Bitcoins and Other Crypto-currencies

Samuel_1 wrote: This is one of the many problems with Crypto, "experts" predict 6 figure bitcoin price. I wonder why someone heavily invested in the market would do that? Typical ponzi tactics if you ask me.

Although 300k isn’t likely this bull run, I think a six figure Bitcoin is certainly achievable.

Fuzzy Dunlop wrote:

Samuel_1 wrote: This is one of the many problems with Crypto, "experts" predict 6 figure bitcoin price. I wonder why someone heavily invested in the market would do that? Typical ponzi tactics if you ask me.

Although 300k isn’t likely this bull run, I think a six figure Bitcoin is certainly achievable.

I'm not saying it couldn't, I'm just saying it's madness and those who are "predicting" these prices are doing so for extremely cynical and extremely transparent reasons. Of course they want the prices to go up, of course they want to make such investments seem attractive; they're at the top of the pyramid.

Back in Apr 2015 I'd just started a new job in financial services sector. My head of dept asked me to write him a paper on Bitcoin and explaining how it all worked etc.

I did. I included a price graph for the preceeding few years up to then. The peak had been just over $1000, but was just $242 on the day I took the screenshot.

I never invested. Oh how I wish I had.....

I remember when I first heard about Bitcoin, must have been around 2012 or so. My grandad's friend was telling me how he'd leave his computer running to 'mine' these 'coins' by doing sums, and it was basically free money! Obviously my reaction was along the lines of "haha ok grandpa let's get you to bed..."

I should've listened...

I did mining years back and even ran my own Peer2Pool node for me and my friends. I did reasonably well as was so long ago, and when i stopped mining I sold what I have for a couple of hundred quid and went on a big pissu[ with mates.

Had I have kept it it would be 10s of thousands of quid now but I didn't know it would go so well so meh i had fun with it so gooseberry fool happens

Errkal wrote:I did mining years back and even ran my own Peer2Pool node for me and my friends. I did reasonably well as was so long ago, and when i stopped mining I sold what I have for a couple of hundred quid and went on a big pissu[ with mates.

Had I have kept it it would be 10s of thousands of quid now but I didn't know it would go so well so meh i had fun with it so gooseberry fool happens

Yeh I had about 3 coins I think it was and sold them for something like £750

Yeah mine would have been long gone. You'd have to have the ultimate diamond hands to hold onto BTC from a decade ago.

Rocsteady wrote:Yeah mine would have been long gone. You'd have to have the ultimate diamond hands to hold onto BTC from a decade ago.

Or just be one of those people who have millions of dollars worth locked away on a thumb drive you no longer remember the password to.

is it possible to lose money on Coinbase? In that, if I put £200 into a particular crypto, the worst thing that will happen to me is that I'll lose the £200?

Having diamond hands would be gooseberry fool.
How are they better than fleshy meat bags?

Prototype wrote:is it possible to lose money on Coinbase? In that, if I put £200 into a particular crypto, the worst thing that will happen to me is that I'll lose the £200?

Yeah worse case you would just lose the 200, you can't end up owing them money

Did you know that the first use of Bitcoin as a transaction was when 10,000 BTC was sent to pay for 2 Papa Johns pizzas? Nowadays that would equate to around $385million!
Those pizzas had better have been top notch!

There's a meme floating around somewhere of some old Starcraft tournament where 1st prize was like $500 and 4th was 25 bitcoin, which is worth like $1,000,000 today.

I see the normal Friday slump has started early.

Friday slump its hardly been on fire up to this point this week.

Samuel_1 wrote:I'm not saying it couldn't, I'm just saying it's madness and those who are "predicting" these prices are doing so for extremely cynical and extremely transparent reasons. Of course they want the prices to go up, of course they want to make such investments seem attractive; they're at the top of the pyramid.

Well not everyone who is predicting a six figure Bitcoin is doing it for cynical reasons and are in some super ponzi scheme. They are genuinely just making a prediction on what price they think it will achieve according to previous and current data.
Don't get me wrong, there are a lot of Youtubers who do exactly what you say, but there are a few who don't have ridiculous click bait titles and images. Bit unfair to tar them all with the same brush IMO.

a dip on payday isn't a coincidence time to buy more fuel for this rocket ship

Fuzzy Dunlop wrote:

Samuel_1 wrote:I'm not saying it couldn't, I'm just saying it's madness and those who are "predicting" these prices are doing so for extremely cynical and extremely transparent reasons. Of course they want the prices to go up, of course they want to make such investments seem attractive; they're at the top of the pyramid.

Well not everyone who is predicting a six figure Bitcoin is doing it for cynical reasons and are in some super ponzi scheme. They are genuinely just making a prediction on what price they think it will achieve according to previous and current data.
Don't get me wrong, there are a lot of Youtubers who do exactly what you say, but there are a few who don't have ridiculous click bait titles and images. Bit unfair to tar them all with the same brush IMO.

Do you not think at some point in the future, someone is going to be left holding the bag with a worthless digital item?

When and why would crypto become actually useful beyond buying smack and AK's? Best case scenario, I see corrupt state money becoming involved and that maintaining a high price as the Russians and Saudis find the money laundering less hassle than with fiat.

Rocsteady wrote:

Fuzzy Dunlop wrote:

Samuel_1 wrote:I'm not saying it couldn't, I'm just saying it's madness and those who are "predicting" these prices are doing so for extremely cynical and extremely transparent reasons. Of course they want the prices to go up, of course they want to make such investments seem attractive; they're at the top of the pyramid.

Well not everyone who is predicting a six figure Bitcoin is doing it for cynical reasons and are in some super ponzi scheme. They are genuinely just making a prediction on what price they think it will achieve according to previous and current data.
Don't get me wrong, there are a lot of Youtubers who do exactly what you say, but there are a few who don't have ridiculous click bait titles and images. Bit unfair to tar them all with the same brush IMO.

Do you not think at some point in the future, someone is going to be left holding the bag with a worthless digital item?

When and why would crypto become actually useful beyond buying smack and AK's? Best case scenario, I see corrupt state money becoming involved and that maintaining a high price as the Russians and Saudis find the money laundering less hassle than with fiat.

Instant settlements, worldwide? This is another part of the financial revolution. Not having the nostro/vostro antiquated system will revolutionise the banking system. Things will be so much more efficient.

Rocsteady wrote:Do you not think at some point in the future, someone is going to be left holding the bag with a worthless digital item?

When and why would crypto become actually useful beyond buying smack and AK's? Best case scenario, I see corrupt state money becoming involved and that maintaining a high price as the Russians and Saudis find the money laundering less hassle than with fiat.

Erm, hard to say, with Bitcoin. Quite possibly as it's first gen blockchain technology and with that comes restrictions and it's harder to innovate compared to other, newer blockchains. It's only real use case that I can see is that of digital gold. I mean if currency is to become pretty much all digital then having an asset which replicates gold makes sense?
There are a lot of other cryptocurrencies that are better for payments, smart contracts etc than Bitcoin.

And they are some amazing cases for crypto being useful. Cardano is looking to give economic identity to Africa, banking the unbanked. They have made agreements with governments in Ethiopia, Tanzania, Georgia. VeChain is looking to tackle the supply chain problem and has a real use case and has partners with BMW, Walmart, H&M etc.
I mean currently I have my Cardano staked with a stake pool which is dedicated to helping tackle climate change, it's really cool, you get 4-5% APY and your helping a good cause. It's a win win.