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Bitcoins/Cryptocurrency

edited 30 November -1 at 1:00AM in Savings & Investments
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  • edited 17 May 2019 at 8:02AM
    piorunspioruns Forumite
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    edited 17 May 2019 at 8:02AM
    Sir_Robin wrote: »
    I don’t expect it to keep climbing, it’s not clear what is actually causing this climb as I’m not feeling the hype that accompanied the first bubble. We know there are groups out there with mark-manipulating amounts of coin.

    I’ve cashed out my tiny amount, it was fun learning about it. I liked the technology and philosophy around it but in reality few people are using it as actual currency. I concluded It’s too volatile for me to commit a substantial amount to and not worthwhile to hold a small amount .
    First bubble? Must be clearly first for you.
    I’m not feeling the hype that accompanied the first bubble
    I am sorry that the second bubble hurt your feelings.



    "The 2011 Crash Bitcoin began the 2011 year at $.30 a coin, and on June 8th hit an intra-day high of $31.5, for a 105x return (10,500%) in less than half a year. Not even a month later it had declined some 65% to an intra-day low of $11. Less than month after that, it had dropped to $7.80, and about one month after that it closed at $4.77 for an 85% decline in just over ninety days. The highest loss, from one close to the next, was recorded at the beginning of this decline, on June 10 at nearly 39%."


    "2013: Two Crashes The 2013 year was quite a year for Bitcoin, with returns exceeding 100x yet again. It also crashed twice, and the second time it did so in such an extraordinary way that it took literally years for Bitcoin to recover."

    ...and so on.
    Debt & mortgage free since 2011  |  Financial independence since 2017
  • The problems with it is that no one uses it, its not safe, can be stolen/hacked without a trace etc

    I may be spectacularly wrong, but I see it going to nearly zero at some point in the not too distant future.
  • AegisAegis Forumite
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    WillGates wrote: »
    Bitcoin and Ethereum at it again.
    Up over 100% this year.
    Will we see a new all time high?
    Again, what rational reason is there for the upswing? What's the correct price for these tokens, and how do you calculate it? Was the price closer to correct at $1,000, $1 or $20,000 per coin? I've yet to see a rational approach to pricing bitcoin or any other currency - the main two are either production cost (sunk cost fallacy) or comparison to the world currency markets (irrelevant). As such, it seems impossible to work out correct price, making any "investment" into cryptocurrency a 100% gamble.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • MalthusianMalthusian Forumite
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    It will have a value for as long as people's need to receive and move money anonymously outweighs their fear of a dump to zero. And for as long as it has more brand awareness than Monero et al.

    (Higher number of participants in the money game = lower chance of a dump to zero before you can cash out, so Bitcoin still has an advantage over Monero et al despite its higher traceability.)

    If you refuse to accept cash because of the risk of traceability, then holding or receiving Bitcoin becomes a risk-free bet.
  • ben501ben501 Forumite
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    Aegis wrote: »
    Again, what rational reason is there for the upswing?


    Big corporate investors buying chunks of it for smaller investors to gamble with?


    I was surprised myself with the rise after it dropped to about $3500. At first I'd just assumed it was the whales playing with naive new punters, but recent searches on the net suggest some big investors are due to start listing it in some of their products. (description from someone who's no idea what they're talking about)


    I'd thought it had been brought into enough of the public's awareness to stop any new long term pumps, certainly enough to deter me from having another go, but the current price shows just how ignorant I am on the subject.
  • ReaperReaper Forumite
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    WillGates wrote: »
    Bitcoin and Ethereum at it again.
    Up over 100% this year.
    Will we see a new all time high?
    That's a very selective time period to make it look good. Change your graph from Year To Date to 1 Year and see if it still looks so rosey.

    In short - no, it's not an indication it will suddenly rocket up to an all time high. There is no reason why it should.
  • piorunspioruns Forumite
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    That's a very selective time period to make it look good. Change your graph from Year To Date to 1 Year and see if it still looks so rosey.
    Is that any better then?:rotfl:
    https://imgur.com/a/jkrYaij
    Debt & mortgage free since 2011  |  Financial independence since 2017
  • CerimCerim Forumite
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    And how are things with exchangers and buying it? Who can give info?
  • piorunspioruns Forumite
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    Cerim wrote: »
    And how are things with exchangers and buying it? Who can give info?
    What is your question? Info about what? "things with exchangers"?
    Debt & mortgage free since 2011  |  Financial independence since 2017
  • BitcoinBitcoin Forumite
    9 posts
    Cerim wrote: »
    And how are things with exchangers and buying it? Who can give info?
    If you are looking for an exchange, Coinbase is a good choice for beginners to get started.
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