Posted on 05/19/2021 5:44:18 AM PDT by Presbyterian Reporter
Bitcoin price slump continues. Now trading at $37,550.
For those who bought Bitcoin at $63,000 a month ago, they are likely having some buyer's remorse.
eTulips
As it costs more to mine/mint the later bitcoins than the early ones it sounds like a pyramid scheme to me.
Like every other widespread scam some made a fortune,some lost everything.
Electronic Ponzi scheme.
***NEWS FLASH***
Markets do not go up forever. This is when you buy the dip. You don’t buy it when it is pumping.
Buy when there is blood in the streets.
You hold and/or sell when it’s green.
Never chase pumps or prepared to get rekt.
Finding out who shorted it would be interesting.
Time to buy more...
This justifies my decision not to buy it when it was at $8.00
Just looked at AU. Up $100 in the last month, Silver up $2.5 in last month and is at 27.80
Intentional to drive out the small investors
The fact that Bitcoin was used as a widely publicized ransom payment may have doomed the currency. There’s probably nothing this administration will do, as they are focused entirely on Trump, abortion and “gay rights.” But there are still adults in the government and I’m sure they made notes.
“As it costs more to mine/mint the later bitcoins than the early ones it sounds like a pyramid scheme to me.”
INTERNET-—
Some 75% of the world’s bitcoin mining is done in China, where there is cheap electricity and relatively easy access to manufacturers who make specialized hardware, according to the study.
_______
YAHOO NEWS—
Wed, May 19, 2021, 4:41 AM·3 min read
Bitcoin plunged below $39,000 for the first time in more than three months Wednesday after China said cryptocurrencies would not be allowed in transactions and warned investors against speculative trading in them, despite the country powering most of the world’s mining.
The comments sent the unit diving more than 10 percent and dealt it another blow soon after being battered by comments from tycoon Elon Musk and his Tesla car company.
Trading in cryptocurrencies has been banned in China since 2019 to prevent money laundering as leaders try to stop people from shifting cash overseas. The country had been home to around 90 percent of the global trade in the sector.
I see what you did there.
Bitcoin Wallet Used by DarkSide for Ransom Payments ID’d by Elliptic
Kevin Reynolds
Fri, May 14, 2021
BTC-USD
-21.91%
The wallet used by the DarkSide ransomware group to receive bitcoin ransom payments has been identified, according to data analysis firm Elliptic, citing intelligence collection and analysis of blockchain transactions.
The wallet received the 75 BTC payment reportedly made by Colonial Pipeline on May 8, following the cyberattack that led to widespread fuel shortages in the U.S., Elliptic said in its report.
The wallet has been active since early March and has received 57 payments from 21 different wallets, including some matching ransoms known to have been paid to the group in other cases of blackmail, the firm said.
Since becoming active, the wallet has received bitcoin transactions totaling $17.5 million, Elliptic said.
Elliptic also said it has been able to gain intel on how DarkSide laundered prior attacks, potentially allowing authorities to locate the people behind them.
Earlier Friday, KrebsOnSecurity and others reported that the DarkSide group has decided to shut itself down after its own servers were seized and someone drained crypto from an account belonging to the group.
Haha!
What are you implying the U.S. Dollar has never been used as a ransom payment?
Trust me Bitcoin is going to be around for a while.
Even with this pull back because markets do not go one direction. It’s is still way up. Worth 18 times more than gold.
It’s not just bitcoin, the crypto market cap lost one trillion in the last week.
It had went up by 2 trillion in the last year.
https://coinmarketcap.com/charts/
Ultimately, with cryptos, there nothing there. It’s not like buying guns, ammunition, gold, silver, stocks, toilet paper, whatever, crypto isn’t tangible, and has no intrinsic value.
lumber up ?
It goes up, it goes down. If you put your money into a concept implemented through an impenetrable computer system you have to expect to lose. Or perhaps to win. Either way, you haven’t lost or gained until you actually convert your digital concept of money into money.
I bought years ago when it was ~$25 per BTC. I was using it for online commerce for a while and left the remainder alone. I cashed out before the big boom, but I don’t regret that decision. Besides, all of the major wallet holders are required to send tax forms to the government when you cash out. It’s not “free money” anymore in the sense that Uncle Joe gets his 10%, and then some.
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