Argument against Bitcoin
 

BitCoin – Criminals – Authorities | Armstrong Economics
https://www.armstrongeconomics.com/i...s-authorities/

just went over
 

2000

sec rejected Winklevoss brothers(original facebook guys) bitcoin etf

If people want to pay $500 for a beanie baby or 5 million for a stamp, or 100 million for a painting, you can't stop them.

I'm waiting till it hits 3000 before I buy my first 100 lot. Want to make sure its not just a manipulation.

Buy high, sell higher:lol::lol:

soon

Soon.....the fraud that Bitcoin IS, with no transparency whatsoever, will finally be exposed for the world to see, and a major GOVERNMENT operated cyber-currency will take it's place. It's not a matter of "if" this happens, it's a matter of "when".....Everybody's got to be shilling something to make a buck, a certain new stock or option to play, flipping real estate or cyber-scams like these....It just never stops.

You're preaching to the choir.

I thought it was a scam at $100.

But at some point , you have to respect that the market doesn't care what you think .

That's how you stay solvent. http://industrialrecyclingsolutions....nt-removal.jpg

it is taking me a long time to comprehend bitcoin. but the basis of what it is all about is to protect the holders of it from governments all over. governments throughout the world confiscate their citizens money, either by inflation or taxes. for example in our country we now have a 2% inflation rate which excludes food and energy. i can tell you that both food and energy have gone up over 20% year to year. when you add up all the taxes we pay its way over 50% of what we earn. they take our tax money and redistribute it to others that the government favors.

strange as it seems, money has chased bitcoin and not precious metals. in the past 2 years gold has only gone from $1050 per ounce to $1250 the ounce. i suspect that will eventually change though because precious metals have a 5000 year history of protecting the holders against governments and outside forces.

What food is up 20%?

Are you just making up numbers?

https://tradingeconomics.com/united-...food-inflation

There's a convenience store in my neck of the woods, Alton, called WAWA.

I would often buy a hot dog there for 99 cents.... until last Saturday when they 'jacked' the price up to $1.19. True. :lol::lol:

WTI closed at 50.36 on 7/7/2016. Here's a price history for reference:


https://www.eia.gov/dnav/pet/hist/Le...PET&s=RWTC&f=D

I'll give you the benefit of not forseeing today's 5% drop but if energy prices were up 20% that would put WTI north of $60 instead of south of $46.

And I know I'll never shake anyone off their love of gold which is something deep and emotional and, like any other love affair, immune to rational analysis.

But since 1900, gold has deeply underperformed the total return of both stocks and bonds. It's held it's own against cash. Gold has returned an annualized 1% vs. 0.9% for just sticking your savings in a money market account.

unfortunately you just made the case for gold now. everything reverts back to the means.

you understand living locks, gold is a living lock to be $2000 per ounce by this time next year and my guess is it will be a lot higher. again, that is a living lock.

Reverting to what mean? I just quoted gold's performance over the last 117 years.

You're looking for a pivot from that?

And a living lock from a guy who thinks energy prices are up more than 20% in the last year. You understand my skepticism, right?

If food prices went up 20% in a year across the board, half the population would starve, and 25% would lose 15 lbs or more in short order.

Speaking of prices, I just saw a guy buy 4 packs of cigs at probably $15 each .

Just peeled off the cash . This at Rite Aid.

actually not at all. if memory serves me correctly the price of oil per barrel was just under $25 about 19 months ago, it is now around $50. the price of 6by6 tomato's are twice as much today than they were a year ago. canned goods are all up a minimum of 20%.

now as far as your skepticism goes, i called Donald Trump the next president about a year ago right on this board. i also called Trump close in Massachusetts even though he got blown out here, i suspect there was a lot of chicanery going on in the count of the votes there. now to go one step further i called the New England Patriots a living lock as well for the superbowl. not to sure how they won the game but they did get the W.

so as you can see i don't take my living locks very lightly. from where i am sitting i don't think you have any business not paying attention to my statements and its time you get your head in line with what i am preaching.

of course you can choose not to pay attention. just for my other doubter here, the penny stock that i gave out right on this board is still in a very big profit range from where i initially posted it. this one even i admit is quite unusual because stocks of this nature generally fall under the category of pump and dump, and this one isn't.

Food inflation is less than overall inflation over the past year. I'd post a link, but I'm pretty sure you don't care since you can post drivel like "canned goods are all up a minimum of 20%" without blinking an eye.

And if we are expanding the time frame for energy from a year, why stop at 19 months? Less than 36 months ago, WTI was well over $100/barrel. Funny how time frames matter. You said one year. I responded to your obviously erroneous statement.

Maybe you're just better at seeing the future than remembering the past.

I know Alton. I was just trying to get a small laugh out of people.

But seriously, most especially in the consumer food industry who impose relatively larger price hikes for their products than the generally acknowledged sticker price, so to speak.

Once upon a time, there used to be true pound can of coffee, 16 oz. Over the years that 'pound' can of coffee became 12 oz., then 11.5 oz., and the other day I saw one with 10.5 oz. in there. Scandal alert!

Hershey Chocolate have had numerous re-jiggering in the manufacturing size of their famous candy bar. One year the 'bar' was so thin that it seemed no bigger than a sheet of loose leaf paper.

And on the retail side, the game played is even worse by basically 'forcing' people to buy 3 cans of corn at $3 total, but priced at $1.15 each if the consumer buys just one or two and not the required three.

I know it's no big deal in the wash but these things are done deliberately to extract more money --even if it's just pennies-- out of the hands of the consumer. It does make for fun talk and little else, I understand.

no offense but you are just listening to media and looking at fake numbers.

what you really need is for me to do a webinar that will teach people how to make better choices. everything around you is all very misleading and you need to learn how to separate real from fake.

With all due respect Lambo you have a very long and rich history of just totally making up numbers here.

But I'd pay to see a webinar of you "teaching" people.

reckless, you didn't even mention the scandal of cereal box shrinkage.

Not sure if the media has covered it but its years in the making , someone has to have done piece on it.

By the way , the greatest stock in the world SFOR , having a bad day with heavy selling. Moved up last few on no news. Today -20%

i have been looking for a stock or an equity or for that matter a horse that you have posted on this board that actually made money for anyone, am i missing something? or do you just wait to knock someone or something here to look smart?

Trust me.

No one knocks you here to look smart anymore than we step over a low laying obstacle to look athletic.

Some of us just still live in a world where facts aren't malleable.

I no longer eat cereal -- I stopped after I read in an alt-investing newsletter that there's more fiber in the cereal box than in the cereal itself! :lol::lol:

No wonder they keep shrinking the box, alton. Thanks for the heads-up.

Did you ever buy? Over 8100 now. I bought and sold in the 4k range, got out due to concerns over China exiting the market, got back in at 6k a week or so ago. 10k easy peasy by EOY.

Sadly, my distaste for the whole enterprise has prevented me from benefiting from the scam.

" Never let logic get in the way of a good trade. "

I was interested the decentralized exchange called LoopRing from the list below. I did an internet search of it on Bing. LoopRing is also a product used treat erectile dysfunction. Hey NSA -- add that to my profile. :pound:
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This list of 100 digital currencies with four words describing each one might give you reason to believe BitCoin is overpriced:

https://techcrunch.com/2017/11/19/10...words-or-less/

If this is not a form of madness, then it's doing a fantastic job of impersonation.

Maybe it will be like the early days of the internet where companies could get away with a business plan that simply said "sell dog food online"?

Perhaps there will be a shakeout and the top companies will emerge -- the next set of googles, amazons, and facebooks?

Which are the top ones? Maybe look at who Sequoia and other top VCs are backing and then jump on board?

Until BitCoin becomes a product that we can't live without I won't invest in it. Although, I can live without google, amazon, and facebook. So maybe that's not the best approach. Maybe a better approach is to find the next bitcoin or blockchain company that will have a billion users?

Looks like SFOR was the wrong stock after all.


It was VPLM for patent trollers

PS All the calls for a crash seem to have been premature. Why am I not shocked?

The problem with Bitcoin is that it trades without any apparent fundamentals. I can’t figure out what drives it’s price in either direction. Maybe some of the recent run up is fear over the possibility of China restricting access and the Chinese reacting by getting money out while they still can. But that is just a WAG.

I don’t know how you determine that something is mis-priced and potentially investable without any idea how to value it.

Right now, I can’t argue with someone who thinks it’s going to $25,000. But I also can’t argue with someone who thinks it’s going to zero.

I heard this morning on ThinkorSwim's feed that in the last year over 100 hedge funds have been started up that concentrate on cryptocurrencies.

Wow. We really do live in the Matrix.

Personally, I think part of Bitcoins price action has to do with so many other things being in a bubble, like equities and bonds. Where else do you store your excess dough? It's got a unique combination of technology, mystery and the glow of "the next big thing", and therefore is not to be missed. Until it turns into a tulip bulb.

"It's got a unique combination of technology"

The word unique is misplaced.

They have no patent on the tech.

That's why there a hundreds of other coins that use the same idea and many probably do it better.

There's no explanation other than a conspiracy to manipulate the price. Unless you want to use insanity as the reason.

I've given up calling a top in the thing for the last 6,000 dollars.

Three "experts" recently predicted that in the next year it will be in a range of $10,000 to $18,000. One of the experts was Jason Calacanis. I don't remember the names of the other two. They appeared on a panel together at a recent conference.

Calanacis is pretty in tune with technology -- he was the number two or three investor in UBER. I think he was the one who said $10,000.

He also is critical of it because it is not a technology that we can't live without. It is not a "must have" technology.

That could change, but so far, I have no reason to use it. The current payment systems that are in place work well now.

The unique part is the combination. There's enough mystery to the technology, that only 3 in 100 understand it. The "gotta have it" runs strong with this one, as pointed out by underline (_________), there is no tangible asset associated with bitcoin - ergo, no fundamentals to estimate worth. At least Charles Ponzi had his stamps, and the Florida swampland sellers had, well, land/swamp.

Bitcoin was one of the first, and is certainly the most hyped/PR'ed/advertised of the cryptos - but the competition from the others, for whatever reason, is minimal for now. That is hard to explain outside of a conspiracy/racket.

As soon as bitcoin cuts into .gov affairs and their turf in any meaningful way, I'd expect a rider on some bill that chops the conversion mechanisms off at the knees, and makes it relatively worthless to any law-abiding citizen. Sort of like the rider on the ports bill that cut off funding bank transfers to offshore gambling accounts via Neteller.

1 bitcoin = 6 ounces gold

I prefer gold

Today received an email from a client in Panama. Bank refused to wire small amount to me. Client wants to know if I accept Bitcoin.

I have no idea how Bitcoin works but I better learn!