Is Bitcoin the Next Big Thing?

[ian]

It has become that horribly coined phrase, "a store of value". I have no doubt they'll introduce a lightning network to it this year (segwit), which will reduce fees massively (90% or more) and increase speeds to a fraction of what they are now, but that isn't likely to change its use. 2018 should be a very interesting year for crypto.

 

[Admin]

Has become a virtual collectible with no purpose

isnt making ridiculous financial returns a good purpose?

 

[RobM]

Tell that to the people who bought in to the hype at 10k-20k. You always seem to forget that people entering the market NOW are the ones getting screwed. Remember these are the fools that are going to buy your investment.

 

[Edwin]

isnt making ridiculous financial returns a good purpose?

Not if they’ve already been made.

 

[Murray]

isnt making ridiculous financial returns a good purpose?

That's actually a good question in a way

I don't know how to word this intelligently but

Not everyone can make money from it? otherwise it gives people free money and only banks are allowed to create free money

Where has all the money for Bitcoin come from? must have been sucked out of some other industry/investment

 

[dee]

Tell that to the people who bought in to the hype at 10k-20k. You always seem to forget that people entering the market NOW are the ones getting screwed. Remember these are the fools that are going to buy your investment.

Agreed. Although not gauranteed to get screwed. Who's to say it won't meet predictions over the next couple years and hit 50k . May prove to be a good buy in point. Just means they'll have to wait longer for a profit.

 

[Murray]

Agreed. Although not gauranteed to get screwed. Who's to say it won't meet predictions over the next couple years and hit 50k . May prove to be a good buy in point. Just means they'll have to wait longer for a profit.

But then what about the people who buy in at 50k

 

[dee]

As a side note.... looks like CME BTC futures cease today for this round at 4pm Central time I think. Wonder if it will tank the price at all again over next week. Anyone with more knowledge care to comment ?

 

[dee]

But then what about the people who buy in at 50k

Ha ha. True.... but you can say that at any point on a chart. To be fair, anyone who's buying in without some form of research may as well stick it all on red at the table.

EDIT. Unfortunately for a lot of people this is the case. Thats where all the profit come from for everyone else.SOmeone always gets left holding the can.

 

[Admin]

Can we not post without a disclaimer on every comment? Please assume, without me saying it everytime I comment on crypto, that I don't encourage anyone to buy it. It can go down as well as up, its high risk, it was good if you got in early and are able to get it. Getting in now is a different ball game. I dont want to see anyone lose money they cannot afford to lose and thats the basic rule for any investment (advice). I haven't forgotten anything, its just long winded and shouldnt need to be said everytime you want to chip in.

 

[Admin]

Actually @RobM and anyone else interested in my thoughts on crypto. I've turned sceptical about its future. Given the high market cap now and the threats I see to its further success... I have great concerns. My main worry for it (because I would like it to succeed) is the threat of remittance restrictions. Banks dont even need gov't legislation to say we are not accepting transfers from bitcoin companies/exchanges. If you suddently find you cannot turn your crypto currency into a large fiat balance then its a real game changer.

 

[ian]

I should just chime in and say I have no intention of 'getting out', because if this works out as expected, then crypto will be the new world currency, and mine will be worth more than someone that didn't participate but then has to. On the flip side, could just go down the pan, but that is more likely as a result of governments/banks winning out over 'the people' (unlikely), or the technology not being revolutionary (unlikely).

 

[ian]

As a side note.... looks like CME BTC futures cease today for this round at 4pm Central time I think. Wonder if it will tank the price at all again over next week. Anyone with more knowledge care to comment ?

11AM there, 4PM here. Looking at the markets, this might have been factored in. Costs a lot of money for Wall Street to manipulate the price.

 

[RobM]

I was going to buy some just for the hell of it. Unfortunately this 'easy to use anonymous *currency*' couldn't be bought without me sending through god knows how much identity, copies of passport, blood sample, shoe size etc. I gave up - simply far more money to be made in established 'world currencies'.

 

[Edwin]

BTW has all of this reminded anyone else who was active in web circles during the first .com crash of “Flooz” and “Beenz”? Happy days...

 

[RobM]

I remember the vitriol and hatred spat at us from .mobi investors. They have mostly gone now

 

[Edwin]

I remember the vitriol and hatred spat at us from .mobi investors. They have mostly gone now

You mean for pointing out they were selling a load of hot air?

What about .tel? Or the more recent new new GTLDs?

Somebody always seems to have a bridge to sell, somehow...

 

[websaway]

I remember the main rule from the dragons when shown an Idea was that it should be unique, trademarked and patented, so that it can not easily be copied by anyone else, particularly an entity that is bigger and can wipe you out.

 

[ian]

I remember the main rule from the dragons when shown an Idea was that it should be unique, trademarked and patented, so that it can not easily be copied by anyone else, particularly an entity that is bigger and can wipe you out.

This is true, and why most of the crypto currencies are nothing more than copycats, but the main cryptos (bitcoin etc) have been plagiarized thousands of times, yet they remain there with the strongest market cap; it truly is a different age of communication and business. First to market seems to be equally as important.

 

[Edwin]

First to market didn’t save MySpace, or the early search engines. If something genuinely better comes along and starts getting traction, it can be “game over” surprisingly quickly.