The Bitcoin Group #124 – China uses Leverage – GBMiners Ponzi? – India Booms – Backpage

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THIS WEEK:
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China’s Bitcoin Exchanges Quietly Made Policy Updates Overnight

The Founder of India-Based Bitcoin Mining Pool GBMiners is Running a Ponzi Scheme

While China Inspections Deal Blow to BTC Price, Bitcoin Hits $1080 in India

Backpage.com shuts down adult services ads after relentless pressure from authorities

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40 thoughts on “The Bitcoin Group #124 – China uses Leverage – GBMiners Ponzi? – India Booms – Backpage

  1. I would like to thank all of you who participated in the live chat. If you
    missed the LIVE chat be sure to tune in Fridays and follow @MadBitcoins on
    Twitter for updates regarding when the live show starts.

  2. I can’t help thinking China, as ruled by the Communist Party, have an
    obligation to bitcoin, which was of course established in response to 2008s
    capitalist free-market crash. I’m sure Karl Marx himself would have been
    attracted by bitcoins decentralised consensus model and potential ability
    to pay workers what they deserve with decentralising technologies, etc. The
    CPC may have lost its way but the socialist kernel is still there and it
    has interest in Bitcoins potential to disrupt capitalism

    1. Well it includes wealth syphioning. what qualifies as big finance? The
      finance that hte goverment bailed out with socialist policy? Marx wants a
      dictaorship of the prol. That is the goal.

    2. The wealth siphoning is happening right now every time someone communicates
      to another with their money. Peer-to-peer transactions will remove the need
      for massive bank intermediaries, reducing the wealth/power of the
      super-rich plutocrats and flattening economies over a wider populous.
      Bitcoin is a transitional tool towards changing peoples expectations and
      fiscal relationships with each other. Decentralised technologies like the
      internet, bitcoin and DAO-cooperatives will strengthen bonds between groups
      of people and remind them that we exist within communities. The CPC may not
      be overtly communist, but the socialist agenda is there and they can see
      socialist values in bitcoin. Some of the CPC may be bond villains rubbing
      their sweaty palms, hellbent on exploiting money out of their people, but
      some are also principled socialists. My point was the CPC can see red in
      the B, and I am sure are interested to see how it evolves. I wouldn’t be
      surprised if Russia is thinking the same thing.

  3. Im with Theo, leverage is needed to avoid sticking too many coins on the
    exchange and a bit surprised Tone is not critical of what the authorities
    have done here.

    1. Gary Wood yes I am also a bit surprised at myself haha. but I do think that
      leverage in Bitcoin is getting out of control. I am very sympathetic to
      Theo’s argument that the bigger the leverage the less Bitcoin you put at
      risk. In fact this was my argument years ago as to why you sould always
      trade at max leverage. However, I would like responsible people to make a
      decide and regulate on how much leverage is reasonable to protect the
      consumer and keep the futures market from fucking with the underlying
      asset. Or at least force these exchanges to provide data as to why their
      view on the leverage they provide is responsible. I would be against any
      KYC regulation on the consumer but not consumer protections for anonymous
      consumers. I would also love for PBOC to audit the storage of Bitcoin at
      the exchanges, without the ability for PBOC to confiscate funds.

    1. LIGHTWEAVER1111 thanks for being very specific on the parts I’m factually
      wrong on considering I do over 3 hours of video content a week on multiple
      channels.

    1. Nobody knows if Bitcoin is going to go up/down or round in circles on any
      given day. If I heard Tone declaring price points at X during specific
      windows I would be the first to say something. Tone does what we all do
      which is to consider the factors at play and speak to how they may
      influence the price going forward.

    1. Trader Penkov I used to do it on 796 (they pivoted so no longer trade
      Bitcoin), you go 50x on both sides at once in a volatile market time…if
      price sings into one direction, your loser exits quickly & winner makes
      money if you don’t wait too long for price to reverse. but if you have like
      a few Million bucks to play with, that could be enough to move the
      underlying and guaranty gains on your 50x trade even if you lose in the
      underlying. I have seen it done back in 2014.

  4. Друзья рассмотрите возможность серьёзного заработка на цифровой крипто
    валюте номер один в Мире здесь https://www.facebook.com/onecoinearth/
    В течение ближайших двух недель встречусь с каждым лично в Москве или по
    скайпу – 29 Января большое событие – приглашаю туда всех заинтересовавшихся
    друзья !!!

    1. Trend King there really isn’t a best way, everything is a specialization.
      You are asking us “how do I most effectively print money” and I do not
      believe any of us do it cause we are pretty sure we would lose money trying
      as we are not specialists at “printing money” (aka miming)

    2. +Tone Vays I’m from India and I have invested in gainbitcoin.. do u really
      think is it a Ponzi scheme which Is running in India.. Mr Bhardwaj is
      running a fraud company

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