Is Bitcoin the Next Big Thing?

[Pepto]

Bought them all back. What a fall that was.

it's quite a scary thought i just mentioned on the sister domain site we discussed in chat only 3 weeks ago about bitcoin being roughly $2000 and today its round about $4000. That bubble is going to pop and there are going to be some rich individuals and 10 fold who lost .

 

[bonusmedia]

It looks like a bubble to me, but I thought that at $100 and $1000

I just don't get it. I've been not getting it since 2013 and maybe I'm utterly wrong but I'm still not going to buy something just because it keeps going up.

Steve your suggestion of limited downside and unlimited upside sounds pretty appealing - but I try to base everything on expected value and there just isn't any way to calculate one.

e.g. if there's a 10% chance of getting to $40K then $4K is a fair price - but how could anyone say that with any confidence.

Where is the value? How is it a useful currency when it's ridiculously volatile and transaction costs are far higher than fiat?

I can see quite a lot of value in decentralised transaction tech, but what's to stop that tech being used with normal currencies?

Fiat has value because it is backed by states with real power.
Gold has value because you can hold it in your hand and 90% of the world population has valued it for a thousand years +

Can anyone explain this better than I understand it

 

[bonusmedia]

Also why do we want anonymous currency? Doesn't this just make it easier for the super rich to avoid paying their share

 

[Pepto]

Also why do we want anonymous currency? Doesn't this just make it easier for the super rich to avoid paying their share

There's absolutely no liability on it . I'm in the same boat been watching from the sidelines and done bit of mining but it's very high risk.

The only safe haven i do see are the following . It's now classed as an asset on some markets and some retailers are slowly taking uptake as a form of payment but can see exactly why they are hesitant.

I love the idea it's a currency evolved from decentralisation however Countries all over the world are heavily investing and it's only a matter of time before its regulated to the point of any backed currency.

It's very difficult speculating it's demise like i have done for years surely it can't keep gaining traction....can it ?

 

[Pepto]

Also why do we want anonymous currency? Doesn't this just make it easier for the super rich to avoid paying their share

In my ideal utopia fantastic it's a currency with the only factor being manipulated by the people and not for the people.

But like i said in an early post there is some folklore about some people with vast amounts of coins pumping/dumping which of-course is regulated to an extent on the "market"

The only difference is see is Bitcoin is detached from any kind of IOU which is used in all fiat currency backed by Gold or Shares/Capital.

It's liability v non-liability a rebel currency based majorly on faith. This is exactly the risk factor that puts me off investing all though envious of people who even bought 3 weeks ago when it boomed to $2000 a coin and today's market its $4000

January 9th could have picked up a coin for less than $900.

Just an example of a bubble here



Current Bitcoin Market



Fortune favours the brave i think is the only way to put it . I hope those who have will profit well good luck.

 

[markb]

I'd never buy in to this now, some people are going to do well, but i'd day everyone buying in now are probably going to lose a lot.

 

[Pepto]

I'd never buy in to this now, some people are going to do well, but i'd day everyone buying in now are probably going to lose a lot.

I'm assuming people are going to offload at this price. It's almost too good to not

 

[markb]

I'm assuming people are going to offload at this price. It's almost too good to not

Yes, i'd say at this price, there are probably large companies/players who are manipulating the price of Bitcoin, and will be taking lots of money from the average investor, this is how things like this usually works, so that's why i'd never invest.

 

[AdminAdmin is verified member.]

Manipulation on a single asset with market cap of nearly $70 BILLION. Mmm. Anyway, this would only affect day traders not investors. Its just gone through $4100 so I've sold some with intention to re-buy.

Bought them all back. What a fall that was.

It looks like a bubble to me, but I thought that at $100 and $1000

I just don't get it. I've been not getting it since 2013 and maybe I'm utterly wrong but I'm still not going to buy something just because it keeps going up.

Steve your suggestion of limited downside and unlimited upside sounds pretty appealing - but I try to base everything on expected value and there just isn't any way to calculate one.

e.g. if there's a 10% chance of getting to $40K then $4K is a fair price - but how could anyone say that with any confidence.

Where is the value? How is it a useful currency when it's ridiculously volatile and transaction costs are far higher than fiat?

I can see quite a lot of value in decentralised transaction tech, but what's to stop that tech being used with normal currencies?

Fiat has value because it is backed by states with real power.
Gold has value because you can hold it in your hand and 90% of the world population has valued it for a thousand years +

Can anyone explain this better than I understand it

We've never seen anything like this before, it's not really comparable to anything before. I think it's one of the most significant advancements since the internet (the blockchain that is). I do believe in it and do believe it will continue to develop and mature. Bitcoin is the only true crypto currency and the market leader and this month (after 1-2 years of debate) has proven it can evolve, scale and improve (segwit). The value is created by a tradeable and USABLE asset with finite supply (21 mill) and demand that exceeds supply. Yes it is volatile, that is because it is immature, price stability should increase with maturation. I have said 'usable' and this is important. Many people suggest its not useful and you cannot spend it because retailers dont accept it / havent adopted it yet. I've talked before about how this is not true if you have a bitcoin visa card, your bitcoins are spent EVERYWHERE in the world that accepts visa. The retailer gets paid in fiat, they never see bitcoin, a portion of your bitcoin balance was converted on the fly to fiat. I buy groceries, petrol, meals, hotel rooms etc with my bitcoins / visa card. I'm spending an appreciating asset. This is what makes it very appealing. The value is increasing faster than you can spend it. I see a 5,000 dollar bitcoin very soon, 10,000 in a year and 50,000 in some years. Unless it all goes pete tong. Transaction costs and speed can both be reduced by future improvements e.g. look up 'lightning network'. The 'zap wallet' looks interesting, I just reg'd www.zapwallet.com, .net and .org.

Of course there is risk but if you work with what you can afford to lose you can recoup your investment in about a month (tongue in cheek) and be in it to win it lol.

 

[AdminAdmin is verified member.]

This is worth a quick look if you are interested, https://www.coindesk.com/sp-cryptocurrency-contextualizing-bitcoins-price-explosion/ - the comments are great... love this comment:

"I just spent 2 weeks in China and believe me people ARE already using bitcoin and other crypto to buy coffees and many other things there already. I went to a food court and was gobsmacked when the woman refused to sell me a meal there because i didn't have an app to pay for it using bitcoin and they refused outright to take the paper money i had in my hand to pay for it."

 

[AdminAdmin is verified member.]

I think this is great

 

[Pepto]

I think this is great

View attachment 1608

Updated that for you

 

[bonusmedia]

Why would you want to spend an appreciating asset - if you spend £10 on pizza now that's £20 you could have had later.

You may well be right about all this. I had no idea there was such thing as a Bitcoin Visa card - but I'd guess they're making good money on the transaction cost - and wasn't the whole idea to cut people like Visa and the big banks out?

I tell you what though:

We've never seen anything like this before, it's not really comparable to anything before.

People say that in literally every bubble. It's called the 'new paradigm" phase.

And that bit about China - that government can and will squash anything that doesn't suit them

All that said it must be an amazing ride if you're on it

 

[AdminAdmin is verified member.]

The free 'bitcoin cash' granted on august 1 have risen 70% in the last 24 hours (largely because they mined an 8mb block with nearly 40000 transactions on it). At the current price this freebie is worth more than i invested in total in crypto nearly 2 years ago. Should be able to sell them in about 2 weeks or so.

 

[AdminAdmin is verified member.]

To those who hold ethereum (I've sold some on here to private requests) you are about to be granted free tokens in OmiseGo (OMG). Worth keeping an eye on so you can claim them when possible

 

[markb]

Does anybody watch million dollar listings San Francisco? A couple of years ago a house was for sale in San Francisco for $20m, and a guy offered to pay them 55,000 bitcoins instead of cash which they turned down. Bet they wished they hadn't turned this down now.

 

[William]

@Admin - I'm sure you're very happy with BCH right now, yikes!

 

[AdminAdmin is verified member.]

300% increase in as many days ...yes. I'd be happier if I could get my hands on them to sell.

 

[deedee is verified member.]

@Admin Whats the best wallet / system in your opinion if someone wanted to get involved ? Dabble in forex but so far stayed out of bitcoin. Think i might have to get involved on a dip.

 

[AdminAdmin is verified member.]

@Admin Whats the best wallet / system in your opinion if someone wanted to get involved ? Dabble in forex but so far stayed out of bitcoin. Think i might have to get involved on a dip.

Like with most things it depends on what your planning to do. Invest and forget long term... someone like xapo. Trading, an exchange. Dip your toe in with a small sum and want the easiest way, coinbase app on your phone.