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4:51 pm
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April 1, 2012
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Anybody know the basics on Bitcoin? Wtf is it? Is it a scam? My friend has invested in Bitcoin, and he tried explaining it to me the other night but I didn’t grasp any of it really. What do you guys know?
5:11 pm
April 18, 2017
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Yea. It’s basically an online currency that operates like the stock market. The value changes constantly, so your goal is to buy it when it’s low and then spend it when it’s high.
Whoop Whoop Bonesaw Wizardstick :
SPOOKYtheFUNGI9:09 am
July 28, 2016
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Bitcoin is a scam in that it’s kind of a fool’s errand. The monetary value is based on rarity in the market place. If you buy some and hold on to it, you can sell it later for a profit. Or you can use it as an online currency in place of saving it.
The scam comes in when you have people who bought large pools of bitcoin and when someone tries to cash out a considerable amount, they flood the market making your million dollar dreams worthless. Then they buy you out. Since the value isn’t tied to anything, you are basically beholden to the demand side of the economics that drive it.
It becomes a kind if pyramid scheme where people buy it and then realize they aren’t getting rich off it so they sell it to their friends slightly marked up. Then their friends do the same. Then again. This drives the price up. Person A either then sells what they have left at substantial gain or they buy more hoping it’s finally catching on enough to make them rich.
Whoop Whoop Noah Fence :
SPOOKYtheFUNGIIf you really believed that all lives matter we wouldn't need to say black lives matter
4:49 am
January 28, 2016
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The point of bitcoin is to pay for illegal things anonymously….the hype that bitcoin is a good way to come up(like stocks and bonds), only started when the drug trade using bitcoin dwindled down to nothing due to the FBI/dea/cia setting up stings and whatnot.
Buying and selling bitcoin is the end phase of its life cycle…something new will take over and help fade bitcoin out… Something heavily taxed
8:27 am
Moderators
February 15, 2014
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I don’t think there is a problem with Bitcoin or any of the main line or alternate crypto-currencies. It is a volatile market so potential for gains and losses is quite big. It fluctuates very rapidly so if you are trading via a crypto exchange market, then you need to trade via limit and stop-loss orders. Pay attention to ask and bid walls formed in the market depth. Trending directions tend to “bounce” off of high concentrations of orders aggregated by depth. There is a huge increase in bot transactions recently making it more of a battle of the crypto-bots. If you do have the ability, write your own bot. I suggest an unsupervised learning AI bot.
My bot:
Out of the 384 trading pairs, I only monitor the cryptos with direct fiat currency exchange. I monitor market depth, and volume of the currencies updating once every second though the market API. I pre-process the data with MAC (moving average cost) and VWAC (volume weighted average cost) on multiple increasing timelines. Timelines are multiple exponents of 2 (computers love binary divisions) Plus each data set from the pre-processed data is further processed to find the 1st and 2nd derivative of each set to determine slope (direction over time) and the slope of the slopes (rate of change of direction change over time). All this data is fed into a self modifying genetic algorithm to determine buy and sell points for limit and stop-loss orders. The bot does not try to predict the market. it only tries to find the most optimum buy and sell points. The screenshot is from a current monitor of mid-market price since there is too much preprocessed data to display within the 1 second intervals of GUI updates.
The bot is still in the evolutionary phase of “growing” the program from a genetic pool of 10,000 competing bots “mating” and “mutating” the most successful bots to create new bots. This has been going on for months and I predict that within the next 6 months it will have evolved a bot capable of > 50% success rate at which point it will go online but continue to evolve. It drops its online status if it ever gets below 50% success.
Whoop Whoop Psyral :
SPOOKYtheFUNGI
12:13 pm
October 10, 2017
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Bitcoin can eat a dick for ruining GPU prices for over a year.
Whoop Whoop kingshiro :
SPOOKYtheFUNGI4:23 pm
Moderators
April 1, 2012
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I was looking to maybe buying just $20 worth or whatever and see what happens in 10 years. Unless the more Bitcoin I buy the bigger my loss/gain? Like I don’t wanna have to buy Bitcoin all the time I just wanna see if $20 will turn into something nice, or something stale.
10:57 pm
March 30, 2018
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GanjaGoblin said
Anybody know the basics on Bitcoin? Wtf is it? Is it a scam? My friend has invested in Bitcoin, and he tried explaining it to me the other night but I didn’t grasp any of it really. What do you guys know?
hope your friend never sold because he be laughing right now
THE ALMIGHTY SMACK
7:32 pm
March 30, 2013
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Started up my first crypto thingy through Gemini. Turns out they don’t do Dogecoin, so that sucks. It hasn’t registered yet due to having to verify my account so yeah.. I’ll probably miss out on the 4/20 Doge thing.
I dunno, I’m not too bright with this stuff. I’m a super great saver and patient with things, I just don’t understand the technical things. No matter how much I learn, and people tell me, I just don’t get it. But I’m diving in to see if I can get some long term or even short term investments.
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