[Finance] The cryptocurrency (Bitcoin etc) thread

[Albion Dan]

Last time bitcoin got to this sort of price it crashed spectacularly losing a 1/4 of it's value in a single day, and went from £20k to £4 in under a year...

Yes and look what happened last time it went through this cycle, parabolic rise. Personally I'm expecting a correction to 14k or even 11k then off to the races for real. If it goes and closes below 10.5k then winter will be back.

 

[Bold Seagull]

It may well pull back again - 20/30% more than once..... but the fundamentals are very different this time. Last time at this price the driver was retail - this time institutions are allocating into Bitcoin with much deeper pocket. In the coming years a multi trillion market cap on Bitcoin would see the price north of $100k. Institutions and family offices are also allocating into Ethereum. See Grayscale investments share price and their inflow of investment (they manage large BTC and Eth portfolios)

Choosing the right altcoins can see much greater returns from todays price - 100x returns in a relatively short space of time for small caps. This comes with high associated risk as in the long term the majority of altcoins fail.

If only I spent more time studying and researching the markets than debating whether Lewis Hamilton should be knighted or not.

 

[BHAboi]

Bought Ethereum in the Covid dip in March to $100 and sold a couple months back at $250 so was on a tidy profit. First got into crypto in early 2017 bull market to see my money 5 fold only to see it go back down to the original price at which I bought at which point I sold lol, learnt my lesson this time around! Am now heavily in the stock market as is still heavily sold off since Covid, things could be about to change with a vaccine on the horizon so believe this is a safer bet than crypto at the moment. Check out IAG (BA) / National Express / Saga / Cineworld all heavily sold off an could be multiples of today is all goes well in the next year or so...

So did anyone take my advice? Would be well up on all of the above if you did...

 

[Franky Small]

Hodlers for sure especially BTC hodlers as there is no confidence in altcoins, my opinion. BTC always recovers from corrections. Can't say the same about the majority of altcoins in coinmarketcap.

It turns out that about 70% of coins presented at coinmarketcap in 2017 in top 50 are now not even in top 100.

 

[Albion Dan]

New all time high for Bitcoin. Hard to think that with economic and currency collapse imminent across the globe that serious investment into a decentralised digital store of value won’t follow. Even PayPal offering easy on boarding soon which will open it to the masses. Buckle in fellow BTC holders.

 

[RandyWanger]

Yeah just checked mine and they're up 3x

 

[nicko31]

Anyone buy when this thread started? It gone up 30 times.

 

[Albion Dan]

Anyone buy when this thread started? It gone up 30 times.

Upward trend still looking very strong. Really could see it hitting $100k during this cycle.

 

[nicko31]

Upward trend still looking very strong. Really could see it hitting $100k during this cycle.

Some of the froth around certain assets right now reminds me of the 2000 tech boom.

Tesla is another one 700% in a year and worth more than every automaker on planet earth

 

[beorhthelm]

Some of the froth around certain assets right now reminds me of the 2000 tech boom.

Tesla is another one 700% in a year and worth more than every automaker on planet earth

the Tesla valuation is bonkers. there's a lot of valuation on what come of battery tech, space travel and basically Musk himself. the cars are almost a side hussle.

outcome of US election is expectation of more stimulus and more money pouring into markets.

 

[Weststander]

the Tesla valuation is bonkers. there's a lot of valuation on what come of battery tech, space travel and basically Musk himself. the cars are almost a side hussle.

outcome of US election is expectation of more stimulus and more money pouring into markets.

A friend of mine has made £100,000’s since March 2020 on the share price gains in Zoom, Tesla and similar stocks.

Mindful of the dotcom crash and the awful PE ratio for these companies, he part profit took to cash in on gains and protect himself should a second dotcom crash arise.

But that old chestnut of no one has perfect timing, has arisen. Since he part cashed in, Zoom and Tesla share prices rose massively more .... giving rise to regrets that he didn’t hold on to the lot.

 

[Herr Tubthumper]

Anyone buy when this thread started? It gone up 30 times.

I did! Sadly I had them in MtGox and they were stolen. I periodically get emails from some Japanese law firm but this is all.

 

[pb21]

I did! Sadly I had them in MtGox and they were stolen. I periodically get emails from some Japanese law firm but this is all.

I had three stolen from there, got them when they were £60 each

 

[indy3050]

If you were a curious beginner with a few quid you could afford to lose, which trusted website/app would you be looking to register with?

Many thanks

 

[Uncle C]

Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels, and then dramatically collapsed in February 1637. It is generally considered the first recorded speculative bubble in history.

 

[Tom Hark Preston Park]

A friend of mine has made £100,000’s since March 2020 on the share price gains in Zoom, Tesla and similar stocks.

Mindful of the dotcom crash and the awful PE ratio for these companies, he part profit took to cash in on gains and protect himself should a second dotcom crash arise.

But that old chestnut of no one has perfect timing, has arisen. Since he part cashed in, Zoom and Tesla share prices rose massively more .... giving rise to regrets that he didn’t hold on to the lot.

Nothing goes up forever, so it's only prudent to take out some of your profits. And particularly true of bitcoin because a) it's very volatile and b) you want to periodically check that wherever you're holding your bitcoins hasn't suspended withdrawals due to 'hack', 'systems upgrade' or other excuse for having embezzled your money

 

[CheeseRolls]

If you were a curious beginner with a few quid you could afford to lose, which trusted website/app would you be looking to register with?

Many thanks

Coinbase and if you have any significant holdings get an offline wallet.

 

[beorhthelm]

If you were a curious beginner with a few quid you could afford to lose, which trusted website/app would you be looking to register with?

Many thanks

coinbase/coinbase pro. the former is easier, the later cheaper. use bank transfer to avoid card fees.

 

[surrey jim]

Ive no idea on what bitcoin is exactly so apologies for a daft question, but I read this week about Argo Blockchain , a bitcoin miner. Their share price has skyrocketet from ~10p to £1.25 over the last month,

The question, as bitcoin is a digital currency what actually is a bitcoin miner? As I understand it they create bitcoin; but from what??

 

[beorhthelm]

The question, as bitcoin is a digital currency what actually is a bitcoin miner? As I understand it they create bitcoin; but from what??

very basic, its from nothing but mathematical equations. the miner uses cryptography that secures a block of data, which are generated and chained together every few minutes/seconds. transactions are written to the block, ensuring a token can be spent only once.