Crypto Currency

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  • 57Deluxe57Deluxe Frets: 7329
    edited December 2017
    The question with this crypto currency is, how easy is it to sell for proper money?

    i.e. is the wealth tangible?
    seems you sell like you do on here and you only get what a buyer wishes to pay... This is what dictates the value at any given point in time. So you can only offload a lot if you price right down.

    Also - There will ever only be 21 million Bitcoins and that last one mined is expected in 2140, but that estimation will go out the window if we all jump in now!
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  • EvilmagsEvilmags Frets: 5158
    It' use as a currency is strictly limited by its volatility. You can't Base a business plan on something which sees such huge swings in value. If bit oin is shooting up I' spend my dollars first  (good money gets spent last). It is also not money but a form of fiduciary media. Money is linked to an asset (pretty Nixon dollar for example) we don' have real money in Europe.  We have traded debts. 
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  • goatgoat Frets: 98
    57Deluxe said:
    The question with this crypto currency is, how easy is it to sell for proper money?

    i.e. is the wealth tangible?
    seems you sell like you do on here and you only get what a buyer wishes to pay... This is what dictates the value at any given point in time. So you can only offload a lot if you price right down.

    Also - There will ever only be 21 million Bitcoins and that last one mined is expected in 2140, but that estimation will go out the window if we all jump in now!
    You can sell on an exchange but there are also plenty of brokers who specialise in "off-exchange" deals for large amounts. The mining schedule doesnt change depending on the number of miners or users of bitcoin, its one block every 10 minutes on average. As more people mine, it gets more difficult.
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  • quarkyquarky Frets: 2777
    Why mine? It has gone up almost 50% in a week, and not far off 200% in a month. Just chuck some disposable beer money at it and be done with it. Much easier.

    I just wouldn't put in *anything* that you cared about losing. It is tempting to think, wow, I could put in £10k, and make £10k in a month, but it is just so risky.
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  • antonyivantonyiv Frets: 300
    Stellar, EOS, IOTA, Lykke. They have good concept, technology and potential. Market cap is low.

    Everything else is too shady right now. 

    Of course, that's just my opinion.
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  • FreebirdFreebird Frets: 5821
    That guy in Newport wants to pay the council £7.4M so he can have a dig around for his hard disk, he has investors lined up apparently. Worth £4M in 2013, 4 years later it's worth £74M. The council are having none of it.
    They've probably got all of it  ;)
    If we are not ashamed to think it, we should not be ashamed to say it.
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  • Kilgore said:
    That guy in Newport wants to pay the council £7.4M so he can have a dig around for his hard disk, he has investors lined up apparently. Worth £4M in 2013, 4 years later it's worth £74M. The council are having none of it.
    He should let it go and move on. He's just torturing himself.
    You'd think living in Newport was enough punishment already.  



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  • ToneControlToneControl Frets: 11788
    I was thinking of investing in Tulip Bulbs, but I think I've left it too late

    https://www.investopedia.com/terms/d/dutch_tulip_bulb_market_bubble.asp



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  • Kilgore said:
    That guy in Newport wants to pay the council £7.4M so he can have a dig around for his hard disk, he has investors lined up apparently. Worth £4M in 2013, 4 years later it's worth £74M. The council are having none of it.
    He should let it go and move on. He's just torturing himself.
    You'd think living in Newport was enough punishment already.  
    Oi! I loves it, I does!
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  • ToneControlToneControl Frets: 11788
    BC bigger than Tulips

    http://www.zerohedge.com/news/2017-12-12/its-official-bitcoin-surpasses-tulip-mania-now-biggest-bubble-world-history

    I wouldn't advise "hanging on to BC for the next year to see what happens" as some people advise
    I'd get the hell out of it
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  • NeilNeil Frets: 3594
    BC bigger than Tulips

    http://www.zerohedge.com/news/2017-12-12/its-official-bitcoin-surpasses-tulip-mania-now-biggest-bubble-world-history

    I wouldn't advise "hanging on to BC for the next year to see what happens" as some people advise
    I'd get the hell out of it
    I think that once an investment (which is what bitcoin really is) becomes common knowledge, that is the time to bail out before the huge correction. 

    That said, not really in investment in the usual sense when you have a share of something with value, the actual value  behind bitcoin is really nothing. 
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  • quarkyquarky Frets: 2777
    BC bigger than Tulips

    http://www.zerohedge.com/news/2017-12-12/its-official-bitcoin-surpasses-tulip-mania-now-biggest-bubble-world-history

    I wouldn't advise "hanging on to BC for the next year to see what happens" as some people advise
    I'd get the hell out of it
    I get that, but there are some differences. 

    Bitcoin is limited in number, doesn't bio-degrade, and is fungible, divisible, etc. That doesn't mean it isn't a bubble, and I would say that it is certainly sentiment driven, but I am not sure if you can call it a bubble in the traditional sense. I do think there could be a massive correction though, like with the dot.com crash ,but companies like Amazon certainly bounced back well after that, because the value was still there. 

    Image result for amazon share price all time


    Bitcoin is no amazon, but Amazon lost money for a long, long, long time before turning any kind of profit. Bitcoin is more like gold to me. Its value, is as a store of value. When/if people no longer believe it is a store of value, it will drop. That could be a long time away though.
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  • 57Deluxe said:
    I’ve got a bit tucked away in BitCoin, Ethereum, and LiteCoin. Nothing life-changing, but the past few weeks have been interesting. I’m holding out for a while though and seeing what happens over the next couple of years - same story as any investment: don’t put in what you can’t afford to lose.
    so what route did you take to sign up??
    I went the simple route and used CoinBase - you can be up & running in ~15 minutes with weekly caps on use of debit/credit cards for funding, or slightly longer (~2 days) if you want to use int'l transfers. Their fees are low though, and the interface is good.
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  • 57Deluxe57Deluxe Frets: 7329
    edited December 2017
    wait for the crash and dive in then with your Beer tokens
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  • quarkyquarky Frets: 2777
    Funny you should post that, I was just thinking yesterday that when institutional investors jump in, that is the time to get out. I don't think that has really happened yet though.
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  • Hmm. Either wait for the crash and invest, or buy up all the hanging rope now and corner the market.
    Some folks like water, some folks like wine.
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  • eSullyeSully Frets: 981
    I'm invested, not to a crazy amount and only started in August but I'm up. Definitely feels like we're one bad news story or negative regulation away from a big crash. My gut instinct is to cash out now, at the very least cash out my initial investment!
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  • dtrdtr Frets: 1037
    I think the really interesting question is how much of the current network economy is reliant on inflated valuations?  It seems reasonable (on the generously low side) to estimate about 4 TWh/year electricity consumption to run the Bitcoin mining network, which with the current number of transactions equates to about 40KWh per transaction.  That's about £5 at UK domestic energy prices.  Transaction fees are around £15-20 if you want verification a.s.a.p, around half that if you're OK waiting an hour or two.  Those are the current economics of the network while the primary motivator of the Bitcoin miners is rocketing in value.

    There's some level of crash that puts the value of new-mined bitcoins as lower than the electricity required to mine them, but what happens then?  No mining means no transaction validation.  Something or someone would need to pay for that 4TWh/year of electricity to make it worth the miners' while.  It's not going to be done with transaction fees - those will no doubt rocket astronomically the moment any boom turns to bust, but once the value of Bitcoins makes them uneconomic to mine, the transaction fees would rapidly exceed the transaction values!

    The best options open to the miners would be to switch to another cryptocurrency, should one still offer economic gains, or try to cash out by selling up, getting whatever they could for the hardware.

    The likely outcome of a Bitcoin bust is that it becomes frozen and abandoned.  People would hold their Bitcoins in perpetuity, waiting for those Terawat hours of electricity that will never come.
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