The Bubbly Bitcoin Thread -- Merged Threads

[doomed]

2 minutes ago, ThoughtCriminal said:

 

Those who hold bitcoin are essentially flipping a coin (pardon the pun) and hoping for the greater fool.

 

This would be true if you believed Bitcoin has no utility and will not improve and add use cases over time. I believe it does and it will.

[goldbug9999]

20 minutes ago, ThoughtCriminal said:

I said it will never become a currency, I said nothing about the bubble continuing to inflate. It may well but there's no way of forming a rational judgement.

Those who hold bitcoin are essentially flipping a coin (pardon the pun) and hoping for the greater fool.

Doesn't mean it won't pay off for them.

Thats the nature of speculative investment - you have to get in when most people are still doubters, by the time something becomes a sure fire winner, its too late.

[GreenDevil]

27 minutes ago, ThoughtCriminal said:

I said it will never become a currency, I said nothing about the bubble continuing to inflate. It may well but there's no way of forming a rational judgement.

 

Those who hold bitcoin are essentially flipping a coin (pardon the pun) and hoping for the greater fool.

 

Doesn't mean it won't pay off for them.

Let us all know when you buy so we can all sell up ....

[ThoughtCriminal]

Let us know when you lose your shirt and suddenly go silent.

[adamLancs]

49 minutes ago, ThoughtCriminal said:

Let us know when you lose your shirt and suddenly go silent.

Lol - this actually happened already and this thread fell into obscurity for a while.

Thankfully every now and then we get a new member who heads straight for the Bitcoin thread on a House price forum and bumps it for us..

[Darby Ram]

1 hour ago, ThoughtCriminal said:

Let us know when you lose your shirt and suddenly go silent.

As far as I far as I know, no one has done research on what role cryptocurrency plays in the portfolios of Bitcoin(+) holders. I would be very interested to see this. My guess would be that, the earlier someone invested, the more likely they are to have taken some profits and the more likely it is that crypto is part of a broader portfolio of assets. Part of this will be a demographic effect (as people get older, they get richer) and part of it will be natural conservatism (take some gains off the table and reinvest elsewhere). Basically, in the absence of any hard data, my working assumption is that it is now going to be very difficult for any but the most recent 'greater fools' to lose their shirts and, in fact, many earlier investors have already cashed out and bought a made-to-measure suit.

[doomed]

21 minutes ago, Darby Ram said:

As far as I far as I know, no one has done research on what role cryptocurrency plays in the portfolios of Bitcoin(+) holders. I would be very interested to see this. My guess would be that, the earlier someone invested, the more likely they are to have taken some profits and the more likely it is that crypto is part of a broader portfolio of assets. Part of this will be a demographic effect (as people get older, they get richer) and part of it will be natural conservatism (take some gains off the table and reinvest elsewhere). Basically, in the absence of any hard data, my working assumption is that it is now going to be very difficult for any but the most recent 'greater fools' to lose their shirts and, in fact, many earlier investors have already cashed out and bought a made-to-measure suit.

I would lose my shirt if Bitcoin crashed as I am pretty much all in outside of my Sipp though I have cashed out more than I originally invested. Nobody gets rich through hedging. 

[GreenDevil]

2 hours ago, ThoughtCriminal said:

Let us know when you lose your shirt and suddenly go silent.

Ain't gonna happen. I'm in for the long haul. With money I can afford to sit on. Nicely diversified. Ether from 80, bitcoin 600, ripple 15 some lumens rep zec litecoin.

Edited June 24, 2017 by GreenDevil

[HovelinHove]

On 2017-6-24 at 5:22 AM, doomed said:

How do you actually hold the gold and spend it at the same time with a card? Does not seem possible.

You don't, just like you don't spend your cash and keep it at the same time...or have your cake etc...

You save in small aloquots of Gold...little cubes, which are held in vaults, Goldmoney issue you a mastercard, you spend in whatever currency you like, the bill gets converted into Gold and taken off your balance. Bit like spending money in US dollars but paying in pounds.

[doomed]

2 hours ago, HovelinHove said:

You don't, just like you don't spend your cash and keep it at the same time...or have your cake etc...

You save in small aloquots of Gold...little cubes, which are held in vaults, Goldmoney issue you a mastercard, you spend in whatever currency you like, the bill gets converted into Gold and taken off your balance. Bit like spending money in US dollars but paying in pounds.

So you don't actually own the gold if the company or government decide you don't?

[Darby Ram]

Just been reading this post on IOTA, about a prototype being built by a subsidiary of the Germany energy company RWE. Looks like an interesting use-case (tracking real-world objects on a blockchain and using other decentralised tech to store the associated data-heavy 'twins' of each object). The reason that I thought Ethereum was a good bet was developer buy-in and real projects getting off the ground so, on the the same grounds, I'm thinking that IOTA is probably worth a small punt - although it's already pretty pricey if measured in market cap terms. 

Edit: This thread and this thread have a pretty good discussion of why IOTA might not work (unproven risk of 51%/DOS attacks), so something to bear in mind.

Edited June 25, 2017 by Darby Ram
extra bit

[ThoughtCriminal]

3 hours ago, HovelinHove said:

You don't, just like you don't spend your cash and keep it at the same time...or have your cake etc...

You save in small aloquots of Gold...little cubes, which are held in vaults, Goldmoney issue you a mastercard, you spend in whatever currency you like, the bill gets converted into Gold and taken off your balance. Bit like spending money in US dollars but paying in pounds.

So to join the dots, and state the obvious, I put a grand in and I can spend it like a bank account. But if gold price rises my balance goes up, if it falls the balance falls with it?

[ThoughtCriminal]

20 hours ago, doomed said:

I would lose my shirt if Bitcoin crashed as I am pretty much all in outside of my Sipp though I have cashed out more than I originally invested. Nobody gets rich through hedging. 

That's Stanley Druckenmiller's philosophy too. I admire your balls.

[HovelinHove]

7 hours ago, ThoughtCriminal said:

So to join the dots, and state the obvious, I put a grand in and I can spend it like a bank account. But if gold price rises my balance goes up, if it falls the balance falls with it?

Exactly. The same as if you held cash in a foreign currency account. It also uses private blockchain technology. My feeling is that if the cryptos go tits up, and everyone runs for the hills, this might be the perfect solution.

[Lovely Rum]

15 hours ago, Darby Ram said:

Just been reading this post on IOTA, about a prototype being built by a subsidiary of the Germany energy company RWE. Looks like an interesting use-case (tracking real-world objects on a blockchain and using other decentralised tech to store the associated data-heavy 'twins' of each object). The reason that I thought Ethereum was a good bet was developer buy-in and real projects getting off the ground so, on the the same grounds, I'm thinking that IOTA is probably worth a small punt - although it's already pretty pricey if measured in market cap terms. 

Edit: This thread and this thread have a pretty good discussion of why IOTA might not work (unproven risk of 51%/DOS attacks), so something to bear in mind.

i've stuck a few hundred greenbacks into this one. cost free fast transactions is a big pull

[thisisthisitmaybe]

16 hours ago, ThoughtCriminal said:

That's Stanley Druckenmiller's philosophy too. I admire your balls.

The difference being Stanley D invested other peoples money, not his own. He is also prepared to reverse his decision completely, as he did last year when he dumped gold on the election of Trump (a decision he has since reversed again). So it makes sense to go big, but also be prepared to change your mind. 

[ThoughtCriminal]

Oh absolutely. As the saying goes "when the facts change I change my mind. What do YOU do?"

 

Not sure other people's money matters though as if he had got it wrong then he'd have been finished the same as if it was his own money.

[thisisthisitmaybe]

34 minutes ago, ThoughtCriminal said:

Oh absolutely. As the saying goes "when the facts change I change my mind. What do YOU do?"

 

Not sure other people's money matters though as if he had got it wrong then he'd have been finished the same as if it was his own money.

I dont get involved in speculation in the first place as i dont have the temperament for it, in particular swallowing my pride when the direction of the trade changes. 

Stanley D is on record saying he just fell into investing and if he lost his clients money he would change profession.

The main thing to avoid us leverage but if you are young and good at trading then crypto is the place to be 

[goldbug9999]

Interesting article on PoS https://blog.sldx.com/whats-wrong-with-proof-of-stake-77d4f370be15 seems to echo my off the cuff assertion thats its self referential and cant work.

Edited June 26, 2017 by goldbug9999

[evetsm]

On 06/26/2017 at 1:14 AM, HovelinHove said:

Exactly. The same as if you held cash in a foreign currency account. It also uses private blockchain technology. My feeling is that if the cryptos go tits up, and everyone runs for the hills, this might be the perfect solution.

Except how do you know that the gold in the vault actually exists and hasn't been sold or loaned out of the backdoor , or is in the vault manager's account ?

You don't and can never be 100% sure. That's gold's eternal problem and exactly the reason why bitgold was abandoned. It simply cannot be a watertight proof like pure crypto can , by mathematics. With vaulted gold you are back in the realm of trust and that works until it doesn't. With wealth trust it always eventually "doesn't".

[GreenDevil]

How to make 50% return on your money in 24hrs - buy the dip on ethererum.

[Darby Ram]

3 hours ago, GreenDevil said:

How to make 50% return on your money in 24hrs - buy the dip on ethererum.

I was watching the Eth-Bancor market on Bittrex and, at one point, it looked like it was in free fall. But it recovered. I think if Bancor had blown up on day one, we would have seen absolute carnage and any recovery would have been a long time coming.

Interesting to see if the alt rebound is just a dead cat bounce, though. The volume on the smaller cap ones is so tiny that a breath of air could knock them over. NEM: market cap $1.5b; trading volume 7.5m. Just crazy.

The one I do not understand is Dash. $183 now. And I thought the price was stupid, and an obvious fraud, at $80.  

[Lovely Rum]

10 hours ago, GreenDevil said:

How to make 50% return on your money in 24hrs - buy the dip on ethererum.

innit

i stuck a few hundred in at around £180

thinking of moving it into lites on spec

they're plotting something with mit:

http://litecoin.mit.edu/

 

[DiscoDave]

I've a new CAD PC with a couple of decent cards for mining Ethereum coming in the next day or so and with the profitability where it is figured even for a few quid a day it worth having a play. I've obviously been reading a lot online but do any of the gurus on here have recommendations for mining pools or mining software, there seem to be a few favourites but I know not to always trust what you find online (except on here obviously)

[GreenDevil]

Check Ethererum mining on youtube.com. Look up nicehash.com where you can 'lease' your mining facility for bitcoin payments.