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Cryptocurrency

Discussion in 'Randomination' started by Robbo, 19 Jul 2017.

  1. Danishfurniturelover

    Danishfurniturelover the prettiest spice girl

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    Yeah babyyyyyyyy

    We were right hahaha

    Now just need spurs to win the league and a 3some with liz hurley and kelly brook and I can die a happy man.

    Cashed out 50% of my bank which is massive party time. The rest is in bitcoin, ethereum, ripple, compound,stellar, vechain and polkadot.
     
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  2. NoLimits01

    NoLimits01 William Gallas

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    I’m a little heavy in Ripple at the moment, kinda gambling that the SEC case will fall apart

    But it’s only money
     
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  3. Bedfordspurs

    Bedfordspurs Vic Buckingham

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    What’s happened?
     
  4. Robbo

    Robbo Jimmy Neighbour

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    [​IMG]

    I really have very little clue about what's right, wrong, good or bad about crypto or Bitcoin's meteoric price rise, but I thought this chart was very interesting.

    So far I've also not made much from my admittedly limited crypto investments. Got much of it in Ripple, so in my utopia I hope it will one day reach the dizzying heights of Bitcoin. Or at least closer to Ethereum.

    Congrats on your big payday, @Danishfurniturelover, well done!
     
  5. markysimmo

    markysimmo Johnny nice-tits

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    Just set up my coinbase account, waiting for my driving licence to be verified

    Is it Ripple Alpha what you guys are in (XLA) ?
     
  6. Bedfordspurs

    Bedfordspurs Vic Buckingham

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    Coinbase used to be really quick at verification
    The market thrives on newbies in it for quick gains and new products
    Some will pay off too
    Most won’t and that’s the gamble
     
  7. markysimmo

    markysimmo Johnny nice-tits

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    Did it on my phone and it's let me buy already, brought a small amount of XRP and ETH, will buy little and often, could be a bit of fun
     
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  8. markysimmo

    markysimmo Johnny nice-tits

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    I see you can earnt tiny little bits of various crypto's by taking the quizzes and watching the videos too
     
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  9. Bedfordspurs

    Bedfordspurs Vic Buckingham

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    Nothing wrong with that
    I did that. Left some coins (£2ks worth) in an exchange whilst I worked out what to do next and the exchange got hacked...
    Still waiting on getting my coins back 2 years later
     
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  10. Gazza Dazzla

    Gazza Dazzla Edgar Davids

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    Bitcoin was down 25% at one point today(!) did it rebound back, or did you take some profits at the Highs,.. or have I just completely misunderstood your position on Bitcoin?

    edit: I just read your other thread! Well done.
     
  11. SpurMeUp

    SpurMeUp Tom Huddlestone

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    All those lines on that graph represent money-making companies, bricks and motar, or in gold, a usable commodity. Yes they became inflated at some point, but they always had some real value to people. As of yet, bitcoins only value is to allow a tiny amount of illegal spending. The only people using bitcoin are purchasing drugs, and they must account for 0.????% a tiny fraction of all the coins held.

    Doesn't that scare anyone? This bubble may well have further to run, but understand that the increases are not based upon value to anyone. The increases are solely fueled by more people speculating and looking to make a fast buck. It is not like droves of people are buying bitcoin to buy drugs, ever-increasing the demand and price (which would be real demand based upon real value). No, bitcoins sole reason for growth is speculation. It may keep going as more people are impressed by the huge returns. But make no mistake there is no value underpinning the asset. When the people stop piling in greedily trying to ride this wave, there isn't a usable asset, commodity, or profit-making company underpinning it.

    Cryptocurrencies premise, foundation, and hype is all tied to people using a digital currency for transactions. As of yet, none of these currencies have cracked it as far as I can see. Apart from bitcoin which facilitates a tiny amount of illegal economic activity.

    Some say crypto is an alternative to gold. If true, it needs the world to have faith that crypto is as secure as gold. Some have indeed bought into crypto and have true faith, institutional investors as well. But let's not get ahead of ourselves, a piece of blockchain, a digital ledger, is not going to store your money in an apocalyptic scenario. In fact it will be the first to fall if things go pear-shaped because it has no intrinsic value. Gold with 3000+ years of value will remain a valued asset that doesn't need a computer to exist.

    The other issues with Crypto: energy consumption, its difficult to spend, and regulation. Bitcoin uses as much electricity a year as Switzerland! That can't be too promising when we are trying to clean up the planet, especially when only a few pot heads and criminals actually make true use of it. The next issue is you can't easily spend bitcoin. It takes considerable time and energy to transfer a crypto payment currently. You couldn't go to Tesco and pay for something with Bitcoin. It would be hugely inefficient to wait half an hour, while X kilowatts of power is used to transact the payment. Then how likely are governments to relinquish control of currencies, taxation, monitoring money laundering?

    So is crypto a bubble? Unless everyone believes in it ad infinitum, yes it is. That is not to say digital currencies don't have a future. They do, but it has to be something that people can easily use to pay for things, right?
     
    Last edited: 11 Jan 2021
  12. NoLimits01

    NoLimits01 William Gallas

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    Crypto is a bubble, but at the moment it’s self sustaining and it will be until the big boys can no longer make more money out of it that traditional investments.

    I also think, for the average Jo, (and I definitely include myself it that group) it’s easier and more fun to play the crypto trading market than the stock market if you only want to gamble a few quid
     
  13. Danishfurniturelover

    Danishfurniturelover the prettiest spice girl

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    Ripple will come back. They will probably do a deal with the SEC but I think the highest ripple will get will be £5.00

    Though interestingly they were talking about burning some of the millions of coins they have. If they do that then it will be buying a house in the south of france time for us.
     
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  14. Danishfurniturelover

    Danishfurniturelover the prettiest spice girl

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    I have been in it for a long time.

    As they say time in the market not timing the market.
     
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  15. Danishfurniturelover

    Danishfurniturelover the prettiest spice girl

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    Mate get on stellar.
     
  16. Robbo

    Robbo Jimmy Neighbour

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    £5 will still be a healthy profit for me, but won't clear my debts unless your dream scenario plays out.

    My ship sailed back in 2013 when I first heard about Bitcoins. Back then, one Bitcoin was about £2.70. :( Of course I had no clue as to how to buy Bitcoins and I definitely didn't see a future with the current price, but in hindsight I wish I'd spent £100 on them. Oh well.
     
  17. P.D.

    P.D. Chris Armstrong

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  18. SpurMeUp

    SpurMeUp Tom Huddlestone

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  19. Robbo

    Robbo Jimmy Neighbour

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  20. Diamond Lights

    Diamond Lights Richard Gough

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    Get your point entirely but the financial markets hardly make sense with 'real' companies either.

    Look at Tesla, it's market cap is bigger than all car companies combined. How is that possible for a company who doesn't sell that many cars?

    Air BnB IPO'd and was worth more than Marriott which actually owns leases and land. Again, it's nonsensical.
     
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