Bitcoins (and other crypto currencies)

[botfch]

Eh! Ever seen a bitcoin?

You could go look at the code/algorithms if you wish.

 

[Jaff.]

Indeed, but if they were advertising a 12 level referral scheme selling Euros, you wouldn't say that the Euro was a pyramid scheme would you.

I don’t think I said bitcoin was a pyramid scheme?...

I was talking about the usi thing being a pyramid scheme of some sort but not knowing enough about it

 

[AdDaMan]

I think their is 2 separate conversations going on here...

 

[The Psychedelic Socialist]

I don’t think I said bitcoin was a pyramid scheme?...

I was talking about the usi thing being a pyramid scheme of some sort but not knowing enough about it

I think their is 2 separate conversations going on here...

Yep, my bad. Missed the bit where you referenced them specifically.

I'll skulk off and cry for a bit about selling days before the price doubled.

 

[R3k1355]

Its unusual but I wouldn't call it fake, its basically a commodity like gold.

I would disagree on that comparison, as at it's most basic level Gold is still a physical object and a useful material.

I'm sure there is a good comparison for Bitcoin, but I don't know what it is??

 

[McGherkin]

I would disagree on that comparison, as at it's most basic level Gold is still a physical object and a useful material.

I'm sure there is a good comparison for Bitcoin, but I don't know what it is??

Pounds sterling for a start.

 

[botfch]

I would disagree on that comparison, as at it's most basic level Gold is still a physical object and a useful material.

I'm sure there is a good comparison for Bitcoin, but I don't know what it is??

Well its not an exact comparison since Bitcoin is kind of its own thing but it does closely resemble gold.
There is a limited supply of both so its rare,
They are also both mediums of exchange and decentralised.

The main difference is as you say that gold is still physical and would exist even if the internet went bust so it is still king, but eventually I think cryptocurrency will be the norm for most countries.

Pounds sterling for a start.

No.
The govt/central bank could make the currency worthless and all you would have is paper.

 

[R3k1355]

Pounds sterling for a start.

Sky high transaction fees or extensive wait times make Bitcoin's practically useless as an everyday currency.

 

[adamlstr]

Litecoin doing well today.

 

[STEVE.M]

Anyone turned these things back into cash?

 

[MarcB]

Not so clued up on a lot of this but had a poke and spoke about it back in 2013ish before MT.GOX went tits up and never managed to get my head round this.

There is a couple of guys at work that in the last 3/4 months have put money into this and recon they are going to be worth £1000s.
Tow guys have put £50, The other £100 and one has put £1500.

I do get that you couple possibly make money on bitcoins but how the hell do you do it and whats involved?
How do you sell or buy it and if you do sell it where does the actual money come from?

Surely its just like stocks and shares and that you buy in low and sell when high or ride it out.

One of the guys at work has the bitcoin cloud over his eyes and he thinks he is going to be a millionaire in the next 5 to 10 years but yet he is one of the guys that invested £50 into it a few months ago.

I get that its all to do with computers working to solve puzzles and algorithms an that is what mines the bitcoin but from what I have seen these places have 5000 computers running 24/7 in a warehouse.

 

[Gally]

Even stripping it back. What the f**k did you buy for £50? A share of a bitcoin that doesn't exist?

The stock market is full of shares and stocks. It's regulated. It has tangible assets and physical ones if I buy 10% of a company at least I get 10% of that company.

A bitcoin is an item imo. You cannot buy half an item so what the f**k do you guys think you are buying? You can't buy £50 worth of bitcoins because a bitcoin is worth so much.

 

[SuperJ]

Is anyone even spending these anymore? My old house mate would be very well off if he had kept what he bought years ago.

 

[Marc.]

The guy who spent 10,000 Bitcoin to buy a Papa John’s pizza must feel a little silly right now...

 

[Pep]

I took my money of bitcoin yesterday and put it into litecoin, £443 has turned into £605 this morning so a nice thing to wake up to!
Total investment was £330 so I'm getting closer to doubling my money.

 

[brisa4984]

How are people buying this stuff. Coinbase?

 

[Crybert]

It’s amazing how well it’s done. I think now the media hype has really upped on it the price will flatten out soon. There’s also no way it can keep going at this rate without bursting with a crazy drop

 

[R3k1355]

Everyone is expecting the bubble to burst, but what will be the thing that breaks it?

With other stuff like stocks or dodgy mortgages people have put too much money on them, then when it came time for those investments to pay out it became apparent they could not come up with the money and so caused a collapse.
It's also not like oil or anything where supply and/or stored inventory can cause fluctuations, the supply and amount of Bitcoin is kinda fixed and steady.

 

[brisa4984]

what will be the ting that breaks it?

cyber crime.

 

[botfch]

Once the hype disappears and the price starts going down people will get nervous and sell and it will snowball from there until it becomes cheap enough that people start buying again, markets are all the same.

 

[The Psychedelic Socialist]

Once the hype disappears and the price starts going down people will get nervous and sell and it will snowball from there until it becomes cheap enough that people start buying again, markets are all the same.

I read somewhere that 40% of all Bitcoins are currently held by about 1000 people. If they move in concert it could cause big problems for everyone, especially them, so they're probably artificially stabilising things at the minute.

There's also a huge community movement of 'hodlers', i.e. people who are committed to holding for the long-term and trying to weather out the volatility without panic selling.

I still feel that there's a huge correction coming at some point, but there are also a lot of factors that could delay things for a while yet.

 

[R3k1355]

Isn't it thought one of the original people on the project is holding a million bitcoins or something??

f**k-knows why they ain't cashing in already, don't dump the lot just drip-feed it onto the market and trouser all the money.

 

[Budgie]

Isn't it thought one of the original people on the project is holding a million bitcoins or something??

f**k-knows why they ain't cashing in already, don't dump the lot just drip-feed it onto the market and trouser all the money.

If you're that minted that it won't make a difference, what does it matter? Hold them until they hit £50k a piece!

 

[botfch]

I read somewhere that 40% of all Bitcoins are currently held by about 1000 people. If they move in concert it could cause big problems for everyone, especially them, so they're probably artificially stabilising things at the minute.

There's also a huge community movement of 'hodlers', i.e. people who are committed to holding for the long-term and trying to weather out the volatility without panic selling.

I still feel that there's a huge correction coming at some point, but there are also a lot of factors that could delay things for a while yet.

Oh yeah it’s like anything tho it’s fine when prices are going up but soon as they go down a lot of people don’t have the nerve to stick it out. It will only takes a few of those 1000 to sell and they all will.

Hodlers always baffle me, loads never seem to actually sell the investment even when they don’t get a divi or any sort of return.

 

[Sir_Dave]

Judging by what has happened with Litecoin as of late, i think that people are joining coinbase, seeing that they can buy 0.008 Bitcoin, or one whole Litecoin, so going with the latter. Long may that continue :up:

 

[Herr Flick]

Judging by what has happened with Litecoin as of late, i think that people are joining coinbase, seeing that they can buy 0.008 Bitcoin, or one whole Litecoin, so going with the latter. Long may that continue :up:

That's definitely part of it. Buying a percentage of something doesn't appeal to the mass. Not that it matters because most people don't even know what it is and it's not like you get a share of a physical coin and can only hold it for 13 hours out of a year.

 

[Peperami]

Has everyone lost all of their money yet?

 

[Pep]

I'm doing pretty well, £330 put in 11 days ago, my total now is £740.

 

[adamlstr]

I spread 400 across Bitcoin, Ethereum, and Litecoin in August.

Now that's at 1150, until tomorrow morning when it'll be 800 quid again.

 

[Ex-User (19928)]

Has anyone put a meaningful amount of money in?

 

[McGherkin]

Has anyone put a meaningful amount of money in?

Just playing with pocket change IIRC.

 

[Ex-User (60778)]

I read somewhere that 40% of all Bitcoins are currently held by about 1000 people. If they move in concert it could cause big problems for everyone, especially them, so they're probably artificially stabilising things at the minute.

Are a lot of those bitcoins on hard drives at the bottom of landfill sites from the early days?

 

[adamlstr]

Are a lot of those bitcoins on hard drives at the bottom of landfill sites from the early days?

You’d wager that some must be!

They’ve all rallied over night, litecoin is up 50% over the last 24 hours. Another drop coming I guess.

 

[Padso]

Looks like people signing up to coin base and buying the cheap coin, litecoin, because why not.

 

[moktabe]

Not doing too badly so far.
Put £1K in initially on BC, moved 50% to LC a day later and showing reasonable growth......so far!

Thing is, how long to leave it!

 

[adamlstr]

Not doing too badly so far.
Put £1K in initially on BC, moved 50% to LC a day later and showing reasonable growth......so far!

Thing is, how long to leave it!

Exactly, up 80% on yesterday now [emoji15]

 

[brisa4984]

anyone want to send me a coinable referral ?

 

[AdDaMan]

anyone want to send me a coinable referral ?

Go on then..

 

[mace¬]

Has anyone cashed out a meaningful amount yet?

 

[AdDaMan]

Has anyone cashed out a meaningful amount yet?

Yes I cashed out my litecoin for around £78 profit.