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Bitcoin and all that


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1 minute ago, AlimOzturk said:

Bet if I bought some tonight the whole thing would collapse on its arse tommorrow

 

Is a bit like the cash out option on betting sites. If your up and are offered a cash out option or will the bet come through... 

 

Haha, I took the plunge and bought £100 today thinking the same but slightly up even allowing for the fees.     :munny:

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It really is fascinating, ordinary guys everywhere are chucking a hundred quid at it just to see what happens and because you never know!

 

I was going to use my btc profit to buy a tenner of this iota just in case, but the fees are 3.55! Bet I regret not doing it...

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Bought myself £50 earlier. Was down to about £46 by the time i paid the fees of transferring it to my wallet but now up to about £51.

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1 hour ago, hughesie27 said:

£52.85 

 

 

It's a bit mental I put my £100 in yesterday about 3pm which after fees was £96, it's now over £112.

 

Expect a crash in about 5....4.....3....

 

Make that over £113

Edited by graygo
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2 minutes ago, hughesie27 said:

Is there is go to site or app for accurate exchange rates?

There is no single exchange rate as far as I can tell, different exchanges seem to have different prices. I just chose one for guidance as they should all go up and down by much the same percentage I reckon

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Its a pyramid scheme

There is little doubt.

the more folks can be persuaded to jump into something that does not exist the higher the price will go.

"the masses" are being coaxed into chucking in to buy bits of a bitcoin

it will eventually go under and devalue, though the big sharks at the top will have extracted fortunes from the wee guys at the bottom first.

 

Its like watching "the Big Short" all over again

a financial product that is being deliberately bubbled to suck in the poor, huge money being made by some, followed inevitably by catastrophic collapse

 

good luck

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6 minutes ago, doctor jambo said:

Its a pyramid scheme

There is little doubt.

the more folks can be persuaded to jump into something that does not exist the higher the price will go.

"the masses" are being coaxed into chucking in to buy bits of a bitcoin

it will eventually go under and devalue, though the big sharks at the top will have extracted fortunes from the wee guys at the bottom first.

 

Its like watching "the Big Short" all over again

a financial product that is being deliberately bubbled to suck in the poor, huge money being made by some, followed inevitably by catastrophic collapse

 

good luck

 

Yet the small investors can cash in at the exact same time as the large ones.

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4 minutes ago, hughesie27 said:

Pyramid scheme :lol:

 

In the same sense that you could describe all forms of capitalism as a pyramid scheme.

It is a pyramid scheme

Other currency is underpinned by an economy- and is supported by tax payers that can be milked to support it

 

Bitcoin has nothing underpinning it- nothing at all

It's only value is in that people are willing to swap REAL money for it, but that will stop at some point

its rising value is totally dependent on persuading more people to pile into it than take out of it

-its a pyramid scheme

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8 minutes ago, doctor jambo said:

It is a pyramid scheme

Other currency is underpinned by an economy- and is supported by tax payers that can be milked to support it

 

Bitcoin has nothing underpinning it- nothing at all

It's only value is in that people are willing to swap REAL money for it, but that will stop at some point

its rising value is totally dependent on persuading more people to pile into it than take out of it

-its a pyramid scheme

No it isn't, I'm not persuading others to buy from me in order to keep my income up, it's nothing like a pyramid scheme.

It's a stock exchange where the stock is cryptocurrency

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15 minutes ago, doctor jambo said:

It is a pyramid scheme

Other currency is underpinned by an economy- and is supported by tax payers that can be milked to support it

 

Bitcoin has nothing underpinning it- nothing at all

It's only value is in that people are willing to swap REAL money for it, but that will stop at some point

its rising value is totally dependent on persuading more people to pile into it than take out of it

-its a pyramid scheme

A bit like gold?

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5 minutes ago, Smithee said:

No it isn't, I'm not persuading others to buy from me in order to keep my income up, it's nothing like a pyramid scheme.

It's a stock exchange where the stock is cryptocurrency

You may not be but others certainly are- Bitcoin is all over MSN, newspapers business sections and media - usual high profile investors encouraging people to fire in- promises of exaggerated and unrealistic returns for little/ no effort or risk

 

the "get in now before its too late or you will miss out on massive returns"

 

 

It reeks

-

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3 minutes ago, Rab87 said:

A bit like gold?

If the value of gold drops you still have something tangible, in your hand you can make something of value with .

It will always have a value, because it is real - an actual thing

 

If bitcoin tanks ( say the guy who says the supply is limited was,erm, lying, or someone offloads a massive amount of it to get out- SHORTS BITCOIN)

then you are left with,

well,

nothing

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1 minute ago, doctor jambo said:

You may not be but others certainly are- Bitcoin is all over MSN, newspapers business sections and media - usual high profile investors encouraging people to fire in- promises of exaggerated and unrealistic returns for little/ no effort or risk

 

the "get in now before its too late or you will miss out on massive returns"

 

 

It reeks

-

 

Just about every financial expert has said that it will collapse at some point, not unreasonable to expect that to happen.

 

Any idea when this will happen?

 

I would presume the answer to that question is no.

 

 

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5 minutes ago, graygo said:

 

Just about every financial expert has said that it will collapse at some point, not unreasonable to expect that to happen.

 

Any idea when this will happen?

 

I would presume the answer to that question is no.

 

 

I presume it will collapse when the rich feckers at top short it, bail out with all their money allowing the suckers who bought into it to wonder what they can do with the 0.000001 % of a bitcoin  they paid £300 for that is now worth EXACTLY the paper its written on ( and its not even on a piece of paper so you cannot even use it to light your fire!)

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10 minutes ago, doctor jambo said:

I presume it will collapse when the rich feckers at top short it, bail out with all their money allowing the suckers who bought into it to wonder what they can do with the 0.000001 % of a bitcoin  they paid £300 for that is now worth EXACTLY the paper its written on ( and its not even on a piece of paper so you cannot even use it to light your fire!)

 

How are they going to bail out with all their money? They are going to have to sell their bitcoins.

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Just now, Ray Gin said:

 

How are they going to bail out with all their money? They are going to have to sell their bitcoins.

They are selling their bitcoins- at massive profit just now

as beautifully demonstrated on this thread

The people who manipulate markets will make money, and the wee guys will bet burned

When? don't know

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3 minutes ago, Ray Gin said:

 

How are they going to bail out with all their money? They are going to have to sell their bitcoins.

 

I'm looking forward to the good doctor's answer to that one.

 

Edit: Wee bit disappointed to be honest.

 

Are you saying the top boys are bailing out now?

Edited by graygo
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They are selling their bitcoins, new people are buying and making money, the cycle continues. The more you have invested the higher risk you are at if it crashes but could also reap greater rewards, like all investments.

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1 hour ago, Smithee said:

You can buy iota with bitcoin on gdax? Can you keep both in a gdax wallet too?

 

They are the same company as coinbase only a bit more complex so yeah. I'd avoid holding too much in these websites wallets though just based on some recent hacks etc

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2 minutes ago, Ray Gin said:

They are selling their bitcoins, new people are buying and making money, the cycle continues. The more you have invested the higher risk you are at if it crashes but could also reap greater rewards, like all investments.

Nope

If people stop investing in shares , the shares have value as you own part of a company that does something/makes something- you can get dividends- the value depends not only on demand for the shares, but the performance of the company- you own part of the company

 

Bitcoin value relies on other people buying it to increase its value

Its a pyramid scheme

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1 minute ago, doctor jambo said:

Nope

If people stop investing in shares , the shares have value as you own part of a company that does something/makes something- you can get dividends- the value depends not only on demand for the shares, but the performance of the company- you own part of the company

 

Bitcoin value relies on other people buying it to increase its value

Its a pyramid scheme

 

https://news.sky.com/story/is-amazon-preparing-to-accept-payments-in-bitcoin-11109816

 

It's growing

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5 minutes ago, doctor jambo said:

Nope

If people stop investing in shares , the shares have value as you own part of a company that does something/makes something- you can get dividends- the value depends not only on demand for the shares, but the performance of the company- you own part of the company

 

Bitcoin value relies on other people buying it to increase its value

Its a pyramid scheme

 

You are saying that there are big rich guys selling all their coins and that somehow this is going to cause it's collapse, and yet you are also saying that other people buying it increases its value.

 

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16 minutes ago, doctor jambo said:

Nope

If people stop investing in shares , the shares have value as you own part of a company that does something/makes something- you can get dividends- the value depends not only on demand for the shares, but the performance of the company- you own part of the company

 

Bitcoin value relies on other people buying it to increase its value

Its a pyramid scheme

Bitcoin relies on people using it to pay for products to increase its value.

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1 hour ago, doctor jambo said:

You may not be but others certainly are- Bitcoin is all over MSN, newspapers business sections and media - usual high profile investors encouraging people to fire in- promises of exaggerated and unrealistic returns for little/ no effort or risk

 

the "get in now before its too late or you will miss out on massive returns"

 

 

It reeks

-

You don't get what a pyramid scheme is

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4 hours ago, graygo said:

 

It's a bit mental I put my £100 in yesterday about 3pm which after fees was £96, it's now over £112.

 

Expect a crash in about 5....4.....3....

 

Make that over £113

 

Now over £122  :pleasing:

 

Hope more plebs join up to boost my kitty.

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5 minutes ago, davemclaren said:

What factors will lead you to decide to sell?

That's the big question.

 

£50 in last night is now £58.50.

Edited by hughesie27
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14 minutes ago, davemclaren said:

What factors will lead you to decide to sell?

 

I'm in it for the long haul. That money was just going to sit in a savings account anyway.

 

I might lose most of it. I might see it massively increase in value. If I need the money for something and it has started to drop off, I'll cash in. If I don't, I'll just leave it ticking over.

 

I'm now up £148 in under 48 hours.

 

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1 hour ago, Lovecraft said:

The big test is on the 10th when the big guys come in and try to short it.

I knew about the one a week later but not this one. I fully expect a drop in value early next week, and if I had a lot in it I'd sell now and buy in cheaper next week.

 

But to me it's an adventure that cost a hundred quid so it's staying in for the ride

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1 hour ago, graygo said:

 

Now over £122  :pleasing:

 

Hope more plebs join up to boost my kitty.

 

Over £133 now, going through the roof.

 

Edit: £138  :wow:

Edited by graygo
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Dusk_Till_Dawn
18 hours ago, graygo said:

 

Haha, I took the plunge and bought £100 today thinking the same but slightly up even allowing for the fees.     :munny:

 

How do you buy it?

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2 minutes ago, Dusk_Till_Dawn said:

 

Cheers. Going to give this a whirl

 

Wasting your time and money mate, it's a pyramid scheme and the fat cats at the top are selling up to us minions and sailing off into the sunset with millions while we survive our remaining days on bread and dripping. © The Doctor

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