Bitcoins and Other Crypto-currencies

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Fuzzy Dunlop
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PostRe: Bitcoins and Other Crypto-currencies
by Fuzzy Dunlop » Thu May 27, 2021 9:30 am

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.

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Samuel_1
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PostRe: Bitcoins and Other Crypto-currencies
by Samuel_1 » Thu May 27, 2021 12:03 pm

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.

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KingK
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PostRe: Bitcoins and Other Crypto-currencies
by KingK » Thu May 27, 2021 2:55 pm

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.....

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PostRe: Bitcoins and Other Crypto-currencies
by Chocolate-Milk » Thu May 27, 2021 3:07 pm

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...

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Errkal
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PostRe: Bitcoins and Other Crypto-currencies
by Errkal » Thu May 27, 2021 3:11 pm

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 :D

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BID0
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PostRe: Bitcoins and Other Crypto-currencies
by BID0 » Thu May 27, 2021 3:24 pm

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 :D

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

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Rocsteady
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PostRe: Bitcoins and Other Crypto-currencies
by Rocsteady » Thu May 27, 2021 4:18 pm

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

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Cuttooth
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PostRe: Bitcoins and Other Crypto-currencies
by Cuttooth » Thu May 27, 2021 4:22 pm

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.

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Prototype
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PostRe: Bitcoins and Other Crypto-currencies
by Prototype » Thu May 27, 2021 5:44 pm

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?

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Peter Crisp
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PostRe: Bitcoins and Other Crypto-currencies
by Peter Crisp » Thu May 27, 2021 6:28 pm

Having diamond hands would be gooseberry fool.
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Errkal
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PostRe: Bitcoins and Other Crypto-currencies
by Errkal » Thu May 27, 2021 6:48 pm

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

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KingK
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PostRe: Bitcoins and Other Crypto-currencies
by KingK » Thu May 27, 2021 10:04 pm

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!

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Skarjo
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PostRe: Bitcoins and Other Crypto-currencies
by Skarjo » Fri May 28, 2021 2:00 am

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.

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PostRe: Bitcoins and Other Crypto-currencies
by darksideby182 » Fri May 28, 2021 7:30 am

I see the normal Friday slump has started early.

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Errkal
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PostRe: Bitcoins and Other Crypto-currencies
by Errkal » Fri May 28, 2021 9:16 am

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

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Fuzzy Dunlop
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PostRe: Bitcoins and Other Crypto-currencies
by Fuzzy Dunlop » Fri May 28, 2021 9:24 am

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.

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BID0
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PostRe: Bitcoins and Other Crypto-currencies
by BID0 » Fri May 28, 2021 9:47 am

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

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Rocsteady
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PostRe: Bitcoins and Other Crypto-currencies
by Rocsteady » Fri May 28, 2021 10:00 am

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.

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PostRe: Bitcoins and Other Crypto-currencies
by pjbetman » Fri May 28, 2021 10:30 am

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.

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Fuzzy Dunlop
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PostRe: Bitcoins and Other Crypto-currencies
by Fuzzy Dunlop » Fri May 28, 2021 10:31 am

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.

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