Is Bitcoin the Next Big Thing?

[Murray]

My only problem is what's the point of swapping it out for cash in the bank to just sit there

Maybe I will look to buy some domains with the profits, then at least if it goes to £10,000 I can have the false comfort I will be able to sell the domains I bought for that

 

[dee]

My only problem is what's the point of swapping it out for cash in the bank to just sit there

Maybe I will look to buy some domains with the profits, then at least if it goes to £10,000 I can have the false comfort I will be able to sell the domains I bought for that

Can you short bitcoin ?

 

[Murray]

Can you short bitcoin ?

I don't know anything about trading lingo

 

[dee]

I don't know anything about trading lingo

Oh ...sorry. Effectively It means can you "sell" it at current price and therefore make a profit when the price drops. Normally this is done as a pair though, so bitcoin/GBP or bitcoin/USD

So you sell when you think the price will drop, then buy again when you think it will head the other way. Making profit in both directions. Of course theres risk in that obviously.

 

[Edwin]

You can short it on spread betting exchanges, I believe.

 

[RobM]

There is not enough volatility in crypto coin exchanges. I did it a couple of years ago and there is money there but it takes time - it actually worked out that for a 40 hour week I earned enough to pay a wage for a 40 hour week There is still far more money to be made trading forex.

 

[dee]

There is not enough volatility in crypto coin exchanges. I did it a couple of years ago and there is money there but it takes time - it actually worked out that for a 40 hour week I earned enough to pay a wage for a 40 hour week There is still far more money to be made trading forex.

Yep. Although you can also get seriously skinned also with some of the high leverage accounts these days. I tried it a while back also and keep my eye in. SPX500 is looking highly likely for a large correction at the mo. Likewise Ger 30.

 

[timter51]

I'll jump back on the gravy train if it approaches its ATH (approx $1200 I think). Smash through that and all hell could break loose. Though fair play to anyone who has made profits on the rise over the last 6 months or so

I wish I listened to myself from a year ago Not a bitcoin to my name at the moment, congrats to anyone profitting at the moment. Up to $1800 now.

I said last June that "all hell could break loose" if it broke the $1200 ATH, which it hasn't really done (50% rise since in bitcoinland isn't crazy, remarkably). I don't know if it's good or bad that it hasn't gone nuts. I also don't know when I'm going to have enough spare cash to come back in. I'll watch from behind the sofa.

 

[Admin]

£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

I used to do cfds and spread betting, highly levereaged stuff short and long. I made a disaster of it. One thing I learned was not to swim against the tide, this is a huge bull run for btc and ethereum at the SAME time, normally they see saw. In in bitcoin at 300+ usd and ethererum at 8 dollars (currently over 90!). I will hold the ethereum long term.

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

I have just sold/converted a portion of my btc at mid 1800 usd to ....USD. If theres a correction I will put it back in.... just seems peaky but what do i know.

 

[timter51]

Where are you buying / selling? Where's the best place these days for someone coming in again with GBP?

 

[Admin]

Where are you buying / selling? Where's the best place these days for someone coming in again with GBP?

The answer of where will depend on how many you are looking at. I bought bitcoins at localbitcoins .com and would recommend it. I also bought at XAPO. You are likely to get better prices at localbitcoins. Mine are all now held at xapo in the vault and wallet, I spend them all the time on their debit card. At xapo you can transfer btc to fiat currency (usd / eur /gbp) at any time but the spread sucks, its convenient thats all but wouldnt do for day trading.

 

[scottsmith]

I want to buy 1-2 bit coins, happy to pay market price. Please PM me if anyone is selling. Can pay via Bank transfer / PayPal.

Thanks

Scott

 

[Murray]

The whole NHS ransom thing isn't making Bitcoin look the best

 

[Edwin]

The whole NHS ransom thing isn't making Bitcoin look the best

It would not surprise me if the government attempts to ban or regulate them in some way (they've not shown a great understanding of all things web to date, so they may not realise how absurd it is to go after an anonymous, decentralised payment system).

 

[Murray]

It would not surprise me if the government attempts to ban or regulate them in some way (they've not shown a great understanding of all things web to date, so they may not realise how absurd it is to go after an anonymous, decentralised payment system).

I have a question, maybe you will know Edwin, if not maybe someone else

Say these malware people do get sent Bitcoin to their wallet

Since everything is open and people can see transactions, how do they move the ill gained bitcoin they ransomed into other wallets without people knowing?

How do you make that bitcoin untrackable and turn it into cash or goods

 

[Darren]

One method, https://en.wikipedia.org/wiki/Cryptocurrency_tumbler

 

[Edwin]

I have a question, maybe you will know Edwin, if not maybe someone else

Say these malware people do get sent Bitcoin to their wallet

Since everything is open and people can see transactions, how do they move the ill gained bitcoin they ransomed into other wallets without people knowing?

How do you make that bitcoin untrackable and turn it into cash or goods

If they're using it to buy illegal stuff, they probably won't care either way. Bitcoin's anonymous, so there's no IP address or identifiable information associated with any particular chunk of currency, whether it gets spent or not.

Presumably they can also bounce it in and out of all sorts of cryptocurrencies so that the trail gets longer and longer?

 

[dee]

How do you make that bitcoin untrackable and turn it into cash or goods

It was you !

 

[Admin]

I have a question, maybe you will know Edwin, if not maybe someone else

Say these malware people do get sent Bitcoin to their wallet

Since everything is open and people can see transactions, how do they move the ill gained bitcoin they ransomed into other wallets without people knowing?

How do you make that bitcoin untrackable and turn it into cash or goods

I understand you can use a tumbler service, but you could also sell them on localbitcoins and get the cash from a moneygram shop

 

[Admin]

I have just sold/converted a portion of my btc at mid 1800 usd to ....USD. If theres a correction I will put it back in.... just seems peaky but what do i know.

Just bought them back, 120 usd lower each coin, not to be sniffed at.