Drudge Retort: The Other Side of the News
Saturday, December 09, 2017

Holders of large amounts of bitcoin are often known as whales. And they're becoming a worry for investors. They can send prices plummeting by selling even a portion of their holdings. And those sales are more probable now that the cryptocurrency is up nearly twelvefold from the beginning of the year. About 40 percent of bitcoin is held by perhaps 1,000 users; at current prices, each may want to sell about half of his or her holdings, says Aaron Brown, former managing director and head of financial markets research at AQR Capital Management.

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What's more, the whales can coordinate their moves or preview them to a select few. Many of the large owners have known one another for years and stuck by bitcoin through the early days when it was derided, and they can potentially band together to tank or prop up the market.

"I think there are a few hundred guys," says Kyle Samani, managing partner at Multicoin Capital. "They all probably can call each other, and they probably have."

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"You know it may be time to cash out of BTC when your grandparent calls you and asks about 'this crypotech stuff.'"

#1 | Posted by GOnoles92 at 2017-12-09 11:07 AM | Reply | Newsworthy 1

#1 A buddy of mine with no interest in stocks asked me to help him buy 'some hi-tech stocks' in February 2000. Within weeks tyouhe ones I had been riding popped. I got out on March 14, then watched many tech stocks drop 90% in a month.

With bitcoin you don't even own part of a company, it is pure speculation and a greed bubble.

#2 | Posted by bored at 2017-12-09 11:45 AM | Reply

That may be true Bored, but crypto currency is the future. It's one thing that isn't going to be stopped. It's a good idea...and it's in it's infancy..

#3 | Posted by boaz at 2017-12-09 12:15 PM | Reply

That may be true Bored, but crypto currency is the future. It's one thing that isn't going to be stopped. It's a good idea...and it's in it's infancy..

Posted by boaz at 2017-12-09 12:15 PM | Reply

ROFLMMFAO doo dee doo deee dooo deee.

#4 | Posted by LauraMohr at 2017-12-09 12:21 PM | Reply

What do you mean Laura?

#5 | Posted by boaz at 2017-12-09 12:46 PM | Reply

I'm a skeptic of cryptocurrency simply because it relies on technology and power. How's it going to function in natural disasters like Puerto Rico?

#6 | Posted by Pirate at 2017-12-09 03:23 PM | Reply

I somewhat agree with BOAZ (shock/horror!).

But my guess is that cryptocurrency's success will stem from one that does not have such a shrouded history. Right now, BitCoin is just a greed bubble, barely being used as an actual currency.

LiteCoin, on the other hand (and there's another one that starts with an E), is more likely to spearhead the legitimacy of cryptocurrency.

#7 | Posted by rstybeach11 at 2017-12-09 04:08 PM | Reply | Newsworthy 1

What do you mean Laura?

Posted by boaz at 2017-12-09 12:46 PM | Reply

It's a conjob get rich schemes just like mannatech.

#8 | Posted by LauraMohr at 2017-12-09 05:25 PM | Reply

You mean those who invested the most of their time and money get the most rewards? That sounds completely unfair!

#9 | Posted by Ben_Berkkake at 2017-12-09 05:49 PM | Reply | Funny: 3

It has risen 40% in the last 4 days. Seriously.

And look at who claims to "fire anyone who trade in Bitcoin!" Doesn't that indicate it's factual viability?

#10 | Posted by redlightrobot at 2017-12-09 08:07 PM | Reply

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LiteCoin is ok I think.

I'm putting a little bit of money into it.

Whatever Laura. People like you sit around and whine about life, never willing to take a risk. Whatever.

And then you sit around wanting to tax everyone else's success after they have taken the risk and succeeded. Crypto-Currency is not a Ponzi scheme. Just writing it off is like the height of ignorance. People are getting rich off this, today. Hell, I bought a coin today for $80 and it's already worth $200. But don't worry, you know it all. Sit on the sides and watch history move right by you.

#11 | Posted by boaz at 2017-12-09 09:44 PM | Reply

"Hell, I bought a coin today for $80 and it's already worth $200"

And what breakthrough occurred today to spur that jump? What value did the company add to the world?

In truth: more fools than sellers. Anything that can go from 80 to 200 in a day, can go from 80 to 2 in a day.

Basically, you're the fifth person in an online poker room, and the other four are in the same room showing each other their hands.

#12 | Posted by Danforth at 2017-12-09 10:06 PM | Reply | Newsworthy 1

And what breakthrough occurred today to spur that jump?

Breakthrough? What are you babbling about? Maybe you should educate yourself on what a Crypto Currency is before you open your mouth. This isnt a stock, it's a budding currency. It went up because the people trading it have decided it has that value.

What value did the company add to the world?

Keep your social justice stuff to yourself, just for one, please. That's not a gauge on what is happening here.

Basically, this isnt a stock. It isnt a company. This is a new currency type, no different than the dollar, the pound, the Euro.

But if you dont like it, dont invest. It's simple. But dont bad mouth those who are unafraid to take a risk you are scared to do.

#13 | Posted by boaz at 2017-12-10 11:51 AM | Reply

I wonder if progressives figured out how to redistribute bitcoin?

#14 | Posted by madbomber at 2017-12-10 12:41 PM | Reply | Funny: 1

I'm sure they are looking at it..

#15 | Posted by boaz at 2017-12-10 12:42 PM | Reply

I'm sure they are looking at it..

#15 | POSTED BY BOAZ AT 2017-12-10 12:42 PM | FLAG: Since the IRS considers it to be a asset, no money, where you will pay capital gains on any profit made, I fail to see how the progs could find any way to redistribute the 'coins - but they will go after the taxes you pay on it.

#16 | Posted by MSgt at 2017-12-10 01:07 PM | Reply

As long as you pay capital gains you should be fine, but liberals/progressives have a habit was wanting to continue to tax money you keep under your mattress after it's already been taxed once before..

You know, that there's only one pie and you cant hog any piece of it, even though you earned it.

#17 | Posted by boaz at 2017-12-10 01:29 PM | Reply

Ethereum. That's what the other one is called.

My buddy has been an investor since 2008. I asked him where's Bitcoin's ceiling and this was his response:

"Well, futures begin to get offered on the 10th and 18th of this month. The world gold market cap is 7.8 trillion and that is difficult to transfer to other parties and not readily acceptable payment for anything. The world is worth $370 trillion (+) GWP is $78 trillion. So can bitcoin be worth 1% of either of those? Further, it's still the one way to purchase any of the other 1,100+ alt coins. Not so much a currency as a transaction vehicle a la MasterCard and Western Union. Another fact about value: 1 Satoshi still doesn't equal $0.01 USD. $0.01USD = 72 Satoshi. As to its validation, I think it's been validated to the point it was created to be. The cynic in me says enough people want to see Mcafee eat his d!ck, so they'd keep it just under $1 million per coin by 2020. There are also enough big money folks that want more money. To sink the market doesn't accomplish that for them. Also, the last coin won't be mined out until 2040 and enough people globally see the inability to make (mine) more a welcome trend. Remember, you don't have to invest in bitcoin per coin...you can buy any fraction thereof, allowing anyone to get some skin in the game at whatever rate. Bitcoin doubles, your $100 investment does the same."

#18 | Posted by rstybeach11 at 2017-12-10 02:50 PM | Reply

Bitcoin won't be used as a currency until it stabilizes but who knows when that will be since it's in a massive bubble.

#19 | Posted by Pirate at 2017-12-10 03:41 PM | Reply

doo dee doo deee dooo deee. #4 | POSTED BY LAURAMOHR

Unsat response, but not unexpected. If, perhaps, one had the intellectual curiosity to explore BTC, perhaps throw a couple hundred into the pot, when I posted threads about BTC earlier this year, it would be possible to be able to buy yourself a new wizard sleeve.

#20 | Posted by GOnoles92 at 2017-12-10 03:41 PM | Reply | Newsworthy 1

#18 | Posted by rstybeach11

That's a pretty good view that I agree with. I wish I would have bought in when I was thinking about it earlier this year. The thing about Bitcoin is despite what people see as it's shady beginnings is that it has gained legitimacy with people and it's limited nature ensures against devaluation by governments, national debts, etc. It is beyond government control. The untraceable nature is also a huge draw. Look at the different trades in illicit items and services - Drugs, Arms, Prostitution, etc. No way for the government to track you. You can't tell who owns a wallet but you can track a coin's transaction history from wallet to wallet.

I agree others like Lightcoin, Ethereum and Monero are actually superior but the fact is money is flowing to Bitcoin ATM.

Not sure how they figure that 1000 people own 40% though. To keep large amounts of Cryptocurrency in any particular wallet seems foolish - it has been done time and again though. I was just reading that it is believed Satoshi Nakamoto controls about 6.4 billion worth because of tracking early mining and where the coins have moved or not moved.

#21 | Posted by GalaxiePete at 2017-12-10 03:51 PM | Reply

I asked him where's Bitcoin's ceiling and this was his response:

A 226 word quote from your 'buddy'? Were you wearing a wire?

#22 | Posted by REDIAL at 2017-12-10 03:54 PM | Reply

[...] Anyways, currency has to be stable. This rules out crypto currency. You may as well pump up North Korean currency if you want zero predictability and questionable implementation.

#23 | Posted by BruceBanner at 2017-12-10 03:57 PM | Reply

Fiat currencies are backed by the assets of the state. Stocks are backed by the value of the company. Bonds are backed by their collateral.
Cryto-currencies are not backed by anything.
There is nothing to stop people from making new cryto-currencies. BTC does not scale or perform as a currency. Cryto-currencies don't pay rent, which is why Warren Buffet doesn't buy gold. BTC transactions are public, unlike bearer bonds or cash.

That said, there are many applications that block-chain can add value to.
Plus, lots of people have made lots of money investing in bubbles before, just realize the very long term price of BTC is zero. BTC is not a buy and hold investment.

#24 | Posted by bored at 2017-12-10 04:02 PM | Reply

A 226 word quote from your 'buddy'? Were you wearing a wire?
#22 | POSTED BY REDIAL

Text message.

#25 | Posted by rstybeach11 at 2017-12-10 06:27 PM | Reply

doo dee doo deee dooo deee. #4 | POSTED BY LAURAMOHR

LTC is ~ +$50 now, from when this thread was created. Hypothetically, it would be a good time to take some profits on a couple coins and treat yourself to a lady's spa day...

#27 | Posted by GOnoles92 at 2017-12-11 12:49 PM | Reply

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