NatterJackToad

The Bubbly Bitcoin Thread -- Merged Threads

3,992 posts in this topic

4 hours ago, jiltedjen said:

My £15 entry point allows me just to sit and hold. At the time it looked like a crazy bubble so I only put a few hundred on as a punt.

i think everyone should have a punt of a few hundred. Not the end of the world to loose it. And a lot of upside. I'm glad I did.

I agree.I started out with a half hearted spread bet on ig index (a punt) on bitcoin at 600£, never expected anything like this run, its been ballistic run.

Now im looking at all the other crypto, they trade like the old dotcom momentum stocks, put in what you can afford into a selection of cryptos, if you bag a 1000%er youll be seriously quids in. If youd of bought 200 quids worth of ripple a few months back, id need to calc what that would be worth today....

Ive also been looking into mining some of the alt coins, get a free stake and the computer pays to heat the room rather than pay the gas bill. Hope to get something set up shortly. Some good vids on you tube about putting your grahics cards to use.

Kraken is the way to go- coin floor is basic, i tried opening a polinex account but they seem to be asleep most of time.

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On 17/05/2017 at 8:54 AM, GreenDevil said:

Anyone got any comments on ripple or stellar, these cryptos seem to be up 1000s of %, look to be the 'Banksters' versions of cryptos.

Ripple had such a bad reputation in the crypto community back in 2013. I don't remember the whole debate, but it's distribution is kind of the antithesis of Bitcoin's distribution in that Ripple can simply create XRP out of thin air at a whim, and they have. They are attempting to bridge fiat and crypto which is honorable but if you've tried it you'll see it doesn't work (yet). The main problem is gateways - there has to be gateways to the banking system where you can take fiat in and out, but the problem is still the same one that Bitcoin has. The banks shut down most of the crypto operations and tell them to take their business elsewhere. So you will see the main gateway is Bitstamp.net and there wasn't a lot of other choices -if any- last time I looked. So keeping funds within the Ripple network is very dangerous. The value of a dollar inside the network is only as good as it's ability to be transported outside of the network back to a gateway bank, and become a real dollar. So the value of the network lies in the integrity of the list of gateway providers, and it's so so low right now and has been for years that I don't understand the price rise. But that's crypto.

You see a news story every now and then about how they have "partnered" with various banks but until it actually happens I think it's wishful thinking. The reason Bitcoin continues to thrive is because it cannot be shutdown, but Ripple is effectively shutdown unless the bankers relent and allow gateways to thrive, something I cannot see happening soon.

That's my understanding, and I have used it. And I didn't like it. You also have to submit documents to do anything useful on it. For me it's a step backwards.

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This is pretty bearish news for Bitcoin:

Yours were one of the more interesting projects on Bitcoin, and were trying to do something technically innovative (micro-transactions) to try and make a chronically unprofitable field (online publishing) work. If they've been forced off of Bitcoin because of network congestion, it really shows what a problem scaling is becoming. The 'store of value' use-case still works, but if everyone steadily moves onto other networks to get things done, does the network effect start to erode? Tough call, and I guess that's why the markets are so nuts right now.

In happier news, I see that ETH has finally broken $100. And I think this smart grid project, announced today and built on the main net, is maybe the coolest real thing I've seen in crypto. There's a lot of froth out there but, at least Ethereum's all-time-high corresponds to an all-time-high in products getting built and new use-cases being found.     

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I think we can say we have reached the moon. 

just hit £1,500 a coin. 100 times what i paid for my first coins.  9900% increase on my original investment. 

If i put in 5 grand back then it would of been worth 500k now, just imagine i might of been able to put a deposit down on a studio in the rough parts of the big smoke, Oh now a man can dream.

Will have to made due with taking the doggen to the local cornish beach instead. 

will fall back this weekend as usual, probs wont pass this new high until the end of next week. 

Edited by jiltedjen

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22 hours ago, Darby Ram said:

This is pretty bearish news for Bitcoin:

Yours were one of the more interesting projects on Bitcoin, and were trying to do something technically innovative (micro-transactions) to try and make a chronically unprofitable field (online publishing) work.

This is much like Changetip, which recently closed due to a lack of users and engagement. The decision to move their entire business over to Litecoin, which has Segwit but a less secure consensus algorithm and only escapes network congestion due to not being used, shows poor judgement.

They'd be better off contributing to lightning network development until they have a viable business model.

22 hours ago, Darby Ram said:

happier news, I see that ETH has finally broken $100. And I think this smart grid project, announced today and built on the main net, is maybe the coolest real thing I've seen in crypto. There's a lot of froth out there but, at least Ethereum's all-time-high corresponds to an all-time-high in products getting built and new use-cases being found.

Being Turing-complete, Use cases have never been an issue for Ethereum. The problems are security and centralisation. At least your comment makes it clear your intention is to shill for your eth investment with your zero-sum vision.

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1 hour ago, darkmarket said:

Being Turing-complete, Use cases have never been an issue for Ethereum. The problems are security and centralisation. At least your comment makes it clear your intention is to shill for your eth investment with your zero-sum vision.

I hold both Eth and Bitcoin and I don't have a zero-sum vision at all: the optimal outcome is that both Ethereum and Bitcoin succeed. Bitcoin maximalism, on the other hand, is by definition a zero-sum vision.

To be honest, I find it a bit sad that the vision of Bitcoin a few years ago has now retreated to such a narrow definition use-case. In 2013, people were talking smart contracts, the internet of money etc etc - now those things are disappearing. And I also think that Bitcoin maximalism is responsible for the failure to tackle the scaling crisis or the concentration of mining interests and hence the market has re-rated other crypto-currencies against Bitcoin over the past couple of months. Assuming that Bitcoin always has the right answer is a bad place spot to be in - so, in the case of Yours Network, the expectation is that they spend their development time fixing the network, rather than their transaction fees buying access to a network where settlement is timely - because the path-of-least-resistance is for developers to head for the network that functions now and which has a plan to keep the lights on for the next five years.     

If you think that observing the obvious problems with Bitcoin, and the shifts in relative valuations between crypto-currencies, is "shilling", then I recommend a quick Bible study session. One verse ought to do it: "Why do you look at the speck in your brother's eye, but fail to notice the beam in your own eye?"

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Bitcoin is basically the same as it always has been, the network being attacked by spam transactions is nothing new. The work on smart contracts based on formal programming for a secure environment continues. The scaling debate is only a problem for people who only ever wanted a get-rich-quick scheme, most of whom moved over to Ethereum and created a huge bubble without addressing the key underlying weaknesses.

Good luck creating secure smart contracts written in Solidity with PoS consensus even Vitalik doesn't believe in.

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Strange that it's moving so quickly at the weekend. no real sign of this bubble popping yet, just looking at the charts of its previous bubble I think we can pass £6k a coin and can hit £12k a coin 

'bits' are basically a penny stock. and bitcoin is still tiny. there is so much rapid growth yet to come.

especially with halvings

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55 minutes ago, jiltedjen said:

Strange that it's moving so quickly at the weekend. no real sign of this bubble popping yet, just looking at the charts of its previous bubble I think we can pass £6k a coin and can hit £12k a coin 

'bits' are basically a penny stock. and bitcoin is still tiny. there is so much rapid growth yet to come.

especially with halvings

Consensus in New York is on this week with a lot of big announcements to be made. The most exciting is probably RSK that brings ethereum style smart contracts to Bitcoin as a side chain with additional scaling benefits that will go live in a month. 

I also expect a compromise in regards to scaling this week with Segwit+2MB that is gaining a lot of support. Exciting times.

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£1592, currently keeps smashing through new all time highs, speed is pretty incredible. thanks for your insight doomed. 

it's easy to forget that Bitcoin is still so young, myself having known about it since early 2013, i picked up on it from a screaming mental Max Keiser. 

still no sign of the price slowing down. if it keeps going like this for a few more months i could be able to buy a house outright, not that there is any value there right now!

Certainly a big gifted deposit, but to sell out of a huge growing bubble with extremely hard assets (harder assets that gold) with a lot of upside to buy into a massive overpriced housing bubble which is deflating seems fool-hardy. Especially with massive inflation on the horizon. 

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potential world trade organisation rules, which would mean sterling devaluation against the euro. The worst effects of Brexit are yet to be felt but they will come. 

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1 hour ago, jiltedjen said:

still no sign of the price slowing down. if it keeps going like this for a few more months i could be able to buy a house outright, not that there is any value there right now!

Certainly a big gifted deposit, but to sell out of a huge growing bubble with extremely hard assets (harder assets that gold) with a lot of upside to buy into a massive overpriced housing bubble which is deflating seems fool-hardy. Especially with massive inflation on the horizon. 

It's possible that the transition to digital currencies makes homeowners out of early adopters and the renters are the last ones to convert. Like most things in life knowledge is power, if you yourself had found Bitcoin in 2011 then you would have probably got in a lot earlier. Those people that close their eyes and la-la-la in life are the ones that get caught with their pants down when the tide goes out. If you're not into Bitcoin then what are you going to do if 5% of the population are? Imagine that the fiat tide of money flows into digital currencies to the point that deflation of the £ is very real and the monetary response from the BoE (to reinflate) continues to erode the £ whilst those with Bitcoin and other dgex are getting wealthier. You will say "oh ******" and it will be very much later down the road than now...

It would be interesting to know how such a scenario would play out, but I'd be willing to bet older people, ie. less tech savvy and more comfortable with stocks and bonds and pensions etc would be the last to convert. Digital currencies could actually be the catalyst for a complete reversal in property wealth from the older to the younger generations. Companies will have to adapt to the decentralized competition.

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i think the intelligent dissatisfied people of the world are those who most likely to buy into bitcoin. Which would more likely to be renters than home-owners. 

As intelligence has very little to do with homeownership in the last 10 years, as can be seen on the BTL forums daily. 

inflation is a fact of life, sometimes gradual, sometimes in huge lumps. All fiat money trends to zero with relatively short amounts of time. Thats why bitcoin will do so well, gold is too easily manipulated and is too secret. Anyone can easily move the price with a few fixes and fake contracts, no-one can easily prove/disprove that either way.

Bitcoin is an open ledger. So the same paths of control are not open to those with vested interests in the current money systems. Hence why it is harder money than gold (and i say that as a gold holder also). It will change the world. All it will take for bitcoin to be success is for history to repeat itself, by people being robbed of their savings and wealth via inflation. This is happening daily around the world sometimes drastically, sometimes gradually.

Soon enough it will happen in the US and the UK in a drastic manner. A huge overnight surge in inflation 20-30%. bang. it will happen soon enough in a large economy. 

either way Bitcoin will grow in popularity. Those older homeowners houses may remain at their current fiat prices (probably wont), but fiat will be worth a lot less. Not that they will care, just moan about the food shop getting expensive.

Bitcoin changes the game totally, its like the invention of the internet being the next stage of evolution with a 3rd level communication network, bitcoin is the monetary version of the same advance.  

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Agree with both of the last 2 posts. 

Things change and you cannot un-invent something. Are the Indians, Argentinians, Venezuelans, etc. going to trust their governments and central banks with their means of exchange and savings moving forward once a viable alternative exists outside of their control?

Things will change slowly at first then all at once.

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I have a couple of Bitcoin I bought when they were under £100 pound each.  Do you think one should keep  investing in Bitcoin at these levels?

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I have been trying to talk the misses into put a £50 to £100 punt on it. just a bit of a faff buying with an exchange. 

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55 minutes ago, jiltedjen said:

I have been trying to talk the misses into put a £50 to £100 punt on it. just a bit of a faff buying with an exchange. 

Coinfloor should be convenient if you're UK based.

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5 hours ago, jiltedjen said:

£1592, currently keeps smashing through new all time highs, speed is pretty incredible. thanks for your insight doomed. 

I've been recently worrying if I should diversify my crypto fund from being just BTC but so long as BTC seems to be charging ahead there doesnt seem to be much point.

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1 hour ago, jiltedjen said:

I have been trying to talk the misses into put a £50 to £100 punt on it. just a bit of a faff buying with an exchange. 

It's easy enough to buy less than £500 worth with a debit card on Coinbase. I've managed in recent months to convince both sister that putting a couple of £100 in is worth a go. To forget about it for a few years and if it goes wrong well it's only a few £100 but if it works then it could be a nice little bonus in x years time.

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I'm going to be stinking rich 1 bitcoin = 1 x 4 bedroom house in Central London!!!! Muahahahah

Edited by 200p

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