Is Bitcoin the Next Big Thing?

[websaway]

That's the same with any pyramid scheme, the one's in early will always tell the losers that it's ok just stick with it. This is to encourage new money which is necessary to keep the thing going. Anyone who invested at 20,000 dollars is only interested in the history since they invested. My point was that it now has to rise almost 100% for a break even.

 

[Admin]

And the people who bought in at 20,000? Are they still 'quids in'...? What about the people who bought in at 15k? or 14k? Just because 'you' did well doesn't mean that people buying in now or higher will do well.

I never said that. Those numbers have only been reached in the last month. I never recommended anyone to buy! I've no idea what your point is with that post.

 

[RobM]

I'm not saying you personally did. But the general hype train is encouraging people to invest in bitcoin and when this is pointed out you come out with a 'sky isn't falling' post. For you maybe not. For all the people who *will* lose due to the hype - it will fall in. I hope you can understand this post at least.

 

[websaway]

Sheesh...like the sky is falling, these comments make me laugh. .. Right, pull up a 1 year chart of btc. Its currently 11,800 area. It had NEVER reached 11000 until last month. It was an all time high. The guy who sold his house is well and truly quids in. As is everyone else who bought more than just a month ago. No drama!

View attachment 1811

Have you thought this through. The company sold a house for £350,000 in bitcoins at bitcoin value $ 20,000 to a successful bitcoin minor who made an early killing on the cryptocurrency. The developer is now sitting on a major loss as half the purchase price has disappeared, he needs bitcoin to rise 100% to break even .

 

[RobM]

more - 9k at the moment and decreasing

 

[Admin]

lol, yes I am not that bad at maths. Sounds like you are talking about a story I've not heard about, I thought you were referencing this famous example. He sold his 300k house for 85 coins which are now worth over 1 million dollars. http://www.independent.co.uk/news/w...itcoin-moves-family-to-campsite-a7994751.html

 

[dee]

Of course hindsight is a wonderful thing, and i hope no one loses their shirts over whats happening at the mo. It's not new though. Saw this somewhere else, but look at the amazon graph from end of 90s where same thing happened. Who know if crypto will stand current backlash long term, but I doubt its going away any time soon and agreed theres loads of hype and pump and dumps, but if you can hold out it will probably come out the other side. If your trading without leverage it has to go to zero to lose your stake.

I'm well in ther red at the mo after selling some at top but getting back in far too early thinking momentum was still there. Im holding though.Hopefully will head back up.

 

[websaway]

lol, yes I am not that bad at maths. Sounds like you are talking about a story I've not heard about, I thought you were referencing this famous example. He sold his 300k house for 85 coins which are now worth over 1 million dollars. http://www.independent.co.uk/news/w...itcoin-moves-family-to-campsite-a7994751.html

that explains it. I used to attend pyramid scheme seminars ( never invested myself ) the emphasise was always on people who had made money in the early days, anyone who tried to inject logic into the argument was drowned out by the people with a vested interest in keeping the think going. A little bit like EU membership.

 

[ausername]

But it was a bubble, and many tech stocks went to $0 and stayed there.... so if crypto is here to stay, you need to work out which ones are the Amazon and the eBay, and which are TheGlobe.com, Pets.com, and Kozmo.com and countless others.

 

[dee]

But it was a bubble, and many tech stocks went to $0 and stayed there.... so if crypto is here to stay, you need to work out which ones are the Amazon and the eBay, and which are TheGlobe.com, Pets.com, and Kozmo.com and countless others.

Thats a valid point.... I guess I didnt look at all of them. Also the fact im in on something I think has longevity (XRP) mostly and a tiny amount of TRX and LTC.

 

[ian]

Same downtrend as last year at exactly the same time. Shouldn't be a surprise to anyone that has researched.

Last year: https://pbs.twimg.com/media/DTqeIaVVMAAIWvk.png:large

 

[Murray]

So what's happening in the world of Cryptos today?

From the memes on reddit, big drops it seems lol

But If you believe in cryptos long term, isn't this good? dips nice time to buy in.

 

[Edwin]

There’s actually an intriguing downside question: can something that’s decentralised ever go to zero? In other words, can every single penny evaporate like in a corporate bankruptcy (where your stock certificate is so much toilet paper)?

The reason I ask is that, because of the decentralised nature of the network, it’s hard to see who would flick the switch to turn it off and retire the currency.

Note that my comment is not meant to imply some sort of “support level” price. I am focused purely on the mechanics of failure...

 

[websaway]

View attachment 1813

Of course hindsight is a wonderful thing, and i hope no one loses their shirts over whats happening at the mo. It's not new though. Saw this somewhere else, but look at the amazon graph from end of 90s where same thing happened. Who know if crypto will stand current backlash long term, but I doubt its going away any time soon and agreed theres loads of hype and pump and dumps, but if you can hold out it will probably come out the other side. If your trading without leverage it has to go to zero to lose your stake.

I'm well in ther red at the mo after selling some at top but getting back in far too early thinking momentum was still there. Im holding though.Hopefully will head back up.

Same downtrend as last year at exactly the same time. Shouldn't be a surprise to anyone that has researched.

Last year: https://pbs.twimg.com/media/DTqeIaVVMAAIWvk.png:large

 

[websaway]

So what's happening in the world of Cryptos today?

From the memes on reddit, big drops it seems lol

But If you believe in cryptos long term, isn't this good? dips nice time to buy in.

A guy had a system years ago where he said keep backing a horse until it wins. It didn't work, it would have worked if it didn't cost money to back it.

 

[dee]

A guy had a system years ago where he said keep backing a horse until it wins. It didn't work, it would have worked if it didn't cost money to back it.

true....although ive already placed my bet on my horse!

 

[dee]

There’s actually an intriguing downside question: can something that’s decentralised ever go to zero? In other words, can every single penny evaporate like in a corporate bankruptcy (where your stock certificate is so much toilet paper)?

The reason I ask is that, because of the decentralised nature of the network, it’s hard to see who would flick the switch to turn it off and retire the currency.

Note that my comment is not meant to imply some sort of “support level” price. I am focused purely on the mechanics of failure...

I think....and i dont know this for sure, but it might be possible. The ledger does exist on hard drives, although it exists in mutiple places and anyone can download the full history. It would take everyone deleting the master 'nodes' I guess and then it would disappear

 

[martin-s]

Same downtrend as last year at exactly the same time. Shouldn't be a surprise to anyone that has researched.

Last year: https://pbs.twimg.com/media/DTqeIaVVMAAIWvk.png:large

There are cycles in investment of course, and often just driven by collective sentiment, but I don't think that a downturn at this time last year means much in the case of Bitcoin. The price is still too news and legislation affected at this stage.

 

[Edwin]

There are a bare handful of fairly “large cap” currencies that have bucked the overall plunge in the the crypto markets. Statistical glitches because of the sample size (thousands of different currencies) or meaningful data point?

https://coinmarketcap.com/

I don’t know the answer, but the question seemed worthwhile...

 

[martin-s]

There's a lot of uncertainty about whether Tether is really dollar backed though.