Blockchain and blockchain alone.

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Re: Blockchain and blockchain alone.

Postby chrisco » 13 Nov 2017, 17:35

So Bitcoin swung 25% in value over the weekend. It was as high as $7900 and as low as $6000. Segwit2x fizzled out, the developer called off their plans for a hard fork, and profit taking set in once people realized they weren't getting another set of coins.

Meanwhile over in Ethereum....There's $160 million of fake internet money tied up in a smart contract deployed by Parity Technology. That contract controls 587 multi sig wallets. Someone managed to exploit a weakness in the contract to take control of it, then killed his user account which froze every wallet under it. Imagine a bank vault that could only open via fingerprint allowing someone to change the access finger print, and after the crook did that, he then erased his print with acid so the vault could never open again.

If you listen to industry cheerleader Coindesk (https://www.coindesk.com/parity-floats- ... nd-freeze/) its a hack. If you listen to Parity (https://paritytech.io/blog/parity-techn ... pdate.html) its a vulnerability which they have not taken responsibility for. Whatever you want to call it, Its really bad code which wasn't tested enough. Parity needs to step up and own this because this is not even the first or second high profile fuck up involving multi sig wallets.

Coding smart contracts is very different from the web dev software philosophy we've had for the last 15 years where any mistake can be corrected via a hot fix. Instead its a lot like shipping physical hardware that cannot be updated once the machine leaves the factory floor. Totally different mindsets. Mistakes like this are a sign that the blockchain guys have not made that shift. The good news is that mistakes like this only cost $160 million dollars.

They say they have a solution coming soon, hopefully it doesn't involve asking Vitalik for a hard fork like the DAO did.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby chrisco » 16 Nov 2017, 15:11

Have we covered the Zimbabwe thing yet? I can't remember if we have or that was on SonsofMrRobot.net, anyway BTC has been trading at a huge premium in Zimbabwe because there's no longer a national currency and there's so few USD to go around that people can't get enough cash on hand to transact.

Prime Bbcode Spoiler Show Prime Bbcode Spoiler:
Its at $13.5k over there which is a 100% markup. :shock:


https://www.express.co.uk/finance/city/ ... -USD-value

Anyway I appear to be correct in my taek that BTC would spike once the Segwit2x thing blew over. We are at $7700 right now which is a $572 increase on the day. The lunatics are going to push this to $10k before EOY. If only there was a futures market I could bet this in.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby SouthernYokel » 16 Nov 2017, 15:23

i have difficulty with chrisco bitcoin mood detection. is that last sentence serious? or have you already made a futures bet
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Re: Blockchain and blockchain alone.

Postby chrisco » 16 Nov 2017, 16:11

SouthernYokel wrote:i have difficulty with chrisco bitcoin mood detection. is that last sentence serious? or have you already made a futures bet

Its a reference to the CME announcing they will support bitcoin futures this year.

Some in the industry are not taking that news well: http://www.businessinsider.com/interact ... ad-2017-11

Image

And today's signs of the bubblepocalypse?

2. What is the current value ($) of your Bitcoin investment?

On average, respondents reported that the current value of their Bitcoin investment was $2,930.85.

7. At what price per Bitcoin would you be willing to sell all of your Bitcoin investment?

On average, respondents reported that they would be willing to sell all of their Bitcoin investment at $196,165.79 per Bitcoin. At the time of the survey completion, the price per Bitcoin was $6,490.


https://lendedu.com/blog/investing-in-bitcoin

Also I've read that the runup in price today was because Square started a small beta trial allowing BTC.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby SouthernYokel » 16 Nov 2017, 16:17

yeah i think futures for bitcoin would be fun as shit to watch. all the insane people just betting it up forever and ever, making it an impossibility to actually use as a real currency. wheeeeee
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Re: Blockchain and blockchain alone.

Postby chrisco » 20 Nov 2017, 10:51

So it looks like other coins are starting to show some signs of life again. Ether has finally broken out of the doldrums and is now in the $360 range. Even more surprising is that the alt coins are back.

Since we in the Blockchain and blockchain alone thread love looking back at hypotheticals, here is what my portfolio would be looking like had I not eviscerated it:

Image

Basically I'd be up 70%, have $34k of initial investment at risk and $24k of gains.

As it stands, I have 2 BTC, 3 BCH, and 1 ETH floating around and everything else was sold. So I am up like $17k and all my initial investment is back in the bank. Of the bunch that I sold off, I miss IOTA and ETH. I'm struggling with whether to stay fully on the BTC wagon or sell some and move a bit into those two coins.

I need to figure out what caused IOTA to run up because its tripled in value in the last 15 days. Prior to that it had been in a long slow decline.

ETA: I looked into IOTA a bit and cannot find any reason for the rally. Given that its still only available on Bitfinex and Binance, I am inclined to agree with this: https://themerkle.com/iota-price-surpas ... ow-volume/.

I know next to nothing about reading technical charts, but this stuff makes me lulz:

IOTA continues to trend higher against the dollar and bitcoin but is currently pulling back from its climb. Against bitcoin, price is testing an area of interest or former resistance around 0.00009.

This lines up with an ascending trend line connecting the lows since the start of the month and the 100 SMA dynamic support. This moving average is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is more likely to continue than to reverse.

This is also around the 50% to 61.8% Fibonacci retracement levels which might continue to hold as support. A break below these levels or 0.00008, on the other hand, could mark the start of a reversal and send IOTBTC down to the lows near 0.00005.

Stochastic is pointing down to show that selling pressure is in play. RSI has plenty of room to head south also so IOTA might follow suit until both oscillators turn higher from oversold levels to reflect a pickup in bullish pressure.


http://www.livebitcoinnews.com/iota-tec ... -interest/

Because sure you could put lipstick on a pig and talk about Fib retracement, or you could just listen to the other narrative which is that Bitfinex is a very sketchy exchange and that IOTA is moving on very light volume.
Last edited by chrisco on 20 Nov 2017, 11:10, edited 1 time in total.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby TheWolf » 20 Nov 2017, 11:07

Cool story, I miss IOTA.
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Re: Blockchain and blockchain alone.

Postby bosux » 20 Nov 2017, 11:43

ether is the sleeping giant bro
by bosux » 02 Mar 2016, 13:34
if the democratic power machine is so tone deaf as to foist $hrillary upon the electorate they will lose to Trump...bet on it
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Re: Blockchain and blockchain alone.

Postby chrisco » 20 Nov 2017, 12:13

bosux wrote:ether is the sleeping giant bro

Where are we on weed stocks bo?
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby bosux » 20 Nov 2017, 14:28

chrisco wrote:
bosux wrote:ether is the sleeping giant bro

Where are we on weed stocks bo?


there are a couple i like, but it is really more of a sweat equity and political ass grease business at this point in its lifecycle
by bosux » 02 Mar 2016, 13:34
if the democratic power machine is so tone deaf as to foist $hrillary upon the electorate they will lose to Trump...bet on it
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Re: Blockchain and blockchain alone.

Postby chrisco » 21 Nov 2017, 11:34

chrisco wrote:I need to figure out what caused IOTA to run up because its tripled in value in the last 15 days. Prior to that it had been in a long slow decline.

ETA: I looked into IOTA a bit and cannot find any reason for the rally. Given that its still only available on Bitfinex and Binance, I am inclined to agree with this: https://themerkle.com/iota-price-surpas ... ow-volume/.

I know next to nothing about reading technical charts, but this stuff makes me lulz:

IOTA continues to trend higher against the dollar and bitcoin but is currently pulling back from its climb. Against bitcoin, price is testing an area of interest or former resistance around 0.00009.

This lines up with an ascending trend line connecting the lows since the start of the month and the 100 SMA dynamic support. This moving average is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside or that the uptrend is more likely to continue than to reverse.

This is also around the 50% to 61.8% Fibonacci retracement levels which might continue to hold as support. A break below these levels or 0.00008, on the other hand, could mark the start of a reversal and send IOTBTC down to the lows near 0.00005.

Stochastic is pointing down to show that selling pressure is in play. RSI has plenty of room to head south also so IOTA might follow suit until both oscillators turn higher from oversold levels to reflect a pickup in bullish pressure.


http://www.livebitcoinnews.com/iota-tec ... -interest/

Because sure you could put lipstick on a pig and talk about Fib retracement, or you could just listen to the other narrative which is that Bitfinex is a very sketchy exchange and that IOTA is moving on very light volume.


Step 1: Pump IOTA

Step 2: Claim that Tether got hacked for $31 million. https://techcrunch.com/2017/11/20/tethe ... stole-31m/

Step 3: Profit.

I'm not sure what is going on with Bitfinex, but it and Tether share an owner. Tether is supposed to be a dollar pegged coin where actual USD backs the Tether coins. Many people doubt there are actual dollars behind Tether and think it was an invention designed to keep Bitfinex solvent.

Here's some additional background: https://cointelegraph.com/news/bitfinex ... x-scenario

If you are looking for the trigger point for a crypto meltdown before the EOY, this is a great candidate. I'm looking forward to a Michael Lewis style piece on Bitfinex when this is all said and done.

Meanwhile, BTC is up 20% on the week and over $8300. Everything is fine, there's nothing to see here.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby TheWolf » 21 Nov 2017, 16:39

I continue to read and enjoy these posts, even though I have almost literally no idea what the fuck you're talking about and it might as well be in another language.

Also, I'm choosing to pat myself on the back for my "I miss IOTA" joke that no one got. I thought that was clever. Self-kudos.
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Re: Blockchain and blockchain alone.

Postby chrisco » 21 Nov 2017, 16:42

TheWolf wrote:I continue to read and enjoy these posts, even though I have almost literally no idea what the fuck you're talking about and it might as well be in another language.

Also, I'm choosing to pat myself on the back for my "I miss IOTA" joke that no one got. I thought that was clever. Self-kudos.


^5 on that Wolf. I en joyed it immensely. For your next challenge, you need to work in an edogpc joke.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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Re: Blockchain and blockchain alone.

Postby bosux » 23 Nov 2017, 21:06

Ether bro, ether
by bosux » 02 Mar 2016, 13:34
if the democratic power machine is so tone deaf as to foist $hrillary upon the electorate they will lose to Trump...bet on it
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Re: Blockchain and blockchain alone.

Postby chrisco » 23 Nov 2017, 22:27

bosux wrote:Ether bro, ether

Yeah, I'd like to be rushing on that run. Let me wait for the cold light of day and maybe swap a coin into ether.
BostonSucksMyBalls - Fri Apr 07, 2017 9:03 am: I listen bc ive listened for about 25 years. I need to see this stupid thing thru.
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