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The Fearsome and Mammoth CRYPTOCURRENCY Thread!

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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Major on Thu Dec 07, 2017 10:27 am

prowler wrote:i dunno, right now BTC seems less like a solid foundation and more like IOTA yesterday... the growth seems ridiculous, there has to be a correction somewhere no? the Valve news can't help.

I'm really tempted to take a bit of profit from BTC right now and wait for a dip. But i know it's probably wiser to play the longer game.

FMgonzo your $5.40 sale is quite something, did you somehow read the peak or just decided 100% was good enough?


Before BTC hit $10k, Major wrote:
What I think is happening is a lot of rich twats are pumping the market ahead of CME releasing their futures report in December. Huge short positions will be opened, the twats start dumping their BTC en masse, resulting in a crash. They all bet on the shorts, so then they'll be even richer.



I still believe this is what's happening. I intended on getting out at $10k, but within a few days it was at $11k, then $12k, now teasing $16k. Maybe $20k is my new out? Then I can buy back in at the dip, of just be done with it.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Thu Dec 07, 2017 10:28 am

prowler wrote:i dunno, right now BTC seems less like a solid foundation and more like IOTA yesterday... the growth seems ridiculous, there has to be a correction somewhere no? the Valve news can't help.

I'm really tempted to take a bit of profit from BTC right now and wait for a dip. But i know it's probably wiser to play the longer game.

FMgonzo your $5.40 sale is quite something, did you somehow read the peak or just decided 100% was good enough?


There will likely be a correction. Historically, it's 20-25%, but...hell, this run from $8,000....all rules are off now. Anything could happen...but I do think if you have BTC skin in the game, and are more than 30% up on it...you should sit and wait to see what the entire year of 2018 brings. Buy into the ALT market with FIAT, not Bitcoin. People think it's crazy, but I think $100,000 is very possible. Remember, everyone underestimated and said there'd be absolutely no way it would hit $1,000. We're at 1/4 of a trillion dollar market cap now. With "futures" on the way from American's stock markets, shit might get real ugly real soon, but this is a global market now.

If you want and/or are comfortable, PM me your situation, where you're at price wise and buy-in wise, and I can see if I can help you with a good path forward. Always good to have a second pair of eyes on stuff.

I didn't read the peak. I honestly simply bought 25% of my buy in at $2.40, ready for it immediately to fall. When it didn't I grabbed again at $3 on the way up. I didn't have a chance to put another 25% in, so I went to bed. When I woke up, I expected to be down. It was at $4.90. I sat all day and watched it climb, picked my exit point at 100%, hit sell. It rose to $5.80, before crashing down to where it is now.
Last edited by gonzochicago on Thu Dec 07, 2017 10:46 am, edited 2 times in total.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Major on Thu Dec 07, 2017 10:32 am

gonzochicago wrote:I didn't read the peak. I honestly simply bought 25% of my buy in at $2.40, ready for it immediately to call. When it didn't I grabbed again at $3 on the way up. I didn't have a chance to put another 25% in, so I went to bed. When I woke up, I expected to be down. It was at $4.90. I sat all day and watched it climb, picked my exit point at 100%, hit sell. It rose to $5.80, before correcting to where it is now.


FYP :wink:
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Thu Dec 07, 2017 10:36 am

Major wrote:
gonzochicago wrote:I didn't read the peak. I honestly simply bought 25% of my buy in at $2.40, ready for it immediately to call. When it didn't I grabbed again at $3 on the way up. I didn't have a chance to put another 25% in, so I went to bed. When I woke up, I expected to be down. It was at $4.90. I sat all day and watched it climb, picked my exit point at 100%, hit sell. It rose to $5.80, before correcting to where it is now.


FYP :wink:


Right, right. :P

MAJOR : REQ IS ACTUALLY GOING UP AS BITCOIN GOES UP.

THAT'S INSANE

WE'RE GONNA MAKE IT.

(d.....did you buy RLC?) :twisted:
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Thu Dec 07, 2017 11:01 am

Is this seriously going to hit $16,000 tonight? :shock:

Edit : ..... $16,000.

Heading up..... ......Speechless.

:o :o :o :o :o :o :o
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Major on Thu Dec 07, 2017 11:15 am

$17.5k on Coinbase
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Angus Jung on Thu Dec 07, 2017 11:19 am

In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.

https://grist.org/article/bitcoin-could ... gy-future/

Enjoy the rest of your time on this hellscape, assholes.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby prd on Thu Dec 07, 2017 4:52 pm

I don't like the rude part, but agree with the gist; the electricity demands are slowly getting to the point of unsustainable. Which is why, sooner or later, people will turn against BTC in the end. You can build payment systems which are as efficient, faster, more useful and far from as wasteful.

Unless you're blinded by the price, you gotta see it's evolved into something ugly. The benefit just doesn't justify the waste. We don't need this shit at this cost. That's why I'm deliberately throwing BTC on less demanding and more interesting altcoins. Profit or loss. I'm not gonna support wasting so much energy on nothing when people literally freeze to death on the street.

Fuck Bitcoin.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Thu Dec 07, 2017 8:59 pm

Bitcoin @ $17,000

I am unsure how the power issues will play out, but there are solutions ahead, I am sure. I believe these last few days are going to begin a scramble to better solutions, but I'm optimistic.

Decent article on the matter of Hydro power : https://www.bloomberg.com/news/articles/2017-11-16/this-cryptocurrency-miner-says-it-solved-bitcoin-s-power-problem

Request Network is....going up....with Bitcoin..... 12-ish hours until the bi-weekly update. :shock:
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby seanurban on Fri Dec 08, 2017 12:26 am

If bitcoin doesn't kill us, something else will.
I used to say, "money is dumb."
Now I say "money makes people do dumb things."
So make your money and do great things.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Fri Dec 08, 2017 1:58 am

seanurban wrote:If bitcoin doesn't kill us, something else will.
I used to say, "money is dumb."
Now I say "money makes people do dumb things."
So make your money and do great things.



:lol: Indeed.

Working on it.

Even in this absolute shit-show right now, where all ALTS are bleeding to death (except Request Network, which is unbelievable to watch), I'm 25% of the way to an exit point I only dreamt about in September.

I believe my exit point will be achievable (and I don't even want to say this...) by Q2 2018, with enough time to get the fuck out, and still have a little house money in the markets.

If it happens, I have an amazing plan that will take my documentary project to new heights.

At this point, it would take an extremely severe act of God to crash me back down to 0%, and if that were to happen, I would honestly, probably just laugh.

Next immediate step is bringing the utmost security that I can into my setup.

...I guess we'll just have to see how it all plays out.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby prowler on Fri Dec 08, 2017 4:34 am


this looks nice, but it's just leeching renewable energy and redirecting it into mining no?..

speaking of the energy consumption, which is ridiculous and i wish i would've read about more before getting into this...
gonzochicago wrote:If you want and/or are comfortable, PM me your situation, where you're at price wise and buy-in wise, and I can see if I can help you with a good path forward. Always good to have a second pair of eyes on stuff.

i may take you up on that when/if i have some serious funds to spend, i'm still playing around. I just wanted to cash out some of my BTC, and it seems literally impossible. The transaction fee ($27) is higher than my balance ($25 right now). And I thought of converting 0.001BTC to LTC before going to the exchange, but Exodus says "not enough funds". Of course if I try to do it on shapeshift.io, there's the same tx fee problem.

so i guess i'm stuck, until i somehow increase my balance. Or maybe there is a more exchange-friendly wallet I could switch to...
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Fri Dec 08, 2017 7:21 am

prowler wrote:

this looks nice, but it's just leeching renewable energy and redirecting it into mining no?..

speaking of the energy consumption, which is ridiculous and i wish i would've read about more before getting into this...
gonzochicago wrote:If you want and/or are comfortable, PM me your situation, where you're at price wise and buy-in wise, and I can see if I can help you with a good path forward. Always good to have a second pair of eyes on stuff.

i may take you up on that when/if i have some serious funds to spend, i'm still playing around. I just wanted to cash out some of my BTC, and it seems literally impossible. The transaction fee ($27) is higher than my balance ($25 right now). And I thought of converting 0.001BTC to LTC before going to the exchange, but Exodus says "not enough funds". Of course if I try to do it on shapeshift.io, there's the same tx fee problem.

so i guess i'm stuck, until i somehow increase my balance. Or maybe there is a more exchange-friendly wallet I could switch to...


If you want my advice : leave it in Bitcoin. Transaction fees go up when it's going insane. Don't transfer too much. Exodus is nice when you REALLY need to transfer, but you can always just throw it on the exchange, and buy the other thing you want. BTC has every single pairing to all the other things. Build up a stack of Bitcoin, then, when you're ready, buy Bitcoin with regular money to trade ALTS, if you feel comfortable jumping into that market. Don't whittle away at your existing BTC.

You picked a hell of a time to get into this. Should be an interesting new year.

Cheers!
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Major on Fri Dec 08, 2017 8:17 am

prd wrote:I don't like the rude part, but agree with the gist; the electricity demands are slowly getting to the point of unsustainable. Which is why, sooner or later, people will turn against BTC in the end. You can build payment systems which are as efficient, faster, more useful and far from as wasteful.

Unless you're blinded by the price, you gotta see it's evolved into something ugly. The benefit just doesn't justify the waste. We don't need this shit at this cost. That's why I'm deliberately throwing BTC on less demanding and more interesting altcoins. Profit or loss. I'm not gonna support wasting so much energy on nothing when people literally freeze to death on the street.

Fuck Bitcoin.


I'm with you, and I truly believe Bitcoin will be dead sooner than most people think/care to admit. Personally, I can't wait for it to be done.

I cashed out my Bitcoin, got my initial investment back in cash, and used some of the profits to buy alts that make sense to me. If I make some money, great. If it goes tits up, oh well.

Bitcoin is diseased.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby gonzochicago on Fri Dec 08, 2017 9:26 am

Request Network bi-weekly update :
https://blog.request.network/request-network-project-update-december-8th-2017-financial-flows-management-request-colossus-ef62fed295c0

- Working test net on Ethereum to be released any time before the next bi-weekly update.

- Loans, Invoicing, and Salary Requests.

- Crowdfunding!

Website with Requests will be launched early.

Proof of Concept Core with Oracle pushed to Q1.

ING logo removed from the site due to legalities (big whoop).

JUICY.

Price holding strong. Still up 90%.

Strapped in.

It's gonna be a great new year.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Tommy on Fri Dec 08, 2017 11:12 am

Angus Jung wrote:
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.

https://grist.org/article/bitcoin-could ... gy-future/

Enjoy the rest of your time on this hellscape, assholes.


HOLY SHIT!

"Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day."

I had absolutely no idea. Everything related to cryptocurrency is pretty baffling to me.
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby warmowski on Fri Dec 08, 2017 2:22 pm

Don't count me as a defender of or participator in this speculator's wet dream/"currency" called cryptocurrency. I hold none of it.

"Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day."


That said, I don't see how this statement can be true.

There is no doubt that coin mining uses gobs of juice -- and, by design, uses exponentially more per coin created as time goes on, and will continue that way until BTC's supply cap is reached. Mining operations have always used so much juice they heat containing rooms and buildings with the GPU matrices' heat production. Mining has given nerds heatstroke.

However, describing "every transaction" necessarily includes much more than mining - it would include under that umbrella all transfers of value using the "currency" . The idea that a single edit to the blockchain. aka one transaction, propagating across the entire space, sucks up "the same amount of energy used to power nine homes in the U.S. for one day" can't be right, because that would also be true of a zillion other similar-in-data-length internet messaging and data processing patterns. It would be far more comparable, I would think, with mass-emailing big attachments around, carbon signatures of which add up to the equivalent of burning a quarter *pound* of coal.

To be clear: it's still very worthy of alarm on the basis of mining, especially under these price conditions. I'm just super-skeptical of that "each transaction" statement.

On a related tip: If it turns out you're being pumped, meet the dumpers:

https://www.bloomberg.com/news/articles ... the-market

I sincerely hope all FMs turn out to not be holding Dunning-Krugerrands.

-r
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Tommy on Fri Dec 08, 2017 2:34 pm

warmowski wrote:To be clear: it's still very worthy of alarm on the basis of mining, especially under these price conditions. I'm just super-skeptical of that "each transaction" statement.


Devil's Advocate: It is my understanding that 1 bitcoin is divided into many smaller fraction units. Perhaps the original quote is referencing the average number of transactions equal to one whole bitcoin?
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby warmowski on Fri Dec 08, 2017 3:08 pm

Tommy wrote: Perhaps the original quote is referencing the average number of transactions equal to one whole bitcoin?


Maybe? But maybe not: my understanding of the software says that a single edit to the blockchain can contain/transfer an arbitrary amount of currency. The total supply of BTC now is somewhere around 12 million and it caps at 21 million. So if one twelve millionth of the current supply, in transit, burns up nine houses' worth of energy, that still seems bananas, no?

-r
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Re: The Fearsome and Mammoth CRYPTOCURRENCY Thread!

Postby Tom on Fri Dec 08, 2017 4:11 pm

Tommy wrote:
Angus Jung wrote:
In just a few months from now, at bitcoin’s current growth rate, the electricity demanded by the cryptocurrency network will start to outstrip what’s available, requiring new energy-generating plants. And with the climate conscious racing to replace fossil fuel-base plants with renewable energy sources, new stress on the grid means more facilities using dirty technologies. By July 2019, the bitcoin network will require more electricity than the entire United States currently uses. By February 2020, it will use as much electricity as the entire world does today.

https://grist.org/article/bitcoin-could ... gy-future/

Enjoy the rest of your time on this hellscape, assholes.


HOLY SHIT!

"Today, each bitcoin transaction requires the same amount of energy used to power nine homes in the U.S. for one day."

I had absolutely no idea. Everything related to cryptocurrency is pretty baffling to me.


The page this article references for that stat states that the estimated annual consumption for bitcoin mining is 32 terawatts. Thats' twice than the entire planets annual consumption.
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