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Remember when they said Bitcoin was the people's way of challenging the bankers?

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posted on Dec, 10 2017 @ 05:55 AM
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a reply to: anonentity

Go read this page at the CBOE... Bitcoin Futures

Scroll down to the middle where it says...

"XBT futures is a cash-settled contract that settles to a single, tradeable auction price. In designing XBT futures, Cboe leveraged its significant product development expertise to design an instrument that allows participants to implement trading strategies in a manner to which they are accustomed. The single price settlement process gives participants the option of using XBT futures to hedge their exposure in underlying bitcoin or gain exposure to traded bitcoin prices without holding bitcoin."

See what it is? It is not bitcoin. You do it with dollars. There are no bitcoins involved. That's not bitcoin. That's a derivative scam product that has no delivery. If one wants bitcoin then one can go to the bitcoin exchange. The quote in Chicago means nothing.

The futures contract is complete desperation and nonsense. This is going to result in government investigation. You think bitcoin is a scam? The futures market is the scam.




posted on Dec, 10 2017 @ 05:57 PM
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a reply to: Generation9


Basically, its the same set up for PM's, Comex doesn't do delivery anymore , so the Comex is setting the price of nothing just the same as Bitcoin futures. Its the Tulip thing all over again. The only real difference is that suppressing the price of PM's, is closing mines because they cant produce the PM"S at the suppressed price. But where PM"s have intrinsic value Bitcoin has none.
You have to ask who started bitcoin and why?, Greenspan thinks the rich did it as a way to protect their wealth from inflation, when no one can say who started it, theirs no way of knowing its pedigree, its far to volatile to be a currency, so its Gambling .
edit on 10-12-2017 by anonentity because: adding



posted on Dec, 10 2017 @ 08:28 PM
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a reply to: Generation9

exactly. If you don't have your bitcoin off the exchange in a private wallet you do not own your bitcoin. Same with gold or silver. If you don't physically have it, you do not own it.
Definitely a ponzi



posted on Dec, 11 2017 @ 12:17 AM
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Bitcoin is a great idea and it will be around for a long time. Since there is a finite amount of bitcoin the value is based on the demand. Like any fiat currency, when there is no demand for it there is no value. The current volatility is due to the rapid surge in liquidation to capture profits. The sell off sparks the roll back and the same people who just sold for profit but right back in and wait for an opportunity to do it again. The futures are completely different. Any time you are buying commodity futures you are not actually buying the commodity. You are simply betting that the price will go up or if you are shorting the market that it will go down. You never actually owned the commodity.

Its not a ponzi scheme because the sale of bitcoin only goes in to one wallet. Its not like everyone who ever owned that bitcoin gets a share of the profit when it sells. You buy it at one price and sell it at another. The difference is yours and yours alone. If it were a ponzi scheme you would get your share and the person you bought it from would also get a share and so on up the ladder all the way to the top.

One of the things that is making bitcoin viable is the fact that the federal banking system is prevented by law from doing business with companies involved in the marijuana industry. This forces them to do business in cash. Difficult and dangerous at the very least. With bitcoin the transactions can take place fairly securely and quickly. The recent hack is an isolated incident, as far as I know anyway. But hackers attack every form of business so its really nothing new.

I purchased two different bitcoins in October and as of today they are up over 150%. I wish I had bought more but this was my first experience with bitcoin so I was kind of testing the waters and getting familiar with it. I initiated a second purchase recently and i am looking at other types of crypto currency as well. There is money to be made if you pick the right coins. I had an initial choice of three and I picked two. The two I picked are outperforming the third by an average of 3:!. That gave me the confidence to move forward with more purchases as I identify the currencies I want.

Like anything involving speculative investing, there is risk involved. A currency can disappear overnight leaving coin holders with nothing but a memory. Do your homework before investing. Due diligence pays off.



posted on Dec, 11 2017 @ 04:28 PM
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a reply to: anonentity



thanks for the video-audio link...I like him


but... the BitCoin pedigree is coded in Its' blockchain which is a continuously updated Ledger about each Coins creation/transaction/etc....
in fact the main problem that the swift exchange of the BitCoin has is that it now takes some 20 minutes of streaming BlockChain-ledger-info to process the Authencity of the BitCoin being exchanged...TOO LONG ! and IMPRACTICAL to purchase items with


Also.... the whole BitCoin Realm is some $300Billion Market-Cap, with only 1,000 top tier investors that control the millions of Crypto Coins in wallets now (& up to 21 Million bitcoins as the total Cap) on how many coins can ultimately exist

(remember the creator initially capped the Coins @ 24 Million but hijinx & nefarious people completely absconded with over 3 million BitCoins that existed once but no longer exist (There Will Be More Missing in our Future) with some 13 Million Accounts in exchange/Wallet Platforms like Coinbase** see: www.coinbase.com...


I will stick with AU & AG (gold & silver @ $7 Trillion market cap) because the bitcoin mania is making metals cheaper than for a year now, I hope Eagles get to $14 or below again...but gold eagles will not bust below $1050. before the Crypto-Gold Yuan is introduced
possibly in 2018


as far as fantasy goes... my thinking is the 1,000 BitCoin market-Leaders will guide the Coin to be valued at the DOW Industrial at $25,000. the DOW is near 24,300 as of this Monday the 11th of Dec '17
They desire to Make BitCoin valued at the Stock+Bond Market Value because they know the DOW should implode at $28 Trillion before Bitcoin does at a $1Trillion Market Cap





edit on th31151303249111482017 by St Udio because: (no reason given)



posted on Dec, 11 2017 @ 05:50 PM
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a reply to: St Udio


Thanks some interesting points. Here is another each bitcoin holder is going to die, most will only have their information on a password protected computer, with the rest of it in their heads. Which means an intergenerational transfer of wealth is unlikely. Different kettle of fish from that of hard assets. In the event of major conflict, EMP power outage etc. Its been to cushy for to long .



posted on Dec, 11 2017 @ 05:50 PM
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a reply to: St Udio


Thanks some interesting points. Here is another each bitcoin holder is going to die, most will only have their information on a password protected computer, with the rest of it in their heads. Which means an intergenerational transfer of wealth is unlikely. Different kettle of fish from that of hard assets. In the event of major conflict, EMP power outage etc. Its been to cushy for to long .



posted on Dec, 11 2017 @ 10:53 PM
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a reply to: St Udio

There are obviously those who are in from the start or very near the start, and they personally hold outrageous amounts of bitcoin. I imagine there are individuals in the development chain that hold a million bitcoins. Even at the thousand level or maybe ten thousand level there are going to be people who have struck it almighty rich. Either they are brilliant or foolishly lucky - who really knows, eh? But these people are all going to want power in the real world via US Dollars so they will sell until satisfied. A quick rush to the exit causes a collapse. A paced movement to dollars is the trick. At this current $16,000 price level the ones with 1000 BTC are holding $16,000,000 US on paper. That is serious life-changing money. Even the person with 100 coins has $1.6 million on paper. Those 100 coins used to cost 10 cents or a dollar or 10 dollars... crazy ridiculous. We are seeing something off the charts ridiculous in this. The very fact that a nerdy computer game player sitting on the couch in his momma's basement could be a millionaire is unsettling. It actually belittles all the labor that individuals do in this world for much lower compensation.

Having said that, I want to talk about the price. There is a theory going around that the goal is to have 1 Satoshi equal to 1 Cent. That would make the price of one bitcoin $1,000,000 US or $1,000,000 EUR or $1,000,000 whatever currency you have. The smallest unit of counting, the penny in my case, would be the equivalent of one satoshi.

Now you know the price target.... BTC $1,000,000.

At current BTC levels you can theoretically still jump into the bitcoin waters and eventually reap 62X your money.

Who wouldn't try that? Seriously. The money keeps coming in. We saw BTC drop from 17K down to 13K and now we are back up to 16K.

The Chicago bankers are very afraid. Believe it. They are going to try all the mainstream psychological tricks in their book. They are going to scream bloody murder, hire hackers to crash systems, legislate for the ban of BTC/Cash swaps and basically out themselves for who they really are. Eventually the stock market will begin a selloff as it always does and they'll blame bitcoin for it somehow.



posted on Dec, 11 2017 @ 11:03 PM
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a reply to: anonentity

A relative told me that she was paying the hotel with bitcoin. Long story short, I ended up paying her $200 hotel bill, because Marriott didn't accept payment in bitcoin.

Now, this cousin promises to reimburse me in bitcoin. She says it's more VALUABLE than real money.

AM I BEING SNOOKERED?



posted on Dec, 11 2017 @ 11:30 PM
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a reply to: anonentity

I don't believe that. There is no connection between futures contracts and bitcoin. If the futures market had actually set up the mechanism for bitcoin delivery then yes they could game the hell out of bitcoin and control its price like they do other commodities.

But as it stands now, the futures contract is a nothing. There is no bitcoin connection. They will try to psychologically control bitcoin price, but the bitcoin exchanges are the real place where the real BTC action is. The futures exchange is where the USD action is. No connection other than they stole the name Bitcoin for their gambling product.



posted on Dec, 11 2017 @ 11:33 PM
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a reply to: carewemust

Now THAT is social engineering! LOLz.

Be sure to get your USD back. Or.... if you want to wade into Bitcoin world then open an account on an exchange or at the very least get a bitcoin wallet and ask her to transfer $222 worth of bitcoin into your wallet. You should get something extra for your currency exchange that you performed when you paid the hotel bill.



posted on Dec, 11 2017 @ 11:46 PM
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a reply to: carewemust

If you get the bitcoin, you'll not be snookered!

Demand extra for interest.



posted on Dec, 12 2017 @ 09:56 AM
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a reply to: carewemust

Cheapair takes btc for hotels. I've used it and also for flights.



posted on Dec, 12 2017 @ 12:05 PM
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And it has begun. CNBC is running articles about how bad bitcoin is. Why you should not buy it. Other cryptocurrency you should buy instead of bitcoin. Bitcoin is slow. Your bank thinks bitcoin is fraud. How futures trading will annihilate bitcoin. On and on and on.

Meanwhile bitcoin climbs ever higher.

The nonsensical Chicago Quote is on its way to comic heaven. Reuters is running an article about bitcoin futures volume being low. Only trading two days and already gasping.

Best show on Earth, folks.



posted on Dec, 12 2017 @ 02:35 PM
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a reply to: Generation9


But theirs no connection between the real price of Precious metals, and the Comex. You can see the Algorithm kick in and dump the price if it starts going up.



posted on Dec, 12 2017 @ 03:41 PM
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a reply to: anonentity

Not true. Settlement is DELIVERABLE

There is a very real connection. COMEX gold bars can be taken control of via a gold warrant. Read about ACEs (Accumulated Certificate of Exchange) that allow ownership of a warrant.

You can speculate and never take delivery. Or you can actually purchase gold and receive the bar via load out. They'll give you gold.

They won't give you bitcoins. The bitcoin contract is pure casino style cash only.



posted on Dec, 12 2017 @ 06:00 PM
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a reply to: Generation9


Comex contracts say or cash equivalent, they haven't done delivery for years.



posted on Dec, 12 2017 @ 06:05 PM
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originally posted by: Generation9
And it has begun. CNBC is running articles about how bad bitcoin is. Why you should not buy it. Other cryptocurrency you should buy instead of bitcoin. Bitcoin is slow. Your bank thinks bitcoin is fraud. How futures trading will annihilate bitcoin. On and on and on.

Meanwhile bitcoin climbs ever higher.

The nonsensical Chicago Quote is on its way to comic heaven. Reuters is running an article about bitcoin futures volume being low. Only trading two days and already gasping.

Best show on Earth, folks.



They did this about a week ago as well, remember? FUD everywhere! Now? Half a trillion dollar market cap and all time highs...again. It's glorious to see, but don't take it for granted. It is being manipulated by big money and the media.

Now, it's Ethereums turn. It hit 600, almost 700, doubling in price within two weeks. A few banks and corporations are already on the record as the driving force. The herd is here.



posted on Dec, 14 2017 @ 04:07 AM
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a reply to: Revolution9

Okay. I get it now. I have had and currently have numerous trading accounts with futures, option, stocks and forex brokers in my life. I have never been asked to upload the front and back of my drivers license plus a smiling selfie. These people are using something very attractive (crypto trading riches) to lure us into their identification database building project.

The truth is I am going to be trading and challenging the bankers!

Yes!

And I figured out what these cryptocurrency companies are. They're distributed computing companies. They are in a race to build out the interior of the network. They are ~acquiring~ real estate in the matrix. They want as many CPU cycles as you can donate. LOLz!!! This is awesome!!! They are asking you to volunteer your computer resources in exchange for a ~reward~ "coin" token device mechanism. Why? Because some other guy will actually give you cash for it! HA HA HA! This is crypticnicly devious and alluring.


edit on 14-12-2017 by Generation9 because: I know you words!



posted on Dec, 14 2017 @ 04:14 AM
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a reply to: Revolution9

Oh, yeah! You opened up a serious thread here, Revolution9.

This is blowing way over so many people's heads.



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