Bitcoins and Other Crypto-currencies

Oblomov Boblomov wrote:Reddit is an embarrassment. Basically full of Dual posts except they're serious .

Aye it's always been that way, every time i look.

Regardless if BTC and the rest go up to 1mil or down to a hundred, the limitations of crypto are so extreme it's always who's going to be able to get out at the top and who's left holding the bag.

To think they'll ever replace or even supplement fiat in any meaningful way, as many on reddit/twitter seem to think is clearly insane. All crypto could disappear tomorrow and little of real value would be lost to the world. Think of anything else valued in tens or hundreds of billions of dollars you can say that about.

Rocsteady wrote:All crypto could disappear tomorrow and little of real value would be lost to the world. Think of anything else valued in tens or hundreds of billions of dollars you can say that about.

Instagram/YouTube influencers!

I am very tempted to just pull everything out of Coinbase now.

If I was in I'd be tempted to hold as probably some other mad wave will come along soon enough before bursting down the line.

Oblomov Boblomov wrote:Reddit is an embarrassment. Basically full of Dual posts except they're serious .

Dual wrote:

Oblomov Boblomov wrote:Reddit is an embarrassment. Basically full of Dual posts except they're serious .

There's only room for one Dual on this here internet .

Oblomov Boblomov wrote:

Dual wrote:

Oblomov Boblomov wrote:Reddit is an embarrassment. Basically full of Dual posts except they're serious .

There's only room for one Dual on this here internet .

Reddit has a whole universe of Dual.

https://www.reddit.com/r/DualUniverse/

Moggy wrote:

Oblomov Boblomov wrote:

Dual wrote:

Oblomov Boblomov wrote:Reddit is an embarrassment. Basically full of Dual posts except they're serious .

There's only room for one Dual on this here internet .

Reddit has a whole universe of Dual.

https://www.reddit.com/r/DualUniverse/

Bloody Duals, coming over here, not letting us get them!

Samuel_1 wrote:

pjbetman wrote:

Fuzzy Dunlop wrote:It's just a correction, it's normal.

I wasn't in the last bull run but they had several pullbacks like this, I'm pretty sure this is the first of this bull run, maybe the second.

Technically unless your selling you haven't lost any money so keep calm and hodl.

Exactly right.

I'm 'down' 10k this week, but im pretty confident itll recover. This is normal in crypto. We're still in a very good bull run, and it's normal for people to take profits now....but the big guys will be buying the dips.

Not sure why you're confident it will recover, especially when it had seen around 1000% growth in a year or so. Such gains are utterly ridiculous, the entire market is due a considerable correction and I don't thimk these losses are anywhere near sufficient. But hey, its crypto, could be worth much more in a couple of months.

Bitcoin is a proof of work asset, the same as gold. But uses only 1% of the energy that mining gold does. That's why bitcoin will continue to dominate - it's killer app is it's efficiency over the reserve currency. Couple this with some technical improvements to the program and it'll be inevitable it'll take over from FIAT. It's already happening in some countries. We're in the middle of a financial revolution.

The fundamentals havnt changed, despite what the price is doing. Since its inception, BTC has risen from $1 to $50,000 in just over ten years. Makes 1000% seem like strawberry float all.

This may be a stupid question but are bitcoins numbered and if so is there a bitcoin number 1?
If there is does it have any added value for being number 1?

Sold everything. Lost about half what I put in will go back in if stuff starts to climb though.

That's me out now too.

Made around £900 profit overall, which obviously isn't something to complain about, but if I'd sold up just eight days ago it would have been £3.3k!

Peter Crisp wrote:This may be a stupid question but are bitcoins numbered and if so is there a bitcoin number 1?
If there is does it have any added value for being number 1?

The first mined bitcoin being exchanged would probably have a catastrophic effect on Bitcoin, because the million or so coins mined by its creator have never been moved in over a decade now. So if they started being transferred it would imply the security of Bitcoin had been compromised.

Interestingly, the first mined block was encoded with 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'.

Holpil wrote:

Peter Crisp wrote:This may be a stupid question but are bitcoins numbered and if so is there a bitcoin number 1?
If there is does it have any added value for being number 1?

The first mined bitcoin being exchanged would probably have a catastrophic effect on Bitcoin, because the million or so coins mined by its creator have never been moved in over a decade now. So if they started being transferred it would imply the security of Bitcoin had been compromised.

Interestingly, the first mined block was encoded with 'The Times 03/Jan/2009 Chancellor on brink of second bailout for banks'.

The first 50 bit coin are actually un spendable.

pjbetman wrote:

Samuel_1 wrote:

pjbetman wrote:

Fuzzy Dunlop wrote:It's just a correction, it's normal.

I wasn't in the last bull run but they had several pullbacks like this, I'm pretty sure this is the first of this bull run, maybe the second.

Technically unless your selling you haven't lost any money so keep calm and hodl.

Exactly right.

I'm 'down' 10k this week, but im pretty confident itll recover. This is normal in crypto. We're still in a very good bull run, and it's normal for people to take profits now....but the big guys will be buying the dips.

Not sure why you're confident it will recover, especially when it had seen around 1000% growth in a year or so. Such gains are utterly ridiculous, the entire market is due a considerable correction and I don't thimk these losses are anywhere near sufficient. But hey, its crypto, could be worth much more in a couple of months.

Bitcoin is a proof of work asset, the same as gold. But uses only 1% of the energy that mining gold does. That's why bitcoin will continue to dominate - it's killer app is it's efficiency over the reserve currency. Couple this with some technical improvements to the program and it'll be inevitable it'll take over from FIAT. It's already happening in some countries. We're in the middle of a financial revolution.

The fundamentals havnt changed, despite what the price is doing. Since its inception, BTC has risen from $1 to $50,000 in just over ten years. Makes 1000% seem like strawberry float all.

There is absolutely no way Bitcoin will take over fiat. How and why would it do so? I think even most of it's greatest proponents don't expect BTC to replace USD - it's insanely volatile, with no central government backing if it starts to crash. And very little real life purchasing power. This will clearly never happen.

I'm not sure BTC really 'dominates' over gold either - on what metric? I'd rather have a ton of gold in a decades time than a bunch of bitcoin.

Also what is the power thing, does gold just need the power when it is mined and if you wanted to melt it down etc.

It doesnt require power to send it to someone. Bitcoin need strawberry float loads of power to "create" a coin, then strawberry float loads of power to spend it, then strawberry float loads of power to move it from one account to another. Every time you do anything it needs a strawberry float load of electricity.

Lex-Man wrote:The first 50 bit coin are actually un spendable.

Doesn't that make them essentially worthless?

Peter Crisp wrote:

Lex-Man wrote:The first 50 bit coin are actually un spendable.

Doesn't that make them essentially worthless?

Only marginally more so than the rest do them yeah.

strawberry float it, I'm holding.

My top investment tip is to get out of crypto and put all the money into Luton Town FC.

You won't regret it.

You guys were hoping for the moon, Luton gives you Kenilworth Road which is miles better.