Anyone fucks with cryptocurrencies?

General discussion, shows, and everything else.

Postby HOTDOGS_COMINURWAY » Wed Dec 06, 2017 11:58 pm

I just checked coinbase for the first time today to find out its gone up tremendously from last night. im torn between pulling out what ive made so far and just letting that keep going or just letting it all ride.
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Postby IThinkItsIndecision » Thu Dec 07, 2017 1:19 am

pizzapower518 wrote:
dank wrote:
FACEPALM wrote:sorry for being extremely ignorant but if you sell/ cash in where does that money come from? Like can the facebook guys REALLY sell out for a billion dollars ?

No, they cannot.

Cryptocurrency isn't really a "currency" at the moment because it lacks "real" liquidity, ie the ability to spend it. The volatility isn't helping that either. Right now, it's pretty much just a thing people believe has value and the price is being driven up by both real (that there is a limited number of blockchains in existence and there will be a cap of the total number) and false (that people like the winklevi and corps are hoarding them) scarcity. If it remains just a thing you can buy drugs and hitmen with but not things like videogames(valve) or food, the market will crash when someone with a stockpile gets overleveraged or just runs into trouble elsewhere in their portfolio and is forced to sell a large chunk for something that does have liquidity(ie cash). Without a real backer or regulation, that could turn your bitcoin from a civic into a pet rock(or beanie BAYBAYYYYYY) before you can cash it out.

That's not to say it'll never be a currency, and the ability to spend it should theoretically make it more stable with a real world value. That'll depend on a bunch of unforeseeable actions and events, probably including things like groups of world banks agreeing to recognize it together or Amazon or Ali Baba backing it as a corporate currency.

WSJ and BBC have some interesting coverage on cc that worth looking through.


That was a great question and thanks for the comprehensive response.

You seem to have a better understanding of this than me, and I understand they couldn't cash that all out at once, but what would stop them from moving their holdings into a Coinbase (Or any other exchange) wallet and exchanging it for USD on there over time? I understand this is super risky because of the volatility but in theory woudln't they be able to do it?

I know the fees would be insane, but if you're cashing out a billion dollars of something I doubt a few million in fees is much of a deterrent.


This is where things get really hazy, both my understanding and actual market mechanics.


Judging by this, https://www.coinbase.com/legal/licenses , coinbase probably works the same way as a brokerage firm. In that it has a stock of coins sitting around at any given moment, enough to deal with small transactions of buying and selling at any given moment but not enough for any real power moves.

https://www.buybitcoinworldwide.com/exchanges/coinbase/ says a verified member can buy up to 50k. That's like 3.5 whole coins. I didn't dig too hard but I'm sure there's fine print about how much you can sell in a day as well, so coinbase isn't left holding the bag in a rush. Even if you could sell 100k a day...

I dunno how other wallets/marketplaces but I imagine it's the same, which sort of reminds me of a sportsbook. But yeah, AIUI, people like the Winklevi would have to find a special buyer turn their bitcoins into cash of any sum that would actually matter to them. The outcome of that would depend on who buys it.
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Postby b andrus » Thu Dec 07, 2017 6:30 am

The Benie BAYBAYYYYYY example was exactly what I was thinking about. At this point to my complete understanding bitcoin is completely valued on perceived scarcity
Last edited by b andrus on Thu Dec 07, 2017 8:28 am, edited 1 time in total.
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Postby jaredfromsubway » Thu Dec 07, 2017 8:26 am

heard a dip might be happening this sunday
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Postby vomitponx » Thu Dec 07, 2017 8:57 am

dank wrote:
pizzapower518 wrote:
dank wrote:
FACEPALM wrote:sorry for being extremely ignorant but if you sell/ cash in where does that money come from? Like can the facebook guys REALLY sell out for a billion dollars ?

No, they cannot.

Cryptocurrency isn't really a "currency" at the moment because it lacks "real" liquidity, ie the ability to spend it. The volatility isn't helping that either. Right now, it's pretty much just a thing people believe has value and the price is being driven up by both real (that there is a limited number of blockchains in existence and there will be a cap of the total number) and false (that people like the winklevi and corps are hoarding them) scarcity. If it remains just a thing you can buy drugs and hitmen with but not things like videogames(valve) or food, the market will crash when someone with a stockpile gets overleveraged or just runs into trouble elsewhere in their portfolio and is forced to sell a large chunk for something that does have liquidity(ie cash). Without a real backer or regulation, that could turn your bitcoin from a civic into a pet rock(or beanie BAYBAYYYYYY) before you can cash it out.

That's not to say it'll never be a currency, and the ability to spend it should theoretically make it more stable with a real world value. That'll depend on a bunch of unforeseeable actions and events, probably including things like groups of world banks agreeing to recognize it together or Amazon or Ali Baba backing it as a corporate currency.

WSJ and BBC have some interesting coverage on cc that worth looking through.


That was a great question and thanks for the comprehensive response.

You seem to have a better understanding of this than me, and I understand they couldn't cash that all out at once, but what would stop them from moving their holdings into a Coinbase (Or any other exchange) wallet and exchanging it for USD on there over time? I understand this is super risky because of the volatility but in theory woudln't they be able to do it?

I know the fees would be insane, but if you're cashing out a billion dollars of something I doubt a few million in fees is much of a deterrent.


This is where things get really hazy, both my understanding and actual market mechanics.


Judging by this, https://www.coinbase.com/legal/licenses , coinbase probably works the same way as a brokerage firm. In that it has a stock of coins sitting around at any given moment, enough to deal with small transactions of buying and selling at any given moment but not enough for any real power moves.

https://www.buybitcoinworldwide.com/exchanges/coinbase/ says a verified member can buy up to 50k. That's like 3.5 whole coins. I didn't dig too hard but I'm sure there's fine print about how much you can sell in a day as well, so coinbase isn't left holding the bag in a rush. Even if you could sell 100k a day...

I dunno how other wallets/marketplaces but I imagine it's the same, which sort of reminds me of a sportsbook. But yeah, AIUI, people like the Winklevi would have to find a special buyer turn their bitcoins into cash of any sum that would actually matter to them. The outcome of that would depend on who buys it.

just a few months ago a guy sold all his ethereum worth millions, he crashed the market and coinbase but still made out with his money. yeah its ethereum but im pretty sure you can definitely sell all your bitcoin and cash out. you may crash the market and its not adivised to do it in one transaction but it can be done
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Postby b andrus » Thu Dec 07, 2017 9:54 am

so is bit really up to almost 17k today?
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Postby NALYD. » Thu Dec 07, 2017 10:12 am

Shit is going to hit 18k today, 17,250 right now.
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Postby jaredfromsubway » Thu Dec 07, 2017 10:34 am

It's already about to hit 19k
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Postby xAJXDx » Thu Dec 07, 2017 10:36 am

Bitcoin going up so fast coinbase is crashing. And etherium and litecoin dropping drastically. These fucks.
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Postby rickybomb » Thu Dec 07, 2017 10:37 am

This is INSANE. What the fuck is going on? 19k - 16k in minutes.
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Postby xAJXDx » Thu Dec 07, 2017 10:40 am

People freaking out. I bought $100 worth of bitcoin yesterday at 12500. Now I wish I had bought $1000
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Postby xAJXDx » Thu Dec 07, 2017 10:44 am

Coinbase officially crashed. "Coinbase is currently down for maintenance.".
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Postby Adonis » Thu Dec 07, 2017 11:00 am

feels like a biiiiiig dip coming up boys.
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Postby vomitponx » Thu Dec 07, 2017 11:06 am

im hoping for a dip im about to drop my whole savings in it. using crypto as a down payment for a house is the most millenial thing i can do and im gonna live up to it
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Postby Adonis » Thu Dec 07, 2017 11:17 am

haha, sweet. buy low, sell high, not rocket science. if you sell at a high, nothing stopping you buying back in the slumps. its been a roller coaster since the start.
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Postby redstarohyeah » Thu Dec 07, 2017 11:39 am

Show me a dip BAYBAYYYYYY!
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 11:44 am

got nervous and tried to sell and coinbase said selling is temporarily disabled? this dip has me fucked up
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Postby Detlef Schrempf » Thu Dec 07, 2017 12:00 pm

i got 1 btc - lets see what happens..
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Postby Alex 2K » Thu Dec 07, 2017 2:35 pm

HOTDOGS_COMINURWAY wrote:got nervous and tried to sell and coinbase said selling is temporarily disabled? this dip has me fucked up

chill out bro! we got this
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 3:22 pm

youre right, ill be sure fire the team of financial advisors that led me to feel stress. Being internet rich is the best
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Postby captainsunshine » Thu Dec 07, 2017 3:24 pm

just bought some today cus im a poser and i had some leftover change from my christmas bonus
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Postby alchemist » Thu Dec 07, 2017 3:42 pm

Adonis wrote:feels like a biiiiiig dip coming up boys.


Yeah I really want to hold out until at least Sunday and we'll see how these BTC futures affect everything. I want more ETH but I want it <$400. As much as I want some of BTC's wild ride I think I'll have to wait and see how the next week or so shakes out.
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Postby vomitponx » Thu Dec 07, 2017 4:03 pm

were in a dip right now we hit 19k then dipped to 16, bitcoin could very well hit 30 before the year is over who knows
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Postby Alex 2K » Thu Dec 07, 2017 4:09 pm

Had my transactions reversed because I set it up through my savings instead of my checking I am so dumb.
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Postby bolster315 » Thu Dec 07, 2017 4:12 pm

I've been really researching XRP (Ripple) its sticking around $0.22-$0.25 but Ive been reading that its set to start growing in the next year. I'm still doing a lot of cryptocurrency research before jumping in however.
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 4:12 pm

we got this, my man
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Postby NALYD. » Thu Dec 07, 2017 4:14 pm

So who is going to buy the board with their b9 bitcoin fortune to make sure the lights stay on?
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Postby Alex 2K » Thu Dec 07, 2017 4:16 pm

I had some locked in before $13000 but I'll live I'm back in babby


EDIT: the final transaction has yet to reverse so I am over my new user buy limit until that happens LOL
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Postby jortiz » Thu Dec 07, 2017 5:31 pm

Ah shit why cant you use savings? I did the same thing, but its still in process.
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Postby Alex 2K » Thu Dec 07, 2017 5:36 pm

Well, that's for my bank (Navy Federal). Don't know if it might apply to other banks, but it's a definite possibility.
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Postby captainsunshine » Thu Dec 07, 2017 6:42 pm

i just checked my bank account and im not a millionaire yet wtf
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Postby IThinkItsIndecision » Thu Dec 07, 2017 6:44 pm

captainsunshine wrote:i just checked my bank account and im not a millionaire yet wtf

check it now.
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Postby captainsunshine » Thu Dec 07, 2017 6:51 pm

shit i was checking the wrong account
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Postby captainsunshine » Thu Dec 07, 2017 6:53 pm

unrelated: where do you all go for your monocles and top hats?
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Postby Alex 2K » Thu Dec 07, 2017 6:55 pm

Is there a place that sells them in bulk? we gon need em
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Postby dogdicksummer3 » Thu Dec 07, 2017 6:56 pm

I sold all mine for tulips and shares of Pets.com
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Postby captainsunshine » Thu Dec 07, 2017 7:07 pm

note to self: find bags with dollar signs embroidered on them and acquire a vault guy
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Postby Alex 2K » Thu Dec 07, 2017 7:10 pm

I can get you bags with screen printed dollars signs much cheaper per item.
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 7:19 pm

Im having my indoor gold coin pool installed next week, but my mansion is only 4 stories so my diving board isn't that impressive.
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Postby dogdicksummer3 » Thu Dec 07, 2017 7:22 pm

Has anyone here used bitcoins or other virtual currency for tangible purchases or sold their shares for cash?
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Postby Alex 2K » Thu Dec 07, 2017 7:28 pm

I'd have had dozens of dollars in profit if my original purchase had gone through. So hypothetically, yes, I would have sent you a pizza bought with my windfall (sorry, it would have been Pappy Johnny's).
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Postby dogdicksummer3 » Thu Dec 07, 2017 7:32 pm

If y'all wanna get rich, let's create 9coin and then create buzz across reddit and other outlets for enthusiastic technophile millennials.
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Postby Alex 2K » Thu Dec 07, 2017 7:35 pm

Yeah, let's invent something like mining, but not. Like, meta-physical. A system that grabs energy from negative space and converts it into a blockchain that then rewards us for our efforts.
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Postby Alex 2K » Thu Dec 07, 2017 8:19 pm

What exchanges have vert and/or iota? Preferably an overall diverse exchange with several options, but also a good interface, etc.?

Would that be Bitfinex? Binance seems a bit muddied and intimidating.
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Postby jaredfromsubway » Thu Dec 07, 2017 8:21 pm

bolster315 wrote:I've been really researching XRP (Ripple) its sticking around $0.22-$0.25 but Ive been reading that its set to start growing in the next year. I'm still doing a lot of cryptocurrency research before jumping in however.


I bought about 55 bucks in Ripple the other day, read it was gonna at least get to 3-5 bucks next year
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 8:30 pm

coinbase and gdex are going to have them soon. localbitcoin might have it? bittrex has it along with 190 other ones. I haven't personally bought any yet because im moving soon and really cant afford it
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Postby spsp » Thu Dec 07, 2017 8:36 pm

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Postby vomitponx » Thu Dec 07, 2017 10:00 pm

yall crazy with the altcoins
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Postby pizzapower518 » Thu Dec 07, 2017 10:04 pm

altcoins are all a total crapshoot. Every week there's all this buzz about one blowing up in the near future. It was Digibyte for a while, then Ripple, then BAT, then OMG, now it seems like it's Ripple again even though there's a trillion in circulation.
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Postby HOTDOGS_COMINURWAY » Thu Dec 07, 2017 10:06 pm

thats what im thinking a little bit, i dont know why i got eth. I probably will scoop some vert because its so cheap
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