Is Bitcoin the Next Big Thing?

[martin-s]

Up 800%. Not quite the same as gambling which is more of a total win/lose.

It's more like gambling on the Betfair exchange - and the market hasn't closed yet

Mind you, today I bought into Hurricane Energy via my SIPP on the basis of their announcement and a cursory glance over their previous accounts. So perhaps I'm just as guilty?

 

[RobM]

Up 800%. Not quite the same as gambling which is more of a total win/lose.

Are you suggesting that past performance is an indicator of future performance?

 

[lazarus]

Ethereum up from $10 to $50

 

[Domaintial]

Ethereum up from $10 to $50

Similar(ish) spike happened around this time (Q1) last year. ETH has been through a lot since, attacks, forks, all sorts. I've been mining ETH for a while, back when network complexity meant yielding ~2 ETH a day, the same hardware today is yielding ~2 ETH (ish) a week now. Back then I wasn't holding the ETH; mine ETH, exchange to BTC, and exchange BTC to fiat when rates are good.

Now, I'm just holding the ETH we mine. Switching from PoW to PoS is going to be telling, and i'd imagine thats driving the price up ATM. IIRC, min required to stake is going to be 35 ETH.

ZEC is my ALT flavour of the moment, purely from a BTC mining return perspective. Mine ZEC, exchange to BTC, exchange to fiat when rates are good.

 

[Admin]

Ethereum up from $10 to $50

Happy Days, i bought some ETH @ $6 in December ...as you say $50 today , love it.

 

[Admin]

It's more like gambling on the Betfair exchange - and the market hasn't closed yet

Mind you, today I bought into Hurricane Energy via my SIPP on the basis of their announcement and a cursory glance over their previous accounts. So perhaps I'm just as guilty?

Good luck, I know nothing of them. TBF i only exchanged a little BTC into ETH (hedging and using BTC profits so it didnt really cost me anything).

 

[Murray]

I have one Bitcoin left, hummm'd and ahhhh'd whether to sell it after it went over £1000

Guess will wait again now

 

[dee]

Interesting angle

https://www.technologyreview.com/s/603295/why-bitcoins-1000-value-doesnt-matter/?set=603185

And i'll say that I reckon blockchain tech in general is going to be huge.

 

[aZooZa]

Take note of this short from the article @dee posted:

The Chinese companies mining Bitcoin could, in theory, join forces to take advantage of the majority loophole. Given the country in which the most prolific miners operate, the news could raise fears about state control. None of which is helped particularly by the passing of an arbitrary $1,000 threshold.

 

[Domaintial]

Well blockchain tech is beyond just bitcoin though, unless I've misunderstood you there @aZooZa?

Just from transaction fees alone, globally, miners bank $2Mil+ every 24 hours (depending on fiat value of btc at the time etc etc). This whole core/segwit vs B(Bitcoin Unlimited or whatever) BS that is going on atm, with forking fears, and blocksize increases, and blah blah blah isn't helping price stability ... not that there is any real world stability.

r/btc and r/bitcoin are worth following if you guys are wanting to watch the chaos - don't sit on just one of those subreddits though, r/btc are mainly pro status quo/core, and r/bitcoin are mainly BU pushers. Most of the inside baseball doesn't reach most people starting to look at BTC these days, but there is a pricing impact, and watching the market swings/timings is good fun (and profitable ).

If the giant miners started colluding... things would get interesting, real quick.

EDIT: While you're out there D, buy a load of cheap LLL coms and buy up a few of the BTC mines as well

 

[ClassicalGuitar]

There are some interesting alt coins listed at Coin Market Cap that have made huge gains this year, Zcash, Dash, Monero etc

With a potential fork of bitcoin looming will be interesting to see if bitcoin cash flows into some of the more innovative alts

 

[aZooZa]

@Domaintial LOL on the buying of LLLs and mines

You really need to be able to read Chinese to get the full picture from the Chinese search engines. I know they're beavering away at BTC but ETH also seems to be in favour. Yes, I understand the capabilities of the blockchain concept. I think it will be significant in the field of ownership of 'pieces' of other commodities besides virtual currency. An example would be like shared property investments - the list is long for sure.

Do you have your own rigs or do you mine via contracts?

 

[mat]

I would love to go back to the Californian Gold Rush and sit the miners down and try to explain to them the process of “bitcoin mining” that people will be doing in 170 years time.

Also let them know that 1 of these coins (which don’t actually exist) surpasses the price of gold in 2017 without getting a pepperbox to the face.

 

[mat]

.......double post

 

[Domaintial]

Do you have your own rigs or do you mine via contracts?

@aZooZa - build and mine on my own rigs (GPU based), i've only built two so far. Currently yielding 1 ETH, and 1 ZEC every 4 days consistently. This is by no means a big deal, or big number, but its a starting point for something I put very little time into, here and there.

ETH i'm holding, ZEC I'm exchanging to BTC as soon as it comes in. So the ZEC return/value fluctuates a tad... at a guess, its probably the equivalent average of 0.05 BTC every 4 days.

I've looked at the various mining contract options before, but never taken the plunge, I guess I like to build things and understand how it all works. I've learnt a lot about the various cryptos and blockchains out there by doing it. The other reason I've not pulled the trigger on mining contracts is that i've not had anyone I trust/know who has data on (actual) yields they can / are willing to share.

Its not been easy, building the rigs and getting a setup that works consistently, a lot of experimenting, and fiddling with components/configurations, but I think i'm ready to scale it (a little). The plan is to build another 4 of these rigs before the year is out - time allowing.

((When I'm talking returns/value etc, I'm totally ignoring the build out cost of the miners, and the running costs in terms of power and time taken to learn thus far. The two rigs running at present have covered their build out cost now. I am planning on posting a write up of the builds so far and sharing real data... PM me if you're interested in being kept in the loop.))

 

[Domaintial]

I would love to go back to the Californian Gold Rush and sit the miners down and try to explain to them the process of “bitcoin mining” that people will be doing in 170 years time.

Trouble is... this doesn't account for the opportunity cost / the time factor. If I could go back to those days, sod explaining to anyone about anything... i'd mine the gold, take earnings and invest in the "railroads", take earnings and invest in diamond mines, take earnings and invest in crude exploration/exploitation, at the dawn of "internets" invest earnings in short, keyword, and dictionary domains, take earnings and... and... and... and...

I did however get the joke

 

[Edwin]

Or sell the miners the picks and shovels. Most of the miners went broke (and a shocking number died) but they all needed equipment in their attempts to find fortune and glory.

 

[Murray]

£1351 currently

Not sure whether to sell

I always thought when I bought Bitcoin if it gets to £1000+ id sell but it just looks so good atm..

What are you guys doing? holding or selling

 

[dee]

Looks like you might be getting towards the top of an extension. Might be worth thinking about selling and picking up on a correction.

 

[Skinner]

This boom is fuelled by the raas and massive amounts of diff ransomware creating demand, with ransomware blockers and such on the up there could be a fall.

I'd be really really tempted to sell now, and rebuy after the flip.