Check out the TB2K CHATROOM, open 24/7               Configuring Your Preferences for OPTIMAL Viewing
  To access our Email server, CLICK HERE

  If you are unfamiliar with the Guidelines for Posting on TB2K please read them.      ** LINKS PAGE **



*** Help Support TB2K ***
via mail, at TB2K Fund, P.O. Box 24, Coupland, TX, 78615
or


INSANITY Anyone Watching Bitcoin last 24 hours?
+ Reply to Thread
Page 2 of 2 FirstFirst 1 2
Results 41 to 63 of 63
  1. #41
    Join Date
    Aug 2007
    Location
    NV
    Posts
    235
    This isn't the article I read earlier today but it states the same end result. Lost millions some did.

    h[COLOR="red"]xx[/COLOR]ps://www.cryptocoinsnews.com/bitcoin-mining-marketplace-nicehash-hacked-62-million-stolen/

    Bitcoin Mining Marketplace NiceHash Hacked: $62 Million Stolen?
    Josiah Wilmoth on 07/12/2017


    A hacker successfully breached cryptocurrency mining marketplace NiceHash, resulting in the theft of up to $62 million worth of bitcoins.

    The NiceHash website had gone offline earlier in the day, which the company had chalked up to maintenance. However, the team revealed the true nature of the outage through an announcement posted on the service’s social media channels, confirming users’ worst fears after hours frenzied speculation.

    “Unfortunately, there has been a security breach involving NiceHash website,” the company wrote, adding that it was freezing all operations for at least the next 24 hours while it investigated the hack.

    “Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken,” the company wrote.

    Although NiceHash has not confirmed the number of bitcoins stolen, NiceHash users have circulated a wallet address that suggests that 4,736.42 BTC — worth more than $62 million at the current exchange rate — was drained from the company’s hot wallet.

    The company stated that, in addition to an internal investigation, they had contacted the “relevant authorities and law enforcement” and that they are working to “rectify the matter in the coming days.”

    In the meantime, they advised users to change all of their online passwords, as it is presently unclear what data the hackers were able to obtain in addition to the stolen funds.

    Founded in 2014, NiceHash allows users to buy and sell hashpower through its online marketplace. This way, users can benefit from bitcoin mining without purchasing or operating the equipment themselves. However, as this incident demonstrates, cloud mining services subject users to additional risks versus operating one’s own hardware.

    In addition to hacks, cloud mining customers have also fallen victim to outright fraud. Three years ago, the now-defunct company Gaw Miners executed a Ponzi scheme under the guise of its cloud mining service and PayCoin, a proprietary cryptocurrency that Gaw created to perpetuate the scam. Gaw Miners CEO Josh Garza was recently declared liable for more than $9 million in disgorged profits and penalties in connection with the scam.
    Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways - body thoroughly used up, totally worn out, and screaming "WOO HOO WHAT A RIDE!!!" - Unknown

  2. #42
    Join Date
    Nov 2003
    Location
    FLORIDA
    Posts
    1,774
    I can't argue with anything anyone has said. Someone here told me how easy it was to use your phone and a BITCOIN ATM. Thank you, I am not especially tech savy, but that was really easy call. I told others because it seemed that this was something to watch. They dropped the ball, and now wish they had thrown a little scratch into the game.

    Then again, 2007-2008 warning I received was from right here on TB from JG. This particular call about BITCOIN was once again for the little man, like gold, silver, I-Bonds in the early 2000s. Always remember, pigs get fat and hogs get slaughtered. I am not doing anything stupid with my prepping goals, but once and a while, even we little people have an opportunity to score.

  3. #43
    Join Date
    Oct 2014
    Location
    KCMO
    Posts
    327
    $18,200 wow

  4. #44
    Join Date
    Apr 2004
    Location
    Seattle
    Posts
    1,942
    I'll chine in here now.

    I posted about btc on another thread last week and just kind of stopped posting about it after I send private messages to a couple members who made really wonderful comments to me. I appreciate them for it.

    If you thought the Internet was the wild west, you were wrong, this is the real wild west! Cryptocurrency is so new that rules of law/securities law hasn't even been enacted yet. This is moving so fast that .gov can't even get abreast of it. There are scams all over it and very few prosecutions because the prosecutors don't even understand it yet.

    That being said; I bought 1 ounce of gold last year at this time for $1175, I sold it today for $1275. I made $100 profit, good! If I had made the same amount of purchase of btc, I would have 2 full coins now. So for the price of $1175, my speculation gain(not investing) would be $34,000!

    I think I've made my point.

    Guess where the money went from the ounce I sold...

    Now that being said; I wish there was some accurate charting on AD 1636-38, Holland-that would be a tell into the future.
    I'd rather be paranoid, prepped and wrong than be irrationally happy, frivolous and screwed.

  5. #45
    Join Date
    Apr 2002
    Location
    WI
    Posts
    1,832
    This is so fascinating!

    I am old enough to have witnessed several bubbles and, dare I say it, manias in my lifetime.

    Firstly, I want to congratulate everyone who has bitcoin. You've held it in spite of all of the derogatory remarks and derisive comments. I can foresee it going much higher.

    However, I wonder if this somehow related to the alternate realities created by video and online games. The inability of people to distinguish the real from the unreal. As I understand it, there are a total of 21 million of them. There can never be more created. Also, that they are infinitely divisible. This is an artificial scarcity, in a manner of speaking.

    How is this dissimilar from Mario Bros? There are only so many coins which can be collected in a game. Conversely, we all use electrons (i.e., debit and credit cards, etc.) in our daily lives; electronic representations of dollars. So, is it simply this merging of the real, and electrons, that makes it so hard to distinguish the reality of bitcoin?

    Bitcoin has no innate value other than the belief of those who hold it, and those willing to accept it as payment. It has climbed at a precipitously fast rate only seen in other manias. Some would say this holds true for the dollar as well. However, the dollar has far more backing it than confidence. It has the backing of the military and nuclear weapons, if need be. It has been successfully defended several times previously. Bitcoin has no such mechanism in place.

    Ultimately, bitcoin is a mania. It may have some base value. It may not fall all the way to zero. It may climb significantly higher. However, common sense tells us that it will fall, and fall hard. This is speculation in its rawest form. There are no government regulations in place. This is what a mania looks like. I will continue to follow it with great interest.
    Sub-Zero

  6. #46
    Join Date
    Feb 2005
    Location
    Western North Carolina
    Posts
    1,140
    It's value is freedom,

    or conversely,

    complete control.

    I can see it going both ways.
    Mail Order Shortbread Cookies & More!

    https://www.etsy.com/shop/SwoonTheBa...=hdr_shop_menu

  7. #47
    Here is a good read critical of the ethics of bitcoin. Too long to paste the whole thing,
    https://medium.com/ill-ixi-lli/-da9326e97d1f

    It is about energy hog computers working as hard as they can to produce nothing of actual value.

    "Bitcoin=Death Processors"


    "bitcoin Is Makeworky Unmoney

    bitcoin is not exactly money. It’s a potentially valuable abstraction of computational ‘work’ that ‘earns’ bitcoin value. But what is bitcoin value and what is the nature of the work? The answers are bizarre because they are nonsensical.

    bitcoin value is an abstraction of participation in the history of the network and its transactions. ‘Work’ is a (largely) nonuseful recomputation of, first, the transaction history of the network — which has to be reprocessed each time there is a bitcoin transaction. Then, continual banging away at some useless math with added ‘weight factor’ that makes it arbitrarily difficult for computers to accomplish the generation of a new record-set over time.

    The bitcoin algorithms adjust this factor in order to require enough ersatz work so that the heartbeat of the system pulses (produces a block) approximately every ten minutes… and they scale the computational complexity accordingly via input from bitcoin’s own daily developmental activity.

    By crossing an invented computational abyss, millions of computers and other machines, many of which have been secretly compromised by hacks, are working full tilt, around the clock… to simply generate a deeper abyss requiring ever-more powerful and numerous computers to cross. And this generates ‘blocks’ in an economy of numbers in machines. These numbers are not exactly money, and their actual value is more complex than cash. And the machines must be serviced, cooled, attended and backed-up, as must the results of their nearly useless hyperactivity.

    Most participants are using machines specially designed to resolve these invented computational targets, and as we make faster computers to do this, the network amplifies the difficulty to throttle the pulse.

    What is all this about? Well, it’s not a simple question.

    ....................................snip.......... ...............


    bitcoin is an essentially mechano-vampiric paradigm where massive amounts of actually usless computation are done with increasing ferocity while producing nothing of any value whatsoever except a kind of pure abstraction of computing having been done, and the glorious ‘record of transactions’ which becomes a veritable church of common computational record—and remains just as meaningless in that guise.

    Those who are involved in this racket have chosen to dedicate cash, space, power and other resources to the process. But what is the process? It is to process a meaningless series of processes, ever-more ineffectively, on purpose.

    That’s the wrong thing to dedicate resources to, and it produces direct mechanical competition against our own minds, cultures, needs and development....................................... ............

  8. Quote Originally Posted by Sub-Zero View Post
    Ultimately, bitcoin is a mania. It may have some base value. It may not fall all the way to zero. It may climb significantly higher. However, common sense tells us that it will fall, and fall hard. This is speculation in its rawest form. There are no government regulations in place. This is what a mania looks like. I will continue to follow it with great interest.
    I don't know... people said the same thing about Facebook. When it went public, everyone laughed. When it went public at $26 a share, everyone laughed again. Understandably, because it was nothing more than a virtual place for people to hang out. But it's still here, at $180 a share.

    Also, everyone said the same about Amazon when it started to soar: "What goes up, must come down." But nope. Back in 2012, it was roughly $150 a share. Now it's $1,150 a share.

    I'm high-fiving anyone who has taken some risk with this and made a nice profit. I'm kicking myself for those (several) times where I thought about buying a couple hundred coins, and then said, "Nah... Bitcoin is just a fad." Had I not had that thought in my head, I could retire today with my millions.

    Just sayin'.

  9. #49
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    52,840
    Pet rocks - but without the rock...
    ======================

    http://www.safehaven.com/article/448...-cryptokitties

    People Spent $1M on Totally Useless Ethereum "CryptoKitties"
    By: Mike Shedlock | Mon, Dec 4, 2017

    Techcruch reports People have spent over $1M buying virtual cats on the Ethereum blockchain.

    Launched a few days ago, CryptoKitties is essentially like an digital version of Pokemon cards but based on the Ethereum blockchain. And like most viral sensations that catch on in the tech world, it’s blowing up fast.Built by Vancouver and San Francisco-based design studio AxiomZen, the game is the latest fad in the world of cryptocurrency and probably soon tech in general.People are spending a crazy amount of real money on the game. So far about $1.3M has been transacted, with multiple kittens selling for ~50 ETH (around $23,000) and the “genesis” kitten being sold for a record ~246 ETH (around $113,000). This third party site tracks the largest purchases made to date on the game. And like any good viral sensation prices are rising and fluctuating fast. Right now it will cost you about .03 ETH, or $12 to buy the least expensive kitten in the game.So now we have people using Ether, an asset with arguably little tangible utility – to purchase an asset with unarguably zero tangible utility. Welcome to the internet in 2017.

    CryptoKitty Q&A
    Q. How do I get a CryptoKitty?
    A. Go to the “Marketplace” and look at the CryptoKitties for sale, or breed two CryptoKitties together.
    Q. How much does it cost to buy a CryptoKitty?
    A. There’s no standard price for CryptoKitties. Users set their own starting price when they sell their Kitty, and the price goes down until the auction ends or the Kitty is purchased by another user.
    Q. Are CryptoKitties like Bitcoin?
    A. CryptoKitties are NOT a cryptocurrency. They’re more like a cryptocollectible. The real-world analogy for a cryptocurrency is dollars or pounds; a cryptocollectible’s real world analogy is closer to assets like baseball cards or fine art.
    Q. Does it cost money to play CryptoKitties?
    A. Unless you are an early access user (they get a free CryptoKitty), yes.

    Fraud Potential
    I do not know what an "early access" user is since the game is only a few days old. But I sure see a fraud potential: I will sell you my Cryptokitty for $20,000 if you buy mine for $20,000. The bagholder game stops as soon as some sucker not in the "early access" pool buys one.

    Virtual Beanie Babies
    Let's assume for some reason I am wrong about the fraud potential. In the absence of fraud, buyers still receive nothing more than a useless virtual beanie baby.

    At best, some greater-fool believer spent $113,000 for a virtual beanie baby.
    Fraud or not, it's absurd.

    By Mike "Mish" Shedlock
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  10. #50
    I think BTC is running up for 2 reasons: 1. The CME is supposed to start offering BTC futures this month, and 2. Its in the run-up before mass adoption. I have a little.

    I also threw a couple hundred at the CryptoKitties. XD Just started yesterday and am now already working on making back my investment. It's fun! Maybe a little too fun...:-p

  11. #51
    Join Date
    Apr 2012
    Location
    F 250 General Delivery- North Carolina S I 85
    Posts
    563
    When Bitcoins first came out I purchased $1500.00 when they were $22.00 for an investment. Now at my age I would like to cash this in to settle down and travel. Question is. Where can I cash in to receive my investment in USD's.

  12. #52
    Join Date
    Apr 2002
    Location
    WI
    Posts
    1,832
    Quote Originally Posted by meandk0610 View Post
    I think BTC is running up for 2 reasons: 1. The CME is supposed to start offering BTC futures this month, and 2. Its in the run-up before mass adoption. I have a little.

    I also threw a couple hundred at the CryptoKitties. XD Just started yesterday and am now already working on making back my investment. It's fun! Maybe a little too fun...:-p
    And this is part of the mania. It will affect all crypto-fill-in-the-blanks. After all, bitcoin surged, so surely others will as well.

    During the tulip bulb mania, I would wager that there were speculators in other flowers, they just weren't publicized as much.

    I'm certain there will be money made in these others, but they are ancillary manias. They, too, will crash. Think of them as penny stocks.

    One question you should ask yourself is if you only had $18,000, would you put it all in bitcoin? Also, are some stores no longer accepting bitcoin which previously did? These will be the canary in the mine indicators that holders need to look for.

    One of the key points I will make is that is really it will shortly no longer be a form of payment. It is quickly transitioning to an instrument of speculation and speculation only.
    Last edited by Sub-Zero; 12-08-2017 at 11:56 AM.
    Sub-Zero

  13. Quote Originally Posted by Vulture45-70 View Post
    When Bitcoins first came out I purchased $1500.00 when they were $22.00 for an investment. Now at my age I would like to cash this in to settle down and travel. Question is. Where can I cash in to receive my investment in USD's.
    Good for you!! I love hearing stories like that. Your investment is now worth over a million dollars. Where/how did you buy them? If you used something like Coinbase, you should be able to log into you account and sell them. You might need to link a bank account to transfer the money into.

  14. #54
    Join Date
    Apr 2002
    Location
    WI
    Posts
    1,832
    Quote Originally Posted by Jubilee on Earth View Post
    Good for you!! I love hearing stories like that. Your investment is now worth over a million dollars. Where/how did you buy them? If you used something like Coinbase, you should be able to log into you account and sell them. You might need to link a bank account to transfer the money into.
    Yes. And be prepared for a visit from law enforcement as the transaction will be reported. Nothing to fear as it is legal. But, make sure you get a great tax accountant, because you will need one.
    Sub-Zero

  15. #55
    Join Date
    Mar 2011
    Location
    Concord, NC
    Posts
    2,839
    Quote Originally Posted by Great Northwet View Post
    I'll chine in here now.

    I posted about btc on another thread last week and just kind of stopped posting about it after I send private messages to a couple members who made really wonderful comments to me. I appreciate them for it.

    If you thought the Internet was the wild west, you were wrong, this is the real wild west! Cryptocurrency is so new that rules of law/securities law hasn't even been enacted yet. This is moving so fast that .gov can't even get abreast of it. There are scams all over it and very few prosecutions because the prosecutors don't even understand it yet.

    That being said; I bought 1 ounce of gold last year at this time for $1175, I sold it today for $1275. I made $100 profit, good! If I had made the same amount of purchase of btc, I would have 2 full coins now. So for the price of $1175, my speculation gain(not investing) would be $34,000!

    I think I've made my point.

    Guess where the money went from the ounce I sold...

    Now that being said; I wish there was some accurate charting on AD 1636-38, Holland-that would be a tell into the future.
    I'm struggling with the whole cryto currency thing here.....

    As a monetary form of exchange this is electronic representation of that?............if so what intrinsic value does it have?...........and if there is no intrinsic value but rather it represents an agreed upon fiat of monetary exchange then how does it rival the current US currency which certifications say can be used for all debts public or private?

    What I mean is I can go to the grocery store with fiat certificates (aka dollars) in my hand and buy food for them.............what do I do with bitcoins?........I'm not about to purchase anything online and would even all stores provide that?

    I mean if I get enough people to agree to it I could make up my own electronic fiat monetary exchange and claim validity to that?

    This is puzzeling to me..........

  16. Quote Originally Posted by Sub-Zero View Post
    Yes. And be prepared for a visit from law enforcement as the transaction will be reported. Nothing to fear as it is legal. But, make sure you get a great tax accountant, because you will need one.
    As long as capital gains are reported legally, like you said, there is nothing to fear.

  17. #57
    Join Date
    Mar 2005
    Location
    Maidenhead
    Posts
    24,696
    Mixture of things going on with it but such a quick ramp up in value is dangerous. What goes up real fast can come down even faster. I'd lock in my gains while I can. A lot of people are getting in because of greed. They see the gains and they want to double or triple their money in a month. Wonder how much of that is leveraged? In the past people have taken out loans to buy stock and I'll guarantee you people are taking out loans to buy bitcoin right now. And those that can, some of the bigger players are chasing yield. They are desperate for yield. Where else can anyone go right now that is legal and get these kind of returns?

    Folks need to learn from history. Everyone knows how quick this is going up and most realize that prices can quickly tumble as well. People just think [or are hoping] that they are going to be quicker than everyone else and are going to get out before it goes down quickly. And with the exchanges as has been mentioned before you don't own a bitcoin....you have a claim on a bitcoin or part of a bitcoin. We know how the banksters play with Gold now...for every physical ounce of gold for delivery there are many claims thru paper against that Gold and they would be SOL if more than a fraction wanted to get their hands on the gold. The exchanges practice their own 'fractional reserve' as well as this is partly how they make their money.

    For people playing with this just be extremely careful and I would't have any more into it than what you could afford to lose if it goes south in a hurry. Because if Bitcon takes a major hit everyone is going to head for the exits at the same time and try to take their gains and the resulting price collapse could halve or more the current 'value'. Don't forget the .com bust and the housing bust. The former when the Internet was just becoming mainstream and the latter between 2005 and 2008 where people were buying houses on leverage to flip them to someone who was willing to pay more for it. Human nature doesn't change and just remember that when your in a casino and are gambling with the house....the house usually wins in the end.
    What is the lake of fire? What is it's purpose? Is the lake of fire eternal hell? Is there any hope of escape for those cast into this lake?
    http://bible-truths.com/lake1.html

  18. #58
    Join Date
    Apr 2002
    Location
    WI
    Posts
    1,832
    Quote Originally Posted by Jubilee on Earth View Post
    As long as capital gains are reported legally, like you said, there is nothing to fear.
    You might want to ask your accountant and attorney if placing them in a Charitable Remainder Trust would be a smart move. Make sure they know what it is rather than just accepting a "no". Lawyers will never admit they don't know something.

    You would get a huge tax deduction to offset taxes (more usable income) and still be able to use all but ten percent of the original asset. I know you're thinking capital gains tax is only... However, check out this option.

    You would need to place them in a CRT BEFORE the sale; that is very important.

    Look into it.
    Sub-Zero

  19. #59
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    52,840
    I mean if I get enough people to agree to it I could make up my own electronic fiat monetary exchange and claim validity to that?

    Venezuela is getting ready to offer one - you might as well join in too.
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  20. #60
    Quote Originally Posted by Sub-Zero View Post
    Yes. And be prepared for a visit from law enforcement as the transaction will be reported. Nothing to fear as it is legal. But, make sure you get a great tax accountant, because you will need one.
    Pay attention, here.

    Would suggest that you consult with a GOOD tax attorney BEFORE selling - there may be specifics that need to be paid attention to, in your case, and it is useful to know the entire lay of the "tax land" BEFORE liquidating any capital gain in today's world.


    intothegoodnight
    "Do not go gentle into that good night.
    Rage, rage against the dying of the light."

    — Dylan Thomas, "Do Not Go Gentle Into That Good Night"

  21. #61
    Join Date
    Feb 2012
    Location
    Northest Wisconsin
    Posts
    2,260
    Something very strange is happening right now with Bitcoin prices
    Attached Images

  22. #62
    Join Date
    Jul 2005
    Location
    Happy on the mountain
    Posts
    52,840
    Looks as if something chopped off the upper range of that candlestick chart... I'd say it's a chart problem not a market problem.

    Got a link for the chart?
    The wonder of our time isn’t how angry we are at politics and politicians; it’s how little we’ve done about it. - Fran Porretto
    -http://bastionofliberty.blogspot.com/2016/10/a-wholly-rational-hatred.html

  23. #63
    Join Date
    Feb 2012
    Location
    Northest Wisconsin
    Posts
    2,260
    Quote Originally Posted by Dozdoats View Post
    Looks as if something chopped off the upper range of that candlestick chart... I'd say it's a chart problem not a market problem.

    Got a link for the chart?
    https://m.investing.com/currencies/btc-usd

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts


NOTICE: Timebomb2000 is an Internet forum for discussion of world events and personal disaster preparation. Membership is by request only. The opinions posted do not necessarily represent those of TB2K Incorporated (the owner of this website), the staff or site host. Responsibility for the content of all posts rests solely with the Member making them. Neither TB2K Inc, the Staff nor the site host shall be liable for any content.

All original member content posted on this forum becomes the property of TB2K Inc. for archival and display purposes on the Timebomb2000 website venue. Said content may be removed or edited at staff discretion. The original authors retain all rights to their material outside of the Timebomb2000.com website venue. Publication of any original material from Timebomb2000.com on other websites or venues without permission from TB2K Inc. or the original author is expressly forbidden.



"Timebomb2000", "TB2K" and "Watching the World Tick Away" are Service Mark℠ TB2K, Inc. All Rights Reserved.