[Finance] The cryptocurrency (Bitcoin etc) thread

[Swansman]

Always assuming you can succesfully convert that intrinsically worthless shit back into real money at some point eh?

"Real money" is also intrinsically worthless and has been for 50 years or so, since everyone abandoned the gold standard. The only thing that makes money worth anything is that people agree its worth something. Same with bitcoin.

 

[Albion Dan]

Litecoin on the other hand is going to the Moon!

It will def pump hard soon. Certainly has a lot of headroom to go to get back to all time high which is a positive.

 

[Albion Dan]

"Real money" is also intrinsically worthless and has been for 50 years or so, since everyone abandoned the gold standard. The only thing that makes money worth anything is that people agree its worth something. Same with bitcoin.

Exactly. It’s laughable that people criticise bitcoin but fail to understand that fiat money is based on exactly the same faith equation. Even gold value is based on people deciding its worth something. When fiat money is shortly ditched and everyone is moved to government controlled digital currencies then a decentralised digital value currency will soar even further.

 

[BHAboi]

I would recommend researching the defi space as is going to be the next big thing. In Alt season almost everything with decent fundamentals will rise significantly. It it’s a wild ride. The trick is making sure you don’t hold too long and ride the wave back down which has hurt me badly a couple of times. Alt season should start once BTC value stabilises.

Just bought some EOS as has hardly risen since March and along way off it's ATH... to be honest don't think the market cares about fundamentals it just a pump and dump with alts and hopefully will be along for the ride, but yes will get out when in profit now as rode the wave up and down in 2017 lol

 

[sydney]

You really don't get it do you? Bitcoin HAS NO WORTH beyond a hashkey on a pisspoor spreadsheet infinitely hackable by some state-sponsored 16 year old somewhere. Psst... wanna buy my tulip bulbs? I give you special price

it would appear that you are not read up un that particular issue .......the only thing that could possibly go wrong is an orchestrated move by governments to "
kill" the app. which is always possible i suppose but highly unlikely seeing as banks are now investing , i am as sceptical as they come and i don't have any crypto at all but have two mates here who have both cashed out in excess of 300k Aus and still have btc remaining in the game.

 

[sydney]

Exactly. It’s laughable that people criticise bitcoin but fail to understand that fiat money is based on exactly the same faith equation. Even gold value is based on people deciding its worth something. When fiat money is shortly ditched and everyone is moved to government controlled digital currencies then a decentralised digital value currency will soar even further.

that is the mantra yes......will it happen ...?? i certainly hope not .

 

[bWize]

that is the mantra yes......will it happen ...?? i certainly hope not .

It's already happening...

 

[sydney]

It's already happening...

yes governments can get involved , i know numerous govts. are now developing / floating their own bitcoins .......surely thats ok to pay their own employees or associates but to force the general public to ditch cash and adopt crypto 100% ...?? can that happen ...?? really ....?? can that be legal ...

 

[Albion Dan]

Bitcoin price

yes governments can get involved , i know numerous govts. are now developing / floating their own bitcoins .......surely thats ok to pay their own employees or associates but to force the general public to ditch cash and adopt crypto 100% ...?? can that happen ...?? really ....?? can that be legal ...

Government controlled mandated digital currency is a dream for ruling powers. Means they have total control over every citizen and what they do. Be a bad boy (based on their rules) they just cut off access to your money. Complete visibility and taxation of every single purchase or receipt. All they need is a good reason to remove cash from society and a catalyst to make people think it’s a good idea. Oh hang on a minute, what’s happening right now?

 

[sydney]

Government controlled mandated digital currency is a dream for ruling powers. Means they have total control over every citizen and what they do. Be a bad boy (based on their rules) they just cut off access to your money. Complete visibility and taxation of every single purchase or receipt. All they need is a good reason to remove cash from society and a catalyst to make people think it’s a good idea. Oh hang on a minute, what’s happening right now?

ah yes well ahem ....ding dong i'm with you there but there are too many countries and industries where this can't work ......unless the global population is drastically reduced .....

 

[nicko31]

Just a word of warning to anyone thinking of jumping into bitcoin who hasn’t got experience. It is due a BIG correction at some point after this parabolic rise. It’s at a big resistance point right now so could start soon. I wouldn’t be surprised to see it come down to mid low $20ks before taking off again for the rest of 2021. It could also continue going batshit mental if it breaks through $44k just make sure that you are managing risk appropriately as it is at a big decision point.

Wise words, big drop today. I think its OK playing as long as you are prepared for maximum downside on your stake. I notice there are Bitcoin tracker funds available, this seems attractive even with a fairly high annual charge

 

[Albion Dan]

Bitcoin price

Wise words, big drop today. I think its OK playing as long as you are prepared for maximum downside on your stake. I notice there are Bitcoin tracker funds available, this seems attractive even with a fairly high annual charge

1. Never invest more than you are prepared to lose.

2. Be prepared for an emotional roller coaster as bitcoin will peak and trough big numbers on way up to the top. If you let those emotions drive buy/sell decisions you will 100% lose money. I’m speaking from painful experience.

In terms of price should probably still drop further. Prob see a bounce back up to high 30s again first then down to mid 20s. In a bull run the price always corrects back to the 21 day moving average (currently £20k) on the weekly chart once or twice before really taking off. Hasn’t happened yet.

 

[Billy the Fish]

This bloke must be a bit gutted!

https://www.bbc.co.uk/news/technology-55645408

 

[SK1NT]

i've been umming and arring about bit coin back in the days when it was $500 and everytime i thought it had peaked. Then when it dropped it never dropped enough for me. As Tom says i just haven't got it out of my head that BIT coin is just a number of characters on a pc. Gold is tangible, shares are the value of a functioning company.

I may take a punt if they ever drop to 5k but for now i will watch from the sidelines.

Not wanting to miss the boat again on a crypto currency i have been mining for a crypto called Pi. It is the first mobile mined crypto currency and has been out for a year and a half. It doesn't use your phone battery or data. Worth a punt.

 

[SK1NT]

This story seemed gutting even back then... losing 7.5m worth of bitcoin...

https://www.bbc.co.uk/news/av/technology-25138627

Now Bit coins peak would have been worth £262,500,000. Wonder how this guy feels now. Not seen any recent stories about him.

 

[cjwoolven]

Not wanting to miss the boat again on a crypto currency i have been mining for a crypto called Pi. It is the first mobile mined crypto currency and has been out for a year and a half. It doesn't use your phone battery or data. Worth a punt.

I jumped on the exact same bandwagon, obviously worth nout at this point, but we'll see where that ends up (likelihood is falling flat on its face, I'm sure).

 

[giveusfalmerplease]

PI. I'll give you a big fat Raspberry to go with that

 

[bWize]

1. Never invest more than you are prepared to lose.

2. Be prepared for an emotional roller coaster as bitcoin will peak and trough big numbers on way up to the top. If you let those emotions drive buy/sell decisions you will 100% lose money. I’m speaking from painful experience.

In terms of price should probably still drop further. Prob see a bounce back up to high 30s again first then down to mid 20s. In a bull run the price always corrects back to the 21 day moving average (currently £20k) on the weekly chart once or twice before really taking off. Hasn’t happened yet.

I think there will be a much bigger crash soon and will be a correction and hold around the 15k mark for a while... $100k+ is on the cards over the next year or so though imho.... As you are probably well aware there isn't as infinite supply of btc like many of it's crypto rivals (currently only around 18 million mined BTC to go around a potential 7 billion population) reinforces it's gold standard within the crypto market and has the potential to go up to 1 million+ a coin eventually. From memory the maximum total bitcoin possible is around 64 million with the last coin being mined around 2040.

I have a feeling the mega rich like Elon Musk and co are having a field day pumping and dumping whilst making cash out of thin air off the back of it....Is OK for those who can afford to invest in these hard times, but just creates an even bigger divide between the haves and the have nots... Bitcoin has to be one of the most seductive and frustrating teases in the past decade or so when it comes to money...

 

[SK1NT]

I jumped on the exact same bandwagon, obviously worth nout at this point, but we'll see where that ends up (likelihood is falling flat on its face, I'm sure).

PI. I'll give you a big fat Raspberry to go with that

The chances are it will come to nothing however the unique selling point being that it is the first mobile mined crypto. Plus it don't cost or take more than a second a day to start mining.

Bit coin had the exact same response. We shall see. I reckon it may end up a dollar a coin.

 

[beorhthelm]

The chances are it will come to nothing however the unique selling point being that it is the first mobile mined crypto.

which isnt even true, Electroneum was doing that couple of years back. mining on phones doesnt really mean anything, just they wrote an app and not a desktop version.