Is Bitcoin the Next Big Thing?

[JMI]

Most have a 'losses can exceed your initial investments' type warning. I gave this up about 5 years ago. The problem I found with forex is the brutal 24hr nature smashed me because I like to monitor it personally, but getting margin call text messages at 3am with 'deposit 1k to hold your position or lose it all' really got on my tits... @dee might have to check out this etoro if you can keep position open

 

[dee]

Most have a 'losses can exceed your initial investments' type warning. I gave this up about 5 years ago. The problem I found with forex is the brutal 24hr nature smashed me because I like to monitor it personally, but getting margin call text messages at 3am with 'deposit 1k to hold your position or lose it all' really got on my tits... @dee might have to check out this etoro if you can keep position open

Pretty sure you can . There are guys on there that still hold BItcoin from when it was CFD on the buy side also with 2x leverage. There is currently NO leverage on crypto though. Likewise stop loss. They have removed stop loss settings from crypto as people kept complaining they were getting stopped out and its so volatile ( basically because most didnt have a clue and were part of the mass 'get aboard' hysteria ) I personally think no stop loss is a REALLY BAD idea on anything,but you should be able to have the option to set it at 100% loss on unleveraged product. I only use it for XRP though , not bitcoin . Same idea though obviously.

 

[bonusmedia]

Is there a timescale on tether audit / news ? I think ill wait till the news hits

Not as far as I can tell. For all I know they could keep the pretence up for 6 months, and in the meantime sell off enough Bitcoin bought with thin air to actually have the fiat cash, who knows.
Don't make any decisions based on my speculation!

 

[dee]

Not as far as I can tell. For all I know they could keep the pretence up for 6 months, and in the meantime sell off enough Bitcoin bought with thin air to actually have the fiat cash, who knows.
Don't make any decisions based on my speculation!

I want to wish you good luck with the short, but I'm long XRP/LTC and they all head in the same general direction most of time ! Big cahones though.... I would have thought theres a distict possiblility sentiment may be changing again.

 

[bonusmedia]

Two questions, if you are willing...
1) Can you cash out any time? (assuming it’s inside the 15 day limit and the upper bound isn’t hit)
2) Can you lose more than your original investment?

1) Yes
2) I'm already down more than the initial margin invested :-(

I have set limits so there is a maximum I can lose - enough to make me feel stupid, not enough to have any effect on my life

 

[dee]

1) Yes
2) I'm already down more than the initial margin invested :-(

I have set limits so there is a maximum I can lose - enough to make me feel stupid, not enough to have any effect on my life

Are you using leverage ? And if so do you mind if I ask who you ended up with ? I dont get the 15 day limit ?

 

[bonusmedia]

I want to wish you good luck with the short, but I'm long XRP/LTC and they all head in the same general direction most of time ! Big cahones though.... I would have thought theres a distict possiblility sentiment may be changing again.

Yep, you could well be right. Or the market could be being manipulated by fraudsters - and even if that's the case they can do it for far longer than 15 days.
I made my decision with a clear head but I did have to get drunk to follow through so I'd say I'm well aware of the risk.
Thankfully had a bit of good news on an investment that makes this look like small beans in comparison

 

[dee]

Thankfully had a bit of good news on an investment that makes this look like small beans in comparison

Good. Congrats

 

[Edwin]

1) Yes
2) I'm already down more than the initial margin invested :-(

I have set limits so there is a maximum I can lose - enough to make me feel stupid, not enough to have any effect on my life

Really appreciate the frankness. It's very informative. Thank you.

 

[Edwin]

The trading volume just after 08:00 is suggestive of bots. Nothing external happened to warrant that leap, that I'm aware of...
http://bitcointicker.co/stamp/btc/usd/12hr/

(Not that it helps, really, since without proper fraud safeguards on the exchanges, bots have free rein)

BTW, the lower graph is also instructive, in that it tells you how many coins would be needed to reach that number. For instance, right now (changes all the time) the price is 8,714.010 and it would take 425 BTC (at the right price) to drop it to 8,421.00 or 709 BTC to raise it to 9,012.00.

In other words, just a few $million to engineer some fairly wild swings. It's possible to imagine (at least in theory) that if one had deep pockets, one could engineer some kind of bet that would pay off much more than that for a 300 or 400 leap or drop in BTC's price. So either alone or in collusion with a BTC whale, there could be major scope for market manipulation.

 

[dee]

The trading volume just after 08:00 is suggestive of bots. Nothing external happened to warrant that leap, that I'm aware of...
http://bitcointicker.co/stamp/btc/usd/12hr/

Post weekend positioning ? Seems cryptos normally slowly decline over weekend and pick up again at week start.

Yep, you could well be right. Or the market could be being manipulated by fraudsters - and even if that's the case they can do it for far longer than 15 days.

If there is market manipulation going on then it would seem more likely that it would take another run up at the all time high then be tanked via tether news or such like.

 

[Edwin]

If there is market manipulation going on then it would seem more likely that it would take another run up at the all time high then be tanked via tether news or such like.

Problem is, Tether's seemingly fake USDT bot action has been busted* (that was covered in the long article I linked to) which is why they had to create secondary coins like the Euro-Tether one. It's much harder to create big volumes there, though, so it's unlikely they're going to be able to dump cash into the market in the $hundreds of millions like they were doing at the height of the pump.

*they haven't admitted to anything, but now that it's been "outed" the supposed bot suddenly stopped pouring cash into the market.

 

[bonusmedia]

Are you using leverage ? And if so do you mind if I ask who you ended up with ? I dont get the 15 day limit ?

Sort of. 1:20 leverage but I put much more in than the initial margin I actually used, if that makes sense.
I think actually using that amount of leverage would probably tip the balance from brave to stupid

I went with Plus500 because they could set me up inside an hour at 2am on a Sunday morning.
They limit losses to the balance of your account anyway but my limits kick in before that.
They have a 15 day limit on BTC CFDs.

It might hit $10.5K tomorrow, it might hit $5.5K tomorrow - we shall see!
If nowt else it's a bit of a distraction from the enormous pile of paperwork I should be doing

 

[bonusmedia]

Re manipulation - you may be right, but if it is happening then I think it's easier/less risk to buy in, pump it 10%, sell out, let it drop 10%, rinse and repeat

 

[dee]

Sort of. 1:20 leverage but I put much more in than the initial margin I actually used, if that makes sense.
I think actually using that amount of leverage would probably tip the balance from brave to stupid

I went with Plus500 because they could set me up inside an hour at 2am on a Sunday morning.
They limit losses to the balance of your account anyway but my limits kick in before that.
They have a 15 day limit on BTC CFDs.

It might hit $10.5K tomorrow, it might hit $5.5K tomorrow - we shall see!
If nowt else it's a bit of a distraction from the enormous pile of paperwork I should be doing

I know what would happen if i'd made that trade. It would pop up to the vague down channel top @11.5 hitting my stops on way, then rapidly descend to the bottom at 4k ish .

It's probably a good thing for you i'm long

 

[Edwin]

BTW, this is worth a read as to why Tether may suddenly have stopped plucking money out of thin air (after "creating" over $850 million in January 2018)
https://www.trustnodes.com/2018/02/04/tethers-printer-suddenly-gone-silent

And it looks like historically Tether's grants of new coinage were the closest thing to a "dead cert" trading signal...
https://hackernoon.com/the-tether-effect-7310cbf5523f
https://www.tetherreport.com/

Here's a public record of all Tether's new coin grants
USDT (nothing since 23 Jan): https://omniexplorer.info/default.aspx?filter=grant
Euro on Ethereum: https://etherscan.io/token/0xabdf147870235fcfc34153828c769a70b3fae01f

 

[Edwin]

Interesting little interview with the original "wolf of wall street" guy (the crypto stuff ends around 15 minutes in, after that it's about Trump so I switched off)

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[bonusmedia]

Wonder what would stop them printing more EURT
I'll keep an eye on that, if they suddenly magic up another hundred million I might call it a day

 

[ian]

Interesting little interview with the original "wolf of wall street" guy (the crypto stuff ends around 15 minutes in, after that it's about Trump so I switched off)

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The irony of a fraudster claiming all crypto is a fraud, yet he and his friends "sold at the top" and finishing with saying all HODLers should hold until they kill themselves! What I lovely bloke!!!

 

[boxerdog]

BBC1 Panorama on Bitcoin tonight 8:30-9:00pm, could be quite interesting.