Join up at Crownbet - Click here - Crownbet is Thoroughbred Village’s premier betting partner - Join here now
Forum Home Forum Home > All Sports - Public Forums > Joffs All Sports Bar
  New Posts New Posts RSS Feed - Bitcoin
  FAQ FAQ  Forum Search   Events   Register Register  Login Login


Click here for the Thoroughbred Village Home Page. For village news, follow @TBVillage on Twitter. For horseracing tips, follow @Villagebet on Twitter. To contact the Mayor by email: Click Here.

Bitcoin

 Post Reply Post Reply Page  123 10>
Author
Message
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Topic: Bitcoin
    Posted: 15 Sep 2017 at 4:00pm
How long is this dump going to continue before we see a rebound, what's the low point?

There's going to be resistance at 3,300 / 3,000 / 2,500.
Back to Top
Sponsored Links
Click here to view the promotions at Crownbet.


Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 7:07am
It isn't too late to cash them in for OxBucks Wink
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 9:44am
Touched below 3,000 now back up to over 3,600.

The alt currency that I'm highest on is monero.
Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 9:47am
Back to Top
Whale View Drop Down
Champion
Champion
Avatar

Joined: 01 Jun 2009
Location: broome
Status: Offline
Points: 34037
Post Options Post Options   Thanks (0) Thanks(0)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 9:59am
I am holding on to my bitcoin, I bought 100,000 at 8 cents years ago so not risking much money
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 10:26am
That what this thread was discussing Passing Though, however there was a pump after bitcoin breached 3,000 on the way down and it's now at 3,700.

So the question is how sustained is this rally going to be and what is the bottom. 
Back to Top
Gay3 View Drop Down
Moderator Group
Moderator Group


Joined: 19 Feb 2007
Location: Ballarat
Status: Offline
Points: 30838
Post Options Post Options   Thanks (0) Thanks(0)   Quote Gay3 Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 10:43am

Please note: I'm not selling anything or getting any form of payment for sharing this other than the satisfaction of making a positive difference to your lives.....
To all my friends and family,
The current financial system is broken and is about to crash into oblivion.
The worlds best computer programmers and web developers from around the world have congregated through cryptocurrencies and are creating a new system on "Blockchain Technology" that's far superior than our current system. WWW version 3.
I've been studying this for years and now is the time to be involved.
Recently Japan made cryptocurrencies legal tender and the rest of the world is following.
The first transaction of buying something from within our current fiat money system with cryptos has been recently successfully accomplished.
I suggest that you research this for yourselves as a matter of priority. Why i say priority is because savings and in particular superannuation are in jeopardy of being washed away with the old system.
In my opinion the biggest and best company to invest in that will bring cryptos to the masses is called "Tenx" market symbol "PAY".
Life is full of choices.... making the right one on this occasion could be life changing.
If you've ever wanted to experience how early investors into Apple or Microsoft, the ones that made generational wealth for themselves felt....here's your chance for pennies in the dollar only this time it will be X10.
This is the 4th revolution.
Have a nice day.
Lennie


Callum Gillman lol interesting response from the 'friends' Len.... having a masters in international finance and business I'd just quietly like to 100% confirm what Lennie's saying is bang on the money....
It's an uncorruptible solution for money... very sorely needed


Experience is something you gain a few minutes after you could have used it!
Back to Top
Gay3 View Drop Down
Moderator Group
Moderator Group


Joined: 19 Feb 2007
Location: Ballarat
Status: Offline
Points: 30838
Post Options Post Options   Thanks (0) Thanks(0)   Quote Gay3 Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 10:45am
JPM) strategist Marko Kolanovic has some strong words for the cryptocurrency markets that are dominating the conversation right now, using the two words no one in the investing world ever wants to see: pyramid scheme." data-reactid="11">JPMorgan (JPM) strategist Marko Kolanovic has some strong words for the cryptocurrency markets that are dominating the conversation right now, using the two words no one in the investing world ever wants to see: pyramid scheme.

“Cryptocurrencies cannot be reliably valued and they have significant ‘tail risk’ that could come in the form of a regulatory ban,” said Kolanovic in a note published Wednesday. “Moreover, the whole cryptocurrency market exhibits some parallels to fraudulent pyramid schemes.”

Most simply, a pyramid scheme is one in which members of a sales network are incentivized financially to grow the network instead of making sales. Pyramid schemes are illegal.

famously made a three-hour presentation arguing that multi-level marketing firm Herbalife (HLF) was a pyramid scheme and would go to $0; shares of Herbalife were trading near $70 on Wednesday." data-reactid="34">Pyramid schemes are often associated with door-to-door sales networks. In 2012, Bill Ackman famously made a three-hour presentation arguing that multi-level marketing firm Herbalife (HLF) was a pyramid scheme and would go to $0; shares of Herbalife were trading near $70 on Wednesday.

In essence, Kolanovic is saying that the scarcity of bitcoin some evangelists cite as bolstering the cryptocurrency’s value actually illuminates the pyramid-like nature of the scheme. Because if it is unprofitable to mine new bitcoin, then it follows that new or prospective bitcoin buyers might ask whether they are really getting something of value in buying existing bitcoin or simply enriching the early owners who own a disproportionate amount of the asset.

Additionally, the proliferation of cryptocurrencies we’ve seen of late — Kolanovic estimates the market is now about $150 billion in size — indicates that players in the space may merely be extracting value from new members (read: crypto investors) and not actually creating cryptocurrencies which are worth anything.

Kolanovic writes that, in the case of bitcoin, “it is believed that an unknown person (or persons) known as ‘Satoshi Nakamoto’, before disappearing, mined the first 1-2 million coins, or ~10% of the coins that will ever exist ($4-8 billion current value). While initial mining requires a negligible effort, the benefits for subsequent participants start diminishing. Mining becomes progressively more difficult, and eventually unprofitable, marking the likely end of a scheme.”

Like a pyramid scheme, then, the values accrue up the chain while the losses flow down. Kolanovic says a possible workaround would be to just create a new coin, adding that, “This can work as long as there are enough willing and uninformed buyers.”

“Worse than tulip bulbs”

said the bitcoin craze we’ve seen this year is “worse than tulip bulbs,” a reference to the tulip mania of the 1600s. Dimon added that, “if [JPMorgan] had a trader who traded bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. Both are dangerous.”" data-reactid="40">On Tuesday, Kolanovic’s boss Jamie Dimon — CEO of the Wall Street bank — said the bitcoin craze we’ve seen this year is “worse than tulip bulbs,” a reference to the tulip mania of the 1600s. Dimon added that, “if [JPMorgan] had a trader who traded bitcoin I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. Both are dangerous.”

Critics of Dimon’s comments will note that Dimon both “doesn’t get” bitcoin and that, if bitcoin and related technologies are going to undermine the primacy of the modern banking system, he would of course dismiss it." data-reactid="41">Critics of Dimon’s comments will note that Dimon both “doesn’t get” bitcoin and that, if bitcoin and related technologies are going to undermine the primacy of the modern banking system, he would of course dismiss it.

Bank of America Merrill Lynch’s latest fund manager survey indicated that going long bitcoin is seen as the market’s most crowded trade right now." data-reactid="42">Elsewhere on Tuesday, Bank of America Merrill Lynch’s latest fund manager survey indicated that going long bitcoin is seen as the market’s most crowded trade right now.

also said Tuesday that after a presentation on value investing delivered to a room of investment industry pros, the first question was about bitcoin." data-reactid="43">Investment manager Patrick O’Shaughnessy also said Tuesday that after a presentation on value investing delivered to a room of investment industry pros, the first question was about bitcoin.



Experience is something you gain a few minutes after you could have used it!
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (1) Thanks(1)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 10:48am
Dimon also made that call at 400 so he's a fool.

I don't believe him either, J P Morgan has invested in it's own blockchain technology so that speaks for itself. 
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (1) Thanks(1)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 11:34am
J P Morgan were big purchases of bitcoin.

Dimon should be investigated.
Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (1) Thanks(1)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 11:38am
Seems as though bitcoin depends on its ability to facilitate anonymous transactions of illegal commodities etc, for its value.
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (1) Thanks(1)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 11:45am
Originally posted by max manewer max manewer wrote:

Seems as though bitcoin depends on its ability to facilitate anonymous transactions of illegal commodities etc, for its value.
Bitcoin is much bigger than that and is actually not truly anonymous.

Monero is preferable for such purposes, that's why I'm high on it. 
Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (1) Thanks(1)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:02pm
Give us your precis of the situation, Sneck, and why it is a sound store of wealth, if indeed it is.
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (1) Thanks(1)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:13pm
Originally posted by max manewer max manewer wrote:

Give us your precis of the situation, Sneck, and why it is a sound store of wealth, if indeed it is.
Because it's not inflationary like fiat and the sky is the limit, you want to hold some as a hedge at the least, you could look at it as an alternative to gold.

Here's a real basic guide to crypto



Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:21pm
What stops imitators duplicating it exactly ?
Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:25pm
They have a complex system of recoeding of transactions in a multitude of places that has gotten around the possibility of fraud. A fixed number of 'coins' is also released 


Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:28pm
There is a pretty good explanation of how the system works and it's history on this podcast


Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:29pm
Originally posted by max manewer max manewer wrote:

What stops imitators duplicating it exactly ?
Not sure what you're asking exactly.

What stops an alternative crypto from taking over from bitcoin at some point? Market share and branding, but sure it's possible.

Or security?

Why are they important?

The importance of something is derived from how valuable it is. Sometimes this manifests purely from a shared belief such as in the case of gold, but most of the time it’s because something is useful. I’m sure you’ve heard Bitcoin being compared to “Digital Gold” and while the analogy serves as an entry point it is far far more useful than gold.

While many cryptos try and differentiate themselves to address specific problems, most of them share a common set of inherent values: securitytransparency (or lack thereof), immutabilityglobal accessibilityspeed and price. This is a shared characteristic of almost all cryptos with some caveats.

  • Security: Centrally controlled assets such as FIAT currencies, bonds, securities and title deeds are all vulnerable to tampering. Either a central bank can change the money supply, a corrupt or incompetent government can change or lose records or records of ownership can be damaged by water and fire, even if they’re stored in digital form. Cryptos are, by their nature, decentralised. Records don’t exist in one location but in hundreds or thousands of servers around the world. In the case of Bitcoin, the network can only be compromised if 51% of the computing power of the servers is directing a malicious coordinated attack. This becomes an economically impossible task given the already huge amount of computing power distributed around the world and the limited amount of damage one can do. The individuals taking part in the system have economic incentives not to tamper with the network (Note that whilst it’s almost impossible to hack the network, the same cannot be said for individual security…)
  • Transparency: Almost every crypto is open source, ie. Its source code is available for everyone to see. For those who understand the programming the inner workings are completely transparent. It is possible then to trust the system without needing to trust any one person as code only obeys logic. Furthermore, with the use of “explorers” it is possible for anyone to see every transaction that has ever been executed since the crypto’s creation. Some cryptos differentiate themselves by doing the opposite and making it impossible (or so they claim) for anybody to trace your transactions.
  • Immutability: Given the previous two points, it is not only nigh on impossible to change the transaction history, but fully verifiable, allowing for complete confidence that said transactions have taken place without the need to place faith in a third party. These records can never be changed bar a complete collapse of the ecosystem.
  • Global accessibility: Geography is irrelevant when it comes to sending and receiving cryptos. As long as you have access to the internet the cost and speed of transaction is the same for somebody with an optic fiber connection in London as it is for someone with a mobile connection in Ethiopia.
  • Speed and price Bank transfers typically take 3-5 business days and offer poor exchange rates between currencies. Cryptos solve this with transaction times ranging from instantaneous to 1 hour depending on the crypto being used. Furthermore there is no need to change currency so the amount sent will be the amount received minus a (usually) small or zero transaction fee.
Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 12:43pm
With heavy-hitter govts like China and India against these currencies, I'd suggest it is conceivable that in the future users may have to quit crypto-currencies of find themselves at the Crossbar Motel.
Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 1:11pm
That is the weakness, as I see it. Gubmints and their powers, and in democracies, with the approval of populations that can be persuaded they are being farked around by crypto-currencies. Of course those invested in the idea, won't hear of that, but greed driven schemes have that effect on people. Think pyramid schemes. They were legal once.
Back to Top
Sneck View Drop Down
Champion
Champion
Avatar

Joined: 16 Feb 2013
Location: Payout Queue
Status: Offline
Points: 7350
Post Options Post Options   Thanks (0) Thanks(0)   Quote Sneck Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 1:50pm
Originally posted by max manewer max manewer wrote:

That is the weakness, as I see it. Gubmints and their powers, and in democracies, with the approval of populations that can be persuaded they are being farked around by crypto-currencies. Of course those invested in the idea, won't hear of that, but greed driven schemes have that effect on people. Think pyramid schemes. They were legal once.
No, I agree with your concerns, they're legitimate.

But cypto is going nowhere, the question is if they'll be a viable alternative to fiat or a niche market mostly online.
Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (0) Thanks(0)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 1:54pm
The Indian and Russian govts are both exploring using crypto currencies as an alternative. I am sure everyone on the wrong side of sanctions and trade restrictions would be as well, also the obvious people within the system trying to avoid transactional scrutiny. Great scope for them especially if they end up interchangeable 
Back to Top
max manewer View Drop Down
Champion
Champion
Avatar

Joined: 30 Jan 2010
Status: Offline
Points: 22471
Post Options Post Options   Thanks (0) Thanks(0)   Quote max manewer Quote  Post ReplyReply Direct Link To This Post Posted: 16 Sep 2017 at 1:57pm
The ability to really "clean up" with some incipient technology or idea, never extends beyond the few that get in on the ground floor. As a billionaire Brit once observed, "if you can see a band wagon, it is already too late". Everyone that misses the early rush, misses the jackpot.
Back to Top
Tlazolteotl View Drop Down
Champion
Champion
Avatar

Joined: 02 Oct 2012
Location: Australia
Status: Offline
Points: 13169
Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 19 Sep 2017 at 1:46pm
The purpose of Bitcoin is to evade or bypass government control so I am not surprised the price has rebounded quickly.
Back to Top
Whale View Drop Down
Champion
Champion
Avatar

Joined: 01 Jun 2009
Location: broome
Status: Offline
Points: 34037
Post Options Post Options   Thanks (1) Thanks(1)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 27 Nov 2017 at 9:53pm
1 Bitcoin equals
12808.30 Australian Dollar
Back to Top
ThreeBears View Drop Down
Champion
Champion


Joined: 13 Apr 2017
Location: Daylesford
Status: Online
Points: 2505
Post Options Post Options   Thanks (0) Thanks(0)   Quote ThreeBears Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2017 at 8:17am
Who gets the blame when this Ponzi/money laundering scheme goes off a cliff?
Back to Top
Whale View Drop Down
Champion
Champion
Avatar

Joined: 01 Jun 2009
Location: broome
Status: Offline
Points: 34037
Post Options Post Options   Thanks (1) Thanks(1)   Quote Whale Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2017 at 8:23am
I don't think it will go over the cliff, there is a limited amount of bitcoins , 21 million,   17 million are in circulation now.

Despite all the warnings of a ponzi scheme i think cryptocurrency is the way of the future, even financial institutions are looking to be involved

I hate it for a number of reasons, I missed the boat, don't understand it, and am wondering if traditional currencies will collapse
Back to Top
ThreeBears View Drop Down
Champion
Champion


Joined: 13 Apr 2017
Location: Daylesford
Status: Online
Points: 2505
Post Options Post Options   Thanks (0) Thanks(0)   Quote ThreeBears Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2017 at 8:58am
I'm more of a Newton kind of guy and this has gone UP too far for my liking. Its association with money laundering must be the greatest concern for traditional financial bodies. The US regulators must be looking at who they can "pinch" a la HSBC etc.
Back to Top
Passing Through View Drop Down
Champion
Champion
Avatar

Joined: 09 Jan 2013
Location: Australia
Status: Online
Points: 24800
Post Options Post Options   Thanks (1) Thanks(1)   Quote Passing Through Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2017 at 9:25am
The problem isn't that Bitcoin is restricted to 21 million units, it is that there are at least 1037 different listed cryptocurrencies Bit like the alphabet soup of boxing Which one(or 100) ends up being the one you want to be left holding
Back to Top
Dr E View Drop Down
Champion
Champion


Joined: 05 Feb 2013
Location: Australia
Status: Offline
Points: 18900
Post Options Post Options   Thanks (0) Thanks(0)   Quote Dr E Quote  Post ReplyReply Direct Link To This Post Posted: 28 Nov 2017 at 10:25am
"I hate it for a number of reasons ..., don't understand it"
Back to Top
 Post Reply Post Reply Page  123 10>
  Share Topic   

Forum Jump Forum Permissions View Drop Down

Forum Software by Web Wiz Forums® version 11.10
Copyright ©2001-2017 Web Wiz Ltd.

This page was generated in 0.078 seconds.