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  #326  
Old 11-27-2018, 01:18 PM
BLUE LOU BOYLE BLUE LOU BOYLE is offline
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Originally Posted by Big Pimpin View Post
Bitcoin will never become big. It’s a ponzi
The Bitcoin ‘pyramid scheme’ continues to collapse
By John Crudele
November 26, 2018 | 11:39pm

The ancient Egyptians made pyramids to last forever. Wall Street’s pyramid schemes aren’t nearly as durable.

Bitcoin, while not officially a product of traditional Wall Street, is a pyramid scheme. A fraud. But it is best described as a “confidence game.”

I’ve been calling it a “bitcon” for a long time. And now the pyramid seems to be collapsing because fewer and fewer people have confidence that the price of this inherently worthless “cryptocurrency” is going to continue to rise.

I’ve just repeated some of the comments I made about bitcoin (and you could include other cryptocurrencies here) for years. But I’ve been especially vocal since early this year, when bitcoin was reaching nearly $20,000 in price and even staid Wall Street firms were being lured to this “investment.”

Here’s what I said about the crypto in a column on Jan. 4 that made predictions for the new year.

“The fact that anyone even has to discuss the fate of this and other so-called cryptocurrencies shows just how crazy the world has become. Bitcoin — or bitcon — is a confidence game. A scam. It will exist and move higher for as long as extremely wealthy people are willing to prop it up in hope that suckers remain confident that bitcoin has some value,” I wrote.

I predicted a number of times that bitcoin would eventually be worth $0.

On the day that column was published, bitcoin was selling for $15,144. That was below the $19,650 peak it reached on Dec. 16, 2017.

Over this past weekend, the price had fallen to just $3,600, which is still $3,600 too much.

Since its peak, bitcoin has lost about $700 billion in value. Think of it this way: The early participants in this pyramid have made a lot of money, but other people have lost $700 billion of their money in less than a year.

What caused that price decline? Nothing. That’s the same reason why bitcoin was once worth $19,650, or $15,144, or any amount.

I discussed this subject with a colleague last week, and she and I agreed that bitcoins are hard to write about. Why? Because bitcoins are the epitome of “thin air” investments. They represent nothing — not a piece of a company, or an ounce of precious metal or the faith in a country.

It’s like writing about philosophy. Bitcoin is a thought. And thoughts have value only if other people value them.

And bitcoin continues to be worth something only if its proponents can convince others to jump on board with the idea and bid up the price.

That’s the definition of a confidence game. You have to be confident that someone is dumb enough to keep investing in this scam.

Bitcoin’s value is certainly disappearing. And the only real explanation is that the confidence game is falling apart. The pyramid scheme that lured new money into this scam is collapsing.

When will bitcoin reach $0? I don’t know, although I did predict in another column that it would before the end of this year.

But I do know this: There are already investigations going on. And once the small investing suckers start complaining, the folks in Washington will get involved.

One report last week said the Trump administration is investigating whether people were propping up the price by purchasing bitcoin with other cyrpotcurrencies, which is like the mathematical equation “Confidence game squared.”
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  #327  
Old 11-27-2018, 01:39 PM
chibob chibob is offline
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  #328  
Old 02-01-2019, 09:41 PM
Roofies Roofies is offline
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bull run will start this fall.
I have never been a fan of charting and technical analysis but I have been following several prominent bitcoin TA gurus and they have been spot on over the last 8 months. willy woo, david puell and murad mahamandov. Check them out on twitter. They are saying according to their charts and pretty much a consensus. the bottom is going to be about $2200 to $2800 and possibly a capitulation wick under $2k briefly. This will go down within the next 6 months then the bull run will start towards the end of this year. I think this is a real possibility. Whales love to lock in bag holders who get comfortable at price levels. Like $6k. Btc traded for three months at $6k then dropped almost 50%. We have been trading at $3k+for awhile so dont be surprised if whales dump and lock in more bagholders at current levels. If I had to call my own bottom, I would say around $3k. I think at this level there are pretty much just hardcore never sell holders left and not much seller other than the whale manipulation. Retail investors in 2017 didn't pile in until the price was well over $5k probably closer to $10k. And in essence that is what this bear market is. Whales are selling and squeezing every last penny out of every weak hand left. Whales want to buy back every single satoshi that they sold during the last bull run. Wash rinse repeat. When their bags are full they will let the mindless trading bots drive the price sky high which will be the next bull run. Bitcoin is here to stay and those with patience and foresight will be the ones make $$$. Right now is no different than when bitcoin was $200 in 2014-2016 Those that accumulated were rewarded with a 100x return.
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  #329  
Old 02-03-2019, 10:15 AM
AuburnKid AuburnKid is offline
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If you want a free copy of W.D. Gann's book, it is now in the public domain free. This is not an easy read but it is the father of all tech analysis

http://gann.su/book/eng/W.D.%20Gann%...s%20Course.pdf
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  #330  
Old 02-03-2019, 12:29 PM
Big Pimpin Big Pimpin is offline
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People still buying this garbage?
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  #331  
Old 02-03-2019, 01:23 PM
T100 T100 is offline
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  #332  
Old 02-05-2019, 12:49 PM
BFDwager BFDwager is offline
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Post Oopsie..

Bad news for QuadrigaCX investors!

A CEO Died. He Never Shared His Passwords. Now His Customers Are Out $190 Million That Can'''t Be Accessed | Inc.com
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  #333  
Old 02-06-2019, 12:00 PM
AuburnKid AuburnKid is offline
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Today, the price of silver is finally close to testing the artificial highs of the early 80s.
This is from a recent post. It is out of date. Silver hit 49 in early 2011 and has been dropping ever since. Now about $15.75








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  #334  
Old 02-06-2019, 01:11 PM
cook county capper cook county capper is offline
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Originally Posted by AuburnKid View Post
This is from a recent post. It is out of date. Silver hit 49 in early 2011 and has been dropping ever since. Now about $15.75.

it isn't out of date.
Bob's article was from a decade ago, it was hard to find the date for that.






Silver was an all-time steal when it was below $15 for a while in 2018.....
To me at least.
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  #335  
Old 02-06-2019, 01:56 PM
AuburnKid AuburnKid is offline
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...
Silver was an all-time steal when it was below $15 for a while in 2018.....
To me at least.
$14.xx for silver was a good deal. About one boxcar of 300,000 pounds is applied to low-E windows annually. This will never be recycled like old silver coated film or broken gold necklaces. About 50 cents worth goes into a cell phone.








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  #336  
Old 02-06-2019, 09:28 PM
littlejohnnyjumpup littlejohnnyjumpup is offline
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Did they try using "password" as the password ?
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  #337  
Old 02-07-2019, 10:44 PM
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Quote:
Originally Posted by Roofies View Post
bull run will start this fall.
I have never been a fan of charting and technical analysis but I have been following several prominent bitcoin TA gurus and they have been spot on over the last 8 months. willy woo, david puell and murad mahamandov. Check them out on twitter. They are saying according to their charts and pretty much a consensus. the bottom is going to be about $2200 to $2800 and possibly a capitulation wick under $2k briefly. This will go down within the next 6 months then the bull run will start towards the end of this year. I think this is a real possibility. Whales love to lock in bag holders who get comfortable at price levels. Like $6k. Btc traded for three months at $6k then dropped almost 50%. We have been trading at $3k+for awhile so dont be surprised if whales dump and lock in more bagholders at current levels. If I had to call my own bottom, I would say around $3k. I think at this level there are pretty much just hardcore never sell holders left and not much seller other than the whale manipulation. Retail investors in 2017 didn't pile in until the price was well over $5k probably closer to $10k. And in essence that is what this bear market is. Whales are selling and squeezing every last penny out of every weak hand left. Whales want to buy back every single satoshi that they sold during the last bull run. Wash rinse repeat. When their bags are full they will let the mindless trading bots drive the price sky high which will be the next bull run. Bitcoin is here to stay and those with patience and foresight will be the ones make $$$. Right now is no different than when bitcoin was $200 in 2014-2016 Those that accumulated were rewarded with a 100x return.
Couldn't agree more man. Willy and Murad are ridiculously smart guys.
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  #338  
Old 02-12-2019, 08:01 PM
Roofies Roofies is offline
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Originally Posted by Big Pimpin View Post
People still buying this garbage?
Are you referring to the people that wanted to get rich quick but ended up getting taken behind the woodshed and getting their asses deservedly handed to them ? Imo they are not buying. They are too dumb to be buying right now. They will buy the next ath like last time as smart money is dumping on them. mark my words.
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  #339  
Old 02-15-2019, 07:54 AM
Big Pimpin Big Pimpin is offline
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Like I said before. Minus a handful it’s a giant ponzu scam
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