Bitcoin

The Zimbabwe currency was mentioned in here, Sween. But in general terms, there's a lot of insinuations of it.

Do you agree with the narrative that I was making that this public propensity to ask its mechanics? Yet, hardly any one does this with the Banking institutions? Clear representation of structural control in my opinion.

 

In a thread with a few priceless quotes we have a clear winner. I'll say this this for you mini/jamie you are consistent

 

Fair enough.

What makes you think it’s a bubble?

 

I think I do agree. I appreciate the argument, similar to your own I think, that fiat money can no longer be properly backed by anyone given central banks can simply create new money out of nothing. And given the levels of soverign debt in the system, you could argue it is pretty impossible for any state to back those levels.

That said, there is still value in the fact that the UK and US has never defaulted. So there is still a value in traditional currency being backed by traditional states and banks. The banks of course can manipulate the value of that pound in your pocket but in 20 years time you can be 99.9% certain that pounds still carries value. Like a bond, equity, property, gold, etc, something (whether you believe it or not) is driving the price beyond sheer speculation.

Cryptocurrencies have no backing and no intrinsic worth. Im not smart enough to fully get my head around the inner workings of the data mines that produce these currencies and I sense that this new blockchain technology may well be the start of something revolutionary. But even if it is, there is no reason to suggest any one currency around today will become the domimant currency.

So I guess I half agree. I dont think the way central banks control money can be sustainable in the very long term and I think currency and notions of money will change. But I dont believe that gives any value to bitcoin in particular.

 

Agree with all the post except this part.

It’s worth, in my opinion, comes from it’s ability to not be controlled by the banks. Plus, it’s supply and demand process isn’t inflated; right now it has 21 million Bitcoins. Since it has low quantity/units compared to the worldwide demand the price will continue to rise.

 

It has value like shares ,although you don't carry it's value in paper or coin ,you carry it in a ledger wallet ,who is to say this isn't the way forward ,no paper ,no waste no coin no mining for metals ,it costs nothing to hold its value and is greener than our currency now which has a life span ,so it costs to produce money ,do you not think the government believe it's the way forward ,they will want more control over it like things of value ,oil ,gold ,I think governments will also be using this to prop up economies to an extent ,but the thing they will want is to be able to track it and tax it , the very reason it was first started .it will be the way forward ,and bitcoin is the one people have faith in ,it has history in years in its favour .

 

Anyone got any RPX (Red Pulse)? Heard it's decent but every tom * n harry has an opinion on the next big thing...

 

None of that but as you say,I think the best policy is spreading your bets I have 7 different "coins" hoping one will be the next to explode.

 

This. Chuck a spare 20 quid on each even if one explodes your sorted unless they are * up then i said nothing.

 

Shares are also held digitally. And the value of bitcoin is absolutely nothing like the value of a share. I get why people compare it to the value of fiat currency, but is certainly isn't valued im the same way as shares - it represents something completely different.

 

Done ok since the start of November few mistakes but I have learned from them. Out of Bitcoin atm just too up in the air imo. Looking into the smaller coins and was thinking about throwing a few grand at cardano (ada) for the next while. Looks pretty strong and undervalued at the moment. Thoughts?

 

Aye go for it.

 

I moved from Litecoin into ETHER as that seems to hold up in a general downturn.
I like ADA as well

 

Every crypto has took an * pounding today.

 

Sent 0.036 BTC from cryptopia to mr-exchange 4 days ago and it did not arrive. Anyone got any experience on this exchange? Traded between cryptopia binance and stocks.exchange plenty of times without any trouble. Sign up to that one send bitcoin and boom missing bitcoin.

 

How are you assessing the value of it to believe it is undervalued?

 

Have you checked the transaction on the blockchain?
There are a few ways to check some exchanges have direct links to track a transaction or here is a site explaining the process
https://support.coinjar.com/hc/en-us/articles/204770485-Finding-a-bitcoin-transaction-ID-TXID-

 

Bitcoin is a speculative investment, it has no intrinsic value. People say it can be moved from country to country, except exchanges are banned in a number of countries. The miner fee is high, it's extremely slow these days to send a transaction. There are a number of superior coins to bitcoin, why should bitcoin hold it's value? Which is another nail in the coffin, who wants to use a currency/asset which you could send to someone as a payment and 30 minutes later be down thousands of dollars. Nobody.

The blockchain technology is pretty good and there are some really good ideas and whitepapers for coins out of there., like PRL proposes an ad free internet and instead using a portion of CPU/GPU power to generate the token. There are a lot of good ideas but... the market right now is barely about what altcoin is the best tech, there are tons of worthless coins pumped everyday. I think these shitcoins will die out. I even joined the parade on some psuedo shitcoins, bought in XSpec at 0.3 sold @ 4.5 dollars. Bought into ATLANTA at 0.25 sold @ 2 dollars. Bought into MONK @ 3 dollars sold at 20. Got RIPPLE @ 0.2 but sold it @ 1 before it hit 3. At one point you could basically pick any low circulation coin and be guaranteed insane returns.

I also bought into some ICOS. Spent 700 dollars worth of ethereum on Appcoins which got listed on binance. Think I got 2000 or so appcoins which I should sold as soon at it hit the exchange for 2.9 each. I always took out most of my profits into tether or FIAT. Most of it is in the bank now and what isn't is in tether. You'd be insane to buy something right now looking at the downwards trend in the graphs. Best to way to see some extended sideways movement.

Use cryptopia a lot, never had a problem. I had about 2 bitcoin worth of USDT at one point.

 

Thanks I can see it now. Back onto mr.exchange to find out whats going on. Looking at their facebook page I am not the only one.

Cheers. Ill send ye some bitcoin once its sorted . If it gets sorted.

Ripple was at $3.70 with 13bn more coins than ADA at the start of Jan to me ADA looks the better buy. The ADA road map looks solid. Shelly is well underway. They have a massive developing team. Blockchain 3.0. Ex CEO of Eth. Update in just under 18 days. Meets everything coinbase/GDAX looks for in a coin. Got myself 10k of them this morning. Not a coin Im looking to trade on a weekly basis one to hold for the next year - 2 years.

Utrust (the paypal crypto) and Vechain look handy enough coins to be involved in too.