[Finance] The cryptocurrency (Bitcoin etc) thread

Sirius76 · May 21, 2017

Looks like it's already almost hitting $2100 now on www.coinmarketcap.com so I basically give up on predictions....thought people would start selling at $2k yesterday but obviously not. Since the maximum amount of bitcoins are 21million and around 16million are already in circulation, the price will only go up once they have all been mined as there will be a lack of extra coins to supply the demand.

Many coins will have been lost so there would probably be at most 10million coins that are actually recoverable and in use and if it starts becoming more popular due to even more companies accepting payment or due to financial problems in the world, as long as the internet stays up, it can't be destroyed. Even if the internet collapses temporarily, the coins will carry on working as soon as it starts up again. Predictions of $10k coins seem quite plausible in the near future and would only store around $100billion in total if my calculations are correct so who knows how high it will go.

http://thedailycoin.org/2017/03/28/three-reasons-bitcoin-reach-10000/

http://btc-times.com/bitcoin-price-could-reach-10000-during-next-year/

http://www.whatafuture.com/bitcoin-value-in-next-10-years/ (apparently it will be 2140 when the last bitcoin is mined!)

Biscuit · May 21, 2017

Anyone else, other than [MENTION=12531]Sirius76[/MENTION] partake in this? I'd be keen to hear their experience? Sounds like a bubble ripe for popping to me..

Sirius76 · May 21, 2017

http://finteknews.com/million-dollar-bitcoin/ $1million is the highest prediction I've seen I think lol
https://plusbitcoin.net/bitcoin-to-reach-1-million/ (actually $1million is said quite a lot)

http://bitcoin100k.com/ ($100k seems more reasonable lol)

https://www.wired.com/2014/01/chrisdixon/

GingerBeerMan · May 21, 2017

Sirius76 said:
http://finteknews.com/million-dollar-bitcoin/ $1million is the highest prediction I've seen I think lol
https://plusbitcoin.net/bitcoin-to-reach-1-million/ (actually $1million is said quite a lot)

http://bitcoin100k.com/ ($100k seems more reasonable lol)

https://www.wired.com/2014/01/chrisdixon/

Serious question - would you spend bitcoins on goods and services or just keep them in the hope their price shoots up. Once you answer this question don't you think this price rise is a speculation bubble and that the currency won't carry real value for the average person until the value is actually stable for a few years

beorhthelm · May 21, 2017

Biscuit said:
Anyone else, other than [MENTION=12531]Sirius76[/MENTION] partake in this? I'd be keen to hear their experience? Sounds like a bubble ripe for popping to me..

i got into the bitcoing mining few years ago when you could do that with a GPU. missed the really easy pickings, but mined 1BTC. it was complicated balance getting couple of machines to run reliably but high hash rate. dedicated ASIC (custom chips) took over and there are farms of these things in China and east europe, killing it for the home miner.

Sirius76 said:
http://finteknews.com/million-dollar-bitcoin/ $1million is the highest prediction I've seen I think lol
https://plusbitcoin.net/bitcoin-to-reach-1-million/ (actually $1million is said quite a lot)

http://bitcoin100k.com/ ($100k seems more reasonable lol)

https://www.wired.com/2014/01/chrisdixon/

trouble with these predictions is they completely ignore theres no inherent value of Bitcoin. whats it for and what is its utility? most the claims about anonimity and not being fiat currency are nonsense, as seen by comments above about needing ID to open accounts to get in the system, and the fact there are so many different currencies many just started on a whim. flaws in the technology mean its becoming unavailable to normal people, its unable to maintain high throughput of transactions, so its increasingly an "asset class" rather than currency, its original objective. the whole thing could collapse in a week if there was a shock to confidence or something like China banning traffic on port 8333, so their miners switch off and no transactions confirm.

im looking for a target of £50k then sell my 1BTC and buy a porsche. :lolol:

Sirius76 · May 22, 2017

beorhthelm said:
i got into the bitcoing mining few years ago when you could do that with a GPU. missed the really easy pickings, but mined 1BTC. it was complicated balance getting couple of machines to run reliably but high hash rate. dedicated ASIC (custom chips) took over and there are farms of these things in China and east europe, killing it for the home miner.

trouble with these predictions is they completely ignore theres no inherent value of Bitcoin. whats it for and what is its utility? most the claims about anonimity and not being fiat currency are nonsense, as seen by comments above about needing ID to open accounts to get in the system, and the fact there are so many different currencies many just started on a whim. flaws in the technology mean its becoming unavailable to normal people, its unable to maintain high throughput of transactions, so its increasingly an "asset class" rather than currency, its original objective. the whole thing could collapse in a week if there was a shock to confidence or something like China banning traffic on port 8333, so their miners switch off and no transactions confirm.

im looking for a target of £50k then sell my 1BTC and buy a porsche.

The exchanges are just one way to buy bitcoin and they need to comply with money laundering regulations usually. Localbitcoins.com lets you buy or sell from anyone local to you and no id is really needed except some traders opt in to require it so then the website asks for it too but probably doesn't show the actual trader your id but just says you are verified. Probably most people will buy or sell on that site with no ID.

There are solutions to the transaction speed being implemented now so that will likely improve soon but I'm not an expert.

This video from an earlier link is someone talking when it was worth nearly $200 (much lower than now) and says he recommended it when it was $5!
https://www.youtube.com/watch?v=A2Cjo7CHh6w (listen how he talks about people buying it when it gets to $1000, $2000, $10,000 etc ten minutes into the video)

Sirius76 · May 22, 2017

This guy has been on social media since a few hours ago and people have already sent him about £500 worth of bitcoin !

https://bitref.com/1DBqpfptUMizLDACvMVsrJFPdMtbgmZCk1

Sirius76 · May 22, 2017

Oh it's 2 minutes 10 when he talks about bitcoin being up to $1000, $2000, $10000 etc and that video is from October 2013 when it wasn't even $200.

Sirius76 · May 22, 2017

Ethereum is surging now btw, it only recently went much past $100 for the first time a day or so ago but is now close to $160! You can buy the three main ones on coinbase.

Dick Head · May 22, 2017

Which would be bigger, your profit or your electricity bill?

Sirius76 · May 22, 2017

Dick Head said:
View attachment 85655

Which would be bigger, your profit or your electricity bill?

What is that? I found something better than coinbase btw that supports basically all the coins (but not sure if you can deposit through your bank or credit card but you can definitely swap between the coins easily and create addresses for each coin etc and they only charge around half a percent commission on transactions) https://www.coinpayments.net

You can also use it to accept any coin as payment for your goods if you have a website etc...but I'm gonna use it to see if I can make any money just moving between some coins since they never really go down by much but some go up by hundreds of percent a day when you look at www.coinmarketcap.com and also noticed that almost all the ones that went down in the last 24hours are still higher than they were 7 days ago (just noticed bitcoin has gone past $2100 now) !

PIVX and CreditBit are exceptions that seem not to have grown much in the 7 days so could be going higher...but that is just a guess...also think Round and Litecoin might go up.

https://bitcointalk.org/index.php?topic=1657439.0 (that's info on Round as it lets you play games for money etc on steam apparently)

Dick Head · May 22, 2017

Sirius76 said:
What is that? I found something better than coinbase btw that supports basically all the coins (but not sure if you can deposit through your bank or credit card but you can definitely swap between the coins easily and create addresses for each coin etc and they only charge around half a percent commission on transactions) https://www.coinpayments.net

You can also use it to accept any coin as payment for your goods if you have a website etc...but I'm gonna use it to see if I can make any money just moving between some coins since they never really go down by much but some go up by hundreds of percent a day when you look at www.coinmarketcap.com and also noticed that almost all the ones that went down in the last 24hours are still higher than they were 7 days ago (just noticed bitcoin has gone past $2100 now) !

It's a Bitcoin mining rig.

Sirius76 · May 22, 2017

Some of the newer coins can be mined but never really done it....I do have a lot of graphics cards though etc lol

Sirius76 · May 22, 2017

Bitcoin now seems to be near $2200 on coinmarketcap.com now..just showed as $2195. I don't even know what's going on now but there is apparently some news from some secret meeting that might be out soon regarding the scaling issues for people wanting faster transactions. Litecoin is good for that, btw, so maybe they can coexist with litecoin for faster payments. Ethereum is a bit of a competitor now and they apparently have some news coming out too and their price has almost doubled in a few days (but Ethereum is centralized unlike the other two which are totally decentralized).

Sirius76 · May 22, 2017

Dunno who this guy is but I think something is going on with Litecoin in the last few minutes (maybe going to tumble down a previous support) : https://twitter.com/jonid42598095

Another note about LiteCoin I just noticed from a month ago is projecting a $500 price....it's doubled since the article (yeah I know I'm obsessively posting a bit too much so will stop for a bit hah)

I think now is the time to buy it as it has won't go below $25 now for a bit as it's starting to go up again...

Sirius76 · May 22, 2017

Maybe forget LiteCoin as its advantages will not be there once Bitcoin has activated a few new features which is rumoured to be announced soon....some people are predicting bitcoin to end on $2500 today! Ethereum has a few pending announcements too and has basically close to $200 now in the $180s.

Sirius76 · May 22, 2017

Right, before people start thinking it's a good idea to day trade etc...I just heard that 90% lose money doing that....so the best bet is to hold on to coins long term....I recommend ETH , LTC and obviously BTC long term...... poloniex.com is a good site for trading and buying and swapping coins too (not as many coins as coinpayments.net but that isn't a trading site) but best just to hold and not day trade.

Sirius76 · May 24, 2017

Sirius76 said:
Right, before people start thinking it's a good idea to day trade etc...I just heard that 90% lose money doing that....so the best bet is to hold on to coins long term....I recommend ETH , LTC and obviously BTC long term...... poloniex.com is a good site for trading and buying and swapping coins too (not as many coins as coinpayments.net but that isn't a trading site) but best just to hold and not day trade.

All these have gone up massively since I posted. LTC up 40% to $34, ETH up to new highs of $220+, BTC close to $2500 at around $2450. ETC is another good one which is similar to ETH and has almost doubled too in the last day.

The market cap seems to grow about $5billion each day and at $90billion now! All this has been in the last month and the cryptos will grow quickly. There are often news of banks doing deals with the blockchain technology. JPMorgan had an announcement about a deal related to one of the cryptos yesterday and its price doubled. This is the time to get into it as you can't really lose with all this exponential growth. Just buy and hold no point trading it as all the money with that is probably being made with bots etc and I've not looked into it.

To make an analogy, the US stock market is traded using the USD as the main currency. The Cryptos are doing the same thing with Bitcoin being the main currency, and the alternative coins (there are hundreds) are sort of like the stocks. The bitcoin exchanges such as poloniex.com will let you buy into any of the coins. Just pick the main ones and you won't lose for a while...it's only just started. You can sell into real currency at any time with that one so it's easier than keeping coins in a wallet and there is 2FA authentication using the google app on your phone for added security. Obviously, there are risks with exchanges but this one is based in the US.

beorhthelm · May 24, 2017

could you add Dogecoin to your reports, i think we'd all benefit from coverage of this coin.

Tom Hark Preston Park · May 24, 2017

Don't you all just stop and think sometime that you might be getting caught up in some frenzied form of hysteria? If you're smart, you'll at least take out your original stake earlydoors. Then take out profits on a regular basis. Don't be left hanging.

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[Finance] The cryptocurrency (Bitcoin etc) thread

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