Is Bitcoin the Next Big Thing?

[ausername]

You would hope people who bought in recently have a lot of cash to burn

How I value £5 another person might value £5k

People lose their life savings in all sorts of different ways, including dodgy financial advisers and ponzi schemes. You'd be surprised at how irrational some people are when they see pound signs.

Also, something like 13 million British adults don't have £100 in savings. I know somebody that was always a few grand in the red but could always find £50 to shove up his nose on a Friday night, everybody knows those people.

 

[ausername]

A Dutch bloke sold his house, business, two cars and a motorbike in November and moved his family into a caravan so he could invest everything in Bitcoin.

Now.... if he'd sold in late December he'd actually have made a lot of money, but I'm guessing the fact that we haven't heard anything from him since means that he hasn't sold yet

 

[DaveP]

We should rename this forum AcornBitcoin, as that is all anyone seems to discuss on here anymore.

 

[dee]

We should rename this forum AcornBitcoin, as that is all anyone seems to discuss on here anymore.

I've just reg'd bitcorn.co.uk .....much cheapness @Admin

 

[ian]

Had you bought the 6 GPUs a few weeks ago, you could probably have listed them on eBay at a decent profit. But that's with perfect hindsight, which none of us have...

Well in a round about way when I upgraded my rig in November, I put my 1080 on eBay. It sold for £450 but the winning bidder never paid, so I auctioned it again a couple of weeks later and it sold for £550. I'd like to say it was all planned, but it wasn't!

 

[dee]

Well in a round about way when I upgraded my rig in November, I put my 1080 on eBay. It sold for £450 but the winning bidder never paid, so I auctioned it again a couple of weeks later and it sold for £550. I'd like to say it was all planned, but it wasn't!

I thought the new antminer asic stuff is an order of magnitude more potent isnt it ? Not cheap though

 

[ian]

I thought the new antminer asic stuff is an order of magnitude more potent isnt it ? Not cheap though

Required for SHA-256 mining (bitcoin, litecoin etc), GPU's are used for other coins such as Ethereum, ZCash, Monero etc. They are inefficient outside of this. ASIC miners are powerful, such as those made by Bitmain, but they are also power hungry and seriously noisy, and with high demand, prices have risen to ridiculous levels. At this time, imo, no hardware miners are worth buying, and wouldn't throw anymore into cloud mining either.

 

[Edwin]

Cloud mining has always seemed like the most dubious thing to me. So many unknowns you have zero control over. But maybe some have made good money from it - that’s just my gut reaction.

 

[Edwin]

Tether may have been a major factor behind the bounce. The theory sounds credible, anyway...
https://gizmodo.com/is-a-potentially-fraudulent-crypto-company-behind-the-b-1822812836

If it does turn out to be a scam, then the more the Tether folk pull these sorts of tricks, the harsher the crash when it inevitably gets exposed.

 

[ian]

Cloud mining has always seemed like the most dubious thing to me. So many unknowns you have zero control over. But maybe some have made good money from it - that’s just my gut reaction.

I achieved my ROI in cloud mining within 2 months, so now have roughly 10 months of 'profit' to come. It was viable back then, but wouldn't invest in to it now, and the only reason I did (given I have the required skills to build my own miners) was because I was mining Bitcoin and the cost of entry is that much higher.

 

[ausername]

Tether may have been a major factor behind the bounce.

I'd get a refund on the ball if that qualifies as a bounce....

 

[ian]

I'd get a refund on the ball if that qualifies as a bounce....

View attachment 1844

You cherry picked only part of the bounce , but I'd admit that this bounce isn't a clear sign of a upward trend yet.

 

[Edwin]

I achieved my ROI in cloud mining within 2 months, so now have roughly 10 months of 'profit' to come. It was viable back then, but wouldn't invest in to it now, and the only reason I did (given I have the required skills to build my own miners) was because I was mining Bitcoin and the cost of entry is that much higher.

Wow, that's great going. Glad it worked out for you.

 

[martin-s]

I'd get a refund on the ball if that qualifies as a bounce....

The ups and downs of a market only matter if you are a day-trader, trying to buy and sell at the right price points. If you believe in crypto long term, they're largely irrelevant.

I feel like there are big things coming for crypto this year and I'm happy to hold the ETFs I've got in my SIPP long term.

 

[websaway]

The ups and downs of a market only matter if you are a day-trader, trying to buy and sell at the right price points. If you believe in crypto long term, they're largely irrelevant.

I feel like there are big things coming for crypto this year and I'm happy to hold the ETFs I've got in my SIPP long term.

Because there is no monopoly by one company. Why would a growth in crypto use necessarily lead to a particular brand rocketing again ( other than for greed driven speculation ) like it did previously. Any form of crypto payment will be emulated and the growth in use would just be spread across companies, the same as credit card payments did.

 

[websaway]

You cherry picked only part of the bounce , but I'd admit that this bounce isn't a clear sign of a upward trend yet.

View attachment 1845

It's open to manipulation so there should be an upward trend again. There is no safeguard against mob manipulation. The financial system is carefully controlled to make this thing more difficult to do, but if it can be done then it will be done. There is no trust in money other than that imposed.

 

[Edwin]

Odd stuff going on at http://bitcointicker.co/ right now - there are some 200+ coin positions up on the “Bids” side of the board, which is way higher than I’ve seen even at the peak of the action over the last few weeks.

 

[RobM]

I feel like there are big things coming for crypto this year and I'm happy to hold the ETFs I've got in my SIPP long term.

I see so many posts with 'I feel' and 'I predict' and 'I believe'. Information please so the rest of us can make an *informed* decision.

 

[Edwin]

I wonder how the exchanges report the last price? If it’s based on the highest price that a trade was agreed at, couldn’t two traders collude to walk up the price by sitting on both sides of large volumes of tiny (monetary) value trades at gradually higher prices.

In other words, if (in quick succession):
A sells 0.01 BTC to B at $8,200
A sells 0.01 BTC to B at $8,210
A sells 0.01 BTC to B at $8,220
A sells 0.01 BTC to B at $8,230
etc
then could A and B run up the price at very low actual cost?

 

[ausername]

I contribute monthly to both a S&S ISA and SIPP; this is the first month I debating whether I should wait and see what the market does. Everything is going down.

Absolutely, as my bank are not letting me spend my own money (failed with a debit card also), I'll just stick with my current crypto pot and see what happens.

Really interested to know why you are so keen to "buy the dip" with crypto after it falls about 60% from record highs, but not with equities when the FTSE falls less than 10% from record highs.

This is where I don't understand the logic of crypto investors.

I mean... value investors would probably be considering the stock market in a bubble and waiting for the dip to get deeper before buying. That's when you buy.

The people to win from the financial crisis by the way where anybody holding cash.... they were buying up new builds at auction. Completed 2 bed apartments smack bang in the middle of Leeds city centre were going for £30k at auction, because the developers had gone under and nobody could get a mortgage. Those people with cash really found that "cash was king" at that time, and the equities were a bargain.

Go and look at how much those apartments are worth now.... £150k, £200k.