Bitcoin, the biggest gamble?

[flyerskyangle]

If you buy lot of some asset and just hold it, do you then call it investment, saving or what? Would say that many of crypto assets are so speculative that gambling is not totally wrong word to use, i think my crypto buyings more as lottery tickets than an investment like their nature bit is.

In most of cryptos like BTC, there is no any money coming to that chain outside of it, only speculators/gamblers/investors who buy it bring there money and value, then there are all network and miner fees so literally part of funds are not even staying in that chain but are taken out as these fees, there is all the time less money than people have added there. With these signs it tick quite many boxes in traditional ponzi scheme, difference in this mostly is that people know what they are doing and nobody is cheating and saying that there is any additional value coming from anywhere else than people who buy it, there's no any great business which would create value, it's just blockchain.

Of course you never lose them but you don't have any guaranteed value for them either, it's bit like you buy some collecting card which is only made certain of amount and it's price is purely made from demand, how much people are ready to pay from it. You always have your BTC or that collection card, what it's value next week or week after is different question, itself these both don't gain any additional value but are only worth how much somebody is ready to pay.

In this world nothing can be guaranteed . Money become less everyday, so is BTC.
When you hold it, more people have to hold less.
About the value, when people use it, then it’s valuable. Just like money,gold, buy collection card is impossible do that.
Just like gold, if everyone accepted it ,then it valuable.

 

[DreamRJ]

To be honest. I also do not trade or use Bitcoin. It never interested me. But my 2 cents is this. I would say thanks to Elon Musk who bought 1.5 Billion worth recently, which obviously then caused the price to skyrocket to new highs in the last weeks... I suspect that once Mining has been exhausted in the next 30 years. Then there will be no more bitcoin to be mined.

I then do think that bitcoin will reach brand new highs again then. but until then, it will just be up and down. It will crash multiple times and gain back again. Unless something happens to the entire market or a huge global depression or financial crash that affects every part of the economy including bitcoin. Then I would to be honest sell them right now while the price is still decent, rather than waiting and hoping the price will increase further.

But saying that. If more huge investors buy huge amounts again or more huge companies start accepting bitcoin as a payment method then that will also increase the price. So many factors involved.

I read so many stories of people who mined bitcoin and they then lost the old computer and their bitcoins because of it and they would have been rich now if they still had access to them.

Anyway that was my 2 cents worth.

 

[Spikie]

Volatility is the problem when it comes to people actually buying things with it , rather than as a speculative investment.

Whilst people think they will become rich by buying and holding , it will never get used for real world purchases.

Also fees are high and transaction times slow . And easy to lose it all if you lose the keys . No insurance against theft etc.

there are so many factors against it being used for normal transactions, absolutely no advantages to anyone that uses a normal debit / credit card .

So it is a bubble , and will pop

 

[Slottery]

Think that most of people who are interested about cryptos and possible use cases are putting their small monies to some other projects than BTC which as technology is already quite old, extreme expensive transactions, not to mention electric consumption which i think just got higher than in the whole Norway which anyway is few million people country, not just blockhain.

There are various projects that could actually provide something to many things, first to come in mind, transafers/transactions, SWIDT start to be quite old and not very cheap either, tokenization projects could bring some easy ways to people trade between themselves without some centralized provider etc... 95% of these coins/tokens are and going to be just shit without any real life use, last few years it's been just so easy to make token and list it somewhere and post cool hype posts to own website and groups to pump price high for little moment and say bye.

Many say that blockchain technologies provide answer to problem which doesn't exist, at least in that scale that this answer would anyhow be useful in real life.

BTC gonna be and stay there, it's that THE First one which all recognize from name and fact that it's limited amount of it ever gonna exist, it most probably hold value like most of old things which are not made anymore. It's practical use gonna be pretty much same level than some collection card or other old thing which gains value just because there is demand but don't hold anything itself, BTC itself don't solve any problems and like said, it's already old technology which for mentioned reasons not gonna be something to be used in everyday payments, there are much more developed ways already and more to come.

 

[slotmaster]

Volatility is the problem when it comes to people actually buying things with it , rather than as a speculative investment.

Whilst people think they will become rich by buying and holding , it will never get used for real world purchases.

Also fees are high and transaction times slow . And easy to lose it all if you lose the keys . No insurance against theft etc.

there are so many factors against it being used for normal transactions, absolutely no advantages to anyone that uses a normal debit / credit card .

So it is a bubble , and will pop

100 percent this. Though I think it will go down again I think it is not going away completely.

 

[mack341]

At some point it's surely got to go tits-up, but who knows

 

[neon claws]

Yes, typically ponzis collapse once no one new can be brought in. Given that btc is global, that's likely a fair way off.

 

[me_and_ed]

My eldest son and I bought 15.5 bitcoins a couple years back at $1300/btc, I was very skeptical and frightened, he told me 10k we sell......we sold 10 BTC when it hit 10k, I thought we were big winners.....wooohoooo.......thank god we still have 5.5 left.......It will continue to rise.

 

[mack341]

can you buy small fractions of 1 coin?

the price I see today is 1 btc equals £34,176, that's ridiculous to me, but the recent high was £40,973...glad I'm not in this 'late' game my arse would be twitching right about now!

edit: is somebody somewhere still 'mining' coins to add into the supply?

 

[slotmaster]

can you buy small fractions of 1 coin?

the price I see today is 1 btc equals £34,176, that's ridiculous to me, but the recent high was £40,973...glad I'm not in this 'late' game my arse would be twitching right about now!

edit: is somebody somewhere still 'mining' coins to add into the supply?

Yes, you can buy a fraction.

 

[slotmaster]

Every time I see FUN climb the chart I think of @KasinoKing LOL. I only have a little bit in crypto and just hanging around the same amount since I deposited.

 

[KasinoKing]

Every time I see FUN climb the chart I think of @KasinoKing LOL. I only have a little bit in crypto and just hanging around the same amount since I deposited.

Yeah - they are still proving to be a FUN investment!
I've still got 770,000 and even I am surprised how they have kept rising.

I originally had 1.17 million of them, but changed 408,000 into DigiByte and VeChain in March - and they have performed even better than Funfair!

Overall my Crypto's are now worth 3x the original investment that I made in Dec 2017, but a year ago it was very bleak when they were down to only about 12% of what I put in!

KK

 

[neon claws]

Overall my Crypto's are now worth 3x the original investment that I made in Dec 2017, but a year ago it was very bleak when they were down to only about 12% of what I put in!

KK

Wouldn't you have been better off just putting it in Bitcoin? Btc is up over 5x since I bought in and it was nowhere near that long ago.. maybe a year or something.. and it hasn't had 88% dives...

 

[KasinoKing]

Wouldn't you have been better off just putting it in Bitcoin? Btc is up over 5x since I bought in and it was nowhere near that long ago.. maybe a year or something.. and it hasn't had 88% dives...

If I had crystal balls - yes!

Like I think I have already said in this thread - hindsight is a b*tch!

KK

 

[neon claws]

If I had crystal balls - yes!

Like I think I have already said in this thread - hindsight is a b*tch!

KK

Well, yes and no- conventional wisdom is that if you're going to get into crypto just stick with btc. It has a track record and there's been literally thousands of other alt coins that have made big short term gains for a few weeks, maybe months but then just crashed entirely.

To me, btc is volatile enough, doubling down on trading or alt coins just seems suicidally risky.

 

[Slottery]

Guess it depends also if you are willing to do any trading or just buy and hold. If willing to do some trading, it's not really huge risk to get in something when it start to go up and get out early enough like now i'm happy to get rid off most of XRP:s i have, don't have any intention to see if it goes to moon or crash but get my pennies and be happy, same with any other token and whatever assets i have, cryptos, stocks,etf, funds etc.

That naturally needs some more effort than pure passive holding but if having any experience about trading assets, it's quite low risk and good pay per hour what it takes to follow and act. There's not much difference in these exchanges than any other ones, crazy volatility to be one but still pretty much same ball game in any exchange from Betfair, Stocks and Cryptos. No need to be wake 24/7, in any exchanges you can quite easily add your limits and margins and get your orders automatically executed when your price is available.

Of course this is pretty much zero sum game, all you win, you take from others in market, there is no any external funds coming in, everything you have is from others pockets. Therefore you don't even need to be Gordon Gecko to make some profits as long there are some people who money you can take and in last 12 months, huge amount of money have come to crypto markets and there are loads of people who just quite randomly buy something their neighbour told is good etc... without any further understanding and majority of them will pay for their learning curve and their funds are transferred to others.

It's bit like poker, as long you play in table you can beat, nothing can stop you from making more money, now there is an extreme amount of not very sophisticated money all around, little bit like you would play poker on your normal best level but you realize that bets are much higher but opponents still bad as before. Not gonna last for ever, therefore i'm all the time happy to collect possible winnings to less volatile places and just have certain amount in bit more active trading, it's better for my blood pressure to have taken my share from this bull, now just keep playing as long this goes on and every week what can make some more is extra, if most of cryptos would default tomorrow, would still be really happy what have got from them.

 

[KasinoKing]

Well, yes and no- conventional wisdom is that if you're going to get into crypto just stick with btc. It has a track record and there's been literally thousands of other alt coins that have made big short term gains for a few weeks, maybe months but then just crashed entirely.

To me, btc is volatile enough, doubling down on trading or alt coins just seems suicidally risky.

Well yes and no - I didn't have ANY wisdom when I started dabbling in cryptos!

It was December 2017 when I first started buying alt coins using the Btc I already had - and I made some HUGE mistakes, it's true.
My worst mistake was buying $2,900 worth of SALT - now worth $130. DASH and Ethereum Classic were also very bad investments.
But then, I also bought $8,900 worth of Funfair - now worth $49,500.
6 months ago I bought $2,100 of Cardano - now worth $25,000.

Yeah, I would probably have been better off keeping the Btc - but who knew they would hit $60K!

KK

 

[slotmaster]

I friggin love BTC! New profit high today for me on this deposit. All in BTC and what I call Bitcoin Split, BTCST

 

[slotmaster]

I cashed out when ahead on BTCST and still got a little bit in bitcoin, now all in on DOGE! Made the most in 2 days in that than any crypto or stocks combined,lol.

Anyone else jumping on the hype doge nonsense?

 

[mack341]

Didn't elon tweet about DOGE recently, I have zero idea what it is though .... I suppose the established financial system is a bit under pressure, also being linked strongly to physical cash which many influential people/electronic payment companies would rather not exist.

Just refound it:

 

[sufferinsilence]

I bought DOGE together with my brother at €0.04, we also have some BTC and ETH, and it's at 0.28 now. Cashed out our investment so it's basically freerolling with profit right now. Doing it just for fun, didn't invest that much.

 

[slotmaster]

Didn't elon tweet about DOGE recently, I have zero idea what it is though .... I suppose the established financial system is a bit under pressure, also being linked strongly to physical cash which many influential people/electronic payment companies would rather not exist.

Just refound it:

View attachment 153971

It's a joke meme coin with no use whatsoever really at the moment. LOL

 

[slotmaster]

But lots of attention and even saw there is going to be a t.v. commercial about it, even the top stock guys are all saying it is going to go to $1.00.

All aboard the hype train! LOL

 

[geordiecolin]

I cashed out when ahead on BTCST and still got a little bit in bitcoin, now all in on DOGE! Made the most in 2 days in that than any crypto or stocks combined,lol.

Anyone else jumping on the hype doge nonsense?

Pirate chain is rocketing at the moment. Its up 2,000% within just a few months and it is touted as just getting started.

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[slotmaster]

Oh ya, the other day $68 billion dollars were traded in it and it is crashing the crypto sites, I had to try myself a few times to buy. That amount to put in perspective you can buy NIO, CCIV the 2 e.v. companies that are making cars, and BNGO a company that I was invested in, you could have bought 100 percent of all 3 companies with the $68 billion!