Crypto Currency Thread

Crypto Currency Thread

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Discussion

selmahoose

3,943 posts

56 months

Saturday 8th December 2018
quotequote all
DonkeyApple said:
bitterness

Edited by DonkeyApple on Saturday 8th December 11:03
https://www.youtube.com/watch?v=gROO7xSTxfY


Edited by selmahoose on Saturday 8th December 14:30

rufusgti

1,924 posts

137 months

Saturday 8th December 2018
quotequote all
DanGPR said:
Hey, I just created 1,000,000 Pistonheadcoins, you want to buy one for £10?

Oh look, now I have £10m worth of Pistonheadcoins.
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.

DonkeyApple

34,364 posts

114 months

Saturday 8th December 2018
quotequote all
selmahoose said:
DonkeyApple said:
bitterness

Edited by DonkeyApple on Saturday 8th December 11:03
https://www.youtube.com/watch?v=gtQLIU4ze0g



Edited by selmahoose on Saturday 8th December 13:44
Groak, there’s only one bitter chappie in the finance forum and that’s the dodgy punter who crops up only to have a pop at a certain demographic and to try and pitch the next dodgy activity.

And what makes it so risible is that you know precisely how these bubbles work and who ends up losing because you’ve been directly involved, aren’t stupid and have seen enough of them for yourself. Yet you will argue against the other people who are in the same position as you because of your bitterness.

Don’t your u have some minibonds to pitch to mug punters while complaining about how people promote dodgy schemes that screw over the common man? wink

DanGPR

933 posts

116 months

Saturday 8th December 2018
quotequote all
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 was showing that the 'market cap' metric is irrelevant.

selmahoose

3,943 posts

56 months

Saturday 8th December 2018
quotequote all
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.

Lemming Train

3,383 posts

17 months

Saturday 8th December 2018
quotequote all
smile

rufusgti

1,924 posts

137 months

Saturday 8th December 2018
quotequote all
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 was showing that the 'market cap' metric is irrelevant.
Ahh, sorry. Totally missed your point there didn't I.
paperbag

rufusgti

1,924 posts

137 months

Saturday 8th December 2018
quotequote all
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 really do. Learning every day... Or trying to spinspin

dimots

1,045 posts

35 months

Monday 10th December 2018
quotequote all
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...

Lemming Train

3,383 posts

17 months

Monday 10th December 2018
quotequote all
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. biglaugh

200Plus Club

6,688 posts

223 months

Tuesday 11th December 2018
quotequote all
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. biglaugh
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

Guvernator

10,414 posts

110 months

Tuesday 11th December 2018
quotequote all
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.

200Plus Club

6,688 posts

223 months

Tuesday 11th December 2018
quotequote all
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.

DonkeyApple

34,364 posts

114 months

Tuesday 11th December 2018
quotequote all
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.

Guvernator

10,414 posts

110 months

Tuesday 11th December 2018
quotequote all
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.

Skyedriver

8,543 posts

227 months

Tuesday 11th December 2018
quotequote all
I have never taken any interest in Bitcoin, too busy with other things, but this popped up on my email this morning.
seems like another "get rich quick" scheme.
Or is it worth a £250 gamble
Will I end up having to check every day to see whether to be in or out?

DonkeyApple

34,364 posts

114 months

Tuesday 11th December 2018
quotequote all
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.

Skyedriver

8,543 posts

227 months

Tuesday 11th December 2018
quotequote all
I have to agree with you there, I posted it as a bit of a "Devils Advocate" really, hence my "Get Rich quick" statement.
It would seem from the ad that SOME people have done OK out of it but I bet a lot have just lost or will lose their money.

La Liga

13,567 posts

101 months

Tuesday 11th December 2018
quotequote all
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.


Guvernator

10,414 posts

110 months

Tuesday 11th December 2018
quotequote all
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.

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?