Wow. Bitcoin is almost $1,500

[Arcadio]

Fairly shocked by this, whether pure malfeasance or possibly naevity (if they 'trusted' people with insider info to not act on it) i'm feeling a little bit like Coinbase might get thrashed as a result of this. Sucks too, are there any other exchanges that far on the up & up, like US location, fully insured, etc?

I've been using Gemini without trouble. It's fully insured, run by the Winklevi.

 

[Yakk]

Fairly shocked by this, whether pure malfeasance or possibly naevity (if they 'trusted' people with insider info to not act on it) i'm feeling a little bit like Coinbase might get thrashed as a result of this. Sucks too, are there any other exchanges that far on the up & up, like US location, fully insured, etc?

It's actually bigger than that imo... there's also been multiple gargantuan sized ddos attacks against many (most?) of the largest exchanges worldwide for a good chunk of the last week which probably started BTC consolidating a little.

Anyways...it all looks really, really bad and shady as hell... some people were talking about shifting to Gemini exchange.

For good news... NYSE announced their upcoming BTC ETF & the Lightening Network is testing well apparently.

 

[Svnla]

Investing in crypto currencies by using credit cards? Yike.

https://www.bloomberg.com/news/arti...ooking-to-buy-bitcoin-with-their-credit-cards

 

[ultimatebob]

I've been using Gemini without trouble. It's fully insured, run by the Winklevi.

Oh, that sounds safe... use the exchange that's also owned by one of the world's largest Bitcoin holders.

I'm sure that you'll be totally surprised by the "system maintenance" or "DDOS attack" that will occur the next time Bitcoin has a big price correction, giving the Winklevii time to unload their holdings before the price plummets.

 

[ultimatebob]

Investing in crypto currencies by using credit cards? Yike.

https://www.bloomberg.com/news/arti...ooking-to-buy-bitcoin-with-their-credit-cards

Yeah, you know that you're getting close to a market top when you start seeing people buying into the hype and buying more of something that they can't afford on credit.

 

[Capt Caveman]

An attack (by attack I mean multiple nuclear bomb size financial attack) by Bcash & Coinbase against BTC was started yesterday and is currently ongoing.

I would be very wary of dealing with Coinbase for the foreseeable future, if ever. Wouldn't be surprise if they come under investigation sooner rather than later over all this.

Edit: and even CNBC is involved, with some really bizarre and confrontational tweets:

http://bitcoinist.com/coinbase-insider-trading-bcash-launch/

Figured out where the BTH came from. Wish I had kept more money at coinbase but I'll take the free $7.5k. I have a Gemini acct and may move my BTC over there but they hold BTH though.

Since Coinbase didn’t deal with Bitcoin Cash at the time, its users were left out, but Tuesday’s decision aimed to correct that. “All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account,” it wrote in the announcement. “Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork.” This meant a lot of people were suddenly getting in on the Bitcoin Cash game, in addition to the fact that the cryptocurrency would be tradeable on an app that recently topped Apple’s download charts.

 

[ultimatebob]

Dude... don't keep your Bitcoin in an exchange! Didn't people learn that lesson from Mt. Gox, Bitstake, or BTC-E? When they went bust, those people lost a lot of their holdings that were stuck in the exchanges.

 

[purbeast0]

Other than a physical wallet, are there any e-wallets you all suggest?

And I guess the only downside of keeping it in a physical wallet is you can't just sell it on a dime since you have to first move it into an exchange then sell it?

 

[ImpulsE69]

LMAO. Corruption in a BTC exchange? No way. You can't even trust legit banks to not pull things over on people, you expect to trust unregulated mom and pop basement servers? (okay so that's probably a bit of an overstatement but it's not that far off). Coinbase is in trouble and they won't be the last. Where there's money there's greed.

 

[Yakk]

I'll say this one goes way beyond just 1 exchange closing... Coinbase, GDax refusing to allow BCH selling, & CNBC propaganda (well that's not THAT out of the ordinary) All in it together with insider trading. Then add in blockchain spamming, DDOS attacks, & FUD.

I wouldn't believe it if it weren't all documented and readily accessible online. This has movie adaptation written all over it.

Once again Bitcoin does not disappoint!

 

[Svnla]

Bitcoin is down 22% in 4 days. Yike.

And I thought penny stock trading is risky.

 

[Train]

Logged into my coinbase acct and it appears they credited me $130 worth of BCH from some BTC I bought back before the split. Cool beans, I figured I would never see it since I had long since sold those coins before coinbase launched BCH support. So I did the only smart thing and dumped it all for BTC

 

[purbeast0]

Crypto is getting killed (well BTC and LTC for me) right now. Ripple jumped up like shit again though.

I'm actually down right now for the first time in like 2 weeks. Weak!

 

[Yakk]

That BCH attack was bigger than the usual pump & dumps... meh... play with BCH, be prepared to get burned by those dumps. Ouch for the people who got caught holding that bag on this one even with all the warnings everywhere.

Some coins are up, some coins are down. Having a good mix helps in the lows. Bitcoin itself has historically retraced up to 80% before bouncing back and throwing out every trading rule in the books while doing so. So who knows what it will do next...

 

[purbeast0]

I signed up to bitstamp last week because I wanted to buy some Ripple and it's doubled yet again since I signed up and my account still isn't verified

 

[FelixDeCat]

h

 

[Yakk]

Or just what it was worth last week...

 

[FelixDeCat]

u

 

[TheVrolok]

No, investing in BC is totally a thing...

 

[Yakk]

This is a trader's paradise right now.

Let's see if 13k holds, which was reached just 2 weeks ago. 5K up & down within 2 weeks is making traders some serious, serious, serious money.

For regular people that whole BCH debacle probably cost them money cause they probably thought this time would be different from all the other times Bcash pumped & dumped, which has been their regular habit since it was forked.

 

[FelixDeCat]

j

 

[Yakk]

Beautiful

 

[interchange]

I was talking about this with my friend in considering getting in on the game just to buy and hold at fixed increments. He told me it was regular for BTC to sell off around the new year because a lot of investors cash out around that time in order to keep their books in order. Would be good to see if similar % drops have been the pattern over the last few yrs. If so, good time to buy.

 

[momeNt]

I know this makes potentially no sense, but if bitcoin basically becomes worth infinity, doesn't that solve all wealth inequality problems, healthcare problems, and food and hunger problems?

Is bitcoin the second coming of Jesus? Is this heaven on Earth?

 

[Yakk]

LoL... Bitcoin is just... Bitcoin. There will only ever be 21m of them, it's trustless, and decentralized. Fixing issues is something for people to do, not a crypto-currency. Although it could certainly help.

The reason a fiat currency can potentially crash against BTC is the sheer amount of new fiat currency being printed has reached ridiculous levels (along with net negative interest rates) and bitcoin just highlights that incredibly well by being deflationary. Essentially just by doing nothing Bitcoin gains in value just because fiat currencies lose so much value on their own daily.

Example: a rib steak that used to cost 0.10 cents 90 years ago now cost maybe 100x that now. The rib steak itself didn't change, it's the currency purchasing it which has drastically decreased in value against it.