Off Topic Does anybody understand bitcoin?

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Howdentiger2 said:
Why does it trouble you what other people do with their own money? I don't care what you do with yours and you really shouldn't care what I do with mine unless it directly effects you and yours.

For what it's what it's worth I read every single book I can lay my hands on re investing, I have been investigating in various stocks, shares, markets and fund/pensions since I was around 23/24. Crypto is a little bit of fun that I like to have and so far it's been a success.
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Ok, "trouble" is maybe not the best word. Maybe better to say something like "I find it a little sad' or "a shame" sort of thing. I guess I'm just one those who does care about what others do in as much as I like to see people bettering themselves (not that I'm some sort of perfect role model - I clearly aren't).
It sounds like you are at least making informed / educated choices and are treating it as a bit of fun on the side; fair enough, but many don't, either because they haven't bothered to do the reading and or because they've fallen prey to the power of advertising / marketing.
 
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Gone For A Walk said:
Ok, "trouble" is maybe not the best word. Maybe better to say something like "I find it a little sad' or "a shame" sort of thing. I guess I'm just one those who does care about what others do in as much as I like to see people bettering themselves (not that I'm some sort of perfect role model - I clearly aren't).
It sounds like you are at least making informed / educated choices and are treating it as a bit of fun on the side; fair enough, but many don't, either because they haven't bothered to do the reading and or because they've fallen prey to the power of advertising / marketing.
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Fair point and yes, people who don't really understand what they are getting into can lose it all, it's why the No1 rule should always be never invest what you can't afford to lose.
 
Edelman said:
Its a minefield isnt it ?
When do you take profits ?
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I always take my initial investment out as soon as I can ( normally when I've made a 25/30% profit ) then leave the rest in an play with the houses money. I've got none of my own money invested now by doing that...it's all profit. As I said earlier I don't really have a huge amount in crypto but I've taken bits out over time to pay for things that have come up and a holiday
 
Howdentiger2 said:
I always take my initial investment out as soon as I can ( normally when I've made a 25/30% profit ) then leave the rest in an play with the houses money. I've got none of my own money invested now by doing that...it's all profit. As I said earlier I don't really have a huge amount in crypto but I've taken bits out over time to pay for things that have come up and a holiday
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Is there a particular platform you use HT2?
 
Crypto is investment, just like buying stocks, shares and Forex.

There's obviously risk involved. But I'm comfortable with that.

I'm up over 7x in a year. No other investment could give me that.

Bitcoin should hit its all time high in the next day or so. Alt coins should follow.
 
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TheCasual said:
Crypto is investment, just like buying stocks, shares and Forex.
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Only it's not really, is it? Those other investments are based on tangible trading companies(or nations with regard to Forex), who buy and sell goods and services and generate income/profits and you're investing in their performance. I don't really understand Bitcoin at all, it seems to me that everybody is backing them on the basis of little more than blind faith as it lacks any genuine intrinsic value and as a consequence, has the potential to collapse in a very short space of time.
 
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originallambrettaman said:
Only it's not really, is it? Those other investments are based on tangible trading companies(or nations with regard to Forex), who buy and sell goods and services and generate income/profits and you're investing in their performance. I don't really understand Bitcoin at all, it seems to me that everybody is backing them on the basis of little more than blind faith as it lacks any genuine intrinsic value and as a consequence, has the potential to collapse in a very short space of time.
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Do you want to buy some fog? I should be getting some more in tomorrow, be quick though it may be all gone by dinner time.
 
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originallambrettaman said:
Only it's not really, is it? Those other investments are based on tangible trading companies(or nations with regard to Forex), who buy and sell goods and services and generate income/profits and you're investing in their performance. I don't really understand Bitcoin at all, it seems to me that everybody is backing them on the basis of little more than blind faith as it lacks any genuine intrinsic value and as a consequence, has the potential to collapse in a very short space of time.
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Bit like the US dollar then? :emoticon-0105-wink:
 
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originallambrettaman said:
Only it's not really, is it? Those other investments are based on tangible trading companies(or nations with regard to Forex), who buy and sell goods and services and generate income/profits and you're investing in their performance. I don't really understand Bitcoin at all, it seems to me that everybody is backing them on the basis of little more than blind faith as it lacks any genuine intrinsic value and as a consequence, has the potential to collapse in a very short space of time.
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In addition to this, the danger of crypto is that it's become extremely cool to be involved in in the last year. Loads of people are throwing their money at it, egged on by each other, and the dialogue around it is dominated by people/companies who stand to make a lot of money off other people putting their money into it, so of course their message is that it's perfectly safe, guaranteed profits etc. Everyone involved says they're being careful with it, only spending what they can afford to lose, but it won't be true for most of them.

It's almost certainly going to collapse at some point when people accept that as a currency technology it has no actual merit and isn't going to become adopted over money. No doubt some people will make profits off the volatility before then, but it's a dangerous game.

In the meantime, it's also a horrendous waste of energy.
 
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originallambrettaman said:
Only it's not really, is it? Those other investments are based on tangible trading companies(or nations with regard to Forex), who buy and sell goods and services and generate income/profits and you're investing in their performance. I don't really understand Bitcoin at all, it seems to me that everybody is backing them on the basis of little more than blind faith as it lacks any genuine intrinsic value and as a consequence, has the potential to collapse in a very short space of time.
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It's basic supply and demand economics. There are only 21m bitcoins that will ever be mined and minus the 3m that have been lost. The miner reward half's every for years.

Bitcoin selling point is it isn't backed by anything. It's a lot harder to influence then traditional markets.

If you go do a bit of research on Bitcoin you'll see there a 4 year cycle which revolves around the halving. The

The technology used by Crypto will be massed adopted in the next 10 years. It will change our lives like the internet has done.
 
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PLT said:
In addition to this, the danger of crypto is that it's become extremely cool to be involved in in the last year. Loads of people are throwing their money at it, egged on by each other, and the dialogue around it is dominated by people/companies who stand to make a lot of money off other people putting their money into it, so of course their message is that it's perfectly safe, guaranteed profits etc. Everyone involved says they're being careful with it, only spending what they can afford to lose, but it won't be true for most of them.

It's almost certainly going to collapse at some point when people accept that as a currency technology it has no actual merit and isn't going to become adopted over money. No doubt some people will make profits off the volatility before then, but it's a dangerous game.

In the meantime, it's also a horrendous waste of energy.
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The energy I get but how much does the transitional corporate banking use? That's hardly a force for good.
 
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TheCasual said:
The energy I get but how much does the transitional corporate banking use? That's hardly a force for good.
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I don't know, but there isn't currently a better alternative.

Cryptos involve running ridiculous numbers of ridiculously powerful computers constantly, for absolutely no tangible purpose. They're just churning out absurdly complex equations that no one needs an answer to, for absolutely no reason.

Lots of things use a lot of energy but are hard to replace. Cryptocurrencies are consciously using more and more energy, more than entire countries in some cases, for absolutely no output or purpose, at a time when we're all well aware that we need to reduce energy use wherever possible.

It's an incredibly damaging fad.
 
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TheCasual said:
The technology used by Crypto will be massed adopted in the next 10 years. It will change our lives like the internet has done.
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Why will it? I work in software and see companies occasionally claiming they're going to be using the Blockchain. It never comes to anything, because there's no reason for it to. This technology isn't exactly brand new and still no one's come up with an actually useful purpose for it yet. NFTs have become the latest thing but they're completely pointless, and a bit like cryptos, only seem to exist for the purpose of a quirky experiment. The whole thing is basically a meme.
 
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It seems to me there are real world applications to the block chain and contract settlement of crypto currencies, even though I still can't fully get my head around how it works.

At the moment there are so many out there vying to be 'the one' that gets taken up as an alternative to fiat currency.

It's early days and all a bit wild west. Most will fail and the a few that become usable will become the standard like in the Betamax v VHS or iPhone v Blackberry transitions.

Just my opinion. Don't put your house on it and don't do leverage or CFD's and have patience.
 
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It depends on what risk you want .
I've taken all of my original investment out of Bitcoin and I'm left with a 150% profit .
It could well halve at which point I'd buy back .
Still got some Alts which are flat at best and a bit of Eth
 
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Edelman said:
It depends on what risk you want .
I've taken all of my original investment out of Bitcoin and I'm left with a 150% profit .
It could well halve at which point I'd buy back .
Still got some Alts which are flat at best and a bit of Eth
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Eth has and done well for me and I think it will continue to go north
 
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