The bitcoin pyramid scheme How is that working out, where are the Lambos?

[Red Squirrel]

http://www.exitscam.ca redirects to their site.

Was not my doing... but thought it was pretty funny.

 

[Charmonium]

I saw an article recently about 2019 being the year of the "enterprise blockchain." The idea has been around for a while though.

That's why I don't have a lot of faith in cryptos long term except for MAYBE a few that could fill certain niches like cross-currency transfers or fiat substitutes in places that don't have a stable currency.

But for specific applications, it's cheaper and more efficient for companies to just create their own system. You can customize it to your specific needs. You also don't have to worry about relying on a network over which you have no control.

 

[KMFJD]

https://markets.businessinsider.com...llion-but-the-money-is-gone-2019-3-1028009684


Experts finally tracked down the digital wallets of the crypto CEO who died with sole access to millions. They say the money's gone

l o l

 

[Red Squirrel]

Surprise surprise lol.

Sucks though since it was one of the only Canadian exchanges. I kinda want to look into what it would take to start an exchange, but I imagine you need a lot of upfront capital for that as you need some seed crypto and seed cash for people to exchange. Eventually you start making money through any transaction fees etc so it's self sustaining but at first you do need lot of money. Like what if someone wants to cash in 100 bitcoin right off the bat, you need to have that cash.

 

[DrMrLordX]

Surprise surprise lol.

Sucks though since it was one of the only Canadian exchanges. I kinda want to look into what it would take to start an exchange, but I imagine you need a lot of upfront capital for that as you need some seed crypto and seed cash for people to exchange. Eventually you start making money through any transaction fees etc so it's self sustaining but at first you do need lot of money. Like what if someone wants to cash in 100 bitcoin right off the bat, you need to have that cash.

Unless you're Bitfinex. Heehee. Actually that's not fair, they probably started with a bunch of cash too . . .

 

[darkswordsman17]

I feel like I should maybe try to sell a certain dogfood company on the revolutionary potential of "Kibblesinbits". Think of that untapped market, all the dogs that need their cryptoneeds met with no solution (can't trust that Doge asshole!).

 

[darkswordsman17]

Apparently at least one got thier lambo:
https://www.carscoops.com/2019/03/lamborghini-huracan-performante-crashed-by-bitcoin-investor/
and then crashed it.

 

[whm1974]

Apparently at least one got thier lambo:
https://www.carscoops.com/2019/03/lamborghini-huracan-performante-crashed-by-bitcoin-investor/
and then crashed it.

Don't high performance require some degree of skill to even drive?

 

[SKORPI0]

Don't high performance require some degree of skill to even drive?

Of course. So car was paid with bitcoins? Will the repair be paid the same?

 

[ultimatebob]

I'm not sure how anybody made money off of crypto in 2018 unless they were running an exchange that charged high trading fees and/or found a way to short it somehow. Almost all of them dropped in value by 70% or more from their end of 2017 highs.

 

[whm1974]

I'm not sure how anybody made money off of crypto in 2018 unless they were running an exchange that charged high trading fees and/or found a way to short it somehow. Almost all of them dropped in value by 70% or more from their end of 2017 highs.

Convert it to cash from to time? That is what I would do.

 

[ultimatebob]

Convert it to cash from to time? That is what I would do.

Unless you were lucky enough to cash out around some time in mid December 2017 when Bitcoin was around $20K, you probably didn't make as much as you hoping to. A lot of people bought into that "HODL" crap and thought that it really was going to go to $50K by the end of the year, and got burned hard.

 

[whm1974]

Unless you were lucky enough to cash out around some time in mid December 2017 when Bitcoin was around $20K, you probably didn't make as much as you hoping to. A lot of people bought into that "HODL" crap and thought that it really was going to go to $50K by the end of the year, and got burned hard.

I would have been cashing some out regularly so I can buy the stuff I need and want. And to avoid losing everything when the crash begins.

 

[Staples]

I don't know if there will be another boom but it looks like we may have hit a bottom.

 

[whm1974]

I don't know if there will be another boom but it looks like we may have hit a bottom.

Let's hope that it stays at the bottom to avoid wasting large amounts of power, which is causing brownouts in a number areas.

 

[Staples]

Proof of work is a terrible consensus method. With all the problems bitcoin has, this is the worst one and it is rarely ever mentioned.

 

[DrMrLordX]

Proof of work is a terrible consensus method. With all the problems bitcoin has, this is the worst one and it is rarely ever mentioned.

It is discussed, just not by Bitcoiners. I don't think they want to rock the boat.

 

[Staples]

It is discussed, just not by Bitcoiners. I don't think they want to rock the boat.

The only good thng about proof of work is that it is the fairest distribution model. Besides that, it is terrible.

 

[DrMrLordX]

The only good thng about proof of work is that it is the fairest distribution model. Besides that, it is terrible.

I don't think it's that fair, either. You want as many different parties confirming transactions (quickly) as possible. PoW consolidates confirmation duties on those who are willing to throw the enormous amount of hashpower necessary into the mix just to mine a block. There are too few miners wielding too much hashpower on the Bitcoin network. BCH is even worse.

 

[purbeast0]

What has happened today? I see BTC is up $800. My portfolio is up like $500 since 2 days ago, which is a mixture of BTC and LTC.

 

[DrMrLordX]

What has happened today? I see BTC is up $800. My portfolio is up like $500 since 2 days ago, which is a mixture of BTC and LTC.

I don't think anyone really knows yet. There was supposed to be some April Fool's joke two days ago about a Bitcoin ETF approval (I think?) but otherwise . . .

 

[njdevilsfan87]

Some Reddit investigation suggests a single entity on the order of $100M executed buys across 3 exchanges, sending Bitcoin from $4K to $5.2K in ~2 hours. It's consolidated around that price point since.

 

[DrMrLordX]

Some Reddit investigation suggests a single entity on the order of $100M executed buys across 3 exchanges, sending Bitcoin from $4K to $5.2K in ~2 hours. It's consolidated around that price point since.

Interesting. That price movement brought the rest of the cryptoverse up with BTC. BCH had some major gains (which was mostly damage repair from the ABC/SV fight).

 

[ultimatebob]

Son of a bitch... Bitcoin is back up to $5K. How did that happen again?

 

[Genx87]

What has happened today? I see BTC is up $800. My portfolio is up like $500 since 2 days ago, which is a mixture of BTC and LTC.

Nobody knows yet means pump n dump. Sadly people will think it is back and hop on board only to lose their shirts again.