BITCOIN

Zola.

Bitcoin can never be destroyed, but we may be entering a long bear market now until the next cycle, who knows. Everyone has an opinion. I have a modest personal goal with my bitcoin and I will pound cost average in every month regardless until I make it. So right now it's a great buying opportunity. Bitcoin only represents 5% of my investments, so it's a good hedge in my view.

On the money printing, governments can't keep printing forever at anywhere near this scale without serious ramifications. 
History shows us that currency debasement is how empires collapse. 

[Deleted User]

Do you agree Alaska is worth more than the $2 million USA paid for it, Zola?

Would you have sold it for $4 million, the year after?

lozzy1965

Zola. said:

On the money printing, governments can't keep printing forever at anywhere near this scale without serious ramifications. 
History shows us that currency debasement is how empires collapse. 

Agree with your 5%...good hedge comment, and stance.
I have been thinking about the 'governments printing money' thing for a while now.  Can I throw this thought out there for comment:
If one, or a limited number of countries print lots of money, then their currency devalues against 'the rest'.  If ALL countries are printing money (or at least all the significant ones) then there is no devaluation, because there is no 'rest'?

Funnily enough, whilst typing this, the thought occurred to me.  What is Bitcoin mining if it isn't essentially 'printing money'?  

Scottex99

lozzy1965 said:

Zola. said:

On the money printing, governments can't keep printing forever at anywhere near this scale without serious ramifications. 
History shows us that currency debasement is how empires collapse. 

Agree with your 5%...good hedge comment, and stance.
I have been thinking about the 'governments printing money' thing for a while now.  Can I throw this thought out there for comment:
If one, or a limited number of countries print lots of money, then their currency devalues against 'the rest'.  If ALL countries are printing money (or at least all the significant ones) then there is no devaluation, because there is no 'rest'?

Funnily enough, whilst typing this, the thought occurred to me.  What is Bitcoin mining if it isn't essentially 'printing money'?  

Mining is receiving a reward for maintaining the network and verifying transactions. All within the fixed supply of 21m BTC, total.

To compare it to money printing is the equivalent of some miner mining a further 10m BTC out of the blue therefore crashing the price of the asset as it's no longer a scarce store of value.

On the FBI thing, the DoJ will always be vague as it's clear they got access to the private guy by requesting it from a 3rd party, like an exchange. If they'd truly hacked it, BTC would already be at 0 as all the wallets in the world would be at risk

Zola.

Yeah they totally got that via an exchange sharing the information,  at the end of the day transactions can be seen transparently on the blockchain by anyone, so the narrative that it will be used successfully by cybercrime in this format will eventually change.
That's why the KYC regulations came about on exchanges ultimately, to catch people doing dodgy stuff when they actually try to cash out and they have followed the digital trail...

lozzy1965

Scottex99 said:
Mining is receiving a reward for maintaining the network and verifying transactions. All within the fixed supply of 21m BTC, total.

To compare it to money printing is the equivalent of some miner mining a further 10m BTC out of the blue therefore crashing the price of the asset as it's no longer a scarce store of value.

Taking your first point, so it becomes more and more expensive to "maintain the network and verify transactions"?  And moreover, ultimately there will be NO reward for doing this?  Does the network then collapse or become a cost to the BTC holder?

I see how printing money is NOT a good analogy for BTC, seems like it is for some other crypto where there is no upper limit.

Zola.

They get additional fees on top of block reward in bitcoin. 

Malthusian

lozzy1965 said:

If one, or a limited number of countries print lots of money, then their currency devalues against 'the rest'.  If ALL countries are printing money (or at least all the significant ones) then there is no devaluation, because there is no 'rest'?

There is devaluation against all the world's assets, goods and services. The most important consequence if all countries printed money simultaneously is that they would be reducing the value of debt (unless it's inflation-linked), both their own and everyone else's. If all countries with their own currency printed 10% more money then effectively every single creditor with non-indexed loans would be given a 10% haircut.

jasonwatkins

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

Scottex99

jasonwatkins said:

I was approved for Luno a couple of weeks ago and deposited a fair sum because I wanted to see how things went.   I admit I've made a few mistakes and moved money from Bitcoin to Ripple to Bitcoin Cash and back again a few times when i clearly shouldn't have.

I'm currently £250 down and watching everything nosedive and wondering if I should just take the hit and get out?

Less that 24 hours ago, Bitcoin cash was 460 gbp and now it's dipping below 400.   Does anyone think it'll recover?

I appreciate it's a how long is a piece of string question and that the very nature of this is volatile as hell, but I would appreciate some thoughts from those who have been doing it for a while.

I did buy Bitcoin cash reasonably low (ish) so if it recovers even to around 500-510, I could get out with a small amount of profit but I don't know.

If you need the money or dont fancy the volatility, you can get out and write it off as a loss.

Otherwise just leave it long term and you should do pretty well. Not many people can time the market regardless of if you're in for £50 or £50k. I personally wouldn't bother jumping from coin to coin trying to grab pumps or avoid dumps. Pick a few coins you like and take it from there. Almost everyone who is savvy will tell you to avoid BCH and XRP, with good reason. I hold easily 100+ different crypto assets and none of either of those two. For me the foundations of all good portfolios are BTC and ETH, then start doing some research on some others