Anyone on the Bitcoin train?

[BenedictGomez]

1975Buck's hip to the e-lingo.

 

Edited December 14, 2017 by BenedictGomez

[Haskell_Hunter]

Big time.

 

   The liquidity of Bitcoin is simply horrendous, which is a systemic threat of nuclear bomb-like proportions.    This will not end well.  

 

Imagine the scene in It's A Wonderful Life when there's a run on the Bailey Bank, and the bank cant pay all those depositors simultaneously. 

 

Now just replace that angry mob at the bank teller window with a bunch of naive people

 

 

And this bit from the article you posted, assuming it's true, is positively shocking. 

 

I actually read it 3 times just to make sure I wasn't misinterpreting it, because this should never happen in any remotely efficient market.

 

 

 

 

That's positively clown shoes right there! LOL   I imagine somewhere in the world there's somebody with a Bitcoin arbitrage algo that must have made millions on that nonsense.

 

A transaction between individuals is nearly instantaneous.  Institutional transactions, especially with their volume, may not be.  This isn't a bad aspect of something that is essentially a v1.0 thought up by four or five guys.

 

The scalability of the blockchain that underlies Bitcoin was not designed for this kind of volume.  Again, Bitcoin is a proof of concept for the blockchain.  There are newer versions of the blockchain that are far more scalable and efficient.

 

What you're observing is the equivalent of massive amounts of institutional speculators (those people who are the cause of overinflated markets) running their businesses on the equivalent of Windows 1.0.  Of course it's going to collapse under that weight.  And it's not Bitcoin, it's the blockchain.  Two very distinct things.  And it will not be an indication that virtual currencies will not work, quite the opposite.  You're seeing--to reiterate myself--a v1.0 technology being widely adopted by massive multinational financial institutions on a global basis.  Now that's an endorsement if I've ever seen one.  Additionally, the underlying technology--again, the blockchain--is being adopted by those same massively multinational financial institutions as the foundation of their next generation ledgering systems to ensure they are incorruptible.

 

You're only seeing the surface of the solution through the only lens you have to interpret it.

[Wojtowicza]

bunch of guys here are buying Ripple.  bought this morning at .02.  last i heard them talking it was .80

[tjfslaughter]

bunch of guys here are buying Ripple.  bought this morning at .02.  last i heard them talking it was .80

 

Yep.  read that on other threads.  This is crazy. Just $500 turns into $20,000... on that bet.

[BenedictGomez]

Yep.  read that on other threads.  This is crazy. Just $500 turns into $20,000... on that bet.

 

According to the chart, it was more like 55¢ this morning and is now that 80¢.

 

Impressive!   Unless of course you bought it about 45 minutes ago, then you've already down 10%. 

 

https://coinmarketcap.com/currencies/ripple

Edited December 14, 2017 by BenedictGomez

[BenedictGomez]

widely adopted by massive multinational financial institutions on a global basis.  Now that's an endorsement if I've ever seen one. 

 

It's not the blockchain concept that's at risk, if that's what you mean.

[Haskell_Hunter]

It's not the blockchain concept that's at risk, if that's what you mean.

 

Yes.

[Farmshine]

If you were paying attention it could have been you

I don’t know much about cyber snap o twitbook or crypto block chain millennial sh$t. But the truth is if you invested in bit etherum ripple or others early on you’d be a millionaire at this moment irregardless of where this phenomenon goes from here.

 

 

Sent from my iPhone using Tapatalk

[bill43]

Like Bitcoin, U.S. college tuition is also an unsustainable bubble.

Funny you bring this up. My girlfriend works for a law firm that handles a lot collections and this the new big thing. Defaulted student loans. Everyday more and more come in. Could be our next financial crisis.

 

Sent from my LG-H820 using Tapatalk

Edited December 15, 2017 by bill43

[Haskell_Hunter]

Funny you bring this up. My girlfriend works for a law firm that handles a lot collections and this the new big thing. Defaulted student loans. Everyday more and more come in. Could be our next financial crisis.

 

Sent from my LG-H820 using Tapatalk

 

It is actually our next financial crisis in a HUGE way.  I will spare you the details unless you really want to know.

[Merkel]

Hopefully you can open this link to a video from the WSJ on using bitcoin on a few daily transactions

 

http://www.wsj.com/video/what-you-can-buy-with-bitcoin-a-10-pizza-for-76/9FE251D5-1BC4-4E6B-BA0F-E3424CDA9263.html

Edited December 29, 2017 by Merkel

[BowhunterNJ]

Looking like it's about to drop below $10,000 today...

[newjerseyhunter]

Looking like it's about to drop below $10,000 today...

Sounds like a buying opportunity. Just imagine if you were shorting it! 

[Haskell_Hunter]

Looking like it's about to drop below $10,000 today...

 

Time to short it!  (Actually, don't ever take any investing advice from me....ever....)

[BowhunterNJ]

newjerseyhunter, did you rebuy at 10K? BTC down to $8500