BITCOIN

coyrls

Solenoid said:

HansOndabush said:

Scottex99 said:

deejaybee said:

I'm thinking more long term,  but if i was to take any profit, would stick it on a different flavour(s)

BTC/ETH always a good place to start. Then you can have a look at some of the larger cap altcoins, then into the more degen stuff, then into the highly risky sh1tcoins, if you want. That's how I'd play it.
Years of research and learning out there if you have the inclination, or you can just buy a few coins and leave them in a wallet for half a decade

Or you can just flush some cash down the toilet for real fun.

I put £900 yesterday even though I was against it myself.

That literally makes no sense to me.

whatstheplan

HansOndabush said:

Scottex99 said:

deejaybee said:

I'm thinking more long term,  but if i was to take any profit, would stick it on a different flavour(s)

BTC/ETH always a good place to start. Then you can have a look at some of the larger cap altcoins, then into the more degen stuff, then into the highly risky sh1tcoins, if you want. That's how I'd play it.
Years of research and learning out there if you have the inclination, or you can just buy a few coins and leave them in a wallet for half a decade

Or you can just flush some cash down the toilet for real fun.

I don't get this sort of comment in relation to the crypto world.  Of course, we're all entitled to our opinion, however what do those who think crypto is a scam say to those currently making money through investing in (gambling if you prefer) and/or trading crypto?  Tbh I think a lot of it is sour grapes and/or a misunderstanding of what the whole thing is about.

P1

Malthusian said:

onthebench said:

HansOndabush said:

Scottex99 said:

deejaybee said:

I'm thinking more long term,  but if i was to take any profit, would stick it on a different flavour(s)

BTC/ETH always a good place to start. Then you can have a look at some of the larger cap altcoins, then into the more degen stuff, then into the highly risky sh1tcoins, if you want. That's how I'd play it.
Years of research and learning out there if you have the inclination, or you can just buy a few coins and leave them in a wallet for half a decade

Or you can just flush some cash down the toilet for real fun.

I've flushed plenty of cash down the metaphorical toilet over past 10 years. If I had used even a fraction of it to buy bitcoin or ether then I'd be a multi-millionaire. 

Or if you'd used a fraction of it to buy a winning lottery ticket. The National Lottery has made far more people into multi-millionaires (usually at least two a week for a couple of decades) than Bitcoin. (Most people who cashed a seven-figure fortune out of Bitcoin had put an even larger fortune in; that is how the mathematics of a zero-sum money game work.)

Clever alert!

tichtich

I'm thinking I might have a small flutter on Bitcoin. I've never bought into a bubble before, so it may be worth it just for the experience.

Scottex99

Malthusian said:

onthebench said:

HansOndabush said:

Scottex99 said:

deejaybee said:

I'm thinking more long term,  but if i was to take any profit, would stick it on a different flavour(s)

BTC/ETH always a good place to start. Then you can have a look at some of the larger cap altcoins, then into the more degen stuff, then into the highly risky sh1tcoins, if you want. That's how I'd play it.
Years of research and learning out there if you have the inclination, or you can just buy a few coins and leave them in a wallet for half a decade

Or you can just flush some cash down the toilet for real fun.

I've flushed plenty of cash down the metaphorical toilet over past 10 years. If I had used even a fraction of it to buy bitcoin or ether then I'd be a multi-millionaire. 

Or if you'd used a fraction of it to buy a winning lottery ticket. The National Lottery has made far more people into multi-millionaires (usually at least two a week for a couple of decades) than Bitcoin. (Most people who cashed a seven-figure fortune out of Bitcoin had put an even larger fortune in; that is how the mathematics of a zero-sum money game work.)

Lottery, fine yeah.

BTC, nope. There's about a 3 week window now at a guess in the history of the asset where you could have bought and be down right now. i.e anywhere in $57-65k range. If you bought anytime in the last 10.9 years, you're up

Malthusian

Scottex99 said:

Lottery, fine yeah.

BTC, nope. There's about a 3 week window now at a guess in the history of the asset where you could have bought and be down right now. i.e anywhere in $57-65k range. If you bought anytime in the last 10.9 years, you're up

Punters' money in == punters' money out.

If someone sells their Bitcoin at a profit for $57k then the punter who bought it at $57k has to sell it for even more than that to not lose money. It is mathematically impossible for everyone to sell their Bitcoin for more than they paid.

For someone to make a million pounds out of Bitcoin other people have to lose a million pounds.

A hell of a lot of people bought Bitcoin in that supposedly short three week window and are now sitting on losses, that's why the price was at $60k+.

Scottex99

In a simple world, but there's leveraged trading, derivatives, staking etc etc etc.
Keeping it simple, BTC was 20k in December 2017, it took till December 2020 to get there again. So if you bought BTC ANY TIME between 2010 and 2020, you are MINIMUM 2.5x up right now

naedanger

Malthusian said:

Scottex99 said:

Lottery, fine yeah.

BTC, nope. There's about a 3 week window now at a guess in the history of the asset where you could have bought and be down right now. i.e anywhere in $57-65k range. If you bought anytime in the last 10.9 years, you're up

Punters' money in == punters' money out.

If someone sells their Bitcoin at a profit for $57k then the punter who bought it at $57k has to sell it for even more than that to not lose money. It is mathematically impossible for everyone to sell their Bitcoin for more than they paid.

For someone to make a million pounds out of Bitcoin other people have to lose a million pounds.

A hell of a lot of people bought Bitcoin in that supposedly short three week window and are now sitting on losses, that's why the price was at $60k+.

Regarding the mathematics, is Bitcoin any different from gold?
Currently everyone could, in theory, be sitting on profits on paper. (Whenever the price is at an all time high no-one can be sitting on paper losses.)

Onestepcloser

I personally don't own bitcoin but have invested about 4.5k in alt coins since December and as of today I'm up 500% probably more if I was to calculate the interest from staking.  Crypto for the most part is definitely not a scam , although volatile if you choose projects with solid technology  gains should continue just the same way it would with the stock market.

HansOndabush

Onestepcloser said:

I personally don't own bitcoin but have invested about 4.5k in alt coins since December and as of today I'm up 500% probably more if I was to calculate the interest from staking.  Crypto for the most part is definitely not a scam , although volatile if you choose projects with solid technology  gains should continue just the same way it would with the stock market.

That is so completely not true. You don't seem to realise that stock markets go up due to the work done by companies to produce goods and services which increases the value of the companies such that they can pay larger dividends and investors are therefore willing to pay more for the shares. That is completely different to crypto currencies that produce nothing and have limited use and which cannot increase value on their own. Crypto price might be increasing for now but that is only due to other punters betting a higher stake on it. If you are making 500% then someone else is or will be losing it as Malthusian has tried to explain and which you clearly fail to grasp.