Bitcoin

[Gemmill 34436]

Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point?

 

Buy vanguard lifetarget funds and hold them til retirement.

 

 

 

[Dr Gloom 19821]

 

it's a giant fucking ponzi scheme man, and no one has so far has been able to convince me otherwise. 

[Dr Gloom 19821]

5 hours ago, Gemmill said:

Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point?

 

Buy vanguard lifetarget funds and hold them til retirement.

 

 

 

it's living life on the edge i suppose, piling your hard earned cash into an asset class that can plummet by 30% in a given day

Edited May 19, 2021 by Dr Gloom

[Rayvin 4964]

Buying the dips is indeed what you're meant to do - but if you're invested at a certain point, and it falls, and you think it's going to fall further.... then get out and buy further down. Which is my strategy with this.

[NJS 3978]

I paid for my iptv subscription last year with bitcoin by transferring £100 into an account and then buying £40 worth for the subscription leaving £60. I think that £60 worth of bitcoin was worth £360 at one point but its gone down to £160 today - not too bothered unless it goes really stupidly high. 

[Rayvin 4964]

My personal view is that Bitcoin won't last. I know some people think it'll become the crypto version of gold, but it really is a fairly worthless coin in terms of functionality. I've mostly focused on the Alt Coins.

[Rayvin 4964]

1 hour ago, Gemmill said:

Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point?

 

Buy vanguard lifetarget funds and hold them til retirement.

 

 

 

 

I guess this is worth addressing actually - I do understand why the market has crashed. China banned trading cryptocurrencies last night. That's a fairly obvious crash signal IMO. Elon Musk's nonsense over the previous few days is less predictable but still ultimately made sense in terms of cause and effect within the market - that really should have only affected Bitcoin itself (and indeed, I made quite a bit on ADA as a consequence).

 

The market is volatile but it's not totally random. The cryptos that have been doing well have functionality and long term value and potential.

 

As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Once cryptocurrencies get to the point where they are being used and traded for goods instead of conventional currencies, then they really won't be any different to traditional money. The big question, frankly, is whether governments will let them - not whether it's a ponzi scheme or not. If Bitcoin is valued to the point where you can buy a house with 3 coins, and both sides of the trade are happy with that, how is that different to cash money?

Edited May 19, 2021 by Rayvin

[Howmanheyman 26805]

I was going to buy some bitcoins with my bitquids, I had eleventy bitquids worth £200,000 which I originally bought with an absent thought in my mind free of charge. Was going to just pay 50 Meths for one bitcoin so would only need to break into one bitquid as I thought shrapnel wouldn't be missed if the bitcoin kept falling on the market.

[Renton 17759]

18 minutes ago, Rayvin said:

 

I guess this is worth addressing actually - I do understand why the market has crashed. China banned trading cryptocurrencies last night. That's a fairly obvious crash signal IMO. Elon Musk's nonsense over the previous few days is less predictable but still ultimately made sense in terms of cause and effect within the market - that really should have only affected Bitcoin itself (and indeed, I made quite a bit on ADA as a consequence).

 

The market is volatile but it's not totally random. The cryptos that have been doing well have functionality and long term value and potential.

 

As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do. Once cryptocurrencies get to the point where they are being used and traded for goods instead of conventional currencies, then they really won't be any different to traditional money. The big question, frankly, is whether governments will let them - not whether it's a ponzi scheme or not. If Bitcoin is valued to the point where you can buy a house with 3 coins, and both sides of the trade are happy with that, how is that different to cash money?

 

I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself.

 

Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. 

[Rayvin 4964]

2 minutes ago, Renton said:

 

I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself.

 

Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. 

 

I suppose the bigger question is how notionally free market states could refuse this idea? How would they stop it? China can, I guess (I suspect it actually can't in reality) but I can't imagine the US following suit this late in the game.

 

Elon Musk didn't crash the market through the tweet itself, he crashed it by holding huge amounts of Bitcoin and then claiming his company, which had moved itself into something of a 'bitcoin cheerleader' position, would no longer work with them. This had an impact because of the large amount of value that Tesla owned in the coin. On the other hand, when the UK decided to leave the EU, the pound absolutely tanked. So it's not as if fiat currencies are immune to this sort of thing either.

 

But yes, I mean I agree on stability to some extent (although this 'crash' we're currently talking about has really just pulled us back to where we were in February in terms of value) but then that's the nature of the beast at this point. Fair enough if it's not your thing though, I do understand that. I'll add that I'm not sure what impact the national cryptocurrencies that several states are introducing will have on this either. But I very much like the idea of currency without borders and government intervention.

[ewerk 26319]

1 hour ago, Rayvin said:

As for the ponzi scheme argument, you could really say the same thing about gold. Or any actual currency. These things only have value because we agree that they do.

 

That's exactly it. And most people in the real world don't see crypto as having any real value and that's why it's likely to fail.

[Rayvin 4964]

1 minute ago, ewerk said:

 

That's exactly it. And most people in the real world don't see crypto as having any real value and that's why it's likely to fail.

 

Well you hit me with an 'I told you so' when it does then. For now at least, I'm back to green - so I'm not complaining about it myself.

[TheGingerQuiff 2412]

3 hours ago, Rayvin said:

So this has been an exciting day  

 

I bailed on everything as soon as I woke up, and it was an incredibly good decision based on how things have progressed since then. Holy fuck...

 

It's shirty arses like you that cause the volatility

[Rayvin 4964]

2 minutes ago, TheGingerQuiff said:

 

It's shirty arses like you that cause the volatility

 

 

I bought back in

 

If we get back to where we were, I'll have made some money out of the dip. Honestly I held for the first bit but it was so obvious we were going to take a hit as the day rolled on and the US woke up to see red everywhere that I didn't think it made sense to hold.

[Dr Gloom 19821]

1 hour ago, Howmanheyman said:

I was going to buy some bitcoins with my bitquids, I had eleventy bitquids worth £200,000 which I originally bought with an absent thought in my mind free of charge. Was going to just pay 50 Meths for one bitcoin so would only need to break into one bitquid as I thought shrapnel wouldn't be missed if the bitcoin kept falling on the market.

Eleventy bitquids

[Dr Gloom 19821]

13 minutes ago, Rayvin said:

 

 

I bought back in

 

If we get back to where we were, I'll have made some money out of the dip. Honestly I held for the first bit but it was so obvious we were going to take a hit as the day rolled on and the US woke up to see red everywhere that I didn't think it made sense to hold.

Paper hands 

[Rayvin 4964]

6 minutes ago, Dr Gloom said:

Paper hands 

 

Indeed, but I really don't see the logic in holding if you know it's going to go down significantly enough to make some money out of it. It's a weird sentiment.

[TheGingerQuiff 2412]

33 minutes ago, Rayvin said:

 

Indeed, but I really don't see the logic in holding if you know it's going to go down significantly enough to make some money out of it. It's a weird sentiment.

 

Alright, Wolf of Balls Street. You got lucky this time. What you holding?

[TheGingerQuiff 2412]

 

[TheGingerQuiff 2412]

2 hours ago, Renton said:

 

I don't think you can compare any of these crypto currencies with fiat currencies that are backed by nation states myself.

 

Also, think about it. One man, an influential one admittedly, crashed a currency through a tweet. What does this tell you about the stability and intrinsic worth of that currency? If Musk had uttered some negativity against the dollar or pound, or even decided to stop trading in it, it would have no effect at all. That's because they are fiat currencies with real value. As for your last point, why would governments give away their monetary leverage? It will never happen. 

 

That's the point really. People are investing in the belief that they're early. That one man can influence value so much is seen as a sign of how early we are.

 

But then your fiat devalues through inflation and quantative easing. There'll never be more than 21million bitcoin. Rayvz is wrong imo, bitcoin will always be the daddy. The argument of functionality has already been had when bitcoin cash forked. Bitcoin won.

[TheGingerQuiff 2412]

4 hours ago, Gemmill said:

Lads if you're getting in and out on this thing on a regular basis, and there's little rhyme or reason to the fluctuations, aren't you basically just gambling and therefore almost certain to lose the farm at some point?

 

Buy vanguard lifetarget funds and hold them til retirement.

 

 

 

 

The dream of being wealthy when you're too decrepit to do anything. Sell it!

[Rayvin 4964]

43 minutes ago, TheGingerQuiff said:

 

Alright, Wolf of Balls Street. You got lucky this time. What you holding?

 

ETH, ADA, XRP - my usuals.

 

You might well be right on Bitcoin btw, just my view.

[Monkeys Fist 38749]

45 minutes ago, TheGingerQuiff said:

Wolf of Balls Street.

 

I’m picturing Rayvin Luded out his mind, trying to open his car doors with his feet and just apologising left, right and centre to trees, bins and the pavement. 

[Rayvin 4964]

16 minutes ago, Monkeys Fist said:

 

I’m picturing Rayvin Luded out his mind, trying to open his car doors with his feet and just apologising left, right and centre to trees, bins and the pavement. 

 

Wait, have we met in real life? Did I apologise to you? Sorry about that.

[Monkeys Fist 38749]

“"I Choose Sorry Every Fucking Time."