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Off Topic Does anybody understand bitcoin?

Discussion in 'Hull City' started by Plum, Jan 10, 2018.

  1. Gone For A Walk

    Gone For A Walk Well-Known Member

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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.
     
    #341
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  2. Howdentiger2

    Howdentiger2 Well-Known Member

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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.
     
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  3. Edelman

    Edelman Well-Known Member

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    Its a minefield isnt it ?
    When do you take profits ?
     
    #343
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  4. Howdentiger2

    Howdentiger2 Well-Known Member

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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
     
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  5. TIGERSCAVE

    TIGERSCAVE Well-Known Member

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    Is there a particular platform you use HT2?
     
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  6. Howdentiger2

    Howdentiger2 Well-Known Member

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    For crypto it's coinbase and binance and other investing is trading 212 and Hargreaves lansdown
     
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  7. TheCasual

    TheCasual Well-Known Member

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    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.
     
    #347
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  8. originallambrettaman

    originallambrettaman Mod Moderator
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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.
     
    #348
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  9. balkan tiger

    balkan tiger Well-Known Member

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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.
     
    #349
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  10. originallambrettaman

    originallambrettaman Mod Moderator
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    Can you guarantee me the fog will get seven times more dense before it goes?
     
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  11. Plum

    Plum Well-Known Member

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    Bit like the US dollar then? :emoticon-0105-wink:
     
    #351
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  12. PLT

    PLT Well-Known Member

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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.
     
    #352
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  13. TheCasual

    TheCasual Well-Known Member

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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.
     
    #353
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  14. TheCasual

    TheCasual Well-Known Member

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    The energy I get but how much does the transitional corporate banking use? That's hardly a force for good.
     
    #354
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  15. PLT

    PLT Well-Known Member

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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.
     
    #355
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  16. PLT

    PLT Well-Known Member

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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.
     
    #356
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  17. FLG

    FLG Well-Known Member

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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.
     
    #357
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  18. Howdentiger2

    Howdentiger2 Well-Known Member

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    Hit an all time high today....
     
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  19. Edelman

    Edelman Well-Known Member

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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
     
    #359
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  20. Howdentiger2

    Howdentiger2 Well-Known Member

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    Eth has and done well for me and I think it will continue to go north
     
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