The BitCoin Crypto Currency Movement

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Anyone in this? Paul not sure if this was the right place to post so forgive admins if I got it wrong but:

Anyone successfully in this market? CNN has decided to do several pieces on the movement. The most recent here on the drop. But the comments in there are the most interesting.

Anyone who can intelligently weigh in on this? Crypto currencies not just Bitcon.

Anyone trading them? would love some sight shared IF there is in fact any from experience.

i.e. I would imagine some of you stock traders etc would have something to say on this.
#bitcoin #crypto #currency #movement
  • Profile picture of the author winebuddy
    James Renouf just released a manuscript on crypto currencies. You might wanna hit him up about it.
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    "Knowledge is NOT power... ACTION on Knowledge is power"
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    • Profile picture of the author agmccall
      "The Crypto Currency Movement"

      I think the important thing to remember is these (fill in the blank)coins are just made up computer data. We know nothing of the creators except that they are creating nothing out of digital space, marketing it, we have to have it so we go to our trading accounts and get some.

      This "Bubble" will, for the next year maybe few years, rise and float and everyone will laugh and enjoy their great investments. And then, just like the dotcom boom, and the real estate boom, it will burst. And when it bursts the only thing that will float to the ground will be monopoly money.

      al
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      A bar of iron cost $5. Made into horseshoes, it's worth $12. Made into needles, it's worth $3500. Made into balance springs for watches, it's worth $300,000. Your value is determined by what you are able to make of yourself

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      • Profile picture of the author darrenmonroe
        Originally Posted by agmccall View Post

        "The Crypto Currency Movement"

        I think the important thing to remember is these (fill in the blank)coins are just made up computer data. We know nothing of the creators except that they are creating nothing out of digital space, marketing it, we have to have it so we go to our trading accounts and get some.

        This "Bubble" will, for the next year maybe few years, rise and float and everyone will laugh and enjoy their great investments. And then, just like the dotcom boom, and the real estate boom, it will burst. And when it bursts the only thing that will float to the ground will be monopoly money.

        al
        hmmm but the irony to your argument was used on the internet itself. And the dot com boom had survivors and RE always makes a come back in some shape of form.

        Remember when the internet was a "fad" ?
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        • Profile picture of the author agmccall
          Originally Posted by darrenmonroe View Post

          hmmm but the irony to your argument was used on the internet itself. And the dot com boom had survivors and RE always makes a come back in some shape of form.

          Remember when the internet was a "fad" ?
          The internet in and of itself is not a make or break commodity. it is just there like television. People do not make or lose money with the internet, it is the businesses they own and populate the internet with.

          As for the dotcom boom there were no survivors, real businesses survived but the empty shell dotcoms all died

          al
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          A bar of iron cost $5. Made into horseshoes, it's worth $12. Made into needles, it's worth $3500. Made into balance springs for watches, it's worth $300,000. Your value is determined by what you are able to make of yourself

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          • Profile picture of the author darrenmonroe
            Originally Posted by agmccall View Post

            The internet in and of itself is not a make or break commodity. it is just there like television. People do not make or lose money with the internet, it is the businesses they own and populate the internet with.

            As for the dotcom boom there were no survivors, real businesses survived but the empty shell dotcoms all died

            al
            That last line you contradict yourself.
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      • Profile picture of the author RyanPumper
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        • Profile picture of the author seasoned
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  • Profile picture of the author Ripster
    Bitcoin isn't a good investment anymore, it's too late now to get in on the game. Alt currencies on the other hand, can profit some income.
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  • Profile picture of the author AdamBaum
    Yes I have been in bitcoin sinde 2011 and here are my tips.

    1. Don't listen to nitwip stock traders/economists/forum commenters, they don't know a thing and base their predictions on the tech bubble 14 years ago
    2. Try to get a grasp of the underlying technology and what that might be used for (ie: global remittance markets, international money transfer, global freelance work)
    Andreas Antonopoulus might be your man for this if you are interested in objective in-depth info
    3. Stay away from daytrading unless you can manipulate exchanges, but that ship has sailed unless you have a few hundred millions, but really there's a great chance you will be eaten unless you have at least observed price movements from its inception in depth
    4. By looking from an IM's POV I'm still not sure whether there are money to be made, affiliate programs are non existant or just straight up bad (ie: Coinbase $5 pr refered sign up), and also you will somehow end up competing with Coindesk which has major funding + writers

    And all the clever ones telling you it's too late really puts a big smile on my face. I had those same friends telling me that in 2011 after it jumped from $1 to $32 and it seemed they were right- but only for about 6 months- today I really don't feel that bad for buying on peaks on $20.

    just my 2 cents
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  • Profile picture of the author AdamBaum
    also posting krugman quote from 1995 for reference, that will show the kids without perspective
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    • Profile picture of the author Faulkner
      Originally Posted by darrenmonroe View Post

      Anyone in this? Paul not sure if this was the right place to post so forgive admins if I got it wrong but:

      Anyone successfully in this market? CNN has decided to do several pieces on the movement. The most recent here on the drop. But the comments in there are the most interesting.

      Anyone who can intelligently weigh in on this? Crypto currencies not just Bitcon.

      Anyone trading them? would love some sight shared IF there is in fact any from experience.

      i.e. I would imagine some of you stock traders etc would have something to say on this.
      Cryptocurrencies - even Bitcoin - are highly disruptive but still experimental technologies. Separate from their face value, however, the blockchain technology will revolutionize finance and economics in years to come.

      Short term outlook: great speculative and arbitraging potential.
      Long-term: Will be superseded by more advanced next-gen cryptos.


      Originally Posted by AdamBaum View Post

      also posting krugman quote from 1995 for reference, that will show the kids without perspective
      Fake quote. It's becoming increasingly common these days to discredit prominent public figures using fake quotes distributed via the social media.
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  • Profile picture of the author darrenmonroe
    Hey Adam thanks for that and everyone else I haven't had a chance to thank.
    Adam you suggestion led to some other interesting developments in this :

    TigerDirect on board, CEO of BitInstant arrested, Antonopoulos joins Blockchain.info

    PS everyone Adam is talking about this guy.

    And here is another article I found about the Crypto Currency Elite

    I am really fascinated with is idea and am monitoring it for future opportunities
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  • Profile picture of the author darrenmonroe
    And Adam that post is totally OFF LOL
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    • Profile picture of the author tmitsoff
      Profitable Bitcoin mining is beyond the scope of anyone who can't afford a terahash ASIC miner, and those run in the thousands of dollars. My business partner and I are looking at mining altcoins as the only hope of being in the coin mining niche with a chance to profit.
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      • Profile picture of the author darrenmonroe
        Originally Posted by tmitsoff View Post

        Profitable Bitcoin mining is beyond the scope of anyone who can't afford a terahash ASIC miner, and those run in the thousands of dollars. My business partner and I are looking at mining altcoins as the only hope of being in the coin mining niche with a chance to profit.
        So your saying there is no way to make money unless thousands are invested??
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      • Profile picture of the author paycheck
        are there any affiliate opportunities for this product?
        I was looking at Bitcoin.
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  • Profile picture of the author joe golfer
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    Marketing is not a battle of products. It is a battle of perceptions.
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  • Profile picture of the author Tim_Carter
    I am day trading on short term trends with altcoins. Doing very well so far.

    I started with .06 Bitcoins and now at 0.9. So $42 to $630 in a week spending only about 30 minutes a day. Mind you I researched this for a month before starting.

    And Mount Gox is an exchange. Their custom wallet was coded incorrectly. No problems with Bitcoin itself.
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  • Profile picture of the author dburk
    I don't know if Krugman actually said that or something similar, but it does sound a lot like the many other things he has said over the years. He seems just clueless about how the real economy works.

    Here is something Milton Friedman, Krugman's polar opposite, did say about the Internet, and Bitcoin before it was even invented, in 1999.


    Friedman is probably the greatest economic genius of our lifetime. He makes Krugman look like he belongs on the short bus, economically speaking.
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    • Profile picture of the author Faulkner
      Originally Posted by dburk View Post

      I don't know if Krugman actually said that or something similar, but it does sound a lot like the many other things he has said over the years. He seems just clueless about how the real economy works.

      Here is something Milton Friedman, Krugman's polar opposite, did say about the Internet, and Bitcoin before it was even invented, in 1999.

      Milton Friedman predicts the rise of Bitcoin in 1999! - YouTube

      Friedman is probably the greatest economic genius of our lifetime. He makes Krugman look like he belongs on the short bus, economically speaking.
      The Krugman quote is a lie - made up. Krugman is a target for Libertarians because his ideas and theories basically runs counter to libertarian economic ideals. Every video about him on YouTube is infested with hateful comments by kiddie libertarians.

      Can you please offer examples how a Nobel prize-winning economist like Krugman is, as you said, "clueless about how the real economy works"? I'd be interested to know how someone who has influenced a generation of economists and lawmakers with his work in spatial economics, trade and macroeconomics can be so clueless.

      Friedman is a mythical figure to some because he represents an intellectual justification for many right wing economic ideas. The video you posted is a great illustration of this. There is nothing groundbreaking of what he said. Virtual currencies have been predicted by many since the inception of the internet. Heck, the U.S. Congress have been speaking about concepts like Bitcoin since at least 1995, and virtual currencies likes e-gold (1996) and Beenz (1998) were already in circulation well before then.

      Yet, he is lauded for it. Worst, Friedman is a proponent of central monetary authorities, something that is an anathema to Bitcoin. I'd be interested to know how people can reconcile one of his fundamental beliefs with Bitcoin's greatest tenet.

      That aside, to call him the "greatest economic genius" of our lifetime is a disrespect to far, far more influential and respected - albeit less political - economists like John Nash or Jan Tinbergen, to name a few.

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  • Profile picture of the author dburk
    Hi Faulkner,

    I tend to agree with your assessment on Friedman as a central monetary policy advocate. That was the main difference between Friedrich Hayek and Milton Friedman both who have contributed greatly to the science of economics. Aside from that, there was little disagreement between Hayek and Friedman.

    Here's an interview where Hayek levels perhaps his greatest insult to Friedman by calling him out on that contradiction. He actually accuses Friedman of being keynesian in that regard, which Friedman no doubt took as the most vilest of insults.


    However, if you study Friedman's writing and interviews you will discover that he is simply being pragmatic because he realizes that monetary policy is in fact centrally controlled and he serves as an advisory to those authorities.

    As I pointed out in my first reply, Friedman was actually on record predicting that the Internet would likely spawn a form of e-cash that could lead to the eventual disruption of centralized money. Though to be fair both Friedman and Hayek recognized that government authorities have a monopoly on monetary policy and they are not likely to give up that power willingly.

    As you pointed out, Krugman did receive a Nobel prize, which is further evidence that his economic "theories" are based on political agendas (pseudo-science) rather than real world science. A Nobel Prize, who could argue with that? Being awarded a Nobel Prize today is perhaps the most reliable signal that you have supported a political agenda rather than true science. Just saying, even more evidence of just how wrong Krugman has been about almost everything. You have to be politically correct and on board with the leftist's Global Socialist movement to win a Nobel these days.

    Here's a video of Hayek explaining why we must take the monopoly of money away from governments if a democracy is to survive:


    Enjoy!
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