Bitcoin update

[AlwaysAway2]

Re: Bitcoin update

How much fiat money is actually invested in Bitcoin?

This question is worth answering and understanding.

A lot of time and effort is put into mining bitcoin for bitcoin reward.
Money is also invested in mining ASICs.

But no fiat is actually tied up invested in bitcoin itself.
This is because for every person that buys BTC another selling person is getting the fiat investment money out via an exchange.

Worth understanding and not often made clear!

[FormerlyJohnnyBreadhead]

Re: Bitcoin update

Bitcoin salesman to potential investor - ' I have this thing that you need to buy. Its doesn't really exist and cant be used in everyday life for buying anything but its the latest fad and could make you money. Oh and by the way it could lose you everything' Not very attractive proposition when you read it like that is it. Unfortunately also the people most likely to take a gamble on it, are the ones who can least afford to do it or lose it.

Well when you read it with no understanding of how blockchain and Bitcoin works - and, more importantly, how it could potentially be adopted - then, yes, it won't be an attractive proposition.

Nobody is denying that BTC is extremely volatile and - as with all financial instruments - risky. But I think we're well past the point of discrediting it as a mere "fad" now, and many major financial institutions agree. Do some research into it, you might be surprised.

[The Gifaffe]

Re: Bitcoin update

Do some research into it, you might be surprised.

Also research tulip mania for balance.

[OurManFlint II]

Re: Bitcoin update

Also research tulip mania for balance.

I did, as that was what everyone threw at people who mentioned BTC. Surprises surprises its mostly codswallop that it somehow collapsed the entire dutch economy and millions were left starving. Like you say, research it as its still a fascinating story.

[Rock_Flock_of_Five]

Re: Bitcoin update

Bitcoin salesman to potential investor - ' I have this thing that you need to buy. Its doesn't really exist and cant be used in everyday life for buying anything but its the latest fad and could make you money. Oh and by the way it could lose you everything' Not very attractive proposition when you read it like that is it. Unfortunately also the people most likely to take a gamble on it, are the ones who can least afford to do it or lose it.

I missed this post when contributing to the thread earlier. You are showing ignorance. "Fad" - how long does a 'fad' last exactly... more than 12 years?

[Poolerblue]

Re: Bitcoin update

Cool facts Bro, what other world phenomenons are you struggling with that nobody has explained?

Actually there’s 3 more i’m struggling with if you can help, is there any actual proof that alien life has visited earth...I’m not sure exactly how a woman’s mind works and for the life of me I don’t understand why the Swansea academy system has been better than ours for the last 30 years!!

[tforturton]

Re: Bitcoin update

Actually there’s 3 more i’m struggling with if you can help, is there any actual proof that alien life has visited earth...I’m not sure exactly how a woman’s mind works and for the life of me I don’t understand why the Swansea academy system has been better than ours for the last 30 years!!

The last one is easy - they hired the right people.

[lardy]

Re: Bitcoin update

Bitcoin price has dropped in the last 24 hours. Are any long term holders going to sell and come back again in a few weeks/months?

[Rock_Flock_of_Five]

Re: Bitcoin update

Bitcoin price has dropped in the last 24 hours. Are any long term holders going to sell and come back again in a few weeks/months?

It's a bit of a risky game, selling the moment it drops and then hoping to buy back in at the dip. Bitcoin can shoot up overnight and take off like a runaway train again - there's always the danger you're unable to hop back on.

[Taunton Blue Genie]

Re: Bitcoin update

I was recently blackmailed and the blackmailer wanted payment in Bitcoin.

I received an email with a password I have had used for a number of accounts as the header.
It stated that my accounts had been hacked and that private messages and photos would be uploaded to Facebook if I didn't cough up.

After being taken aback and having done some digging, it seems that the Easyjet data breach last year was at fault - and like many other 'victims' I am currently taking action against the airline.

It seems that the naked selfies I sent to Sludge are safe for the time being.

[lardy]

Re: Bitcoin update

It's a bit of a risky game, selling the moment it drops and then hoping to buy back in at the dip. Bitcoin can shoot up overnight and take off like a runaway train again - there's always the danger you're unable to hop back on.

Yeah its volatility would stress me out.

I was thinking more of the drop similar to the one in 2018 after the 2017 skyrocket, rather than the typical large fluctuation. It seems to me that bitcoin is in the news again because of the high price, and in 2017 it was big news for a couple of months before collapsing. I wonder if that's gonna happen again. It's surely inevitable that it will drastically drop at some point.

[The Gifaffe]

Re: Bitcoin update

https://www.bbc.co.uk/news/business-55615514

[Rjk]

Re: Bitcoin update

Yeah its volatility would stress me out.

I was thinking more of the drop similar to the one in 2018 after the 2017 skyrocket, rather than the typical large fluctuation. It seems to me that bitcoin is in the news again because of the high price, and in 2017 it was big news for a couple of months before collapsing. I wonder if that's gonna happen again. It's surely inevitable that it will drastically drop at some point.

99% + of people who have bitcoin at the moment have so as an investment only.
yes you can use it as a currency, but the amount of use compared to it being held like an investment is absolutely tiny.
while that is the case it will always be hugely volatile.

[OurManFlint II]

Re: Bitcoin update

99% + of people who have bitcoin at the moment have so as an investment only.
yes you can use it as a currency, but the amount of use compared to it being held like an investment is absolutely tiny.
while that is the case it will always be hugely volatile.

where did you get that number from?