Bitcoin - Part 2

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The Commonwealth Bank is under fire after revelations that they lost 20,000,000 customer statements dating from 2000 to 2016 although they didn't reveal this until the BuzzFeed News broke the story.

However, the Commonwealth Bank's acting head of retail banking, Angus Sullivan defended the secrecy.
Mr Sullivan said the relevant regulators were notified in 2016 and the bank undertook a thorough forensic investigation, providing further updates to regulators after its completion.

But the bank never alerted its customers to the potentially-massive privacy breach and has only gone public after BuzzFeed News broke the story.

Mr Sullivan has defended the bank's decision, saying it had discussed the matter with the OAIC, which told the bank it did not intend to take any further action.
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http://www.abc.net.au/news/2018-05-...-loss-financial-records-20m-customers/9720928
 
psionl0 said:
How do you define a "bitcoiner"? It would be interesting to know if you have the slightest idea of what I am posting about or why.
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A Bitcoiner is someone who defends and/or promotes bitcoin. Namely you.
An anti-Bitcoiner is someone who thinks it is a scam. Namely me.
 
Roger Ramjets said:
That's Capitalism, baby!

How accurate is a fictional story which rails against 'usury' likely to be?
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Are you okay with market manipulation where someone with huge amounts of many can make even huger amounts by deception? Pretending the news is bad and then secretly buying on the depressed prices?

What he did was not fraud or illegal. The crash the year before was illegal because it deliberately spread fake news. But is it moral? And should it be allowed?

Were you okay with a government bail-out of too-big-to-fail banks? And the lack of regulation of what turned out to be financial scams?

Apparently the "fiction" is to make history interesting. The author is allowed to take a viewpoint. Are his facts supportable?
 
psionl0 said:
The Commonwealth Bank is under fire after revelations that they lost 20,000,000 customer statements dating from 2000 to 2016 although they didn't reveal this until the BuzzFeed News broke the story.

However, the Commonwealth Bank's acting head of retail banking, Angus Sullivan defended the secrecy.

http://www.abc.net.au/news/2018-05-...-loss-financial-records-20m-customers/9720928
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Why did the bank not have an employee there to witness the destruction of the tapes?
 
PartSkeptic said:
A Bitcoiner is someone who defends and/or promotes bitcoin. Namely you.
An anti-Bitcoiner is someone who thinks it is a scam. Namely me.
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I thought you were clinging to a false dichotomy. There are more classifications than just "thinks it's a scam" or "actively promotes it". Of course you would have to read more of my posts than just "disagrees with me".

PartSkeptic said:
Why did the bank not have an employee there to witness the destruction of the tapes?
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Australia's Royal Commission into banking is uncovering all sorts of unsavory practices including charging fees without providing a service and giving bad financial advice (which in some cases bankrupted customers).

All part and parcel of the risks you take when you make use of human intermediaries.
 
Roger Ramjets said:
Not really. This kind of volatility is to be expected, but when you look at the big picture...

Bitcoin, the Biggest Bubble in History, Is Popping
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Isn't it amazing how many so called "critical" thinkers suddenly become chartists and believe in TA when they think that they can prove something with this woo.

You could have produced an identical chart 4 years ago and said "That proves it. Bitcoin will never reach $1,000 again". :rolleyes:
 
psionl0 said:
Isn't it amazing how many so called "critical" thinkers suddenly become chartists and believe in TA when they think that they can prove something with this woo.

You could have produced an identical chart 4 years ago and said "That proves it. Bitcoin will never reach $1,000 again". :rolleyes:
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Edwards and McGee wrote one of the original works, they would describe this as a descending triangle.

Easy to see on a logarithmic weekly chart.
This decline looks the start of the big one to me.
 
Bitcoin Price at $8,500
Over the past 24 hours, the bitcoin price has dropped by more than 8 percent mainly due to two major factors: police raid into the headquarters of major South Korean exchange UPbit and the selloff of 8,000 bitcoin by the Mt. Gox trustee.

This is interesting, it gives a specific guide to the liquidity, say 1% decline per 1000 bitcoin, or $8 million. This suggests that the billionaires have no show of turning their rat poison into greenbacks. I bet they would love to.

https://www.ccn.com/cryptocurrency-...-bitcoin-price-and-tokens-down-significantly/
 
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Originally Posted by PartSkeptic
Last post on 3 April was:
If I sold it all today I would get 100 x $7334 = $733,400.
I had $0 and 100 bitcoin as my start.
Now I have $146,680 and 80 bitcoin.

13 April
Price now 7812. Time to sell the peak.

Let me sell 40 bitcoin.
Now I have $459,160 and 40 bitcoin = Current worth $771,640


PartSkeptic said:
22 April
Price now 8853.
Another little peak. Let me sell 20 bitcoin.
Now I have $636,220 and 20 bitcoin = Current worth $813,280
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Uh oh! Time to sell and get out. 20 bit coin at 9,234 is 184,680

Started with 733,400
End with 997,960

The peaks and valleys are now not predictable enough.

This was an imaginary exercise to compare with those who are deciding to just hold.

Notice that by using this strategy I would not have bought on that huge upswing, and would not be losing a bundle.
 
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PartSkeptic said:
The peaks and valleys are now not predictable enough.

This was an imaginary exercise ...
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That is the point. Rises and declines that are essentially random require repeated pure luck if a gain is to be made; and losses are as probable as gains. Winning consistently would be like tossing a coin and getting heads consistently. In practice unachievable.

No sign of the price shooting backup to $19000, though. Days of wine and tulips aren't coming back any time soon.
 
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Craig B said:
That is the point. Rises and declines that are essentially random require repeated pure luck if a gain is to be made; and losses are as probable as gains. Winning consistently would be like tossing a coin and getting heads consistently. In practice unachievable.

No sign of the price shooting backup to $19000, though. Days of wine and tulips aren't coming back any time soon.
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I respectfully disagree, far from coin tossing, Bitcoin responds to TA like a well oiled machine. It is not remotely random, I have tried to illustrate up thread.
 
Samson said:
I respectfully disagree, far from coin tossing, Bitcoin responds to TA like a well oiled machine. It is not remotely random, I have tried to illustrate up thread.
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My view is that such phenomena - in which the predictions have an effect on the movements predicted - are essentially unpredictable.

If people can say, our analysis shows that asset X will be worth y pounds on day z, then it won't be, because the analysts will anticipate the predicted movement and perform transactions in light of it, and so negate or at least affect the outcome, rendering the prediction invalid in practice.
 
Craig B said:
Rises and declines that are essentially random require repeated pure luck if a gain is to be made; and losses are as probable as gains. Winning consistently would be like tossing a coin and getting heads consistently. In practice unachievable.
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You know about as much about the laws of probability as you do about bitcoin markets.

If what you said was true then bookies and casinos would not be able to make a profit since they never know when their patrons will win a bet.
 
Samson said:
I respectfully disagree, far from coin tossing, Bitcoin responds to TA like a well oiled machine. It is not remotely random, I have tried to illustrate up thread.
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I guess one can make money on falling markets. I would have to "short" the coin. Not sure how that works just yet. I suppose it is an opportunity to learn.

I think it will drop in the next three days before trying another upturn.
 
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