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(Metro)   Bitcoin Babies brace for bloodbath after countries crack down on the phantom currency   ( metro.co.uk) divider line
    More: Followup, digital currency, Warren Buffett, virtual coins, strict new rules, Bitcoin, South Korea, billionaire Warren Buffett, UK Managing Director  
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1313 clicks; posted to Business » on 16 Jan 2018 at 8:22 AM (26 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-01-16 07:32:14 AM  
Well, *that* was unwelcome news. In hindsight I should have bought lower or ignored cryptocurrencies entirely, but at least I've not exposed myself to an *epic* fail.

/it'll be simpler taking a loss than having to get the tax form out
 
2018-01-16 08:11:15 AM  
amid fears that governments will launch devastating crackdowns on the trading of virtual coins

Uh-huh.  Sure, that's what's got everyone spooked.  It's not the fact that blockchain has a built in transaction bottleneck that you cannot scale up, that the system is vulnerable to large security breaches, and that even joke CCs like Dogecoin are at a billion in market cap?

It's totally about the governments cracking down.  Yup.
 
2018-01-16 08:32:24 AM  

Marcus Aurelius: and that even joke CCs like Dogecoin are at a billion in market cap?


You can rip on btc, ether, link, etc all you want--but the moment you insist that a meme-based currency might not be a stable currency worthy of investment and clearly on the up-and-up is the moment that you lose your audience.

/memes are akin to gold
//obviously
///WOW, many slashie, such store of value
 
2018-01-16 08:35:18 AM  

Registered just to post this: the moment that you lose your audience


I'm sorry, did you just say something?
 
2018-01-16 08:38:38 AM  
Muppet Babies: Go bye bye collection #3
Youtube dzDUnxU6mSY
 
2018-01-16 08:46:37 AM  
Wouldn't a government crack down make it more valuable?
 
2018-01-16 08:50:14 AM  

TedCruz'sCrazyDad: Wouldn't a government crack down make it more valuable?


You mean like heroin and other drugs? You know, the only things you can buy with Bitcoin?
 
2018-01-16 09:03:39 AM  
Why does catching a falling knife hurt so much?

I'll say again, the blockchain technology is amazingly awesome and has a ton of potential. I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.

But these "coins" are f*cking ridiculous. They are like placeholders. As soon as someone puts a government backed currency behind the transfers, they are all dead. you know someone is going to do this soon.

In my humble opinion and I FULLY admit to being below novice level on this stuff. If you got in at the bottom, great. Book your profit. Unless you can find new people to buy at these levels thinking it will go back to or above $19k, then you have no market for this thing.

Good luck!
 
2018-01-16 09:04:25 AM  

Marcus Aurelius: amid fears that governments will launch devastating crackdowns on the trading of virtual coins

Uh-huh.  Sure, that's what's got everyone spooked.  It's not the fact that blockchain has a built in transaction bottleneck that you cannot scale up, that the system is vulnerable to large security breaches, and that even joke CCs like Dogecoin are at a billion in market cap?

It's totally about the governments cracking down.  Yup.


And 80% of all Bitcoin have been mined already. Ordinary people, buying into things they don't understand in the hope of making a quick buck, then panic-selling; like I haven't. Yet.

My outlook is longer term. Teatime.
 
2018-01-16 09:10:17 AM  

NewportBarGuy: Why does catching a falling knife hurt so much?

I'll say again, the blockchain technology is amazingly awesome and has a ton of potential. I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.

But these "coins" are f*cking ridiculous. They are like placeholders. As soon as someone puts a government backed currency behind the transfers, they are all dead. you know someone is going to do this soon.

In my humble opinion and I FULLY admit to being below novice level on this stuff. If you got in at the bottom, great. Book your profit. Unless you can find new people to buy at these levels thinking it will go back to or above $19k, then you have no market for this thing.

Good luck!


I wonder are there other examples of a really good technology with a really really terrible first implementation.
 
2018-01-16 09:12:45 AM  
I've been waiting for the crash. Everyone gets excited and speculates on it then they panic, and get out. It's happened before. People are going to lose a lot of money.
 
2018-01-16 09:15:02 AM  

Gubbo: NewportBarGuy: Why does catching a falling knife hurt so much?

I'll say again, the blockchain technology is amazingly awesome and has a ton of potential. I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.

But these "coins" are f*cking ridiculous. They are like placeholders. As soon as someone puts a government backed currency behind the transfers, they are all dead. you know someone is going to do this soon.

In my humble opinion and I FULLY admit to being below novice level on this stuff. If you got in at the bottom, great. Book your profit. Unless you can find new people to buy at these levels thinking it will go back to or above $19k, then you have no market for this thing.

Good luck!

I wonder are there other examples of a really good technology with a really really terrible first implementation.


img.fark.netView Full Size
 
2018-01-16 09:19:24 AM  

Gubbo: TedCruz'sCrazyDad: Wouldn't a government crack down make it more valuable?

You mean like heroin and other drugs? You know, the only things you can buy with Bitcoin?


No one buys drugs with Bitcoins anymore, the $20 transaction fee really only makes very large purchases feasible, like Tesla's new roadster at $250,000.
 
2018-01-16 09:21:56 AM  
Sell Mortimer SELL! Should have put their money in frozen concentrated OJ.
 
2018-01-16 09:34:00 AM  

NewportBarGuy: I really am sick and tired of simple ACH transfers that take days


The banks can't make free interest on your money if they move it in a matter of hours.  It has to take at least 2 days.
 
2018-01-16 09:40:29 AM  

Marcus Aurelius: NewportBarGuy: I really am sick and tired of simple ACH transfers that take days

The banks can't make free interest on your money if they move it in a matter of hours.  It has to take at least 2 days.


Banks don't care about that anymore. That isn't really the business model for making money anymore.

Charges and overdraft fees are where it's at for retail banking. Oh, ok I can see how 2 day delays can play into that.
 
2018-01-16 09:43:34 AM  

Gubbo: Charges and overdraft fees are where it's at for retail banking


Ain't that the truth.
 
2018-01-16 09:43:49 AM  
What a bloodbath. I invested 6 weeks ago, and my portfolio is only up 71% as opposed to the almost 200% it was up a week ago.
(Sure it sucks to see it go down, but I would hardly call it a bloodbath).

Also, South Korea has confirmed it is NOT banning Cryptos, and the China news is wrong too.
 
2018-01-16 09:48:34 AM  
Wanna know when I knew for sure that the shark had been jumped and it was all scammers and pump 'n dump wash trading from then on? This:

img.fark.netView Full Size


The coins aren't bad, in theory... but the "technology" behind it is inefficient and pointless. It's decentralized, in theory, but any real world application of that would lead to coin islands that you can't get between without going back to a normal currency.

It's been fun to watch ignorant morons get involved, though. I hear people are taking out 2nd mortgages to buy these things, which is just special. It's also their fault... the writing is on the walls if you actually care to look. The terms and conditions for every "exchange" are hilarious and full of "we don't actually have to let you have access to your funds, or do anything at all" - like statements. I love it.
 
2018-01-16 09:49:23 AM  

SuburbanCowboy: What a bloodbath. I invested 6 weeks ago, and my portfolio is only up 71% as opposed to the almost 200% it was up a week ago.
(Sure it sucks to see it go down, but I would hardly call it a bloodbath).

Also, South Korea has confirmed it is NOT banning Cryptos, and the China news is wrong too.


Well, if you invested a week ago and its down that much, then yeah. That's a bloodbath. Also. Going from up 200% to only up 70% is a monstrous loss. It's over half the value of your investment.
 
2018-01-16 09:56:04 AM  

Gubbo: Well, if you invested a week ago and its down that much, then yeah. That's a bloodbath. Also. Going from up 200% to only up 70% is a monstrous loss. It's over half the value of your investment.


When a hundred thousand people decide they want to get out of BitCoin at the same time is when the fun really starts.
 
2018-01-16 10:10:40 AM  

Marcus Aurelius: NewportBarGuy: I really am sick and tired of simple ACH transfers that take days

The banks can't make free interest on your money if they move it in a matter of hours.  It has to take at least 2 days.


That isn't how it works though... they make money on what they loaned out, which with fractional reserve banking isn't even closely related to your account balance.

The reality is banks still largely work in mainframe environments where batch processing is done overnight.

Source: I'm a programmer at a bank.
 
2018-01-16 10:12:06 AM  
img.fark.netView Full Size
 
2018-01-16 10:19:44 AM  
img.fark.netView Full Size
 
2018-01-16 10:27:37 AM  

NewportBarGuy: Why does catching a falling knife hurt so much?

I'll say again, the blockchain technology is amazingly awesome and has a ton of potential. I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.


You can.  Wire transfers are close to real-time, and secure.  They are also expensive, can't be reversed, and are usually not easy to initiate when compared to ACH (i.e. electronic checks).
 
2018-01-16 10:33:37 AM  

Marcus Aurelius: Gubbo: Well, if you invested a week ago and its down that much, then yeah. That's a bloodbath. Also. Going from up 200% to only up 70% is a monstrous loss. It's over half the value of your investment.

When a hundred thousand people decide they want to get out of BitCoin at the same time is when the fun really starts.


Hundred thousand?

When a dozen people try and exit it will implode.

img.fark.netView Full Size
 
2018-01-16 10:40:22 AM  
Telos:

The reality is banks still largely work in mainframe environments where batch processing is done overnight.

Source: I'm a programmer at a bank.


Banks make short-term loans to each other all the time that have nothing to do with traditional loans to consumers.  Historically banks did take advantage of check float time to earn interest on it.  This has largely gone out of practice, though, as paper checks have given way to electronic ones (ACH).
 
2018-01-16 10:46:42 AM  

mcreadyblue: Marcus Aurelius: Gubbo: Well, if you invested a week ago and its down that much, then yeah. That's a bloodbath. Also. Going from up 200% to only up 70% is a monstrous loss. It's over half the value of your investment.

When a hundred thousand people decide they want to get out of BitCoin at the same time is when the fun really starts.

Hundred thousand?

When a dozen people try and exit it will implode.

[img.fark.net image 425x233]


So, higher transaction fee (wire) than bitcoin? Yay!

I know about wires, I want free money transfer. FREE! Or nominal charge like credit card transaction, but I am not paying $29.95 to wire a $50 payment to the electric company. No thank you.
 
Azz [TotalFark]
2018-01-16 10:47:58 AM  
You know Bitcoin and its satellites have reached full rube-fleecing potential when there's a gimmicky Japanese girl band in which the "members" stand in as avatars for all major crypto offerings.

If this wasn't designed to separate the libertarian neckbeard virgins out of even more of their money, you can have my left nut on a plate.
 
2018-01-16 11:00:19 AM  

Telos: That isn't how it works though... they make money on what they loaned out, which with fractional reserve banking isn't even closely related to your account balance.


Where's there's money, there are always games to play.  Check kiting used to be popular too.
 
2018-01-16 11:01:58 AM  

Vaginosilicosis: they just need to make it punitive to accept by retailers


Do any retailers take BitCoin?  It sounds implausible.
 
2018-01-16 11:05:24 AM  
I made one Bitcoin selling salad dressing to my libertarian friends. I sold it in November for ten grand. I felt kinda stupid when it immediately went to 19, but feel slightly less so now, even though it's still somehow higher than I sold. I don't want to be in the business of catching falling knives. When the big crash really happens, the exchanges will grind to a halt and some poor bastards won't be able to sell until there is nothing left to sell.
 
2018-01-16 11:06:40 AM  

NewportBarGuy: mcreadyblue: Marcus Aurelius: Gubbo: Well, if you invested a week ago and its down that much, then yeah. That's a bloodbath. Also. Going from up 200% to only up 70% is a monstrous loss. It's over half the value of your investment.

When a hundred thousand people decide they want to get out of BitCoin at the same time is when the fun really starts.

Hundred thousand?

When a dozen people try and exit it will implode.

[img.fark.net image 425x233]

So, higher transaction fee (wire) than bitcoin? Yay!

I know about wires, I want free money transfer. FREE! Or nominal charge like credit card transaction, but I am not paying $29.95 to wire a $50 payment to the electric company. No thank you.


You do realize that BTC transaction fees recently eclipsed the cost of wire transfers in December.  Which again are already exploitively priced because they are a profit center.
BTC the currency of frictionless wealth transfer is more expensive than exploitive pricing by banks.
https://bitinfocharts.com/comparison/​b​itcoin-transactionfees.html#3m
Huzzah.....
 
2018-01-16 11:08:26 AM  

Vaginosilicosis: It sounds stupid, but here we are.


Wow.  Point of sale Bitcoin.  This cannot end well.
 
2018-01-16 11:10:31 AM  

Vaginosilicosis: "Oh Mr President, there is a rival non governmental currency that is undermining our economic stability, hiding criminal activity and making collecting taxes impossible"

"Meh, lets just do nothing and see how that pans out."


That just described $100 bills.
 
2018-01-16 11:30:06 AM  

NewportBarGuy: I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.


I'm just a customer, no financial interest, but they have been solid for me:
https://transferwise.com/
 
2018-01-16 11:50:08 AM  
What are the odds that Bitcoin isn't an invention of the Mafia ?
 
2018-01-16 11:54:51 AM  

Gubbo: NewportBarGuy: Why does catching a falling knife hurt so much?

I'll say again, the blockchain technology is amazingly awesome and has a ton of potential. I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.

But these "coins" are f*cking ridiculous. They are like placeholders. As soon as someone puts a government backed currency behind the transfers, they are all dead. you know someone is going to do this soon.

In my humble opinion and I FULLY admit to being below novice level on this stuff. If you got in at the bottom, great. Book your profit. Unless you can find new people to buy at these levels thinking it will go back to or above $19k, then you have no market for this thing.

Good luck!

I wonder are there other examples of a really good technology with a really really terrible first implementation.


Apple Newton
 
2018-01-16 11:55:51 AM  

hinten: NewportBarGuy: I really am sick and tired of simple ACH transfers that take days. In this day and age, it should be possible to move money much quicker and more securely.

I'm just a customer, no financial interest, but they have been solid for me:
https://transferwise.com/


I use Venmo, but that looks pretty cool. I'll have to bookmark that for any international transfers.

Thanks!!
 
2018-01-16 12:07:12 PM  

Nick Nostril: What are the odds that Bitcoin isn't an invention of the Mafia ?


0%.
 
2018-01-16 12:28:16 PM  

Nick Nostril: What are the odds that Bitcoin isn't an invention of the Mafia ?


Mafia -  0%
Techno idealists from the 90's who used the handle name of a Japanese guy  - 80%
 
2018-01-16 01:44:39 PM  

Vaginosilicosis: Clever Neologism: Wire transfers are close to real-time, and secure.

They are not even close to real time, they are in fact a total crapshoot.    In September I just experienced the second wire transfer in less than 3 years that took 24 hours to arrive, these were sent well before the noon deadline for same day transfer.   Not college textbook money either, both were cash home transactions.   The bank will give you no guarantee of arrival, once it hits the fed computers its out of their hands and they will tell you as much.


Depends on your bank's and account's service level, what bank it's going to, if there's intermediate routing involved, if it's flagged as suspicious, etc.

Let me rephrase: *can* be near-real time.  Especially if it's a planned transaction that both banks are aware of, and especially if it's for clients that regularly exchange large amounts money.

Services like that are available.  Just not to the average account holder ;).
 
2018-01-16 04:10:06 PM  

Azz: You know Bitcoin and its satellites have reached full rube-fleecing potential when there's a gimmicky Japanese girl band in which the "members" stand in as avatars for all major crypto offerings.

If this wasn't designed to separate the libertarian neckbeard virgins out of even more of their money, you can have my left nut on a plate.


My 70YO manager has been asking me about these "bit coims"(sic) because "they sound like a really good investment that keeps going up!"

Apparently the various radio talk shows like Glenn Beck have really been pimping bitcoin lately, so that's another good sign it's time to get out (aka, the bottom is about to fall out when your grandparents start asking about it).
 
Azz [TotalFark]
2018-01-16 04:31:03 PM  

Thingster: Azz: You know Bitcoin and its satellites have reached full rube-fleecing potential when there's a gimmicky Japanese girl band in which the "members" stand in as avatars for all major crypto offerings.

If this wasn't designed to separate the libertarian neckbeard virgins out of even more of their money, you can have my left nut on a plate.

My 70YO manager has been asking me about these "bit coims"(sic) because "they sound like a really good investment that keeps going up!"

Apparently the various radio talk shows like Glenn Beck have really been pimping bitcoin lately, so that's another good sign it's time to get out (aka, the bottom is about to fall out when your grandparents start asking about it).


Suffice it to say they've moved on from pimping out gold. Gold is now a globalist conduit used by the illuminati (you sheeple!).

I haven't tuned into Coast-to-Coast AM in a while. I'd imagine it gets touted heavily there too.
 
2018-01-16 04:34:34 PM  
Why do people keep ripping on Bitcoin as if it is the only currency out there.  Oh, right...so we can tell who the people are that know nothing about Bitcoin, the blockchain, or any of the other techs out there that are improvements to the one Bitcoin relies on.

And BTW...the fake news from China and Korea is fake.  But it did get the correction/crash/firesale going.
 
2018-01-16 04:39:40 PM  

Bolebuns: Why do people keep ripping on Bitcoin as if it is the only currency out there.  Oh, right...so we can tell who the people are that know nothing about Bitcoin, the blockchain, or any of the other techs out there that are improvements to the one Bitcoin relies on.

And BTW...the fake news from China and Korea is fake.  But it did get the correction/crash/firesale going.


img.fark.netView Full Size
yeah, tomorrow is gonna suck for many exchanges.
 
2018-01-16 04:44:14 PM  

Bolebuns: Why do people keep ripping on Bitcoin as if it is the only currency out there.  Oh, right...so we can tell who the people are that know nothing about Bitcoin, the blockchain, or any of the other techs out there that are improvements to the one Bitcoin relies on.


Well, either that or because it's still the only one that really matters. It's the only coin you can use to trade into everything else... for instance I decided to cash out some of my Steem, and had intended to go through Litecoin for the faster transaction and lower fee. Nope! You can only buy/sell Steem with Bitcoin.
 
Azz [TotalFark]
2018-01-16 04:49:23 PM  
Off by a week

img.fark.netView Full Size


/brb, going to suck my own cock
 
2018-01-16 04:50:22 PM  

Telos: Bolebuns: Why do people keep ripping on Bitcoin as if it is the only currency out there.  Oh, right...so we can tell who the people are that know nothing about Bitcoin, the blockchain, or any of the other techs out there that are improvements to the one Bitcoin relies on.

Well, either that or because it's still the only one that really matters. It's the only coin you can use to trade into everything else... for instance I decided to cash out some of my Steem, and had intended to go through Litecoin for the faster transaction and lower fee. Nope! You can only buy/sell Steem with Bitcoin.


It depends on which exchange you are on.  Different exchanges have different pairings.  I don't follow Steem so maybe it is limited?  But you can check around. But to suggest that it is the only one that matters is nonsense.  It is slowly losing its importance.  Right now (as in today) it is leading the crash, though.
 
2018-01-16 04:52:59 PM  

Azz: Thingster: Azz: You know Bitcoin and its satellites have reached full rube-fleecing potential when there's a gimmicky Japanese girl band in which the "members" stand in as avatars for all major crypto offerings.

If this wasn't designed to separate the libertarian neckbeard virgins out of even more of their money, you can have my left nut on a plate.

My 70YO manager has been asking me about these "bit coims"(sic) because "they sound like a really good investment that keeps going up!"

Apparently the various radio talk shows like Glenn Beck have really been pimping bitcoin lately, so that's another good sign it's time to get out (aka, the bottom is about to fall out when your grandparents start asking about it).

Suffice it to say they've moved on from pimping out gold. Gold is now a globalist conduit used by the illuminati (you sheeple!).

I haven't tuned into Coast-to-Coast AM in a while. I'd imagine it gets touted heavily there too.


I bought some gold at $1100 something and silver at $16 something. I have a feeling I'll get a better return than buying crypto at these levels. But even if they do go up, I just can't justify it. I played with bitcoin from $6000 to $12000 a few months back. Only risked $1000. That experience was enough to sour me on it. Transaction cost was high, took too long and Coinbase, the main US porthole seems like a local sammich shop. They suck.

If it does recover from this massive sell off, they probably already scared off a lot of people with this kind of move. Those that bought at 12-17+ are taking a bath.

If it goes under $10k two things will happen. People will buy hoping it goes up 100% back to the high, or large holders startvlooking to move out. Just a few big movers looking to sell can crash this thing if there are not enough buyers looking to accumulate.

I think this fad is done for now. And Coinbase is probably going to get rocked with lawsuits. Probably. Probably. Just my experience with them and seeing other stuff on reddit. I'm sure they'd prevail in most cases, but if there are enough of those suits, they can wreck that thing.

Meh... time to cook dinner.
 
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