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Thread: Bitcoin update.

  1. #61

    Re: Bitcoin update.

    Quote Originally Posted by stevebrickman View Post
    No equipment required. You can usually commit your stake to the liquidity pool directly from your wallet. In the case of zilliqa, you can use zillet or moonlet.
    If Ripple win the court case against the SEC, the value of XRP will skyrocket!

    It's like a bloodbath in the crypto world at the moment. For new investors I would say don't be too despondent, it will correct itself.

  2. #62

    Re: Bitcoin update.

    These virtual currencies will come unstuck one day. The aim is to buy something for nothing in return just like the South Sea Bubble, various PONZI schemes and others which were all driven by greed. The price of Bitcoin has rocketed but profits are on paper. I've yet to know of anyone who has cashed in their paper profits as the whole thing is motivated by the uninitiated thinking their profits will increase. They might in the short term but eventually it will go wrong. If anyone has made money I would cash in as soon as possible.

    I've lost money in the past speculating on so called investments by buying small stocks that were forecast to rise; they did sharply in the short term but fell even more sharply. I kept the best one which was forecast to rise but it managed to turn my 1000 investment into 12 but was still my best performer. I lost money but it was no more than I could afford to lose.

    Throughout history people have been investing in the next big thing. Virtual currencies are the current trend. I wouldn't touch them with a bargepole. If history is a guide to the present the whole bitcoin thing will go seriously t-ts up.

  3. #63

    Re: Bitcoin update.

    Quote Originally Posted by Vindec View Post
    These virtual currencies will come unstuck one day. The aim is to buy something for nothing in return just like the South Sea Bubble, various PONZI schemes and others which were all driven by greed. The price of Bitcoin has rocketed but profits are on paper. I've yet to know of anyone who has cashed in their paper profits as the whole thing is motivated by the uninitiated thinking their profits will increase. They might in the short term but eventually it will go wrong. If anyone has made money I would cash in as soon as possible.

    I've lost money in the past speculating on so called investments by buying small stocks that were forecast to rise; they did sharply in the short term but fell even more sharply. I kept the best one which was forecast to rise but it managed to turn my 1000 investment into 12 but was still my best performer. I lost money but it was no more than I could afford to lose.

    Throughout history people have been investing in the next big thing. Virtual currencies are the current trend. I wouldn't touch them with a bargepole. If history is a guide to the present the whole bitcoin thing will go seriously t-ts up.
    It does seem to have the classic hallmarks of a bubble.
    Like 99% of people buying or holding any kind of cryptocurrency is because they think the value will go up. Nobody is using it for anything other than speculating, so there is no real floor to how low it could go.


    Watch it go through the roof now I've said that

  4. #64

    Re: Bitcoin update.

    Quote Originally Posted by Vindec View Post
    These virtual currencies will come unstuck one day. The aim is to buy something for nothing in return just like the South Sea Bubble, various PONZI schemes and others which were all driven by greed. The price of Bitcoin has rocketed but profits are on paper. I've yet to know of anyone who has cashed in their paper profits as the whole thing is motivated by the uninitiated thinking their profits will increase. They might in the short term but eventually it will go wrong. If anyone has made money I would cash in as soon as possible.

    I've lost money in the past speculating on so called investments by buying small stocks that were forecast to rise; they did sharply in the short term but fell even more sharply. I kept the best one which was forecast to rise but it managed to turn my 1000 investment into 12 but was still my best performer. I lost money but it was no more than I could afford to lose.

    Throughout history people have been investing in the next big thing. Virtual currencies are the current trend. I wouldn't touch them with a bargepole. If history is a guide to the present the whole bitcoin thing will go seriously t-ts up.
    The thing is, crypto is a really really good idea. I cannot get my head around the valuation, but I can buy into the concept of Blockchain because it's a genuinely neat solution to a real problem

  5. #65

    Re: Bitcoin update.

    You're right. (In reply to Optimistic Nick)

    For those that say that Bitcoin, in particular, is a Ponzi scheme, well.... 12 years is a helluva long time for a Ponzi to still be running.



    Incidentally, I first bought XRP in 2017 (4 years after its first release in 2013).

  6. #66

    Re: Bitcoin update.

    Quote Originally Posted by Rock_Flock_of_Five View Post
    You're right. (In reply to Optimistic Nick)

    For those that say that Bitcoin, in particular, is a Ponzi scheme, well.... 12 years is a helluva long time for a Ponzi to still be running.



    Incidentally, I first bought XRP in 2017 (4 years after its first release in 2013).
    I wouldn't exactly call it a Ponzi scheme, but it does seem to be entirely based on froth, which you have to question if it can sustain its value on that alone without having some underlying utility.

    with a Ponzi scheme I guess it will be sustained for as long as they have new investors available

  7. #67

    Re: Bitcoin update.

    Quote Originally Posted by Rjk View Post
    It does seem to have the classic hallmarks of a bubble.
    Like 99% of people buying or holding any kind of cryptocurrency is because they think the value will go up. Nobody is using it for anything other than speculating, so there is no real floor to how low it could go.


    Watch it go through the roof now I've said that
    Second statement is correct but there are use cases.

    This is about a slow steady shift in the way people see industries that, due to technological advancement, are rooted firmly in the past. For a potential use case of Blockchain and decentralisation, think of any situation where you are giving money to a middle man and flip it on its head. We used to have travel agents taking a wedge, now we have Airbnb taking a wedge but what does the next step look like? A classic example is finance, why do you need a stock broker? It's hard to picture a system governed by the people who use it because we currently relinquish that decision making power in most instances.

    The main issue with bitcoin right now is it is a legacy project but determines the direction of the entire market. There are benefits to light regulation but one of the downsides is that big investors can manipulate it without legal repercussions, that is what is happening right now.

  8. #68

    Re: Bitcoin update.

    Anybody questioning use case, look up icp or dfinity on YouTube. It's not necessarily a great investment right now but it is a project looking to define the next iteration of the web. The scope of it is insane.

  9. #69

    Re: Bitcoin update.

    Quote Originally Posted by Rjk View Post
    I wouldn't exactly call it a Ponzi scheme, but it does seem to be entirely based on froth, which you have to question if it can sustain its value on that alone without having some underlying utility.

    with a Ponzi scheme I guess it will be sustained for as long as they have new investors available
    That's the similarity with a Ponzi. When you buy, you need more people to want to buy it. Just as in a Ponzi you need investors underneath you in the pyramid.

    Traditional stocks move on company profits, etc, external factors affect it. With crypto, it's only how many people want to buy it. So as soon as you've bought a coin, you need to encourage others to buy.

    I'm not trying to be down on crypto, but its value is solely in how many potential buyers there are. At the moment anyway.

  10. #70
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    Re: Bitcoin update.

    Tulip bulbs are the future!

  11. #71

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    That's the similarity with a Ponzi. When you buy, you need more people to want to buy it. Just as in a Ponzi you need investors underneath you in the pyramid.

    Traditional stocks move on company profits, etc, external factors affect it. With crypto, it's only how many people want to buy it. So as soon as you've bought a coin, you need to encourage others to buy.

    I'm not trying to be down on crypto, but its value is solely in how many potential buyers there are. At the moment anyway.
    I think that is a pretty blinkered look at the current situation. Any asset moves up because more people want to buy it than want to sell it and vice versa. Where does Tesla fit into the idea that stocks move up or down based on the balance sheet? Industries on the cutting edge will always appear extremely volatile.

    LTO springs to mind as a crypto which already pays holders a yield entirely funded by businesses using the network i.e. profits

    I don't think crypto is for everyone, as the past few weeks have proved you need to be willing to see it as a long term investment into something that might fail. If it does succeed, the potential upside is massive compared to traditional assets.

  12. #72

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    That's the similarity with a Ponzi. When you buy, you need more people to want to buy it. Just as in a Ponzi you need investors underneath you in the pyramid.

    Traditional stocks move on company profits, etc, external factors affect it. With crypto, it's only how many people want to buy it. So as soon as you've bought a coin, you need to encourage others to buy.

    I'm not trying to be down on crypto, but its value is solely in how many potential buyers there are. At the moment anyway.
    Your reasoning for Crypto being a ponzi scheme could be applied to literally anything

  13. #73

    Re: Bitcoin update.

    Quote Originally Posted by Llandaff Blue View Post
    Your reasoning for Crypto being a ponzi scheme could be applied to literally anything
    I gave an example, the stock market, which is not a Ponzi scheme.

    In the future, crypto probably won't be so much like a Ponzi as there will be other uses for it.

  14. #74

    Re: Bitcoin update.

    Quote Originally Posted by Eric Cartman View Post
    I think that is a pretty blinkered look at the current situation. Any asset moves up because more people want to buy it than want to sell it and vice versa. Where does Tesla fit into the idea that stocks move up or down based on the balance sheet? Industries on the cutting edge will always appear extremely volatile.

    LTO springs to mind as a crypto which already pays holders a yield entirely funded by businesses using the network i.e. profits

    I don't think crypto is for everyone, as the past few weeks have proved you need to be willing to see it as a long term investment into something that might fail. If it does succeed, the potential upside is massive compared to traditional assets.
    Yes, Tesla is volatile and rose far too quickly based on a lot more than just profit or loss. But as long as Tesla is in business and selling cars, then its stock will always have some value. It'll never be worthless, it'll never trade at 0.001c. But any crypto could.

    I'm not shitting on crypto, I agree that it has massive potential. But at the moment, the current situation, the only value that it has, the only reason that 99% of buyers want it, is that they want it to go up in value. When they realise it is mainly dropping in price (and BTC is right now) many will sell as its not doing what they want, and the price will drop further. This is squeaky bum time for those who hold it.

  15. #75

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    I gave an example, the stock market, which is not a Ponzi scheme.

    In the future, crypto probably won't be so much like a Ponzi as there will be other uses for it.
    Are you familiar with Bernie Madoff?

  16. #76

    Re: Bitcoin update.

    Quote Originally Posted by Wash DC Blue View Post
    Are you familiar with Bernie Madoff?
    Yes, but he wasn't the entire stock market.

  17. #77

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    That's the similarity with a Ponzi. When you buy, you need more people to want to buy it. Just as in a Ponzi you need investors underneath you in the pyramid.

    Traditional stocks move on company profits, etc, external factors affect it. With crypto, it's only how many people want to buy it. So as soon as you've bought a coin, you need to encourage others to buy.

    I'm not trying to be down on crypto, but its value is solely in how many potential buyers there are. At the moment anyway.
    In Bitcoin, who is Ponzi?

  18. #78

    Re: Bitcoin update.

    Quote Originally Posted by OurManFlint II View Post
    In Bitcoin, who is Ponzi?
    Nobody is, as far as I know. I said it was similar to a Ponzi.

  19. #79

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    Nobody is, as far as I know. I said it was similar to a Ponzi.
    Or to be more precise with what I said in #69, as I think people are going to jump on this, the current reliance on getting new investors is the similarity with a Ponzi.

  20. #80

    Re: Bitcoin update.

    Quote Originally Posted by lardy View Post
    I gave an example, the stock market, which is not a Ponzi scheme.

    In the future, crypto probably won't be so much like a Ponzi as there will be other uses for it.
    You use the word 'crypto' as if in the singular. There are many cryptocurrencies and a lot of them already have a practical use, other than as a store of value.

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