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Are you sick of bitcoin yet?

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posted on Dec, 17 2017 @ 05:44 AM
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So now that bitcoin has you interested in trust and verification are you sick of bitcoin yet?

You put your dollars into the bitcoin machine and you trust that they will come back to you when you call them. You even want more for the effort. You try it. It goes higher. You can do it. It actually functions. It is psychedelic. All aboard. We're going higher.

In the next scene the Chicago Quote makes an appearance. It seems worthless. It is only a game. A charade. It stops trading on Friday at 18,090. The bitcoin exchanges keep going 24-7. Right now early Sunday bitcoin is 19,700. The futures trading will open Sunday evening. What if futures trading opened right now? They're 1600 points behind!

Who would short bitcoin via selling bitcoin futures? Not a good move.

Who would buy bitcoin via bitcoin futures? Well now that ain't smart. Bitcoin futures do not deliver bitcoin.

What is going on here?

Imagine bitcoin futures open Sunday evening. Will the price jump to 19,700? Does bitcoin control the Chicago Quote? The Chicago Quote obviously doesn't control the bitcoin quote. We can see that clearly now. I saw it before it happened and you can see it also. The Chicago Quote is meaningless. Who will sell bitcoin futures at a price lower than bitcoin? Nobody will do that. Game over.

Who would even buy bitcoin futures at a price lower than bitcoin? You can do it. When bitcoin exchanges quote a much higher price you will hope the Chicago Quote follows the bitcoin quote -- this is actually what one is hoping when one buys a Chicago Quote bitcoin futures contract at a price lower than the bitcoin exchange price. At that point one hopes the Chicago Quote will leap higher. For what? Dollars. The futures trader brings dollars to the table to trade and then hopes to leave with more dollars. The futures trader doesn't want bitcoin. Or does he?

What is going on here?

How about bitcoin futures open right now and the price doesn't gap up but it gets knocked down. How could that happen? Could a strong enough party be convinced that bitcoin is going to be at a lower price in the future even though real bitcoin is priced 1600 dollars higher right now and delivering in bitcoin? The futures exchange offers cash settlement. The bitcoin exchange offers bitcoin. Are they going to head in different directions? Will one follow the other? Which one follows who?

I am starting to think that pieces of paper are better.




posted on Dec, 17 2017 @ 06:32 AM
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Hell no I am not. I was smart enough to recognize where Bitcoin was going and got a bunch for dollars each...

Not tired of it at all, just not sure when the right time to cash out is. At the peak, before the bubble bursts. Cause it's a pyramid scheme, the early adopters will be paid off by the newcomers at the very end of the bubble.. who will buy my coins before they come valueless.

It sounds pretty nasty to think of it that way though.

ETA: Bitcoin is a fine way to hedge a bet, it's when people start to assume it will always have value, or is a viable fiat replacement where people run into stinky thinking, and do things like mortgage their house to buy crypto. Treated as an extremely volatile investment though seems to be valid, for now...
edit on 17-12-2017 by hombero because: (no reason given)



posted on Dec, 17 2017 @ 06:43 AM
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a reply to: Generation9

Nope not sick of it. It just made me some money!

Bitcoin will sky rocket (obviously with ups and downs along the way) it is now in exponential growth.

3 years and I reckon something else will surpass it. Something AI creates..



posted on Dec, 17 2017 @ 06:50 AM
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Up to infinity until NK hits USA with a EMP or the Sun lets rip its dreaded kill-shot.

Bitcoin

Solar flare :|
No Electricity

Zero value

edit on 17-12-2017 by Tristran because: (no reason given)



posted on Dec, 17 2017 @ 06:59 AM
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a reply to: Generation9

I still think that bitcoins are like Beanie Babies.

I still just buy gold instead.

*shrugs*

To each their own I suppose. It's their money and they're free to do with it what they want.
edit on 17-12-2017 by DBCowboy because: (no reason given)



posted on Dec, 17 2017 @ 07:14 AM
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originally posted by: Tristran
Up to infinity until NK hits USA with a EMP or the Sun lets rip its dreaded kill-shot.

Bitcoin

Solar flare :|
No Electricity

Zero value

You don't have to wait that long. Here's a nice example of why Bitcoin isn't everything we're told it is. I thought it was hack-proof.
Reuters

SEOUL (Reuters) - South Korea’s spy agency said North Korean hackers were behind attacks on cryptocurrency exchanges this year in which some 7.6 billion won ($6.99 million) worth of cryptocurrencies were stolen, a newspaper reported on Saturday.

The cyber attacks attributed to North Korean hackers also included the leaking of personal information from 36,000 accounts from the world’s busiest cryptocurrency exchange Bitthumb in June, South Korea’s Chosun Ilbo reported, citing the country’s National Intelligence Service (NIS).

Attacks also included the theft of cryptocurrencies from accounts at exchanges Yapizon, now called Youbit, and Coinis in April and September, it said.


Looks like the exchanges are the weak spot.



posted on Dec, 17 2017 @ 07:14 AM
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a reply to: Generation9


It stops trading on Friday at 18,090. The bitcoin exchanges keep going 24-7. Right now early Sunday bitcoin is 19,700. The futures trading will open Sunday evening. What if futures trading opened right now? They're 1600 points behind!




Never seen anything quite like it, I have a friend who has had investments in both bitcoin and medical marijuana for over 18 months now. His asset portfolio has grown exponentially in that time even as he remains cautiously optimistic about bitcoin and it's value base being recognized as a natural progression of human financial transactions - trust and value in an individual being able to value-add to his or her financial portfolio (ie: selling your house for bitcoin(s)).



posted on Dec, 17 2017 @ 07:22 AM
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a reply to: DBCowboy

You're a smart fella - ignore this video title and forward to 10.47mins and watch and listen to this breakdown from someone who is considered the leading 'expert' on bitcoin - he's paid to explain it to people.

Absolutely amazing and mindblowing commentary and revelations - he talks for about 15mins - believe me, you will not be disappointed after listening to him, and I think you may come away armed with the right information to make informed assessments about bitcoin moving forward.

You ready?




posted on Dec, 17 2017 @ 07:32 AM
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a reply to: Generation9


You put your dollars into the bitcoin machine and you trust that they will come back to you when you call them

If theres something you want to purchase but been holding off because of the cost, put something into bit coin. If the bubble continues to grow, next week or next month you might be able to buy it. That pittance you invested will have blossomed into enough to afford your favorite thing, whoopee.



posted on Dec, 17 2017 @ 07:34 AM
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originally posted by: DBCowboy
a reply to: Generation9
I still just buy gold instead.

*shrugs*

To each their own I suppose. It's their money and they're free to do with it what they want.


You're right. Holding tangible, intrinsic gold in your hand is better than 'bits' holding in a memory 'bank'.



posted on Dec, 17 2017 @ 07:55 AM
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That's exactly what I can't understand..... owning a piece of paper that says you own a piece of gold or silver is about as useless as the paper it's written on. What do you think will happen if TSHTF. How will you get your gold or silver if the company goes bust. remember it's all on paper.

If it's not in your possession.
edit on 17-12-2017 by Plotus because: (no reason given)



posted on Dec, 17 2017 @ 07:55 AM
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a reply to: Sublimecraft

Scary.

"Money is a language used to communicate value."

Now I'm intimidated by bitcoin.



posted on Dec, 17 2017 @ 08:09 AM
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a reply to: Generation9

This is the revolution against the banking cabal that has been a long time coming!

Not even remotely close to being sick of it, Bitcoin is one thing, the blockchain and the continuing innovation is the key.

Plenty of good teams working together to decentralize TPTB's control of the world.

It is going to keep getting better!!



posted on Dec, 17 2017 @ 08:17 AM
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originally posted by: DBCowboy
a reply to: Sublimecraft
"Money is a language used to communicate value."


The best examples being a pawn shop, or an auction.

How much is that one-off original car whose bid starts at $1 million? What value do you place on the existing currency against that tangible item? The value of your existing currency is governed/determined by what exactly? Oil? Gold? US economy?

With bitcoin, the value is taken away from those entities and placed fair square between bitcoin traders....and real profits are being made......


Developers have sold the first two luxury homes in the UK using bitcoin currency.

It follows an increasing trend in the last few months for developers to place new homes on the market in the cryptocurrency.

The unnamed buyer, a software developer, is understood to be a so-called "Bitcoin miner" who made an early killing on the cryptocurrency and is now converting it into bricks and mortar by buying a new home as an investment property.

He is intending on renting out in bitcoin.

London property developer The Collective became the first firm to allow its tenants to pay their deposits and in bitcoin in September.

It said the move was in response to demand from international customers.

The second property sold by Go Homes is £595,000 four-bed townhouse in Hertfordshire.

Ed Casson, group sales director of Go Homes, said the buyer became a bitcoin owner through mining and trading in online games.


First bitcoin homes sell in the UK



posted on Dec, 17 2017 @ 08:28 AM
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a reply to: Plotus


That's exactly what I can't understand..... owning a piece of paper that says you own a piece of gold or silver is about as useless as the paper it's written on.

You are right. After they made everyone turn in their gold in 1933 they issued Bank Notes, called 'gold and silver certificates' that were "guaranteed" to be backed by the confiscated gold in the Federal Reserve at Fort Knox. Thats why they are called Federal Reserve Notes.

Really, its fiat currency, the Bank Notes no longer are redeemable in gold at the Federal Reserve. You can't get gold for dollars anymore. The blue and red ink on the seal on the dollar have disappeared. Now the notes just say "Legal Tender" for all debts public and private. Nobody knows how much gold is actually in fort knox, they won't allow an audit. The Federal Reserve isn't even the gubment, its private banks.

You want to invest in something tangible and intrinsic, buy some pre 1964 US silver coins, they actually contain silver, everyone recognizes them. They are guaranteed to have a certain weight of silver in them. You can purchase them on line or find a dealer at a fleamarket or coin show somewhere. The coins have a collectors value often offered to as numismatic value, thats not whet you are interested in.

Google junk silver or melt value calculator. Heres one...

it just considers the value of a coin based on its silver content. Having a small stash of these is a hedge against inflation and an emergency reserve should currency fail. If the ATMS go dark and the bank notes hyper inflate, there will still be a farmers market somewhere. You might be able to purchase some food with easily recognizable forms of silver or gold, because they won't be accepting dollars anymore.

coinflation



posted on Dec, 17 2017 @ 08:34 AM
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a reply to: Generation9

YES.

I am.



posted on Dec, 17 2017 @ 08:37 AM
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a reply to: Plotus

It used to be paper they used to control the monetary system.

Now they're trying to convince us electronic waves is an awesome alternative.

I'm glad I've got a cabin in the woods filled with stuff when the they pull the plug on everyone.



posted on Dec, 17 2017 @ 08:38 AM
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a reply to: Sublimecraft


Never seen anything quite like it, I have a friend who has had investments in both bitcoin and medical marijuana for over 18 months now. His asset portfolio has grown exponentially in that time even as he remains cautiously optimistic about bitcoin and it's value base being recognized as a natural progression of human financial transactions - trust and value in an individual being able to value-add to his or her financial portfolio (ie: selling your house for bitcoin(s)).

Remembering the bitcoin itself is an ounce of silver, about 16 us dollars right now.

The reason the coin is soaring in value is because theres only 21 million ever made, no more are being produced. The number of coins can't increase (inflate) only the value can increase (inflate).

Big difference between that and a fiat paper currency that they can increase the supply of to hold value down, simply by printing more 'notes'.

Bit coin is a currency that is run the way currencies should be. It works because the supply of coin is fixed.
edit on 17-12-2017 by intrptr because: additional



posted on Dec, 17 2017 @ 10:04 AM
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Are you sick of bitcoin yet?

Nope.

Boom or Bust.

Best shot I have and I am going to take it.

No risk.

No reward.



posted on Dec, 17 2017 @ 10:04 AM
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a reply to: LogicalGraphitti

It is hack proof via a hardware wallet.




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