20i Domains

Who's Holding BTC?

Discussion in 'The Bar' started by Hay, Aug 18, 2020.

  1. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    mmm..... agreed..... but i still reckon it'll come down off the channel top, which could trigger a bit of a sell off. Guess we'll find out today probably. Generally theres a massive surge in volume around the turning point which seems to be happening now.

    Of course me saying this means it'll blast straight to 50k :)
     
  2. Domain Forum

    Acorn Domains Elite Member

    Joined:
    1999
    Messages:
    Many
    Likes Received:
    Lots
    articles.co.uk
     
  3. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,247
    Likes Received:
    412
    In March gold was bought back almost quicker than it was fire saled off

    Bitcoin took what 5 months to get back to February levels? didn't seem like big money was too desperate to pour in

    You can't conduct business without dollars, nothing has been fixed in the repo market

    In September/October 2019 there were very evident problems (real issues started late 2018) and the Fed started not QE QE, the markets reacted like that was positive and it led them off a cliff in March

    The same thing is happening now, all just running up a cliff thinking it's the stairway to heaven but the higher we get the bigger the fall will be

    Banks are telling us the reality of what's coming with their swap rates and treasury purchases and it's nothing good or inflationary

    Obviously I'm still happy to play the markets as best I can but just with a more safety, take profit where I think appropriate approach
     
    • Like Like x 1
  4. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,078
    Likes Received:
    419
    just sold all my btc that i keep on an exchange at 23.1k. I'll buy them back this is just a rare trade for me...
     
    • Like Like x 1
  5. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    I'm waiting till its well sub 20 again ( which it will be I think )
     
  6. mrh United Kingdom

    mrh Active Member

    Joined:
    May 2010
    Posts:
    532
    Likes Received:
    8
    Has anyone ever used Bitcoin to purchase anything?
     
  7. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    Nope. It won't ever be seen as a mass use currency though i don't think. There are far better solutions for that, and long term the governments and powers that be will roll their own.
     
  8. mrh United Kingdom

    mrh Active Member

    Joined:
    May 2010
    Posts:
    532
    Likes Received:
    8
    Like money?
     
  9. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    ha ha ..... yes indeed. Money is an outdated concept apparently. It's hard to keep track of for a start. You can't tax every exchange if people can hide it, bury it, and just hand it to each other whenever they like .
     
  10. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,078
    Likes Received:
    419
    Yes... About as often as you use visa or mastercard...
     
  11. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    You can use it, but its not gonna work as a global currency long term.The credit cards etc that you can use it on are shoehorned in. As i'm sure you know, it's value long term isnt based on that I dont think.
     
  12. mrh United Kingdom

    mrh Active Member

    Joined:
    May 2010
    Posts:
    532
    Likes Received:
    8
    I use my cards all day every day. There is not one single transaction amongst them that I could trade to use Bitcoin
     
  13. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    This will be changing. It wont be bitcoin I don't think, but like it or not we are heading towards a cashless society.
     
  14. Admin

    Admin Administrator Staff Member

    Joined:
    Jun 2004
    Posts:
    11,078
    Likes Received:
    419

    Wrong, you could make all of them with bitcoin. I think you are missing the point of my answer. Everything you do with your cards, I can do with a bitcoin card tied to Visa or mastercard. For example, look at Wirex.

    In addition, yes I pay for things directly with btc without using a visa card that converts bitcoin on the fly.

    On top of that, I dont value this particular debate for 2 reasons; 1. Bitcoin doesnt need to be a currency in the way you are thinking and 2. It can be. I could be wrong of course but I dont think for a second that it cannot go through iterative improvements to solve the bottlenecks with speed, cost and scalability. Talking about something as nascent as bitcoin and stating its flawed or limited in its current form seems to be a limited thought that ignores its potential for improvement.
     
    • Like Like x 1
    Last edited: Dec 18, 2020
  15. mrh United Kingdom

    mrh Active Member

    Joined:
    May 2010
    Posts:
    532
    Likes Received:
    8
    Will I still use my cards to do this as they are cashless and work totally fine?
     
  16. ian

    ian Well-Known Member

    Joined:
    Jan 2008
    Posts:
    4,081
    Likes Received:
    303
    Same for gold, no one spends their gold bars on a day to day basis....didn't do that investment any harm!
     
    • Like Like x 1
  17. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,247
    Likes Received:
    412
    Bitcoins future makes sense as a fear asset, a safe harbour where wealth can congregate waiting out bad economic times

    Don't think it's fully that yet but time will tell
     
  18. newguy United Kingdom

    newguy Well-Known Member

    Joined:
    Dec 2009
    Posts:
    3,087
    Likes Received:
    121
    I've often read up on Bitcoin over the years but never taken the plunge. It's made me think of why it's important to diversify though, as 'something' will always be having its moment in the sun. If Bitcoin's price ever drops a fair amount again I might get involved for a bit of interest. If not though, congrats to everyone who had the foresight to get involved!
     
    • Friendly Friendly x 2
  19. Murray

    Murray Well-Known Member

    Joined:
    Sep 2012
    Posts:
    4,247
    Likes Received:
    412
    I just sold the last of my btc

    I will buy back in with the profit when the opportunity presents itself on a decent pullback, even if that turns out to be more than I just sold for

    190% in 90 days with no real sizable pullbacks has been sensational, can't run so hot for too much longer without a pullback can it.. or can it
     
    • Agree Agree x 2
    • Like Like x 1
  20. signature

    signature Well-Known Member Exclusive Member

    Joined:
    Nov 2013
    Posts:
    1,873
    Likes Received:
    86
    @Murray - Good move, I think as a trader, it does not matter where price goes, as long as you know when to go long or short.
    I think the price will still continue to go higher until a lot more people takes profit. My reason is that Bitcoin price is going up because we have large businesses buying it as a hedge against Dollar investment. This buyers will hold for longer hence there will be more shortage of Bitcoin in the near future. Price will only start to come down when some of this businesses decided to bring back loads of Bitcoin to the market and cash in on profit before we see a good pullback to give us another run up in price. Expecting another GAP up in price from Friday close.
     
    • Dislike Dislike x 2
    • Like Like x 1
  21. dee

    dee Well-Known Member Acorn Supporter

    Joined:
    May 2013
    Posts:
    2,300
    Likes Received:
    338
    I've been thinking it'll correct for ages now..... Noooope . I guess this time round it's less punters on FOMO and more investors getting in to HODL. It is looking very overbought though.