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Crypto

Tommy83 wrote:

Has anyone ever looked at all of these cryptocurrencies? Not just Bitcoin or Ethereum…the small ones. I knew there were a lot of them but it is beyond ridiculous – there are hundreds of them and they are worth a lot. People are creating these things out of thin air and selling them for hundreds of thousands of dollars to complete suckers. I’m sure the sales pitch is “if you bought Bitcoin in 2012 you’d be a millionaire…here is your chance to get in”. The cryptocurrencies with the 200th to 300th largest market capitalizations are valued in total between $2.9 million and $8.4 million. That is a lot of money for these things. ”HempCoin”, “TrumpCoin”, “DopeCoin”. Programmers/Developers are having a field day. What a total scam.

This is ridiculous…

http://tinyurl.com/y9ckrfws

EDIT: Had to change the link due to an obscenity in the URL. It’s a Zero Hedge article. I know some don’t like ZH but it goes to show how unbelievable this crypto market is. People are making these out of thin air. Regulators are eventually going to come down on these hard.

the real question is what happens to the stock market and consumer spending when pretty much all of these are worth zero?

Like all the money that emerged from the air, the crypto currency will eventually return to where it came from.

Today someone on my social media feed posted they put $3K into bitcoin, speculative, hoping to ride the wave. There were like 60 responses, most were positive (delusion in my view, but it’s interesting to study what the general public thinks).

Got me thinking, we are in yr8 of the bull market. These sub-bubbles get stress tested when the macro-bubble pops. How does bitcoin react to a recession, are there theories on this? Is there a “run on the bitcoin bank”, or is there a “flight to bitcoin safety”?

purealpha wrote:

Today someone on my social media feed posted they put $3K into bitcoin, speculative, hoping to ride the wave. There were like 60 responses, most were positive (delusion in my view, but it’s interesting to study what the general public thinks).

Got me thinking, we are in yr8 of the bull market. These sub-bubbles get stress tested when the macro-bubble pops. How does bitcoin react to a recession, are there theories on this? Is there a “run on the bitcoin bank”, or is there a “flight to bitcoin safety”?

Great question.

I see it as a flight to quality - that will be Gold, Silver and BitCoin. 

Matt Likes Analysis wrote:

the real question is what happens to the stock market and consumer spending when pretty much all of these are worth zero?

These are all good questions (this and the other topics brought up).

I’m not sure the overall market impact on a cryptocurrency crash will be that large on the markets. The total market cap of the top 10 cryptocurrencies is ~$132B (USD) and most of that is Bitcoin and Ethereum ($100B total). The S&P 500 has a total market cap >$20T so crypto isn’t that large. I would speculate that there could be an impact on certain stocks in the tech space, though. NVIDIA seems to be a stock a lot of these cryptocurrency investors like. That stock has gone up a ton, too. I have not run a correlation of NVIDIA and Bitcoin but I guess they’d be quite correlated. Other high valuation, techy companies with artificial intelligence end-markets could be at risk b/c I imagine there is a lot of overlap in the investor base.

I actually think NVIDIA is a good company but I hypothesize its valuation is vulnerable to a crypto crash. All speculation on my end – I don’t follow tech and I haven’t looked the data. AMD is another stock boosted by this AI/tech stuff and unlike NVIDIA it has a worse reputation in its space.

All hype IMO. Will crash and burn, making some people very rich and making people very poor. 

It is being amalgamated in the Startup hype as well, and now the financial press is going ape sh1t with it.

Possibly a wave to ride while it lasts, if one has such an inclination. I don’t and don’t even find it interesting.

- Fran: You know, in Tibet, if they want something, do you know what they do? They give something away.
- Bernard: They do, do they? That must be why they're such a dominant global power.

Tommy83 wrote:

Matt Likes Analysis wrote:

the real question is what happens to the stock market and consumer spending when pretty much all of these are worth zero?

These are all good questions (this and the other topics brought up).

I’m not sure the overall market impact on a cryptocurrency crash will be that large on the markets. The total market cap of the top 10 cryptocurrencies is ~$132B (USD) and most of that is Bitcoin and Ethereum ($100B total). The S&P 500 has a total market cap >$20T so crypto isn’t that large. I would speculate that there could be an impact on certain stocks in the tech space, though. NVIDIA seems to be a stock a lot of these cryptocurrency investors like. That stock has gone up a ton, too. I have not run a correlation of NVIDIA and Bitcoin but I guess they’d be quite correlated. Other high valuation, techy companies with artificial intelligence end-markets could be at risk b/c I imagine there is a lot of overlap in the investor base.

I actually think NVIDIA is a good company but I hypothesize its valuation is vulnerable to a crypto crash. All speculation on my end – I don’t follow tech and I haven’t looked the data. AMD is another stock boosted by this AI/tech stuff and unlike NVIDIA it has a worse reputation in its space.

Except that it is not “worth” that amount. It cannot be redeemed in exchange of any significant tangible asset because it isn’t a real currency. 

These gains are not even worth being called “paper gains”.  

- Fran: You know, in Tibet, if they want something, do you know what they do? They give something away.
- Bernard: They do, do they? That must be why they're such a dominant global power.

“Blockchain”, “initial coin offerings”, “mining”???

WTF are these idiots talking about!? Are these going to turn out like CDOs, except designed by mullet-headed-pot-smokers instead of sophisticated bankers??

https://www.bloomberg.com/news/articles/2017-09-14/hedge-funds-are-hacki...

jpm ceo said some negative comments on it yesterday. specifically fraud that will blow up. lol

I love my cheese. I got to have my cheddar.

I’m gong balls deep in ethereum. F it 

i sold all my bit coins last week and put the money into suprasyes, important to surf the wave but know when to hold um and fold umenlightened

I suspect that frankybarnes is Palantir.
-JBrowntown

Claim: Doxxing soapbox from liberal who begged AF to help remove online presence ironic.
TRUE
- FactCheck

Palantir ...resurfaced as frankybarnes. Sad!
-ohai

AbrahamIsaac wrote:

I’m gong balls deep in ethereum. F it 

LOL, no pulling out early!

Go balls deep. You will win.

Nerdyblop wrote:

jpm ceo said some negative comments on it yesterday. specifically fraud that will blow up. lol

LOOOOOOL

Apparently JPM was one of the biggest buyers of bitcoin yesterday

..........I learned the hard way last year what exploding delta feels like when you are short and naked

KMeriwetherD wrote:

Nerdyblop wrote:

jpm ceo said some negative comments on it yesterday. specifically fraud that will blow up. lol

LOOOOOOL

Apparently JPM was one of the biggest buyers of bitcoin yesterday

That doesn’t really mean anything without context. They’re likely hedging. They did/do the same thing with precious metals. Talk shit on them all day long while remaining one of the largest holders/traders. 

Sweep the Leg wrote:

KMeriwetherD wrote:

Nerdyblop wrote:

jpm ceo said some negative comments on it yesterday. specifically fraud that will blow up. lol

LOOOOOOL

Apparently JPM was one of the biggest buyers of bitcoin yesterday

That doesn’t really mean anything without context. They’re likely hedging. They did/do the same thing with precious metals. Talk shit on them all day long while remaining one of the largest holders/traders. 

Probably true…. but not nearly as amusinglaugh

..........I learned the hard way last year what exploding delta feels like when you are short and naked

The company takes JPM’s namesake.  It’s in their blood to manipulate the market.  

Sweep the Leg: "I’m tired."
KMeriwetherD: "Well, you were basically Legolas in the Battle of Water Cooler."

howard marks is also not a fan of bitcoin.

to be fair dimon did say that bitcoin could go to 20,000 or even 100,000 but in the end it’d be 0.

gundlach said that it could go to 0 or 10,000.

i vote 0

I love my cheese. I got to have my cheddar.

..........I learned the hard way last year what exploding delta feels like when you are short and naked

^I mean, that’s pretty much exactly what I was saying. 

…am I Tyler Durden?

Edit: Anyone else notice that ZH has recently turned into cancer for your computer? They put so many ads on each page it hangs up my work computer all the time. They need to go back to basics.

Sweep the Leg wrote:

^I mean, that’s pretty much exactly what I was saying. 

…am I Tyler Durden?

Edit: Anyone else notice that ZH has recently turned into cancer for your computer? They put so many ads on each page it hangs up my work computer all the time. They need to go back to basics.

New trend is that some sites are including javascript to mine cryto currencies for themselves, pretty smart use of distributed computing