Bitcoins and Other Crypto-currencies

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Thu Dec 07, 2017 3:30 pm

Just buy and hold. It's the only strategy that works.

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Thu Dec 07, 2017 3:41 pm

When it hit $10k the other week, I remember thinking “gooseberry fool, I wish I had bought some a few years ago!” and figured there was no point buying now as surely it couldn’t go up anymore.

And now it’s at $15k. :lol:

I am still not buying any though, the bubble will burst at some point and the price is way too high now to take a risk on.

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Dual
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PostRe: Bitcoins and Other Crypto-currencies
by Dual » Thu Dec 07, 2017 3:47 pm

My advice would be to sell sell sell. It's not going to get better than this.

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Thu Dec 07, 2017 3:53 pm

Dual wrote:My advice would be to sell sell sell. It's not going to get better than this.


20 December 2017 wrote:Bitcoin hits a new high of $25k

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Christmas CrackErrkal
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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Thu Dec 07, 2017 3:59 pm

Turns out I have £17 worth in an old mining account of mine :D

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Thu Dec 07, 2017 4:05 pm

Christmas CrackErrkal wrote:Turns out I have £17 worth in an old mining account of mine :D


SELL SELL SELL

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Thu Dec 07, 2017 4:06 pm

Partridge Iciclebubbles wrote:When it hit $10k the other week, I remember thinking “gooseberry fool, I wish I had bought some a few years ago!” and figured there was no point buying now as surely it couldn’t go up anymore.

And now it’s at $15k. :lol:

I am still not buying any though, the bubble will burst at some point and the price is way too high now to take a risk on.


You do know that despite the name, it's not an actual coin, and if you want you can literally buy $1 worth of the stuff.

I basically had the same thing happen to me when it hit $60, and then when it hit $100... and $600. So strawberry float it, I'm going to go to an ATM later today and buy a few hundred worth. If it goes up great, if it crashes I really couldn't give a crap so long as I don't have to live with this massive regret any more.

edit: Since I made that first post that bumped this topic, it's up another $1000. :dread: :dread: :dread:

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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Partridge Iciclebubbles
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PostRe: Bitcoins and Other Crypto-currencies
by Partridge Iciclebubbles » Thu Dec 07, 2017 4:10 pm

Rightey wrote:
Partridge Iciclebubbles wrote:When it hit $10k the other week, I remember thinking “gooseberry fool, I wish I had bought some a few years ago!” and figured there was no point buying now as surely it couldn’t go up anymore.

And now it’s at $15k. :lol:

I am still not buying any though, the bubble will burst at some point and the price is way too high now to take a risk on.


You do know that despite the name, it's not an actual coin, and if you want you can literally buy $1 worth of the stuff.

I basically had the same thing happen to me when it hit $60, and then when it hit $100... and $600. So strawberry float it, I'm going to go to an ATM later today and buy a few hundred worth. If it goes up great, if it crashes I really couldn't give a crap so long as I don't have to live with this massive regret any more.

edit: Since I made that first post that bumped this topic, it's up another $1000. :dread: :dread: :dread:


I know it is not an actual coin.

But if I was going to invest in it, I would want to be doing so in a decent amount. Buying $10 worth isn’t very exciting and is highly unlikely to ever net much profit (watch it increase by 10000% now ;) ). Buying $1000s worth though is very exciting, but also way too risky and not something I am prepared to do.

Buy low, sell high.

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Tineash
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PostRe: Bitcoins and Other Crypto-currencies
by Tineash » Thu Dec 07, 2017 4:29 pm

"Invest" carefully. Everyone holding BTC right now thinks they're going to be one of the ones who profits big - some of you will, and some of you will take a loss (potentially a huge loss). There is nothing backing the value of BTC if the market gets spooked and goes into a sell-off.

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Thu Dec 07, 2017 4:37 pm

If you buy now you're buying at a beyond unprecedented all time high. Just wait for the dip. It'd have to go to near £30K/BTC to double your money right now.

I say this with the disclaimer that I've seen the price rise to £300 and been like 'Nah, I'll wait for the dip'.

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Thu Dec 07, 2017 4:47 pm

Holpil wrote:If you buy now you're buying at a beyond unprecedented all time high. Just wait for the dip. It'd have to go to near £30K/BTC to double your money right now.

I say this with the disclaimer that I've seen the price rise to £300 and been like 'Nah, I'll wait for the dip'.


My thinking is the same, but the problem is no one knows where this thing is headed. McCafe is predicting $1 Million per coin by 2020, but it's just a guess and it sounds crazy. Then again when someone else was predicting $20,000 per coin by years end in the summer I also thought that was crazy.

There really is no way to know what will happen now. All signs point to this being a bubble but we are in totally uncharted territory here.

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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Gently-Hung Holly Wreath
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PostRe: Bitcoins and Other Crypto-currencies
by Gently-Hung Holly Wreath » Thu Dec 07, 2017 4:50 pm

Guy at work this week remembered he had some bitcoins he bought a few years back for usenet subscriptions. £10 he paid.

£7000 and appreciating he just found.

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Christmas CrackErrkal
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PostRe: Bitcoins and Other Crypto-currencies
by Christmas CrackErrkal » Thu Dec 07, 2017 4:53 pm

Anything could happen, it has been basically going up for about 2 years now its been dippy as it goes like anything but it has been trending up for a long time and at this point you have a good few banks and gooseberry fool I think getting in on it which is driving it up.

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Grumpy David
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PostRe: Bitcoins and Other Crypto-currencies
by Grumpy David » Thu Dec 07, 2017 5:17 pm

Only spend what you can afford to lose.

If you can afford to lose a few hundred pounds and have a long time limit, take a punt.

Mortgage lenders won't accept Bitcoin as a source of deposit but depending on how much you've made, maybe you won't need a mortgage.

People in russia are bitcoin mining to heat their homes and using the BTC to pay for their gas and electricity. Hilariously resourceful but not sure if it's actually cost effective given how few Bitcoins get mined and how much expensive equipment you would need to mine.

Also there are plans to regulate Bitcoin but by the very nature of it, that seems somehow quite difficult to achieve. But how would regulation affect the value?

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Thu Dec 07, 2017 5:52 pm

I can't find it now, but there was a list of all the different miners, and their break even times (based on the cost of the hardware alone). Most seem to be about 3 months.

https://www.bitcoinmining.com/bitcoin-mining-hardware/

Going by what's listed there with the AntMiner S9 of 0.36BTC/month, you're looking at a break even time of half a month now.

Oh and it seems like the correction is underway, $2000 drop in value in the last hour, but it's starting to tick back up again.

Pelloki on ghosts wrote:Just start masturbating furiously. That'll make them go away.

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Meep
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PostRe: Bitcoins and Other Crypto-currencies
by Meep » Thu Dec 07, 2017 8:07 pm

The problem with bitcoin is that while every transactions is traceable, there is not necessarily any identity linked to the those transactions, thus it is a very convenient away to move large amount of money around that you might not want people to know about.

I think if crypto is ever adopted as an actual currency by any country it will likely be much more strongly ID linked to prevent it being used for laundering. For that reason, whilst I think the blockchain tech has promise, Bitcoin itself will likely not survive.

There are also a number of other problems with Bitcoin:

It is not actually a functional currency from what I have seen. Over two thirds of the coins that exist have never been used in transactions, according to its own technology, so it would seem it is a speculative 'asset' rather than a currency.

Since there is a finite number of bitcoins, this creates a huge hyperdeflationary trend that is already a problem now. Also, even after all bitcoins have been created, it is possible to 'lose' them by the holder of the coins losing or forgetting the data or credentials needed to access them. As far as I am aware there is no way of recovering lost coins and putting them back into circulation. This means that the number of coins will eventually start to decline rather than increase. Not really sustainable as a currency.

Advocates of it tend to state that it can not be manipulated as a good thing. Well, that's one opinion. Another is that the economy exists to serve society so and removing fiscal controls from government removes a set of tools for managing the economy when it becomes dysfunctional in a downturn or other crisis. Deliberately reducing the value of currency has been an important tool for many countries trying to dig themselves out of an economic hole.

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Clarkman
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PostRe: Bitcoins and Other Crypto-currencies
by Clarkman » Thu Dec 07, 2017 9:21 pm

Just read back through this whole thread. So much regret.

Now riding the bubble train since last week for around £1k, but treating it as a total gamble. Very profitable one so far, that said.

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PostRe: Bitcoins and Other Crypto-currencies
by Tell Karl his brother is dead » Thu Dec 07, 2017 10:46 pm

Gently-Hung Holly Wreath wrote:It'll be a fun game of pass the parcel first. Then the music stops and the parcel is gonna explode in some poor strawberry floaters face.

Its a currency that isnt really tied to anything that gives it value. Effort to mine the coins doesnt really cut it, because at the end of the day, some banana split is going to be left at the end of the chain with a 'wallet' full of bits that have no actual real world value.


This is as true as it was four years ago.

A big bubble is still a bubble. As long as people investing understand it could pop, that's fine, but I really hope no-one out there's considering putting their retirement fund into bitcoins.

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No:1 Final Fantasy Fan
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PostRe: Bitcoins and Other Crypto-currencies
by No:1 Final Fantasy Fan » Thu Dec 07, 2017 11:25 pm

What website/app do you guys use to buy bitcoin? I currently have coinbase for Bitcoin, Litecoin and Ether

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CuriousOyster
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PostRe: Bitcoins and Other Crypto-currencies
by CuriousOyster » Thu Dec 07, 2017 11:33 pm

Someone made a good point that BitCoin is basically set up like a Ponzi scheme.

Those invested early make the most, attracting others increases the value, new buyers pay the most and benefit the least.

Hard to argue really.


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