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Thread: Beany Babies. Bitcoin is the Beany Babies of fiat currencies.

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    Beany Babies. Bitcoin is the Beany Babies of fiat currencies.

    One Bank Believes It Found The Identity Of Who Is "Propping Up The Bitcoin Market"
    Back in May when the Chinese domination over Bitcoin was ending, we predicted that it would shift over to Japan, specifically, we said that "just as the Chinese bubble frenzy in bitcoin is fading, it may be replaced with a new one, in which thousands of Mrs. Watanabe traders shift their attention away from the FX market and toward digital currencies" and added that "If the transition is seamless, there is no telling just how far this particular bubble can grow."

    Judging by the exponential price surge in bitcoin in the subsequent period, we were clearly right on the latter, and now, according to a new analysis, we were also right on the former, because as Deutsche Bank reveals in a new report by Masao Muraki, "Japanese men in their 30s and 40s who are engaged in leveraged FX trading (or who used to trade but have stopped) are driving the cryptocurrency market" and who according to DB, happen to be more or less idiots, arguably because for the time being they are outperforming every other asset class... in history, to wit: "Japanese retail investors are less financially literate than their US peers across all age groups. Compared to the US, financial literacy is particularly poor among people 35-54 years of age. The poor literacy of Japanese retail investors also stands out beside UK and German investors."

    Ah yes, by contrast the financial literacy of the world's central-planners is off the charts. Look where that got us...

    In any case, and without further ado, please meet the (rather boring) people who are propping up the Bitcoin market, at least according to Deutsche Bank.
    http://www.zerohedge.com/news/2017-1...bitcoin-market
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    Goldman Sets 100% Margin Requirement On "Some" Bitcoin Futures trades
    Goldman Sachs has become the latest brokerage to raise its margin requirements for clients who wish to trade the new bitcoin futures launched by the CBOE late Sunday, following in the footsteps of Interactive Brokers, which initially prohibited clients from taking a short position in the futures contracts and later demanded more than a double margin in case a short leads to a greater than 100% loss.

    Not surprisingly, the Vampire Squid is taking a similarly cautious approach, announcing that it will ask some of its clients to put up 100% margin on their bitcoin futures positions if they wish to clear them with the bank, suggesting the bank would be covered in case of a full loss on the underlying.

    Of course, by "some", the bank probably means clients who are seeking to short the digital currency - a sign that the bank is afraid it could be left on the hook for customers' losses if there's a vicious "Bitcoin Volkswagen" which wipes out short positions. By demanding full margin, Goldman's clients may as well be trading the underlying as there is zero leverage on the associated futures position; effectively, the only benefit from doing such a trade is giving Goldman the "privilege" of holding the bitcoin and keeping it safe from hackers' prying hands.
    http://www.zerohedge.com/news/2017-1...itcoin-futures

    What is 'Short Selling'
    Short selling is the sale of a security that is not owned by the seller, or that the seller has borrowed. Short selling is motivated by the belief that a security's price will decline, enabling it to be bought back at a lower price to make a profit. Short selling may be prompted by speculation, or by the desire to hedge the downside risk of a long position in the same security or a related one. Since the risk of loss on a short sale is theoretically infinite, short selling should only be used by experienced traders who are familiar with its risks.
    https://www.investopedia.com/terms/s/shortselling.asp




    So they expect btc to crash hence the mandatory 100 percent cover on short positions, likely to be replaced by some other electronic currency that is similarly based on electrons and nothing else that will also crash. However, inflation loving central banks will likely move to digital currency themselves due the absolute control it will have over people and governments alike, also because they can be inflated to infinity, or deleted with the press of the enter key.
    Last edited by 5.56NATO; 12-14-2017 at 02:52 PM.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    Registered User LAGC's Avatar

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    Biggest. Bubble. Evah.

    All those people shorting are going to be wiped out as well, as the currency continues to wildly fluctuate up and down before it finally settles crashing back down below $500.
    "That tyranny has all the vices both of democracy and oligarchy is evident. As of oligarchy so of tyranny, the end is wealth; (for by wealth only can the tyrant maintain either his guard or his luxury). Both mistrust the people, and therefore deprive them of their arms." -- Aristotle, Book V, 350 B.C.E

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    Team Guns Network Silver 04/2013 alismith's Avatar

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    All this hoopla over something that has a realistic value of 0.
    "Valar morghulis; valar dohaeris."

    Commucrats are most efficient at converting sins and crimes to accidents or misunderstandings.-Oswald Bastable

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    Pok'e man or however it was spelled.
    While no one ever listens to me,
    I am constantly being told to be quiet.

    In a world of snowflakes,
    be the heat..

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    Senior Member raxar's Avatar

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    Quote Originally Posted by alismith View Post
    All this hoopla over something that has a realistic value of 0.
    How much do you think the ones and zeros that make up your bank account are worth? How much is the money in your wallet worth?

    The exact same thing that makes hard currency valuable, the exact same thing that makes your bank account valuable, is what makes bitcoin valuable, mutual agreement between people that it's valuable.

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    Forum Administrator Schuetzenman's Avatar

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    I would sooner put rabid weasel in my pants than put money into any crypto currency. They use graphics cards to do math to create or mine these faux currencies. It's like saying the answer to 2+2 is money.

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    Senior Member raxar's Avatar

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    Quote Originally Posted by Schuetzenman View Post
    I would sooner put rabid weasel in my pants than put money into any crypto currency. They use graphics cards to do math to create or mine these faux currencies. It's like saying the answer to 2+2 is money.
    So explain how that is less legitimate than the government printing designs on paper?


    The vast majority of people never actually touch any of their money, their check gets direct deposited then they spend it with credit or debit cards, their bills get paid electronically. What's the difference between that and any other imaginary money?
    Last edited by raxar; 12-15-2017 at 12:04 PM.

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    Senior Member Cypher's Avatar

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    One of my biggest concerns with crypto currency is in spite of it supposedly being extremely safe, a few years ago a billion plus BC or so was hacked, lost, stolen and more recently several hundred million. Until it is insured and backed by someone I wouldn't put too much money in it or cash it out for another asset if you make gains. Personally I don't plan on putting anything in it. The values now are fake and inflated and will pop.

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    Quote Originally Posted by raxar View Post
    So explain how that is less legitimate than the government printing designs on paper?


    The vast majority of people never actually touch any of their money, their check gets direct deposited then they spend it with credit or debit cards, their bills get paid electronically. What's the difference between that and any other imaginary money?
    Do you keep cash on hand
    While no one ever listens to me,
    I am constantly being told to be quiet.

    In a world of snowflakes,
    be the heat..

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    Quote Originally Posted by Cypher View Post
    One of my biggest concerns with crypto currency is in spite of it supposedly being extremely safe, a few years ago a billion plus BC or so was hacked, lost, stolen and more recently several hundred million. Until it is insured and backed by someone I wouldn't put too much money in it or cash it out for another asset if you make gains. Personally I don't plan on putting anything in it. The values now are fake and inflated and will pop.
    In what sense is it safe? Several billion $ in btc have been "lost", and you can be sure hacks are looking at every possible attack angle right now. Anyway, btc is the tulip bulb bubble of 2017 save that tulip bulbs are real.
    https://www.investopedia.com/terms/d...ket_bubble.asp

    Also


    Beanie Babies!
    https://qz.com/114753/meet-the-famil...-bubble-burst/
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

  12. #12
    Senior Member Cypher's Avatar

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    Each coin is based on a unique number, like a serial number. But that apparently doesn't mean jack if it was stolen from the repository that was managing the numbers.

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    Senior Member raxar's Avatar

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    Quote Originally Posted by l921428x View Post
    Do you keep cash on hand
    I'd have to have money in the first place to keep cash on hand.

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    Evidence points to Bitcoin being an NSA-engineered psyop to roll out one-world digital currency
    What evidence supports this notion? First, take a look at this document entitled, “How to make a mint: The cryptography of anonymous electronic cash.” This document, released in 1997 — yes, twenty years ago — detailed the overall structure and function of Bitcoin cryptocurrency.
    https://www.naturalnews.com/2017-12-...currency.html#


    This is how it all works;
    'Dark Money' Runs The World
    For the last 40 years, most people believed the stock market always goes up. Simply buy and hold long enough, the theory went, and you could sit back and watch the money accumulate in your account. No thought or hard work needed.
    It was a nifty strategy — until the idea burned most investors in 2008. Almost a decade later, the scar tissue is still fresh for many investors.
    Even today, after the U.S. stock market has rallied by 271% since the bottom on March 6, 2009 — nearly tripling investors’ money — only about half of Americans are invested in the stock market, according to NPR. That’s down from two-thirds compared to a decade ago.
    The rest are in cash on the sidelines. Maybe that’s been you.
    Ideologies and personal associations among elites are oblivious to political party lines and international boundaries. So is dark money.
    http://www.zerohedge.com/news/2017-1...ney-runs-world



    To be accurate, every fiat currency ever used by man has failed, from sea shells to salt to btc to Federal Reserve Notes, all of them fail. Only gold and silver, precious metals, have been money for 5000 years of human history.
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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    No c & P
    While no one ever listens to me,
    I am constantly being told to be quiet.

    In a world of snowflakes,
    be the heat..

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    Registered User LAGC's Avatar

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    Bitcoin lost a third of its value in 24 hours

    Bitcoin prices plunged sharply to below $11,000 on Friday, shedding a third of its value in just 24 hours, according to data from CoinDesk.com. It later rebounded slightly to around $12,000 -- but that's still a stunning 25% less valuable than bitcoin was Thursday morning.
    http://money.cnn.com/2017/12/22/inve...14k/index.html

    Fools. Once enough people realize there is nothing tangible backing that currency up, investors (speculators) are going to lose it all.
    "That tyranny has all the vices both of democracy and oligarchy is evident. As of oligarchy so of tyranny, the end is wealth; (for by wealth only can the tyrant maintain either his guard or his luxury). Both mistrust the people, and therefore deprive them of their arms." -- Aristotle, Book V, 350 B.C.E

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    Quote Originally Posted by LAGC View Post
    Bitcoin lost a third of its value in 24 hours



    http://money.cnn.com/2017/12/22/inve...14k/index.html

    Fools. Once enough people realize there is nothing tangible backing that currency up, investors (speculators) are going to lose it all.
    This pump and dump is glorious. Also, note that a few guys who created digital currencies have sold all of their holdings in same, lol. I wonder what they know that we don't?
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

  18. #18
    Team Guns Network Silver 04/2013 alismith's Avatar

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    Quote Originally Posted by 5.56NATO View Post
    This pump and dump is glorious. Also, note that a few guys who created digital currencies have sold all of their holdings in same, lol. I wonder what they know that we don't?
    That everything about Bitcoin is smoke....
    "Valar morghulis; valar dohaeris."

    Commucrats are most efficient at converting sins and crimes to accidents or misunderstandings.-Oswald Bastable

    Making good people helpless won't make bad people harmless.

    Freedom isn't free.

    "Attitude is the paintbrush that colors our world." TV Series, Haven.

    My Spirit Animal has rabies.

    I'd rather be an American than a Democrat.

    "If you can make a man afraid, you can control him" Netflix Series, The Irregulars

  19. #19
    Registered User LAGC's Avatar

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    "That tyranny has all the vices both of democracy and oligarchy is evident. As of oligarchy so of tyranny, the end is wealth; (for by wealth only can the tyrant maintain either his guard or his luxury). Both mistrust the people, and therefore deprive them of their arms." -- Aristotle, Book V, 350 B.C.E

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    The best part is every hacker in the world is touting his new crypto as the safest, the true real crypto - unlike all those other cryptos that are in no ways different. You can build a crypto in your pc at home and make zillions (if you fool enough people and get out at the peak of your mlm/ponzi scheme)!
    "And how we burned in the camps later thinking, what would things have been like, if every security operative, when he went out at night to make an arrest, had been uncertain, whether he would return alive and had to say good-bye to his family?"

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