Economy Bitcoin Doubters, Come Eat Your Crow

[MadSquabbles500]

Bitcoin is essentially a computer program/algorithm whatever tech term is it not? Why we have to use bitcoins? Cant any one just make up another program/algorithm and just use that?

 

[TapoutforSprawl]

Any updates? Haven't been keeping up with all my profits lately. What's going on?

 

[Cygnus A]

Guys. I found I had 2 BTC sitting in some wallets. I thought I dumped them back in 2013, but I guess not.

Any updates? Haven't been keeping up with all my profits lately. What's going on?

Crashing. Crying. Depression.

 

[HockeyBjj]

Bitcoin dropped 50% in a month. That early-mid window in December was prime time to sell if anyone did

Was anyone able to turn their bits into American dollars/cash? The ability to do that has always been my apprehension with crypto

 

[luckyshot]

Any updates? Haven't been keeping up with all my profits lately. What's going on?

Apparently, a bunch of Asians pulled out money, which created a recent ripple. Shows how unstable such a currency can be.

 

[TapoutforSprawl]

Apparently, a bunch of Asians pulled out money for New Year's celebrations, which created a recent ripple. Shows how unstable such a currency can be.

This was a troll bump, I don't actually own any cryptocurrency. I have the coinbase app for a while now, but haven't bought any. I've got a buddy who's invested a lot, he might be on suicide watch right now though.

 

[Rational Poster]

I bet @Palis is rich now from his one bitcoin.

 

[Orgasmo]

I absoloutely love it when this thread pops back up. Having a diversified crypto portfolio was laughed at years ago on this site. Now I could buy Sherdog lol.

How's that diversified portfolio working for you this week?

 

[Quipling]

Bitcoin is essentially a computer program/algorithm whatever tech term is it not? Why we have to use bitcoins? Cant any one just make up another program/algorithm and just use that?

Not exactly, but yes. You can use blockchain, the underlying tech, for other uses, including other currencies. Xrp is one: it's designed to facilitate financial transactions rather than a a substitute for currencies. It had a huge peak when several banks expressed interest, and a recent nosedive because of various reasons.

Hoping that @Falsedawn dipped on xrp while it was near peak. Even then, he identified it early enough that he probably hasn't bled as much as most folks.

 

[Quipling]

Apparently, a bunch of Asians pulled out money, which created a recent ripple. Shows how unstable such a currency can be.

There's a lot of stuff going on. China announced new regulatory measures and rumors popped up wrt Japan and Korea about the same. And a significant exchange/lender shut down after two state security regulators sent C&D letters. Also a bunch of futures contracts are expiring.

Finally some economic journals have started to publish serious critiques - a relatively recent article from a highish impact journal confirmed some serious market manipulation by two bot-users .

 

[HomerThompson]

Is everybody rich yet?

 

[HomerThompson]

I bet @Palis is rich now from his one bitcoin.

*Tardcoin

 

[Revolver]

Is everybody rich yet?

probably the few people that own the majority of it and manipulate the market.

 

[DangDaGawd]

How's that diversified portfolio working for you this week?

I'm not sure what the point of having a diversified crypto portfolio is when the entire idea of crypto hasn't really been accepted yet.

 

[HomerThompson]

probably the few people that own the majority of it and manipulate the market.

Well, obviously them.

 

[Fawlty]

I guess the crow was sent back on account of it being cold.

 

[DangDaGawd]

probably the few people that own the majority of it and manipulate the market.

Had a friend from the Bay come down over the holidays and told me about he invested like 20k into Bitcoin and Ether back early last year and made a ton of money. This was late December and I told him to sell and get out while it's hot. He told me I'm crazy.

Feel bad for him now honestly.

 

[Revolver]

Had a friend from the Bay come down over the holidays and told me about he invested like 20k into Bitcoin and Ether back early last year and made a ton of money. This was late December and I told him to sell and get out while it's hot. He told me I'm crazy.

Feel bad for him now honestly.

everything I hear is that people have made money but have a hard time cashing out. I think I'll just stick with equities.

 

[Luminaire]

Had a friend from the Bay come down over the holidays and told me about he invested like 20k into Bitcoin and Ether back early last year and made a ton of money. This was late December and I told him to sell and get out while it's hot. He told me I'm crazy.

Feel bad for him now honestly.

Don't... if he invested 20k in Bitcoin and Ether early last year... Bitcoin was like $1k and Ethereum was like $20 or $50...

So you know... he's still up more than tenfold.

Had you said he invested 20k in mid december I'd be like.... oooo that hurts.

 

[DangDaGawd]

everything I hear is that people have made money but have a hard time cashing out. I think I'll just stick with equities.

Yeah, I just had a problem with investing in a currency that you can't actually use as a currency yet. There was some definite manipulation going on.

There were actually some trades that let you short cryptos. I'm wondering if everyone just got scammed hard. lol.