AlfredoCollado
Short

BTC Bitcoin time for this ponzi to go down

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
4 hour is SCREAMING for a big dump, right at the descending triangle resistance

Bloody weekend to wash out the noobs who think it's going to break out.
Oct 17
Comment:
The 4H may indeed dive south. How far is another matter. The overall big picture at this time, seems to be rejection of the 6100 - 6250 level. The reason why the overall probability is north resides on the monthly time frame, which few people every look at.

The picture is there for everybody to see. It is the same picture. What the mind does to the picture is up to individual minds. People who have sufficient funds and patience, are gonna be the big winners in this.
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The only problem I see with this analysis, is that the cost to mine a coin is about 6k. Miners make up the majority of the the seller market, I dont see them letting the price dip to much further past 6k. Who knows tho, maybe whomever hacked Mnt Gox will dump on the market like they have in the past and drive the price past this 6k support. Im on a long term bull myself.
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How can we report this @AlfredoCollado
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Whatever you think about Bitcoin, its clear that you don't understand what a ponzi scheme is.
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Another person that doesnt know what a ponzi scheme is...
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AlfredoCollado Thedirtycat
@Thedirtycat,

BTC fits the exact definition of a ponzi scheme. Here is a Merriam-Webster interpretation.

Ponzi scheme noun
Pon·zi scheme | \ˈpän-zē- \
Definition of Ponzi scheme
: an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks


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Thedirtycat AlfredoCollado
@AlfredoCollado, Its not really what a ponzi scheme is. A ponzi scheme, which is named after Charles Ponzi is where the last person that joined are paid from the money invested by the new investors. With bitcoin there are no people getting paid. If you invest in bitcoin you are not getting paid your money plus extra money back from a new investor. The price simply increase just like a share price does thats being traded. A ponzi scheme will eventually collapse due to running out of new investors because of course the last people have to be paid. Not really the case with bitcoin because if there are no new buyers for a while it doesnt matter because there has been no promise of you getting paid a percentage of your investment or whatever. Something like bitconnect or that USI tech would be a good example of a ponzi scheme as they were actually promising pay outs which of course was just money that was being taken from the new investors that kept coming along.
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Thedirtycat AlfredoCollado
@AlfredoCollado, Just found a really good website explaining it better than how I just tried to explain it. https://coinsutra.com/bitcoin-ponzi-scheme/
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"Muh 6k support" getting NUKED soon
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I really hope you are right, with any luck it'll rinse out to it's pre-bubble 3000 resistance level. In which case I'm buying back in and then strapping back in, for another ponzi moon ride!
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