Bitcoin splits

[Sebastian Cobb]

It's also not unheard of for people to find weaknesses in hashes, of course.

Also, I believe that this system would support the existing systems of voting, and aspects of our current systems could be progressively stripped back on top of it.

Some may see that as 'the thin end of the wedge' to remove anonymous voting.

[sponk]

Well this seems to be going proper mental again

[Twed]

I keep buying at the right time. I don't deserve it.

[Twed]

(of course, to think of the gains I've made this time as money I "have" would be foolish. If it drops help 8k again then it's a loss)

[bgmnts]

1 Bitcoin equals
10,533.84 Pound sterling


What the..?

[Twed]

It was over $19,000 in 2017 and was below $4000 this February. In 2010 they cost less than a penny and you could magic them out of thin air. Wild ride.

[sponk]

If you dip into the mad world of cryptotwitter you'll see why, such a huge FOMO bubble (FOMOB) perpetuated by a few charlatans like Max Keiser who claim it's "going to "$100,000". Though if you check his tweets, you'll notice the frequency of those claims is directly linked to the BTC value. When it's dipping he never mentions it, when it's risinf it's his pinned tweet.

Not like he's the worst, but if you check the tweets of any of BTC's most prominent pushers you'll see them urging people to buy it when it was at $17,000 because it will "never cost less" or something. Stoped clocks.

[Twed]

$100K is a constant talking point. People endlessly running the figures to figure out if it can ever hit $1,000,000 too.

There used to be (probably still is) a scam where "important" people in the crypto community were paid to say junk coins (e.g. XVG) were the next big thing, so that people who bought them for pennies could make a fortune. https://www.theverge.com/2018/4/2/17189880/john-mcafee-bitcoin-cryptocurrency-twitter-ico

It's such a difficult game to play. I could cash out now and be $6K richer (minus taxes) than I was a couple of weeks ago, and that's nothing to be sneezed at. But I'm just going to hold on to it because it's all so fucking weird. My cash out criteria are:

I need the money
or
It would buy me a house

[madhair60]

I've got (checks) 0.0004 Bitcoin! That's nearly enough for a pub lunch!

[Shoulders?-Stomach!]

I got in early on Grave

[WestHill]

Sorry to necropost but reading this thread with the luxury of hindsight made it really enjoyable.

Thanks, Twed, for your insightful posts, many of which have dated well (what with the price currently >$10,000):

Bitcoin is worth about $500 more (when traded for USD) than it was last time this thread was active. I believe this trend will continue over the next few years until one coin is worth $10-25K. Now would be a good time to buy any amount you can afford if you have been wondering if you should get into it or not.

Yes, it's higher than ever. But it was higher than ever when I bought at $1500.
Yes, it could dip down to $2100 next week. But it will go up again. You will not have lost out.

[Dewt]

Thanks, Twed, for your insightful posts, many of which have dated well (what with the price currently >$10,000):

I'm scared to read back what I wrote in case it's absolute idiocy

[druss]

In the early days of the dark web silk road tracked how many bitcoins you'd spent there. I'd racked up well over 1000 bitcoins spent by the time it went down.

Be worth a few quid these days.

[imitationleather]

I won't hear a word against spending loads of money on drugs.

[Shoulders?-Stomach!]

It's on the climb again geezahs

What now

[Al Tha Funkee Homosapien]

It's on the climb again geezahs

What now

Sell if you need some cash. Hold if you afford it.

It's basically gambling, innit.

[Dewt]

In the early days of the dark web silk road tracked how many bitcoins you'd spent there. I'd racked up well over 1000 bitcoins spent by the time it went down.

Be worth a few quid these days.

Only ten million dollars

don't worry about it, chump change

[Dewt]

Also now you can exaggerate your lifestyle in your autobiography by saying that you spent tens of millions on drugs.

[druss]

Only ten million dollars

don't worry about it, chump change

I think if I had that much money a few years ago I'd be dead. Do wish I'd stumble across a wallet I'd forgotten about that had a few in though. My mtgox account had 50 in before they stole everyone's. Half a million quid would be nice, I'm not greedy.

[Non Stop Dancer]

I bought a grands worth at the absolute top of the market knowing it was a risk but being comfortable with losing that amount worst case scenario and hoping it would be a good very long term punt. I have nothing other than a gut feeling to back this up but I just think it will hang around an average of $10k basically forever.

[Dewt]

I bought a grands worth at the absolute top of the market knowing it was a risk but being comfortable with losing that amount worst case scenario and hoping it would be a good very long term punt. I have nothing other than a gut feeling to back this up but I just think it will hang around an average of $10k basically forever.

If that's true you could day trade yourself into a life of luxury

[olliebean]

I bought 500 quid's worth back in 2011, when it was about £10/BTC. It immediately dropped to about £5 and stayed there for ages; eventually I decided the boom was over and sold it for £250. Never thought about it again until a couple of years back when a friend casually asked me if I had any Bitcoin, and pointed out they were worth about 3 grand each, and rising.

Experiences such as this have taught me never to invest in anything because I will invariably sell at precisely the wrong time.

[Dewt]

I don't mean to rub it in but the absolute sheer luck I've had with buying and selling at the right time has fooled people in my personal circle into thinking that I'm some kind of genius market analyst, despite my protests. Just absolute dumb luck.

[Non Stop Dancer]

If that's true you could day trade yourself into a life of luxury

The willingness to lose a grand was very much a one off! I wouldn't last long doing it very often.

[druss]

I bought 500 quid's worth back in 2011, when it was about £10/BTC. It immediately dropped to about £5 and stayed there for ages; eventually I decided the boom was over and sold it for £250. Never thought about it again until a couple of years back when a friend casually asked me if I had any Bitcoin, and pointed out they were worth about 3 grand each, and rising.

Experiences such as this have taught me never to invest in anything because I will invariably sell at precisely the wrong time.

This comforts me, I'm glad I at least spent mine on drugs.

[WestHill]

Well that took a nosedive! (Value almost halved)

Will be interesting to see what happens next.

[Shoulders?-Stomach!]

Gambling is not a subject I am any authority on so please treat me at a beginner level...

So, I understand pensions generally appreciate in value long term due to where they are invested and that this tends to be hedged around many investments carrying differing levels of risk. High risk losses are offset by long term safe bets, and occasionally when bankable safe bets go bust, high risk ones will cash in.

Obviously with bitcoin being a singular investment it isn't a direct comparison, but if anyone is in the money with bitcoin are they tempted to hedge in this fashion?

Eg. Sell off some of it when a peak appears to be nearing, stash that away for after a potential crash in value when bitcoin will become cheap, but keep some in at the same time for the chance the value will carry on rising?

I guess it must require boundless patience and ability to mentally (as well as financially, obvs) cope with losing for long periods.

[drummersaredeaf]

I bought £5 worth in the hope of turning it into £5.20 in a few weeks. This was at 6k though, and then it fell through the floor.

I thought bitcoin might be useful in these times of economic uncertainty. Is there not a case that non-fiat money might become more valuable as everything else crumbles? Or is this people withdrawing - wanting something more stable anticipating another 2008 style shitstorm - off the back of corona?

[Dewt]

Eg. Sell off some of it when a peak appears to be nearing, stash that away for after a potential crash in value when bitcoin will become cheap, but keep some in at the same time for the chance the value will carry on rising?

The strategy that seems to work best is just holding it. You can obviously make money in the way you've described (I did accidentally), but most stories of hedging your bets end in tears. It's just hopeless against algorithmic trading and the pure unpredictability of everything.

A lot of people bought at $12K after it dipped from $20K, expecting it to shoot right back up again.

[peanutbutter]

buying at a point where it's doing shit and hasn't been in the news for ages, to sell when you hear some friend talk about it, seems like a decent bet too?



Anyways I bought some right before the drop to buy some snacks, honestly didn't expect the order to be honoured seeing as the $100 I paid them was gone down to like $70 within a few hours but they did!