Crypto Currency Thread
Discussion
Guvernator said:
Will a ban in China effect exchanges like Binance etc? If so that will be a huge blow.
Also like I said a few pages ago, other countries are also talking about implementing a ban too. Governments and the big banks don't like it and they'll probably all be thinking of ways to nullify the threat. Never mind the dips, this will be the biggest threat to cyrtocurrency in the next few years.
I totally agree. This scenario is a near certainty imo. The political battles start in earnest when it is seen as a threat to the status quo rather than magic internet money. Meantime, politicians, lobbyists, regulators and many others with influence are/will become holders in many jurisdictions worldwide. Threats to stability, protecting the investor, terrorist funding. All these memes and more will be wheeled out. Stock up on popcorn.Also like I said a few pages ago, other countries are also talking about implementing a ban too. Governments and the big banks don't like it and they'll probably all be thinking of ways to nullify the threat. Never mind the dips, this will be the biggest threat to cyrtocurrency in the next few years.
Some entertaining reading on Crypto Compare: https://www.cryptocompare.com/coins/xrp/post/p_616...
Behemoth said:
I totally agree. This scenario is a near certainty imo. The political battles start in earnest when it is seen as a threat to the status quo rather than magic internet money. Meantime, politicians, lobbyists, regulators and many others with influence are/will become holders in many jurisdictions worldwide. Threats to stability, protecting the investor, terrorist funding. All these memes and more will be wheeled out. Stock up on popcorn.
And yet there is still the $30 transaction fees which make it a very expensive way for your terrorist to buy a cup of coffee.... No, there is just a lot of noise at the moment because its a classic investment bubble. The coins themselves have little or no use and by the time the sheep have lost most of their money then people will finally start asking questions about what they are buying, and might not like the answers.
If you are on Twitter this guy is quite the parabolic evangelist.
https://twitter.com/parabolictrav/status/953097518...
A few snips
"You really need to listen to this: $BTC is a *curved* logarithmic chart. That means prices move almost 2x log. Our brains think in terms of linear price: from 13k the ATH seems far away. But how far away from a 2x log price move? It's like 4-7 days away once you find bottom.
I believe this sector will be surging in parabolic waves and pauses the next 10 years, absolutely wreaking havoc on the financial world as we know it. If you're late to this party you'll be a pauper in the new world."
49,000 followers
Hashtag No Coiner PAUPER!
https://twitter.com/parabolictrav/status/953097518...
A few snips
"You really need to listen to this: $BTC is a *curved* logarithmic chart. That means prices move almost 2x log. Our brains think in terms of linear price: from 13k the ATH seems far away. But how far away from a 2x log price move? It's like 4-7 days away once you find bottom.
I believe this sector will be surging in parabolic waves and pauses the next 10 years, absolutely wreaking havoc on the financial world as we know it. If you're late to this party you'll be a pauper in the new world."
49,000 followers
Hashtag No Coiner PAUPER!
Badda said:
Yeah that was the one I mentioned when I posted the graph. Twice in 8 years isn't really 'the norm' though IMO.
There have been quite a few more:July 2010 increased 900% in 5 days
April to July 2011 increased 3000%
July to Dec 2011 fell 93%
Dec 2012 to April 2013 rose 2000%
April to June 2013 fell 74%
Etc...
Even that one period you refer to had more than one insane increase and drop ...
Cryptos are like all other P2P products run by online nerds. From loans to Linux, they are popular for a while and then they fade away to niche status. Nobody owns them and the masses don't trust them. That's why they never takeoff longterm.
What's more, country after country is mobilising now to ban or restrict cryptos. Someone like the US is not going to stand around and let the dollar get replaced by Bitcoin (or whatever). They will do everything to stop it.
The crypto party is almost over.
What's more, country after country is mobilising now to ban or restrict cryptos. Someone like the US is not going to stand around and let the dollar get replaced by Bitcoin (or whatever). They will do everything to stop it.
The crypto party is almost over.
moonigan said:
Some entertaining reading on Crypto Compare: https://www.cryptocompare.com/coins/xrp/post/p_616...
Chris Larsen has over 5bn XRP I cant be bothered to type out all the ‘0’s’ for how much he would be ‘worth’ if XRP got to a 10th of the price in that article but He would become many multiples richer than people like Bezos etc off the back of this (if measured in archaic FIAT currencies 😉) Surely as everyone measures the current value of crypto in Dollars, crypto is currently zero sum - especially as you can’t spend them or use them for anything anywhere! To get out of crypto and actually do something with the ‘money’ made someone has to come in - there is no ‘value’ currently being created by crypto. People even seem to be saying that XRPs main current USP is moving FIAT about! Yipper said:
From loans to Linux, they are popular for a while and then they fade away to niche status. Nobody owns them and the masses don't trust them. That's why they never takeoff longterm.
Linux runs most of the internet and much of a lot else. Android is Linux. Your set top box probably runs Linux. You don't know what you're talking about.Behemoth said:
Yipper said:
From loans to Linux, they are popular for a while and then they fade away to niche status. Nobody owns them and the masses don't trust them. That's why they never takeoff longterm.
Linux runs most of the internet and much of a lot else. Android is Linux. Your set top box probably runs Linux. You don't know what you're talking about.
Behemoth said:
Yipper said:
From loans to Linux, they are popular for a while and then they fade away to niche status. Nobody owns them and the masses don't trust them. That's why they never takeoff longterm.
Linux runs most of the internet and much of a lot else. Android is Linux. Your set top box probably runs Linux. You don't know what you're talking about.Linux OS is just a tiny 1-2% of the massive global PC and smartphone market.
That's about the same as cryptos, which today make up <1% of all money on the planet.
Behemoth said:
Yipper said:
From loans to Linux, they are popular for a while and then they fade away to niche status. Nobody owns them and the masses don't trust them. That's why they never takeoff longterm.
Linux runs most of the internet and much of a lot else. Android is Linux. Your set top box probably runs Linux. You don't know what you're talking about.
Yipper said:
Lol.
Linux OS is just a tiny 1-2% of the massive global PC and smartphone market.
Googling and spouting the first answer that comes up doesn't always work. Linux OS is just a tiny 1-2% of the massive global PC and smartphone market.
That figure is just for desktop\server OS and doesn't include the literally millions of other devices that use some flavour of Linux which includes almost every single network device, switch, router, wi-fi access point etc, 53% of the smartphone market, tablets, set top boxes, streaming devices, NAS, the list goes on and on and on. Probably best not to comment on things you don't really understand as if they were facts.
Apologies if this has been asked before but where would I start if I wanted to invest in crypto?
Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
TROOPER88 said:
Apologies if this has been asked before but where would I start if I wanted to invest in crypto?
Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
My answer would be to go away and do a lot of reading first and decide if investing in Crypto is for you before spending any money. Due to all the hype, a lot of people are buying in without having a clue which is usually the easiest way to turn your £1000 into £500 or less and the reason why Crypto investment is derided a lot lately as people are jumping in without knowing what they are doing.Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
If you are then still interested the big Exchanges are places like Coinbase, Kraken, Binance, Poloniex to name just a few.
Selling isn't usually that quick for various reasons, again I'd do some of your own research to understand the why's and risks associated around this.
Basically a quick forum post won't give you nearly enough information to invest in Crypto currencies. I did about 3 weeks of reading, asking lots of friends who'd done it advice etc before I took the plunge and I still made a few mistakes.
Also only stake what you can afford to lose. That £1000 could increase but you could just as easily lose it in a week, therefore consider carefully how much you'd miss that money if it was to disappear.
TROOPER88 said:
Apologies if this has been asked before but where would I start if I wanted to invest in crypto?
Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
I will give you my experience. I initially setup an account on Coinbase, once verified you need to link a credit card (£500 a week maximum) or organise a SEPA bank transfer. You will incur fees when you buy, sell and if you transfer your bitcoin to another wallet. With coinbase you can only buy Bitcoin, Ethereum or Litecoin, if you want to buy other coins you will need to setup an account on another exchange such as Binance and transfer your bitcoin there.Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
I think it would be very easily for a noob to turn £1000 into £500 in a week, especially if you follow the noob mistakes of buying the hyped coin of the day and selling it after everyone dumps it. Rinse and repeat and it won't take many transactions before you are 50% down.
Getting your money out is also not straightforward, if you use coinbase you will need to send first sell your BTC/ETH/LTC for Euros and send this to your bank via SEPA (assuming your bank accepts SEPA). First of all you will need to transfer some money from your bank account to coinbase via SEPA to validate your account. There will be a charge (£25 for Santander) for each transaction.
The other option is to open an account on LocalBitCoins and sell your bitcoin there. This is a little bit like eBay where you contact a buyer, arrange a price, they transfer the money to your bank account and you release the bitcoins.
Basically, nothing is easy or straightforward which nobody warns you about.
TROOPER88 said:
Apologies if this has been asked before but where would I start if I wanted to invest in crypto?
Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
Coinbase is pretty easy to use to get your GBP in to in order to buy BTC, ETH, BCH or LTC. If you want to trade other altcoins then create an account with Binance (not sure if they are accepting new users at the moment), send some ETH or LTC to your account there from Coinbase and trade to your hearts content. Don't move BTC around as its expensive! Its fine to trade with BTC once in Binance but just don't get hammered for the fees for moving it.Say I had £1000 that I wanted to invest, what would be the best website for me to buy?
Once I have purchased, if I want to sell, is that a quick process with sterling back in my bank ac swiftly?
Apologies if these questions have been previously asked.
When it comes to cashing out the best route I have found is using Revolut. You can't withdraw GBP from Coinbase, EUR is fine but your normal high street bank will probably charge you to accept the SEPA payment of EUR from Coinbase, Revolut does not charge for this. You can then convert the EUR to GBP in Revolut at the interbank rate and then do a normal bank transfer from Revolut to your usual bank. Takes a couple days to set up your accounts as you need add funds to Revolut and transfer some EUR to Coinbase first from Revolut to allow you to withdraw, but once sorted its very cheap and relatively fast, and you get great rates for all the conversions.
These are what I use anyway and I'm happy with how it all works now. I can provide a referral link for any of the 3 sites above but no worries if not, I'm not out to pimp myself too much!
Also as above, don't 'invest' what you can't afford to lose. Most people getting in over the last month are getting stung with the current slump so go in with your eyes wide open!
Joey Deacon said:
This is because all the investors have a 6th sense of knowing when to buy a coin just before it increases 50% in a day and when to sell before it falls 50% as they have done their research and know which coins are "undervalued"
Still think the majority of people who put money into this in the last 6 weeks will have lost money.
Nonsense. Just because you thought it was free money, doesn't mean others got caught out not doing research. 6 weeks ago ETH was a <$500, now it's @ $1100. Anyone whom got spanked was chasing pumps and not doing research.Still think the majority of people who put money into this in the last 6 weeks will have lost money.
ETH is the 2nd biggest crypto by mkt cap, so struggle with whom this majority is? Unless you mean those buying into XRP?
Gassing Station | Finance | Top of Page | What's New | My Stuff