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Why the large drop? mod note: post 82

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    #92
    4068ac1elhodqr
    Closed Accounts Posts: 9,586 ✭✭✭4068ac1elhodqr


    Wanderer78 wrote: »
    according to jim richards, most large countries are backed by a some what gold standard, you can see what hes getting to in his arguments

    Yes, and they've mostly all been increasing stocks in recent years.

    The recent drop in BTC seemed to coincide with a fresh batch of sanctions on Rocketman™, wonder did Kim cash all-out at peak-coin 20k...


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    #93
    drunkmonkey
    Registered Users Posts: 28,200 ✭✭✭✭drunkmonkey


    Don't want to derail the thread but what do you make of gold money and their take on the crypto space, you get a credit card and app, can trade your bitcoins or other crypto for metals and then spend the metals as you wish, granted gold isn't rising anything like cryptos but it is making it easier access and hold https://www.goldmoney.com/corporate/investor-relations, would you rather have 20k sitting in your goldmoney account as opposed to your crypto wallet. The royal mint is allowing your to trade gold like cryptos as well https://www.royalmint.com/invest/bullion/digital-gold/
    Is it any threat to cryptos if it takes off?


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    #94
    Shauny2010
    Closed Accounts Posts: 657 ✭✭✭Shauny2010


    drunkmonkey wrote: »
    Don't want to derail the thread but what do you make of gold money and their take on the crypto space, you get a credit card and app, can trade your bitcoins or other crypto for metals and then spend the metals as you wish, granted gold isn't rising anything like cryptos but it is making it easier access and hold https://www.goldmoney.com/corporate/investor-relations, would you rather have 20k sitting in your goldmoney account as opposed to your crypto wallet. The royal mint is allowing your to trade gold like cryptos as well https://www.royalmint.com/invest/bullion/digital-gold/
    Is it any threat to cryptos if it takes off?

    Its not Bitcoin, its not decentralized.
    Its a closed centralized system in private control, with unknown regulation. You'd be better off sticking with Visa for a credit card and use your own tax payer backed Bank for Banking.


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    #95
    drunkmonkey
    Registered Users Posts: 28,200 ✭✭✭✭drunkmonkey


    Isn't the same true of bitcoin


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    #96
    Shauny2010
    Closed Accounts Posts: 657 ✭✭✭Shauny2010


    drunkmonkey wrote: »
    Isn't the same true of bitcoin

    What?
    Bitcoin is a decentralized, open system not controlled by any single entity. Just have a look at the protocall, its open source for anyone to see, and contribute to if they wish.


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    #97
    drunkmonkey
    Registered Users Posts: 28,200 ✭✭✭✭drunkmonkey


    Shauny2010 wrote: »
    What?
    Bitcoin is a decentralized, open system not controlled by any single entity. Just have a look at the protocall, its open source for anyone to see, and contribute to if they wish.

    1000 people own 40% of bitcoin so it's can be hugely influenced by a tiny minority of owners, not all bitcoins are created equally either, some are traceable from source so you know your not buying something created by criminal industries which is important to certain buyers like institutions.

    The futures market is interesting as people are cashing out their bitcoins and buying call options for 12mts time. It's allowing them to cash in now but still keep an open position incase the price rises, I think it was $3200 for a $50,000 call option the other day. If that's what the big guns are doing it's worth paying attention. Might not be a bad play if your well in the profit.


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    #98
    Dohnjoe
    Registered Users Posts: 18,033 ✭✭✭✭Dohnjoe


    Wanderer78 wrote: »
    thats a great point alright, but i can see what some are saying about fiat based currencies, they aint looking too good at the moment, and have the potential to collapse.

    Anything can "collapse", the question is: what is the likeliness of it? with current main fiat currencies that chance is very low


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    #99
    Tinder Surprise
    Registered Users Posts: 1,462 ✭✭✭Tinder Surprise


    drunkmonkey wrote: »

    The futures market is interesting as people are cashing out their bitcoins and buying call options for 12mts time. It's allowing them to cash in now but still keep an open position incase the price rises, I think it was $3200 for a $50,000 call option the other day. If that's what the big guns are doing it's worth paying attention. Might not be a bad play if your well in the profit.

    Can you explain how this works?
    Thanks


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    #100
    Autochange
    Banned (with Prison Access) Posts: 1,648 ✭✭✭Autochange


    https://youtu.be/K8kua5B5K3I

    Check these guys out.


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    #101
    drunkmonkey
    Registered Users Posts: 28,200 ✭✭✭✭drunkmonkey


    Tinder Surprise wrote: »
    Can you explain how this works?
    Thanks

    Basically you pay a premium for the option to buy bitcoins, going on the figures above buying the option for 3,200 allows you to buy the bitcoin at 50,000 anytime within the 12mts your not obliged to buy but the seller is obliged to sell to you.
    So if bitcoin rises to 100,000 within the 12mts, you can buy it for 50,000 and pocket the profit which is 50,000 less the premium you paid for the option which was 3200..you make 46,800.
    If bitcoin is only worth 2k in 12mts when the option expires the premium you paid or 3200 is worthless so you've lost 3200 but the person holding the actual bitcoins has more than likely lost more.

    That's a very basic explanation have a look on YouTube for more. Call option is buy an asset, a Put option is to sell an asset. You don't need to own the actual stock and the options are tradable at any time you don't need to hold it until the expiry date if you want to cash in.


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    #102
    Tinder Surprise
    Registered Users Posts: 1,462 ✭✭✭Tinder Surprise


    drunkmonkey wrote: »
    Basically you pay a premium for the option to buy bitcoins, going on the figures above buying the option for 3,200 allows you to buy the bitcoin at 50,000 anytime within the 12mts your not obliged to buy but the seller is obliged to sell to you.
    So if bitcoin rises to 100,000 within the 12mts, you can buy it for 50,000 and pocket the profit which is 50,000 less the premium you paid for the option which was 3200..you make 46,800.
    If bitcoin is only worth 2k in 12mts when the option expires the premium you paid or 3200 is worthless so you've lost 3200 but the person holding the actual bitcoins has more than likely lost more.

    That's a very basic explanation have a look on YouTube for more. Call option is buy an asset, a Put option is to sell an asset. You don't need to own the actual stock and the options are tradable at any time you don't need to hold it until the expiry date if you want to cash in.

    Thanks man!


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    #103
    ED E
    Registered Users Posts: 36,167 ✭✭✭✭ED E


    Note: Not challenging a mod - just a counter point
    LoLth wrote: »
    If you dont like the way someone is posting, PUT THEM ON IGNORE

    If everyone who knows ignores a source of bad info the new users reading this sub will not see the fact checking that should be going on. Lets not be reddit.


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    #104
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    Shauny2010 wrote: »
    Hodl is a strategy, and no the smart guys didn't take profit, it was the weak hands that get spooked easily that sold. Usually the same guys that bought in a few weeks prior.

    The smart guys in bitcoin, which has been proven over its life time,
    were the guys Hodling.
    The traders get left behind as they try to call the top or catch falling knifes
    The weak hands get releaved, like over the last few days.
    Both of the above 2 usually return to boards and forms like here and reddit but are always angry and really want Bitcoin to fail. They hate not having Bitcoin or having called it wrong.

    In the end the Hodlers win as proven by the long term gains

    I politely disagree.
    The guys making the real money are the ones who truly believe in bitcoin, sell on the way down, buy on the way up and are quietly increasing their number of coins at next to no cost.
    Amassing huge potential fortunes with each click.
    That's where you want to be.


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    #105
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    GreeBo wrote: »
    I politely disagree.
    The guys making the real money are the ones who truly believe in bitcoin, sell on the way down, buy on the way up and are quietly increasing their number of coins at next to no cost.
    Amassing huge potential fortunes with each click.
    That's where you want to be.

    aha but how do you know it is on the way down, particularly bitcoin with the wild fluctuations - fast paced at that, not so easy!


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    #106
    drunkmonkey
    Registered Users Posts: 28,200 ✭✭✭✭drunkmonkey


    asteroids over berlin wrote: »
    aha but how do you know it is on the way down, particularly bitcoin with the wild fluctuations - fast paced at that, not so easy!

    Bitcoin moves on news and rumours like a lot of stocks, if you had been watching what happened just before close on the future markets the other evening bitcoin was an obvious short especially when some unrelated news of another sell off appeared.
    Right now no news only bitcoin has found a bottom for now. Will tick back up slowly unless something else happens.
    Set up some Google alerts and when your searching news always sort by newest first.


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    #107
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    drunkmonkey wrote: »
    Bitcoin moves on news and rumours like a lot of stocks, if you had been watching what happened just before close on the future markets the other evening bitcoin was an obvious short especially when some unrelated news of another sell off appeared.
    Right now no news only bitcoin has found a bottom for now. Will tick back up slowly unless something else happens.
    Set up some Google alerts and when your searching news always sort by newest first.
    and you don't have to time it perfectly.
    Huge money to be made without getting the ATH or absolute bottom exactly correct.


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    #108
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    Here was go again with the drop...


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    #109
    sunrainmooncl
    Banned (with Prison Access) Posts: 72 ✭✭sunrainmooncl


    GreeBo wrote: »
    Here was go again with the drop...

    18 of the top 20 listed (https://www.coingecko.com/en) are down right now. When this happens I assume people are taking money out into fiat currency? Hopefully just last minute xmas presents :D:D


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    #110
    grindle
    Registered Users Posts: 6,026 ✭✭✭grindle


    GreeBo wrote: »
    Huge money to be made without getting the ATH or absolute bottom exactly correct.

    Also huge losses to be made if timed badly - didn't this happen to you just a day or two ago?

    Whatever about longing one crypto over another, but shorting any crypto is more than a little dangerous for the stack.


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    #111
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    REDCOIN is macafees one today - communicated a few mins ago..


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    #112
    Selik
    Registered Users Posts: 1,678 ✭✭✭Selik


    asteroids over berlin wrote:
    REDCOIN is macafees one today - communicated a few mins ago..

    Already too late! Will need to setup a proper alert for this...


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    #113
    Kenny Logins
    Registered Users Posts: 9,060 ✭✭✭Kenny Logins


    asteroids over berlin wrote: »
    REDCOIN is macafees one today - communicated a few mins ago..

    He'll promote any coin that pays him. You'd have to be very quick to get in and out.


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    #114
    sunrainmooncl
    Banned (with Prison Access) Posts: 72 ✭✭sunrainmooncl


    Kenny Logins wrote: »
    He'll promote any coin that pays him. You'd have to be very quick to get in and out.

    Can you verify those claims? Hopefully you won't link to that fake twitter account and photoshopped images..


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    #115
    Kenny Logins
    Registered Users Posts: 9,060 ✭✭✭Kenny Logins


    sunrainmooncl wrote: »
    Kenny Logins wrote: »
    He'll promote any coin that pays him. You'd have to be very quick to get in and out.

    Can you verify those claims? Hopefully you won't link to that fake twitter account and photoshopped images..

    What fake Twitter account? I saw the tweets and agree they could be faked, but there is this too (not great, I know)



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    #116
    Kenny Logins
    Registered Users Posts: 9,060 ✭✭✭Kenny Logins


    Could be a simple CSS modification I suppose to add the verified tick.


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    #117
    GreeBo
    Registered Users Posts: 27,163 ✭✭✭✭GreeBo


    grindle wrote: »
    Also huge losses to be made if timed badly - didn't this happen to you just a day or two ago?

    Whatever about longing one crypto over another, but shorting any crypto is more than a little dangerous for the stack.

    That was panic buying/selling unfortunately.

    I'm not talking about shorting at all, just selling on the way down and buying on the up.
    If you truly believe in the currency then it's free money


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    #118
    WhiteMemento9
    Registered Users Posts: 1,573 ✭✭✭WhiteMemento9


    Selik wrote: »
    Already too late! Will need to setup a proper alert for this...

    Someone on reddit has created a trade bot to take advantage of this stuff. I'd say a few are using it so you'll need to be quick to beat the machines :P


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    #119
    asteroids over berlin
    Closed Accounts Posts: 1,115 ✭✭✭asteroids over berlin


    Kenny Logins wrote: »
    He'll promote any coin that pays him. You'd have to be very quick to get in and out.

    it was actually reddcoin (apologies), he doesn't really need to get paid, the coin was up a good 20% straight after his announcement (i checked immediately) so he or a related party buys the coin before the announcement - easy money for him/them


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    #120
    WhiteMemento9
    Registered Users Posts: 1,573 ✭✭✭WhiteMemento9


    asteroids over berlin wrote: »
    it was actually reddcoin (apologies), he doesn't really need to get paid, the coin was up a good 20% straight after his announcement (i checked immediately) so he or a related party buys the coin before the announcement - easy money for him/them

    Verge (XVG) alone has probably made him a small fortune. It is 10x the price it was when he shilled it on twitter about a week ago.


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    #121
    server down
    Closed Accounts Posts: 1,613 ✭✭✭server down


    GreeBo wrote: »
    I politely disagree.
    The guys making the real money are the ones who truly believe in bitcoin, sell on the way down, buy on the way up and are quietly increasing their number of coins at next to no cost.
    Amassing huge potential fortunes with each click.
    That's where you want to be.

    Wow. Selling on the way down. Buying on the way up. Let me write that down


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