Bitcoin and Crypto Talk (Merged)(includes NFT) (1 Viewer)

Previous Next
I keep waiting for it to drop again so I can buy more. But it won't stop going up this week. Argh.

Sent from my Pixel 2 using Tapatalk
 
Brennan77 said:
I keep waiting for it to drop again so I can buy more. But it won't stop going up this week. Argh.

Sent from my Pixel 2 using Tapatalk
Click to expand...



it lost about 20% of it's value over a couple of minutes about an hour ago, and now it's on it's way back up.


Some people are getting crazy rich off the volatility.
 
RazorSaint said:
I've been dabbling since July, but finally decided to jump in with both feet and invested several thousand about a month ago with BTC at ~$6500. It's currently over $17000. In 2 months, it could be worth $35000, or $3500. It's kind of stressful but fun...like gambling really. The trick is to know when to walk away. I've set a price limit at which point I'll remove my investment and a little extra cash and still leave 5 figures in the market. Fingers crossed that it hits my mark and doesn't wipe out my investment.

Some believe it will ultimately be worth upwards of $200K per coin. John McAfee (started McAfee software and who is crazy, but smart) is on record saying it will reach $500k per coin by 2020. I think he even recently increased his estimate to 1 million by 2020. I don't believe that but I would have never believed it would go from $700 to $17k in 2017 either.
Click to expand...

Thanks!

I know someone who given up on their $700 investment and is very hard on themselves right now. Hopefully it continues to go up from here!
 
superchuck500 said:
There's a lot of chatter about the true value of bitcoin, and almost all of it is negative. So is that the legitimate financial community continuing to misunderstand (and undervalue) bitcoin, or is it entirely fair and likely accurate prognostication?

FWIW, here are four ways to short bitcoin. They're not that easily done, but they're out there:



https://www.benzinga.com/general/education/17/09/10070341/want-to-short-bitcoin-here-are-a-few-ways
Click to expand...

I have a friend who jumped in a few months ago at just under $4k per. He's no slouch- former air traffic controller, author, and motivational speaker. He's full on the bandwagon- says 2018 is the year it will really take off and enter more into the mainstream- using it just like we are using debit/credit cards.




I was reading somewhere a few days ago that if you invested $1k in 2010, it'd be worth about $46 million now. That was when it hit $13k each.
 
I've been seeing a lot of negative reviews about Coinbase recently. Are there any other good crypto currency apps out there?
 
If anyone knows exactly how the chain and ledger work and the fact that there are a finite amount of bitcoin, there will be a point at which there will not be incentive for people to use processing power to continue the chain/ledger. What happens at that point?

Sorry for such a technical post as I know many will not understand what I am talking about.
 
St. Greatness said:
I've been seeing a lot of negative reviews about Coinbase recently. Are there any other good crypto currency apps out there?
Click to expand...

Gemini is a good one. You'll have to do a wire transfer to setup bank acct though.

Coinbase is running 1-2k higher on price than Gemini, Bitfinex, et al, but it's the newbie easy to get in one. I'm switching to Gemini to sell since they have much lower fee's.
 
Anyone else making a move on IOTA? Got in a little late and still close to doubling up since Monday, but long term their Tangle system seems like a better option. Low latency, no transaction fees, and once the size is grown enough impossible to hack.

It just passed Ripple for #4 on the list.

https://iota.org/
 
Expatriate said:
Gemini is a good one. You'll have to do a wire transfer to setup bank acct though.

Coinbase is running 1-2k higher on price than Gemini, Bitfinex, et al, but it's the newbie easy to get in one. I'm switching to Gemini to sell since they have much lower fee's.
Click to expand...

I usually deposit in Coinbase because it's quick and easy, then you can transfer the coin to another exchange if you want. I like Gdax. It's Coinbase's exchange but it doesn't charge high fees like "the storefront".
 
SaintInBucLand said:
If anyone knows exactly how the chain and ledger work and the fact that there are a finite amount of bitcoin, there will be a point at which there will not be incentive for people to use processing power to continue the chain/ledger. What happens at that point?

Sorry for such a technical post as I know many will not understand what I am talking about.
Click to expand...

Without doing the math, we will be long gone before that happens. Even assuming exponential growth, this will not take place before roughly 100 years. I think theres even a solution for this when it does happen.

The interesting thing about block chain/mining is its self correcting. If the bitcoin value goes low, and the expense of mining starts to exceed the income received from it, then you will see people exit the mining market. Which means lets bitcoins on the market. Which means they become more scarce. Which means their price goes up (assuming demand stays roughly the same). Which means miners are encouraged to re-enter the market, which causes the price to fall, etc.
 
Expatriate said:
Looks like Wall St. wants a piece. They say only 1% of the people have access to cryptocurrency mkts. This would open it up to the other 99% without them having to work at it.

https://www.coindesk.com/bank-of-america-outlines-cryptocurrency-exchange-system-in-patent-award/
Click to expand...

It's a fair point that very few people who might be in the market to buy bitcoin can't do it. That means that there is untapped demand - which means that there is additional upward bias that could be unleashed.

At the same time, there is still the meaningful question of valuation. The vast majority of bitcoin purchase is made as a store of wealth, rather than a currency. Of course, bitcoin has no intrinsic value, and because it isn't being purchased as a currency, its value isn't tied to its trade value as a currency. So it's valuation isn't really analogous to trading currency.

Its really more like gold than anything else, with a value based on human behavior. Gold has meaningful uses but its value is substantially higher because people believe that it fundamentally stores wealth - even though it really doesn't, at least not beyond that human behavior component. We consider it valuable so, therefore, it is.

Gold, however, has many centuries of credentials behind it as a store of wealth based on human behavior. Bitcoin, on the other hand, could easily be just a bubble (which have been a scientifically demonstrated human behavior). Only time will tell whether the human faith in bitcoin as a meaningful store of wealth validates the investment.

If its activity as a currency substantially improves, that could be the validation. Some platforms (like Square) are enabling bitcoin use. That kind of mainstream use will go a long way to validating bitcoin.
 
Joke time....

A kid asks her dad: "Hey Dad, can I borrow $20 in Bitcoin?"
The dad replies, "$18.23, what do you need $22.74 for?"

Sent from my Pixel 2 using Tapatalk
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Register

Log in

Already have an account? Log in here.

Previous Next

Users who are viewing this thread

    Total: 2 (members: 0, guests: 2)

    Share this page

     

    Twitter

    Back
    Top Bottom