either.

That's not the point, user, Enron cost innocent normies their money. That was bad.

I want my new car to be crowdsourced by Internet lolberts and aynclaps specifically.

Stop posting on the subject, you're clearly completely illiterate.

I don't understand why people think this. Isn't the whole point of bitcoin that it is a system which is decentralized and can't be controlled by the banking industry? I thought this was a work-around to the real problem of currency control, by creating a currency no one controls.