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The Bubbly Bitcoin Thread -- Merged Threads

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43 minutes ago, dragging boot straps said:

Try sending a bank transfer to Nigeria and see the costs involved and time it takes to get there. 

That's why I hold xrp. 4 seconds max and pre-advised network fee of a thousandth of a pence. 

Tokyo 2020 coming. What odds would you give me for XRP being the currency of choice for tourists? 

Bear market brings the trolls, bull market brings the haters. Win win for me. I keep converting my worthless pound sterling and use xrp in as many ways as I can. 

Probably very few.

You're just in it to get rich so you're talking up your particular bet. 

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3 hours ago, wsn03 said:

Its a speculative bubble with little behind it other thsn frenzy, mania and the need to not miss out. Next time instead of calling it as a nonsense im going to jump on the next bubble for a few weeks before quietly stepping off.

Anyone on here is either still in denial and thinks the market is some great being that can raise itself from the ashes (rather than just a market price caused by some investors hoping to make an easy buck), is looking to say "I told you so" or is just here purely for the entertainment.

Im just waiting for Jiltedjen to comment because he is apparently the expert.

Oh I agree completely but thought if someone can label a chart as fiction then they might have some answers.

Personally, I’m just here in the hope that some of the genius might rub off on me.

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4 hours ago, wsn03 said:

Its a speculative bubble with little behind it other thsn frenzy, mania and the need to not miss out. Next time instead of calling it as a nonsense im going to jump on the next bubble for a few weeks before quietly stepping off.

Anyone on here is either still in denial and thinks the market is some great being that can raise itself from the ashes (rather than just a market price caused by some investors hoping to make an easy buck), is looking to say "I told you so" or is just here purely for the entertainment.

Im just waiting for Jiltedjen to comment because he is apparently the expert.

😄 MSM was the cause of the spike and the fear of missing out as you said.

They pulled a blinder even after the crash of 2008.  i do wish i had part of the action though.

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19 minutes ago, Lavalas said:

Oh I agree completely but thought if someone can label a chart as fiction then they might have some answers.

Personally, I’m just here in the hope that some of the genius might rub off on me.

If it hasn't by now already then im afraid there is probably no hope for you. I am in the same club so you're not alone 

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11 minutes ago, longgone said:

😄 MSM was the cause of the spike and the fear of missing out as you said.

They pulled a blinder even after the crash of 2008.  i do wish i had part of the action though.

Me too. Im so going to dive into whatever is next instead of devoting time to pointing out how flawed the mania is. Tulips, Beanie Babies, flowery cushions...just show me some irrational thinking and I'll be there!!!

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18 minutes ago, wsn03 said:

Me too. Im so going to dive into whatever is next instead of devoting time to pointing out how flawed the mania is. Tulips, Beanie Babies, flowery cushions...just show me some irrational thinking and I'll be there!!!

That was what won me over to finally buy into bitcoin. I looked at it very early and decided it wasn't solving a problem we were crying out for and there was an inherent contradiction in the technology:

It's either a currency as it claims to be, and so it might have value. But no-one wants to spend a currency that can buy you more tomorrow when they can just spend their fiat. So it's not functioning as a currency (and this isn't even mentioning the transactional speed and cost problems).

Or it's not a currency, in which case, where is the value? It's just a speculative token being passed around from gambler to gambler.

So I stayed out, thinking that surely these things must become apparent soon. I hadn't counted on so many people not seeing them or not caring. There is mass delusion in speculative bubbles. 

I got in far too late and learned the lesson that it is still gambling after all. I still hold my crypto as a very expensive lottery ticket.

The problem with trying to pick speculative bubbles is you can be wrong enough times that you run out of money trying.

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33 minutes ago, wsn03 said:

Me too. Im so going to dive into whatever is next instead of devoting time to pointing out how flawed the mania is. Tulips, Beanie Babies, flowery cushions...just show me some irrational thinking and I'll be there!!!

what i have learned is trying to be smart and clever and going against the grain is precisely when you lose. The heard mentality is rife for exploitation. The clever bit is when you deviate direction.  😉

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2 hours ago, longgone said:

what i have learned is trying to be smart and clever and going against the grain is precisely when you lose. The heard mentality is rife for exploitation. The clever bit is when you deviate direction.  😉

I think you're right - the housing market is testament to that (luckily I couldn't be clever because of the wife, otherwise I'd have missed out massively)

With investment fads definitely follow the crowd...then quietly sneak off when no one is looking. 

No wait a minute...HODL?

Edited by wsn03

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5 hours ago, dugsbody said:

 

The problem with trying to pick speculative bubbles is you can be wrong enough times that you run out of money trying.

I kind of work.to the following exit strategy:

EVERYONE RAVING AND ITS BEING TALKED ABOUT ON TV + 2.5 weeks is a fairly good time. I was 1 week.out on the dotcom, and about the same on Bitcoin. You lose peak madness byt dont lose the shirt off your back

Edited by wsn03

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On 25/11/2018 at 21:34, markyh said:

Quite true. At the end on 2014 I stopped occasionally looking at Bitcoin, Litecoin and Dogecoin, and pretty much consciously forgot about them during 2015 and 2016.

You can see there the posting gaps on this thread are, I think there was no posts at all for about year. I was down 50% on my initial stake for over 18 months, didnt look at any bitcoin related internet content for 3-6 months at a time.

Right now I'm moving some cash onto an exchange so I'll be there to buy some more on the cheap if it goes super low.

 

Edited by goldbug9999

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4 hours ago, wsn03 said:

I think you're right - the housing market is testament to that (luckily I couldn't be clever because of the wife, otherwise I'd have missed out massively)

With investment fads definitely follow the crowd...then quietly sneak off when no one is looking. 

No wait a minute...HODL?

i have already comes to terms with that. 

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2 hours ago, goldbug9999 said:

You can see there the posting gaps on this thread are, I think there was no posts at all for about year. I was down 50% on my initial stake for over 18 months, didnt look at any bitcoin related internet content for 3-6 months at a time.

Right now I'm moving some cash onto an exchange so I'll be there to buy some more on the cheap if it goes super low.

 

which one ? i am expecting a new low to be coming along soon so may stick a few quid in. 

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21 minutes ago, longgone said:

which one ? i am expecting a new low to be coming along soon so may stick a few quid in. 

Well in bitcoin it will be below $3.5k because that's the price I bought another £1000 on bitcoin in my SIPP Via the Swedish ETN on Monday! So it's bound to drop again now.

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42 minutes ago, markyh said:

Well in bitcoin it will be below $3.5k because that's the price I bought another £1000 on bitcoin in my SIPP Via the Swedish ETN on Monday! So it's bound to drop again now.

who holds the ETN ?

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8 hours ago, longgone said:

who holds the ETN ?

https://xbtprovider.com/

You can buy into it via a Hargreaves Lansdown SIPP , either Bitcoin or Etherium , either in Swediesh krona (SEK) or Euros. I have put in about £9k now in the last month, now it will sit there for 18 years a do whatever it does. but I do admit if it has made astronomical gains by 2024 when I can get access to the SIPP I may sell it and buy a range of shares and funds yielding 5% divi or more and start taking some passive drawdown income form in it. A 100 x gain would make it worth say £900k ,  so at 5% average yield would give me a £45k passive income.

Hopefully if we haven't had financial meltdown predicted £45k wont be the cost on a months grocery shopping, and will be worth 5-10% less in real terms than now. 

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7 minutes ago, markyh said:

https://xbtprovider.com/

You can buy into it via a Hargreaves Lansdown SIPP , either Bitcoin or Etherium , either in Swediesh krona (SEK) or Euros. I have put in about £9k now in the last month, now it will sit there for 18 years a do whatever it does. but I do admit if it has made astronomical gains by 2024 when I can get access to the SIPP I may sell it and buy a range of shares and funds yielding 5% divi or more and start taking some passive drawdown income form in it. A 100 x gain would make it worth say £900k ,  so at 5% average yield would give me a £45k passive income.

Hopefully if we haven't had financial meltdown predicted £45k wont be the cost on a months grocery shopping, and will be worth 5-10% less in real terms than now. 

From their factsheet

The certificates provide exposure to the performance of the digital currency bitcoin by synthetically tracking performance of the price of bitcoin (BTC/USD) less a fee.

  • To invest, you need an account, which is obtained through your bank, advisor or online broker.
  • Bitcoin is purchased for money received through the sale of certificates which ensures that the certificates are hedged and structured to follow the price of bitcoin.The certificates are guaranteed by Global Advisors (Jersey) Limited.
  • The Certificate is denominated in SEK thus here will be a foreign exchange exposure between USD and the SEK which could impact (+/-) the market value and final return from the certificates.

 

I bought the SEK version as i'm unsure if the € Euro will exist in 5 years so didn't want to be stuck with certificates denominated in a defunct currency you cant trade. The Swedish Krona like the British Pound £ has a long a pretty stable history behind it.

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1 hour ago, markyh said:

I bought the SEK version as i'm unsure if the € Euro will exist in 5 years so didn't want to be stuck with certificates denominated in a defunct currency you cant trade. The Swedish Krona like the British Pound £ has a long a pretty stable history behind it.

It shouldn't but I bet you it will...another ridiculous state of affairs propped up by lots of VIs

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4 hours ago, markyh said:

https://xbtprovider.com/

You can buy into it via a Hargreaves Lansdown SIPP , either Bitcoin or Etherium , either in Swediesh krona (SEK) or Euros. I have put in about £9k now in the last month, now it will sit there for 18 years a do whatever it does. but I do admit if it has made astronomical gains by 2024 when I can get access to the SIPP I may sell it and buy a range of shares and funds yielding 5% divi or more and start taking some passive drawdown income form in it. A 100 x gain would make it worth say £900k ,  so at 5% average yield would give me a £45k passive income.

Hopefully if we haven't had financial meltdown predicted £45k wont be the cost on a months grocery shopping, and will be worth 5-10% less in real terms than now. 

assuming hargreaves does not end up like lehmans 

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38 minutes ago, longgone said:

assuming hargreaves does not end up like lehmans 

I think a UK regulated pensions and equities trading platform provider is a little different to an USA Investment bank!  HL will make most of their money from trading and account management fees. And @ £11.95 a trade for under 20 a month it's a good one!

Lehmans made leverage bets on the global financial markets and had their liquidity taken away when the music stopped in 2008. They all where playing Musical financial chairs and when the music stopoped they where the ones left without anywhere to sit! Then the FED let them go under the bus for good measure. 

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8 hours ago, markyh said:

For me the only important function of blockchain is the security of the bitcoin network, which means it cant be hacked and cant be "switched off". 

 

It’s an inefficient yet trustless, distributed ledger of events. You only use it if there is no alternative for security/trust/distribution.  Useless for most cases. Perfect for a distributed money/currency. But you also need the hashpower to secure it, and only bitcoin has that

All the hype about using blockchain technology and dismissing bitcoin was just that, hype

Edited by dannyf

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On 01/12/2018 at 03:35, dannyf said:

It’s an inefficient yet trustless, distributed ledger of events. You only use it if there is no alternative for security/trust/distribution.  Useless for most cases. Perfect for a distributed money/currency. But you also need the hashpower to secure it, and only bitcoin has that

All the hype about using blockchain technology and dismissing bitcoin was just that, hype

ShouldYouUseBlckchn.jpg.7c078e62a9d8cf51882145656bb60708.jpg

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