Bitcoin and other forms of digital currency

[Guest TabbyBoy]

59 minutes ago, Jeff Mack said:

To me, this entire thread is crap, but if people are interested in talking about it, it is a hot topic today.  I would recommend that no one takes any advice from anything in this thread. Talk about it, go nuts.

The only person that you can trust to advise you on crypto is the one in the mirror. The whole thing does appear to be pie-in-the-sky to the layman, but serious money is being made..... and lost!

BTW... I recently bought 600x Ripple (XRP) for £650, the same price as a 75192!

 

[Legojona]

8 hours ago, tjenson said:

Legojona on the other hand, this guy was way ahead of the curve. Good job.

Thanks man. I think the only advise you take should be from your brain after getting informed as @TabbyBoy states. Just like with the internet boom, the people that invested in solid business cases like Amazon and Ebay did pretty well, but many got burned on the other ones. Still with those success stories, the real winners were the ones that bought those stocks at 1% of current price, not the ones that bought it at 60% if you count opportunity loss with it.

As somebody already in the game it is easy to stay invested in crypto, but if I would enter now, I would probably only put in 25% of my investment money. 

[HandyHand]

I was lucky to have bought a minor amount of Bitcoin early 2014, which spiked to a nice value through 2017. And cashing in on that in December 2017 I made some €600 clean profit. That was no good foresight but pure and simple luck. Just sitting patiently on it and not panicking in 2016 when it was worth only 2/3rd of my initial buy-in was all that was needed. Perfect example of HODL working out fine in the end.  

Half of those profits I've put back into crypto, though into ETH instead of BTC. Even at the current rate I'm still on a profit rate on ETH, though it's not doing much right now. But I'm patient and doing HODL again on it. 

There are some Chinese cryptocoins which I think have good potential: NEO, Vechain amongst others. Going to get some of those too.  

[bigboy61]

Strap your seatbelts on everyone. This week is liable to be a bumpy ride! Apparently South Korea banned anonymous crypto-currency trading.

Edited January 23, 2018 by bigboy61

[Guest TabbyBoy]

1 hour ago, bigboy61 said:

Strap your seatbelts on everyone. This week is liable to be a bumpy ride! Apparently South Korea banned anonymous crypto-currency trading.

Not 100% true, but there's so much fake news on the subject. I read this today:

http://bitcoinist.com/south-korea-legalizes-bitcoin-ban-anon/

In the last hour, ETH has gone up by nearly 10% in the last 2 hours and I need it to be 16% before my next sell order kicks in ;-)

I'm planning on buying a load of Nvidia graphics cards through a distributor buddy before the prices may skyrocket as they're not not selling them to anybody suspected of mining cryptocurrency. If they can't be mined, they become rarer and the prices rise. I did back in 2014 when BTC mining started to really take off - easy 2x flip.

See? It's not all bad news ;-)

[bigboy61]

1 hour ago, TabbyBoy said:

Not 100% true, but there's so much fake news on the subject. I read this today:

http://bitcoinist.com/south-korea-legalizes-bitcoin-ban-anon/

In the last hour, ETH has gone up by nearly 10% in the last 2 hours and I need it to be 16% before my next sell order kicks in ;-)

I'm planning on buying a load of Nvidia graphics cards through a distributor buddy before the prices may skyrocket as they're not not selling them to anybody suspected of mining cryptocurrency. If they can't be mined, they become rarer and the prices rise. I did back in 2014 when BTC mining started to really take off - easy 2x flip.

See? It's not all bad news ;-)

Wait what? So your buying the Graphics cards to resell them or to mine? You say that coins prices increase when they can't be mined so why are you going to mine them and why are you invested in minable coins? 

[Sauromosis]

I resold a lot of graphics cards last summer.  They can be very good BUT when there's a dip in the market some people give up mining and return them.  I got a lot of returned cards.

[Guest TabbyBoy]

1 minute ago, sauromosis said:

I resold a lot of graphics cards last summer.  They can be very good BUT when there's a dip in the market some people give up mining and return them.  I got a lot of returned cards.

I'll try to target those that want to mine new up and coming crypto where there's still good money in it. However, the electricity costs more. I remember mining Verium last year with 8 twin 6-core Xeon servers and got about £100 worth of crypto for £50 of electricity. I sold the coins 2 months after at a good profit. Roll on Quantum processors!

[Val-E]

No chance of US banning cryptos with Trump as president then. The electrical companies will be rubbing their hands.

[Guest TabbyBoy]

2 hours ago, Val-E said:

No chance of US banning cryptos with Trump as president then. The electrical companies will be rubbing their hands.

There's nothing to stop any country from trying to ban crypto but, being successful is another matter. If that was the case, a lot of it would probaby move to TOR/DarkNet anyway.

[gregpj]

There's nothing to stop any country from trying to ban crypto but, being successful is another matter. If that was the case, a lot of it would probaby move to TOR/DarkNet anyway.

The problem isn’t trading crypto currency once you have some, it’s getting that money into an exchange to make your first purchase or buy more.

Many people won’t be interested if they have to open a bank account in another country just to join in the fun of speculating. Some will also be skeptical if the exchanges are operating in that dark corner of the web... and they aren’t going to want the masses joining them either. It didn’t end too well for the last dark web destination that made a splash.

In the end, you don’t need to regulate cryptos, you only need to regulate the banks in your country to prevent them from transferring money to/from the exchanges. As more do that, crypto loses its appeal to big business who can’t jump on the bandwagon and it loses steam as a viable alternative.

[bigboy61]

I don't see why any country would want to ban Cryptos (aside from the darknet uses). If all they want is tax money, force the banks to turn over the financial transfers and then send them the bill. No need to ban crypto. 

Edited January 24, 2018 by bigboy61

[gregpj]

I don't see why any country would want to ban Cryptos (assure from the darknet uses). If all they want is tax money, force the banks to turn over the financial transfers and then send them the bill. No need to ban crypto. 

I agree, no need to ban just regulate the crap out of it... so all this talk of banning it seems silly to me and rumors and speculation are just being fuelled by all the accredited internet journalists.

[Guest TabbyBoy]

I'm honestly surprised that banks haven't stopped payments to/from exchanges yet. That would be a bummer if you couldn't get to your money easily, but there would be a way around it eventually. It's still early days, but 2018 could be the last (and best) year of crypto speculation before global regulation and "Big Brother" takes control. It'll come soon as it's now difficult to get a mortgage in the UK if it's proven that your deposit came from crypto profit and not savings. I think we have a lot more crypto price crashes to come as this FUD continues. Will the bottom fall out or will prices even skyrocket? As long as you're not involved in any illegal activity, tax evasion or crime, they should stop poking their noses in! Whatever happens, we should still be able to trade crypto for goods and services as I'd expect more outlets to accept the more well known crypto.

I'm cashing in about 75% as soon as prices get close to what they were as I now need funds for my new business and I'd like to not have to borrow anything. It amounts to quantitative easing anyway and there is a huge bubble forming. Mass hysteria is a funny thing.

For all we know, it's fake news and there isn't a real problem. If there is, just get exchanges to declare profits made by them and their investors to the tax authorities. However, it's currently treated as gambling which is tax exempt in some places.

Is anybody else a member of a DatkNet group? Don't worry, it's nothing illegal, but VERY private ;-) A friend who works on the Trident Missile project uses it also.

[justapilgrim]

Coinbase let's you xfer to Paypal. May do that for exit strategy as less likely to show up for IRS

[bigboy61]

There is a big bubble, but no one knows when it is going to pop. Could pop this week or a year from now. No one knows. 

[Val-E]

5 hours ago, bigboy61 said:

I don't see why any country would want to ban Cryptos (aside from the darknet uses). If all they want is tax money, force the banks to turn over the financial transfers and then send them the bill. No need to ban crypto. 

Environmental issues would be an easy populist reason for certain goverments. The amount of wased energy mining for fools´ gold pushing up prices for consumers, for instance.

Of course, most goverments are in bed with electrical companies anyway, so it will probably be the opposite. I could see one of the smaller countries lik Iceland, who already refused to rescue their banks in the last crisis, doing it.

Also, what happens when banks start trading in crypto packs like they did with subprimes? Are we going to pay for another round of bailouts?

[HandyHand]

1 hour ago, Val-E said:

Environmental issues would be an easy populist reason for certain goverments. The amount of wased energy mining for fools´ gold pushing up prices for consumers, for instance.

Of course, most goverments are in bed with electrical companies anyway, so it will probably be the opposite. I could see one of the smaller countries lik Iceland, who already refused to rescue their banks in the last crisis, doing it.

Take for example Venezuela! Their government is even going to issue their own cryptocurrency called "Petro", supported by their oil supply. Since energy is so dirt-cheap in Venezuela thanks to their oil, the Venezuelan government is all but encouraging the crypto-mining there.

https://www.reuters.com/article/us-venezuela-economy-petro/venezuela-says-petro-cryptocurrency-pre-sale-will-be-in-hard-currency-idUSKBN1FC2RG

[Val-E]

Venezuela is one of the poorest examples if you are looking to give cryptocurrences any sort of credibility.

[HandyHand]

22 minutes ago, Val-E said:

Venezuela is one of the poorest examples if you are looking to give cryptocurrences any sort of credibility.

Oh, I wouldn't buy into that "Petro" currency for sure. I don't trust it one bit!

But if you're curious about crypto investing I found this article an easy read with good highlights:

https://hackernoon.com/mastering-shitcoins-the-poor-mans-guide-to-getting-crypto-rich-2e469b762ba9

[Val-E]

http://www.bbc.com/news/business-42798935

Stripe abandon Bitcoin support.

[Val-E]

Seems like a good time to consider FOREX trading on the dollar. Seems every time there is a Republican government in power it tanks.

[Guest TabbyBoy]

43 minutes ago, Val-E said:

http://www.bbc.com/news/business-42798935

Stripe abandon Bitcoin support.

It's nothing new as BTC has been slow and expensive to use for a long time which is why it could lose it's top spot quite soon, I no longer invest in it as I think that ship has sailed and is approaching big icebergs. There's some much faster/cheaper contenders now with real purpose that make more sense for real World use and adoption. Just look at the exponential growth of ETH and XRP over the last 18 months. Those that moved, say £10K from BTC to those when they first kicked off made well over £1M.

The biggest threats crypto are:

• Too many different coins - now approaching 2000 and people will just get confused and walk away.
• Naive investors not knowning sh*t before buying and chasing it when prices are at their highest.
• FOMO.
• Governments wanting to regulate - which could burst the bubble for it never to inflate again.
• Security - hackers are now out in force, exchanges can collapse, dodgy exchanges and ICOs can  simply steal.
• Something truly revolutionary coming out that causes all other crypto to tank.
• Interest will wane as people begin to realise that 99% of crypto probably has little purpose.
• Total market cap exceeds that of fiat currency, another Tulip Bubble?
• Debts caused by idiots using credit to get on bandwagon, they deserve to lose!

Meanwhile... I'm just going to enjoy the ride for the time being as it could be >2000 different tokens by mid-2018 and just <10 by mid-2019. My guy feeling is that 1 ETH will be worth more than 1 BTC later this year and the likes of XRP will be in widespread use. Of course, VISA won't adopt it as they're greedy and want their fees, just like eBay and Amazon. It makes more sense for banks and thise that need to send cash overseas quickly and cheaply like businesses and families.

Of course, take this with a 2p coin and a grain of NaCl ;-)

 

 

 

[Shewie]

On 22.01.2018 at 3:23 AM, Jeff Mack said:

To me, this entire thread is crap, but if people are interested in talking about it, it is a hot topic today.  I would recommend that no one takes any advice from anything in this thread. Talk about it, go nuts.

That's how I see majority of the community sitting behind the screens that are shilling all around about the cryptos of their choice and how much profit they made already.
 

3:55 is a pure TabbyBoi right there:)

Edited January 24, 2018 by Shewie

[Guest TabbyBoy]

29 minutes ago, Shewie said:

That's how I see majority of the community sitting behind the screens that are shilling all around about the cryptos of their choice and how much profit they made already.
3:55 is a pure TabbyBoi right there:)

LOL - Slight exaggeration, but I'm still bullish about skimming off some profit for the foreseeable ;-)

To those that are moaning about it, have you actually got the guts to give it a go? You don't have to spend a lot. It can't be worse than buying a Star Warts set at RRP, right?