Bitcoin Cracks $5000

[devil21]

1. Order spoofing is illegal.

Hasn't stopped the exchanges from doing it.

2. It makes me nostalgic. I've noticed no one whines about high frequency trading anymore. Zerohedge is awfully silent. You want to know why? The free market took care of it. HFT profits have been reduced to nothing through competition. Competition has forced good behavior and been amazing for the average investor.

ZH sure isn't what it used to be. It was bought out some years ago (as were pretty much all popular alternative info outlets, likely including this one) and doesn't do much but spin MSM narratives and generate click bait threads. You don't seriously think HFT isn't used anymore, do you? You don't seriously think the crypto markets aren't HFT driven to some extent themselves, do you? Everything eventually gets co-opted by the money printer.

Wait a minute, some libertarians want cannabis to be legal but don't want to use it themselves.

Are you equating cannabis use to ponzi schemes? I was in the audience during an SC debate when Ron equated heroin use to religious choice (along with the founders of this forum who seem to be loooong gone), as an exercise in liberty, but cannabis=ponzi is a stretch. Can you imagine Ron replying to a question about cannabis by comparing it to a ponzi scheme then calling it an exercise in personal liberty??

 

[Mordan]

Lol, wait a minute.. I thought after the first year I learned that the establishment was the enemy, even though I kinda knew that before.

The establishment comes out against Trump, and you back them up and attack Trump.

The establishment comes out against bitcoin, and you back them up and attack Bitcoin.

Notice a trend yet?? And I haven't learned anything??

Then you come up with this whacked out conspiracy theory, which admittedly could be true, but not very likely, imo, that they are purposely against Donald Trump to get people like me to support him, even though I didn't vote for him. And they are pitting the mainstream citizen against bitcoin, allegedly so that people like me, the minority, will support it. Why? I dunno. If they liked the blockchain why not just put it into the banking system that they already control??

If the lessons that I was supposed to learn on RPF is that the establishment is going to attack things that they like, to get me to like them, then why should I have supported Ron Paul to begin with

FUUUUUCKKK YEAHHHHH

DANNO ++++ 11000000000000

 

[Mordan]

thx for posting

Highly recommend a series of two articles posted at fee.org

https://fee.org/articles/what-bitcoin-isnt-a-ponzi-unbacked-tulipmania/

But the price action around this isn’t what is exciting about Bitcoin and the crypto-currency revolution. What is exciting is that the centralized, bankster-controlled monopoly over the issuance of money itself is finished. It’s over. Even if they successfully manage to co-opt some major crypto-currencies or issue their own, Gresham’s Law will assert itself as capital managers will select a truly decentralized crypto-currency wherein they control, or have the option to control, their own private keys to safely store their wealth while they’ll use the government version to pay taxes, etc.

 

[Mordan]

I haven't seen any country make an effort to shut crypto down to see if it can be achieved or not.

China tried. several times. That's why Japan took most of the trading.

 

[dannno]

Are you equating cannabis use to ponzi schemes? I was in the audience during an SC debate when Ron equated heroin use to religious choice, as an exercise in liberty, but cannabis=ponzi is a stretch. Can you imagine Ron replying to a question about cannabis by comparing it to a ponzi scheme then calling it an exercise in personal liberty??

Uh, no..

https://mises.org/library/insider-trading-really-crime

 

[kpitcher]

China tried. several times. That's why Japan took most of the trading.

I know China closed some exchanges, they stopped assets moving from bank accounts. They even closed some miners. They did this a few years ago, and they did it again recently. However I see people posting on various forums from China and them describing how they get around their great firewall to still do crypto. While some of the P2P syncing for wallets can be a problem they use online services for active wallets. They have to jump through more hoops to get their crypto. It's slowed it down but it hasn't stopped it.

 

[CCTelander]

I know China closed some exchanges, they stopped assets moving from bank accounts. They even closed some miners. They did this a few years ago, and they did it again recently. However I see people posting on various forums from China and them describing how they get around their great firewall to still do crypto. While some of the P2P syncing for wallets can be a problem they use online services for active wallets. They have to jump through more hoops to get their crypto. It's slowed it down but it hasn't stopped it.

Russia tried to ban cryptos too, and failedv miserably.

 

[anaconda]

$13,745

 

[Krugminator2]

Bitcoin now down 40% from the highs five days ago.

 

[devil21]

At this rate, the thread title will be accurate again in a couple days. I hope no one here is losing their shirt! Well, maybe a couple of you I wouldn't mind

 

[Mordan]

At this rate, the thread title will be accurate again in a couple days. I hope no one here is losing their shirt! Well, maybe a couple of you I wouldn't mind

buy some now.. already going back up...

you can't print bitcoins to crash the market forever noob.

 

[Mordan]

Russia tried to ban cryptos too, and failedv miserably.

Yes Bitcoin parameters work against censorship. (10 minutes, 1mb, POW )

Bitcoin protects all the weak alts who would die under heavy censorship

 

[anaconda]

$15,130

 

[The Northbreather]

I wonder why Gemini took the ticker of its homepage today?

 

[r3volution 3.0]

The average transaction fee for bitcoin is now $54.

It never had much use as a currency (contra a speculative asset); now it has virtually none.

 

[anaconda]

The average transaction fee for bitcoin is now $54.

It never had much use as a currency (contra a speculative asset); now it has virtually none.

1.49% on Coinbase to buy or sell.

 

[r3volution 3.0]

1.49% on Coinbase to buy or sell.

That's only the fee charged by the exchange.

The confirmation fee paid to the miners (currently averaging $54) is additional.

 

[anaconda]

That's only the fee charged by the exchange.

The confirmation fee paid to the miners (currently averaging $54) is additional.

Can one hold off on configuring and shop around? Or configure their own?

$54 for a $16,000 bitcoin is thirty-three one hundredths of one per cent.

 

[dannno]

The average transaction fee for bitcoin is now $54.

It never had much use as a currency (contra a speculative asset); now it has virtually none.

A month ago I paid a .50 cent transaction fee, this isn't a permanent fixture, they saw it coming, and already have a solution that has passed the scaling tests that doesn't increase the block size (like BCH does)

 

[r3volution 3.0]

Can one hold off on configuring and shop around? Or configure their own?

I don't know what you mean.

You can trade BTC all day on an exchange and pay only the fee the exchange charges (some charge nothing I believe, at least for regular users), but these are intra-exchange trades. They're not "real." If you want to cash out and get $$$ in a bank account, or use BTC to buy real goods and services, you have to pay the transaction fee to the miners. Think of a poker game where you pay a small % fee per hand to the dealer (exchange fee) and a whopping fee to the bank when you cash out (miner fee).

$54 for a $16,000 bitcoin is thirty-three one hundredths of one per cent.

How many of the average person's daily expenditures is for $16,000?

Imagine if you had to pay a $54 fee every time you used a credit/debit card or cash.

That's why bitcoin isn't being used as a currency (well, one of the reasons).

A month ago I paid a .50 cent transaction fee, this isn't a permanent fixture, they saw it coming, and already have a solution that has passed the scaling tests that doesn't increase the block size (like BCH does)

"Lightening," yes, that's the hope.

But the reality today is $54 transactions fees.

Major retailers have already jumped ship.