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Bitcoin and other Crypto...


Spy Bee
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2 hours ago, Spy Bee said:

We're back to the prices of about a year ago. It's going to take time for people to gain any confidence in the market now. I think if you buy sensible projects with a real world use and a great white paper and sit tight for a couple of years you could do very well.

 

I hope nobody invested money that they couldn't afford to lose.

I know this makes me sound like some sort of Luddite but I have yet to see a single cryptocurrency that fulfilled this basic requirement.

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27 minutes ago, SasaS said:

Whatever happened to that Venezuelan government promoted crypto?

Apologies for the double post but everyone in Venezuela says some version of "it's amazing and it's about to really explode." Maduro has claimed that the country made over $3 billion and is using the currency to pay for imports.

 

Meanwhile in the real world Reuters said back in August "the coin is not sold on any major cryptocurrency exchange, and no shops are known to accept it." So, you know, invest with confidence.

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Once upon a time in a village, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers, seeing that there were many monkeys around, went out to the forest and started catching them.

The man bought thousands at $10 and as supply started to diminish, the villagers stopped their effort. He further announced that he would now buy at $20. This renewed the efforts of the villagers and they started catching monkeys again.

Soon the supply diminished even further and people started going back to their farms. The offer increased to $25 each and the supply of monkeys became so little that it was an effort to even see a monkey, let alone catch it!

The man now announced that he would buy monkeys at $50! However, since he had to go to the city on some business, his assistant would now buy on behalf of him.

In the absence of the man, the assistant told the villagers; "Look at all these monkeys in the big cage that the man has collected. I will sell them to you at $35 and when the man returns from the city, you can sell them to him for $50 each."

The villagers rounded up with all their savings and bought all the monkeys.

They never saw the man nor his assistant, only monkeys everywhere!

Now you have a better understanding of how the cryptocurrency market works.

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  • 2 weeks later...
On 11/29/2017 at 2:02 PM, The-Sir said:

Yup. If you're interested in altcoins I can't recommend Obsidian highly enough, secure encrypted and decentralised messaging and payment product. Currently at 50p a coin, I reckon it'll be at £10 - £20 this time next year.


Or much, much less.

Like 0.14p a coin. 

So, one year later, Buffett was right after all.

 

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Apparently, the blockchain technology will go on, but most of these currencies may not. Market cap today, outside the top 3 is barely over $20 billion, which is what, 10 times less than at peak time?

 

Shares are also wobbling, it's time to check the tin can supplies.

 

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37 minutes ago, SasaS said:

Or much, much less.

Like 0.14p a coin. 

So, one year later, Buffett was right after all.

 

You know, I'm beginning to suspect that these random blokes on a football forum aren't the financial experts they're cracked up to be.

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3 hours ago, Spy Bee said:

2800$ looks like it might be the bottom. I'm going to buy some more this weekend. I won't expect to cash out until 2020, because it's going to take a long time for confidence to recover.

Can I ask, like, why?

 

What I mean is, I keep hearing this sort of phrase thrown around and I can't for the life of me understand where it comes from. $2800 could be the bottom, sure. But so could $280. Or it could keep dropping and dropping until it gets to zero.

 

There's no intrinsic worth in bitcoins in and of themselves, so the price is purely a matter of investor confidence. And since that confidence has been steadily dropping, there's nothing I can see that would make me say with any degree of certainty what the bottom might be.

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On 12/7/2018 at 8:02 PM, Ne Moe Imya said:

Can I ask, like, why?

 

What I mean is, I keep hearing this sort of phrase thrown around and I can't for the life of me understand where it comes from. $2800 could be the bottom, sure. But so could $280. Or it could keep dropping and dropping until it gets to zero.

 

There's no intrinsic worth in bitcoins in and of themselves, so the price is purely a matter of investor confidence. And since that confidence has been steadily dropping, there's nothing I can see that would make me say with any degree of certainty what the bottom might be.

Yeah, there's an argument that it could go to zero too. The 2899$ is based on models and was predicted by a few when BTC was at 20,000$. I also think the markets are being manipulated now, so that could change things. I predict it will rise again, as will decent alts with real world uses... but nobody really knows!

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