Bitcoin

[Tony]

These cyber currencies will fuel the next stock market crash IMHO

Or they'll be a safe haven when the next inevitable crisis of capitalism comes.

[mowflow]

"when your taxi driver is investing it'll crash"

I'm in a gym WhatsApp group with a group of guys from all walks of life. Many of the plumbers, scaffolders, electricians and plasterers etc have been jumping on cryptos. It seems none of them have any prior trading experience, they all saw this as an incredible get rich quick opportunity rather than a long term thing and nearly all are playing with more than they could stomach to lose.

Its been interesting to see their reactions this last week as it seems they all thought this would just keep going up and up.

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[Neil.C]

"when your taxi driver is investing it'll crash"

I'm in a gym WhatsApp group with a group of guys from all walks of life. Many of the plumbers, scaffolders, electricians and plasterers etc have been jumping on cryptos. It seems none of them have any prior trading experience, they all saw this as an incredible get rich quick opportunity rather than a long term thing and nearly all are playing with more than they could stomach to lose.

Its been interesting to see their reactions this last week as it seems they all thought this would just keep going up and up.

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Indeed.

I read in the paper that people had been using credit cards to buy cryptos believing it was a "can't lose" investment.

[bambam]

So today I decided to lock in the gains I made on Litecoin and bought BTC with the proceeds.

That meant I was able to buy 0.0399999 BTC for £45 which is what I paid for the 2 LTC a while back (obviously the actual amount I sold for and then bought for was higher). That made sense to me!

Don't get me wrong, I know this isn't any massive trade as the values involved are low compared to some, but it made me feel good.

I'll get back into Litecoin, but this was a good way to realise the gains and buy into BTC while it was in a dip.

Anyone else doing this type of thing??

[sjedwardz]

I’m in for the long term. Invested in btc,xrp,eth,ltc and iot.

Keep trying not to look at latest prices but check in every few hours

The last few days have been interesting but I really believe that these will grow in the short/medium term.

Crypto is incredibly volatile. Makes it fun


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[bambam]

Crypto is incredibly volatile. Makes it fun


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Ain't that the truth!

[steptoe]

If you see a bandwagon, it's too late.

[Hewjardon]

28 December, another airdrop for BTC holders.

[Tony]

Heading back up again now.

[phil h]

28 December, another airdrop for BTC holders.

Can you explain what this means. I have a very small amount of crypto on Coinbase and eToro. Something to do with a fork is my understanding. Excuse my ignorance but I am trying to gain some extra knowledge and much of what I read / listen to is aimed at those in the know already.

[Hewjardon]

Can you explain what this means. I have a very small amount of crypto on Coinbase and eToro. Something to do with a fork is my understanding. Excuse my ignorance but I am trying to gain some extra knowledge and much of what I read / listen to is aimed at those in the know already.

Forks in a blockchain are ,essentially, modifications to the blockchain that can have multiple purposes. Some devs and miners will follow the new branch, and the new coin it supports (eg bitcoin gold, bitcoin cash, omg etc). The remainder continue with the legacy blockchain (btc, ether etc).

Prior (a month or so) to the implimentation of the fork, a 'snapshot' of the blockchain is taken and date is set for implimentation. Depending on the chain being forked (eg btc) those who hold those coins (eg btc) at the time of the snapshot may find their btc holdings have been mirrored by the new currency, eg as with bitcoin cash. The new currency is said to have been 'airdropped' into the new user account.

Users can then seperate the new coins into an appropriate wallet and hold, sell, trade accordingly.

From the time the snapshot is taken, futures in the new currency can be/are traded.

Airdropping creates an instant user base, one already crypto savvy, plus market cap for the new coin.

Some fail, some succeed. If you hold and cold store, its worth checking every now and then to see if you have new coins in the wallet.

Bitcoin cash is probably the best know example of a chain fork or airdropping, or currency birth or just plain old, free money.

Check Google for a more detailed and full explanation.




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[phil h]

Forks in a blockchain are ,essentially, modifications to the blockchain that can have multiple purposes. Some devs and miners will follow the new branch, and the new coin it supports (eg bitcoin gold, bitcoin cash, omg etc). The remainder continue with the legacy blockchain (btc, ether etc).

Prior (a month or so) to the implimentation of the fork, a 'snapshot' of the blockchain is taken and date is set for implimentation. Depending on the chain being forked (eg btc) those who hold those coins (eg btc) at the time of the snapshot may find their btc holdings have been mirrored by the new currency, eg as with bitcoin cash. The new currency is said to have been 'airdropped' into the new user account.

Users can then seperate the new coins into an appropriate wallet and hold, sell, trade accordingly.

From the time the snapshot is taken, futures in the new currency can be/are traded.

Airdropping creates an instant user base, one already crypto savvy, plus market cap for the new coin.

Some fail, some succeed. If you hold and cold store, its worth checking every now and then to see if you have new coins in the wallet.

Bitcoin cash is probably the best know example of a chain fork or airdropping, or currency birth or just plain old, free money.

Check Google for a more detailed and full explanation.




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Many thanks for explaining this, it won't affect me at the moment but at least I will have a better understanding of what's going on if it does.

[bambam]

28 December, another airdrop for BTC holders.

What's this one about? Is it the fork that was suspended / delayed earlier in Nov?

[bigweb]

What's this one about? Is it the fork that was suspended / delayed earlier in Nov?

I've consolidated some of my alts and transferred my BTC to binance as they are far better than coinbase for crediting forks. It might turn out to be a rubbish fork but I would rather have control of the coin than the farce with coinbase.

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[Christian]

I've consolidated some of my alts and transferred my BTC to binance as they are far better than coinbase for crediting forks. It might turn out to be a rubbish fork but I would rather have control of the coin than the farce with coinbase.

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I’m just about to buy some alt coins. I’m registered on binance but see a lot of bad reviews about withdrawing out of the exchange...any experiences?

[bigweb]

I’m just about to buy some alt coins. I’m registered on binance but see a lot of bad reviews about withdrawing out of the exchange...any experiences?

Well you can't exchange for fiat currency on there but it's really simple to get ETH or BTC out of there for somewhere to sell it

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[Christian]

Well you can't exchange for fiat currency on there but it's really simple to get ETH or BTC out of there for somewhere to sell it

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Cool...if it’s not so bad to go back to ETH and out from something like coinbase then I might commit.

[bigweb]

Cool...if it’s not so bad to go back to ETH and out from something like coinbase then I might commit.

Yes it's fine. It's a much more robust exchange than coinbase/gdax

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[bambam]

Cool...if it’s not so bad to go back to ETH and out from something like coinbase then I might commit.

I've sent ETH back and forth from Coinbase - Binance to buy some alt coins and it worked well and was pretty fast. No fee to send from Coinbase, but there is a fee to send from Binance. Nothing major, but a fee nonetheless.

[ryanb741]

I've put all bar a couple of Ethereum coins onto a Nano S device.

[Kingstepper]

I've sent ETH back and forth from Coinbase - Binance to buy some alt coins and it worked well and was pretty fast. No fee to send from Coinbase, but there is a fee to send from Binance. Nothing major, but a fee nonetheless.

There's a 'network fee' when sending from Coinbase.

[phil h]

Apart from Trezer, is there any other wallet I should look at? I want to buy some lower value alt coins as long term punts.

[tertius]

Apart from Trezer, is there any other wallet I should look at? I want to buy some lower value alt coins as long term punts.

If it’s really late my term and you aren’t looking to trade frequently then you should look at paper wallets for each currency - cheapest and probably most secure option.

[Psychomech]

A nice boost today for anybody holding Ripple (XRP) on the back of Japanese interest.

[Dodge_r]

It's much more than that:

https://www.xrpchat.com/topic/14767-...y-interledger/

https://w3c.github.io/payment-handler/

Exciting times ahead for Ripple/XRP!

[Hewjardon]

A) ripple has no blockchain, and runs on 'trusted' nodes, thus should not be classed as a crypto currency at all.
B) ripple is not decentralised.
C) ripple is operated for banks.
D) ripple has a 70% pre mine.
E) ripple are building a business, not a currency.

For these reasons, i'm now out of ripple.

[seikopath]

What about raspberry ripple? What's wrong with that?

[JPCain86]

A) ripple has no blockchain, and runs on 'trusted' nodes, thus should not be classed as a crypto currency at all.
B) ripple is not decentralised.
C) ripple is operated for banks.
D) ripple has a 70% pre mine.
E) ripple are building a business, not a currency.

For these reasons, i'm now out of ripple.

Agree with this. People are buying XRP due to its low price per coin. At its current price it's valued at the same as Bitcoin (give or take). That's taking into account the 68bn XRP set a side to build the business and encourage banks to use the system.

Too many have bought in with views that this coin could hit 4 figure numbers.

Looking at all options BTC seems the best value.

[robcat]

I’m having a bit of a flutter on Bitcoin, and just bought in recently. Normally, by the time people like me get involved, it’s time for it to go pear-shaped (I have been burnt in the past), so be prepared to call the top of the market (or short BTC)!

You have been warned...

[crazyp]

A) ripple has no blockchain, and runs on 'trusted' nodes, thus should not be classed as a crypto currency at all.
B) ripple is not decentralised.
C) ripple is operated for banks.
D) ripple has a 70% pre mine.
E) ripple are building a business, not a currency.

For these reasons, i'm now out of ripple.

Agree with this too. What do you think about IOTA? They seem to have terrible marketing and PR but looking at the Tangle it seems stable and scalable.

[Coronet king]

I’m having a bit of a flutter on Bitcoin, and just bought in recently. Normally, by the time people like me get involved, it’s time for it to go pear-shaped (I have been burnt in the past), so be prepared to call the top of the market (or short BTC)!

You have been warned...

You are correct when every man & his dog is getting involved that's the time to leave the party.

[seikopath]

You are correct when every man & his dog is getting involved that's the time to leave the party.

Doesn't seem to have done rolex values any harm

[Hewjardon]

The whole point is to increase the user base and adoption. The more the merrier, never too late and never too many. Any suggestion to the contrary just shows a lack of understanding. But thats ok, its never too late to inform oneself.

Ripple was my long term, high volume hold. Moved it all into IOTA- a far more worthy endevour. A few more ducks in a row and they will be flying.



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[Coronet king]

Doesn't seem to have done rolex values any harm

That is true although the mothership pumping prices is always going to help.

I opened a bittylicious acc in March 2014 & that's as far as I got, oh well c'est la vie

[VDG]

So, is it a bit too late to jump on the bandwagon, whether it's from the 'mining' perspective or investing a veryhardearned?

[ibby7]

VDG. Bitcoin is tanking right now. It's a good time to jump on board!

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[WORKSIMON]

For an outsider looking in it has been interesting to follow this thread, I've been watching Bitcoin today and it seems to be on the way down but I guess it will jump up again ?

[Chartman69]

I invested £25k on a virtual trading App 4 weeks ago, now just north of £23k , been up to £27k , bit like a brides nighty !! ....for the very brave only, the boat may have been missed on this voyage !

[JPCain86]

For an outsider looking in it has been interesting to follow this thread, I've been watching Bitcoin today and it seems to be on the way down but I guess it will jump up again ?

It's been dropping since the 15th really when it had highs of just under £15k.

[mr noble]

Amazing.

I had no idea how many of these crypto thingies there are.

Was chatting to a mate in the pub last night who had chucked a few grand into an eToro app a few weeks ago and was sat there with his G&T trading in and out of about a dozen different ones, most of which I’d heard of.

Just had a google and found this site. It seems there are now well over 1300 different cryptos, all trading on their own. It really is amazing how it’s all going so mad.

How can they all be viable?


https://coinmarketcap.com

[crazyp]

The whole point is to increase the user base and adoption. The more the merrier, never too late and never too many. Any suggestion to the contrary just shows a lack of understanding. But thats ok, its never too late to inform oneself.

Ripple was my long term, high volume hold. Moved it all into IOTA- a far more worthy endevour. A few more ducks in a row and they will be flying.



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That is my assessment too on IOTA. Fingers crossed they get their self sorted, which is more likely with Bosch onboard.

[VDG]

VDG. Bitcoin is tanking right now. It's a good time to jump on board!

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That's what I gather, cheers buddy!

[tertius]

That is my assessment too on IOTA. Fingers crossed they get their self sorted, which is more likely with Bosch onboard.

Have to say I’m extremely dubious about IOTA, I have a few but there are just too many issues to put any more money in.

[redmonaco]

If only people would put their efforts into something that would benefit the society we are all forced to live in.

These are all nothing more than a hope of something for nothing. There will be winners but far more losers. The winners won't give a damn...

[petethegeek]

The winners won't give a damn...

https://pineapplefund.org/

[scottbombedout]

You are correct when every man & his dog is getting involved that's the time to leave the party.

The time is coming for the sheep to be sheared.

[M4tt]

It's just another form of money - the whole point is that in a medium in which anything can be copied, it can't. Personally I think Bitcoin will struggle as quantum computing becomes more ubiquitous, but hardened currencies like IOTA or ADA should do well. ADA has done me very well in the last month or so, augmented by a quick trip in and out of BCC. However, I'd say that the amount of coins limit the medium term growth.

[mangoosian]

Took 60% off my XRP holdings to cash the profit in so now playing with profits. Have set a number of buy orders down to $1.40 but if they don't fill then so be it, there are other options out there and I will have the cash ready.

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[bambam]

Quick question re working out rates on exchanges like Binance. What do they set their currency pair rate against? For example, if buying alt coin X with ETH, how do they set their ETH rate? Do they take it from the BTC rate?

[mangoosian]

Each exchange sets its own range based on buy and sell demand and liquidity driven by users. There could be opportunities to arbitrage as some exchanges/platforms will have higher or lower rates than others. The main exchanges will be pretty similar. I notice some of the country specific or niche exchanges can have larger differences.

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