Discussion
MIKE said:
it really depends on how my nerve holds out and whether I diversify into another alt.
Right now I'm happy where it is
Diversity is a good idea in principle. But try finding an alt that has a flat supply curve, isn't controlled by an individual, hasn't been premined before an ICO, is not vulnerable to attack, is not clearly a scam or entirely lacks utility... I haven't yet spotted one amongst the hocus pocus out there.Right now I'm happy where it is
Holding bitcoin long term is by far the easiest strategy & has worked well, so far.
i see some failings with bitcoin that might bite it, the fact it is losing market share at quite a high rate, 25% in 3 months along with the Tether issue may have impact on it.
The biggest problem with this world is how quickly things can change, even the brightest minds can fail to predict.
Bitcoin has some big backers and is solid but how long it remains king will be the question?
The biggest problem with this world is how quickly things can change, even the brightest minds can fail to predict.
Bitcoin has some big backers and is solid but how long it remains king will be the question?
The Spruce goose said:
i see some failings with bitcoin that might bite it, the fact it is losing market share at quite a high rate, 25% in 3 months along with the Tether issue may have impact on it.
The biggest problem with this world is how quickly things can change, even the brightest minds can fail to predict.
Bitcoin has some big backers and is solid but how long it remains king will be the question?
Market share tells you nothing more than it's a growing asset segment. It's not negative for Bitcoin at all. BTC market cap tracks alt & crypto market cap closely. If BTC was in any kind of trouble, these would diverge. They aren't. The segment as a whole is growing fast.The biggest problem with this world is how quickly things can change, even the brightest minds can fail to predict.
Bitcoin has some big backers and is solid but how long it remains king will be the question?
Tether has nothing to do with bitcoin's integrity. It's failings are self inflicted.
Finally, Bitcoin has no backers (supporters, yes, funders no), unlike many alts which have individuals or small VC groups behind them. Bitcoin is way past that stage and is of itself.
MIKE said:
The variety of trading points available currently especially with bitfinex, leaves me thinking about performing cross-exchange trades for profit.
There's a very good reason why Bitfinex is at a substantial premium. I wouldn't touch it with a bargepole. There are some playing arbitrage; iirc it requires a bank account in Taiwan. Dollar exit at bitfinex is currently frozen by their intermediary, Wells Fargo & there's no clear steer on how solid Bitfinex actually is. The safest place for your coins is cold storage but since you're a gambler, I guess anything goes 
[quote=_MIKE_]BTC on it's way to the next milestone of $1700!
[/quote]
Christ.
I nearly bought about 20 when they were about $350 around 4 years ago IIRC but I couldnt actually figure out how to do so! I like to consider myself computer savvy but I couldnt be bothered to figure it all out. Serves me right!
[/quote]
Christ.
I nearly bought about 20 when they were about $350 around 4 years ago IIRC but I couldnt actually figure out how to do so! I like to consider myself computer savvy but I couldnt be bothered to figure it all out. Serves me right!
bloomen said:
Somewhatfoolish said:
That's impressively early adoption all the same. I paid a computer repair guy in Bitcoin a while back. He revealed that his average buy in was 10p. I assume he repairs computers for fun only. 
The majority of my net worth is still bitcoins, this is not particularly sensible, but I'm not either.
Still wish I'd bought more though. I'd be in a position to found a dynasty now.
I think an awful lot of the tens of thousands of BTC for peanuts crew probably got rid at $1 or during the $32 run up in 2011. When you paid literally nothing and it had no clear future it must've felt miraculous.
Even if you had hung on, there were so many scams back in the day that the likelihood is high that you would've lost them.
The ones who really did it properly are those who simply forgot about it, like the Norwegian guy who bought some for research and then remembered a few years down the line. His $29 turned into $900,000 and probably far more now.
Even if you had hung on, there were so many scams back in the day that the likelihood is high that you would've lost them.
The ones who really did it properly are those who simply forgot about it, like the Norwegian guy who bought some for research and then remembered a few years down the line. His $29 turned into $900,000 and probably far more now.
Edited by bloomen on Tuesday 9th May 23:07
I sold a few hundred bitcoins a year or two ago. Made enough profit to end up with a decent stash of 'free' bitcoins.
I've just been holding them because the tax implications are confusing and I get the feeling banks don't like seeing incoming cash from bitcoin transactions. Don't fancy getting my accounts closed.
I'm genuinely hoping to switch from fiat to bitcoin entirely within the next five years. I think once governments switch onto the fact that they could collect taxes frictionlessly it will see an adoption boom. Hopefully then some of the perceived benefits will outweigh the paranoia about not knowing who holds large amounts of bitcoin and who will become ultra-rich if it goes mainstream. Lots of Chinese miners obviously but also no doubt plenty of mafia and terrorist groups. Maybe a few more years of bubbles will weed them out
I've just been holding them because the tax implications are confusing and I get the feeling banks don't like seeing incoming cash from bitcoin transactions. Don't fancy getting my accounts closed.
I'm genuinely hoping to switch from fiat to bitcoin entirely within the next five years. I think once governments switch onto the fact that they could collect taxes frictionlessly it will see an adoption boom. Hopefully then some of the perceived benefits will outweigh the paranoia about not knowing who holds large amounts of bitcoin and who will become ultra-rich if it goes mainstream. Lots of Chinese miners obviously but also no doubt plenty of mafia and terrorist groups. Maybe a few more years of bubbles will weed them out
banks don't like transfers?, well i transfer from coinbase to my bank no problems. there are loads of debit cards that can be uploaded with btc as well, or you can but stuff with it. Microsoft take it for one.
i notice the headlines are always about btc, but there are thousands of coins out there , i know 8 at least that have done 5 times value increase in a year.
BTC has it drawbacks for me, i prefer the other coins.
i notice the headlines are always about btc, but there are thousands of coins out there , i know 8 at least that have done 5 times value increase in a year.
BTC has it drawbacks for me, i prefer the other coins.
Edited by The Spruce goose on Tuesday 9th May 23:54
dimots said:
I've just been holding them because the tax implications are confusing
I think it's pretty straightforward. As far as I understand, it's treated in exactly the same way as any other forex. Once you crystallise into sterling, then CGT is payable & you have an annual allowance of 10.6k to use up. Regular forex traders on here might be able to explain better.Bitcoin has dropped to less than 50% market dominance today, and ripple moving to number 2 and half of bitcoin, seems a pretty momentous day really, i have to admit if i was holding bitcoin i would be starting to feel a bit nervous. ripple has nearly 4 times its value in a month.
btc backlog is growing as well and at the limit of transactions per day, transactions taking from 2 hours to 2 days.
btc backlog is growing as well and at the limit of transactions per day, transactions taking from 2 hours to 2 days.
Edited by The Spruce goose on Tuesday 16th May 17:51
The Spruce goose said:
Bitcoin has dropped to less than 50% market dominance today, and ripple moving to number 2 and half of bitcoin, seems a pretty momentous day really, i have to admit if i was holding bitcoin i would be starting to feel a bit nervous. ripple has nearly 4 times its value in a month.
btc backlog is growing as well and at the limit of transactions per day, transactions taking from 2 hours to 2 days.
I've never understood why Ripple was ever lumped in with cryptocurrencies. It doesn't resemble them in multiple fundamental ways. btc backlog is growing as well and at the limit of transactions per day, transactions taking from 2 hours to 2 days.
I'm sure it's lovely and it'll be a huge deal, but it seems a little strange to think Bitcoin is competing with it in any way. They're complementary more than anything.
I would say ripple is a hybrid. It is a coin that offers a million transactions a second, low fees and quick. Which competes with btc. You are also buying a share in effect in the company as the banks use the tech not the coin. Combined with a potential supply lock up, I.e proof of stake which is popular no one cares you can't mine it is good.
You can buy ripple on it owns website as well as poloniex and others so should be easy enough.
It still good all fail away but the 28th is the potential big news just sell before then.
You can buy ripple on it owns website as well as poloniex and others so should be easy enough.
It still good all fail away but the 28th is the potential big news just sell before then.
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