General Bitcoin / Cryptocurrency

Thoughts on Cryptocurrency?

  • Snake Oil. Im not falling for it. It will be worthless.

  • The way of the future. "Yes...1 Lambo in black with red acsents please"

  • I missed the boat. Heard about it before but didnt do anything about it.

  • Errrr...what is BitCoin?


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tajhay

👻
Mar 30, 2012
9,768
Sydney
Anyone here into cryptocurrency? Lots of hype regarding how BTC and alts impacting our future. As of right now there is more market captalisation in Bitcoin alone than the economy of NZ and Boeing put together.

Interested to hear your thoughts.

Personal opinion is that it market will pullback on BTC in the coming two-three weeks. Alts have been getting murdered on the market last couple of days with many liquidating to buy BTC instead. Good time to buy alts personally. IMO BTC prices have skyrocketed far too quickly in too short a space time. Too many people entering the market with the fear of missing out. Hoping there is a pullback to bring back some stability in the currency.

Disclaimer - I am involved in trading cryptos and talk about it all day long with friends. Gotten many people who didnt know anything about it into it. Its not for novices and essentially not a get rich quick scheme that is often portrayed by many others. It is EXTREMELY volative. Please do your research before getting involved, and security is PARAMOUNT. Heard too many horror stories, as well as amazingly positive ones(guy putting deposit on house he saved on an alt....24 hours later price had gone up over 10x. He withdrew and paid for the house in cash). Only play with money you are willing to totally lose. Could very well go to worthless to 200-500k per BTC in the next few years.

Im sure there are others on here who are also involved. Interested to hear peoples opinions on it.
 

InsideBall

Warriors 1st Grader
Oct 24, 2012
3,938
As a concept, cryptocurrency is to currency what YouTube/twitch/etc is to media - a revolutionary decentralization and thus, democratization of the format. It's no coincidence that these things have bloomed relatively within the same period.

However, bitcoin, as it currently stands, is the antithesis of that, and because of what it is right now, could end up hurting the concept in the long run. Remains to be seen where it call goes, but it's definitely a question of when, not if, this bursts - and when it does, some people are going to be bitten, hard.
 
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gREVUS

Long live the Rainbows and Butterflies
Contributor
May 8, 2012
8,285
As a concept, cryptocurrency is to currency what YouTube/twitch/etc is to media - a revolutionary decentralization and thus, democratization of the format. It's no coincidence that these things have bloomed relatively within the same period.

However, bitcoin, as it currently stands, is the antithesis of that, and because of what it is right now, could end up hurting the concept in the long run. Remains to be seen where it call goes, but it's definitely a question of when, not if, this bursts - and when it does, some people are going to be bitten, hard.
so just like the share market then. To many people think that making money is guaranteed. They get upset when the company they invest in makes a bad call and folds like a deck of cards, because they think its regulated that this should never happen.

I struggle with the concept of share markets, because your investing in a dream. You cant actually go and claim a percentage of the company if your unhappy with the way things are going. At least with cryptocurrency there is a product that you can sell at the end of the day. It may turn out to be worthless, but you have a product in your hand that has a value depending on what people think its worth. Shares dont provide this. Shares can be devalued or destroyed by the company. I get that they are both idea currency.

Personally i have neither as both are transient. However i am considering shares in TESLA, because i support what Elon Musk is doing, more than I believe there will ever be a return on investment. Same reason i donate to wikipedia really.
 
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tajhay

👻
Mar 30, 2012
9,768
Sydney
However i am considering shares in TESLA, because i support what Elon Musk is doing,
Yeah man im also a big fan of Musk. Legend of our times. There are many who live to live the life they want to live, and there are people who like him want to leave the world in a better place for our future generations.
 
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tajhay

👻
Mar 30, 2012
9,768
Sydney
Yeah I know of ppl that have put their self manager super fund into bitcoins too. Good on them if it pays off, but thats a huge risk. I would always recommend to people that they put in as much as they can afford to lose. Today was nuts...4k btc price drop in just over an hour with 20b dropping in and out. Lotta whales out there selling up and then buying at lower rates after panic selling. Be careful out there if you are a first time investor.
 
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gREVUS

Long live the Rainbows and Butterflies
Contributor
May 8, 2012
8,285
Yeah I know of ppl that have put their self manager super fund into bitcoins too. Good on them if it pays off, but thats a huge risk. I would always recommend to people that they put in as much as they can afford to lose. Today was nuts...4k btc price drop in just over an hour with 20b dropping in and out. Lotta whales out there selling up and then buying at lower rates after panic selling. Be careful out there if you are a first time investor.

honestly wish i had the money to play like that. but what little spare coin we have goes into the house
 

razzrillinger

1st Grade Fringe
Nov 8, 2016
1,799
I have a friend who has had money in Bitcoin for a couple of years.

A few weeks ago he tried to move 2.5 of them through an exchange and got scammed.
 

tajhay

👻
Mar 30, 2012
9,768
Sydney
I have a friend who has had money in Bitcoin for a couple of years.

A few weeks ago he tried to move 2.5 of them through an exchange and got scammed.
How did he get scammed if you dont mind me asking. Unless he was dealing with a one person exchange or the exchange was hacked or someone gained access to his account its very hard to get scammed. Should always use 2FA security and avoid accessing accounts on mobile devices.
 

bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
16,065
To many people think that making money is guaranteed. They get upset when the company they invest in makes a bad call and folds like a deck of cards, because they think its regulated that this should never happen.
How many people here can remember 1987, before the crash I mean.

It was laughable, neighbours were forming sharemarket clubs where they would meet once a week, drink piss and put their money into worthless stocks. Rogues were forming companies on the sharemarket that had virtually nothing but these suckers were buying it because somebody heard it was a good bet.

Confucious says by the time it is a bandwagon it is already too late to get on it.
 

razzrillinger

1st Grade Fringe
Nov 8, 2016
1,799
How did he get scammed if you dont mind me asking. Unless he was dealing with a one person exchange or the exchange was hacked or someone gained access to his account its very hard to get scammed. Should always use 2FA security and avoid accessing accounts on mobile devices.

I didn't want to press him for details as it's all still pretty raw for him.

The actual blockchain technology itself may be safe as houses but there are plenty of people out there with bad intentions now that it's such a valuable commodity.
 

gREVUS

Long live the Rainbows and Butterflies
Contributor
May 8, 2012
8,285
I didn't want to press him for details as it's all still pretty raw for him.

The actual blockchain technology itself may be safe as houses but there are plenty of people out there with bad intentions now that it's such a valuable commodity.
80% of hacking is all about the human factor. Social engineering still the easiest way to make illegal entry into someone else's life.
 
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tajhay

👻
Mar 30, 2012
9,768
Sydney
Confucious says by the time it is a bandwagon it is already too late to get on it.
Im not sure if its too late. I considered getting in 3/4 years ago when it jumped from 250 odd to 1k in a very short space. Always was my intention to get in but somehow mind must have wondered off elsewhere and forgot to. Was always meant as a set and forget. Soon after it crashed to 250 dollars...and 3 years later it had the boom. Who knows how long the boom will last for. Im hoping for a price correction with more future contracts shortening it in the coming week. Needs to be more stable to be a viable currency. Theres definately a lot of noobs out there though....and they are being taken advantage of by the bigger investors, or they dont know how the markets work. For example today, i have the live charts going on all day as i work on one monitor....so i could see someone had put up a 300 BTC sell order at 16k USD....and i could see all these noobs fighting and buying at the price and hoping their value would go up...it didnt and took 2 hours for that 1 sell order to be fully transacted....i can guarantee those guys were buying at market rate without looking at the charts. ALTS is a different story...i feel like ive missed out on a few buys this week....but reality is that there will be more and more opportunities later down the track. Cryptocurrency is still in an infancy stage with many of them having deals with large companies but with no real projects happening right now. For example Steam teamed up with LiteCoin a few days ago and it sent Litecoin price soaring...but in reality thats far from actually eventuating. There is always time...just like there are many others who think they have already missed out...there are just as many buying in due to the fear of missing out....patience is such a key in cryptocurrency. There will always be a better time.

If not interested in BTC have a look at other cryptos with a decent market cap....please dont go towards the shit coins out there that go up 100% in a day and then go back down 200% a day later. Dont believe the hype in ICOs and dont buy because someone on FB or youtube told you to....they are shilling.

As always play with whatever you can afford to totally lose. Will be interesting to see what the price is in next 12-24 months. Personally i think it will be around 40-50k this time next year and 100kish in 24 months. Hope to look back at this thread to see how wrong i was though lol
 
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bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
16,065
Im not sure if its too late. I considered getting in 3/4 years ago when it jumped from 250 odd to 1k in a very short space. Always was my intention to get in but somehow mind must have wondered off elsewhere and forgot to. Was always meant as a set and forget. Soon after it crashed to 250 dollars...and 3 years later it had the boom. Who knows how long the boom will last for. Im hoping for a price correction with more future contracts shortening it in the coming week. Needs to be more stable to be a viable currency. Theres definately a lot of noobs out there though....and they are being taken advantage of by the bigger investors, or they dont know how the markets work. For example today, i have the live charts going on all day as i work on one monitor....so i could see someone had put up a 300 BTC sell order at 16k USD....and i could see all these noobs fighting and buying at the price and hoping their value would go up...it didnt and took 2 hours for that 1 sell order to be fully transacted....i can guarantee those guys were buying at market rate without looking at the charts. ALTS is a different story...i feel like ive missed out on a few buys this week....but reality is that there will be more and more opportunities later down the track. Cryptocurrency is still in an infancy stage with many of them having deals with large companies but with no real projects happening right now. For example Steam teamed up with LiteCoin a few days ago and it sent Litecoin price soaring...but in reality thats far from actually eventuating. There is always time...just like there are many others who think they have already missed out...there are just as many buying in due to the fear of missing out....patience is such a key in cryptocurrency. There will always be a better time.

If not interested in BTC have a look at other cryptos with a decent market cap....please dont go towards the shit coins out there that go up 100% in a day and then go back down 200% a day later. Dont believe the hype in ICOs and dont buy because someone on FB or youtube told you to....they are shilling.

As always play with whatever you can afford to totally lose. Will be interesting to see what the price is in next 12-24 months. Personally i think it will be around 40-50k this time next year and 100kish in 24 months. Hope to look back at this thread to see how wrong i was though lol
The thing with speculating is that for somebody to win, somebody has to lose. I have won on property, I have lost on property, but at least I had a bit of land to look at.
 
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gREVUS

Long live the Rainbows and Butterflies
Contributor
May 8, 2012
8,285
The thing with speculating is that for somebody to win, somebody has to lose. I have won on property, I have lost on property, but at least I had a bit of land to look at.
I totally agree with you. and thats why im poor. The people who make money are the ones who bank it all and just let it go up slowly. or the risk takers. the rest of us are just feeders for those two groups. And in all honesty the group that we look at an go 'ohh, ahhh' over is the risk takers.

Since Taj has started this thread i have been thinking alot about how i spend my money. Even today i am committed to finishing a landscaping project that will 'probably' add value to my house more than dollar spent for dollar returned. But if id put even half that money into bitcoin i would be able to fund the whole project and start a few others by now.

I have a lot of mental inertia to get past, but it has got me thinking.
 
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bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
16,065
The people who make money are the ones who bank it all and just let it go up slowly.
I don't think so.

Rule number one: Have a wife who you can trust
Rule number two: If you cannot trust your wife stay single.
Rule number three: Property usually increases in the long term, just don't get forced into selling in a hurry.
Rule number four. Don't work for wages if you can help it, you end up paying too much tax.
 

tajhay

👻
Mar 30, 2012
9,768
Sydney
Agree with bruce there actually. Use your money to make money. Long term deposits make shit all and is useless funds doing you no good. Build equity allowing you to diversify into other areas. Not everything will go up. You will learn valuable life lessons. Be tax effective. Dont be afraid to do something others arent willing to.

And above all try to give back to society. We are all very fortunate despite our financial amd other woes . First world problems really. Many many people in worse situations than us. Be thankful. And try to leave the world in.a better position than we entered. Money is great and u can buy whatever you want but the rise in wealth does not correlate to happiness. Giving back will make u happy and give purpose.

Remember when we were young...we would try new things all the time. As we got older we stopped...we have become risk averse. When was the last time we tried to play a new sport or try something totally new? Live life and live it the way ypu want to, not how others deem a life should be lived.

Sadly its taken me 40 years to realise most of the above lol
 

bruce

Warriors 1st Grader
Contributor
Sep 1, 2015
16,065
Agree with bruce there actually. Use your money to make money. Long term deposits make shit all and is useless funds doing you no good. Build equity allowing you to diversify into other areas. Not everything will go up. You will learn valuable life lessons. Be tax effective. Dont be afraid to do something others arent willing to.

And above all try to give back to society. We are all very fortunate despite our financial amd other woes . First world problems really. Many many people in worse situations than us. Be thankful. And try to leave the world in.a better position than we entered. Money is great and u can buy whatever you want but the rise in wealth does not correlate to happiness. Giving back will make u happy and give purpose.

Remember when we were young...we would try new things all the time. As we got older we stopped...we have become risk averse. When was the last time we tried to play a new sport or try something totally new? Live life and live it the way ypu want to, not how others deem a life should be lived.

Sadly its taken me 40 years to realise most of the above lol
No risk = no reward but no risk is guaranteed so don't risk what you cannot afford to lose.
 
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gREVUS

Long live the Rainbows and Butterflies
Contributor
May 8, 2012
8,285
I don't think so.

Rule number one: Have a wife who you can trust
Rule number two: If you cannot trust your wife stay single.
Rule number three: Property usually increases in the long term, just don't get forced into selling in a hurry.
Rule number four. Don't work for wages if you can help it, you end up paying too much tax.
this may no longer be true, but, a long time ago when i worked in the bank one of the staff there was doing an MBA, and as part of it they did a study on home ownership vs renting. It worked out that you were more likely to be ahead by renting than owning. This study looked at all the stuff you spend on owning your own home, assumed a mortgage, repairs, maintenance etc. Vs the return of the same money going into a bank account and averaged cost on a similar sized and located rental. The study was based over 25 years of home ownership vs rental.

of course since then prices havent stopped jumping up, and bank interest has been near non existent so its likely that this doesnt apply anymore.. I also may have misremembered and it is possible that this allowed for money to instead be put into shares or other ventures depending on what makes a good return at the time.
Lastly you are paying off someone elses investment for them. And honestly i just like to be my own master, so renting is not for me.
 

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