Bitcoin/cryptocurrency thread

[welshbairn]

22 minutes ago, Satoshi said:

It seems those most worried about the assets volatility are the ones who never invested in the first place.

If you've been in it for a few years you're fairly non plussed. There have been bigger crashes than this.

[Detournement]

5 hours ago, Kapowzer said:

Bitcoin is one of the few exceptions in this space that it has been going for a while and it's a known quantity. As Gaz5 has conveyed in the past the technologies here that are in their infancy will probably be adopted in the years ahead for real world transactions and moving funds about. Think of it like the VHS/Betamax fight for dominance, 10 years later DVD's surface and 10 years after that Netflix show up at the party. All allow you to watch something on demand, the most recent is by far the most convenient and seamless.

 

How can it possibly be more convenient than transferring money instantly via your current account phone app as people have been doing for years?

[Detournement]

38 minutes ago, Satoshi said:

It seems those most worried about the assets volatility are the ones who never invested in the first place.

If you've been in it for a few years you're fairly non plussed. There have been bigger crashes than this.

Crashes which were followed by huge fraudulent stable coin pumps. That can't happen this time because as soon as this crash settles at a low stable coins are going to be regulated out of existence.

The supply of greater fools is over. The Monkey JPEG guys were the bottom of the barrel.

 

 

[Satoshi]

52 minutes ago, welshbairn said:

Pretty much.

If you are going to panic during a dip or crash then investing, of any kind, really isn't for you.

Have a balanced portfolio, spread your risk, and when it comes to especially volatile assets (like crypto) only invest an amount you can comfortably afford to lose. Then just relax, lifes too short to start worrying about asset prices, checking monthly works well for me.

As for those saying it's the end of crypto, good to know that line is still around after all these years. Keep up the good work 

[Suspect Device]

Buy the dip.

 

[topcat(The most tip top)]

54 minutes ago, Detournement said:

How can it possibly be more convenient than transferring money instantly via your current account phone app as people have been doing for years?

Spoiler

Spoiler

It Can't

Edited June 14, 2022 by topcat(The most tip top)

[topcat(The most tip top)]

2 minutes ago, Suspect Device said:

Buy the dip.

 

@Kapowzer Football club shares are a good example of "Unknown quantity" because their fortunes are intrinsically unpredictable. Football Clubs with massive tax cases looming over them are better examples

 

 

 

[beefybake]

22 hours ago, Satoshi said:

It seems those most worried about the assets volatility are the ones who never invested in the first place.

If you've been in it for a few years you're fairly non plussed. There have been bigger crashes than this.

For the last 10 years there has been lots of easy money around, interest rates reducing to just about zero, and with that money

looking for somewhere to go.  Lots have gone in to equity markets, and also into cryptocurrencies.

High inflation is here, interest rates are increasing, money supply is tightening.  These are the circumstances which,

I think , Warren Buffett was referring to when he said something like..... 'When the tide goes out, you see who's wearing no clothes..."

Stock markets have been heading south since last October,  as now have cryptocurrencies.

The difference is that away from the stockmarkets, the companies who comprise the stockmarkets, are still there

making stuff, selling stuff, offering services to you and I, working to maintain and increase profits. And, usually, prices.

For want of a better phrase, the companies themselves are inflation.

Behind cryptocurrencies, there is nothing other than faith, belief, hype... whatever you wish to call it. 

( as has been said multiplie times on this thread ).

Edited June 15, 2022 by beefybake

[Kapowzer]

Again, if you can't grasp the concept of known quantity relating to a thing or concept rather than a monetary value because it uses the word "quantity"in it I don't know how to really take things further with you.

[strichener]

2 hours ago, Detournement said:

How can it possibly be more convenient than transferring money instantly via your current account phone app as people have been doing for years?

For convenience read less traceable.

[Albus Bulbasaur]

I first purchased at £6k so this is just a minor 4 year set back. 

[54_and_counting]

7 hours ago, topcat(The most tip top) said:

 

If you did invest heavily in crypto then I suggest waiting till the inevitable paperback rerelease because it's a bit pricy at the moment

[Thistle_do_nicely]

3 hours ago, Detournement said:

How can it possibly be more convenient than transferring money instantly via your current account phone app as people have been doing for years?

Something im curious about that probably has a simple explanation, but ignoring fluctuations - is there not a problem with using bitcoin for transactions with how fractional it is? £1 for something is relatively easy to figure out or wrap your head around, but paying for something in 0.0000000085634 Digital Good Boy Points seems a bit convoluted (at the point of sale)

Edit: i may have asked before in the thread and forgotten, think i meant to ask it a while back and forgot to post tho tbh.

Edited June 14, 2022 by Thistle_do_nicely

[topcat(The most tip top)]

2 hours ago, Kapowzer said:

Again, if you can't grasp the concept of known quantity relating to a thing or concept rather than a monetary value because it uses the word "quantity"in it I don't know how to really take things further with you.

The idea that the monetary value of a thing will ultimately have a relationship to the underlying thing is unpopular during a bubble but I reckon it's still got something to be said for it.

You yourself were talking about it having become "widely accepted" as a reason for it being worth something.

If we can't know whether that acceptance will become wider or disappear over the next few years then that in itself an unknown quantity

 

 

 

Edited June 14, 2022 by topcat(The most tip top)

[Detournement]

This is why you don't short Crypto.

[welshbairn]

The thing that makes me most suspicious about crypto is all the jargon the proponents use to convince the potential investor that they're poor because they're thick, just trust the experts and they can join the big boys and coin it in. 

[Kapowzer]

41 minutes ago, topcat(The most tip top) said:

The idea that the monetary value of a thing will ultimately have a relationship to the underlying thing is unpopular during a bubble but I reckon it's still got something to be said for it.

You yourself were talking about it having become "widely accepted" as a reason for it being worth something.

If we can't know whether that acceptance will become wider or disappear over the next few years then that in itself an unknown quantity

A lot of world salad there. You seem to focus on semantics rather than concepts and this is the third time I'm having to correct or point you down the right path.

First if you're going to quote me get the quote right. I said "widely adopted" I did not link that to its intrinsic value, you inferred that, if you are going to suggest my meaning then it really only serves to make this your echo chamber. It was to explain my use of and your unknown fixation of "known quantity". And here you are again peddling it. You also have a habit of posting then going back and editing the posts, shame you don't correct the right bits, you just add to your rant with afterthoughts.

If you care to read my first involvement in the previous page you'll see my post was very critical. I'm far from a cheerleader for crypto, yes I have dabbled and I've made something and I've lost some. The issue is I do my homework and try to mitigate risks. I don't look for sympathy like I don't intend to share any gains.

When I first started following this thread I genuinely thought it would be an information exchange where links to articles or heads up on developments would be shared. However it's been taken over by a few who seem intent on their views being periodically reinforced.

The usual cycle seems to follow the BTC graph, a year ago after the Doge bubble burst, the same users on here rubbing their hands with glee, in September through to November only a few dipped in intermittently to reassert they wouldn't be touching it. Now we're in a crypto winter and it's a collective back slapping exercise again.

As I said before, I really don't get your endgame, if it's to repeatedly profess your sage knowledge or foresight, well you do you. But at many of your own admissions, you don't touch it, you don't see value nor merit to it, safe to say you've not fully researched it? So why continue to come onto a forum to continually post an article saying its shit, point out your scepticism or drop a meme?

It's just me I suppose. For example I have a basic knowledge of Ice Hockey, went to a LA Kings game, was not able to follow the puck, had no idea what was going on and resented the $30 I paid for it. I had no desire to go back. However, would you find me on a Ice Hockey blog, saying hockey is shit, extolling the virtues of football and how glad I am that I prefer that as my sport? Nope, I'd just focus my time more productively.

[Detournement]

Since every Airdrop mentioned in the thread is now underwater it's probably a good thing more of them weren't posted.

[Albus Bulbasaur]

1 hour ago, welshbairn said:

The thing that makes me most suspicious about crypto is all the jargon the proponents use to convince the potential investor that they're poor because they're thick, just trust the experts and they can join the big boys and coin it in. 

I've been a casual, sensible small time buyer and have sold at some profit but at least 2 of my mates that are pretty dumb went mad on the NFT stuff and have both lost a couple grand by joining ridiculous discord groups where they spent time promoting for the chance of being on a "whitelist" they both got 2 NFTs that are now worth effectively f**k all. 

I don't think the majority of posters on here that have put money in fall into this category but I deffo think there's more dream chasing morons than serious moderate trend analysts. 

[strichener]

1 hour ago, Kapowzer said:

safe to say you've not fully researched it?

 

This is Reddit post nonsense.  What does this even mean?  There may be a place for Blockchain in transactional processing and if there is, it certainly won't follow the bitcoin model.  So tell me what research are those that invested in bitcoin, dodge and Luna undertaking?  I'll tell you - workplace chatter by the water cooler and a mate down the pub told me to put my money into this research.

The whole crypto market is a mirage, you have people preaching that it is a disruptor to the centralised finance models and banks and yet the market is now being underwritten by pseudo currencies legged to fiat money using the term stablecoins which are proving to be anything but stable.

ETA: DYOR obviously.  GLA

Edited June 14, 2022 by strichener