Is Bitcoin the Next Big Thing?

Discussion in 'Business Discussions' started by accelerator, Jun 2, 2015.

  1. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
  2. Domain Forum

    Acorn Domains Elite Member

    Joined:
    1999
    Messages:
    Many
    Likes Received:
    Lots
     
  3. Admin Andorra

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    10,660
    Likes Received:
    244
    Yes absolutely, the ICO madness was a get rich quick scheme and a bubble just like the .com bubble. You floated anything techy back then and had yourself a company with a multi million pound valuation overnight. Many had little substance and so yes it was unethical and not very cool. BUT out of it came the big companies that still dominate the online landscape today. The ICO explosion is analogous and again the BUT is that the main players and cryptos with substance and real world value will dominate sections of our online future. I could be wrong but I only seem to notice you being dismissive and negative to everything crypto when you could be dipping your toe into the water where you see merit and making yourself some money so you can afford to pay Nominet all the reg fees they want. Ethereum has doubled in the last month and its a very exciting blockchain technologoy with real world applications.
     
  4. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    ICO “was”? More money went into ICO in the last 2 months than the sum total of all ICO before that. So right now is when things are going super-loopy, not in the past.

    And that makes your .com analogy even more apt. Even a day or two before that market collapsed, pundits were predicting it would go up and up.

    You’re also right that a few companies survived the .com crash and later thrived, but they did so in spite of it not because of it.
     
    • Agree Agree x 1
  5. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    There’s more investment money floating around now than at any time in history. If a company is a solid play with a great idea it WILL get funded. Absolutely no need to pluck the ten thousandth random crypto currency out of thin air to do so.

    If a company is “only” good enough for an ICO there’s something massively wrong with its business model, execution etc. May not be immediately obvious, but there will be a flaw somewhere.
     
    • Agree Agree x 1
    • Disagree Disagree x 1
  6. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    And BTW Ethereum may well turn out to be the Amazon of crypto ie one of those few survivors/thrivers. Time will tell. But just because it may have a valid purpose doesn’t say anything at all about the thousands of ICO frantically piggybacking on it.
     
  7. Admin Andorra

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    10,660
    Likes Received:
    244
    And that was exactly the point I was making in my post. The ICO nonsense is just that. I think most wise heads know over 90% of the ICOs will slowly or not so slowly diminish to next to nothing so my point is why keep mentioning the crazy icos rather than critiquing what you think will happen to bitcoin, ethereum etc in the medium to long term. :)
     
  8. lazarus

    lazarus Active Member Exclusive Member

    Joined:
    Feb 2013
    Posts:
    646
    Likes Received:
    45
    I always buy using the "Dollar cost averaging" Method (DCR)
    https://en.wikipedia.org/wiki/Dollar_cost_averaging
     
  9. Admin Andorra

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    10,660
    Likes Received:
    244
  10. martin-s United Kingdom

    martin-s Well-Known Member

    Joined:
    Jul 2012
    Posts:
    3,118
    Likes Received:
    188
    ICO = money AND control for some?
     
  11. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    You’ve lost me. He spent about $70-80 million to accumulate a $96 million stash of coins.

    Profitable on paper (15-20% profit perhaps before taxes and fees), but not remotely replicable unless you’re already on the Times Rich List. And that profit could evaporate in days or weeks, given historical volatility levels. Or he could end up with more. Who knows? But the actions of one amazingly rich individual say nothing at all about the wider crypto market.
     
    Last edited: May 5, 2018
  12. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    A) I don’t think I “keep” mentioning them

    B) They’re topical NOW precisely because they’ve gone superduper crazy NOW. Again, the video makes that point incredibly well. Last 60 days are game-changing in volume terms. So just like Bitcoin in December it’s legitimate to expect that ICO are something that progressively more and more clueless investors are going to flock to as the number of coins shoots up like a rocket. Surely that merits a brief acknowledgement? Especially since it’s easy to predict that much stricter regulation may be rushed in to protect the unwary.

    NOTE: I posted the original video link because anyone not following the ICO space like a hawk already may well not have realised just how quickly the market has gone mad...
     
    Last edited: May 5, 2018
  13. Admin Andorra

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    10,660
    Likes Received:
    244
    I was commenting in relation to the previous post about averaging!

     
  14. JMI

    JMI Active Member Acorn Supporter

    Joined:
    Oct 2015
    Posts:
    166
    Likes Received:
    30
    "Earn millions from bitcoin even when crypto markets are crashing"
    [​IMG]
    When you get bombarded with emails like this, and I get asked by granny whether they should invest their savings or not, in my mind it says it all about the whole crypto thing.
    .
     
  15. ian

    ian Well-Known Member

    Joined:
    Jan 2008
    Posts:
    3,294
    Likes Received:
    211
    Does it? Just says to me that opportunists will take any opportunity to exploit money from vulnerable people for personal gain, regardless of industry.
     
    • Agree Agree x 2
  16. Admin Andorra

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    10,660
    Likes Received:
    244
    It's tacky, its nasty and its opportunitistic business ( you could judge the morality of the business behind it if you wish ). It's just like a million other niches.

    The thing is, crypto is huge so its going to come with a side car of sh1t as well. When SEO became mainstream lots of iffy business opportunitists started spamming the online world with their SEO expertise offerings...its still the case 10 years on and yet SEO is still a necessary, valuable and worthwhile activity. Just because industries have their unfortunate side-kick low ethic opportunists it doesnt make them any less valid, exciting or worthwhile.
     
    • Agree Agree x 2
  17. amfletchers United Kingdom

    amfletchers Active Member

    Joined:
    Mar 2011
    Posts:
    173
    Likes Received:
    12
    There is a web design company near me that to this day has big signs outside saying: "Get your website submitted to Google, Bing and Yahoo - £50" lol
     
    • Funny Funny x 1
  18. Edwin

    Edwin Well-Known Member Exclusive Member

    Joined:
    Apr 2005
    Posts:
    9,774
    Likes Received:
    519
    This site was quite eye-opening. It has chronicled the death of over 800 different ICO and other cryptocoins
    https://deadcoins.com/

    Basically it seems to be playing the role of the F’dCompany of crypto, if anyone else remembers that DotCom company crash tracker with nostalgia...
     
  19. dog

    dog Active Member

    Joined:
    Feb 2017
    Posts:
    300
    Likes Received:
    19
    Lol I was just going to post DeadCoins here.

     
  20. signature United Kingdom

    signature Active Member

    Joined:
    Nov 2013
    Posts:
    884
    Likes Received:
    26
    I have enjoyed reading this thread and I guess time to add my penny worth comment.

    My knowledge of Crypto currencies is very little, my approach to this is to look at it from the technology path. Most technology pioneers have either fade away or re-born into something else.

    TV, Radio, Computers, Mobile phones, telephones, search engines, word processing, I could go on here. All these were game changer, but the early pioneers are all gone. My 12-year-old pick my old Nokia communicator, thinks the touch screen is not working.:rolleyes:

    This is me looking at my crystal ball, glaring into the future of Cryptos. :D

    I think Bitcoin, Litecoin, Ethereum, Bitcoin Cash and many of these early cryptos will be gone, may be one of these will survive but I think they are really going to be behind the new ones that have seen the shortfalls and built their cryptos to be better, faster and cheaper to transact etc.

    If I have to invest, I think I will go for the likes of Stellar or Ripple or INS, my reason been cost of transaction is cheaper, some big multi-national companies are behind them and these are still below $1 at the moment. I invest in Stellar and I bought it at $.25, its about $0.20 at the moment and that a loss of 20%. I bought Stellar because when companies like IBM, Deloitte are investing in it, no arm in me having a little stake too. Also its easier for $0.25 to reach $2.50 than for $5000 to reach $50,000.


    Trading cryptos:

    Trading Cryptos (I am new to trading as well) is probably the best way to go, you don’t own it, you make money (or lose money) as prices fluctuate and if you are a technical trader you will notice that all the Cryptos moves almost identical(I typically look at 4hour and day charts) and at the moment, they have been breaking support levels and 10 days ago, they reach another support which is yet to be broken.

    Let’s take Bitcoin as an example, the last time it reaches this level (5800) was in January and it went back up to 11000, now its back at the same level. I still think the pressure is down if it does not break the 400MA (6600 resistance) around this level this time around (which we did not have in January when we had a 200MA and it closed above it hence the bounce). If it breaks the 400MA, I would expect it to get to the 200MA at 9800 which is a critical resistance.

    If it did not break the 6600 resistance, then the 5800 support level might not hold and the next stopping point is 4500 and the very strong support of 3300. These two levels are very critical, if it bounce from these two levels, Bitcoin could probably get to 10,000 as the psychology here is, its now affordable for loads more people and buyers will come in 1000s. It only took 2 months for Bitcoin to reach $18k from here.

    I think its best to trade Bitcoin and Ethereum and buy to hold many of the new smaller light-weight cryptos with some heavy backers.

    To conclude, I think Crypto is a good thing, they are not design to be investment products, they were design as a means of payment and when this becomes mainstream, this is when they will stop been highly volatile.

    FIAT currency days are numbered, and I expect countries to come up with their own Cryptos and try to fight for some control.

    Exciting time ahead guys.