Bitcoin, the biggest gamble?

bamberfishcake

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Essex
No but im seriously considering investing a few quid.

What wallet do you use? Do you play with other crypto or just bitcoin?
 

neon claws

Experienced Member
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Jan 5, 2020
Location
Australia
No but im seriously considering investing a few quid.

What wallet do you use? Do you play with other crypto or just bitcoin?

I use a cold wallet- ledger specifically. It's the safest way if you're going to have anything more than a couple thousand bucks worth.

For transactions I use Independent reserve since I'm an Aussie.

I avoid other coins like the plague.
My friend and I went in initially with about the same amount but he kept trying to time the market and get new coins for 100's of percent gains overnight etc.
He ended up down $15k before pulling out entirely before the latest gains so a further potential loss of maybe another $15k, I'm up $30k just by not panic selling.
 

bamberfishcake

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Location
Essex
I use a cold wallet- ledger specifically. It's the safest way if you're going to have anything more than a couple thousand bucks worth.

For transactions I use Independent reserve since I'm an Aussie.

I avoid other coins like the plague.
My friend and I went in initially with about the same amount but he kept trying to time the market and get new coins for 100's of percent gains overnight etc.
He ended up down $15k before pulling out entirely before the latest gains so a further potential loss of maybe another $15k, I'm up $30k just by not panic selling.

Oh thanks for sharing. My investment would only be a few hundred quid so not even a whole coin. To be honest i dont have the money to invest significantly in bitcoin or i probably would.

My pal has an app he plays with and you can easily invest in different crypto's and hes made a few hundred quid for a few hundred in on his account so far over the last year. Ill probably try that route to start but if i could afford it i would go for a longer term investment on bitcoin.

Speaking with very little knowledge on the subject its clear to see that cyrpto is a very different proposition to what it was when it started and something it might be wise to keep tabs on. I wonder if the failing financial systems and economic struggles in the current climate might add some weight to crypto's booming.
 

neon claws

Experienced Member
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Jan 5, 2020
Location
Australia
To be frank it isn't much cop as a currency or store of value, it is now, and perhaps almost always was a speculative investment. Or the world's biggest Ponzi scheme.. either way people are pouring shedloads of money in to it.
 

Slottery

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Malta
It's up to how to use it, it can be as speculative investment which you just hold and see if your're millionaire one day or you can earn interest them as well (personally i don't just want to hold something if somebody pay 8-10% interest if i hold it in their project), which of course have risk attached that you decided to deposit them to place which go busted or is scam but that's why we do our DD.

Having few different cryptos, most of these tier1 types which don't most probably don't lose their all value overnight, then some quite speculative tokens from projects i personally like and think they could be valued if their roadmap goes as planned. After already qutie some years, i'm happy that i have got more euros from these assets than i ever paid (and i never had sold any) so if somebody pulls blug out from whole crypto world, i'm still happy what i got from there.

More and more projects are providing more ways to people invest and use cryptos and connect them to accounts which support fiat currencies as well and gives you iban and atm card for everyday use which have made it for anyone without any previous knowledge (ok, being able to google) to buy cryptos with £20 or what ever amount. Been participating to some ICO:s and crowdfundings of companies i've been liking and these have made much more than any coin or token itself which is just one asset, equity from some company which do manage to get their product out can make much nicer longer term profit but you also risk your money by funding these so not recommend to anyone without knowing what doing or not able to make risk analysis and other DD.

Utilizing of these coins is growing all the time, also stable coins were invented (value attached to some fiat currency like usd), most probably we are not moving back to pay in physical gold or something we used to, these days cash start to be minority compare to contactless payment methods which are accepted almost everywhere so would guess we move more and more for electronic payments and getting less and less cash as less and less places you need it anymore.
 

Slottery

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I've been holding 3 Bitcoin for under a year now and they've almost doubled in value.

The reason I decided to start holding was based on this extrapolation:


Anyone else holding crypto coins?

Your gamble just hit $20k line (one BTC). This can be very different than 2017 when money pumped there was mainly just from "normal" people who wanted to buy and hold cryptos, now more and more institutional investors been buying them and investing to different companies which provide some more utilization for cryptos and make it very easy and simple for anyone to buy BTC or what ever crypto with €£$20 or what ever amount in minutes.
 
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slotmaster

Paleo Meister (means really, really old)
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Location
Ontario
I was a holder bought at $3000 but now going to try and take smaller profit and day trade kind of thing I am think.

Also my tech stock reached a record high yesterday and up 44.5 percent in 2 days. Tee hee :)
 

KasinoKing

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Anyone else holding crypto coins?
Yes... unfortunately :(

It all started when Btc shot up in December 2017: I was holding a couple at the time, so I decided to "invest" in about 10-12 other coins in the hope they would go the same way... Big Mistake!

In the last few weeks, a few have finally gone above my buy price after being 50-99% DOWN for 2 years.
Luckily I only bought a couple of $100 of most.
My worst buy was SALT - I bought $2,900 worth and in Feb 2020 they were worth... $15 :eek:
At least today they are worth $77 :D
LiteCoin also turned over $8,000 into $3,000.

My big hopes are on Ripple: I have 10,000 and am waiting for them to go above my buy price of $0.62 (they are close!)
And on Funfair: I have over a million of them! Would be nice if they could hit a dollar ;) (currently $0.0042)

These may sound like big $ amounts to some people - but all these coins were bought using profit gained by the rapid rise in the Bitcoin value - so even if they all went to $0 I wouldn't be out of pocket ;)

KK
 

Slottery

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My big hopes are on Ripple: I have 10,000 and am waiting for them to go above my buy price of $0.62 (they are close!)
And on Funfair: I have over a million of them! Would be nice if they could hit a dollar ;) (currently $0.0042)


KK
Have quite big portion of Ripple as well (from my crypto portfolio, not huge amounts in general), have good faith on them too :) At least there was Flare airdrop few days ago for Ripple holders, have no idea what's that gonna be but if you get them as airdrop, can't lose anything i guess. Having very few alt-coins, only some i believe have decent product for utilization, there are so many which just are there for speculation without real utilization, don't really like to get in these where all value is based on pretty much nothing.
 

mumblesmountain

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The main issue I have with Ripple, is that their whole thing which differentiated them from all the other projects, was both their willingness and ability to integrate with the banking institutions.

I won't argue about whether that integration would be considered centralizing their blockchain, the fact that Ripple was 100% premined, or if it is more of digital fiat rather than a crypto currency. Mainly because I'm stupid and do not have that solid of a grasp on the fundamentals of blockchain security/design.

I do think the biggest threat facing Ripple, is the fact JP Morgan created their own version of Ripple, and they have a much better chance of getting the banks to adopt their product, rather than the Ripple team.
 

Slottery

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The main issue I have with Ripple, is that their whole thing which differentiated them from all the other projects, was both their willingness and ability to integrate with the banking institutions.

I won't argue about whether that integration would be considered centralizing their blockchain, the fact that Ripple was 100% premined, or if it is more of digital fiat rather than a crypto currency. Mainly because I'm stupid and do not have that solid of a grasp on the fundamentals of blockchain security/design.

I do think the biggest threat facing Ripple, is the fact JP Morgan created their own version of Ripple, and they have a much better chance of getting the banks to adopt their product, rather than the Ripple team.

We'll see how it goes, next few years probably tells where they might get. I still like Ripple and there are numerous of projects around it (like that mentioned Flare and others) making more use of it and hopefully providing some decent smart contract network for Ripple which would provide easy transfers for assets etc.. No need to be adopted by banks, there already are quite big number of people using other assets than fiats, can't see that amount really dropping dramatically but opposite when more and more people every year use cryptos more and less. I have hopes that it's not dropping much under $0.15 what around paid from it.
 

mumblesmountain

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We'll see how it goes, next few years probably tells where they might get. I still like Ripple and there are numerous of projects around it (like that mentioned Flare and others) making more use of it and hopefully providing some decent smart contract network for Ripple which would provide easy transfers for assets etc.. No need to be adopted by banks, there already are quite big number of people using other assets than fiats, can't see that amount really dropping dramatically but opposite when more and more people every year use cryptos more and less. I have hopes that it's not dropping much under $0.15 what around paid from it.
Oh man, that was a great price to get in at. I loaded up on it when it was trading sideways at $0.28.
II think it is a matter of time until it breaks the $1 price level, and then from there, anything could happen
 

slotmaster

Paleo Meister (means really, really old)
Joined
Apr 2, 2011
Location
Ontario
Yes... unfortunately :(

It all started when Btc shot up in December 2017: I was holding a couple at the time, so I decided to "invest" in about 10-12 other coins in the hope they would go the same way... Big Mistake!

In the last few weeks, a few have finally gone above my buy price after being 50-99% DOWN for 2 years.
Luckily I only bought a couple of $100 of most.
My worst buy was SALT - I bought $2,900 worth and in Feb 2020 they were worth... $15 :eek:
At least today they are worth $77 :D
LiteCoin also turned over $8,000 into $3,000.

My big hopes are on Ripple: I have 10,000 and am waiting for them to go above my buy price of $0.62 (they are close!)
And on Funfair: I have over a million of them! Would be nice if they could hit a dollar ;) (currently $0.0042)

These may sound like big $ amounts to some people - but all these coins were bought using profit gained by the rapid rise in the Bitcoin value - so even if they all went to $0 I wouldn't be out of pocket ;)

KK
Fun up 15% earlier this evening FYI, Probably dropped down again to absolutely nothing already, but I thought of you when I saw that,lol.
 

mumblesmountain

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United States
As long as big institutions continue to dump money into it (using it as a high risk high reward in an attempt to increase their return %) I am optimistic about the future, especially short term.

Seems to be worse and worse news with Ripple everyday, as more and more exchanges are removing it as an available asset to trade, thanks to the lawsuit started by the SEC. This likely is also contributing to the higher prices as retail investors are moving coins from Ripple to other stable coins.

Also, I read that for the first time in a long while, the activity of the "whales" have almost completely subsided for the time being.

My understanding is that a substantial amount of investors were shorting BTC on futures exchanges, and with the rally in price on 12/25/2020, about 131-million dollars worth of futures contracts in short positions were liquidated in a 24-hour timeframe.

What remains to be seen is how the community reacts to all these regulations attempting to be put in place by the US government, targeting individual wallets, and imposing over the top KYC verifications when transferring over $3,000 as well as requiring information on who the receiving party is, their info, and what sounds similar to SOW verification checks.

I always understood Bitcoin as being the exit strategy from government oversight and banking by design, and I am hearing arguments on both sides of table with this. The crypto purists claim there are protections put in place, making these attempts of regulation pretty much just empty threats with easy ways to bypass (not using CoinBase or similar exchanges for example).

I have also heard the argument that if crypto community wants to achieve the mass public adoption that has been talked about for years, bitcoin will need to play with the rules of the banks and institutions, and becoming part of the current government surveilled and controlled establishments that Bitcoin was was supposed to replace.

My knowledge on the subject is almost entirely connected to the US markets and regulations, so I would love to hear how things look/unfolding in other jurisdictions around the world
 

neon claws

Experienced Member
Joined
Jan 5, 2020
Location
Australia
Over here in .au we take our lead from the US pretty much. Whatever fresh hell you guys come up with we'll be imitating it in 2-3 years.
 

KasinoKing

WebMeister & Slotaholic..
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Fun up 15% earlier this evening FYI, Probably dropped down again to absolutely nothing already, but I thought of you when I saw that,lol.
Thanks!
Even though I have over a million Fun, they are very low value and so I am only about $4,000 down on my buy price at the moment.
That sounds terrible, but I also have nearly 3Btc - and they have gone UP more than $20,000 in the last month... :cool:

Ripple are a disaster though - should have cashed out when they got back to my buy price last month...
Hindsight is a bastard :(

KK
 
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