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  • fatjohn's Avatar
    06-22-2016, 12:08 PM
    Total and utter carnage in ltc. Glad to have picked up bot trading, did not have time to follow this but my bots saved my ass.
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    06-15-2016, 03:05 AM
    The point is that this healthy mechanism is in place because there are competing currencies. The moment bitcoin is the de facto global currency and everyone including government accepts it and has it. There will no longer be efficient competition because society will be reluctant to change (first and foremost governments) so then a lot of uproar may occur but pretty much like implementing the first QE I could see it happen.
    6 replies | 269 view(s)
  • fatjohn's Avatar
    06-13-2016, 04:24 PM
    So i tried to convince someone of this today. The only thing what really stuck is that a lot of functions performed by the banking industry would be automated. Therefore releasing people bpto become productive in another way. For the rest it was said that its the same as fiat. I tried to make the point that it was inherently deflationary, and then she said, they can just decide to raise the limit. I said they dont have an incentive to do that, but realized thats not true. Why would the miners once bitcoin is the main currency and the economy cant swich to ether or ltc easily anymore, why would the miners then not be able to come together and say we need to have more bitcoin? It would be beneficial for them. Price would not crash significantly as long as they dont overdo it, kinda like the government now with fiat. If you say people would swamp to an alt as soon as they tweak bitcoin, then i think you're wrong. Now yes, and in a society with competing currencies, but at some point you would probably have governments favoring one crypto over the other therefore making it arteficially difficult to be overtaken as the main crypto. So the only thing left is the inability to do fractional reserve banking. And thats though to sell amongst non anarchists. So what will enable bitcoin in the future that fiat cant do?
    6 replies | 269 view(s)
  • fatjohn's Avatar
    06-12-2016, 08:07 AM
    Zerohedge has a lot of things wrong there. Only okcoin being the 90% of the volume not huobi, not really making the distinction that all nationalities can trade on those platforms etc. but ok it is interesting these moves take place over the weekend. Will the cny again devalue tomorrow?
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    06-07-2016, 01:26 PM
    Testing the bottom of the trading range today. If it breaks 3750 to the downside the bull is dead. The monkey has spoken.
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    06-04-2016, 03:39 AM
    LTC really lagging BTC now. Anyone thinks this will change if the bull run continues?
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    05-30-2016, 04:10 PM
    Not the outstanding supply will halve, just the additional mining supply will halve in its rate of creation. http://www.bitcoinblockhalf.com What it will do with the price, no one knows, but its a bit like the fed thightening with 470 base points. On the other hand you could also look at it this way, today people are mining bitcoin at almost 2 million per day. Probably most of these are eventually being sold in the market to pay the bills denominated in usd and eur and cny for the mining costs. This will drop to only 1 million leading to 1 million/day less hitting the market. Is that a lot? Well according to this: https://coinmarketcap.com/exchanges/volume/24-hour/ About 70 million usd is being traded between btc and fiat money on all exchanges excluding the chinese (huobi, okcoin, btcchina). These are excluded because their volume is debatable. However for the sake of argument we'll say that their true combined volume is 130 million usd. This would give us a worldwide volume of 200 million per day. 100 million buy orders, 100 million sell orders. Now you take 1 million sell orders away. I'd say thats a lot, but not yuge.
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    05-29-2016, 12:12 PM
    Ah good to hear. My own algo that I am using (which almost trades on average once a day) has been long since 2989 cny three to four days ago. I am expecting it to sell any minute now if no new uptrend materializes soon.
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    05-29-2016, 06:54 AM
    I'm thorn. On the one hand the retreat from 3950 to 3650 yesterday seems to show that some weak hands have bought into this rally. On the other hand a 30 percent rise does not match the expectations i was having. I was thinking to hit the 700 dollar mark at least.
    4900 replies | 399982 view(s)
  • fatjohn's Avatar
    05-28-2016, 12:26 AM
    It's happening! Ltc not outperforming btc as i expected though, but hey, its ok.
    4900 replies | 399982 view(s)
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About fatjohn

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I am an engineer and according to my knowledge, WTC 1, 2 and 7 came down in a controlled demolition on 9/11/2001.

https://m.youtube.com/watch?v=dWUzfJGmt5U

http://www.ae911truth.org

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