Bitcoin and the crypto currency world - what do you think?
Poll: Bitcoin and the crypto currency world - what do you think?
Total Members Polled: 220
Discussion
DanGPR said:
Yipper said:
Relatively speaking, Bitcoin is the biggest bubble in the history of global humanity.
Bigger than tulips, South Sea and tech stocks.
All bubbles burst.
All 100% of them.
Peer-to-peer currency will go the same way as peer-to-peer software, loans and credit -- it will be niche. Nobody owns it.
Bitcoin today accounts for only 0.3% of all money in circulation on the planet.
Roughly how much knowledge do you have of cryptocurrencies? How much research have you done?Bigger than tulips, South Sea and tech stocks.
All bubbles burst.
All 100% of them.
Peer-to-peer currency will go the same way as peer-to-peer software, loans and credit -- it will be niche. Nobody owns it.
Bitcoin today accounts for only 0.3% of all money in circulation on the planet.
k all. TheAngryDog said:
DanGPR said:
Yipper said:
Relatively speaking, Bitcoin is the biggest bubble in the history of global humanity.
Bigger than tulips, South Sea and tech stocks.
All bubbles burst.
All 100% of them.
Peer-to-peer currency will go the same way as peer-to-peer software, loans and credit -- it will be niche. Nobody owns it.
Bitcoin today accounts for only 0.3% of all money in circulation on the planet.
Roughly how much knowledge do you have of cryptocurrencies? How much research have you done?Bigger than tulips, South Sea and tech stocks.
All bubbles burst.
All 100% of them.
Peer-to-peer currency will go the same way as peer-to-peer software, loans and credit -- it will be niche. Nobody owns it.
Bitcoin today accounts for only 0.3% of all money in circulation on the planet.
k all. I am a long-term believer in the need for change and innovation in global currency. In a world where I can go to any website hosted in any part of the world, I can't buy something in my local currency without extortionate fees or regulatory control.
It has been a long time coming and I for one hope it grows in adoption and usage just as much as value, the world needs this like it needed the internet. At the time, no one knew they needed the internet.
At the moment though it has a lot of growing pains to go through:
1) Price volatility, no way can anyone 'price' something in BTC or others without having to change that price within seconds of it going live. For all of time, it will be intrinsically linked back to local currency and the price people are used to paying for things.
2) Fees. I mentioned fees above regarding a limitation of local currency. To transfer money from my UK to my US bank account costs me a flat fee of $30. I can find various apps / other ways of doing it for $10 (Xoom is good). Fees on crypto are still way too high for mass adoption for me, especially on the main exchanges like Coinbase which is the most popular in the Western world.
3) It feels like gambling. I am a long-term holder (I refuse to use hodl), but every time I look at the price and see its swings (Mostly up) I get the exact same feeling I get when I'm at the roulette table... just one more spin... one more buy in. It is still a huge gambling game and 95% of people are now playing out of greed and for a quick buck. As soon as these people get burned or want their quick buck back, the price swings again. I feel the recent popularity and huge price rises will be harmful long term as people get bored or get out.
My 2c... (Or 0.0000000000001 BTC)
It has been a long time coming and I for one hope it grows in adoption and usage just as much as value, the world needs this like it needed the internet. At the time, no one knew they needed the internet.
At the moment though it has a lot of growing pains to go through:
1) Price volatility, no way can anyone 'price' something in BTC or others without having to change that price within seconds of it going live. For all of time, it will be intrinsically linked back to local currency and the price people are used to paying for things.
2) Fees. I mentioned fees above regarding a limitation of local currency. To transfer money from my UK to my US bank account costs me a flat fee of $30. I can find various apps / other ways of doing it for $10 (Xoom is good). Fees on crypto are still way too high for mass adoption for me, especially on the main exchanges like Coinbase which is the most popular in the Western world.
3) It feels like gambling. I am a long-term holder (I refuse to use hodl), but every time I look at the price and see its swings (Mostly up) I get the exact same feeling I get when I'm at the roulette table... just one more spin... one more buy in. It is still a huge gambling game and 95% of people are now playing out of greed and for a quick buck. As soon as these people get burned or want their quick buck back, the price swings again. I feel the recent popularity and huge price rises will be harmful long term as people get bored or get out.
My 2c... (Or 0.0000000000001 BTC)
Was earning BTC through my gaming computers since May by selling my hashing power through Nicehash. This enabled me to cash out and expand in to mining rigs. Since the 'Nicehack' last week I'm now mining altcoins and auto-exchanging to BTC. Earning approx. £18 a day after electric.
Should hit ROI in a couple of months, will cash out some more BTC to cover costs soon, but plan to HODL long term once my mining operation has grown some more.
Should hit ROI in a couple of months, will cash out some more BTC to cover costs soon, but plan to HODL long term once my mining operation has grown some more.
extraT said:
Thank you for replying, but I don't understand how I can only buy 0.0001% of a coin?! How do I store this? Argh!! I'm so happy so excited and confused…
Coins are measured to 8 decimal places, so theoretically you can buy 0.00000001 BTC. You just specify how many £ you want to spend and it works out how many BTC you'll get, minus fees.Coinbase will create you a BTC wallet to store them in. You can also have an ETH wallet for Ethereum and a LTC wallet for Litecoin.
Once you have bought your cryptos, Coinbase have a sister exchange site called Gdax which allows you to move your holding between coins without paying fees.
ReaperCushions said:
I am a long-term believer in the need for change and innovation in global currency. In a world where I can go to any website hosted in any part of the world, I can't buy something in my local currency without extortionate fees or regulatory control.
It has been a long time coming and I for one hope it grows in adoption and usage just as much as value, the world needs this like it needed the internet. At the time, no one knew they needed the internet.
At the moment though it has a lot of growing pains to go through:
1) Price volatility, no way can anyone 'price' something in BTC or others without having to change that price within seconds of it going live. For all of time, it will be intrinsically linked back to local currency and the price people are used to paying for things.
2) Fees. I mentioned fees above regarding a limitation of local currency. To transfer money from my UK to my US bank account costs me a flat fee of $30. I can find various apps / other ways of doing it for $10 (Xoom is good). Fees on crypto are still way too high for mass adoption for me, especially on the main exchanges like Coinbase which is the most popular in the Western world.
3) It feels like gambling. I am a long-term holder (I refuse to use hodl), but every time I look at the price and see its swings (Mostly up) I get the exact same feeling I get when I'm at the roulette table... just one more spin... one more buy in. It is still a huge gambling game and 95% of people are now playing out of greed and for a quick buck. As soon as these people get burned or want their quick buck back, the price swings again. I feel the recent popularity and huge price rises will be harmful long term as people get bored or get out.
My 2c... (Or 0.0000000000001 BTC)
I fully agree with your point but just to play devils advocate how is crypto currency a solution the problem you have explained. Simply put earlier this year it was repeatedly said that the most important aspect of this whole new asset class was not the currency itself but the technology behind it, the blockchain & co and its development. It has been a long time coming and I for one hope it grows in adoption and usage just as much as value, the world needs this like it needed the internet. At the time, no one knew they needed the internet.
At the moment though it has a lot of growing pains to go through:
1) Price volatility, no way can anyone 'price' something in BTC or others without having to change that price within seconds of it going live. For all of time, it will be intrinsically linked back to local currency and the price people are used to paying for things.
2) Fees. I mentioned fees above regarding a limitation of local currency. To transfer money from my UK to my US bank account costs me a flat fee of $30. I can find various apps / other ways of doing it for $10 (Xoom is good). Fees on crypto are still way too high for mass adoption for me, especially on the main exchanges like Coinbase which is the most popular in the Western world.
3) It feels like gambling. I am a long-term holder (I refuse to use hodl), but every time I look at the price and see its swings (Mostly up) I get the exact same feeling I get when I'm at the roulette table... just one more spin... one more buy in. It is still a huge gambling game and 95% of people are now playing out of greed and for a quick buck. As soon as these people get burned or want their quick buck back, the price swings again. I feel the recent popularity and huge price rises will be harmful long term as people get bored or get out.
My 2c... (Or 0.0000000000001 BTC)
Simply put crypto currencies are not required to fullfill what you are describing, blockchain tech can be developed and implemented in the current Fiat currencies we use?
98% of the people buying crypto today or want to buy it is because it is going up so what happens when it stops going up or even down?
Bought some (fractions of one), before the recent jumps, then some more when it looked like it was really going up. Sold half, breaking even/making 25% depending on which buying price I use. Currently that money is sitting in Coinbase, waiting to reinvest. Although the prices have jumped considerably since I sold.
I think for me it is hard to reinvest, I bought ETH at 15 dollars, I owned 50 ltc at 5 dollars in March/April this year., I've bought loads of coins before jump and was happy with x2 x3 returns. When it starts getting to x10 x20 x30 x40 returns in a few months, it is hard to think it is anything other than a bubble.
What is the difference between a ETh coin at 15 dollars or one at nearly at 600 dollars, it comes down to supply and demand, but are the exchanges really a transparent supply network or would it be in there interest to limit demand, considering most exchanges will be making multi millions a day off BTC only. Add other coins and masternodes and they will be making 100 million profit a year, all pretty much unregulated.
What is the difference between a ETh coin at 15 dollars or one at nearly at 600 dollars, it comes down to supply and demand, but are the exchanges really a transparent supply network or would it be in there interest to limit demand, considering most exchanges will be making multi millions a day off BTC only. Add other coins and masternodes and they will be making 100 million profit a year, all pretty much unregulated.
extraT said:
Chaps,
I read about bitcoin years ago but the problem was I simply didn't understand how to go about buying. Obviously reading about bitcoins activity over the last two weeks has made me think what a fking idiot I was for not being able to figure out how to buy something!
So bitcoin is now well out of reach for me.
My question is simple how do I go about buying litecoin or ETH?
Here's what I want to do: I want to enter my credit card details into a (trusted and legitimate website), buy The crypto currency and forget about it. Is this how it works is it really simple or am I being a simpleton?
I have found a website (https://bittylicious.com) which has come from Coindesk.com, Number one ranked results on google for the search term ' how to buy litecoin' they are quoting £150 for one coin, which seems to be in line with other information I can find... but the problem is I have absolutely no idea if this website is legitimate; if this is the right way to go about buying; and what to do after I have bought the coins (e.g. with storage (I have an old computer which I could use as a wallets … I have heard that I may need this… This is how clueless I really am!)
If someone could please explain in extreme layman terms how this all works I will extremely grateful!
Tia
ET
Reading the coinbase faq info it seems straightforward enough, almost what you describe, for both buying and selling. Is the CB wallet sufficiently secure?I read about bitcoin years ago but the problem was I simply didn't understand how to go about buying. Obviously reading about bitcoins activity over the last two weeks has made me think what a f
king idiot I was for not being able to figure out how to buy something!So bitcoin is now well out of reach for me.
My question is simple how do I go about buying litecoin or ETH?
Here's what I want to do: I want to enter my credit card details into a (trusted and legitimate website), buy The crypto currency and forget about it. Is this how it works is it really simple or am I being a simpleton?
I have found a website (https://bittylicious.com) which has come from Coindesk.com, Number one ranked results on google for the search term ' how to buy litecoin' they are quoting £150 for one coin, which seems to be in line with other information I can find... but the problem is I have absolutely no idea if this website is legitimate; if this is the right way to go about buying; and what to do after I have bought the coins (e.g. with storage (I have an old computer which I could use as a wallets … I have heard that I may need this… This is how clueless I really am!)
If someone could please explain in extreme layman terms how this all works I will extremely grateful!
Tia
ET
Or am I missing something?
XMT said:
blockchain tech can be developed and implemented in the current Fiat currencies we use?
They can and will try. But the result would be two fundamental aspects that are in complete opposition to the Bitcoin proposition: centralisation & permission. You'd have a glorified PayPal, profoundly different to Bitcoin.Behemoth said:
They can and will try. But the result would be two fundamental aspects that are in complete opposition to the Bitcoin proposition: centralisation & permission. You'd have a glorified PayPal, profoundly different to Bitcoin.
People buy XRP, not releasing it is actual sort of pseudo stock and actual xrp usage on the network is not increasing demand by the requirement for more XRP. Yet people buy it expecting to. Banks use the XRP protocol not the coin, and this could happen with any other coin, if they were really invested in taking on the tech. BTC is opensource, most of the coins are, why pay for a coin when they can make their own as I know at least 5 banks have in the pipeline.BTC seems to have become what it was never intended to be, a bank investment system, not a free currency. The price rise is a double edge sword satisfaction for long term investors at the price of becoming another investment tranche.
"Tulips" are in the lead at the moment.
A bit more on that grandfather of bubbles if you had never heard of it.
https://en.wikipedia.org/wiki/Tulip_mania
Tulip mania, tulipmania, or tulipomania was a period in the Dutch Golden Age during which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble (or economic bubble).
In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. among the most notable centered on the tulip market, at the height of Tulipmania. At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsworker.
A bit more on that grandfather of bubbles if you had never heard of it.
https://en.wikipedia.org/wiki/Tulip_mania
Tulip mania, tulipmania, or tulipomania was a period in the Dutch Golden Age during which contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble (or economic bubble).
In Europe, formal futures markets appeared in the Dutch Republic during the 17th century. among the most notable centered on the tulip market, at the height of Tulipmania. At the peak of tulip mania, in February 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsworker.
I think if it is a bubble, it is quite a supplicated and complex one, probably never seen before, and encompassing the whole world, which is why it is hard to work out if it is or not. I also think Satashi must have envisaged the future as he would never have mined a million for himself useless he had a master plan.
Conflicted. The anarcho-libertarian origins, are hampering main stream adoption - the UK and US government in particular have issues with the use and opaque tracking of its use. I think a few coins will make the cut-over into the mainstream as a store of value - BUT I can't see sentiment maintaining the current high's. In fact I think allowing derivatives and margin trading will cause a rapid correction when punters start getting stopped out.
Without a doubt the underlying technology has a lot of application in the real world; BUT you have to wonder what the original libertarians would make of the latest products such as Massive Autonomous Distributed Reconciliation platform, or Madrec for short on ethereum. Despite the scorn on crpto currencies; I think that blockchain (distributed ledger) and tokenisation (crypto assets) are here to stay. The big money is heavily invested now - and for color I do hold ETH but as a vehicle to monetise sentiment (I've been in and out since it was @ $7), last buy on Sat @ $420 (off venue), now its @ $636 which is insane.
Without a doubt the underlying technology has a lot of application in the real world; BUT you have to wonder what the original libertarians would make of the latest products such as Massive Autonomous Distributed Reconciliation platform, or Madrec for short on ethereum. Despite the scorn on crpto currencies; I think that blockchain (distributed ledger) and tokenisation (crypto assets) are here to stay. The big money is heavily invested now - and for color I do hold ETH but as a vehicle to monetise sentiment (I've been in and out since it was @ $7), last buy on Sat @ $420 (off venue), now its @ $636 which is insane.
The meteoric rise is because nobody was selling.
Nobody was selling because of the meteoric (pretty much monotonic) rise.
A small number of people will make lots of money,
at the expense of a large number of people who will lose a small(er) amount.
When it reverts to value (whatever that is) - I'm a sceptic
Fair play to anyone who bought at $1/$10/$100 and held their nerve as it went through $5k/$10k/$15k without selling up, those guys deserve to make a bit of cash IMO.
Nobody was selling because of the meteoric (pretty much monotonic) rise.
A small number of people will make lots of money,
at the expense of a large number of people who will lose a small(er) amount.
When it reverts to value (whatever that is) - I'm a sceptic
Fair play to anyone who bought at $1/$10/$100 and held their nerve as it went through $5k/$10k/$15k without selling up, those guys deserve to make a bit of cash IMO.
ExPat2B said:
Overlay of the the bitcoin chart with the well known "bubble phase chart"
Pretty obvious where its going ! We are right now at the greed and delusion phase.
Just because the lines happen to vaguely match, doesn't make it accurate. There is also no measurable concept of time on this chart either, it just says 'Time'. Week, month, years?
ReaperCushions said:
ExPat2B said:
Overlay of the the bitcoin chart with the well known "bubble phase chart"
Pretty obvious where its going ! We are right now at the greed and delusion phase.
Just because the lines happen to vaguely match, doesn't make it accurate. There is also no measurable concept of time on this chart either, it just says 'Time'. Week, month, years?
ExPat2B said:
ReaperCushions said:
ExPat2B said:
Overlay of the the bitcoin chart with the well known "bubble phase chart"
Pretty obvious where its going ! We are right now at the greed and delusion phase.
Just because the lines happen to vaguely match, doesn't make it accurate. There is also no measurable concept of time on this chart either, it just says 'Time'. Week, month, years?
I'm merely providing a contrary opinion to yours. No need to be such a dick about it.
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