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The Bubbly Bitcoin Thread -- Merged Threads

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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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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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As someone who has never held any crypto-currency, and is far from persuaded yet to do so, I cannot help but wonder if how i feel is akin to how a Dutchman would have felt who had to watch his fellow countrymen go Tulip crazy.

For an entity that still has profoundly limited scope for exchanging for everyday real needs (goods, services, paying taxes, etc) as well as practical issues, I still cannot but help feel the prices being paid are similarly tulip in nature.

IF I go away and come back to see prices have fallen >90%, and swiftly too, it will hardly come as a surprise.

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I going to be stinking, stinking rich! Who needs a HPC? In fact who needs houses now.

AND You can even eat bitcoin!

SHECw3J.jpg

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12 minutes ago, anonguest said:

As someone who has never held any crypto-currency, and is far from persuaded yet to do so, I cannot help but wonder if how i feel is akin to how a Dutchman would have felt who had to watch his fellow countrymen go Tulip crazy.

For an entity that still has profoundly limited scope for exchanging for everyday real needs (goods, services, paying taxes, etc) as well as practical issues, I still cannot but help feel the prices being paid are similarly tulip in nature.

IF I go away and come back to see prices have fallen >90%, and swiftly too, it will hardly come as a surprise.

I felt like that when I bought at £15 a coin. but what's a few hundred for a punt? When this bubble pops it's going to stabilise at a higher level than when this bubble started. 

could find a new level at £3k a coin 

 

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56 minutes ago, anonguest said:

As someone who has never held any crypto-currency, and is far from persuaded yet to do so, I cannot help but wonder if how i feel is akin to how a Dutchman would have felt who had to watch his fellow countrymen go Tulip crazy.

For an entity that still has profoundly limited scope for exchanging for everyday real needs (goods, services, paying taxes, etc) as well as practical issues, I still cannot but help feel the prices being paid are similarly tulip in nature.

IF I go away and come back to see prices have fallen >90%, and swiftly too, it will hardly come as a surprise.

People have been using the tulip bulb analogy for as long as I've been interested in Bitcoin (at least four years). It makes no sense. Tulip bulbs never had a use-value outside of becoming a tulip. There was no network effect from other people owning tulip bulbs. And people couldn't take a tulip bulb, extend its capabilities and build a new business model around it.

The tulip analogy is a sure sign of not quite grokking why crypto is a new kind of thing. If you can make the same argument after exploring, say, Rootstock or Counterparty on Bitcoin and Status or uPort on Ethereum, then I'd (genuinely) be interested to hear it.

 

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27 minutes ago, Darby Ram said:

People have been using the tulip bulb analogy for as long as I've been interested in Bitcoin (at least four years). It makes no sense. Tulip bulbs never had a use-value outside of becoming a tulip. There was no network effect from other people owning tulip bulbs. And people couldn't take a tulip bulb, extend its capabilities and build a new business model around it.

The tulip analogy is a sure sign of not quite grokking why crypto is a new kind of thing. If you can make the same argument after exploring, say, Rootstock or Counterparty on Bitcoin and Status or uPort on Ethereum, then I'd (genuinely) be interested to hear it.

 

The points you make are quite correct. I was using the 'tulip' to refer to the price action, i.e regardless of the fact that Bitcoin has some exchange value the price does not realistically reflect its utility value?

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53 minutes ago, anonguest said:

The points you make are quite correct. I was using the 'tulip' to refer to the price action, i.e regardless of the fact that Bitcoin has some exchange value the price does not realistically reflect its utility value?

What is the utility value of a store of value that can be sent to anyone anywhere in the world, that can not be inflated, confiscated, ownership can be plausibly denied etc.

I personally think it is majorly under priced.  

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1 hour ago, anonguest said:

The points you make are quite correct. I was using the 'tulip' to refer to the price action, i.e regardless of the fact that Bitcoin has some exchange value the price does not realistically reflect its utility value?

That's very possible. We are probably in a bit of a bubble now (definitely so for the altcoins). The utility is hard to price, though, because it is a 'new new thing'. Probably the best explanation of what is going on is the 'fat protocols' idea. If you think those protocols have value, then Bitcoin et al also have value. If those protocols don't have value - or if cheaper, faster alternatives can be found - then, yes, we are in tulip territory. 

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2 hours ago, anonguest said:

The points you make are quite correct. I was using the 'tulip' to refer to the price action, i.e regardless of the fact that Bitcoin has some exchange value the price does not realistically reflect its utility value?

I like the price stabilty of bitcoin. Tbh though you could think of bitcoin as volatile it isn't really. Its price moves up. I think this is because you can't sell it short. So you don't get the swings and manipulation that you get on financial instruments controlled by the banksters. 

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less press exposure definitely. Although i would guess not surprising, after the initial wave of news Bitcoin was going more mainstream, now i don't think we will get much news until this bubble pops. America had lots of news with it breaking $2k, perhaps we will get news when it breaks £2k

love that quote *saved*
 

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2 hours ago, GTFO said:

"Nothing is stronger than an idea whose time has come."

Victor Hugo

Two completely unrelated questions.

Does it seem like Bitcoin is getting less exposure in the press than during the 2013 price rises?

What would happen in a world with free movement of capital?

 

Possible complete and utter chaos in the real world (traditional carry trades would break down) - we haven't seen capital controls yet. Imagine this, it would be like the gulf stream breaking down and causing climate chaos.

275px-Golfstream.jpg

With the push to the free movement of people, and capital - they may wish to do a U-Turn. Ironic. When this happens, people are going to go broke.

Edited by 200p

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Looks like a scaling compromise is in. Segwit to activate immediately upon 80% miner support and hardfork to 2MB in September this year. 

Over 80% of miners have already agreed to run. 

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