BITCOIN

DannyCarey

MeteredOut said:

Sumselkb said:

RichTips said:

Sumselkb said:

Cus said:

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

The logic is that if I buy it at £20k and it goes up to £1m then I will make 50x my investment. If I buy it as £50k and it goes up to £1m then I will make 20x my investment.

As you can see, I am new to this :lol

You may find that you're not psychologically prepared to buy Bitcoin when/if it goes back to £20k. You'd be faced with a cacophany of accusations from "experts", the media and armchair analysts that it's going to zero, it's dead, crypto is a scam etc. just like when it went from £50,000 to £13,000, and £15,000 to £2500 before that. You do you though.

I wont have a problem buying it. I'll buy it when its cheap and sell it when its high.

The problem is that it seems technologically complicated. I'm not very good with apps and computers and programs and it seems there's a lot things to learn/do eg software, signing up, verifying, transferring, save passwords, keep secure, exchange rates, fees, Capital Gains Tax. etc. I don't know where to start.

Why has no-one ever thought of that before?

Seriously, if you don’t realise why that is an incredibly ludicrous thing to say, or if you really think you’ll do that, keep your money in your bank.

This gave me a right chuckle! So true.

originator

originator said:

Sumselkb said:

RichTips said:

Sumselkb said:

Cus said:

If you fear it will rise to 1 BTC = £1,000,000 by 2050, then does it matter if it's £20k or £50k now?  
At some point this investment asset class may not be the volatile element it is currently, so maybe it never goes down to £20k, but also never goes above £150k. 

Sorry just not seeing your logic here, but to your original question, I found using coinbase for small amounts of the years (single figure £thousands) very simple, easy, and probably very cost ineffective but right up my luddite profile 🙂
 

The logic is that if I buy it at £20k and it goes up to £1m then I will make 50x my investment. If I buy it as £50k and it goes up to £1m then I will make 20x my investment.

As you can see, I am new to this :lol

You may find that you're not psychologically prepared to buy Bitcoin when/if it goes back to £20k. You'd be faced with a cacophany of accusations from "experts", the media and armchair analysts that it's going to zero, it's dead, crypto is a scam etc. just like when it went from £50,000 to £13,000, and £15,000 to £2500 before that. You do you though.

I wont have a problem buying it. I'll buy it when its cheap and sell it when its high.

The problem is that it seems technologically complicated. I'm not very good with apps and computers and programs and it seems there's a lot things to learn/do eg software, signing up, verifying, transferring, save passwords, keep secure, exchange rates, fees, Capital Gains Tax. etc. I don't know where to start.

Yeah I get it,I am old and am pretty sure they thought I was being coerced into buying bitcoin , the amount of hoops they made me jump through did my head in!To me it's a bit of fun, bit like betting on the horses lol. Just go for it......

  Oh and get some child to help you with the techy bits, good luck!

onomatopoeia99

Scottex99 said:

joep2 said:

The FOMO is strong on this. Is it likely to pull back before or after halving?

Historically it’s before.

Wouldn’t surprise me if there was a big shakeout soon.

But we didn’t have ETFs before either. Blackrock’s accumulated $10bn in 7 weeks. What it took a Gold ETF 2 years to do 

The involvement of Blackrock etc and creation of ETFs seems to have temporarily silenced the "OMG it's a ponzi" types on here, and as someone that holds due to inertia I welcome them hoovering up much of the supply.

RichTips

onomatopoeia99 said:

Scottex99 said:

joep2 said:

The FOMO is strong on this. Is it likely to pull back before or after halving?

Historically it’s before.

Wouldn’t surprise me if there was a big shakeout soon.

But we didn’t have ETFs before either. Blackrock’s accumulated $10bn in 7 weeks. What it took a Gold ETF 2 years to do 

The involvement of Blackrock etc and creation of ETFs seems to have temporarily silenced the "OMG it's a ponzi" types on here, and as someone that holds due to inertia I welcome them hoovering up much of the supply.

I'd be curious to learn if/how the throughts and opinions of @Malthusian have evolved, especially as he responded to my first comment on the subject way back in mid-2020 and is still active.

Scottex99

I think we hit ATH……

Probably a zillion sell orders at 69,420 lol

silvercue

silvercue said:

BTC is very close to All Time High v USD and has actually just passed it v GBP.     There is a chance that once it hits USD ATH it may retrace a bit

It was always going to happen.  Has not dropped much though, just needs to build some support and try again.  May take a few attempts.  

Scottex99

Catastrophic dump to $64.5k now.

Sell it all. 

OR

Just wait till it re-tests and rips to $80k. Halving will get us there at some point anyway

silvercue

BTC had an unsurprising rejection at ATH level (USD), dropped quickly to £48k and bounced straight back up to £52.5K and rising.  Will test ATH again, and may be rejected.  Great time for those that are trading.   I never have the balls to do that with large amounts.  Just hold and wait for exit point.  

Scottex99

Yeah I've got a few longs open from the mid 40s range and 2.5 range on ETH.

But I don't often sit and trade. Just DCA and BTD when it retraces a decent amount. Picked up some around 62k yesterday as we'll be retesting 70k soon enough imo.

Putting some decent thought into the exit points over 2024 as well, just an important as taking the plunge.

I've been caught bagholding in previous cycles and want to avoid that this time round

silvercue

Scottex99 said:

Yeah I've got a few longs open from the mid 40s range and 2.5 range on ETH.

But I don't often sit and trade. Just DCA and BTD when it retraces a decent amount. Picked up some around 62k yesterday as we'll be retesting 70k soon enough imo.

Putting some decent thought into the exit points over 2024 as well, just an important as taking the plunge.

I've been caught bagholding in previous cycles and want to avoid that this time round

Yes, I am guilty of not selling when I should.  I will have a better plan this time.  I have open ETH position from under £600 and BTC from £7k.

Largest holding is ADA though.