Bitcoins vs cryptocurenncy

[GazLaz]

If it is so easy to make a good profit why aren't financial advisors and millionaires buying them up?

They are. JP Morgan just bought loads, that's just one example.

[idler]

Maybe I'm just old fashioned but if it was so good I would have thought that rich people, George Soros etc. would pile in and take an easy profit quickly.

[Glyn_Wigley]

How do you know they haven't?

[idler]

I don't.🙂

[DonnyOsmond]

Bitcoin reached $10K this week.

[albie]

For those that like to know a bit more;
https://is.gd/yUOb1j

Like others have said, the blockchain technology of the distributed ledger has many potential applications.

The major change it makes possible is "disintermediation", where middle men who take a cut for services rendered are no longer necessary. Think Banks making a wedge on currency transfers across borders, for example.

Early days of the revolution, and I bet what become the most common uses are yet to emerge.

[wing commander]

  It has been labeled fraud today by respected financial people.

CEO of bank labels something they don't have any control over as a fraud shock.

That's the exact way I read it

If you fancy some light reading, investigate blockchains.  This is the technology that underpins it all, and makes it completely fraud proof.  This is probably also why the banks are against it, no chance to syphon a bit off for themselves.

   Just had a lovely run on ONL on blockchain..Quadrupled my investment in 6 weeks... lovely

[roversontheup]

Well I have just read through this thread and it’s links and I have one question........where can I get the book “Bitcoin and Blockchain for Dummies?” 

[albie]

Under the link I gave above, there is a graphic explaining Blockchain down at the bottom of the page.

Bit more here, with the through links to follow;
https://is.gd/zIys5l

I think it is probably for those who know what they are doing, rather than the general public.

[roversontheup]

Think I fall into the latter category. Despite reading quite a bit on this I still can’t really see the benefits to the ordinary person in the Street.

[DonnyOsmond]

Think I fall into the latter category. Despite reading quite a bit on this I still can’t really see the benefits to the ordinary person in the Street.

I put in just £20 into Bitcoin in June, I now have £80.

[roversontheup]

Think I fall into the latter category. Despite reading quite a bit on this I still can’t really see the benefits to the ordinary person in the Street.

I put in just £20 into Bitcoin in June, I now have £80.

So have you bought them to spend and if so how what can you spend them on at present or have you bought as an investment to increase in value in which case how do you time getting out?

[RedJ]

You can spend them online, not really sure what on other than some shadier stuff (usenet, etc). As for timing your get out, it's only like gambling on share prices.

[DonnyOsmond]

Yeah pretty much what RedJ said. I'm not thinking about getting put at the moment though as it looks like it'll only be heading further up.

[Glyn_Wigley]

South Sea Bubble

[German Rover]

South Sea Bubble

Dutch tulip bulbs as well.

[BillyStubbsTears]

I truly hope that those of you who were buying into this bubble in November and December got out at the upper end of the market.

Classic bubble, built on nothing but the mad dash to join in.

[DonnyOsmond]

I truly hope that those of you who were buying into this bubble in November and December got out at the upper end of the market.

Classic bubble, built on nothing but the mad dash to join in.

Nope. The dip was expected and its expected by the end of this year it'll be even stronger looking.  HODL.

[BillyStubbsTears]

DO. That’s been said of EVERY bubble in history b

[DonnyOsmond]

OK we'll see in a few months

[Glyn_Wigley]

DO. That’s been said of EVERY bubble in history b

Usually by people desperate for it to be the truth.

[Glyn_Wigley]

I truly hope that those of you who were buying into this bubble in November and December got out at the upper end of the market.

Classic bubble, built on nothing but the mad dash to join in.

Nope. The dip was expected and its expected by the end of this year it'll be even stronger looking.  HODL.

So losing more than half it's value in about a month is - to you - just 'a dip'? How much is your £80 worth now?

[BillyStubbsTears]

DO

I’m not interested in who’s right and wrong in a year’s time. I’ve just seen people played on these bubbles too many times.

Look at how this bubble has developed.
https://mobile.twitter.com/paulkrugman/status/959802675457134592/photo/1

And how the dot com bubble developed 18 years back.

https://mobile.twitter.com/paulkrugman/status/959803029938728960/photo/1

They both share a theme. People convinced that there was a game-changing technology that could not fail. But Bitcoin is built on piss and wind, just like Pets.com was back in 2000. A few smart people will have made a phenomenal killing on Bitcoin. But those who got in in Oct-Dec last year are going to get fleeced if they haven’t got out by now, or the next few weeks.

[Muttley]

I truly hope that those of you who were buying into this bubble in November and December got out at the upper end of the market.

Classic bubble, built on nothing but the mad dash to join in.

Nope. The dip was expected and its expected by the end of this year it'll be even stronger looking.  HODL.

So if the “dip” was expected, you will have sold out at the top of the market then re-bought in the dip ready for the meteoric rise?

Am I right?

[Muttley]

I suppose you were expecting today’s “dip” too.

When does a “dip” become a “slide”?

DODL

[GazLaz]

It’s seems like there is a world wide price correction going on in all the global markets. Anyone who bought at inflated prices in such a voulotile market deserves to do their money. I’m sure it will go back up, all about buying at the right times though. You should never buy anything when everyone else is buying it, you’ll never get any value. Buy when everyone else is desperate to sell.

[Glyn_Wigley]

It’s seems like there is a world wide price correction going on in all the global markets. Anyone who bought at inflated prices in such a voulotile market deserves to do their money. I’m sure it will go back up, all about buying at the right times though. You should never buy anything when everyone else is buying it, you’ll never get any value. Buy when everyone else is desperate to sell.

I might agree with that if - IF - there was anything supporting the value of these other than people's blind faith in it. Once that's gone, it'll never get it back.

[BillyStubbsTears]

Phases of an asset price bubble.



It’s happened time after time. This one is working out precisely to script. The only question is whether there was any underlying trend growth for the price to revert back to, and if so, how low that level is. I suspect it will be some way below $1000.

[GazLaz]

I got involved at very reasonable prices. My mates started jumping on the band wagon at stupid prices, around the $14k+ mark. I told them that a reasonsble entry price was around $6500. They couldn’t see what was happening and didn’t listen. It’s dropped down to the 200 day moving average and bounced off I think, not had the charts up to be honest because that gives me a taste for trading again and that just takes over my life with the amount of work I put into it.

[BillyStubbsTears]

Gaz

I’m not sure a 200 day moving average matters at all in an asset bubble. The past 50-100 days have had ridiculously over-inflated prices and that will massively skew the 200 day average.

The only thing that matters inbthe medium term (and that means a month or two given how rapidly this bubble developed) is the underlying true value. I’ve not seen anything that convinced me that the true value is anything higher than it was for the 3 years or so before the bubble started to inflate last Spring. That would indicate a value of a few hundred dollars. Nothing’s changed in the fundamentals since then to justify anything higher.