Cryptocurrencies

What cryptocurrencies do you use/own?

  • Bitcoin (XBT)

    Votes: 30 27.8%

  • Ether (ETH)

    Votes: 16 14.8%

  • Litecoin (LTC)

    Votes: 15 13.9%

  • Peercoin (PPC)

    Votes: 0 0.0%

  • Dash (DASH)

    Votes: 3 2.8%

  • Dogecoin (XDG)

    Votes: 4 3.7%

  • Blackcoin (BLK)

    Votes: 0 0.0%

  • Zcash (ZEC)

    Votes: 3 2.8%

  • Other

    Votes: 14 13.0%

  • None

    Votes: 69 63.9%
  • Total voters
    108
NYJimbo said:
1 Bitcoin equals 8950.17 US Dollar

Seriously people, these "coins" will go in and out of favor because there is nothing supporting them. If some deep pockets motherf-ckers decide to embrace a different coin, people will run to it and walk away from Bitcoin. Any billionaire can move this false market on a whim. Any large corporation can start talking about "Derpcoin" and it will become the next standard.
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Yes, but your kinda going nuts over nothing. So what, Bitcoin is revisiting prices seen less than 60 days ago. It's called a correction and it happens - you should expect it after the price action we had and it is a healthy market move

NYJimbo said:
At this point, investing in this mess is best done with found money or cash you can afford to lose.
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Speak for yourself.. my Bitcoin purchases at $350-$400 seem to be having a good return.

You know what Stock looks exactly like bitcoin? Amazon.
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I didn't see anyone losing their stuff when Amazon's stock corrected, in fact it was touted as "good things" for growth.
 
While sitting watching the BTC price, waiting for the right time to buy more, I was thinking ... It's interesting how we get 'used to' the price of Bitcoin and other cryptocurrencies, and how our perception of what the normal or accepted value is changes over time.

Just three months ago we were saying things like "wow, Bitcoin is now worth more than $5,000!". Then, after the recent ride all the way up to nearly $20,000 and back, now we're shocked because Bitcoin is worth less than $10,000. Likewise, I can remember similar sentiments when it first hit the high hundreds and eventually $1,000 (which was just a little over a year ago). It makes me wonder if it's that value perception that is the greater force regulating the price, creating a psychological value range that provides the all-important 'support' and 'resistance' thresholds.

So I've been waiting for the price to hit the bottom, thinking that everyone else is probably doing the same. A few moments ago there was a sharp up-tick (after briefly dipping under $8K) so I quickly used some GBP to buy some more BCH (I'm not really a fan of Bitcoin Cash but I think it has the greater price increase potential in the short term). Hopefully I caught the bottom of the dip, not just another resistance point before the price sides down further ....

So what's everyone else's thoughts on the price and are you buying or waiting?
 
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All of my rigs have been mining Zcash for the last month or so. I was pretty excited, on cloud 9, when Zcash was at $800. Now I get a little nervous as it drops back to the mid $300s.
 
I see the banks are really starting to show their true colours ...

JPMorgan Chase, Bank of America & Citi bar people from buying bitcoin with a credit card
Link: https://www.cnbc.com/2018/02/02/jpm...rica-bar-bitcoin-buys-with-a-credit-card.html
"At this time, we are not processing cryptocurrency purchases using credit cards, due to the volatility and risk involved," a J.P. Morgan Chase spokesperson said"
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It's very good of the banks to help us decide how we should or shouldn't spend our money. I wonder if they'll be extending this service to other ways we could potentially lose money, such using their credit cards in casinos or to purchase second hand goods.



Speaking of banks and card services, I signed up for Revolut today, after it having it recommended to me on a number of occasions. Seems great so far. Anyone here using it?
 
Moltuae said:
It's very good of the banks to help us decide how we should or shouldn't spend our money.
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It's not your money if it is a CREDIT CARD. You are borrowing the bank's money and they certainly have the right to deny credit on a highly speculative investment. You can't buy stocks or commodities with a credit card either. The article doesn't mention debit cards but even they have short-term lending functions.
 
nlinecomputers said:
It's not your money if it is a CREDIT CARD. You are borrowing the bank's money and they certainly have the right to deny credit on a highly speculative investment. You can't buy stocks or commodities with a credit card either. The article doesn't mention debit cards but even they have short-term lending functions.
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Regardless, I think it still highlights how much hold and control the banks have on your money. If you have the funds to repay and you have signed the relevant credit agreement, you should be free to spend how and where you wish. If the bank doesn't believe you have the ability or responsibility to repay, then they should limit your credit NOT your spending choices.

Personally speaking, I never make a credit card purchase without the funds in my bank account to cover it. In fact I usually repay the card immediately or even credit the amount to the card prior to making a purchase. Despite this, I would be subjected to these same blanket restrictions.

It's quite ironic and amusing really that the banks are attempting to stem the cryptocurrency tide by imposing dictatorial spending restrictions, the very thing that cryptocurrencies free us from. Rather than driving people away from cryptocurrencies, such restrictions emphasise the need for cryptocurrencies and thus help to speed up the demise of the archaic and corrupt banking system.
 
Moltuae said:
I wonder if they'll be extending this service to other ways we could potentially lose money, such using their credit cards in casinos or to purchase second hand goods.
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Why yes, yes they will. https://www.tripadvisor.com/ShowTop...edit_card_at_any_Casino-Las_Vegas_Nevada.html

Basically, you can't borrow money on your credit card to gamble. Exception: you could get a PIN-based cash advance at an ATM, then go use that cash.

(I read it on the Internet, so it must be true!)
 
fencepost said:
Why yes, yes they will. https://www.tripadvisor.com/ShowTop...edit_card_at_any_Casino-Las_Vegas_Nevada.html

Basically, you can't borrow money on your credit card to gamble. Exception: you could get a PIN-based cash advance at an ATM, then go use that cash.

(I read it on the Internet, so it must be true!)
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Interesting. That's not the case in the UK. As far as I'm aware, you can pay with a credit card on gambling sites (inc. the national lottery website) and in most casinos in the UK. I guess the US restrictions are due to the stricter US gambling laws?
 
Moltuae said:
Regardless, I think it still highlights how much hold and control the banks have on your money.
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Again. It is NOT your MONEY. It is a loan from the bank. A loan that you can default on. Just because YOU pay off your debts doesn't mean others will do so.(Most will not as evidenced by the massive consumer debt levels in the US and UK.) Considering the volatility of Bitcoin I can perfectly understand not floating you on that wild ride.
 
nlinecomputers said:
Again. It is NOT your MONEY. It is a loan from the bank. A loan that you can default on. Just because YOU pay off your debts doesn't mean others will do so.(Most will not as evidenced by the massive consumer debt levels in the US and UK.) Considering the volatility of Bitcoin I can perfectly understand not floating you on that wild ride.
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Yes, but they give you a "line of credit" for you to do with what you please, in exchange for their payment terms, and more important, their fees.

You are fully incorrect when you say that you can't buy stocks or commodities on a Credit Card. The card issuer could care less and that decision goes to the exchange or brokerage's rules, not the credit cards. Stockpile.com will take a credit card for stocks.
http://www.stockrants.com/2014/07/14/4-ways-to-purchase-stocks-with-a-credit-card.html

People are welcome to destroy their lives everyday, so long as it's not with Crypto. Let us not pretend the card issuers care about destroyed lives due to bad decisions.... that's what they are in existence for, for the people that can't pay, that's where the money is. People that can pay, and do so on time(usually at 0%), issuers actually lose money.

So, what other "thing" is wholly barred from Credit Card purchasing?
 
timeshifter said:
Here are 10 things you can't buy (or that are difficult to buy) with plastic:
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  • Chips in a casino. ... "While cardholders can’t buy chips with plastic, for instance, they can use their cards to get a cash advance at a casino’s ATM—cash they might then use to buy chips." -Oh well..
  • Mutual funds and stocks. ... But you can.... it's not a limitation of the Card itself.
  • Money orders. ... Yes, you can. Link Link Link
  • Lap dances. ... BS. Link Adult club makes the decision to accept cards for service.
  • Donation to WikiLeaks. ... Which is unacceptable but true. Kinda the same vein as Crypto is it not?
  • Online pornography. ... Only American Express citing "Child Pornography" all others accepted.
  • Medical marijuana. ... Only because it is Federally Illegal.
  • Mortgage payment. "Federal regulations prohibit banks from only letting people with credit cards from other banks pay their mortgage using the credit card"
 
timeshifter said:
Here are 10 things you can't buy (or that are difficult to buy) with plastic
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I'll note that what's in there is a bit of a mishmash of laws, merchant or association policies, and even individual card company policies (e.g. Amex can't be used for porn, who knew?). The marijuana one is probably from both directions - card policies won't allow it, but also marijuana businesses are notoriously 'unbanked' because they're unable to get service. From an article I read a month or two back, there's basically one bank that's providing services to marijuana-related companies, they spun off a subsidiary to do it, they have a very tightly controlled and audited client list, and they require auditing of their clients that would be unthinkable in any other industry.

Found the article: https://www.nytimes.com/2018/01/04/...repreneurs-go-when-the-banks-just-say-no.html
 
phaZed said:
People are welcome to destroy their lives everyday, so long as it's not with Crypto. Let us not pretend the card issuers care about destroyed lives due to bad decisions.... that's what they are in existence for, for the people that can't pay, that's where the money is. People that can pay, and do so on time(usually at 0%), issuers actually lose money.
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Precisely. Couldn't have said it better myself.

If they could get away with it, card issuers and banks would have more people paying huge amounts of interest on debts they could never afford to repay; it's only the relevant laws and regulations that prevent them from doing so by forcing them to do the necessary due diligence. And if the card issuer has covered its back by carrying out all the necessary checks but the customer still defaults on repayments, they're free to pursue their most lucrative business model of piling on interest charges, in many cases ensuring that the customer will never afford to repay.

Yet we are to supposed to believe that the banks are preventing purchases of crypto currencies because suddenly they care? Yeah, right.

To the banks in question ...
  1. Denial
  2. Anger <-- You are here
  3. Bargaining
  4. Depression
  5. Acceptance
 
For the most part you can't normally buy stocks with credit card, stockpile is weird.

Anyway I wouldn't let people buy crypto with credit cards either, thats just asking for trouble. If they can't figure out a way around those rules then they really shouldn't be buying crypto on credit.

You guys realize as a fellow US citizen you are super limited in your trades. You can't even day trade stocks frequently without having 25k in your account, you can't get any decent leverage. I hear you can get 1:6 if you have 110,000 us dollars to put into an IB account. You can get 1:50 leverage if you trade forex which in my opinion is one of the hardest things to trade...yes thats right you can't trade something much safer like stocks with leverage but you can trade forex (rest of the world can get a lot higher leverage than 1:50 with forex). You can't hedge either (where you buy and sell at the same time)...not personally a fan of that but its something us citizens aren't normally allowed to do with a single account.

(edit: well you can day trade with a cash only account but you have to respect that T3 or whatever delay where you have to wait...what 3 days for the money to clear after you sell? anyway it sucks)
 
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