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PansPurse

Thoughts on Bitcoin, PMs, Bubbles and fundamentals

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Quick update looking at Bitcoin's price. it's hit a new low over the last 24 hours:

5a742f935f256_ScreenShot2018-02-02at09_27_14.png.b7b910ed9ba76dd25e350df88702606a.png

Which is looking pretty brutal, compared with the usual drop-then-bounce pattern we've been seeing for the last month. That said, overall the last month shows a steady drop in bitcoin's price:

5a742f9e6901a_ScreenShot2018-02-02at09_27_49.png.a9c14294ccbd7006006235a6115c5ec0.png

So now I guess the question is where/if it's going to level out?

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I think we can be pretty certain where it will bottom out.  In a while this will make a great film. 

I am genuinely delighted for those able to cash out during the frenzy, these are the people with courage and a true understanding of the value of Crypto Currency.

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3 minutes ago, Mariner1961 said:

By the looks of things everything is. A nice chance for a pump and dump of some coins tomorrow, the 3rd of February, or so I'm led to believe.

I'm actually kind of tempted. I think I've finally figured out how to make a paper wallet. Also it looks pretty brutal across the board, top dozen cryptocurrencies all suffering double-digit losses:

5a7433d3d33fe_ScreenShot2018-02-02at09_46_01.thumb.png.b8839dbc98095243e22bd62f85f12591.png

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1 minute ago, PansPurse said:

I'm actually kind of tempted. I think I've finally figured out how to make a paper wallet. Also it looks pretty brutal across the board, top dozen cryptocurrencies all suffering double-digit losses:

 

If you want to go pump and dump you dont need to bother with a wallet, just buy and stick to the exchange if your window is short. 

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17 minutes ago, Mariner1961 said:

By the looks of things everything is. A nice chance for a pump and dump of some coins tomorrow, the 3rd of February, or so I'm led to believe.

Meant that more as a warning than a suggestion if you see anything going up unexpectedly, tomorrow the 3rd of Feb.

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32 minutes ago, PansPurse said:

So now I guess the question is where/if it's going to level out?

From several sources/posts/blogs the story is after 10k the next support is at low 8x00 weak support then ~6000.  We're at 8200 this morning, so with the weekend (usually lighter trading less support lately) we could see 6000 on Monday.

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2 hours ago, Thelonerangershorse said:

After 2 months of trying, one of my work colleagues finally managed to buy some Ripples, yesterday:(

I watched it go from $0.24 to $2.54 and up, and that's when I bought it LOL. It's at $0.87 now! I'm hodl and doing fine!

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I don't think Bitcoin has any real future long term.  It's the beanie baby of the day.

The real long term future of digital currencies is in a standardized means for anyone to issue a digital "currency" for any reason they choose.  For example, at some point digital currencies will be so commonplace that your local video arcade will issue video game tokens in digital currency, your local restaurants will issue gift certificates in digital currency, and your favorite pizza joint will issue coupons in digital currency.  YOU may issue invitations to a party at a local nightclub in digital currency so your guests can use it to access the part of the club you've rented for your party.  Eventually we will even see debt obligations, bearer style stock certificates, etc, in digital currency, even digital currency versions of checks from your own checkbook.  That is the real future of digital currency.

Investing in bitcoin is like investing in paper with pictures on it when the printing press was created, as if being "first" means something.  The "first" paper currency was in the Han Dynasty in China some 1000 years ago, and who remembers that now ?  There have been literally thousands of paper currencies since then, millions if you include green stamps, pizza coupons, and everything else printing on paper that people use as "money".

The real value of these systems will be in the democratization of the means of creating the tokens.

Just my opinion.

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30 minutes ago, Lowlow said:

The real value of these systems will be in the democratization of the means of creating the tokens.

On that note: remember a few years ago when people were talking about how 3D printing was going to "democratise manufacturing"?

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1 hour ago, PansPurse said:

On that note: remember a few years ago when people were talking about how 3D printing was going to "democratise manufacturing"?

It helped jewelers and drone pilots who wanted to make their own propellers. :D

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On 2/9/2018 at 17:32, Lowlow said:

 

as if being "first" means something. 

 

It actually does mean something. I too like yourself used to comment on things I didn't understand about (I thought I knew everything in my 20s), and walk the earth as a blind fool happy about my own misguided, half learned, top skimmed, information about things that I didn't research, but heard from hearsay. Now in my late 40s I actually do at least some research before opening my mouth. It has saved me plenty of times from sounding like a fool. Anyway getting back to being first, research why it means something and read about all the nodes (full and lightweight) that Bitcoin has from being first. Or don't research at all and keep at it :)

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On 2/9/2018 at 17:32, Lowlow said:

 

The real value of these systems will be in the democratization of the means of creating the tokens.

 

Blockchain is very democratic. Look at the results, altcoins. New exciting ICOs coming out monthly it seems. Exciting new projects from small startups everywhere you look. It's democratized already, from the inception. Decentralization, another key word to keep in mind. FYI.

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5 hours ago, 999magnum said:

... I thought I knew everything .... walk the earth as a blind fool happy about my own misguided, half learned, top skimmed, information ... I didn't research, but heard from hearsay. Now in my late 40s ... sounding like a fool...

It didn't work out so well for you this time ... keep at it ..

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4 hours ago, 999magnum said:

Blockchain is very democratic. Look at the results, altcoins. New exciting ICOs coming out monthly it seems. Exciting new projects from small startups everywhere you look. It's democratized already, from the inception. Decentralization, another key word to keep in mind. FYI.

I've been in digital currency since the 90's and remember Ecash.

When I say democratized, I'm not talking about the blockchain algorithm, I'm talking about the infrastructure of crypto currency that has to surround it (and/or replace it) for it to be widely used for minting tokens.  Blockchain has its problems, and at the moment it is too unwieldy and has way too much overhead for your local restaurant to use blockchain to issue its own "free movie on Monday" tokens, which is what I'm talking about.  Sure, with enough support people can use blockchain to create a new very widely used currency, but it is totally inappropriate as it stands for car wash tokens, green stamps, coupons, and personal checks.

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5 hours ago, Lowlow said:

I've been in digital currency since the 90's and remember Ecash.

When I say democratized, I'm not talking about the blockchain algorithm, I'm talking about the infrastructure of crypto currency that has to surround it (and/or replace it) for it to be widely used for minting tokens.  Blockchain has its problems, and at the moment it is too unwieldy and has way too much overhead for your local restaurant to use blockchain to issue its own "free movie on Monday" tokens, which is what I'm talking about.  Sure, with enough support people can use blockchain to create a new very widely used currency, but it is totally inappropriate as it stands for car wash tokens, green stamps, coupons, and personal checks.

So when you mentioned “tokens” you were actually talking about physical tokens? LOL. Btw Bitcoin is accepted in many local business in NYC. Also APMEX and BYB accepts bitcoin for PM purchases. The stuff that you mention that can’t happen is already happening. 

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5 hours ago, Lowlow said:

It didn't work out so well for you this time ... keep at it ..

Well, I don’t think I’ve said anything wrong. Maybe a bit direct, but sometimes ignorance requires a direct hit to the point. Just clarifying some things that you said that was wrong. Sorry if I made you upset.

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34 minutes ago, 999magnum said:

So when you mentioned “tokens” you were actually talking about physical tokens? LOL. Btw Bitcoin is accepted in many local business in NYC. Also APMEX and BYB accepts bitcoin for PM purchases. The stuff that you mention that can’t happen is already happening. 

The closest thing to "happening" related to what I'm talking about is etherium.

32 minutes ago, 999magnum said:

Well, I don’t think I’ve said anything wrong. Maybe a bit direct, but sometimes ignorance requires a direct hit to the point. Just clarifying some things that you said that was wrong. Sorry if I made you upset.

You didn't upset me, I just think you're a moron.

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55 minutes ago, 999magnum said:

Well, I don’t think I’ve said anything wrong. Maybe a bit direct, but sometimes ignorance requires a direct hit to the point. Just clarifying some things that you said that was wrong. Sorry if I made you upset.

If you can tell me what this does I might stop thinking you're just talking BS, any first year college student in IT or computer science can figure this out.

char a[ ] = {0x39, 0x39, 0x39, 0x6d, 0x61, 0x67, 0x6e, 0x75, 0x6d, 0x20, 0x69, 0x73, 0x20, 0x61, 0x20, 0x6d, 0x6f, 0x72, 0x6f, 0x6e, 0x00}; int main( ) { printf("%s\n",a); }

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39 minutes ago, Lowlow said:

If you can tell me what this does I might stop thinking you're just talking BS, any first year college student in IT or computer science can figure this out.

char a[ ] = {0x39, 0x39, 0x39, 0x6d, 0x61, 0x67, 0x6e, 0x75, 0x6d, 0x20, 0x69, 0x73, 0x20, 0x61, 0x20, 0x6d, 0x6f, 0x72, 0x6f, 0x6e, 0x00}; int main( ) { printf("%s\n",a); }

Hmm I don’t think I’ve said that I was a first year college student in IT or computer science. You’re an IT guy? So because of that you think you know About Bitcoin? This is so ridiculous. Listen, investing in crypto currencies and learning about each coin you invest in doesn’t mean you need to know how to decipher that.. I can tell you’re very upset and I’m sorry if I upset you, but really what you’re talking about is total insanity because one has nothing to do with the other. Have a nice day!

Edited by 999magnum

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