Crypto Currency Thread
Discussion
DanGPR said:
rufusgti said:
Ye but you haven't have you? They don't exist. Where's wether you want to see any worth or not in BTC, somebody did create the system, somebody did mine the coin, and somebody can sell that coin on multiple platforms and convert to Currency of choice.
I mean let's not deny it ever had any monetary value shall we. Yes It is falling in value. But you mine a coin and you can sell it for £xxx. Saying you created pistonheadcoins when you haven't doesn't really prove much or add much to an argument.
You're an idiot, I wasn't arguing that Bitcoin has no value, I have a significant portion of my own wealth in Bitcoin.I mean let's not deny it ever had any monetary value shall we. Yes It is falling in value. But you mine a coin and you can sell it for £xxx. Saying you created pistonheadcoins when you haven't doesn't really prove much or add much to an argument.
I was showing that the 'market cap' metric is irrelevant.
selmahoose said:
DanGPR said:
You're an idiot, I wasn't arguing that Bitcoin has no value, I have a significant portion of my own wealth in Bitcoin.
I was showing that the 'market cap' metric is irrelevant.
Don't be so harsh. He just gets a bit mixed up sometimes.I was showing that the 'market cap' metric is irrelevant.
Interesting theory of the currency price action. It will take some time for btc to find its market price and if these kind of financial instruments are effective in keeping miners profitable then they’re working...it’s just that btc has inbuilt controls (hash rate/difficulty etc), and a lack of transparency about what is actually happening, and various areas of government intervention all of which complicate the issue. But still, this is interesting!
https://www.reddit.com/r/Bitcoin/comments/a4ns11/w...
https://www.reddit.com/r/Bitcoin/comments/a4ns11/w...
Lemming Train said:
T -1 and counting guys. D-day just over a day away. At the current price as I write, dimots will be ponying up $3290 for Condi. 
Enough for almost 0.053421 of a BitPizza then?:-)
I had nothing better to do this morning as I couldn't sleep, so read approx 150 of the first pages of this thread. Quite an interesting roller coaster of a year! Interesting seeing the experts come and go, or noobs become "experts".
Lots of people have lost shirts obviously. Anyone still around who made a big win off btc?
Edited by 200Plus Club on Tuesday 11th December 08:13
Not me, I've lost a small amount but I know someone personally who has just over a 100 BTC which he mined a few years ago before it became really popular. They are still worth a chunk of change, roughly £270k at the moment but at their height in December 2017, they would have been worth over £1.2m!
I'd have been out like a shot but he thought and still does think they will go up further at some point. I suspect he will rue not cashing them in when he had the chance although how you'd have got rid of that much in a hurry I have no idea either as most exchanges have a limit.
I'd have been out like a shot but he thought and still does think they will go up further at some point. I suspect he will rue not cashing them in when he had the chance although how you'd have got rid of that much in a hurry I have no idea either as most exchanges have a limit.
A speculative punt with cash you can afford to lose as a gamble isn't bad I suppose. Hindsight a year in is wonderful to look back on lol, so much misinformation and emporers new clothes by the look of it.
Will be interesting to revisit this page and the thread in another year to see where it sits. Or if they're using it for anything worthwhile then in the real world applications.
Will be interesting to revisit this page and the thread in another year to see where it sits. Or if they're using it for anything worthwhile then in the real world applications.
The worst thing you often see among those who are making huge unrealised gains on the upside of a bubble is that they change the way they perceive their economic standing as they feel that they are in a wealthier section of the spectrum ( it’s the same principle behind why a govt might relax lending rules to deliberately create rapid house price inflation). As such, they increase their spending rate in line with this perception.
So even if people exited at breakeven on their punt there are very often other directly associated costs such as a demise in savings or an increase in consumer debt.
Another common error is that those with sizeable losses usually fail to plan to take advantage of the CGT aspect.
So even if people exited at breakeven on their punt there are very often other directly associated costs such as a demise in savings or an increase in consumer debt.
Another common error is that those with sizeable losses usually fail to plan to take advantage of the CGT aspect.
I suspect some clever people will go on and find some tangible real world use for it (if they haven't done so already) for example to secure contracts between business entities. Crypto currency will also probably exist in some small measure but I can't really see it being adopted on a very wide scale as although at one point it used to do things that normal currency didn't, the banking system has now pretty much caught up and mobile banking apps provide nearly all the functionality of crypto but with proper money.
Much like Tesla did with cars, as a technology to shake up the somewhat stagnant status quo it's great, I just can't see how it will stay the distance when the big boys have woken up to the threat and responded to it.
Much like Tesla did with cars, as a technology to shake up the somewhat stagnant status quo it's great, I just can't see how it will stay the distance when the big boys have woken up to the threat and responded to it.
Given the widespread lack of understanding of financial basics among a large element of society, hence their rush to cryptos, rush to mini bonds, rush to offshore trading, rush to P2P, in fact a rush to anything that is weakly or unregulated so easy to sell to the unsuspecting, gr easy or niaive then you could see this mechanism expanding as a payment method among Western social under classes.
But even then you have the terminal issue that in order to actually be a currency one of the core tenets is that you must have price stability and if you have price stability then you have no rapid, billionaire making, gains for the general public to get all excited about.
Only really through regulation, standardisation, reputation and stabilisation will these products evolve to be currencies and that really means being managed, governed and backed by the corporate institutions that the niaive thought these coins and system bypassed.
But even then you have the terminal issue that in order to actually be a currency one of the core tenets is that you must have price stability and if you have price stability then you have no rapid, billionaire making, gains for the general public to get all excited about.
Only really through regulation, standardisation, reputation and stabilisation will these products evolve to be currencies and that really means being managed, governed and backed by the corporate institutions that the niaive thought these coins and system bypassed.
La Liga said:
The rationalising of a crap trade / investment with, 'it's money I can afford to lose', is the thinking of someone who is wholly unsuitable to speculation.
Just because you can afford to lose it doesn't justify 'holding and hoping' or not cutting a loss.
That might be true if you are professional trader where you are risking other peoples money or if you are betting your house on it. Mine was money I had lying around earning me nothing and I didn't have immediate plans for it. Sure I could have gone on a few nights out with the obligatory coke and hookers but other then some sordid memories it would still be dead money. This way I got to invest in something that could have been and still could be an emerging technology. I work in IT so the underlying technology also interests me.Just because you can afford to lose it doesn't justify 'holding and hoping' or not cutting a loss.
If I cut my losses now I'd get a few hundred quid back, it's not a life changing amount to gain or lose so what harm is there in letting it ride?
Guvernator said:
Not me, I've lost a small amount but I know someone personally who has just over a 100 BTC which he mined a few years ago before it became really popular. They are still worth a chunk of change, roughly £270k at the moment but at their height in December 2017, they would have been worth over £1.2m!
I'd have been out like a shot but he thought and still does think they will go up further at some point. I suspect he will rue not cashing them in when he had the chance although how you'd have got rid of that much in a hurry I have no idea either as most exchanges have a limit.
Must be really psychologically hard to deal with that "loss" though. I'd have been out like a shot but he thought and still does think they will go up further at some point. I suspect he will rue not cashing them in when he had the chance although how you'd have got rid of that much in a hurry I have no idea either as most exchanges have a limit.
"no one ever went broke taking a profit"
trowelhead said:
Must be really psychologically hard to deal with that "loss" though.
"no one ever went broke taking a profit"
Possibly, unfortunately he seems to have gone into a bit of denial, keeps saying it will go back up even higher than before. I guess that is a coping mechanism of sorts. Personally if it had been me I'd be f"no one ever went broke taking a profit"
king gutted.200Plus Club said:
Anyone still around who made a big win off btc?
Yes. I've realised enough to have officially done 'well'. My formula for success is time and plenty of it. This concept is the type of thing that'll take decades to be fully understood and implemented, if it does at all. I got rolling in September 2013.
On the way there'll be violent moves as everyone attempts to figure out what it's worth and what it's for. If you don't time your entry and exit from those violent moves it's going to hurt.
If you can't see those moves as twitches in the greater scheme of things it's going to hurt even more.
I had prices set at certain levels and resolved to unload a certain amount no matter what the sentiment was at that moment. I'll do that again in future too until 50% is gone and then the rest stays put.
bloomen said:
Yes. I've realised enough to have officially done 'well'.
My formula for success is time and plenty of it. This concept is the type of thing that'll take decades to be fully understood and implemented, if it does at all. I got rolling in September 2013.
On the way there'll be violent moves as everyone attempts to figure out what it's worth and what it's for. If you don't time your entry and exit from those violent moves it's going to hurt.
If you can't see those moves as twitches in the greater scheme of things it's going to hurt even more.
I had prices set at certain levels and resolved to unload a certain amount no matter what the sentiment was at that moment. I'll do that again in future too until 50% is gone and then the rest stays put.
Can you explain that? My formula for success is time and plenty of it. This concept is the type of thing that'll take decades to be fully understood and implemented, if it does at all. I got rolling in September 2013.
On the way there'll be violent moves as everyone attempts to figure out what it's worth and what it's for. If you don't time your entry and exit from those violent moves it's going to hurt.
If you can't see those moves as twitches in the greater scheme of things it's going to hurt even more.
I had prices set at certain levels and resolved to unload a certain amount no matter what the sentiment was at that moment. I'll do that again in future too until 50% is gone and then the rest stays put.
It sounds like you're still holding bitcoin, and seem to be saying that you'll hold 50% no matter what. As the price is trending to 0, and in some people's opinion is likely to reach 0, then holding 50% means you're effectively prepared to write off that 'value'.
Although at least you have cashed in some profits, and I dare say if you bought in 2013 then you initial gamble is probably fairly small.
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