Official Cryptocurrency Thread: Skepticism to Speculation

Discussion in 'The Mainboard' started by Nantucket, Jan 29, 2017.

  1. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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    rut roh
     
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  2. —

    Well-Known Member
    Donor

  3. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
    Donor
    Liverpool

    rut roh
     
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  4. user15000

    user15000 Well-Known Member

  5. HuskerGuy99

    HuskerGuy99 Above Average Member

    Yes, make a spectacle of your speculation coins.

    And disregard the guy sitting on $145 billion in cash. What does that guy know? Lol
     
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  6. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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    Mad.
     
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  7. LeVar Burton

    LeVar Burton Knee deep in a dynasty, ROLL TIDE!
    Kansas JayhawksAlabama Crimson Tide

    Is Bitcoin back?

     
  8. user15000

    user15000 Well-Known Member

    He’s been pretty oddly quiet on the basic questions we asked. Wonder why that is...
     
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  9. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
    Donor
    Liverpool

    Shocking
     
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  10. user15000

    user15000 Well-Known Member



    Bittrex and Poloniex Filing in Class Action Undermines Plaintiffs’ Claims



    Plaintiffs’ second attempt at framing a legitimate complaint is a failure, just like their first. This time the lynchpin of their nonsense claim is that market manipulation was executed through bitcoin addresses owned and controlled by Bitfinex, which plaintiffs then allege were used in concert with Bittrex and Poloniex to execute a fantastical conspiracy. As today’s filing by Bittrex and Poloniex makes clear, this claim cannot be true because the tokens in the addresses used neither belong to nor are controlled by Bitfinex, Bittrex, or Poloniex.

    Plaintiffs and their attorneys will doubtless go back to the drawing board to dream up new theories ultimately designed to give them reasons to claim monies to which they have zero entitlement. Bitfinex and Tether will not settle any of the meritless claims plaintiffs continue to manufacture. We remain singularly committed to defending ourselves, our stakeholders, our customers, and the digital token community by fighting these meritless claims with full vigor and support by the one thing the plaintiffs don’t have: the truth.
     
  11. HuskerGuy99

    HuskerGuy99 Above Average Member

    UPDATE ON THAT FOR YA!

    https://www.financemagnates.com/cry...thers-appeal-to-dismiss-class-action-lawsuit/

    And thank you for mentioning that those other two exchanges are now included in that suit! Very, very good.
     
  12. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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  13. user15000

    user15000 Well-Known Member

  14. user15000

    user15000 Well-Known Member

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  15. user15000

    user15000 Well-Known Member

    Tell me if this sounds familiar from Buffett

     
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  16. HuskerGuy99

    HuskerGuy99 Above Average Member

    It makes me look stupid because the guy sitting on $150 billion in cash had a choice to buy (a) a gold AND copper mining company or (b) virtual ones and zeroes, and he chose (a) ???

    Okay. You continue to make a lot of sense in this thread.
     
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  17. user15000

    user15000 Well-Known Member

    In 1998 when Buffett was busy questioning the utility of gold, it was at $300. But please continue acting like he’s never been wrong on anything.
     
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  18. HuskerGuy99

    HuskerGuy99 Above Average Member

    Exhibit 59343 on why user15000 is incredibly dense. Tell me in your own words what Buffett just bought, user15000.
     
  19. HuskerGuy99

    HuskerGuy99 Above Average Member

    Apparently that kills the Bitcoin shill. Very nice.
     
  20. user15000

    user15000 Well-Known Member

    He bought a mining company. Is this really supposed to be some gotcha? Or are you going to argue that it’s not a play in the gold market?

    Buffett in 1998 was mr “there is no utility for gold” but he just put $563M into a gold mining company. Hmmmmmmmmm
     
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  21. HuskerGuy99

    HuskerGuy99 Above Average Member

    According to you, in 1998, when gold was at $300, Mr. Buffett claimed it had no utility. I'll just accept those facts without checking.

    Now, in 2020, with gold trading at damn near $2000, Mr. Buffett has bought a stake in a gold AND copper mining operation. Let us just assume that Mr. Buffett's newly-invested company is going to be SELLING that gold and copper. And at what price will they be selling that gold? $300? No, user15000, they will be selling it at the NEW (and very quickly rising) price of $2000.

    Are dots connecting yet, user15000? Do I have to quite literally spell everything out for you?
     
  22. user15000

    user15000 Well-Known Member

    You type an awful lot of words without ever saying what you're trying to say. Make a point, or don't. I don't speak tether conspiracy theorist Buffett defender.

    Presumably he also thinks that gold will continue to be priced at the "NEW and very quickly rising price" of $2000 or above. So he sees a utility in gold.

    His position previously was that it has no utility and you can't do anything with it. Ok, I will accept that as true. Remove what most recognize as like the 10-20% of jewelry/industrial use case of gold. The remainder is something that per him has no utility--i.e., it's just a monetary premium. People hold it as a store of value.

    Now here is Buffett on crypto:

    "Cryptocurrencies basically have no value," Buffett said. "They don't produce anything."

    "You can't do anything with it except sell it to somebody else," he added. "But then that person's got the problem."

    Does this sound familiar? It is the identical position that he has taken with gold in the past. Since I won't get an explanation from him, why don't you explain how you can reconcile his view that gold has no utility with (i) investing into a gold company (on the implication that the price of gold will continue to rise); and (ii) his view that bitcoin also has no utility.

    While you're at it, then please go ahead and compare bitcoin and gold on these 5 traits of money:

    1. Scarcity: resistance to money supply manipulations and, thus, dilutions to its monetary unit value (difficult to produce)
    2. Divisibility: ease of accounting and transacting at various scales (separable and combinable units)
    3. Portability: ease of moving value across space (high value to weight ratio)
    4. Durability: ease of moving value across time (resilient to deterioration)
    5. Recognizability: ease of identifying and verifying the monetary value by other parties in a transaction (universally identifiable and verifiable)
     
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  23. HuskerGuy99

    HuskerGuy99 Above Average Member

    Again you show how dense you are. He bought a gold AND copper MINING company. Both of those have tremendous utility. They are in the devices we are both using right now. It is not something I have to explain at all you can easily Google and find their everyday use cases in electronics, medical equipment, etc. Far cry from some virtual ones and zeroes with absolutely no use outside of speculation.

    Again, as Ray Dalio said and you STILL have not refuted: Bitcoin is not an effective medium of exchange. You cannot go anywhere within 10 miles of your location and purchase necessities with it. That is a fact, jack! That is why you cannot refute Dalio and continue to dance around that issue by linking social media hucksters hawking their crypto wares.

    What is Ray Dalio up to?

    https://www.reuters.com/article/gol...tf-investment-to-over-1-billion-idUSL8N2FF7BL

    Oh, shit. Guess Mr. Buffett's new investment has some customers already!

    Not one red cent in Bitcoin. Billions in cash, billions in gold, but not a penny in Bitcoin.
     
  24. user15000

    user15000 Well-Known Member

    I also find it funny that like all of the macro guys who are into btc are also into gold—Raoul Pal, Mike Novogratz, Dan Tapiero, Lyn Alden, Grant Williams, etc.

    Seems like there’s some overlap in the investment thesis.
     
    Harrison Beck likes this.
  25. HuskerGuy99

    HuskerGuy99 Above Average Member

    Here is Buffett on crypto:

    "Cryptocurrencies basically have no value," Buffett said. "They don't produce anything."

    "You can't do anything with it except sell it to somebody else," he added. "But then that person's got the problem."

    REFUTE IT! :)

    YOU HAVE A PROBLEM ACCORDING TO A GUY SITTING ON $150 BILLION IN CASH, USER15000!
     
  26. user15000

    user15000 Well-Known Member

    Cool no one fucking cares what Buffett does. Or Dalio for that matter.

    Go start a Buffett slurpfest thread where you can post everyday about how he still hasn’t bought btc.
     
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  27. HuskerGuy99

    HuskerGuy99 Above Average Member

    Except one is real and coveted with thousands of years of history and the other is virtual ones and zeroes created by an anonymous "guy" with known hijack vectors and various other flaws. Great comparison.
     
  28. user15000

    user15000 Well-Known Member

    “Known hijack vectors and various other flaws.” LOL. For something that has never been hacked. Impressive detail in your post on all these issues with btc.

    And yes an internet money has not been around for thousands of years. Ya got me.
     
  29. user15000

    user15000 Well-Known Member

    Some good recent podcasts from non-conspiracy theorists:



     
  30. dblplay1212

    dblplay1212 Well-Known Member
    Donor TMB OG
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    Ahh yes totally non-biased sources
     
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  31. user15000

    user15000 Well-Known Member

    Someone call the bias police!!!!

    Saif is a professor. George Gammon is just a random macro guy. And Preston Pysh absolutely loves Warren Buffett...like has written multiple books worshipping Buffett. He's not a crypto guy. He's a value investor stock market guy who found btc. https://www.amazon.com/Preston-George-Pysh/e/B004C8IVX4?ref=dbs_a_mng_rwt_scns_share

    Books by Pysh: "Warren Buffett Accounting" and "Warren Buffett's 3 Favorite Books." His podcast is "We Study Billionaires" and he talks about Buffett all the time. The guy knows more about Buffett than anyone I've ever known, but also owns btc. Unlike this thread's resident Buffett worshipper, Pysh is capable of thinking for himself.

    So listen, or don't. I don't give a fuck.
     
    #9986 user15000, Aug 14, 2020
    Last edited: Aug 14, 2020
  32. dblplay1212

    dblplay1212 Well-Known Member
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    I just like laughing when you mainline your news from extremely biased sources.

    And :laugh: at the guy that has Bitcoin as the 3rd word in his bio being "not a crypto guy." When THAT guy isn't a crypto guy to you, you should re-evaluate things.
     
  33. user15000

    user15000 Well-Known Member

    You should start posting all of the podcasts with macro investors and finance guys critically evaluating bitcoin. Or news articles for that matter. Unlike you and husker, I'll actually read and listen to them. I'm not an idiot who screams "this person doesn't own btc and is extremely biased against it!!!"

    What you also fail to understand is that the people I listen to/read regularly get asked "how could btc fail," "when would you consider btc a failure," etc. They answer those questions.
     
  34. HuskerGuy99

    HuskerGuy99 Above Average Member



    This is the kind of moron that people like user15000 just blindly follow and parrot without doing their own research. Look at the moronic shit these people say in direct defiance of known science. Look how confidently he says these things. Forget the facts...just make them up as you go! These are the low-intelligence hucksters all over social media that scream the loudest trying to lure new bagholders into the fold.

    Look at his bio. They are all the same. And look what happens when he is corrected. He just doubles down on his wrong stance and insists he is right. Guy has a blue checkmark and over 300k followers.
     
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  35. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
    Donor
    Liverpool

    1500 god bless you for actually responding to this moron. Also Buffett spending his cash on gold is laugh out loud comic book villain funny.
     
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  36. user15000

    user15000 Well-Known Member

    What is the current supply of gold?

    What is the maximum supply of gold on earth? Same question for the universe?
     
  37. user15000

    user15000 Well-Known Member



    Still waiting for that btc vs gold comparison on the 5 monetary traits.
     
  38. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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    I get it’s a possibility in the future but this mining asteroid shit is a stupid narrative.
     
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  39. user15000

    user15000 Well-Known Member

    Agreed. There are plenty of other reasons btc is a better form of money than gold (more verifiable, easier to transport, more scarce, etc.). Mining it on asteroids is pretty far down the list, and the twins did a pretty shit job of explaining that given the platform.
     
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  40. Baseballman86

    Baseballman86 Well-Known Member

    Finally broke through some resistance, wonder how far it can go?
     
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  41. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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    Liverpool

    it’s a scam. It’s going to zero. Get out while you can
     
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  42. Harrison Beck

    Harrison Beck Hi, I'm Harrison Beck
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    Liverpool

  43. user15000

    user15000 Well-Known Member

    I’m not much of a chart guy, but per Twitter next major resistance level seems to be $14k.
     
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  44. southside

    southside Well-Known Member
    Donor TMB OG

    13.5-14k is what I’ve seen
     
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